News
N77trn Debt: ‘Buhari Borrowed Nigeria Back To Stone Age’
Following a recent revelation of the nation’s debt of about N77trillion, the presidential candidate of the African Action Congress (AAC), Omoyele Sowore, yesterday, accused President Muhammadu Buhari of “borrowing Nigeria back to Stone Age.”
Recall that the Director-General of the Debt Management Office, Patience Oniha disclosed recently during a public presentation of the 2023 budget, that Nigeria’s public debt burden may hit N77trillion if the National Assembly approved the request by President Muhammadu Buhari to restructure the Ways and Means Advances.
However, Sowore stated that if elected president in 2023, the repayment of the N77trillion in debt amassed by the previous administration would be suspended until a thorough audit is conducted.
Sowore, who played host to a television presidential interview, in Lagos, also explained that his government would prefer to use available resources on infrastructure development in addition to other urgent needs of the nation rather than paying down the N77trillion debt.
He said: “As President, I am going to pause repayment of debts until I audit the debts, that is what I will do first and foremost when I am sworn in. I am not paying any debt until the audits are properly done.
“This is because we need money to fix the country because Buhari has borrowed Nigeria back to the Stone Age; everybody has agreed on that. But, our problem is not the debt to GDP ratio, our problem is debt to revenue ratio, and the revenue, we will aggressively increase.”
Speaking on his plans to increase the revenue generation of the country, if elected, he said: “I have said this several times and I have identified several other revenue sources that have either been hidden, or have not been harnessed the way they should be.
“I have identified taxes that are owed to the Nigerian states that are up to about N4.5billion by oil companies. We have identified about N3trillion of revenue generating government agencies that are not remitted to the Federal Government’s purse.
“We have identified monies that could come from the NLNG that is the Nigeria Liquefied Natural Gas Company, that is over $5billion that is not remitted directly to the federal government but is remitted to the NNPC and the NNPC just quaff the money.
“So, I have identified several other products that can get into the international market at this time. A lot of mineral resources that are being sold under the table that we have identified that they brought into the official and formal processes that will give you a lot of money.”
Speaking on the subject of subsidies, Sowore claimed that what the country refers to as subsidies is actually a fake conduit set up by political cabals to profit themselves at the expense of the nation’s communal resources.
Against the odds, Sowore said he would maintain subsidy, explaining that: “If you remove the so-called subsidy without any plan to support the poor in the country that means petrol will go to N1000 and you are paying slave wages of N30, 000 per month. How do people survive in this country? That’s the question we should be asking.
“Government should not exist to make life miserable for the citizens? It should exist to find solutions to problems and afflicting the populace and that is what we are saying and that is what we stand for so that they will stop deceiving you every year”, he added.
President Bola Tinubu has ordered a Federal Executive Council committee to move swiftly on measures to further reduce food prices across the country.
The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this in Abuja, on Wednesday.
According to him, the directive focuses on ensuring safe passage of farm produce across transport routes to cut logistics costs.
“The President has given a matching order with a Federal Executive Council committee already handling it on how we are going to promote safe passage of agricultural foods and commodities across our various routes in the country,” Abdullahi said at a capacity-building workshop for Senate correspondents.
0:0
Nigeria, Africa’s most populous nation, has faced worsening food insecurity since the removal of fuel subsidy, high transport costs, and insecurity on major highways disrupted the movement of goods.
Despite government interventions, food remains largely unaffordable for millions.
The minister said the plan is tied to Tinubu’s broader vision of food sovereignty—beyond availability to ensure affordability, accessibility, and nutrition on a sustainable basis.
To back this up, he revealed that government is set to roll out a Farmer Soil Health Scheme to boost productivity and a revamped cooperative reform initiative to mobilise resources and empower rural farmers.
“Mr. President has shown tremendous interest in the cooperative sector as a veritable tool for resource mobilisation, for economic activity generation, and to improve the livelihood of members,” Abdullahi added.
The event, with the theme, “Parliamentary Reporting: Issues, Challenges and Responsibilities,” also featured Senate Media Committee Chairman, Senator Yemi Adaramodu; ex-presidential aide, Senator Ita Solomon Enang; and NILDS DG, Prof. Abubakar Sulaiman.
The Federal Government has warned contractors, including foreign firms, that any breach of regulations in road projects awarded to them may lead to arrest by the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission.
The Minister of Works, David Umahi, issued the warning during an inspection of the ongoing dualisation of the East-West Road (Section IIIA) from Eleme Junction to Onne Port Junction in Rivers State.
The section is being executed by Reynolds Construction Company (Nigeria) Limited.
