Uncategorized
Coalition tackles FG over $24bn loan proposal, urges monetisation of idle assets
By Abdul-Ganiyy Akanbi
The Unified Nigeria Youth Forum (UNYF) has strongly criticised the Federal Government’s fresh request to borrow a staggering $24 billion, describing the move as economically reckless and morally unjustifiable especially in a country where millions of citizens continue to endure hunger, poverty, and deprivation.
According to available data, the proposed loan is to be sourced through a combination of foreign currencies: $21.54 billion USD, £2.2 billion pounds sterling, and ¥65 million Japanese yen, bringing the total to approximately $24 billion USD when converted.
In a statement issued to journalists in Abuja on Thursday, the National President of UNYF, Comrade Toriah Olajide Filani, expressed deep concern over the borrowing plan. He compared the loan amount to the estimated net worth of Africa’s richest man, Alhaji Aliko Dangote, which is believed to be between $24 billion and $25 billion.
Filani noted that the amount the Nigerian government is seeking to borrow in a single move is roughly equivalent to the entire wealth accumulated by Dangote over decades of hard work, strategic investment, and industrial expansion.
He argued that such an enormous sum, if approved, would most likely be squandered on material indulgences such as luxury vehicles, opulent houses, and bloated administrative expenditures, rather than being invested in meaningful development projects.
Highlighting glaring contradictions in government priorities, Filani lamented, “You cannot be borrowing and at the same time buying a $150 million private jet. You cannot be borrowing and at the same time living large.”
He cited recent government expenditures as evidence of fiscal irresponsibility, referencing reports that senators and House of Representatives members each received vehicles reportedly worth N160 million, while N90 billion was allocated to subsidise hajj pilgrimage, and N21 billion was spent on renovating the Vice President’s residence. He also pointed to the presidential car fleet reportedly valued at N980 million.
“In a country where these kinds of expenditures are normalised, it’s obvious what borrowed money will be used for — no matter the narrative, they will always have an explanation to cover their corruption,” he said. “But Nigerians are no longer fooled.”
Filani called on the government to provide tracking identification numbers for all publicly funded projects to allow citizens to monitor implementation and spending phases, stressing that transparency is essential if the government expects public support for any future loans.
He questioned the logic and morality of plunging the nation into deeper debt while millions of Nigerians continue to suffer from hunger, lack of healthcare, poor access to education, and the absence of basic amenities.
According to the UNYF, these harsh realities persist despite Nigeria’s abundant natural resources and vast untapped economic potential.
The group urged the government to prioritise internally generated revenue over foreign borrowing, stressing the importance of monetising idle public assets and optimising the use of the country’s arable land.
Describing the borrowing plan as a betrayal of earlier promises to cut the cost of governance, Filani pointed to inconsistencies in the government’s stance.
While publicly endorsing the Oronsaye Report, which recommends the streamlining of ministries, departments, and agencies, the government continues to pursue loans that could destabilise the economy.
Several government properties, particularly in Abuja, Lagos, and other key cities, were cited as examples of underutilised assets. These include the Federal Secretariat Complex in Abuja and the uncompleted National Library project. Filani maintained that these assets could generate significant revenue if transparently leased or sold.
The group also emphasised the urgent need for investment in agriculture. With over 30 million hectares of arable land across states like Niger, Taraba, Benue, Kaduna, and Nasarawa, Nigeria, Filani argued, has the potential to become a global leader in food production, job creation, and agricultural exports.
Neglect of vital agricultural infrastructure, including government-owned hatcheries, silos, irrigation systems, and agro-processing facilities, was blamed on poor policy implementation and a lack of political will.
On reforms, Filani renewed his call for full implementation of the Oronsaye Report, which proposes reducing federal agencies from 541 to 161. He noted that such reform could save the country over one trillion naira annually. Delaying these changes while accumulating more debt, he warned, sends a dangerous message about the priorities of those in power.
Rising debt levels, which now exceed N140 trillion, pose a serious threat to national development and economic independence, Filani warned.
He called on the National Assembly, civil society groups, labour unions, and the general public to resist any further attempts to place Nigeria under the burden of unsustainable loans, especially when viable alternatives exist.
He asserted that the youth of Nigeria will no longer remain silent while their future is endangered by irresponsible leadership decisions.
The UNYF, working alongside other concerned groups, will continue to raise its voice and mobilise citizens in support of responsible governance and national accountability.
Uncategorized
Ijaw Traditional Rulers, elders suspend INC elections – Set up seven-man C’tte to resolve impasses
By David Owei,Bayelsa
The National Conference of Ijaw Traditional Rulers and Elders (N-CITRE-INC) has suspended the Ijaw National Congress (INC) till further notice.
The N-CITRE, after its meeting in Yenagoa deliberated extensively on all issues that led to the impasse in the INC elections, including petitions received.
The group, therefore, unanimously agreed to suspend the conduct of the INC elections and directed the electoral committee to stop all forms of electoral duties.
