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Nigeria @61: Nothing To Celebrate, Nigerians Lament
As Nigerians celebrate a new beginning at 61 years of age, stakeholders in all sectors of the nation’s life have x-rayed the myriad of challenges facing the country. Their takes are reproduced below. Please, read on.
An Educationist, Blessing Atuora said: “At 61, I congratulate Nigerians for their determination to survive all odds and still carry on as a nation. Even under several threats, unity prevailed till date.
“I believe the problem of Nigeria is more of leadership. Once we get the right minded people in the leadership, they will do the right thing and ensure that everybody respects the law.
“We have the human resources to grow higher. If we give education adequate attention, Nigeria has the brains and minds to build this nation.
“Economically, Nigeria is great. But greed and apathy amongst the leaders and the led kept us where we are not supposed to be”.
Stephen Ozor, Legislative Aide/Public Analyst: “Today, we celebrate the 61st year of our nation’s Independence.
“Nigeria at 61 years as a sovereign state is no mean feat and this is deserving of celebration.
“However, each moment of celebration of one’s birth anniversary is a time for the gradually aging adult to, one; rejoice over the gift of life and its sustenance and two; reflect, recount, retreat on every aspect of his/her life and re-strategize and chart better ways forward in the right direction.
“Our 61st Independence Anniversary is yet another opportunity for us to look back as a people and appraise our journey together as a nation of diverse culture and ethnicity, particularly in the areas of our cohesion, economic development, human rights, justice and fair play, security, employment, human capital development, etc.
“Nigeria is a country blessed with abundant natural resources and in all honesty, at 61 years, matching our achievements with where we should be, we have not performed excellently.
“We all have a responsibility to make Nigeria the country of our dream. Leaders should lead with the overall interest of country and countrymen at heart. They should prioritize security of lives and properties of citizens and shun nepotism, ethnicity and all forms of discrimination against any fellow citizen.
“This shall foster unity in the country and resultantly drive progress.
“Happy 61st Independence Anniversary to Nigeria and fellow Nigerians”.
Yusuf Ahmed; Civil Engineer: “What are we celebrating? Nigeria that is getting worse with age? We are growing in crime and criminality when others are growing in technology and economy. Tuesday, this week, over 50 persons were gunned down in a community in Niger State. No help from anywhere. Our Leaders keep on confining killings and condoling with the bereaved.
“It has become a daily occurrence in every region. Nowhere is safe. I can’t celebrate Nigeria that was better 30 years ago. Nigeria that is dwindling and disintegrating with age? I can’t celebrate a nation whose future has become so bleak. The masses are living in fear day and night.
“I only pray that God sends us good leaders who can save this nation from total collapse”.
Elizabeth Isah; Civil Servant: “@ 61, a satchet of pure water sells at N20. Some Nigerians workers still earn less than N20,000 per month and thousands of retirees are being owed for months.
“I pray for Nigeria at 61. May God forgive us our sins, give Nigerians the will and zeal to unseat bad leaders, vote with patriotism in our minds and uphold justice.So, help us God”.
Arch Chinwendu Nwubi said there should be a great commitment by the leadership of the country to improve the betterment of the nation, especially in the areas of building and housing sector.
Nwaubi, who is a building specialist, averred that the building sector has not been positively impacted much, adding that there should be a concerted efforts to ensure that the costs of building materials are addressed as the nation celebrates 61st Independence in order to address the challenges of housing deficit across the country.
He, however, commended the efforts of the leadership across the three tiers in the country for the unity and oneness, adding that the country can be great again if only we all can be committed to the one Nigeria project.
Also speaking, a youth activist, Comrade Precious Dike, opined that the unity of the country cannot be over-emphasized, adding that the strength of the nation dependent upon on our unity.
Dike, the prime minister of Etche Youth Worldwide, said the leadership of the country must use the 61st Independence celebration to address all the challenges that was provoking agitations across various ethnic nationalities in recent times.
He used the opportunity to call on the youth to shun all negative tendencies that are inimical to the development and unity of the country, adding that they should channel their energetic ventures to things that will assist the leaders move the country forward.
In his remarks, an agricultural expert, Mr Ndukwe Amah, said more zeal be committed towards developing the agriculture sector, adding that the nation has not fair to well within the years under review.
Amah opined that the agriculture sector has the needed key to unlock the nation’s economic diversification if properly harnessed, adding that the sector has the capacity to generate millions of job opportunities especially to our unemployed young men.