Responding to questions from journalists, Umahi commended the quality of work on the project but expressed displeasure over the slow pace, stressing that the December completion deadline remains sacrosanct.
On the project, he said:“The quality of the work is excellent, but the pace of work is totally unacceptable. Let me make it very clear to the contractor that this project will neither be reviewed nor varied in price or claims.
“I’m sure we have issued over 10 warning letters to them. If they fail to comply with the completion deadline of December 15, we will not extend it.”
He added that the ministry had already put measures in place to enforce compliance
“The comptroller has negative certificates to issue, and I will recover the money from any of their other projects. All those letters are on record, and when the time comes, they will be invoked. Any contractor who refuses to abide by regulations will have the EFCC and ICPC to contend with,” he said.
Umahi further disclosed that the Federal Government had directed that road projects valued below N20bn would no longer be awarded to expatriate companies, in line with its “Nigeria First” policy aimed at strengthening indigenous capacity in the construction sector.
“This is part of the Nigeria First policy of the Federal Government. Henceforth, no expatriate firm will be awarded any project valued below N20bn. Such projects must go to indigenous companies, while expatriates focus on higher-value projects requiring more technical capacity,” he said.
The minister also noted that the Federal Ministry of Works had adopted a funding prioritisation framework to sustain road projects initially financed by the Nigerian National Petroleum Company Limited under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.
He stressed that President Bola Tinubu had directed that none of such projects should be abandoned, adding that priority would be given to critical economic corridors.
Umahi also decried the indiscriminate parking of heavy-duty vehicles on highways, saying it was damaging the pavements of completed sections of the road.
He said letters would be sent to state governors and the Inspector-General of Police to enforce punitive measures against defaulters.
Earlier, the Federal Controller of Works in Rivers State, Mrs Enwereama Tarilade, said RCC had completed 15km of the right carriageway and commenced work on the left carriageway, with one kilometre already laid in Continuously Reinforced Concrete Pavement.
The Rivers State Government says it will ensure the smooth and successful takeoff of the newly established Federal University of Environment and Technology (FUET), in Ogoniland.
This commitment was made yesterday by the Administrator of Rivers State, Retired Admiral Ibok-Ete Ibas (Rtd), during a courtesy visit by the university’s Governing Council and Management team at the Government House, in Port Harcourt.
The high-level delegation was led by the Pro-Chancellor and Chairman of the Council, Professor Don Baridam and the Vice-Chancellor, Professor Chinedu Mmom.
In his address, Administrator Ibas warmly congratulated the pioneer council and management on their appointments, describing their task as both a recognition of individual accomplishment and a historic call to duty.
“This is not just a recognition of your personal achievements but also a call to history to shape an institution that will have a profound impact on Rivers State, the Niger Delta, and indeed our country,” he stated.
The Administrator commended President Bola Ahmed Tinubu for the establishment of the specialized university in Ogoniland, describing the initiative as “timely and strategic.”
He emphasized that the university’s presence offers a critical opportunity to drive research, innovation, and community-focused solutions to the region’s pressing environmental and developmental challenges.
He further noted that the university’s core focus aligns perfectly with the priorities of his administration.“We consider this university not merely as another institution of higher learning but as a strategic partner in our collective effort to rebuild Rivers State under the ongoing state of emergency and beyond,” he affirmed.
Responding to specific requests presented by the delegation, Administrator Ibas assured the university of immediate support in critical areas essential for the its commencement.
These include the provision of operational vehicles, key facilities, and the completion of the access road to the campus, adding that other vital needs, such as perimeter fencing, refuse disposal, and the issuance of a Certificate of Occupancy, would be addressed within the framework of the state’s broader infrastructure and support programmes.
To ensure swift action, the Administrator directed the Secretary to the State Government (SSG) to work closely with the university’s Governing Council to prioritize the sequence of requests, particularly those tied to the commencement of academic activities in September 2025.
“Let me assure you that Rivers State Government will stand as a dependable partner to the Federal University of Environment and Technology. We see this university as part of our long-term investment in knowledge, innovation, and the future of our youths,” he emphasized.
In his remarks, the Pro-Chancellor and Chairman of the Governing Council, Professor Don Baridam, reaffirmed the university’s commitment to academic excellence, innovation, and community development.
He disclosed that the Federal Government has directed the institution to formally commence its academic session in September 2025, adding that preparations are in full swing to ensure a smooth take-off with adequate infrastructure and resources in place.
“Today’s meeting marks the beginning of a strategic partnership between the Rivers State Government and FUET, envisioned to establish the university as a premier hub for research, innovation, and sustainable development in the Niger Delta”, he said.
