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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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Zambia: APP leader lampoons PF over pledge to reverse forfeited properties

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Leader of one of Zambia’s opposition parties, Advocates for People’s Prosperity (APP), Mwenye Musenge, has criticised the Patriotic Front (PF) over its promise to reverse forfeited properties if the party won the 2026 presidential election.

Musenge, who was reacting to a statement credited to the PF Member of Parliament (MP) for Lukashya Province, George Chisanga, described the PF’s promise as a betrayal, saying the declaration had exposed the party’s disregard for accountability and justice.

The APP leader, who spoke to Zambia Monitor in a telephone interview from Kitwe, expressed shock that Chisanga, a former Law Association of Zambia president, would endorse what he termed a “regressive agenda,” accusing the PF of prioritising the protection of corrupt individuals over the welfare of citizens.

“This declaration reveals the PF’s true intentions, returning to power not to serve Zambians, but to shield their corrupt network and restore stolen assets,” Musenge said.

He alleged that former President Edgar Lungu’s consistent calls to protect his family, who he claimed cannot explain their amassed wealth, further demonstrate the party’s self-serving mission.

Musenge further described the PF as “a political carcass animated by greed and nostalgia for its days of unchecked looting,” and accused its leaders of leaving Zambia impoverished while enriching themselves.

“Allowing them near power again would be akin to handing a butcher’s knife to a thief already drenched in the blood of the nation’s resources.

“The PF represents everything wrong with Zambian politics—a relic of the past clinging to survival through recycled lies and corrupt agendas,” he added.

Musenge went on to call for the party to be permanently eradicated, saying it had no vision, morality, or credibility to serve Zambians.

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Nigerian Senate confirms influx of terrorists from Mali, Burkina Faso into the country 

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The Nigerian Senate has raised the alarm over the influx of terrorists from Mali and Burkina Faso who operate in the name of Lakurawa, into Kebbi, Sokoto, Kaduna and Niger States in the northern parts of the country.

The Upper Chamber, which raised the alarm during plenary on Wednesday, called on the military to set up early warning mechanisms to forestall further incursions by terrorist groups as well as maintain presence and vigilance in the affected communities to halt the activities of the terror group from spreading further across the region.

The resolutions of the Senate were sequel to a motion titled, “Urgent need for the federal government to take stringent measures to stop the infiltration of a group of violent terrorists, known as Lakurawa, from entrenching themselves in some northwest states of Sokoto and Kebbi,” and was sponsored by the senator representing Kebbi North, Senator Yahaya Abdullahi, and co- sponsored by Senators Adamu Aliero, from Kebbi Central, and Garba Musa Maidoki, representing Kebbi South.

While presenting the motion, Senator Abdullahi said:

“The Senate is aware that a group of terrorists from neighbouring Burkina Faso and Mali, known as Lakurawa, has infiltrated the country through the Nigeria-Niger border, at Illela, Tangaza and Silame Local Government Areas of Sokoto and are from there, attacking communities in Augie and Arewa LGAs in Kebbi State.

“Recall that this violent gang of terrorists had raided and dispossessed these communities, prior to the large-scale invasion of Mera, a village in Augie Local Government, on November 8, 2024, killing more than 20 people and fleeing with their livestock, amounting to hundreds of millions of naira.

“Senate is aware that Kebbi State government promptly responded by sending a delegation with relief materials to the affected villages and assistance to the families of the deceased.

“Aware that Senator Yahaya A. Abdullahi (Kebbi North) and Senator Adamu Aliero (Kebbi North Central) and Senator Garba Musa Maidoki (Kebbi South), along with some members of the House of Representatives from Kebbi State, have been to those areas, to commiserate with victims of the attacks on behalf of the National Assembly.

“Aware that if timely, adequate and decisive measures are not taken, this group can spread its reign of terror to other northern parts of the country and beyond.

“Notes the prompt response of the ministry of defence and the armed forces who despatched a well-armed military response squad that was able to dislodge the terrorists and secured the release of herds of cattle and other livestock stolen by the terrorists. These foreigners have invaded the country.

“We need to nip the situation in the bud, they have international connections, heavily armed with very dangerous weapons, the federal government should take the matter very seriously.

‘These terrorists are well armed with highly sophisticated weapons, this is a very serious matter on national security, they control the whole of Northern Mali and now attacking Kebbi, Sokoto, Kaduna, Niger, and others. The time to act is now, we have to take action on how to tame terrorism.”

He said the Senate should revisit past resolutions on terrorism and send them to the Presidency for immediate action.

”I want us to recall what happened in the 8th and 9th Senates. We discussed extensively how we can stem the tide of banditry and terrorism. We made far-reaching recommendations, and we asked the Executive arm of government to implement those resolutions.

“It is still relevant for us to insist that those resolutions should be implemented, if we do so, it will reduce the incidences of banditry and insurgency in the country. We can reduce it to the barest minimum.”

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