Connect with us

News

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

Published

on

Former President Muhammadu Buhari
Spread the love

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.

Maduka College Advert

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

UNN Party Horror: ‘I Woke Up At 9pm To Find My Friends Lying Lifeless’ – Survivor

Published

on

The survivor at the hospital
Spread the love

•  ‘I Thought I Was Going To Die’ – 24-Year-Old Student Narrates How He Survived Mysterious Party Incident That Claimed Four Lives In Nsukka

A 24-year-old student of the University of Nigeria, Nsukka (UNN), has recounted his terrifying experience at an off-campus party where four students reportedly died after participants suddenly became unconscious.

The survivor, an Art Education student, said he lost consciousness during the gathering and only regained awareness several hours later, when he discovered his friends lying motionless on the floor.

Recounting the incident in an interview with Vanguard, the student disclosed that the gathering was organised by his friend, identified as David, to celebrate the completion of his final examinations.

According to him, the host purchased two bottles of alcoholic drinks, Magic Moment and Best, which they took to his residence in the Hilltop area of Nsukka, where approximately 10 people gathered for the celebration.

He said the party commenced at about 11:30am, with participants sharing the drinks and engaging in a game of Truth or Dare.

Maduka College Advert

Narrating how the incident unfolded, the survivor said one of the participants suddenly started vomiting, prompting him to assist the individual to the toilet.

He explained that after helping his friend, he returned to clean the vomit on the floor before suddenly losing consciousness.

“During the party, one of the participants started vomiting. I took him to the toilet and asked him to clean himself up. I then came out to clean the vomit on the floor.

“After that, I suddenly lost consciousness. However, I noticed that my legs had become stiff, and I could no longer walk,” he narrated.

The student said he regained consciousness at approximately 9pm, several hours after the incident began.

He recalled hearing someone making a strange remark before managing to look into the parlour, where he saw the host and other participants lying motionless.

“When I regained consciousness at about 9pm, I heard someone saying that a ghost was shaking. I woke up and managed to look into the parlour, where I saw the host and other participants lying on the floor,” he said.

The survivor disclosed that he immediately contacted a friend, who arrived at the residence, observed the situation and subsequently left.

He expressed disappointment that another individual who reportedly came to the scene allegedly chose to record the victims instead of making efforts to secure emergency assistance.

He said another friend later arrived and helped convey the affected students to Bishop Shanahan Hospital and other medical facilities in Nsukka for treatment.

Generator Was Operating Outside Room

Providing further details about the circumstances surrounding the incident, the survivor said the participants were inside the parlour with the doors and windows shut, while a generator was operating outside in the corridor.

He added that the room’s fan was switched on during the gathering.

The student also dismissed suggestions that the participants might have consumed illicit drugs, insisting that alcohol was the only substance taken at the party.

“We didn’t smoke, and there was no drug there. We took only alcohol. We had just two bottles for about 10 people, so the quantity each person drank was very little, not even up to a quarter of a party cup,” he said.

Police Question Poisoning Allegations

The survivor disclosed that police officers had visited him and questioned him about the possibility of poisoning or deliberate interference with the drinks.

He said investigators asked whether the participants had disagreements with anyone or suspected that somebody might have tampered with the alcoholic beverages.

However, he maintained that he had no reason to suspect the host, whom he described as someone who did not harbour grudges against others.

He added that he also saw the host lying on the floor when he regained consciousness, while the host’s brother later confirmed that he was receiving treatment at Bishop Shanahan Hospital.

The student further disclosed that the university’s Vice-Chancellor, Prof. Simon Otuanya, had visited him to assess his condition.

He said representatives of the local government, friends and police officers had also visited him.

Survivor Still Experiencing Leg Stiffness

Despite surviving the incident, the 24-year-old said he was still experiencing stiffness in his legs, although his condition was gradually improving.

Reflecting on the frightening experience, he said the incident had completely changed his attitude towards alcohol consumption.

“This was the first time I took alcohol and experienced such a condition. I think this will be the last time I will ever take alcohol,” he said.

The circumstances surrounding the deaths remain a subject of investigation, with questions about the possible role of the generator, the conditions inside the room and the possibility of drink contamination yet to be conclusively established.

Authorities are expected to determine what led to the sudden loss of consciousness among the participants and establish the precise cause of the deaths.

