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Senate Under Fire For Approving Buhari’s $22.7bn Loan
The Peoples Democratic Party (PDP) has berated All Progressives Congress (APC) senators for approving President Muhammadu Buhari’s request for a fresh $22.7billion loan even amidst public outcry against it.
The party said the approval clearly indicates that the ruling APC was out to only satisfy its immediate selfish gains and plunge the nation into further hardship under burdens of overwhelming loans.
In a statement signed by the National Publicity Secretary of the Peoples Democratic Party; Mr Kola Ologbodiyan, the PDP expressed dismay over the approval giving the loan even when the Buhari Presidency have not justified the request.
According to the PDP, the approval championed by APC senators “is a situation that validates apprehensions that the APC senators have become rubber stamp legislators”.
The statement read in parts, “the fact that the $22.7billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500million (N180billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.
“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring more hardship to Nigerians.
“The party notes as disheartening that under the Buhari Presidency, our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.”
The PDP, in the statement, however, commended the PDP senators for rejecting the loan “as it will bring more hardship and further mortgage the future of our nation”.
The PDP, therefore, demanded a reversal of the approval, and urged Nigerians to unite in defence of the nation by raising their voices against the demand.
Similarly, the Human Rights Writers Association (HURIWA0 has described as vexatiously unconstitutional the decision of the Ahmed Lawan-led Senate to approve President Muhammadu Buhari’s request to borrow $22.7billion despite objection from some Senators.
The rights group believes that the collection of the foreign loans, which would be re-looted by government officials, offends several provisions of the Nigerian Constitution including sections 16(1); (2) of the Nigerian Constitution.
HURIWA noted that the section of the Constitution opposes excessive borrowings that makes Nigeria a slave of external jurisdictions and impedes our national drive for self reliance.
Specifically, section 16-(1) provides thus: “The State shall, within the context of the ideals and objectives for which provisions are made in this Constitution.
“(a) harness the resources of the nation and promote national prosperity and an efficient, a dynamic and self-reliant economy.
“(b) control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.
(c) without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy.
(d) without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy.
“(2) The state shall direct its policy towards ensuring:
(a) the promotion of a planned and balanced economic development;
“(b) that the material resources of the nation are harnessed and distributed as best as possible to serve the common good.
“(c) that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group.
“(d) that suitable and adequate shelter, suitable and adequate food, reasonable national minimum living wage, old age care and pensions, and unemployment, sick benefits and welfare of the disabled are provided for all citizens.”
HURIWA submitted that the constant flying around cap in hand by President Buhari to borrow from all conceivable creditors from all around the world was tantamount to converting Nigeria to a beggarly economy which is against these constitutional provisions.
The group stated this in a media statement signed by the National Coordinator, Comrade Emmanuel Onwubiko, and the National Media Affairs Director, Miss Zainab Yusuf, and made available to newsmen, yesterday.
It added, “We all know that when Nigeria had an activist National Assembly headed by Senator Bukola Saraki, this move by President Muhammadu Buhari to mortgage Nigeria into the enslavement of the Chinese creditor was rejected.
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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally
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
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
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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