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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.

See also  No Genocide Against Christians Or Muslims In Nigeria — Tinubu

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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Edo: Midnight Fire Destroys 7 Shops, Goods Lost

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A midnight fire has destroyed seven shops and an undisclosed quantity of goods along Amen Owie Street, opposite Delano Hotels, off Second Ugbor Road, Abuja Quarters, in Benin City, Edo State.

The fire reportedly broke out at about 3am on Sunday, leaving shop owners with significant losses. No lives were lost.

Some of the affected traders, who confirmed the incident in interviews, said they were alerted by neighbours who called them after the fire started.

The traders suspected that the fire might have been caused by an electrical appliance allegedly left on in one of the shops after the owner closed late for the day.

They also said the incident occurred after the Benin Electricity Distribution Company (BEDC) restored electricity to the area.

However, the cause of the fire has yet to be officially established.

Residents reportedly rushed to the scene and forced open the doors of some shops to evacuate valuables in an effort to minimise losses.

Their intervention also helped prevent the fire from spreading to other parts of the neighbourhood, although seven shops were affected.

The shop owners said attempts to get the Edo State Fire Service to the scene proved difficult because of the time the incident occurred.

The quantity and value of the goods destroyed have yet to be determined.

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See also  No difference worth breaking Nigeria apart – Tinubu
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Ransom: ‘The Money Has Been Returned’ – Parents Of Kidnapped NYSC Member

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The parents of a prospective National Youth Service Corps (NYSC) member abducted in Imo State have confirmed that the N6m their family contributed towards securing his release has been refunded.

They said they were unsure whether the representatives who handled negotiations delivered the money to the kidnappers before the victims were freed.

Their son was among 20 prospective corps members abducted on the Owerri-Onitsha Expressway on October 1.

His mother, Alirat Wahab, had earlier told News Central that the family paid ₦6 million for his release. However, in a later interview with the station, Obasanjo Wahab said the station returned the money.

“The money has been returned. We just want to thank Imo for a job well done,” he said.

Obasanjo explained that three representatives were selected from the affected families, including one from his family, to seek the victims’ release.

“They went to look for the kidnapped corps members to see whether they would be freed or not,” he said.

Asked whether the representatives eventually paid the kidnappers, he replied, “We don’t know.”

He added, “The kidnappers had asked for representatives to bring the ransom. Since they could no longer hold the corps members hostage, they let them go.”

Confirming the development, Alirat said the families’ representatives returned the contributions.

“They returned it to those who went to represent us. Every parent has received their money back,” she said.

Obasanjo appealed to the public to move on from the incident and expressed appreciation to the Imo State Government for its role in the victims’ release.

See also  No difference worth breaking Nigeria apart – Tinubu

“You know what, let’s forget the matter and just appeal to the Imo State Government. We should be grateful to them,” he said.

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Trump says Ukraine should get a new leader as he spars with Zelensky over US-Russia diesel deal

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US President Donald Trump on Saturday, October 10 criticized Ukrainian President Volodymyr Zelensky as the two leaders clashed over a new energy agreement between the United States and Russia, suggesting that Ukraine should replace its leadership.

Speaking to reporters at the White House, Trump expressed frustration with Zelensky following a series of Ukrainian drone strikes on Russian oil refineries that Washington had urged Kyiv to avoid.

“You know what I suggest? I suggest they get a new leader who can make a deal because he could have made many deals and for some reason, he never does,” Trump said.

The public dispute follows Trump’s Friday announcement of an agreement reached with Russian President Vladimir Putin to supply global energy markets with Russian diesel fuel in an effort to reduce domestic fuel costs ahead of the upcoming U.S. midterm elections.

According to U.S. officials, persistent Ukrainian strikes on Russian refinery infrastructure contributed to Trump’s decision to negotiate the deal directly with Moscow.

Zelensky strongly criticized the accord, characterising the agreement as a setback to peace efforts that financializes Russia’s military campaign.

“Investment in a war that must be ended, not prolonged,” Zelensky said, describing the move as “a weak decision of strong partners.”

Under the terms posted by Trump on social media, Putin agreed during a phone call to immediately supply over 300,000 tons of diesel to global markets, with an additional 500,000 tons slated for November delivery. The combined 800,000 tons, equivalent to approximately six million barrels—represents roughly one and a half days of total U.S. diesel consumption, according to data from the U.S. Energy Information Administration.

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Trump noted that additional shipments of millions of tons of Russian diesel would follow based on the operational condition of Russian refineries.

When asked by reporters whether easing restrictions on Russian energy exports risks prolonging the armed conflict, Trump placed responsibility for the continued fighting on the Ukrainian administration.

“Zelensky could’ve settled this war many times … and he chooses not to,” Trump remarked, adding that the Ukrainian leader “wants to make problems for the world.”

Former U.S. officials and market analysts expressed skepticism regarding the impact of the agreement, pointing out that Russian diesel production has faced severe strain due to recent Ukrainian strikes. Kyiv reported hitting five Russian refineries in the week leading up to the announcement.

Energy analysts further noted that the volumes involved represent a minor shift in overall global supplies.”We are talking perhaps a 5%-6% increase in supply between now and year end,” said Dan Pickering, founder and chief investment officer at Pickering Energy Partners.

“Bottom line — this is helpful but not a needle mover for global diesel markets. Side note — there is a reason Trump talked about volumes in tons instead of barrels. The tons number looks bigger to a general observer. This is more politics than a game changer.”

Russia had previously instituted a formal ban on domestic diesel exports in early July following widespread fuel shortages caused by Ukrainian drone attacks, withdrawing approximately 800,000 barrels per day from global circulation.

Following the bilateral discussions, Kremlin readouts confirmed Putin’s willingness to resume energy shipments to international markets.

“I am confident that this will have a positive impact on the entire global economy,” Putin stated according to the official Kremlin summary.

See also  No Genocide Against Christians Or Muslims In Nigeria — Tinubu

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