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Nigeria On The Verge Of Bankruptcy -Sanusi …Wants Buhari To Tell Nigerians Truth About Economy

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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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Fubara Dissolves Rivers Executive Council

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Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.

The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.

Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.

He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.

The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.

“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or  the most Senior officers in their Ministries with immediate effect.

“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”

 

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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations

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The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.

INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.

According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.

An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.

The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.

He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.

“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.

The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”

On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”

The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.

He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.

Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.

Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.

He advocated that the envelope budgeting model should be set aside.

He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.

In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.

The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.

The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.

The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.

Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.

He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.

“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.

The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.

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Tinubu Mourns Literary Icon, Biodun Jeyifo

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President Bola Tinubu yesterday expressed grief over the death of a former President of the Academic Staff Union of Universities and one of Africa’s foremost literary scholars, Professor Emeritus Biodun Jeyifo.

Jeyifo passed away on Wednesday, drawing tributes from across Nigeria and the global academic community.

In a condolence message to the family, friends, and associates of the late scholar, Tinubu in a statement by his spokesperson, Bayo Onanuga,  described Jeyifo as a towering intellectual whose contributions to African literature, postcolonial studies, and cultural theory left an enduring legacy.

He noted that the late professor would be sorely missed for his incisive criticism and masterful interpretations of the works of Nobel laureate, Professor Wole Soyinka.

The President also recalled Jeyifo’s leadership of ASUU, praising the temperance, foresight, and wisdom he brought to the union over the years.

Tinubu said Jeyifo played a key role in shaping negotiation frameworks with the government aimed at improving working conditions for university staff and enhancing the learning environment in Nigerian universities.

According to the President, Professor Jeyifo’s longstanding advocacy for academic freedom and social justice will continue to inspire generations.

He added that the late scholar’s influence extended beyond academia into political and cultural journalism, where he served as a mentor to numerous scholars, writers, and activists.

Tinubu condoled with ASUU, the Nigerian Academy of Letters, the Wole Soyinka Centre for Investigative Journalism, the University of Ibadan, Obafemi Awolowo University, Oberlin University, Cornell University, and Harvard University—institutions where Jeyifo studied, taught, or made significant scholarly contributions.

“Nigeria and the global academic community have lost a towering figure and outstanding global citizen,” the President said.

“Professor Biodun Jeyifo was an intellectual giant who dedicated his entire life to knowledge production and the promotion of human dignity. I share a strong personal relationship with him. His contributions to literary and cultural advancement and to society at large will be missed.”

Jeyifo was widely regarded as one of Africa’s most influential literary critics and public intellectuals. Among several honours, he received the prestigious W.E.B. Du Bois Medal in 2019.

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