He thanked the Federal Government for the renewed interest in the sector through various loan schemes that have assisted farmers.
He, however, urged states government to step into developing of the agric sector in their various states so as boast economic growth.
The National Coordinator, Community Reformed Youth Initiatives (CRY), Engr Gogo Wenike-Briggs, said that the unity of the country under threat, sequel to series of challenges facing the nation.
Wenike-Briggs, who spoke in in Port Harcourt, said that in authority lack the audacity to sermonize unity, if they cannot demonstrate faith.
“At 61, it is difficult to preach unity if you can’t offer faith. The unity of our dear country is under threats today because to many people have lost faith in the nation. Why…the answer is sad but relatively straight forward”, he said.
The factors responsible for loosed faith in the country, he said, was high rate of unemployment, tribalism,religion, quota system and federal character selection or appointment system.
To have it right, he said that the drivers of the system, must preach unity with a sincere heart and not been hypocritical about it.
“I can only preach one Nigeria with my mouth but the Nigerian state is more than just saying one Nigeria, rather we as a Nigerian government must preach one Nigeria with love for the nation, security for the people, employment for the youths, as visionaries, builders, religious leaders,teachers and all workers bringing a progress that is inclusive of all Nigerians”, he said.
To keep any great nation up to a high standard of civilization, he said, there must be enough superior characters to hold the balance of power, and added that such would be lost if the system adopted a different approach.
In his opinion, a Lecture with Rivers State University, Dr Monday Didia, pointed that the country was in a serious administrative challenge.
Didia expressed regrets that at 61, the country was yet to have a clear administrative system that spelt out how some things should be handled clearly.
He recalled the issue of employment where the chances are slim in some quarters whereas, some other areas enjoy robust opportunity.
On how to improve the quality of education in the country, he suggested that all forms of overseas learning opportunities should be stopped or limited.
According to him, such opportunities only favour a certain class, who ought to have fixed or reform the system, but would not because of their financial prowess to send their children/wards abroad for learning.
“If there would be a kind of constitutional provision to bare the ruling class and other top class from sending their people abroad for studies, they will be forced to make policies that will improve education in this country. Since they have the opportunity to sponsor their people abroad for studies, I don’t think they have anything to loose, hence the nonchalant attitude towards education”, he said.
Another respondent, Madam Chisa Amadi, a businesswoman,noted that the country was still at a kindergarten stage.
Amadi, said no parent would be proud to have Nigeria as a child with feeding bottle at 61.
She was of the view that the country was yet to make a remarkable mark in any of its sectors.
“We are not there in security. A country whose military training formation was attacked, up till date, no useful report about its cause? Is it in power, or where? For me, we are only marking the day the whites left our soil as our rulers, that’s all”, he said.
Obiajulu Agu, Political Analyst:”Sadly, Nigeria at 61 could have been in a totally different state than her present poor lot. It is heart-rending that a devastating combination of cycles of bad leadership and hapless followership took Nigeria down an ugly path and has kept her mired in unfulfilled potential and stunted development.
“This unfortunate situation is in spite of her enormous endowments in human capital and natural resources.
“However, the Nigerian spirit of resilience that dwells in me and also resides in tens of millions of other fellow citizens assures me to remain hopeful of a better and beautiful future yet for the country.
“This unflinching faith in Nigeria is that, in spite of her various challenges, Nigerians are relentlessly toiling at various tasks within the country chasing progress in their lives. And outside her shores, Nigerians are excelling in different spheres, driving the over $20billion annual remittances from the country’s Diaspora community, boosting foreign exchange earnings”.
Helen Akananwan, Tokunbo bags seller: “A man at 61is matured enough to take care of himself and family but in the case of Nigeria our country is not so. Nigeria is crawling on the ground at 61 and nothing to write home about. Let me give you example .some of us who buy our market from Cotonou are now out of business because of exchange rate. Naira money can no longer meet up common Cefa talk less of dollar. Oga, please, I don’t know where our country is going because of bad leadership.They keep borrowing and the common man on the street is not feeling the impact”.
Ismail Aniemu, Maritime Expert: “Nigeria maritime industry has not truly lived up to the country’s age of 61. Comparatively, Neighbouring West and Central African countries, talking about Benin Republic,Togo, Ghana, Ivory Coast and Cameroun seems to be developing their port system at a faster pace.
“Findings have shown that these smaller countries target Nigerian bound cargoes thereby increasing the incidents of smuggling.
