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Nigerians Oppose Further Borrowings as Tinubu Seeks fresh N1.8trn Foreign Loan

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Civil Society Organisations (CSOs) in Nigeria and experts have opposed President Bola Ahmed Tinubu’s plans to borrow an additional N1.767 trillion.

The CSOs have questioned the Tinubu-led government’s continuous borrowing even as the president has written to the National Assembly, seeking approval to borrow the said amount.

Tinubu is seeking approval for a N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Budget (Appropriation Act).

Tinubu’s request was contained in a letter entitled “Request for a Resolution of the National Assembly for the Implementation of the New External Borrowing of N1.767 trillion (About $2.209 billion) in the 2024 Appropriation Act” and addressed separately to the

Senate President, Godswill Akpabio and the Speaker of the House, Rt Hon Abbas Tajudeen. The President said the borrowing was to part-finance the 2024 budget deficit of N9.179 trillion.

Tinubu said that the 2024 Appropriation Act approved N7.828 trillion in new borrowings, of which domestic borrowing stood at N6.061 trillion and new external borrowing was pegged at N1.767 trillion, to part-finance the N9.179 trillion budget deficit.

The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as new borrowings to part-finance the 2024 budget deficit of N9.179 trillion.

The total new borrowings of N7.828 trillion was further subdivided into new domestic borrowing of N6.061 trillion and new external borrowing of N1.767 trillion,” part of the letter read.

Tinubu explained that the external borrowing funds were needed to give more impetus to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilise the economy and put it on the path of sustainable growth and development.

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Katsina Flood Sweeps Away Siblings Returning From Islamiyya School

Fighting back tears, the children’s father, Malam Salisu Arabi, described the loss as the most painful moment of his life.

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Two brothers, Muhammad Salisu, 12, and Abdurrahman Salisu, 7, lost their lives after they were carried away by flood in Janbago, a community in Katsina State.

The victims, were said to be returning home from a nearby Islamiyya school when downpour, accompanied by strong winds, turned the streets into raging torrents.

The Daily Trust reported that their bodies were later recovered from different locations after frantic search efforts by residents.

The incident plunged the entire community into mourning as sympathisers thronged the family residence to console the bereaved parents.

Fighting back tears, the children’s father, Malam Salisu Arabi, described the loss as the most painful moment of his life.

“They left home that day like every other child going to Islamiyya school. I never imagined that the same rain we all witnessed would take away my two children,” he lamented.

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An alleged fake university discover in Lagos

The university was operating from a three-bedroom apartment at Ilado, Olorunda Local Council Development Area of Lagos State.

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Photo:Students of the university during the raid by NSCDC. Credit: NSCDC

The proprietor of an alleged fake university in Lagos , has been arrested by operatives of Nigeria Security and Civil Defence Corps (NCDC).

The NSCDC Badagry Area Command, who enforced the arrest, said that the university was operating from a three-bedroom apartment at Ilado, Olorunda Local Council Development Area of Lagos State.

The command also rescued 106 students of the institution from across Nigeria and neighbouring West African countries with promises of admission into a foreign university.

According to the corps, the operation was carried out in the early hours of Monday following days of intelligence gathering and covert surveillance by NSCDC operatives

” The suspected institution was operating without an official name, registration, signboard or recognised campus, while allegedly presenting itself online as a distance-learning centre affiliated with a foreign university,”said NSCDC.

Investigations revealed that the rescued youths, mostly between the ages of 19 and 24, came from several Nigerian states, including Kogi, Oyo and some northern states. Others reportedly travelled from neighbouring countries such as Niger, Cameroon and Togo after being recruited online.

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Ayo Fayose Gets Presidential Portfolio As REA Board Chairman

Fayose will head the board of REA, with Alhaji Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta appointed as members and non-executive directors,” said Onanuga.

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President Bola Tinubu has appointed the former governor of Ekiti State, Ayo Fayose, as chairman of the Rural Electrification Agency (REA) Board.

The President also appointed Major General Junaid Bindawa as chairman of the National Salaries, Incomes and Wages Commission.

24 others were also appointed to 10 federal government agencies and commissions.

The appointments were contained in a statement issued by the presidential spokesman, Bayo Onanuga, in Abuja.

According to the statement, “All the appointments take immediate effect.”

“Fayose will head the board of REA, with Alhaji Ahmadu Abubakar and Engineer Ilyasu Ibrahim Makinta appointed as members and non-executive directors,” said Onanuga.

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