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Nigeria On The Verge Of Bankruptcy -Sanusi …Wants Buhari To Tell Nigerians Truth About Economy
Emir of Kano, Alhaji Muhammad Sanusi II, yesterday declared that Nigeria was on the threshold of bankruptcy following unfavourable economic policies such as subsidising petroleum products and electricity tariffs.
Sanusi spoke during the ongoing 3rd National Treasury Workshop organised by the office of the Accountant-General of the Federation at the Coronation Hall, Government House, Kano.
The emir advised President Muhammadu Buhari’s administration to cancel petroleum and electricity subsidy if the economy must stabilise.
“The country is bankrupt and we are heading to bankruptcy. What happened is that the Federal Government do pay petroleum subsidy, pay electricity tariff subsidy, and if there is rise in interest rates, Federal Government pays.
“What is more life threatening than subsidy that we have to sacrifice education, health sector and infrastructure for us to have cheap petroleum.
“If truly President Buhari is fighting poverty, he should remove the risk on the national financial sector and stop the subsidy regime which is fraudulent.”
Sanusi insisted that Buhari must tell Nigerians the facts about the economic situation and also act quickly on it because the nation was already bankrupt.
“Since I have decided to come here, you have to accept what I have said here. And please, if you do not want to hear the truth, never invite me.
“So let us talk about the state of public finance in Nigeria. We have a number of very difficult decisions that we must make, and we should face the reality. His Excellency, the President said in his inaugural speech that his government would like to lift 100 million people out of poverty, it was a speech that was well received not only in this country, but worldwide.
“The number of people living in poverty in Nigeria are frightening. By 2050, 85 percent of those living in extreme poverty in the world will be from the Africa continent. And Nigeria and the Democratic Republic of Congo will take the lead.
“Two days ago, I read that the percentage of government revenue going to debt servicing has risen to 70 percent. This numbers are not lying. They are public numbers. I read them in the newspapers. When you are spending 70 percent of your revenue on debt servicing, then you are managing 30 percent.
“And then, you continue subsidising petroleum products; and spending N1.5 trillion per annum on petroleum subsidy! And then we are subsidising electricity tariff. And maybe, you have to borrow from the capital market or the Central Bank of Nigeria to service the shortfall in the electricity tariff, where is the money to pay salaries? Where is the money for education? Where are other government projects?”
He lamented that for 30 years, successive governments have had this project called petroleum subsidy, insisting that this is the right time to stop it so as to save the nation’s economy.
Speaking during the workshop, the Accountant-General of the Federation, Ahmed Idris, noted that, “the overall objective of the workshop is to promote accountability and transparency in all facets of the nation’s public finance and management architecture.
“It is expected that participants should appreciate that accountability and transparency remain major watchwords for prudent financial management practices and are therefore, major prerequisite for economic growth and development.”
He charged participants to strive towards identifying the challenges to accountability and transparency in the management of public funds, improving independent revenue base and profile of government, as well as proffering revenue diversification for governments at all levels so as to cut down the cost of governance.
In his address, the chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, identified corruption as the bane of the country’s economic woes.
He warned public and private officeholders to desist from corrupt practices, stating that his office has zero tolerance for corruption.
“Transparency and accountability are twin sisters of good governance. They are the tools to tackle corruption. It is true that we can leave a good legacy.”
Magu, however, called on the Federal and state Accountant-Generals to take the lead in the fight against corruption, adding that they must insist the right thing must be done in their offices.
In his address, Kano State Governor, Dr. Abdullahi Umar Ganduje, who was represented by his Deputy, Dr. Nasiru Yusuf Gawuna, said Kano State was the first to establish the Treasury Single Account (TSA) in its bid to fight corruption and block leakages.
According to him, the state also put in place, the Anti Corruption and Public Complaint Commission to checkmate corrupt practices of public servants in the state.
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No Child Should Be Denied Access to Education – Fubara
The Rivers State Government has called on stakeholders, community leaders, parents and relevant education authorities to intensify efforts to identify and enrol out-of-school children across Nigeria, stressing that every child deserves access to quality and inclusive education.
