News
N10.6trn:FG Fires Back At Ezekwesili
The Federal Government, yesterday, reacted angrily to
comments by the former Minister of Education, Dr. Obiageli Ezekwesili alleging
that the governments of Presidents Musa Yar’Adua and Goodluck Jonathan,
squandered $67 billion(about N10.6trn) in foreign reserves, describing the
allegation as “outlandish and clearly fictitious.”
Minister of Information, Mr Labaran Maku who addressed a
press conference on the allegations by the former Vice President of African
Region of the World Bank said the damning verdict passed on the education
sector by Mrs Ezekwesili was a self indictment, as she presided over the sector
without bringing any positive impact on it.
The Information Minister who was flanked by the Senior
Special Assistant on Public Affairs, Dr. Doyin Okupe; Economic Adviser, Prof.
Nwanze Okedegbo and Special Adviser on Performance Monitoring, Prof. Sylvester
Monye; said the allegations of Ezekwesili were curious in the light of the fact
that she had been part of governance in the past.
According to Mr Maku, Ezekwesili’s criticism of the
education sector amounts to hypocrisy as she was part of the sector and
contributed to its sorry state, because , despite receiving N458.1billion
between 2006 and 2007 for the sector, there is nothing to show for it, in terms
of achievements.
The Minister said, “If she says education has not worked it
means she is saying she did not work”.
He accused the former Education minister of betraying a
surprisingly limited understanding of government finances in her comments at
Nsukka.
Information Minister, Mr. Labaran Maku flanked by the Senior
Special Assistant on Public Affairs to the President, Dr. Doyin Okupe and the
Special Adviser to the President, Projects Monitoring and Evaluation, Prof.
Sylvester Monye during the briefing on the nation’s external reserves at the
National Press Centre, Radio House, Abuja.
He noted: “These statements are even more curious in light
of the fact that she has held senior positions in government, and more
recently, a position as a Vice President of the World Bank. However, rather
than speculate about her motives, we would focus on the facts.
“The statement by the former World Bank Vice President that
the governments of Presidents Musa Yar’adua and Goodluck Jonathan have
squandered $67 billion in reserves (including $45 billion in external reserves
and $22 billion in the Excess Crude Account) left by the Obasanjo
Administration at the end of May 2007 is factually incorrect. At the end of May
2007, Nigeria’s gross reserves stood at $43.13 billion – comprising the CBN’s
external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account,
and $2.18 billion in the Federal Government’s savings. These figures can be
independently verified from the CBN’s records. The figure of $67 billion
alleged in her statement is therefore clearly fictitious.
“However, since President Obasanjo left office, the reserves
have experienced fluctuations, rising from $43.13 billion in May 2007, peaking
at $62 billion in September 2008 during the Yar’adua/Jonathan Administration
when oil prices peaked at $147 per barrel, and falling subsequently to a low of
$31.7 in September 2011. This fall in reserves was a result of the vicissitudes
of the global financial crisis which caused CBN interventions in the currency
market to defend the value of the naira. The Excess Crude savings, a component
of the reserves, was also used to stimulate the economy at the height of the
global financial crisis to the tune of about $1 billion (or 0.5 percent of our
2009 GDP). As a result, Nigeria is one of the few countries in the world that
did not seek assistance from international financial institutions.
He said it should be noted that the fiscal stimulus used to
shore up the economy during that period was shared by all 3-tiers of
government, including commitments of about $5.5 billion made under the Obasanjo
Administration for power projects, he added.
She urged Nigerians, especially the youths, to take their
destiny in their hands by creating a new political context in which citizens
demand for good governance and accountability by compelling their leaders to be
accountable and transparent in the management of the commonwealth of Nigeria.
According to her, ‘endowment of oil resulted in an indulgent
elite class who have made disastrous choices that have trapped the destiny of
Nigeria in oil wells.
The former World Bank Vice President attributed the economic
stagnation in the country for over fifty years to such indulgence on the part
of the emerging ruling class.
‘The fact is that our political elite suffers from delusion
of greatness simply because we sell barrel of crude oil to finance 80% of our
national budget while over 95% of our foreign exchange ad petroleum sector
earning represents a larger portion of industry’s contribution to GDP”, she
lamented.
‘I have known, at least, five cycles of commodity booms that
offered us rare opportunities to use revenues generated from oil to transform
our economy. Sadly, each cycle ended up sliding us farther down the productive
ladder. The present cycle of boom of the 2010s is, however, much more vexing
that the other four that happened in the 70s, 80s 90s and 2000s, she added.
She challenged Nigerian university graduates and
undergraduates to mobilise themselves and work towards pushing public office
holders to prudently manage our national wealth and provide good stewardship
and leadership to the people.
It would be recalled that
the former World Bank Vice President, Dr Obiageli Ezekwesili had last Saturday
lashed out at successive federal government since 2007, accusing them of
squandering over $67billion oil windfall.
News
Military Shake-Up: NAF Redeploys Senior Officers, Appoints New Commanders
The Nigerian Air Force has approved a major shake-up of its senior leadership, involving fresh appointments and postings across its operational commands, strategic institutions and Defence Headquarters.
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 Socio-Economic Rights and Accountability Project (SERAP) has urged the Federal Government to disclose details of the funding, implementation and administration of its N50,000 National Emergency Relief and Stabilisation Intervention.
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
The Presidency has dismissed as misleading claims that President Bola Tinubu borrowed ?120 trillion in just three years while also removing the fuel subsidy.
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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