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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

2027: You cannot afford to fail Nigeria, INEC Chairman tells staff

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By George Mgbeleke

The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, has charged staff members of the commission to work selflessly and uphold the highest standards of integrity, saying the commission cannot afford to fail Nigerians in the upcoming 2027 general elections.

Prof. Amupitan stated this on Friday in Minna, Niger State, during an official working visit and interactive session with the commission’s management and staff at the state headquarters.

Prof. Amupitan, warning staff members against any form of compromise, noted that the attention of Nigerians and the international community—including the African Union and foreign Election Observation Missions—was already focused on Nigeria’s upcoming electoral process.
“Note that you are our ambassadors and you cannot afford to fail. The general election is coming up on Jan. 16 for the presidential and National Assembly elections, and Feb. 6 for the governorship and state Houses of Assembly elections.
“The whole world, not just Nigerians, is looking up to INEC. I just returned from an African Union meeting in Egypt involving all the EMBs (Electoral Management Bodies) in Africa, and everyone expressed their desire to come and monitor Nigeria’s elections.
“So, the whole world is watching us. We must conduct the election in a highly professional manner,” he said.
Amupitan assured staff that the commission was working assiduously to improve logistics, infrastructure, and transport fleets across all state offices ahead of the polls.
“We do not want to repeat the mistakes of the past. My goal is to ensure that we improve on our performance continuously,” he added.
Reflecting on his journey nine months after assuming office, the INEC Chairman reaffirmed his commitment to rebuilding public trust in the commission through transparent, free, fair, and credible elections.
He stressed that the commission’s resolve to build a revitalised INEC capable of earning the confidence of Nigerians could only be achieved through the dedication and integrity of field personnel at the grassroots.
Amupitan announced that while hard work would be recognised and rewarded, administrative misconduct would attract strict sanctions.
“We must learn from the lessons of past elections. There should be no compromise whatsoever. We have decided to introduce rewards for hard work, but if there is any misconduct, there will be serious consequences.
“Work hard, work selflessly, shun corruption, and let us give the Nigerian people what they truly desire,” he urged.
On employee welfare, the INEC chief revealed that the commission has commenced a comprehensive review of staff packages across the country to boost morale and foster optimal performance.
He recalled that when he assumed office, he identified staff welfare as one of the most critical areas requiring urgent intervention.
“We play a pivotal role in ensuring that Nigeria moves into the comity of developed nations. This can only happen if our political system is stable, and that stability depends largely on our independence and performance as an electoral body.
“When I assumed office, I discovered that the welfare package for INEC staff was among the lowest in the country.
“To boost your morale, the commission decided to take this issue head-on. When the results begin to manifest, you will appreciate our commitment,” he assured staff members.
Amupitan also monitored the ongoing Continuous Voter Registration exercise at a centre located within the office headquarters.

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Osun Decides: Stakeholders Set for Citizens’ Town Hall to Promote Credible Poll*

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INEC Chairman,Prof Joash Amupitan

By David Owei

As the August 15, 2026 Osun State Governorship Election enters its final 21 days, the Civil Society Network on Election Integrity will convene a Citizens’ Town Hall on the Osun Off-Cycle Governorship Election on Sunday, July 26, 2026.

The Network comprises the Nigerian Women Trust Fund (NWTF), ElectHER, TAF Africa, The Kukah Centre, International Press Centre (IPC), Centre for Media and Society (CEMESO), and YIAGA Africa.

The town hall is a non-partisan platform for dialogue between citizens and key electoral institutions towards strengthening public confidence and reinforcing electoral integrity.

Participants will include election management officials, security agencies, traditional and religious leaders, civil society organisations, youth and women groups, organisations of persons with disabilities, media practitioners and citizens from across Osun State.

Running from 4pm to 7pm at Adolak Event Hall, Osogbo, the Town Hall will feature physical participation by invited guests only and will be broadcast live on ARISE Television, NTA, AIT and the Osun State Broadcasting Service, with livestreaming on the official YouTube channels of participating broadcasters and additional coverage by radio stations, newspapers and digital media platforms.

The Resident Electoral Commissioner for Osun State, Mrs. Olutoyin Babalola, and the Commissioner of Police, CP Ibrahim Gotan will lead discussions on election preparedness and election security. They will be joined by representatives of women and persons with disabilities, while representatives of the Osun State Council of Traditional Rulers and faith-based organisations will deliver goodwill messages.

