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Senate Under Fire For Approving Buhari’s $22.7bn Loan
The Peoples Democratic Party (PDP) has berated All Progressives Congress (APC) senators for approving President Muhammadu Buhari’s request for a fresh $22.7billion loan even amidst public outcry against it.
The party said the approval clearly indicates that the ruling APC was out to only satisfy its immediate selfish gains and plunge the nation into further hardship under burdens of overwhelming loans.
In a statement signed by the National Publicity Secretary of the Peoples Democratic Party; Mr Kola Ologbodiyan, the PDP expressed dismay over the approval giving the loan even when the Buhari Presidency have not justified the request.
According to the PDP, the approval championed by APC senators “is a situation that validates apprehensions that the APC senators have become rubber stamp legislators”.
The statement read in parts, “the fact that the $22.7billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500million (N180billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.
“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring more hardship to Nigerians.
“The party notes as disheartening that under the Buhari Presidency, our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.”
The PDP, in the statement, however, commended the PDP senators for rejecting the loan “as it will bring more hardship and further mortgage the future of our nation”.
The PDP, therefore, demanded a reversal of the approval, and urged Nigerians to unite in defence of the nation by raising their voices against the demand.
Similarly, the Human Rights Writers Association (HURIWA0 has described as vexatiously unconstitutional the decision of the Ahmed Lawan-led Senate to approve President Muhammadu Buhari’s request to borrow $22.7billion despite objection from some Senators.
The rights group believes that the collection of the foreign loans, which would be re-looted by government officials, offends several provisions of the Nigerian Constitution including sections 16(1); (2) of the Nigerian Constitution.
HURIWA noted that the section of the Constitution opposes excessive borrowings that makes Nigeria a slave of external jurisdictions and impedes our national drive for self reliance.
Specifically, section 16-(1) provides thus: “The State shall, within the context of the ideals and objectives for which provisions are made in this Constitution.
“(a) harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy.
“(b) control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.
(c) without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy.
(d) without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy.
“(2) The state shall direct its policy towards ensuring:
(a) the promotion of a planned and balanced economic development;
“(b) that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
“(c) that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group.
“(d) that suitable and adequate shelter, suitable and adequate food, reasonable national minimum living wage, old age care and pensions, and unemployment, sick benefits and welfare of the disabled are provided for all citizens.”
HURIWA submitted that the constant flying around cap in hand by President Buhari to borrow from all conceivable creditors from all around the world was tantamount to converting Nigeria to a beggarly economy which is against these constitutional provisions.
The group stated this in a media statement signed by the National Coordinator, Comrade Emmanuel Onwubiko, and the National Media Affairs Director, Miss Zainab Yusuf, and made available to newsmen, yesterday.
It added, “We all know that when Nigeria had an activist National Assembly headed by Senator Bukola Saraki, this move by President Muhammadu Buhari to mortgage Nigeria into the enslavement of the Chinese creditor was rejected.
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.
The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.
Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.
He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.
Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.
“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.
He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.
“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.
Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.
Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.
He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.
He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.
In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.
He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.
Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.
Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.
The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.
Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.
“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.
“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.
“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.
“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?
Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.
Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”
The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.
“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.
“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.