
News
Buhari spent $1.5bn monthly to defend Naira, borrowed massively to cover costs
The Presidency on Sunday pushed back on claims that Nigeria is going through the worst economic crisis in a generation caused by the policies of President Bola Tinubu, pointing out that the administration inherited the problems.
In a rejoinder to a New York Times (NYT) article titled “Nigeria Confronts Its Worst Economic Crisis in a Generation,” published on June 11, the presidency highlighted the causes of the economic woes and the efforts by the present administration to stem the tide.
According to the rejoinder written by Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy and made available to correspondents on Sunday, fuel subsidy regime had gulped $84.39 billion between 2005 and 2022 while the Nigeria National Petroleum Company Limited (NNPCL) amassed trillions of naira in debts for absorbing the unsustainable subsidy payments.
The rejoinder asserted that last the administration had spent the sum of $1.5 billion monthly to defend the naira. It said with the past administration servicing debts with up to 97 percent of its revenues amid serious infrastructure deficit, it resorted to massive borrowing to cover costs.
The presidency stated the NYT reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.
According to it, most significant about the report is that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.

It said the report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments. The presidency added: “To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them.
“As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela. This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.
“For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens. The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books.
“By the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023. The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure.
“The previous government had resorted to massive borrowing to cover such costs. Like oil, the exchange rate was also being subsidized by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.
By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank.
What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.
“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.
“After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year.
“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors. When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake.
“With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.
“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.
“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.
“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice.
“The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture. With all the plans being executed, inflation, especially food inflation, will soon be tamed.”
The presidency was of the view that Nigeria is not the only country in the world facing a rising cost of living crisis.
“The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis. As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.
“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon,” it pointed out.
News
2027: ‘Peter Obi must not die’ — Igbo Group warns of catastrophic consequences
Njiko Igbo Forum, an affiliate of Ohanaeze Ndigbo, has issued a stern warning ahead of the 2027 general elections, cautioning that it will be catastrophic should anything happen to Mr Peter Obi.
It could be recalled that Obi, on Wednesday, raised the alarm that his life was under threat.
The presidential candidate of the Nigeria Democratic Congress, NDC, raised fears that he may not be alive in 2027 to be part of the election.
However, in a statement issued on Thursday, Rev Dr Okechukwu Christopher Obioha, Leader, Njiko Igbo Forum Nigeria, he warned that should anything happen to Obi or he was not in the ballot, the reaction and result would be very catastrophic.
Obioha said the caution was part of the decision taken during an emergency meeting held today, Thursday, in Enugu.
The Forum said, “That we have seen the viral video made by His Excellency, Mr Peter Gregory Obi, speaking on a number of issues, he expressed serious concern that his life is in danger.

“For him to have gone to the extent of saying he might not be alive before the 16th of January 2027, speaks volumes both in our polity and in the country at large.
“We have seen him in the past, spoke about the federal government trying to frustrate and targeting him not to be in the ballot.
“We have also observed over a period of time that the presidency or the federal government led by President Tinubu does not want Peter Obi to be in the ballot.”
While drawing the attention of the Presidency, Nigeria and the world to those allegations, Njiko Igbo Forum declared that “if anything happens to Mr Peter Gregory Obi or finally his name is not in the ballot for the 16th January, 2026 presidential election, the reaction and result will be very catastrophic and may adversely affect the continued unity in diversity of this country Nigeria.”
It further stated that the Igbo had been very quiet, pushed to the wall, segregated against, marked out everywhere, chased about and even tried to take their possessions.
Njiko Igbo Forum cautioned that keeping quiet does not mean the Igbo are cowards.
It said the ruling government should not forget that for any democracy to thrive, there must be a viral opposition in the polity.
“There is no reason, for what we have seen in the process or polity in trailing Peter Obi and going to an extent of chasing him through all the political parties and now wanting to kill him.
“This outcry by Mr Peter Gregory Obi, must not be taken lightly and request as a matter of urgent National importance, that an urgent investigation panel be constituted to verify Mr Peter Obi’s allegations.
“We are strongly stating again that, nothing should happen to Mr Peter Gregory Obi.
“Yes, Chief Awolowo said, before Nigeria he was of the Yoruba Nation. The same way we are saying before Peter Obi is of Nigeria, he is of the Igbo.
“Mr Peter Gregory Obi will live and become the President of the Federal Republic of Nigeria in 2027,” it declared.
News
US releases identities and photos of 124 Nigerians set for deportation
The United States of America has announced an updated deportation list featuring 124 Nigerians.
This was disclosed in a statement released on the website of the US Department of Homeland Security (DHS) on Wednesday.
The DHS claimed that these individuals have been placed on what it described as its “worst-of-the-worst” criminal register.
While the names and photos have been made public, the timeline for deportations remains undisclosed.
However, the US immigration authorities explained that the deportations are part of ongoing immigration enforcement, stressing that those listed were convicted of serious crimes, but declined to provide details about the offences or when deportations would take place.
The statement read: “The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE).