Citizens participating both physically and online will have the opportunity to engage directly with key electoral stakeholders, interrogate critical issues relating to preparations for the governorship election and advance recommendations to ensure the transparency and credibility of the process.

Chairman of the Planning Committee and Executive Director of the Centre for Media and Society, Dr. Akin Akingbulu, said the Town Hall reflects the Network’s commitment to strengthening electoral governance through inclusive citizen engagement.

“Electoral integrity depends on informed citizen participation, institutional transparency and sustained multi-stakeholder engagement. The Citizens’ Town Hall provides a structured platform for constructive dialogue that strengthens public trust and reinforces collective accountability in the conduct of the governorship election.”

The Co-Chair of the Planning Committee and Executive Director of the International Press Centre, Mr. Lanre Arogundade, said the Network views citizen engagement as critical to safeguarding electoral credibility.

“The quality of an election is determined not only by institutional preparedness but also by the extent to which citizens are able to engage the process in an informed and meaningful manner. This Town Hall provides an accountability interface between citizens and electoral stakeholders, helping to strengthen transparency, public confidence and the integrity of the electoral process.”

The Osun Citizens’ Town Hall builds on a series of citizen-focussed initiatives by the Network across Nigeria. The initiative commenced with a national dialogue on the Electoral Act 2026 in Abuja on March 1, 2026, before progressing to Ekiti State on May 24, 2026 ahead of the Governorship Election of June 20, 2026, the first conducted under the Electoral Act 2026. The Osun edition seeks to consolidate these gains through inclusive dialogue, institutional accountability and informed participation of citizens.

The Civil Society Network on Election Integrity is a coalition of leading Nigerian civil society organisations working to promote credible, peaceful, inclusive and transparent elections. Through citizen engagement, policy advocacy and multi-stakeholder collaboration, the Network advances electoral integrity, democratic accountability and public confidence in Nigeria’s electoral processes.

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Stop “Ghosting”,Fix Pension Crisis, Build On Reforms We Started-Atiku tells Tinubu

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Alhaji Atiku Abubakar

By Our Correspondent

Presidential flag bearer of the African Democratic Congress,( ADC), and former Vice President, Atiku Abubakar, has faulted President Bola Ahmed Tinubu’s claims on the Federal Government pension backlog as “unnecessary ghosting and futile political shadow chasing.”
Atiku in a statement by his media office on Friday, described the President’s remarks to visiting Northeast stakeholders led by Governor Babagana Zulum as an attempt to blame the Obasanjo/Atiku administration for problems it solved almost two decades ago.Offi e
“Both President Tinubu and his inept APC administration should seek more knowledge about good governance and developmental communication,” the statement said, adding that “Government is a continuum. A successor must inherit assets and liabilities.”
Atiku’s office recalled that when the Obasanjo/Atiku government took over in 1999, it inherited a broken, unfunded and non-contributory Defined Benefits Scheme with an estimated liability of over ₦2 trillion, about 25% of GDP at the time.
According to the statement, instead of blaming predecessors, the administration enacted the Pension Reform Act of 2004 and established the National Pension Commission, PenCom, leaving behind a fully funded, privately managed Contributory Pension Scheme when it exited in 2007.
The old Pay-As-You-Go model, the statement noted, depended on annual budgetary allocations that were grossly underfunded. It noted that the system created massive arrears, ghost pensioners, data inaccuracies and bureaucratic delays, while most private sector workers had no coverage at all.
“Under the reforms, the Obasanjo/Atiku government introduced mandatory contributions by both employers and employees into individual Retirement Savings Accounts, RSAs. It also institutionalized Pension Fund Administrators, PFAs, to manage investments and Pension Fund Custodians, PFCs, to safeguard assets.”
The Atiku Media Office said the reforms stopped the accumulation of new un-backed pension debts and created the foundation for Nigeria’s pension assets, which have since grown into tens of trillions of naira. It accused Tinubu of failing to acknowledge that structure.
The statement further said the Obasanjo/Atiku administration laid the groundwork for the liberalization of the economy, including paying off foreign debt and creating enabling environments in banking, telecoms, hospitality and other sectors.
Atiku advised the President to focus on current challenges, adding, “Tinubu should focus on resetting the salient issues of hunger and anger in the land, caused by unabated insecurity, mass youth unemployment, a broken economy and the destruction of our political fabric,” the statement concluded.

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