Governor Siminalayi Fubara made the call, yesterday, during the regional campaign on engaging community structures to promote the enrolment of out-of-school children and the regional flag-off of the 2026/2027 enrolment drive for southern states, held in Port Harcourt.
Represented by the Secretary to the State Government, Dr Dagogo Wokoma, Governor Fubara reaffirmed that education remains a fundamental pillar of sustainable development and emphasised the need to ensure that no child is left behind because of economic hardship, social background or other barriers to schooling.
He noted that expanding access to education was essential to promoting sustainable development, social inclusion and equal opportunities, enabling children to reach their full potential and contribute meaningfully to society.
The governor urged participating states and communities to translate their commitments into concrete and measurable actions by reaching vulnerable children, strengthening community engagement and encouraging parents and guardians to make their children’s education a priority.
He reiterated the state government’s commitment to initiatives aimed at expanding access to education, particularly for children excluded from formal schooling.
“Rivers State remains committed to supporting initiatives that expand access to inclusive and quality education, particularly for vulnerable children who may have missed the opportunity to attend formal schools,” Fubara stressed.
Also speaking, the Executive Secretary of the Universal Basic Education Commission (UBEC), Aisha Garba, described the growing number of out-of-school children as one of the major challenges confronting the education sector.
She called for a collective and collaborative approach among governments, communities, parents and other stakeholders to address the problem, stressing the need to ensure that no Nigerian child is denied the fundamental right to education.
The programme was organised by the Universal Basic Education Commission in collaboration with the Rivers State Government, as part of efforts to strengthen community participation and promote school enrolment across the southern states for the 2026/2027 academic session.
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FAAC: FG, States, LGs Share N2.428trn For September
The Federation Account Allocation Committee (FAAC) has shared the sum of N2.428 trillion among the Federal Government, 36 states government and the 774 Local Government Councils (LGCs) as revenue for the month of September.
The Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, said this in a statement in Abuja, yesterday.
Mokwa said the allocation was approved by FAAC at its October meeting held in Abuja.
He said the N2.428 trillion distributable revenue comprised of statutory revenue of N1.672 trillion, distributable Value Added Tax (VAT) revenue of N756.587 billion.
Mokwa quoted the FAAC communiqué as saying that total gross revenue of N3.913 trillion was available in the month of September 2026.
He said a total deduction for cost of collection was N131.758 billion while total transfers, refunds and savings of N1.352 trillion.
According to him, a gross statutory revenue of N3.096 trillion was received for the month of September 2026.
“This was higher than the sum of N2.850 trillion received in the preceeding month by N246.384 billion.
“Gross revenue of N816.872 billion was available from the Value Added Tax (VAT) in September 2026.
“This was lower than the N834.843 billion available in the month of August 2026 by N17.972 billion,” he said.
Mokwa explained that the Federal Government received N832.242 billion and the state governments received the sum of N799.872 billion.
He said the LGCs received N560.660 billion, while the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting state as derivation revenue.
Mokwa said in the N1.672 billion distributable statutory revenue, the Federal Government received N756.583 billion and the State Governments received N383.749 billion.
He said the LGCs received N295.855 billion and the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The director said from the N756.587 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N75.659 billion, the State Governments received N416.123 billion and the LGCs received N264.805 billion.
“In September 2026, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Petroleum Royalties, Import Duty, CET Levies and Excise Duty increased significantly.
“Also, Companies Income Tax (CIT), CGT & SDT, Value Added Tax (VTA), Mineral Royalties, and Gas Flared Penalty, Rental Gas Flared Fee and Misc. Oil Revenue decreased considerably,” he said.
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NLC Gives FG Two-Week Ultimatum To Reduce Petrol Price …Begins Minimum Wage Talks
The Nigeria Labour Congress (NLC) has given the Federal Government a two-week ultimatum to reduce the price of petrol, commence renegotiation of the national minimum wage and implement outstanding agreements with workers.
The ultimatum followed a joint meeting of the National Executive Council and Central Working Committee of the NLC held at the Olaitan Oyerinde Hall, Labour House, Abuja.
In a communiqué signed by the NLC President, Joe Ajaero, and made available to newsmen, yesterday, the union said the two-week ultimatum would commence on Friday, October 9, 2026.
It warned that failure by the government to meet its demands would compel the Congress to take further action.
