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PDP Condemns FG’s $5.5bn Loan Request …Says Buhari Mortgaging Children’s Future …As Senate Considers Request
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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We’ll Be Intentional In Our Support To Improve NYSC Scheme -Fubara
Rivers State, Sir Siminalayi Fubara, has assured members of the National Youth Service Corps (NYSC) of his administration’s commitment to supporting and strengthening the scheme in the State.
Fubara gave the assurance last Friday at the NYSC permanent orientation camp, Nonwa-Gbam, Tai Local Government Area in the State, during the swearing-in ceremony of 2026 Batch B Stream II orientation course.
Represented by the Permanent Secretary, Cabinet Bureau, Office of the Secretary to the State Government, Dr. Promise Oguzie, the governor said the State Government would remain intentional in providing the necessary support to improve the NYSC scheme and enhance the experiences of corps members deployed to the state.
He charged the corps members to be role models and quality nation-builders in their service to the good people of Rivers State in particular, and Nigeria at large.
“I charge you to be exemplary, dedicated and committed in all you do. Take full advantage of all the camp programmes and activities to enrich yourselves”, he said.
In his welcome address, the State Coordinator of NYSC in Rivers State, Mr. Moses Oleghe, urged corps members to see their deployment to Rivers State as a “veritable opportunity to make meaningful contribution to the growth of the State in particular and Nigeria at large.”
He further charged them to serve with all sense of “integrity, discipline, and the fear of God, especially when they will be engaged as INEC ad-hoc staff that will conduct the 2027 general elections.”
A total of 3,584 corps members composed of 1,421 males and 2,163 females were sworn in by the Chief Judge of Rivers State, who was represented by Justice Godspower Aguma.
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Fubara: Nigeria Needs God-fearing Leaders To Make Progress …Applauds Seventh Day Adventist
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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