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No Money Borrow Under My Government Will Be Wasted – Peter Obi

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A former governor of Anambra State, Peter Obi said no money borrowed under his government will be spent on unproductive ventures.

In an interview monitored by Grassroots.ng on Arise TV, Obi criticized President Muhammadu Buhari’s borrowing while defending his ambition to turn around Nigeria’s ailing economy by 2023.

In March, the Debt Management Office said Nigeria’s indebtedness as of December 2021 was $38.39bn, with $11.97bn owed the World Bank and $3bn from China.

Economic experts such as the Nigerian Economic Summit Group have faulted Buhari’s the use of the loans sourced from bilateral and multilateral lenders.

“What did we borrow the money to do? What is more important than power generation in this country? What is more important than equipping and supporting our military to make sure we provide security? So what did we borrow the money to do?” Obi said.

He added, “I want to know. They just say it is infrastructure, I went to Abeokuta yesterday and the road is still being worked on. Since I came to Lagos, they are still working on that road.”

Obi explained that he will handle borrowing differently from the way the current government is doing.

He said, “I will do it differently. Nigerians will know the reason for borrowing and it must be borrowed for production. Nobody will spend a kobo or a dime from borrowed money for consumption.

“Instead, we will not start. That is why I have told everybody there is nothing to share again, we must rebuild this country for the future of our children.”

The current administration had defended the borrowing which it claimed was channeled into building of roads and rails.

Buhari had in 2020 defended his borrowing spree saying he borrows for infrastructure.

“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,” he was quoted as telling members of the Presidential Economic Advisory Council.

Aside Nigeria’s debt quagmire, the former Anambra governor also said Nigerian banks are not doing enough to salvage the unemployment nightmare in the country.

According to him, Nigeria is not a productive economy, adding that there is no proper implementation of policies.

Nigeria is currently experiencing an unemployment level which the National Bureau of Statistics put at 33.3 per cent.

“The country is not productive. What the country is producing today is poverty. You could see from the level of unemployment.

“In 2016, 61 million Nigerians were employed, today it is only about 36 million when the actual rate of people who are supposed to be working is 120 million.”

He said the first approach to reducing the rate of unemployment is to support and fund Micro Small and Medium Enterprises.

According to him, 20 per cent to 30 per cent of government borrowing should be spent on funding youth and women SMEs.

Obi said, “You need to aggressively empower and support women in this sector. If you look at our lending today, our total bank lending is about N30trn, only about 5 per cent; N1.5trn goes to MSMEs and that is not even true. I can tell you it is below that.

“No country can survive with that. You need at least 20 to 30 per cent. Your major productive assets are the youths, they are very creative, but they lack funding and guidance.

“So you must design a proper way of funding this particular sector which should not be less than 20-30 per cent of our lending today.

“In fact, the money that you are borrowing and throwing away, 20 to 30 per cent of it should be diverted to them.”

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Enugu Local Governments Hold Performance Reviews

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Enugu LGA - Council areas

…Align With State Development Plans

In a bid to enhance governance transparency and accountability, local governments in Enugu State have held a one-day performance appraisal of their administrations where they presented their scorecards before members of the public.

This was even as the council leaderships stressed that they were able to perform beyond expectations because their development plans were aligned with the overall spectrums of the state government’s development template.

The review meeting which attracted resource personnel in leadership and development took place on Thursday in Enugu where local government chairmen, their deputies and other officials conducted peer-review and evaluation of their performance in the 4th quarter of 2024.

The theme of the reviews tagged, “Enugu State Local Government Performance Appraisal and Strategic Planning Meeting” covered key areas such as infrastructure development, education, healthcare, human capital empowerment, sanitation, and other Sustainable Development Goals.

Calling on the council chairmen to be creative and selfless in their service delivery, a professor of Ethics and Intercultural Studies who is also the Founding Director of the Catholic Institute of Development , Justice and Peace (CIDJAP), Monsignor Prof Obiora Ike, enjoined them not to be overwhelmed by the challenges ahead of them but to plan with clarity of purpose.

According to him, integrity, moral character, internal energy and spiritual strength would help them to confront the challenges of leadership, adding that they must collaborate with the state government and key community stakeholders to be able to achieve their development plans.

“If you are discordant with the people you’re meant to serve, you cannot achieve anything. And if I take it to another level, it is about being in sync with the Enugu State Government. We love Governor Peter Mbah because he has shown us that he is there for the people. Everybody is talking about the good works that the governor is doing, all over the country and abroad because he has brought leadership home. So, if Mbah is doing a lot from the top, you must complement what he is doing from your own side to align with the state’s vision for a prosperous Enugu.

“Aligning with the state is necessary to move the state forward in agriculture, health, education, ICT, industry, and wealth creation which will create jobs,” he further maintained.

On his part, the Chief of Staff to the Governor, Barr Victor Udeh, charged the chairmen to prioritize the welfare of the people they were elected to serve, saying being dedicated and committed to their duties would change the narrative in their respective council areas.

He called on local government officials to be intentional in aligning with the state priorities which were the transformation of the economic status of the state from $4.4bn to $30bn, free universal health coverage, eradication of poverty, quality education, job creation through youth empowerment with the right vocation and skills.

“As a leader, you must have a big dream for your people. You must have vision, and work towards it. The essence of governance is the provision of public good for the greater good and benefit of the people. Remember that governance is all about social contract. It is all about meeting the needs of the people and raising their standard of living,” he added.

Udeh, who enjoined the chairmen to be disciplined with the way they spend public funds, stated that people were watching their leaders and would call them to give account of their stewardship. “You must learn how to control power and money, and do not let them to control you. After you have served and are out of government, people will still remember you and remember what you did for them. Ask yourselves what you want to be remembered for after office?”

