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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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GOCOP mourns former President Dotun Oladipo

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Dotun Oladipo died at age 56
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The Guild of Corporate Online Publishers (GOCOP) has expressed sadness over the death of its former President, Dotun Oladipo, publisher of The Eagle Online.

Oladipo died on Tuesday, August 25, 2026, at the age of 56.

He was President of GOCOP from 2017 to 2021 and was one of the publishers who helped shape the Guild in its early years.

His death is a loss to GOCOP and the wider Nigerian media community.

Oladipo came into online publishing with years of experience in the traditional media. He had worked as a journalist and editor before moving into digital publishing and bringing that experience to The Eagle Online.

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At a time when online news publishing was still developing in Nigeria, he was among those who saw the need for publishers to come together, share ideas and build a stronger professional community.

That was also the period when GOCOP was growing from an association of online publishers into an organisation with a clear identity and a growing presence in the Nigerian media industry.

As President between 2017 and 2021, Oladipo devoted considerable time to the affairs of the Guild. He represented GOCOP at different engagements and worked with members as the organisation dealt with the opportunities and challenges that came with the rapid growth of online publishing.

GOCOP President, Danlami Nmodu, said Oladipo’s death was painful for the Guild.

“Dotun played an important role in the development of GOCOP. He led the Guild for four years at a time when there was still a lot of work to be done to establish online publishers as an important part of the media. His contribution will always be remembered,” Nmodu said.

He said Oladipo brought his experience as a journalist and publisher to the leadership of the Guild.

“Dotun understood journalism and he understood the business of publishing. He was passionate about the place of online media in Nigeria and he gave his time to the growth of the Guild. We are saddened by his passing,” Nmodu said.

Oladipo’s involvement in journalism began long before the emergence of online publishing as a major source of news in Nigeria. His career in the mainstream media gave him a grounding in reporting, editing and newsroom management.

He later became publisher of The Eagle Online, joining a group of journalists and publishers who moved into the digital space as the internet changed the way Nigerians received and shared news.

His years in GOCOP coincided with a period of rapid growth in online publishing. More news platforms were emerging, social media was changing the way stories reached readers, and online publishers were becoming increasingly important to the Nigerian media industry.

GOCOP said Oladipo’s contribution should be seen against this background.

The Guild also remembered him as a colleague who maintained relationships with publishers across the country and took an active interest in the affairs of the organisation even after leaving office.

GOCOP extended its condolences to Oladipo’s family, the management and staff of The Eagle Online, and his friends and colleagues in the media industry.

The Guild said it would work with his family and associates on plans to honour his memory.

Signed

Kemi Yesufu
Publicity Secretary
Guild of Corporate Online Publishers (GOCOP)

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Unknown gunmen abduct Dangote Cement driver in Ogun

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Unidentified gunmen have abducted a Senior driver with Dangote Cement Company, Ibese, Usman Umar, popularly called ‘Baba Olowo’, at Ajibawo Village near Ijako-Orile, Yewa North Local Council of Ogun State.

The Guardian learnt that Umar was abducted at midnight on Wednesday while he was returning home from work and was allegedly attacked in front of his residence.

Sources said that on getting to his residence, three men attacked him as soon as he alighted from his motorcycle.

It was said that the kidnappers forcefully dragged him into a nearby bush, shooting sporadically into the air to frighten residents and deter them from attempting to intervene.

The abductors, it was gathered, did not come with a vehicle but whisked away the victim on foot along the bush path.

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Security operatives have reportedly launched a rescue operation to locate the victim and bring the perpetrators to Justice.

As of the time of filing this report, the whereabouts of Umar remained unknown, while details of possible ransom demands or communication from the abductors were not immediately available.

Efforts to reach the Spokesperson of the Police in Ogun State, DSP Oluseyi Babaseyi, proved abortive as he was not picking up his WhatsApp calls or messages. (The Guardian)

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Tension mounts as bandits kill brother of Tinubu’s minister

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Police officer killed, 2 Chinese abducted by gunmen
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The elder brother of the Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, has reportedly been killed by suspected bandits.

The victim was the Village Head of Galla in Borgu Emirate, Niger State.

The assailants were said to have stormed his palace on Monday, August 24, 2026, in an incident that has reportedly unsettled residents of the community.

According to Daily Post, sources familiar with the development said the monarch had earlier warned the bandits to stay away from the community.

His warning was allegedly viewed as an affront by the criminals, who later returned and attacked him at his palace.

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The killing has further raised concerns about the security situation in the Borgu Emirate, where bandit attacks and other criminal activities have reportedly increased in recent times.

When contacted, the spokesperson for the Niger State Police Command, SP Wasiu Abiodun, acknowledged receiving inquiries about the incident.

He, however, said he would get back with details after obtaining the necessary information.

As of the time of filing this report, the police spokesman had yet to issue an official statement confirming the killing or providing details about the circumstances surrounding the attack, Naija News understands.

Meanwhile, fourteen people who were reportedly kidnapped have been rescued from bandits in Zamfara State by troops of the Nigerian Army.

The operation, carried out by Sector 2, Operation FANSAN YAMMA, in the Tsafe Local Government Area of the state, also prevented the criminals from carrying out another abduction.

The troops responded to information about suspicious movements of the criminals around Magazu village on August 26, 2026, and acted swiftly.

According to the military, the troops moved into the area and came across a group of armed men allegedly attempting to abduct civilians, including motorists.

The operatives engaged the suspected criminals, forcing them to abandon their vehicle and escape into the surrounding bushes.

The troops subsequently launched a search of the area and discovered 14 victims who had already been taken hostage by the attackers.

One of the rescued victims sustained gunshot injuries during the incident and was immediately taken to the General Hospital, Tsafe, where he was admitted for treatment.

The military said none of its personnel was injured or killed during the operation.

The latest rescue, according to the military, is part of ongoing efforts by Operation FANSAN YAMMA to disrupt the activities of criminal groups and prevent them from freely operating across Zamfara State.

The troops also reaffirmed their commitment to protecting residents and motorists while denying bandits the opportunity to carry out further attacks in the area.

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