“At 61, Nigeria should review her maritime related laws and make them synchronize with modern realities like achieving ease of doing business by fixing port access roads, which should be treated like a national emergency and maximizing the advantages of technology and transparency”.
Former National President, Nigeria Merchant Navy Officers and Water Transport Senior Staff Association, Matthew Alalade, while speaking on the 61 Anniversary of the country, maintained that ‘Nigeria in time past was identified as the big brother of Africa but today the narrative has changed.
“Our maritime industry years back was worthy of emulation but the situation has changed”.
Unarguably, Alalade, said the maritime sector is still struggling to grow.
According to him, smaller West African countries are taking over maritime business from Nigeria because government policies on the sector are not encouraging; that is why we find ourselves where we are today.
He called on the government to encourage the transportation industry and improve on decay infrastructure as a veritable tool for boosting the nation’s economy.
On his part, a consultant to the International Labour Organization (ILO),Captain Thomas Kemewerigha, said, “On paper and social media it is assumed that the nation’s maritime industry is doing well but in practice terms we are not there yet in terms of growth and development.
“Our local content policy is zero because the influx of foreigners in waterways since the introduction of the Cabotage Act has not addressed the challenges befalling Nigerian seafarers. The government’s needs to work up from she slumber because at 61 Nigeria as a country should be competing with Asia and European countries in terms of growth and not struggling.
“Therefore, we need to get it right this time around. 61 years is more like a grandfather to many nations of the world but we are acting like a baby literally”.
Barrister Chika Aleruchi Wobo: “Nigeria as a country @ 61 is a failure to the masses based on insecurity, unemployment, failure in the governance by our leaders, hard economy and high cost of livings experienced by the masses.
“@61, Nigeria is no longer a baby, a matured adult, but considering the state of the Nation, Nigeria is a colossal failure, it is not only President Muhammadu Buhari issue, but a systemic issue from 1960 to date.
“Buhari only inherited the failure of the past government, he only galvanized it because of inadequacy policy management, but as a nation, security wise, we have failures woefully because as nation, the only basic thing that can attracts Foreign Direct Investment (FDI), investors to the country is stability, safety of lives and property, in fact from the North-East to the South/South,everywhere, there is a total breach of insecurity, killings, abductions of school children and elderly and wanton destruction of lives and property across the states.
“On economy, countries do borrow monies to developed and build up its infrastructures across the globe, Buhari is not only government that borrows, past administration has been borrowing, not borrowing monies that matters, but the management of the fund is heavy a problem, Nigerians see’s politics as the short cut amongst our youths as a means of looting the national treasury, everybody wants to loot the state wealth by indulging in politics, but in overseas, countries liked United States of America, Great Britain is indebted to the world bank through borrowing, no county that is not indebted, but the management and policy makers and politicians is what is giving us this systemic failures.
“There are cries for restructuring, but I don’t believed in this restructuring, but there should be structural restructuring, not physical, something should be in the hand of the federal government, but since politics has divided the country into six geo- political Zones, now they have given the North East Development Commission, the South/South has the Niger Delta Development Commission (NDDC), let there be development commissions in all the geo- political zones, so that they can be able to collect little powers from the state governors, so that the governors can be answerable to the development commission so that all monies released will not be going to the governors alone, but to the commission who now release money to the governors”.
On Valued Added Tax (VAT), Wobo said the constitution of the Federal Republic Nigeria has not actually defines who collects VAT, but the Supreme Court in their wisdom may rule that VAT should go to the exclusive list, but in countries like Australia, New Zealand, VAT is usually collected by the residential states for its development and not exclusive lists.
@61,the lawyer admonished the Federal Government to make some changes on appointment of some persons into offices of trust for the will-being of the nation.
He faulted Mr. President for appointing the national electoral officers, but insisted that such appointment should be decided by the National Judiciary Commission (NJC).
Government should do some changes in some appointment of office holders.
He advocated for the scraping of the State Independent Electoral Commission (SIEC).
Mr. Anyawu Chinedu, Teacher: “Our problem as Nations is our political leaders, they know what to do as leaders, but refused because of personal interest.
“On our economy, our leaders should go back to drawing board and see what to do to reduce inflation, everything on the high side, an average Nigeria cannot go to the market and buy something with a little money, things are very expensive, something you can buy at the rate of N200, has skyrocketed, things are very high”.