N-CITRE, which is empowered by the INC constitution to resolve all disputes, has also set up a seven-man Dispute Resolution Committee (DRC) to investigate all petitions.
The resolutions read in part ‘’ That the elections into the National Executive Council of the Ijaw National Congress (NE-INC), which were rescheduled for Monday, 13th April, 2026, by the National Electoral Committee, Ijaw National Congress(N-ELECO-INC), have been temporarily suspended until N-CITRE directs further after all pending disputes have been settled. N-CITRE-INC, as the appointing authority for N-ELECO-INC, also holds the constitutional power to resolve all disputes within the Congress
‘’ Consequently, N-ELECO-INC has been directed to stop performing any electoral functions until otherwise subsequently directed by N-CITRE.’’
The N-CITRE has directed the DRC to resolve the lingering dispute and probe all petitions, including the petitions against the n-ELECO- INC.
The DRC is headed by HRM, King Bubaraye Dakolo Agada IV, Ibenanaowei of Ekpetiama Kingdom, Chairman of Bayelsa Traditional Rulers Council, and Chairman of N-CITRE.
Other members are HRM, King Dr. Brig-Gen Bright Ateke Fiboinumama (Rtd), Chief Dr. Silas Eneyo (representing Eastern Zone), Dr. Loveth Ige (representing Central Zone), HRM, Pere Luke Kalanama III, HRM, Dr. Ekiomi Oweigbe John (Gbisa I) representing Western Zone, and Zonal Chairman of N-CITRE.
N-CITRE, which reminded all stakeholders of the principle of honesty that guides the Ijaws, therefore appealed for cooperation to achieve peace.
Uncategorized
Turaki-led PDP moves to form alliance with Mark ADC faction, ….Vows to overcome current challenges facing them
By Our Correspondent
In a bid to puncture alleged plot by the ruling All Progressives Congress (APC) to stop stop strong opposition parties from participating in 2027, the leadership of the Peoples Democratic Party (PDP) led by Barrister Kabiru Tanimu Turaki has opened high level discussions for mutual collaboration with the embattled faction of the African Democratic Congress (ADC) led by former Senate President, Senator David Mark.
The leadership of the PDP faction paid a solidarity visit to the leadership of the African Democratic Congress (ADC) in Abuja on Wednesday night to also commiserate with the party over the recent political development facing the ADC, describing the problem as an “attack targeted at Nigeria’s opposition parties.”
Comrade Ini Ememobong Essien,
National Publicity Secretary of the Peoples Democratic Party faction stated that during the visit, the PDP acknowledged the growing and shared threat confronting opposition political parties in the country.
The party noted that similar pressures have been experienced by the PDP in recent times and the delegation emphasised the need for vigilance and cooperation within the opposition block “in the face of actions capable of undermining democratic principles and political plurality.”
The high-level PDP delegation comprised Governor Oluwaseyi Abiodun Makinde of Oyo State, National Chairman Kabiru Tanimu Turaki, SAN, former Senate President, Sen. Adolphus Wabara, GCON and Prof. Jerry Gana.
Others in the entourage were Gen. Ishaya Bamayi, Rt. Hon. Fred Agbedi, Comrade Ini Ememobong, former Niger State Governor Babangida Aliyu, Amb. Taofeek Arapaja and Hajiya Inna Ciroma.
The delegation was received by top leaders of the ADC, including former Vice President Atiku Abubakar, Sen. David Mark, GCON, Alh. Kashim Imam, Sen. Rabiu Musa Kwankwaso, Sen. Aminu Waziri Tambuwal, Sen. Tunde Ogbeha, Mr. Peter Obi, Liyel Imoke, National Secretary Rauf Aregbesola, Chief Rotimi Amaechi and Bolaji Abdullahi.
The ADC leadership expressed appreciation to the PDP for the visit and reiterated the existential threat facing democracy in Nigeria, particularly through the targeted weakening of major opposition parties.
After a brief closed door meeting, both parties vowed to overcome current challenges facing them and affirmed the need for continued engagement in defence of democratic values and institutions in the country.
Uncategorized
TUC raises alarm, says petrol may sell N2,000/litre, if urgent action is not taken
By Our Correspondent
Worried by the persistent hike in fuel price,the Trade Union Congress (TUC) has warned that the price of Premium Motor Spirit, known as petrol may rise to about N2,000 per litre if urgent measures were not taken to cushion the impact of rising global crude prices and the depreciating naira.
This is as the congress called on the Federal Government to immediately use excess crude revenue to subsidise crude supply to local refineries, particularly the Dangote Refinery, as a short-term intervention to reduce the pump price of petroleum products.
The President of TUC, Festus Osifo at a press briefing in Abuja on Thursday, said Nigerians were already experiencing severe hardship as the cost of petrol continued to surge across the country.
