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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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Metro

Conservationist, Kearns, names intolerance and digital media abuse as threats to media freedom

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Nsama Kearns, the Executive Director of Care for Nature, speaks on the indispensable role of a free media in society.

In a conversation with Zambia Monitor in Mansa, Luapula Province, Kearns underscored the importance of media freedoms, digital rights, and freedom of speech in enhancing good governance.

“Let me begin with the criticality of media freedom, especially for those of us involved in information dissemination through mass media, including social media,” she remarked.

While acknowledging the existence of media freedoms in Zambia, Kearns expressed concerns about the prevailing situation.

“Despite media freedoms in Zambia, as reported in the 2022 human rights report, there are instances where the government may display intolerance towards criticism, especially if perceived as politically motivated,” she observed.

Regarding freedom of speech, Kearns emphasized the necessity for individuals to express themselves without fear of reprisal.

“Whether communicating through written or oral means, individuals should be able to express themselves freely without intimidation or fear of repercussions,” she stressed.

Kearns highlighted the significance of freedom of expression in enabling civil society to address issues that might be inconvenient for the government.

“For instance, in Luapula Province, longstanding issues such as illegal mining and the Mukula tree trade, involving politically exposed persons, have been challenging to address,” she explained.

Despite challenges, Kearns noted the positive impact of digital media in driving social enterprise.

However, she also highlighted the prevalence of abuse, particularly targeting women, on social media platforms.

“While digital media presents opportunities for social entrepreneurship, individuals, especially women, often face abuse online, hindering their enjoyment of human rights,” Kearns lamented.

She called for the creation of safe spaces to empower individuals to report abuse to the Zambia Information Communication Authority (ZICTA) and address issues of digital media abuse and intolerance effectively.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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Metro

I saved Nigeria from bankruptcy by removing fuel subsidy— Tinubu

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Nigerian President, Bola Tinubu, on Sunday, boasted that he saved Nigeria from going bankrupt by removing fuel subsidy on his first day in office.

Tinubu had, in his inaugural speech on May 29, 2023, pronounced that his administration would discontinue fuel subsidy payments and though the ripple effect of the removal has brought untold hardship and hunger, the President has continued to praise his courage in taking that decisive action.

Tinubu who spoke at the Special World Economic Forum in Riyadh, Saudi Arabia, on Sunday, admitted that though the policy came with economic pains, it was in the best interest of Nigerians, affirming that the move has save the government money for infrastructural expansion.

While addressing his audience, Tinubu argued that removing the petrol subsidy was a necessary action for Nigeria not to go bankrupt and to reset the economy towards growth.

Tinubu said that the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.

“Yes, there have been drawbacks. Yes, there was the expectation that a greater number of people would feel the difficulty, but, of course, I believed it was their interest that was the focus of government.

“It is easier to manage and explain the difficulties, but along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country.

“We shared the pain across the board. We cannot but include those who are very vulnerable. Luckily, we have a very vibrant youthful population interested in discoveries by themselves, highly ready for technology, good education, and committed to growth,” Tinubu explained.

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