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Buhari spent $1.5bn monthly to defend Naira, borrowed massively to cover costs

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Former President Muhammadu Buhari
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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.

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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.

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Enugu Air Lands in Douala, Opens New Air Corridor Between South-East Nigeria, Cameroon

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DOUALA, CAMEROON — A new chapter in air connectivity between Nigeria and Cameroon was opened on Wednesday, September 23, 2026, as Enugu Air touched down at Douala International Airport on its maiden international flight.

The historic arrival established a direct air link between South-East Nigeria and Central Africa, bringing together Nigerian and Cameroonian government officials, aviation stakeholders, business leaders and members of the Nigerian community in Douala.

The new route is expected to strengthen trade, tourism, investment, sports and cultural exchanges while making the movement of people and goods between Enugu and Cameroon easier and faster.

Representing Enugu State Governor, Dr. Peter Ndubuisi Mbah, the Secretary to the State Government, Professor Chidiebere Onyia, said the international route was part of the governor’s deliberate effort to reposition Enugu as a major economic and tourism hub.

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According to Onyia, Governor Mbah has set a target of attracting three million visitors to Enugu annually, making improved connectivity and a conducive business environment critical to achieving the goal.

“Enugu Air is a product of that vision,” he said, adding that the direct connection would deepen tourism, commerce, sports and cultural exchanges between Enugu and Cameroon.

Onyia noted that passengers could now travel from Douala to Enugu in about an hour, while residents of Enugu would have easier access to Cameroon’s commercial and economic opportunities.

He also assured travellers that the new international service would be sustained, stressing that Enugu Air was not established for a temporary operation.

“Enugu Air is consistent,” he said, assuring that the airline would not launch a route only to discontinue it shortly afterwards.

Cameroon Welcomes New Partnership

The Governor of Cameroon’s Littoral Region, Samuel Dieudonné Ivaha Diboua, described Enugu Air’s arrival as the beginning of a fresh partnership between Cameroon and Enugu State.

Diboua recalled the longstanding relationship between Enugu and Cameroon, particularly in the area of sports, but said the new direct flight had created an opportunity to expand the relationship into stronger economic cooperation.

He noted that a significant number of Nigerian businessmen live and operate in Douala, saying the new air connection would facilitate the movement of people and goods between the two destinations.

“With these new flights, we think that the economy will grow,” he said.

Douala Airport Records Strong Passenger, Cargo Traffic

The Director of Douala International Airport, Jacob Bahayang Mbargaso, described the inaugural Enugu-Douala flight as an event of “triple significance”—diplomatic, economic and commercial.

Mbargaso said the new route was made possible through collaboration among Cameroon Airports, the Cameroon Civil Aviation Authority, ASECNA, Enugu Air and other aviation stakeholders.

He described Enugu Air’s arrival as a sign of confidence in Douala’s growing importance as a gateway and Central African aviation hub.

According to him, Douala International Airport recorded 8,500 aircraft movements, 595,971 passengers and 6,200 tonnes of freight during the first half of 2026.

He added that Enugu Air had become the airport’s 20th regular airline for the Summer 2026 season.

“Aviation indeed constitutes a powerful lever for regional integration,” Mbargaso said.

Nigerian High Commissioner Hails New Connection

The Nigerian High Commissioner to Cameroon, Sani Umar Jibrilla, described the occasion as more than the arrival of an aircraft on Cameroonian soil, saying it represented the beginning of a new chapter in relations between Nigeria and Cameroon.

Jibrilla said the Enugu-Douala connection would be particularly beneficial to traders and entrepreneurs from South-East Nigeria by providing a faster and more structured link to one of Central Africa’s major commercial centres.

He said the route would facilitate business, tourism and cultural exchanges while contributing to broader African integration.

The envoy commended Enugu Air and the Cameroonian authorities for making the new connection possible.

Enugu Air Promises Continuity

For the Chief Executive Officer of Enugu Air, Captain Tolu Ita, the inaugural landing was evidence that the airline’s ambitious expansion plans were rapidly becoming reality.

Ita disclosed that Enugu Air had joined the African Airlines Association (AFRAA) within six months, despite the association’s usual one-year expectation, saying the airline’s performance had attracted recognition.

She assured passengers that the airline was committed to maintaining the Douala service.

