Metro

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

Published

2 months ago

April 2, 2024

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.

Related Topics:Borrowing debt Featured Nigeria Peter Obi President Bola Tinubu

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Metro

Hope for persons with disability, as Muleya shares promising story of inclusivity in governance

Published

6 hours ago

May 17, 2024

Akanimoh Etim

Frederick John Muleya, a differently abled person based in Choma town, Southern Province, has shared some insights of changes being made to people like him in discussing freedom of expression and other various issues.

Recently appointed as a Ward Development Committee for the Constituency Development Fund (CDF) to represent persons with disabilities in his area, Muleya expressed optimism of inclusivity and freedom of expression.

He expressed believe that this was a starting point for persons with disabilities to have a platform which can be used to discuss critical issues such as freedom of expression.

In an interview with Zambia Monitor in Choma, Muleya’s hope was that persons with disabilities would now be able to have freedom of expression, especially through media coverage.

“In terms of freedom, right now there are some changes but before this government, it was very difficult. The new government is trying to be inclusive with persons with disabilities. There are some changes.

“Sometimes, we have been called to Choma Mano [radio station in Choma] to express ourselves and say what we want from the government. The media is not really giving us a platform to express ourselves, but they are trying,” he said.

Asked if he felt persons with disabilities were fully included regarding freedom of expression, Muleya said; “Not yet included but there are some changes. There are some promises, as I said earlier, it is the first time to include persons with disability in the CDF committee.

“So, we see some changes that maybe in future things will not be the same as they were before.”

Meanwhile, Muleya emphasised the need for public places, including media entities to consider putting slops for people living with disabilities in their building.

“We find that measurements of the doors, a person using a wheelchair cannot use the toilet, so when people are planning to build structures, we have to be included so that we decide together,” he said.

Muleya’s views show signs of improvement in freedom of expression by the government to ensure that people living with disabilities are included in the decision-making process.

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

Metro

Nigerian govt to open student loan application portal May 24

Published

8 hours ago

May 17, 2024

Akanimoh Etim

The Nigerian government has announced that the portal for the long awaited student loan scheme will open on May 24, 2024, under the Nigerian Education Loan Fund (NELFund).

The announcement which was made in a statement on Thursday by the media lead for the NELFund, Nasir Ayantogo, stated that once the portal is opened, eligible student will have the opportunity of applying for educational loans.

Ayantogo said the opening of the application portal marked a significant milestone in the commitment of President Bola Tinubu to fostering accessible and inclusive education for all Nigerian students.

The portal, according Ayantogo, provides a user-friendly interface for students to submit their loan applications conveniently.

“Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.

“Students can access the portal on www.nelf.gov.ng to begin application,” the statement said.

President Bola Tinubu had, on June 12, 2023, signed the Access to Higher Education Act, 2023, into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

While signing the Act into law, Tinubu had said:

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFund to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Tinubu had said that he based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.