Commending the chairmen for the leadership appraisal, the Secretary to the State Government (SSG), Prof Chidiebere Onyia, said they had shown good faith in serving their people over the past six months of their administration.

“The chairmen had suggested by themselves that they want the process whereby their performance is tracked across those indicators that we have discussed with them and they come up with initiatives because each local government is peculiar in terms of their economic abilities and potentials.

“We had them look at themselves individually and in clusters to be able to increase the attraction of investors. So, what you have seen today is us now going back and making sure that the culture of this government, which is evidence-based decision-making process is exemplified in some of the things they measure themselves in Q4 of 2024, and some of the initiatives that they want to pursue in 2025 as it relates to economic growth, human capital improvement, some key SDGs, WASH programme education and health,” the SSG added.

Prof Onyia further said that what had happened was the collaboration between the state and the local government, stressing that the state government was mindful of the autonomy being enjoyed by the local governments and would support the principle for entrenched democracy.

The highlights of the meeting were the peer-reviews carried out by each of the 17 council chairmen and their deputies on their areas of strengths, challenges and prospects, enabling them to set targets for themselves in the beginning of the year 2025.

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Information Ministry Highlights Achievements of President Tinubu’s Government

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Tinubu
President Bola Tinubu

The Honourable Minister of Information and National Orientation, Muhammed Idris, has declared 2025 as a pivotal year of consolidation for President Bola Ahmed Tinubu’s administration, aimed at building upon the significant achievements recorded in the first 19 months of governance.

During a Ministerial Press Briefing held in Abuja, Minister Idris emphasized the importance of reflecting on these accomplishments as the administration approaches its mid-term.

He stated, “This inaugural briefing for 2025 serves as a reminder of our progress and the context in which these gains are being realized.”

The Minister outlined key areas of achievement under President Bola Ahmed Tinubu’s leadership, including:

  1. Fiscal, Macroeconomic, and Legislative Reforms: • Fuel Subsidy Removal: This strategic move has plugged financial leakages amounting to hundreds of billions of Naira annually.
  2. • Foreign Exchange Transparency and Stability: The introduction of the Electronic Foreign Exchange Matching System (EFEMS) has led to unprecedented stability in the FX market, clearing billions of dollars in backlogs and boosting foreign investment. The Naira recently reached an eight-month high in the official market.
  3. • Oil and Gas Reforms: In 2024, Nigeria became the most attractive destination for oil and gas investments in Africa, securing over $5 billion in Final Investment Decisions (FIDs).
  4. • Electricity Act: The 2024 Electricity Act provides a framework for state governments to establish regulated electricity markets, following a constitutional amendment.
  5. • Local Government Autonomy: A landmark Supreme Court ruling in July 2024 empowered local governments with unprecedented financial autonomy, with an Inter-Ministerial Committee established to ensure compliance.

Targeted Interventions:

• Students Loan Fund: Over 169,000 students have benefited from NELFUND, receiving N32.8 billion for school fees and upkeep.
• Regional Development: New Development Commissions have been established for the North-Central, South-East, and North-West regions, alongside the creation of a Federal University of Environmental Technology.
• Healthcare Initiatives: The Federal Executive Council recently approved $1.07 billion from the World Bank for health programs, including targeted subsidies for cancer patients.
• Passport Reforms: A backlog of over 200,000 international passports was cleared within three weeks in 2024.
• Compressed Natural Gas: An investment of over $450 million has been made to develop Nigeria’s CNG value chain.

Infrastructure Development:

Under President Tinubu’s leadership, Nigeria has become a hub of construction activity. Recent approvals from the Federal Executive Council include over 2.5 trillion Naira for various road projects, including:

•   N1.334 trillion for the Lagos-Calabar Coastal Highway.
•   N470.9 billion for access roads to the Second Niger Bridge.
•   N195 billion for the Lagos-Ibadan Expressway reconstruction.
  1. Defence and Security:

In 2024, security forces neutralized over 8,000 terrorists and bandits, rescued 8,000 kidnap victims, and established a Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the UK’s National Crime Agency.

  1. Food Security:

The establishment of a Ministry of Livestock Development aims to tap into a multi-billion-dollar agricultural opportunity, contributing to significant drops in grain prices.

2025 Budget Overview:

On December 18, 2024, President Tinubu presented a proposed budget of N49.7 trillion, later increased to N54.2 trillion due to additional revenue projections. The budget, termed the “Budget of Restoration,” prioritizes:

•   Security: N4.91 trillion
•   Infrastructure: N4.06 trillion
•   Education: N3.52 trillion
•   Health: N2.48 trillion

Minister Idris concluded by asserting that the bold initiatives of President Tinubu are fostering greater fiscal capacity, a reformed tax regime, and improved living standards for Nigerians through various support programs.

“We are witnessing a transformative era, where hope is being renewed for all Nigerians, regardless of age or gender, across the nation,” he added

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President Tinubu Restructures Media and Communications Team

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Tinubu
President Bola Tinubu

President Bola Tinubu has re-designated the positions of two recently appointed officials in the State House media and communications team to enhance efficiency within the government’s communication machinery.

The restructuring is as follows:

1. Mr. Sunday Dare – hitherto Special Adviser on Public Communication and National Orientation is now Special Adviser, Media and Public Communications.

2. Mr. Daniel Bwala – announced last week as Special Adviser, Media and Public  Communication, is now special adviser Policy Communication.

These appointments, along with the existing role of Special Adviser, Information and Strategy , underscore that there is no single individual spokesperson for the Presidency.

Instead, all the three Special Advisers will collectively serve as spokespersons for the government.

This approach aims to ensure effective and consistent communication of government policies, decisions, and engagements.

Signed: Bayo Onanuga

Special Adviser to the President, (Information and Strategy)

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