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Nigeria: Peter Obi cautions Tinubu against excessive borrowings, tells him to account for past loans

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The presidential candidate of the Labour Party (LP) in the 2023 general election in Nigeria, Peter Obi, has cautioned President Bola Tinubu aganist excessive borrowings to run the country’s economy.

In a series of posts on his verified X account on Tuesday, Obi, said he was concerned over the government’s continuous borrowing which has seen Nigeria’s foreign debts to as much as N97 trillion, a situation he says have continued to have negative effects on the economy.

The former Anambra State governor berated the Tinubu-led Nigerian government over its excessive borrowing without a corresponding record of proper utilisation.

“I remain concerned about our borrowings, considering their galloping rate over the years, and its concomitant effects on the economy,” Obi wrote.

“More worrisome is the fact that there has been no corresponding visible usage or investments as required by the law.

“At the end of the second quarter, Q2, of 2023, our debt stood at N87.9 trillion, which was very disturbing to us, because we were at a loss as to what we did with the huge debt, especially the over N23 trillion Ways and Means borrowed by the last administration, which for me, would have been the end of borrowing without any visible and corresponding investment and benefit to the nation.

“But sadly and more worrisome is the fact that between the end of the third quarter, Q3, and the end of the fourth quarter, Q4, of 2023, about N10 trillion was added to our debt portfolio, which has now taken our debts to N97.3 trillion, again, without any corresponding visible and verifiable utilisation. This is the highest ever borrowed in one quarter.

“Last year, 2023, our total debt servicing for domestic debts stood at N4.4 trillion and that of external debt servicing was $3.5 billion, which is about N4.9 trillion. In effect, approximately N10 trillion is now spent on servicing unproductive debts.

“The implication is that what we borrowed in a quarter is about N10 trillion and what we spend on debt service, is also about N10 trillion.

“Each of these is more than the combined budgetary allocation for the four highest priority areas: defence (N3.25trn), Education (N2.18trn), Health (1.33trn), and Infrastructure (N1.32trn).

“My appeal to the government of the day is to de-accelerate the borrowing, and let us first re-evaluate what has been achieved with previous borrowings and make better decisions for the good of the nation.

“In the New Nigeria of our dream, our scarce resources will not only be duly accounted for but will be productively and prudently managed in moving our nation from consumption to production,” Obi stated.

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Outrage over murder of Nigerian beaten to death by South Africans inside estate security office

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The Nigerian community, under the auspices of Nigerian Citizens Association in South Africa (NICASA), has raised the alarm over the murder of a 37-year-old Nigerian, Julius Chukwunta, who was beaten to death by four South Africans inside an estate.

According to the association, Chukwunta, a native of Aninri Local Government Area in Enugu State, was reportedly attacked on Saturday, December 7, while driving to his residence in Midrand Protea Estate.

In a statement issued on Saturday by the President-General of NICASA, Dr Frank Onyekwelu, Chukwunta was blocked by the four men while approaching his residence.

Onyekwelu stated that information available to the association noted that after attempting to pass through, Chukwunta was met with resistance by the assailants, prompting him to seek help at the security office of the estate.

“At that moment, the four men allegedly attacked him, leaving him severely injured with a head wound,” the PG said.

“His female companion, who was sitting in the car, rushed to the security office and discovered him bleeding on the ground.

“In spite of attempts to call for help, the security office and residents did not assist in calling the police or an ambulance.

“After an hour, Chukwunta’s partner contacted her father, who, along with other family members, took him to Tembisa General Hospital.

“Chukwunta was placed on life support but later succumbed to his injuries and died at the Tembisa General Hospital on December 10, 2024.”

Onyekwelu also confirmed that the case was reported to the police by Chukwunta’s partner at the Midrand Police Station and was registered under file number 262/12/2024.

The NICASA President said the four suspects, aged 20, 24, 27, and 28, were arrested, and the case was presented in Alexandra Magistrate Court on December 13, 2024, where they were charged with murder.

“The court proceedings on December 18, 2024, saw three of the suspects granted bail of R10,000 each, while the fourth had not yet applied for bail. The case was adjourned to February 3, 2025.”

Onyekwelu however, expressed disappointment at the proceedings, wondering why three of the suspects were released on bail and vowed that the Nigerian community would continue to demand justice for Chukwunta and support his family.

He emphasised that the community would not rest until justice was served and the value of Nigerian lives was upheld in South Africa.

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Nigerian activist remanded in prison for threatening President’s son

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A Nigerian court has ordered a female activist, Olamide Thomas, to be remanded in prison custody for allegedly issuing a death threat to President Bola Tinubu’s son, Seyi Tinubu.

The Federal High Court sitting in Abuja on Friday delivered the ruling after Olamide was arraigned by the office of the Inspector-General of Police, Kayode Egbetokun, before Justice Emeka Nwite on a three-count charge.

The police team of lawyers led by A.A. Egwu told the court that Olamide was arrested on allegations bordering on harassing and threatening Seyi Tinubu, IGP Egbetokun and the country’s Police force spokesman, ACP Muyiwa Adejobi, in a viral social media post back in October.

The police prosecutors told Justice Nwite that the activist had made a live video posted on Facebook in October, where she allegedly made threatening remarks cursing the President’s son, Egbetokun ahd Adejobi.

According to the police, she had live-streamed the video on the fourth year anniversary of the Lekki toll-gate massacre of Nigerian youths during the #EndSARS protest of 2020 where she said she and other protesters were brutalised by police officers during the memorial procession.

In the video, Thomas had reportedly accused police officers of harassment, claiming that they had been bullying and threatening her. She was also said to have rained curses on Tinubu and his family, Egbetokun and Adejobi, expressing deep grievances, invoking divine powers and issuing severe condemnations and predicting tragedy against them.

The police added that in the video, she stated that Seyi Tinubu would die this year, and misfortune and calamity would befall the Tinubu family, with intent to bully, threaten, harass the person of Mr Seyi Tinubu.

Reading out the charges, the police said that in count one, Olamide was alleged to have, “knowingly and intentionally transmitted communication in the form of video recording through computer system or network on her social media platforms wherein she made remarks in Yoruba Language.”

“In the video, she stated that Mr Seyi Tinubu would die this year, and misfortune and calamity had befallen the Tinubu family, with intent to bully, threaten, harass the person of Mr Seyi Tinubu.

“The communication placed Seyi in fear of death, violence or bodily harm. The offence is contrary to and punishable under Section 24 (2) (a) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.

“In count two, the defendant intentionally transmitted communication in the form of video recording wherein she made remarks in Yoruba Language to bully, threaten, harass the person of Mr Egbetokun.

“The communication placed Egbetokun in fear of death violence or bodily harm. The offence is contrary to and punishable under Section 24 (2) (a) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.

“In count three, Olamide intentionally transmitted or cause the transmission of communication in the form of video recording wherein she made remarks in Yoruba Language, stating that the children of Adejobi would all die before his eyes.

“She was quoted to have also said that he (Adejobi) will bury all his children in a single day, with intent to bully, threaten, harass the person of Mr. Muyiwa Adejobi. The communication placed Adejobi in fear of death of his loved ones.”

After the counts were read to the defendant, she pleaded not guilty to the charge while her defence lawyer, T J. Aondo, SAN, sought to move an oral application on his client’s behalf but the request was turned down.

Justice Nwite therefore directed Aondo to file a formal bail application and adjourned the matter until December 30 for commencement of trial.

He consequently ordered the activist to be remanded in Suleja Correctional Centre pending the hearing of her bail application.

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