Continue Reading

News

MACBAN Commends Mbah’s Inclusive Leadership, Urges Calm Over Alleged Killing of 62 Cattle in Enugu

Published

on

Spread the love

The Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) has commended Governor Peter Mbah of Enugu State for his inclusive leadership, commitment to peaceful coexistence and efforts to protect residents irrespective of their ethnic and religious backgrounds.

The association also praised the governor for creating opportunities for members of the Fulani community to participate in governance through appointments into government positions, describing the gesture as evidence of his commitment to fairness, inclusion and unity.

MACBAN’s commendation followed its condemnation of alleged successive attacks on Fulani herders in Umumba community, Ezeagu Local Government Area, and neighbouring Owu community in Udi LGA, which reportedly resulted in the killing of 62 cattle and the disappearance or theft of several others.

In a statement issued by its National Deputy Director-General, Gidado Siddiki, the association disclosed that two Fulani herders, Bodo Damina and Mallam Nasiru Mohammed, were attacked by suspected assailants while grazing their cattle in Umumba on Monday, November 9, 2026.

Although the herders reportedly escaped, 25 cattle were allegedly killed during the incident.

Maduka College Advert

MACBAN further disclosed that another attack occurred on Wednesday, November 11, in Owu community, where four herders identified as Umaru, Aliyu, Ibrahim and Babuga, sons of Dauji Haruna, were reportedly attacked while tending to their cattle.

According to the association, the attackers dispersed the cattle, with some allegedly stolen, while the four herders were initially declared missing.

They reportedly resurfaced on Thursday, November 12, only to discover that 37 of their cattle had been killed.

The association also expressed concern over reports of the killing of two commercial motorcycle operators in Umumba community during the incidents.

The Enugu State Police Command had yet to confirm or deny the allegations as of press time.

While condemning the attacks, MACBAN described the perpetrators as enemies of peace, innocent citizens and the collective efforts of the Mbah administration to guarantee the security of lives and property across the state.

It maintained that the alleged attacks were contrary to the governor’s vision of building a peaceful, inclusive and prosperous Enugu State where residents can live, work and conduct their businesses without fear or discrimination.

The association urged members of the Fulani community and other residents to remain calm, peaceful and law-abiding, warning against reprisals or actions capable of escalating tensions.

It called on the state government and relevant security agencies to conduct comprehensive investigations, identify and prosecute those responsible, investigate the alleged theft of cattle and facilitate their recovery.

MACBAN also urged the authorities to strengthen security around Umumba, Owu and neighbouring communities while establishing sustainable security arrangements to protect farmers, herders, traders and other residents.

The association further appealed to the Fulani community to trust the government and security agencies to handle the matter through lawful and constitutional processes.

Reaffirming its commitment to peaceful coexistence, MACBAN said no individual should be targeted because of ethnic or religious affiliation, stressing that every resident of Enugu State deserves equal protection under the law.

It added that Governor Mbah’s inclusive governance approach should be sustained in the collective interest of peace, security and development, insisting that criminality must be condemned regardless of the identity of those involved.

Continue Reading

News

Angry Nigerians Confront INEC Chairman’s Convoy In UK Protest

Published

on

INEC Chairman, Prof Joash Amupitan
Spread the love

Some Nigerians residing in the United Kingdom staged a protest outside Chatham House in London on Thursday, confronting the chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, as he departed the venue.

A video circulating on social media captured several demonstrators surrounding a black vehicle believed to be conveying the INEC chairman, with some protesters pressing against the vehicle while holding placards and documents.

During the confrontation, the demonstrators were heard expressing their anger and making allegations against the electoral body chairman, with one protester shouting, “People are angry. This wicked, evil man, you are a criminal. Why are you running?”

The protest reportedly centred on concerns surrounding the credibility of Nigeria’s voters’ register ahead of the 2027 general elections.


The demonstrators raised allegations of irregularities in the electoral register, including claims that some entries were generated using artificial intelligence (AI).

Maduka College Advert

They reportedly demanded accountability and expressed concerns about the integrity of the electoral process, insisting that the voters’ register must be credible and free from manipulation ahead of the forthcoming elections.

The incident has attracted attention on social media, with the circulating footage generating discussions about INEC’s preparedness, electoral transparency and public confidence in the commission ahead of the 2027 polls.

However, the allegations raised by the protesters have not been independently established in the information provided.

Continue Reading

Trending

Maduka College Advert