On insecurity, he said the government in power should empower the youths, unemployment everywhere, the politicians knows that there is hunger in the land, they also know that boys do kidnapped, destroys and killed innocent civilians.
As a graduate, no job, with PHD no job to feed the mouth, when a graduate supposed to be a research assistant no job, our leaders knows what to do, they should create jobs, empower the youths.
@ 61 is not a joke, a man at 61 is a grandfather, our leaders should go to the drawing board and do the right thing, the nation will bounce back as a people.
Rev. Canon Friday Asobinow Wosu, Dioceses of Ikwerre Anglican Communion: I want to join well-meaning people, particularly President Muhammad Buhari and Rivers State Governor, Chief Nyesom Wike, to congratulate the nation for attending this level of our nationhood. I also thank God for keeping us together as a nation and as a country.
Politically, we are making progress since 1999, the country is not at war with its neighbouring states, but what is going on at the Northern Nigeria is not palatable, an aberration.
In terms of security, we know that insecurity is everywhere in the world, but that of Nigeria, it is expected that internal security is well galvanized, tackled by the security agent’s.
It is an aberration that criminals, bandits will attack our military formation’s, kidnap our soldiers and even militia groups will forced sit at home in Eastern Nigeria, called on President Buhari to beef up security across the regions to guarantee safety of lives and property.
On economy, we are not making head way, we are borrowing every day, no fiscal development, no employment, killings and banditry.
If the nation is borrowing, we should use it to developed the nation and not for parties.
The cleric called on Nigerians to diversify its economy from oil to agriculture, Information and Communication Technology (ICT) to create employments, stability and reduce hardships.
On religion, the clergy advised the religious leaders to support the nation in prayers to curb social vices.
The clergy appealed to the clerics to shun act of corruption and embrace peace and harmony, insisted that clergies shun desist from evils and ensure that all hands are on deck to develop the nation for better.
By: Nnake Amaechi-Nnadi (Abuja), Nkpemenyie Mcdominic
(Lagos), Amadi Akujobi, King Onunwo, Chinedu Wosu (Port Harcourt)
News
Military Shake-Up: NAF Redeploys Senior Officers, Appoints New Commanders
The exercise, approved by the Chief of the Air Staff, Air Marshal Sunday Aneke, on November 7, 2026, is aimed at strengthening command effectiveness, enhancing institutional capacity and sustaining operational readiness.
In a statement yesterday, the Director of Public Relations and Information, NAF, Air Commodore Ehimen Ejodame, said the appointments covered Service Headquarters, operational commands, training institutions and other strategic establishments.
The statement partly read, “The NAF has approved a major strategic realignment of its senior leadership through a fresh round of postings and appointments designed to strengthen command effectiveness, enhance institutional capacity and sustain operational readiness in support of national security objectives.
“The exercise, approved by the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, on 7 November 2026, takes effect from November 2026.
“The appointments span Service Headquarters, operational commands, Defence Headquarters, training institutions and other strategic establishments, reflecting a deliberate effort to align leadership competencies and professional experience with the Service’s evolving operational and institutional priorities.”
At the NAF Headquarters, Air Vice Marshal AK Ademuwagun was appointed Chief of Transformation and Innovation, while AVM IV Ajiboye became Superintendent of Standards and Evaluation.
Other appointments include AVM PN Amadi as Chief of Air Intelligence; AVM NN Ananaba as Chief of Operations; AVM AH Bakari as Air Provost Marshal; AVM EE Efiom as Chief of Training; and AVM AJ Laoye as Chief of Aircraft Engineering.
The Air Force also appointed AVM NI Ilo as Air Officer Commanding, Tactical Air Command; AVM BR Mamman as AOC, Mobility Command; AVM OS Ogunsina as AOC, Logistics Command; AVM MN Onyebashi as AOC, Special Operations Command; and AVM FCS Nwakara as AOC, Ground Training Command.
At the institutional level, AVM PB Philips was appointed Commandant of the Armed Forces Command and Staff College, while AVM MC Ekwueme became Commandant of the Armed Forces Resettlement Centre.
Similarly, AVM AO Akinbunwa was appointed Commandant of the Air Force War College, while AVM OC Ubadike became Commandant of the Air Force Institute of Technology.
Other appointments include AVM AI Sambo as Commandant of the Nigerian Air Force College of Logistics and Management, and AVM M Yusuf as Deputy Commandant of the Nigerian Defence Academy.
