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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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President Tinubu Bans Purchase Of Petrol-dependent Vehicles By FEC Members

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President Bola Tinubu has banned members of the Federal Executive Council, FEC, from purchasing petrol dependent vehicles.

The President has also directed the mandatory procurement of compressed-natural-gas-powered vehicles by all government ministries, departments, and agencies.

The Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, disclosed this in a statement on Monday evening, May 13, 2024.

According to him, the directive is in line with Tinubu’s commitment to ensure energy security, drive utility, and cut high fuel costs.

He said the President’s directive is also in furtherance of Nigeria’s effort to transition to cleaner energy as CNG-enabled vehicles have been adjudged to produce lower emissions, even as they present a more affordable alternative for Nigerian energy consumers.

Addressing members of the Federal Executive Council (FEC) at the State House on Monday, President Tinubu affirmed that there is no turning back in the energy reforms initiated by his administration.

“This nation will not progress forward if we continue to dance on the same spot. We have the will to drive the implementation of CNG adoption across the country, and we must set the example as public officials in leading the way to that prosperous future that we are working to achieve for our people. It starts with us, and in seeing that we are serious, Nigerians will follow our lead,” the President stated.

“The President further directed the rejection of all memos brought by members of FEC seeking the purchase of traditional petrol-dependent vehicles, tasking the affected members of the council to go back and diligently seek value-driven procurements of CNG-compliant vehicles.

The President remains committed to effectively harnessing the nation’s gas potential, alleviating the burden of high transportation costs on the masses while enhancing the standard of living of all Nigerians,” the statement added.

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“Supporting Sim Fubara Was A Mistake” – Wike Announces

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, says he made a mistake when he chose to support Sim Fubara to succeed him as the governor of Rivers State.

Channels TV said this when he spoke at a function in Ogu/Bolo Local Government Area of Rivers State on Saturday, May 11. The governor at the function apologized to the people of the state for his “mistake”. He said he is a human who is bound to make mistakes, assuring the people, however, that the mistake would be corrected at the appropriate time.

“I want to say this clearly, in life when you have made a mistake, you say I have made a mistake, there is nothing you can do about it. I have made a mistake, I own it up and I say God forgive me and I will say all of you forgive me, but I will correct it at the appropriate time.

I am a human being, I am bound to make mistake, my judgement can be wrong, so forgive me for making a wrong judgement. That is life, so nobody should kill himself,” Wike said

Some days ago, Governor Fubara was quoted as saying that he appreciates Wike for supporting him to become the governor of Rivers State, but would not worship him.

In what seems to be a direct response to that statement by Fubara, Wike in his speech said that there was no time he told anyone to worship him as he is not God.

However, the Minister said that politicians ought to be grateful to those who supported them to attain office rather than showing ingratitude.

“I respect people who appreciate what God has done for them, who appreciates what God has used people to do for them. God does not come down, God uses people to help people. So, when you are helped you appreciate them and then God will know that you have also appreciated him. I have never told anybody to worship me, nobody can worship man. All of us believe that we only have one God and it is only that God we worship and we will continue to worship that God. But as politicians, you appreciate people who have helped you” he said

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Fuel Scarcity Will Soon Be Over – Senate Leader Says

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The Senate Leader, Opeyemi Bamidele, has assured Nigerians that the fuel crisis being experienced in the country will soon be a thing of the past.

Bamidele gave this assurance in an interview with newsmen on the sidelines of the Oil Technology Conference in Houston, Texas on Friday.

He said the legislature is working tirelessly to ensure that fuel scarcity and frequent queues at filling stations are resolved and that there were plans to involve more private-sector players in the construction of new refineries.

In his words;
“The Senate is working to ensure that more private-sector players are licensed to own and operate refineries. This is to support other smaller ones that are springing up in several parts of the country.

“In addition to licensing new refinery operators, the Federal Government and Senate are working to ensure that the existing refineries are turned around with repairs and replacement of parts carried out where necessary,” he said.

Bamidele said the Senate had received an assurance from the Nigerian National Petroleum Company Limited that two of its refineries in Warri and Port Harcourt would come on stream before the end of the year.

Opeyemi maintained that the focus was to ensure that Nigeria meets its OPEC production quota.

He further explained that achieving such milestones would provide more revenue for the government and halt lack and borrowings.

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