The NLC specifically demanded that the government reduce the price of Premium Motor Spirit to the level it was when the current national minimum wage was signed into law in 2024.
It also demanded the immediate commencement of negotiations for a new minimum wage, implementation of the February 5, 2026, Terms of Settlement reached with the Joint Health Sector Unions and Assembly of Healthcare Professionals, and action on the demands of the Joint Public Sector Negotiating Council.
The Congress further demanded tax relief and immediate wage awards for workers, arguing that the measures were necessary to cushion the impact of rising living costs.
The NLC said, “The current national minimum wage has been rendered worthless by the relentless depreciation of the naira and the astronomical rise in the cost of living.”
It added that workers could no longer meet basic needs, including food, shelter, healthcare, transportation and education, on their current earnings.
The labour body, therefore, demanded that the Federal Government commence renegotiation of the national minimum wage before the end of October.
“NEC-in-session demands that the Federal Government commence the renegotiation of the national minimum wage before the end of this month,” the communiqué stated.
The Congress also linked the erosion of workers’ purchasing power to the high cost of petrol, saying the price of the commodity had continued to drive up transportation costs and the prices of other essential goods.
“The exorbitant pump price of petrol has had a cascading effect on the cost of transportation, food, and other essential goods, further deepening the hardship of workers and the masses,” it said.
The NLC further demanded that the government grant tax relief to workers and immediately introduce wage awards, describing the measures as “the bare minimum required to alleviate the suffering of Nigerian workers and restore a measure of dignity to their lives.”
The latest ultimatum escalates the labour movement’s pressure on the Federal Government after public-sector workers under the Joint National Public Service Negotiating Council embarked on a three-day warning strike earlier in October over rising living costs, petrol prices, wage awards and minimum wage negotiations.
The workers had demanded, among other measures, a reduction in petrol prices and the commencement of negotiations for a new minimum wage.
The NLC had also raised concerns in September over the declining purchasing power of workers, with Ajaero arguing that the N70,000 minimum wage had been overtaken by increases in the cost of food, transportation, housing, education and other essential expenses.
The current minimum wage was approved by President Bola Tinubu in July 2024 after negotiations involving the government, organised labour and the private sector.
Tinubu increased the Federal Government’s offer from N62,000 to N70,000 and agreed that the wage should be reviewed after three years rather than five years.
The NLC’s latest demand comes as the Federal Government announced fresh measures aimed at containing petrol-price pressures.
Yesterday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government was negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol, with monthly reviews, as part of measures to reduce price volatility.
The proposed ceiling does not mean petrol would necessarily sell at N1,350 per litre at filling stations.
The government also announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPCL), with priority given to public transporters.
Oyedele said the arrangement was not a return to subsidy but an effort to sell the product at cost.
However, the NLC is seeking a more substantial reduction, insisting that petrol should return to the price level that prevailed when the N70,000 minimum wage was enacted in 2024.
The Congress also called for the implementation of the agreement reached with JOHESU in February, as well as the demands presented by the Joint Public Sector Negotiating Council.
It warned that failure to respond within the two-week period would have consequences.
“Failure of which the NLC will be compelled to take remedial steps as would be directed by the relevant organs,” the communiqué said.
The union consequently directed its affiliates and allies to remain prepared for further action.
“NEC-in-session reaffirms the historical responsibility of the NLC to resist all forms of exploitation and oppression,” it stated, urging its affiliates to remain “on high alert and fully prepared to engage in decisive efforts against all anti-people policies.”
The development also comes amid fresh labour tensions in Abuja, where the FCT Council of the NLC commenced an indefinite strike on Wednesday over disputes with the FCT Administration concerning teachers’ promotion policies.
The council directed workers across public and private establishments to withdraw their services after the expiration of a seven-day ultimatum.
The latest NLC ultimatum puts renewed pressure on the Federal Government to address wage and fuel-price concerns as both sides grapple with disagreements over the implementation of previous labour agreements and measures to cushion the impact of economic reforms.
The NLC said its demands were aimed at protecting workers and the wider population from further deterioration in their standard of living, insisting that Nigerian workers must remain “resolute, organised, and uncompromising” in the struggle for improved living conditions.
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