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”
The website then listed: “Sunday Adediora, Sunday Kunkushi, Mkpouto Etukudoh, Marcus Unigwe, Olaniyi Ojikutu, Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, Oriyomi Aloba.”
Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay, Joseph Ogbara, Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi and Omotayo Akinto.
There are also Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonye Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, Henry Idiagbonya, Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.
Also listed were Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.
The latest action is part of the sweeping immigration enforcement measures introduced by the administration of US President Donald Trump after his return to office on January 20, 2025.
On his first day back in office, Trump signed a series of executive orders declaring illegal immigration a national emergency and directing federal agencies to intensify border security and accelerate the removal of undocumented migrants.
One of the orders, titled: “Protecting the American People Against Invasion, instructed immigration authorities to prioritise the arrest and deportation of removable migrants, particularly those considered threats to public safety and national security.”
Defending the policy, the DHS said the administration was delivering on Trump’s campaign promise to carry out mass deportations, beginning with what it described as the “worst of the worst” criminal offenders.
The department said officers of the US Immigration and Customs Enforcement had been directed to intensify operations nationwide against non-citizens convicted of serious crimes.
White House Press Secretary Karoline Leavitt has also defended the crackdown, saying the administration remained committed to enforcing immigration laws and removing undocumented immigrants with criminal records in line with President Trump’s immigration agenda.Executive Branch
Official US immigration data indicate that Guatemala has recorded the highest number of deportees since the renewed crackdown began, followed by Honduras, Mexico and El Salvador, reflecting the administration’s focus on migrants from Latin America.
The US has also expanded deportation flights to countries across Africa, Asia and the Caribbean as enforcement operations continue.
Nigeria has also come under increased scrutiny by the Trump administration. In June, Washington imposed partial visa restrictions on Nigerian citizens, citing concerns over identity management, information sharing, visa overstay rates and security screening.Demographics.
The PUNCH
News
Atiku rejects ICPC probe of PFIPC, demands independent panel with ADC, PDP, NDC included
Former Vice-President Atiku Abubakar has demanded the establishment of an independent commission of inquiry to probe the controversial Presidential Foreign Intervention Promotion Council (PFIPC).
The PFIPC has come under scrutiny over the N1.3 billion budgetary allocation made to the council in the 2026 budget.
On June 11, Femi Gbajabiamila, chief of staff to President Bola Tinubu, issued a public disclaimer disowning the appointment of Adeniyi Adeyemi as the head of the council.
The former speaker of the house of representatives said such an office “does not exist” under Tinubu’s government, and no appointment has been made in that regard.
But Adeyemi rejected Gbajabiamila’s claim, describing it as a contradiction in official government records.
The presidency would later accuse Adeyemi of forging documents, including an appointment letter, to present himself as the head of the alleged non-existent government agency.

On Tuesday, Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a “thorough investigation” into the PFIPC controversy.
‘FG MUST SET UP AN INDEPENDENT PANEL’
In a statement issued on Wednesday through Phrank Shaibu, his senior special assistant on public communication, Atiku said Tinubu’s directive to the ICPC to investigate the matter was a response to the seven-day ultimatum he had earlier issued demanding a transparent probe.
He said Tinubu’s directive to the ICPC exposed contradictions in the presidency’s previous position that the matter had already been comprehensively investigated by the police, with a suspect arrested and criminal charges filed.
“If all of that is true, what exactly is the ICPC expected to spend another 30 days investigating?” Atiku asked.
The presidential candidate of the African Democratic Congress (ADC) said if the police probe was indeed comprehensive, another investigation by a government agency would be unnecessary.
“What Nigerians demanded was never another internal government investigation. We demanded an independent investigation,” he said.
Atiku proposed the immediate establishment of a special independent commission of inquiry comprising 10 eminent Nigerians nominated by the federal government, the ADC, the Nigeria Democratic Congress (NDC), the Peoples Democratic Party (PDP), civil society organisations (CSOs), the Nigerian Bar Association (NBA), and retired judicial officers.Politics (Left)
He said the proposed panel should be empowered to conduct a comprehensive investigation into every aspect of the PFIPC affair, review investigative records compiled by the police and other security agencies, summon serving and former public officials where necessary, publish a white paper containing its findings and recommendations, and conclude its assignment within one month.
Atiku said only an independent commission, with representation from the government, opposition parties and CSOs, would command public confidence and restore trust in the outcome of the investigation.
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