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Borrow more money to develop Nigeria-Senator Jimoh Ibrahim tells FG – lending market will dry very soon … says Buhari printed $33 million domestically, …. borrowed $68 billion

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Senator Jimoh Ibrahim

By George Mgbeleke

Following heated controversy against Federal government’s continuous borrowing to fund budgets, a member of the Senate, Senator Jimoh Ibrahim( Ondo south) has said that President Bola Ahmed has no option than to borrow from global market to fill the huge deficit created by former President Muhammadu Buhari’s administration.
Senator Ibrahim, an Ambassador designate while fielding questions from journalists at the end of Senate Committee on Finance interactive session with Federal government’s Economic Team said Tinubu’s administration,”the federal government will be wasting their time if they don’t borrow now. Because the lending market will dry very soon. The global lending market will disappear.

“And once that disappears, even when you work low, you can never get. So, the strategy is to have enough money now to face the development and start facing the payment of those loans back. Dubai, a population of 12 million people, are owing $186 billion.

“Nigeria’s total debt is about $103 billion. So, meaning that Dubai is even owing much more than Nigeria. There are 12 million people.

“Nigeria has 250 million people who are even crying about their debts. Now, Dubai has finished borrowing. They don’t borrow anymore.”

Continuing he said “But they are now repaying. And they pay about $20 billion back every year. And they have enough revenue to do that.

“If you don’t borrow, how do you develop? I don’t understand. Borrowing is a necessary gear in development. It’s like you put your car in gear four, you know, and then there’s a gear five.

” It gives you more comfort. But if you put your car in gear two, and you want to race at 120 kilometers, that engine will just not come. So, the key point is that resources are available.

“It’s not enough to save the economy to the trillion you owe to your GDP. So, you need that extra support. And if you don’t borrow now, the lending market will disappear.

“The GDP to debt ratio in America is 127%, meaning that America has overborrowed by 27%. In London, it’s 95%, in Britain. Meaning that in Britain, what, $195 have been used to borrow money.

“So, which country are you really copying? Ghana is the fourth largest debtor to IMF World Bank. So, if Nigeria’s GDP to debt ratio is 40%, you still have 60% room to borrow. So, if you are now saying, don’t borrow, don’t borrow, and the lending market disappears, you can’t borrow to yourself.

“You can’t lend to yourself. What about the repayment strategy? The repayment strategy will be a long time. It’s not something that you borrow and return in one year.

“So, you spread your balance sheets. You can even borrow more to clear the $100 billion, right? And then you are now zero debt. And then you can now repay back that what you borrowed to borrow to clear $100 billion over a period of 10, 20 years.”

The lawmaker further explained that ” the lender will agree with you on that. But where you don’t borrow at all, and the lending market disappears, then you cannot lend money to yourself. That means you are going to use ways and means by cutting money to fund the economy.

“That means you will have inflation. You will have unemployment. The value of the dollar will come down.

“And, of course, the world will come down. But last year, sir, they said this issue of borrowing, sir, last year, the National Assembly approved borrowing for the federal government. And at the same time, they were still complaining of zero implementation of the budget.

“Borrowing approved by the federal government, by the National Assembly last year, is cumulative borrowing that got to you. So, you have to get a resolution from the National Assembly to turn over, to roll over those debts when they mature so that your book can be claimed. So, it’s a management of debts at that level.”

On Buhari’s Ways and means policy,Senator Ibrahim noted former Buhari did a $33million ways and means by printing $33million higher.

“When we are talking about the first borrowing of injection of capital, Buhari did a $33 million ways and means, meaning that he printed $33 million higher. You cannot clear the effect of that one in two years. You printed $33 million domestically, and you borrowed $68 billion outside.

“And you want Nubu to clear it in two years. He will be a magician. With $33 million ways and means, it’s just too much.

“And I don’t think it’s the best way to handle an economy. We are actually at financial danger when this all of this happened.”

Politics

Milton Dick Elected President of the IPU Assembly

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Mr Milton Dick, Speaker of Australia’s House of Representatives(left) and President of Nigeria Senate,Godswill Akpabio(right)

By Our Correspondent

Mr Milton Dick, Speaker of Australia’s House of Representatives, has been elected as the President of the Inter-Parliamentary Union (IPU) Assembly for the 2026–2029 term.

Mr Dick was in Abuja last week to consult with the Nigerian parliament and sought their support. The Chairman of the National Assembly of the Federal Republic of Nigeria, and an Executive Member of the IPU, Godswill Akpabio had assured him of the support of Nigeria and to mobilize the support of the Africa Group of the IPU to support him.

Announcing the results in Arusha on Friday, the outgoing IPU leader, Dr. Tulia Ackson, said Milton Dick secured 56 percent of the total votes. His fellow candidates, Ms Sahiba Gafarova (Speaker of the Milli Majlis, Azerbaijan) and Mr Rojo Edwards Silva (Senator, Chile), received 38 percent and 6 percent of the votes respectively.

Dr Tulia stated that Gafarova got 124 votes while Mr Milton Dick collected 182 votes and Mr Edward Silver received 21 votes.

“So dear colleagues, let me now announce the winner please. Allow me to announce the winner please. The winner of the election of a President for the term 2026 to 2029 is Mr. Milton Dick, the Speaker of the House of Representatives of Australia,” she announced.

Prior to his election, Milton Dick said there was the need for inclusive leadership that takes account of countries and parliaments that may have limited influence in international discussions.

