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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.
The 23 For OK & P-BAT Movement, a political pressure group championing the re-election of President Bola Ahmed Tinubu and the governorship ambition of Honourable Ogundu Kingsley Chinda across the 23 Local Government Areas of Rivers State ahead of the 2027 elections, has congratulated both leaders on their victories at the recently concluded All Progressives Congress (APC) primaries.
In a statement issued by the National Coordinator, Amb. Goodluck Braide, who also doubles as the President of the Renewed Hope Multi-Purpose Co-Operative Limited, President Tinubu’s victory at the APC presidential primaries in Rivers State was described as a reflection of his growing popularity and acceptance among Nigerians. The group noted that since assuming office in 2023, the President has implemented bold economic reforms aimed at repositioning the country for sustainable growth, prosperity, and national development.
According to the group, the outcome of the primaries is an indication of what to expect in the 2027 general elections.
The group also congratulated Honourable Ogundu Kingsley Chinda on his emergence as the APC governorship flag bearer in Rivers State, describing the primary election process as peaceful, transparent, free, and fair. It stated that Chinda’s emergence signals increasing political unity among Rivers people across ethnic and political divides.
According to the movement, the APC made a strategic and wise decision in presenting Chinda as its governorship candidate, citing his leadership experience, competence, charisma, and proven capacity as qualities that position the party for victory in the forthcoming governorship election in the state.
Amb. Goodluck Braide, National Coordinator
The statement further acknowledged the role of the Minister of the Federal Capital Territory, Nyesom Ezenwo Wike, praising his political foresight, resilience, and commitment to maintaining unity within the political structure in Rivers State while ensuring the state remains relevant in national politics.
The group equally commended the leadership of the APC National Chairman, Professor Nentanwe Yilwatda, noting that under his leadership since July 2025, the party has witnessed renewed strength, unity, and political growth ahead of the 2027 elections.
It also congratulated the people of Rivers State and Nigerians generally for their continued support and confidence in the Tinubu administration, which it said has made notable progress in promoting national cohesion, social integration, and economic development.
The Rivers State Government has commended the Church of Nigeria (Anglican Communion) for its outstanding contributions to the development of Rivers State, particularly in the areas of peacebuilding, education, healthcare, and moral development.
Governor of Rivers State, Siminalayi Fubara, stated that the Church has remained a dependable partner in promoting peace, unity, justice, moral discipline, and social harmony across society.
The Governor, who was represented by the Secretary to the State Government, Dr. Dagogo Wokoma, made the remarks during the thanksgiving service marking the 30th Anniversary and First Session of the 11th Synod of the Diocese of Niger Delta North, held at St. Peter’s Anglican Church on Sunday.
Governor Fubara described the Synod’s theme, “Kingdom Advancement: The Priority of Every Believer,” as timely and relevant, considering the prevailing realities in society.
According to him, the Church continues to play a vital role in shaping societal values and inspiring hope among citizens.
“The Church remains a vital partner in promoting peace, unity, justice, and moral discipline. Its role in shaping values and inspiring hope cannot be overemphasized,” he stated.
The Governor further acknowledged the Anglican Communion’s contributions in education, healthcare delivery, youth empowerment, humanitarian services, and spiritual guidance across communities in Rivers State.
“The Rivers State Government appreciates the invaluable contributions of the Anglican Communion in education, healthcare, youth development, humanitarian support, and spiritual guidance. Your impact across communities in Rivers State continues to strengthen families and promote peaceful coexistence among our people,” he added.
Governor Fubara reaffirmed his administration’s commitment to building a peaceful, united, and prosperous Rivers State where all citizens can thrive irrespective of religion, ethnicity, or social background.
He also urged the Synod to continue praying for sustainable development and progress in Rivers State and Nigeria at large.
Earlier in his sermon, the Guest Minister, Joseph Olushola, spoke on the topic, “Kingdom Investment and Internal Rewards,” urging Christians to remain faithful stewards of God’s blessings and committed to advancing God’s kingdom through service and generosity.
The cleric emphasized that believers are custodians of the virtues and resources entrusted to them by God, stressing that divine rewards are based on faithfulness and impact rather than material possessions.
The Shell Nigeria Gas Limited, in partnership with the Manufacturers Association of Nigeria (MAN), has reaffirmed support for efforts to expand gas distribution infrastructure in Rivers State as part of initiatives aimed at improving access to affordable, cleaner and more reliable energy for industries across the South-South region.
The commitment was highlighted during the SNG–MAN Business Forum held in Port Harcourt, where stakeholders from the industrial and public sectors examined the role of natural gas in driving industrialisation, boosting local production and strengthening energy security.
Speaking at the forum on behalf of the Managing Director of Shell Nigeria Gas Limited, the company’s Head of Gas Distribution, Mr. Chukwuka Amos Ejesi, described natural gas as a critical component of Nigeria’s energy mix and a key driver of sustainable industrial growth.
According to him, Nigeria’s gas development agenda has reached a stage where policy direction must be matched with practical implementation capable of addressing the energy challenges confronting manufacturers.
He noted that pipeline gas offers industries a cleaner, more dependable and cost-effective energy alternative capable of supporting uninterrupted operations, reducing emissions and improving production efficiency.
“Gas is the backbone of manufacturing, and we are encouraged by the growing recognition among stakeholders of the need for cleaner and more reliable energy solutions,” he said.
Ejesi stressed the need for sustained collaboration among energy providers, government institutions and industrial stakeholders to maximise the country’s gas resources for economic development.
He added that improved gas infrastructure would strengthen manufacturing value chains, enhance productivity and promote more competitive industrial operations across Rivers State and the wider South-South region.
Participants at the forum also emphasised the importance of expanding energy infrastructure as a pathway to unlocking industrial capacity, reducing operating costs and promoting sustainable industrial development.
Representing Governor Siminalayi Fubara, the Director-General of the Rivers State Investment Promotion Agency, Dr. Chamberlain Peterside, reaffirmed the state government’s commitment to partnering with private sector investors to revitalise industrial activities in the state.
He identified key projects targeted under the initiative to include the revival of the Ahoada Industrial Park, the New Port City project and the proposed Bonny Industrial Park, all aimed at stimulating economic growth and expanding industrial opportunities along the Bonny corridor.
According to the governor, the long-term vision is to position Rivers State as a leading manufacturing hub in Southern Nigeria through strategic public-private partnerships.
Governor Fubara also commended Shell Nigeria Gas and MAN for sustaining engagements geared towards improving industrial energy access, noting that gas infrastructure development remains central to the state’s economic recovery plans.
He further observed that the gas sector presents enormous opportunities for economic growth, especially as global energy systems continue to shift towards cleaner energy sources.
The governor called on stakeholders to work collectively towards developing a practical and sustainable gas framework capable of supporting the state’s industrial and energy development objectives.
By; Kevin Nengia
