Connect with us

Politics

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

Published

3 years ago

on

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.”

Related Topics:

Justice Okamgba is journalist at Grassroots.ng

Continue Reading

Politics

President Tinubu Restructures Media and Communications Team

Published

3 days ago

on

November 19, 2024

By

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)

Continue Reading

Politics

Matawalle’s Loyalty to President Tinubu Unquestionable, says YAN Speaker

By; SANDRA ANI

Published

4 weeks ago

on

October 28, 2024

By

Muhammed Bello Matawalle
Minister of State for Defence H.E Dr Muhammed Bello Matawalle

More accolades for the Minister of State for Defence H.E Dr Muhammed Bello Matawalle, MoN, for his commitment and dedication to his duties and the

latest is the remarks of goodwill of the minister made by the newly elected National Speaker of the leading Youth’s body in Nigeria, the Youth Assembly of Nigeria (YAN), Comrade Famuyibo Oluwasegun, during his acceptance speech at the national election held at Agura Hotels, Abuja weekend.

Comrade Oluwasegun, who hails from Ekiti State, described the Minister as a Youths role model who has demonstrated rare courage in fighting bandits and terrorists to their standstill in North West and other parts of the country and above all his loyalty to President Bola Ahmed Tinubu GCFR.

The National Youth Speaker noted further that “After God Almighty who made his emergence possible, the Minister of State Defence and former Governor of Zamfara state, Dr. Bello Matawalle was a prominent factor to his new attained height.

“My mentor, His Excellency Dr. Matawalle extended an unalloyed hand of leadership, direction and support to me which were instrumental to making my victory a reality”, Famuyibo stated.

The YAN Speaker-elect thanked the YAN Board of Trustees, Convention Planning Committee and the entire YAN delegates for finding him worthy to lead the 4th Assembly of Nigerian Youths.

Also lending his voice, the Acting BoT Chairman of YAN, Hon. Gt. C Samuel advised the newly elected leaders of YAN to be good Ambassadors of Nigerian Youths and Nigeria at all times. He encouraged them to bring out the best of their thinking caps while planning for a befitting inauguration of the 4th Assembly as elected.

Other elected new national leadership of the 4th Assembly of Youth Assembly of Nigeria, included Umar Bala Babayaro of Kaduna state emerged the Deputy National Speaker, Sadiq Abubakar of Borno state as Majority Leader, Ezeanikwe Charles as Deputy Majority Leader, Raymond Sylvanus of Cross Rivers state as National Chief Whip, Jennifer Ornguga of Benue state as National Minority Leader and Jude Chinonso as Diaspora Ambassador.

Continue Reading

Politics

Tinubu Scraps Two Ministries

Reporter: SANDRA ANI

Published

4 weeks ago

on

October 23, 2024

By

Tinubu
President Bola Tinubu

The Federal Executive Council chaired by President Bola Tinubu has scrapped two ministries, Techeconomy can report. 

The ministries, according to a tweet by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, are Niger Delta Ministry and the Ministry of Sports Development.

“There will now be a ministry of regional development to oversee all the regional development commissions, such as Niger Delta Development Commission, North West Development Commission, South West Development Commission, and North East Development Commission.

“The National Sports Commission will take over the role of the Ministry of Sports”, Onanuga tweeted.

“The FEC also approved the merger of the Ministry of Tourism with the Ministry of Culture and Creative Economy.

“The decisions were taken today at the meeting of Federal Executive Council in Abuja.

Continue Reading

Trending