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Politics

Tinubu’s Petrol Discount is a Loan To Nigerians-ADC

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By George Mgbeleke
The African Democratic Congress (ADC) has described the Tinubu administration’s proposed petrol price intervention as a loan to the Nigerian people, calling it a cynical and deceitful arrangement that insults common sense, even as an electoral gimmick.

In a statement issued in Abuja on Friday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the proposal operates on the principle of deferred payment, with Nigerians eventually paying the costs suppliers agree to absorb today.

“This is not subsidy. Calling it subsidy would be dignifying it. It is another announcement this government has made without thinking through what it means for the Nigerian people.

“The principle is straightforward: what suppliers forgo today, Nigerians will pay later. The government wants to announce a discount, collect the applause and leave the Nigerian people to settle the bill.

“Even as an electoral gimmick, it insults common sense. Nigerians know the difference between a discount and a debt. A payment postponed is still a payment owed.”

The party added that the separate 30-day waiver of NNPC’s retail profit margin offered no lasting answer to the cost-of-living crisis.

“Food bills and transport fares will not disappear after 30 days. Nigerians need lasting relief.

“President Tinubu wants gratitude now and repayment later. He cannot claim to have lifted a burden while making arrangements to put it back after 30 days.”

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Politics

NLC gives FG two-week ultimatum to address high cost of living, others

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NLC President, Comr.Joe Ajaero

By our correspondent

Disturbed by the persistent high cost living in the country,the Nigeria Labour Congress (NLC) has given the federal government a two-week ultimatum, beginning from Friday, the 9th of October, 2026 to address hardship it said its policy has slammed on Nigerians.

NLC’s communique from its Joint Meeting of the National Executive Council (NEC) and Central Working Committee (CWC) held in Abuja, said, if at the end of the two-week ultimatum, government fails to tackle the issues brought before it, the congress would have no option than to mobilise for action that would paralyse the activities of the country.

The communique signed by the NLC president, Joe Ajaero called on government to: “Take measures to reduce the price of petrol across the nation to what it was at the signing of the current national minimum wage in 2024 to cushion the impact of the energy crisis on workers and masses as being done by other nations of the world;

“Commence the process of renegotiating a new national minimum wage;

“Implement the dictates of the Terms of Settlement reached with Joint Health Sector Unions and Assembly of Healthcare Professionals (JOHESU) on the 5th day of February, 2026, and other new demands that have arisen since then.

“Implement the demands of the Joint Public Sector Negotiating Council (JPSNC)”

It said: “Failure of which the NLC will be compelled to take remedial steps as would be directed by the relevant Organs”.

The communique reaffirmed the historical responsibility of the NLC to resist all forms of exploitation and oppression, calling on all affiliates, and progressive allies to remain on high alert and fully prepared to engage in decisive efforts against all anti-people policies.

It reiterated that the Nigerian working people must remain resolute, organised, and uncompromising in the collective struggle for a fair and equitable Nigeria.

Part of the communique reads: “The National Executive Council (NEC) and the Central Working Committee (CWC) of the Nigeria Labour Congress (NLC) convened a joint meeting at the Olayitan Oyerinde Hall, Labour House, Abuja, to deliberate on the state of the nation, the existential threats facing Nigerian workers and the downtrodden masses, and the urgent tasks confronting the trade union movement in Nigeria.

“Having extensively discussed the grave economic, political, and crises of survival ravaging workers and the nation at large, NEC-in-session, in conjunction with the CWC, resolves as follows:

“The joint meeting-in-session notes with profound alarm the deepening misery inflicted on the Nigerian working class and the broader masses by the neo-liberal policies of the federal government and its state institutions. Inflation continues to soar unabated, the naira remains traumatised, wages have been rendered worthless, and the cost of living has become unbearable. The ruling elite, acting as enforcers of global monopoly capital, have demonstrated a worrying indifference to the suffering of the people, choosing instead to transfer the burden of their fiscal negligence onto the already impoverished working masses thus abandoned the people to the dictates of comprador fat cats.

“NEC-in-session declares that no society can sustainably develop under a regime of corporate plunder and neo-liberal enslavement. The Nigerian working people must therefore remain resolute, organised, and uncompromising in the collective struggle for a fair and equitable Nigeria.

“The joint meeting observes with grave concern that the current national minimum wage has been rendered worthless by the relentless depreciation of the naira and the astronomical rise in the cost of living. Nigerian workers can no longer afford the basic necessities of life; food, shelter, healthcare, transportation, and education; on their current wages.

“Consequently, NEC-in-session demands that the federal government commences the renegotiation of the national minimum wage before the end of this month. The Congress demands a living wage that reflects the true cost of living and the dignity of the Nigerian worker. Any further delay by the federal government remains unacceptable.

“The joint meeting reiterates its call on the federal government to work with relevant agencies to immediately reduce the price of Premium Motor Spirit (PMS), commonly known as petrol. The exorbitant pump price of petrol has had a cascading effect on the cost of transportation, food, and other essential goods, further deepening the hardship of workers and the masses. The government must abandon its insensitive policies that have allowed for indiscriminate hikes in the price of petroleum products which has only served to enrich a handful of oil marketers while pauperising the masses.

“The joint meeting demands that the federal government grant tax relief to workers as agreed and immediately provide Wage Awards to workers to cushion the impact of the rising cost of living. These measures are the bare minimum required to alleviate the suffering of Nigerian workers and restore a measure of dignity to their lives. The government cannot continue to demand sacrifice from workers while not offering any relief to the suffering masses and workers”.

END

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