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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

Unaccounted N210trillion : Kyari , Ajia , Wunti reach out to Senate Panel ….Threatens Ojulari again with Warrant of Arrest

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By George Mgbeleke

Having failed severally to appear before Senate Committee on Public Accounts for explanations on yet to be accounted N210trillion in the audit reports of Nigerian National Petroleum Company Limited ( NNPCL), from 2017 to 2023, its immediate past management , reached out to the committee on Wednesday.

The Committee led by Senator Aliyu Wadada Ahmed ( Nasarawa West), however , threatened to issue warrant of arrest against the Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari , if he fails to appear before it on May 13, 2026 , rescheduled for another investigative session with the affected officers .

At the session on Wednesday, the immediate past Chief Finance Officer of NNPCL, Umar Ajia was physically present and handed copies of the audit reports containing queries on the unaccounted N210trillion after being put on oath .

Though the immediate past GCEO of NNPCL, Mele Kyari and former Chief Upstream Investment Officer , Bala Wunti , did not attend the session physically but reach out to the committee on phone about their readiness to appear before it .

Kyari as disclosed by the Committee Chairman , called him before the session while Wunti called Senator Abdul Ningi ( Bauchi Central) , that he would surely make himself available at next sitting of the committee .

Earlier at the commencement of the Session , the Chairman of the committee frowned at the letter written to the committee by current GCEO of NNPCL, Bayo Ojulari used to explain his absence .

He pointedly told the Chief Relations Officer , Morenike Adewumi who signed the letter dated 29th April 2026 , the very day of the session that , if Ojulari fails to appear on 13th of next month before the committee by 3:00pm, warrant of arrest would be issued against him .

” Ojulari must appear before this committee at the next session , failure which will lead to his being brought before us by force “, he said .

Also expressing his displeasure on repeated failure of Ojulari to appear before the committee, Senator Adams Oshiomhole ( Edo North ) said it was totally disrespectful for the NNPC GCEO to present a letter signed by his subordinate for explanation on his physical absence at the session .

” What cannot be explained must be deemed to have been stolen . It is totally disrespectful for the NNPCL GCEO , to send a letter signed by his subordinate to this committee for explanation on wilful absence .

” He needs to be put to where he belongs because If there is no Nigeria , there can be NNPCL , let alone its GCEO”, he thundered .

The committee consequently sent the Chief Relations Officer, Morenike Adewumi and Financial Controller , Tajudeen Kareem to Ojulari on the need for him to appear before it unfailingly on the 13th of next month .

It also directed the two officials to make available, copies of Audit reports of NNPCL to Kyari and Wunti before the next session .

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Politics

INEC Earred in presenting an Expelled member as Our National Chairman-SDP ..Says Dr Gombe remains Our National Chairman -Rolls out 2027 Election Guidelines

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By George Mgbeleke

The Social Democratic Party (SDP) has faulted the Independent National Electoral Commission (INEC) for uploading from its website the name of its expelled former National Chairman, Shehu Musa Gabam as the party’s National Chairman, categorically noting that Dr Abubakar Sadiq Gombe remains SDP authentic National Chairman.

Making this declaration at a Press conference held at the party’s National Secretariat on Wednesday in Abuja, National Chairman, Dr Abubakar Sadiq Gombe said INEC presumably erred in uploading the name of his predecessor,Shehu Musa Gabam who was expelled by the highest organ of the party NEC based on gross financial misappropriation and malfeasance.

He said,”As a matter of fact, Shehu Musa Gabam is no longer a member of the Social Democratic Party, having been duly expelled from the SDP, and the expulsion was formally ratified by the NEC of the party on March 9, 2026, having being earlier suspended on 24 June 2025, for gross financial misappropriation and malfeasance, investigated by a duly constituted Panel of Enquiry, and found guilty and reported to the Police.

“He was later expelled from the Party on 23 October 2025, and his expulsion was ratified by the Party’s National Executive Committee (NEC) at its meeting of 9 March 2026, which was monitored by INEC Team.

“The SDP will not join issues with an expelled member, more so, considering that Shehu Musa Gabam is facing criminal proceedings for his misappropriation of our party’s funds and for gross abuse of office.

On the preparation for 2027 election, the Chairman declared the party guidelines for the 2027 general elections, saying “we are starting Our Congresses from the 1st day of May to 5th starting with the Ward Congresses,state Congresses, Zonal and rounding it up with National Convention which is going to take place on the 9th of May at Abauchi state.

The party he said will sale forms for governorship, State Assemblies,House of Representatives and Senate and lastly Presidential election.

On the resolution of the opposition parties to present a common presidential candidate to contest the 2027 election, Dr Gombe said SDP will present it own presidential candidate independently, noting that has taken that decision and is working for its realization.

“The party is set to go into the 2027 general elections noting that the party has been busy with preparations for 2027 elections. We will not be distracted by whatever. We are focused, our eyes are on the ball and nothing more.

He noted that internal issues of political parties should be the responsibility of the party to take care off. “Parties should be allowed to handle its internal affairs and we are fully incharge of our internal affairs.We are set and not distracted.”
Meanwhile, former deputy governor of Nasarawa State who doubled as former Minister of Information, Ibrahim Maku who came into the venue of the Press Conference identified himself as a member of the party congratulated the leadership of the party for standing tall despite all distractions.
He assured the leadership that Nasarawa State will embrace the party enmass and give it all support in the girthcoming general elections.

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Politics

2027 :Obi, South-East Leaders Meet Jonathan As 2027 Talks Deepen

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Mr Peter Obi

By Our Correspondent

As Pamultation for 2027 election heats up,former presidential candidate of Labour Party (Pl), Mr Peter Obi and key South-East political leaders have intensified pre-2027 consultations, holding a strategic closed-door meeting with former President Goodluck Jonathan amid growing calls for opposition realignment.

On April 27, 2026 — The high-level engagement, held in Abuja, reportedly focused on Nigeria’s political direction and possible coalition-building ahead of the next general elections. Sources indicate that Obi was accompanied by prominent regional stakeholders, reinforcing the South-East’s push for greater influence in national politics.

Although details of the discussions were not publicly disclosed, the meeting has triggered speculation about a broader alliance capable of challenging the ruling party.

Analysts suggest the consultations may be part of a wider strategy to consolidate opposition strength and possibly present a unified presidential front.

In a related development, political figure Gbenga Hashim urged the labour movement and civil society groups to actively defend Nigeria’s democracy, warning that complacency could weaken democratic institutions ahead of 2027.

Together, these developments underscore intensifying political manoeuvres, as alliances, regional interests, and ideological blocs begin to reposition in what is shaping up to be a defining electoral contest

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