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PDP Condemns FG’s $5.5bn Loan Request …Says Buhari Mortgaging Children’s Future …As Senate Considers Request

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The Peoples Democratic Party (PDP) has criticised the external loan request of President Muhammadu Buhari as an attempt by the All Progressives Congress-led Federal Government to mortgage the lives of unborn Nigerian children for many years to come, even as the Senate yesterday began consideration of the President’s request.
In a statement signed by the party’s National Publicity Secretary, Prince Dayo Adeyeye yesterday, the PDP said “it received with shock, the plan by the All Progressives Congress-led Federal Government to plunge Nigeria into further debt, and consciously mortgage the Future of our unborn generations through needless and mindless borrowing of the sum of $5.5billion.
“Like other well-meaning Nigerians, we consider this new bid for a foreign loan of $5.5billion being sought by the administration of President Muhammadu Buhari as an attempt to push the nation down into the black hole of debt that will affect negatively, the future of this nation,” the party lamented.
It stated that, “As a party that governed this nation meritoriously for 16 years and handed over a buoyant economy to the APC in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.
“For emphasis, we are dismayed at the rate by which the APC is plunging the nation into debt through local and foreign borrowing without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing,” Adeyeye noted.
“The figure released recently by the Debt Management Office (DMO) stating that the nation under the administration of the APC government in the last two years of being in office, has borrowed N7.51trillion is mind-boggling.
“Mind-boggling because all-round infrastructural decay has now reached alarming proportions. The roads have deteriorated, the state of power supply has become worse, and there is no increase in wages to match the skyrocketing inflation. As a result, workers in educational institutions and other government agencies have spent more time at home observing strike action than they spent at work; insecurity has sky-rocketed beyond what anyone can imagine, while those in power continue to delude themselves that they are providing plausible leadership for the country,” the party said.
“We are constrained to ask the government of President Muhammadu Buhari to explain to Nigerians what his government has done with the several huge sums borrowed in the last two years in the name of financing infrastructural development in the country.
“The data shows that since President Buhari was sworn-in, the nation’s debt has risen by 61.96 per cent in only two years.
“As major stakeholders in the Nigerian Project, we are worried that if the National Assembly does not stop this latest demand for foreign loan, the money when released, will go the way of other loans obtained in the last two years without any tangible result to show for it,” the PDP said.
Meanwhile, the Senate has begun consideration of President Muhammadu Buhari’s request for the approval of an external loan of $5.5billion to enable the Federal Government finance the 2017 budget as well as re-finance domestic debts.
The move by the Senate to commence consideration of the external loan request followed Executive Communication by the Senate Leader, Senator Ahmad Lawan, yesterday, who said that the “Senate do consider the Request of Mr.. President C-in-C for the Approval of External Loans for: 1. Issuance of $2.5billion to finance the 2017 Appropriation Act; and ii. $3billion to re- finance debts.”
After the communication, Deputy Senate President, Ike Ekweremadu, who presided over yesterday’s plenary session, referred the request to the Senator Shehu Sani, APC, Kaduna Central-led Senate Committee Foreign and Local Debts, and report back in two weeks.
It would be recalled that President Muhammadu Buhari had, last Tuesday, written to the Senate, asking for the approval of an external loan of $5.5billion to enable the Federal Government finance the 2017 budget.
Buhari’s request for external borrowing to the tune of $5.5billion was contained in a letter to the Senate President, Dr Bukola Saraki which was read on the floor of the Senate.
The four-page letter, which was addressed to Senate president, was entitled, “Request for the approval of External Loans for: 1. Implementation of the External Borrowing Approved in the 2017 Appropriation Act: 11 External Borrowing to Re-finance maturing domestic debts through the issuance of $3.00billion Eurobond in the International Capital Market or through a loan syndication.”
According to the letter, while $3billion would be sourced through Eurobond, the remaining $2.5 would come from other sources in the international capital market.
Buhari had, however, allayed fears of Nigerians on possible effect or problems that may come up; saying that the proposed external borrowing of $3.0billion re-finance maturing domestic debt would not lead to an increase in the public debt portfolio against the backdrop that the debt exists, already in the form of high interest short term domestic debt.
According to him, the substitution of domestic debt with relatively cheaper and long-term external debt will lead to a significant decrease in debt service cost, just as he said that government’s moves in re-financing of domestic debt through external debt would also achieve more stability in the debt stock, adding that it would create more borrowing space in the domestic market for the private sector.
Also recall that the Senate had, last week, stepped down the recommendation of its committee to consider the issue of external borrowing for the executive on grounds that it was yet to receive any formal request in that regards.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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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.

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