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Tinubu has not borrowed up to N80tn in three years– Nigerian Government

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The Federal Government has refuted reports alleging that President Bola Tinubu’s administration incurred approximately N80 trillion in debt within three years.

The FG clarified that the sweeping total is misleading, explaining that the figure predominantly stems from accounting adjustments and currency revaluations rather than fresh borrowing.

Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, provided the clarification during an economic briefing with the Senate Committee on Finance Monday evening, July 20.

Lawmakers had raised questions regarding reports indicating that the present administration had added nearly N80 trillion to the N75 trillion debt burden it inherited upon taking office.

Addressing the committee, Oyedele stated that the widely circulated figures fail to reflect actual new loans taken by the government.

“When this administration came into office, public debt was around N75tn. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively,” Oyedele said.

The minister elaborated that the sharp devaluation of the naira significantly inflated the local currency equivalent of Nigeria’s existing external debt, given that national debt totals are officially calculated and reported in naira. NigerianFootball News

“However, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in naira. That accounting adjustment alone added more than ₦40tn to the public debt figure,” he explained.

Oyedele further noted that approximately N33 trillion was added to the national debt balance following the National Assembly’s approval to securitize Ways and Means advances.

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He emphasized that this process did not constitute fresh borrowing, but rather represented the formal recognition of pre-existing obligations.

Meanwhile, members of the Senate Committee on Finance voiced concern over what they characterized as poor implementation of the capital projects outlined in the 2026 budget.

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Tinubu hails EFCC as FBI commends Nigeria over sextortion crackdown

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President Bola Tinubu has commended the Economic and Financial Crimes Commission, EFCC, after the United States Federal Bureau of Investigation, FBI, praised the agency’s role in the arrest and extradition of suspects linked to international sextortion crimes against minors.

The commendation was contained in a statement issued on Saturday, October 31, 2026, and signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

The FBI Director, Kash Patel, praised the EFCC in a letter addressed to its chairman, Ola Olukoyede, recognising the commission’s contribution to Operation Artemis, a joint investigation targeting criminal networks involved in the sexual exploitation and extortion of children.

The operation led to the arrest and extradition of two Nigerian suspects, Adebola Festus Adekunle and Mudasiru Afeez Olawale, to the United States in August 2026.

Patel said the successful outcome of the cases depended on the EFCC’s cooperation, stating: “The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration.”

Reacting to the FBI’s commendation, Tinubu praised EFCC Chairman Ola Olukoyede and his team for their professionalism and dedication.

The President also warned against allowing Nigeria to become a safe haven for criminals who exploit innocent people.

“Nigeria must never become a haven for criminals who exploit innocent people, whether at home or abroad,” he said.

Tinubu urged the EFCC and other law enforcement agencies to sustain their efforts, assuring them of his administration’s continued support in tackling financial crimes and bringing offenders to justice.

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Group champions rebirth of Igbo spirit, decries mass exodus from Igboland

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An Igbo group, Igbochukwu Foundation, has inaugurated its Interim National Executive Council, with a mandate to champion the rebirth of the Igbo spirit, which it said encompasses excellence, hard work and unity.

The convener of the group, Dr Chike Obidigbo, and elder statesman, who spoke during the inauguration ceremony at Obu Gad, Enugwu Aguleri in Anambra East Local Government Area of Anambra State at the weekend, said the group was formed to champion the unity and well-being of the Igbo people, especially in the face of what he called and existential threats.

Obidigbo said Igbo people face existential threats both from actions and policies of the Federal Government, which cause marginalization and those of Igbos too, which have led to mass exodus from the region to other regions and also out of the country.

He said: “Igbochukwu Foundation has come as new way to rekindle the Igbo spirit of excellence founded on sound moral principles and dependence on God as the great artificer.

“We have come to this inescapable conclusion that unless something drastic is done, the predicted extinction of Igbo identity would come to a reality. So, instead of sustaining the usual lamentation of marginalization and discrimination, we decided to set up this foundation as a gathering of patriotic sons and daughters to seek solutions through conversations about the fate of Igbo nation.”

Speaking about the marginalization of Igbos, Obidigbo said: “Discrimination against the Igbo, which began after Nigeria gained independence from Britain on October 1, 1960, took a different dimension after the civil war, when it transformed into a national policy.

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“The discrimination faced by Igbo, combined with divergent post-independence interests among the major ethnic groups, culminated in the Nigerian Civil War, which pitched the rest of Nigeria against the Igbo ethnic group. But, instead of riding on the lessons of the civil war, Ndigbo decided to recoil from their cultural identity in the rush to embrace alien cultures and practices, which were aggravated by mass exodus from Igbo heartland.

“Therefore, Igbochukwu Foundation is coming at the right time to help in reversing the negative socio-cultural trends, while serving as the platform for value re-orientation and thought leadership on Igbo affairs.”

The highpoint of the gathering was the inauguration of the Interim National Executive Council, with His Grace, Most Rev. Dr. R. C. Opoko, JP as President General.

Opoko in his acceptance speech outlined the vision of the foundation, saying it is to peacefully and diligently pursue the cause of Ndigbo, whose way of life and culture are rooted in the principles and dictates of the Supreme God, also known as Chukwu Okike Abiama.

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US court rejects bid to obtain evidence from Tinubu, DCI group in FOIA case

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A United States federal court has rejected Aaron Greenspan’s request to obtain evidence from President Bola Tinubu and DCI Group in an ongoing Freedom of Information Act, FOIA, case.

The US District Court for the District of Columbia ruled on October 30, 2026, that Greenspan’s proposed discovery over alleged cyberattacks on his website was not sufficiently relevant to the FOIA dispute involving the Federal Bureau of Investigation, FBI, and the Drug Enforcement Administration, DEA.

The court also rejected a request by Karl Von Batten, who is not a party to the case, to file an amicus curiae brief.

It equally denied Greenspan’s request for judicial notice and his motion for summary judgment.

Reacting to the ruling, attorney Christopher W. Carmichael said the decision made clear that the FOIA case could not be used to pursue issues outside the legal questions before the court.

“The Court’s decision makes clear that this Freedom of Information Act proceeding cannot be used to pursue discovery unrelated to the legal questions before it,” Carmichael said.

Attorney Oluwole Afolabi also confirmed that the court had denied Greenspan’s motion for summary judgment and rejected the request to introduce an amicus brief.

The underlying FOIA litigation involving the FBI and DEA remains ongoing.

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