At the Defence Headquarters, AVM UK Abdullahi was appointed Director of Defence Operations, while AVM EOE Ebiowe was posted to the Office of the National Security Adviser as Deputy Coordinator, National Intelligence.
Also, AVM DDG Pwajok was appointed Director of Technical Services at the Defence Intelligence Agency, while AVM I Sani became Deputy Chief of Defence Intelligence.
Other senior officers were posted to various directorates at the Defence Headquarters, including operations, military strategy, cyber operations, civil-military relations, search and rescue, special duties and joint warfare doctrine.
The appointments also affected the Defence Space Administration, where AVM AA Suleh was named Deputy Chief, while AVM OA Oyename and AVM SS Lazarus were appointed Directors of Earth Observation and Launch Vehicles and Space Operations, respectively.
Furthermore, AVM GI Jibia was appointed Deputy Force Commander of Operation Hadin Kai, while AVM JI Ukeh became Commander of the Nigerian Air Defence Corps.
The statement said the exercise was part of efforts to strengthen leadership renewal, institutional accountability and operational effectiveness across the service.
According to the CAS, the professional competence and wealth of experience of the newly appointed officers would advance his command philosophy and strengthen the Air Force’s capacity to deliver decisive airpower effects in support of joint operations and national security objectives.
“All affected officers are expected to assume their new appointments and complete the necessary handover and takeover formalities on or before November 13, 2026,” the statement concluded.
News
SERAP Demands Details Of FG’s N50,000 Relief Payments
The organisation asked the Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro, to provide information on beneficiary selection, payments, contracts with digital financial service providers and safeguards against political interference.
SERAP made the demand in a Freedom of Information request dated November 7, 2026, and signed by its Deputy Director, Kolawole Oluwadare.
The request followed the ministry’s October 30 announcement of the NERSI programme, which is intended to provide N50,000 in financial assistance to vulnerable Nigerians.
SERAP said important questions remained unanswered about the programme’s total funding, geographical coverage, duration and the methodology for selecting beneficiaries from the National Social Register and verified national identity records.
It urged the minister to disclose budgetary allocations, funds released and expended, eligibility criteria, beneficiary verification processes and the geographical distribution of recipients.
The organisation also asked the ministry to clarify whether the N50,000 assistance was a one-off payment or a monthly intervention, noting that the ministry’s public statement described it as a monthly payment, while a subsequent frequently asked questions document did not clearly specify the frequency or duration.
In the request, SERAP said, “Nigerians have a right to know how public funds allocated to NERSI are being spent, who is receiving the assistance, how beneficiaries are selected and whether the programme is reaching those most in need.”
The organisation raised concerns about possible political interference in the programme, particularly ahead of the 2027 general elections.
“Publicly funded social assistance must be allocated strictly on the basis of genuine need and objective eligibility criteria. It must not be used to reward political supporters, secure partisan loyalty, finance political mobilisation or influence the electoral choices of vulnerable Nigerians, particularly ahead of the 2027 general elections,” it said.
SERAP further insisted that beneficiaries should not be required to attend political rallies, support candidates or display political materials as a condition for receiving the assistance.
“Beneficiaries must not be required or encouraged to attend political rallies, support political parties or candidates, display political materials or demonstrate political loyalty as a condition for receiving assistance. NERSI is a government programme funded with public resources, not a personal gift or political benefit from any office-holder or political party,” the organisation stated.
It also urged the minister to publicly invite the Independent Corrupt Practices and Other Related Offences Commission and the Economic and Financial Crimes Commission to monitor the programme’s implementation and expenditure, investigate allegations of corruption and help ensure that funds reach intended beneficiaries.
SERAP expressed concern over reports that some Nigerians who received notifications of the N50,000 assistance had been unable to access or withdraw the funds, while others reportedly received messages indicating that they were ineligible.
“These reports raise questions about the accuracy of beneficiary verification, the reliability of payment arrangements and the effectiveness of mechanisms for resolving failed or disputed payments,” it said.
The organisation urged the ministry to investigate the complaints, publish its findings and ensure that all eligible beneficiaries received the assistance.
It also asked the government to disclose agreements with the digital financial service providers engaged to administer the payments, including ALAT, MoMo PSB, NairaGram, OPay and Moniepoint.
SERAP requested details of the providers’ roles, fees and performance, as well as information on how beneficiaries’ personal data would be protected.