He noted that, the rising price of fuel, which he linked partly to global tensions involving Iran, Israel and the United States, has pushed transportation and production costs upward, worsening the economic burden on workers.
According to him: “Today, comrades, we are seeing that the cost of petrol is edging towards N2,000 per litre depending on the part of the country that you are. Nigerian workers are already passing through excruciating pain as we speak.”
The TUC president said that the increase in petrol price was already triggering a ripple effect across the economy.
He stated that: “The same way it is affecting transportation, it is also affecting manufacturing. The cost of diesel has also gone northward, meaning that the cost of production has increased. When production costs rise, the final price of goods on the shelves will also skyrocket”.
The union leader warned that if the trend continues, the country’s declining inflation rate could reverse.
“If this continues unchecked, the inflation that we are currently celebrating as going downwards will reverse and start moving up again,” he said.
Osifo further urged the Federal Government to deploy part of the excess revenue generated from higher-than-benchmarked crude oil prices to subsidise crude supplied to local refineries.
He stated that the 2024 budget benchmarked crude oil at $64.85 per barrel, meaning any price above that level generates excess revenue shared by the three tiers of government.
The TUC President said a portion of such excess funds should be channelled towards reducing feedstock costs for local refineries.
“If crude is selling for about $100 per barrel
and the budget benchmark is $64.85, the difference should be partly used to subsidise crude supplied to local refineries. If government takes about 60 per cent of that difference to support production, we will see an immediate reduction in fuel prices,” he said.
To him, such an approach would be more transparent than the former fuel subsidy regime.
“When you subsidise crude supply directly to refineries, it cannot be abused because you are subsidising production. It will immediately bring down the price of PMS, diesel and jet fuel, possibly within one or two weeks,” Osifo noted.
The TUC president further blamed the high cost of petroleum products on the continued depreciation of the naira.
Osifo argued that the exchange rate was a major determinant of domestic fuel prices. “If our naira today was below N1,000 to a dollar, Nigerians would be buying petrol for less than N1,000 per litre. The more the naira devalues, the more our purchasing power erodes,” he stated.
He insisted that the naira should ideally trade between N800 and N900 per dollar to ease inflationary pressure.
“Our naira does not have any business being more than N1,000 to the dollar. If it falls to around N900, we will see the impact immediately on petrol prices and the cost of goods and services,” he noted.
The labour leader further criticised the slow pace of Compressed Natural Gas infrastructure development, warning that the current plan to deploy CNG buses may not deliver immediate relief.
“Today the biggest challenge with CNG is infrastructure. If you are travelling from one city to another and your vehicle runs out of CNG, where will you refill? It is like driving an electric car without charging stations,” he stated.
He urged the government to accelerate investment in CNG refuelling stations nationwide.
Refineries functional before shutdown
The TUC president also expressed concern over the country’s worsening security situation, describing the continued killings of Nigerians as unacceptable. He said the government must prioritise security before pursuing other development goals.
“It is really appalling to see Nigerians being killed like chickens. This is one death too many. A country must first be secure before it can begin to talk about development, roads, hospitals and schools,” he said.
Commending the efforts of the armed forces and other security agencies, Osifo urged the government to provide them with modern equipment and technology to combat insurgency.
“A lot of our security personnel are in forests chasing terrorists and leaving their families behind so that Nigerians can sleep. We must provide them with the right tools and technology to defeat these terrorists once and for all,” Osifo said.
On workers’ welfare, the TUC president said labour unions were pushing for measures to cushion the hardship facing Nigerians, including possible wage adjustments.
He stated that while the next national
minimum wage review is scheduled for 2027, discussions were ongoing on possible earlier interventions.
“Anything that must be done to cushion the hardship Nigerians are passing through is welcome. We are already factoring these economic realities into collective bargaining agreements in the private sector,” he noted.
END
-
Politics11 months agoGov Okpebholo moves to end Cultism *Threatens action against leading cult groups *Vows to demolish more cult houses in Edo State
-
Politics8 months agoASUU-NDU protest against FG loans, unpaid salaries,Non-Implementation of agreements …..says loans is generational slavery
-
Business & Economy8 months agoPC-NCG Issues Disclaimer on Purported Nigerian Coast Guard National Orientation Exercise In Anambra State
-
Entertainment2 years agoJubilation galore as Parishioners of CKC Kurudu celebrate their cultural heritage ….FG should exploit our Cultural heritage to unite Nigerians-Rev Fr Dim
-
General News2 years agoReps hold public hearing on FMC Ugwuaji Awkunanaw
-
Sports2 months agoBayelsa-born ex-football star’s son, Opuama donates spike shoes to Athletics Association
-
General News2 years agoCelebration galore as UDA Successfully Elected New Exco ……I will digitalize processes that will raise UDA to greater height -Comr. Okejiri
-
Law & Crime9 months agoLegal practitioner raises alarm over threat to his life by CSP Muhammed Abdulkareem