“We are not like one of the airlines that will start and stop,” Ita said. “We go and we see and we are committed to make sure that this connectivity that we promised today continues.”

Nigerian Community in Douala Celebrates

For Lady Love Arum, an indigene of Enugu State who has lived in Douala for more than 16 years, the arrival of Enugu Air represented the end of years of difficult journeys between Cameroon and home.

Arum said residents previously had to travel by road or route their journeys through Lagos, making trips particularly stressful for families.

“I am so happy. We are blessed,” she said, adding that residents could now travel home with their children “without fear of bad roads or bandits.”

She said she initially doubted that the direct flight would become a reality until she witnessed Enugu Air land in Douala.

Arum praised Governor Mbah for making what she described as an unlikely development possible.

Enugu Delegation

The Enugu delegation at the historic event included the Attorney-General and Commissioner for Justice, Barrister Osinachi Njeze; Commissioner for Information, Dr. Malachy Agbo; Commissioner for Tourism, Dame Ugochi Madueke; the Commissioner for Finance; and leading private-sector real estate developer, Dr. Ugo Chime, among other officials.

The landing marked Enugu Air’s first international operation and established a direct aviation corridor between South-East Nigeria and Cameroon.

Beyond its significance to aviation, the new route is expected to create easier access for traders, tourists, investors, families and other travellers, transforming what was previously a long and circuitous journey into a direct connection between Enugu and Douala.

For Enugu and Cameroon, the inaugural flight therefore represents not just a new airline route, but a new channel for expanding business, tourism, cultural exchange and people-to-people relations across the region.

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Senator Umeh commiserates with family of boy swept away by flood

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The Senator representing Anambra Central Senatorial District, Senator Dr. Victor Umeh, on Friday paid a condolence visit to the family of Engr. Christian Ezenwafor in Nibo, Awka South Local Government Area, following the tragic death of their six-year-old son, Master Success Ezenwafor.

The incident occurred earlier in the week when floodwaters swept away a vehicle conveying pupils of Nnamdi Azikiwe University Primary School, Awka. Among the victims was young Success, whose life was cut short in heartbreaking circumstances.

Senator Umeh, who was in Awka on an on-the-spot assessment of the growing menace of flooding and erosion in the area, made a stop at Nibo to personally console the bereaved family.

The victim, Master Success Ezenwafor

Expressing deep sadness over the loss, Senator Umeh offered words of solace to the grieving parents and family members during the visit.

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“It is heartbreaking that such a young and promising life was cut short in such tragic circumstances,” Senator Umeh said. “Words are insufficient to heal this kind of pain, but we pray that God Almighty grants your family the fortitude and strength to bear this irreparable loss.”

Senator Dr Umeh with the bereaved family

The senator also reiterated his commitment to working with relevant authorities to tackle the recurring flooding and erosion challenges in Anambra Central, stressing that urgent intervention is needed to prevent further loss of lives and property.

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Enugu Council Election: Residents comply with movement restriction directive, as roads, markets, shops closed

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Residents of Enugu metropolis on Saturday complied to the restriction of human and vehicular movement in the ongoing Local Government Election in the state.

It was observed that most roads remained empty of vehicular movement, while markets and shops were closed.

It was also observed that security men on election duties were seen in strategic locations within the metropolis.

Reacting, the Police Public Relations Officer in Enugu State, SP Daniel Ndukwe, noted that security agencies had maintained that the restriction of movement must work to ensure a smooth and hitch-free election.

Ndukwe said that security agencies had begun strict enforcement of the restriction order and would “definite close all shops and penalize motorist found wanting”.

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“So, far, the security situation has been generally peaceful and the election process is ongoing smoothly as anticipated.

“We are hopeful it will remain peaceful till 4p.m. when the process will be over.

“From our observation, the restriction of movement has been generally complied with and we will definitely deal with those that act in the contrary today.

“We call on all in the state to be calm, cast their votes peacefully and maintain decorum throughout the process,” he said.

It would be recalled that the police, on behalf of other security agencies, ordered the restriction of human and vehicular movements across the state from 8 a.m. to 4 p.m. on election day, except for persons on essential duties and duly accredited election officials.

The Enugu State Independent Electoral Commission,(ENSIEC) is conducting election into the 17 Chairmanship and 260 Ward Councillorship positions in the state.

Seven political parties, who signed the Peace Pact for the election on Monday, are currently participating at the election.

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