“The use of the National Social Register and national identity records to identify beneficiaries must be governed by clear rules and appropriate data-protection safeguards. The Ministry should disclose how these records are being used and ensure that beneficiaries’ personal information is protected, while making anonymised and aggregated information available for public scrutiny,” it said.
The group further asked the ministry to publish anonymised information showing the number of beneficiaries and the amounts paid or scheduled for payment in each state and local government area.
It also sought records of any involvement of political actors in beneficiary selection, payments, access to beneficiary databases and the use of public resources to promote the programme.
To strengthen accountability, SERAP cited concerns raised by the Auditor-General of the Federation in the 2024 Annual Report regarding more than N78.8bn in public funds allegedly diverted or unaccounted for in the administration of social intervention and cash transfer programmes.
It also referred to concerns over N33.751bn in cash transfers made in 2023 for which relevant REMITA records and other supporting documents were reportedly not provided for audit.
“These findings underscore the importance of adequate financial controls, proper record-keeping, independent verification and effective oversight from the outset of the new intervention,” SERAP said.
The organisation said the information requested would enable Nigerians to assess whether the programme was reaching eligible beneficiaries and whether public funds were being properly accounted for.
It added, “Disclosure would also strengthen public confidence in social protection programmes and help ensure that resources intended for vulnerable Nigerians are used for their intended purposes.”
SERAP gave the minister seven days from receipt or publication of the letter to provide the requested information and take the proposed measures.
It warned that it would consider legal action to compel the ministry and other relevant authorities to fulfil their constitutional and statutory obligations if they failed to respond within the stipulated period.
News
Tinubu Didn’t Borrow ?120trn In Three Years, Presidency Replies Opposition
In a statement posted on X yesterday, Special Assistant to the President on Social Media, Dada Olusegun, described the figures as the product of “Opposition’s propaganda machines.”
He said the claim that 16 past Nigerian leaders borrowed a combined ?46 trillion over 63 years, while Tinubu borrowed ?120 trillion in three years, does not reflect the full picture.
“Opposition’s propaganda machines claim that in 63 years, 16 past Nigerian leaders borrowed ?46 trillion combined, while President Tinubu borrowed ?120 trillion in just 3 years and still removed the fuel subsidy.
“But in reality, the ?46 trillion figure from late 2022 hid ?22.7 trillion in Central Bank ‘Ways and Means’ overdrafts that weren’t officially put on the books until May 2023,” Olusegun stated.
He added that earlier calculations converted foreign debt using an artificial exchange rate of ?448 to $1, when the street value was over ?700.
“When the exchange rate was unified in June 2023, the exact same dollar debt instantly looked ?13.4 trillion larger on paper overnight without a single new dollar being borrowed.”
In actual dollar terms, he said, Nigeria’s public debt rose from $113.4 billion in June 2023 to $120.9 billion by June 2026 — an increase of only $7.5 billion.
On the fuel subsidy, Olusegun noted that its removal had boosted monthly Federation Account Allocation Committee funds shared to states and local governments from ?656 billion in April 2023 to ?2.4 trillion by September 2026.
The claims being rebutted originated from a viral social media graphic that compared cumulative borrowing under previous administrations with the Tinubu government’s record and highlighted the subsidy removal.
Fact-checkers have described the graphic as misleading because the ?46 trillion figure represented outstanding debt at the end of 2022 rather than total borrowing by 16 leaders over 63 years, and because it did not adequately account for exchange-rate effects or the formal recognition of previously off-book obligations.
Nigeria’s total public debt stood at approximately ?87.38 trillion (about $113.4 billion) in June 2023, shortly after Tinubu took office.
By June 2026 it had risen to about ?166.79 trillion ($120.93 billion), according to Debt Management Office figures.
A large part of the naira increase stemmed from the 2023 naira float and the securitisation of Ways and Means advances inherited from the previous administration.
The latest rebuttal comes after Tinubu asked the Senate to approve the implementation of a $7.7bn external borrowing plan to part-finance the 2026 budget deficit.
The request, which translates to about N10.79tn at the budget exchange rate of N1,400 to the dollar, was conveyed in a letter read by the President of the Senate, Godswill Akpabio, during Wednesday’s plenary.
The request replaced an earlier approval for $20.52bn and €1.045bn borrowings that the President had asked the Senate and the House of Representatives for a week earlier.
However, opposition parties, including the Nigeria Democratic Congress, criticized the request, citing concerns about the country’s rising debt burden and its implications for future generations.
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