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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.
Law & Crime
Ibrahim Files ₦50 Billion Defamation Suit Against Punch, Columnist Over UN Appointment Critique
A major legal battle is unfolding in Nigeria’s media and political landscape after Senator Jimoh Ibrahim filed a ₦50 billion defamation suit against Punch Newspapers and veteran columnist Sonala Olumhense over a sharply critical opinion article questioning his suitability for diplomatic office. The lawsuit follows the publication on March 15, 2026 of Olumhense’s column titled “Jimoh Ibrahim, in broad daylight,” which examined the senator’s record shortly after his appointment as Nigeria’s Permanent Representative to the United Nations by President Bola Ahmed Tinubu.
The column, written in Olumhense’s characteristic accountability style, revisited a series of controversies surrounding Ibrahim’s business career, arguing that such matters were of legitimate public interest given the international scrutiny attached to Nigeria’s UN representation. Among the issues highlighted were the acquisition and eventual collapse of ventures such as NICON Airways and Air Nigeria, with references to longstanding allegations that employees of the former were left without salaries and pensions for years despite court awards. The article also mentioned disputes linked to NICON Insurance and raised questions about Ibrahim’s broader financial dealings.
Olumhense’s piece further referenced regulatory and financial controversies that have trailed the senator over the years, including the 2020 seizure of multiple properties by the Asset Management Corporation of Nigeria over a reported ₦69.4 billion debt. It also cited past investigations by agencies such as the Economic and Financial Crimes Commission and the Federal Inland Revenue Service, including allegations relating to tax obligations and documentation issues. The columnist framed the discussion as a necessary review of publicly documented matters, arguing that diplomats posted to the United Nations inevitably face scrutiny from international media and policy observers.
However, Ibrahim’s legal team, led by prominent advocate Adeniyi Akintola, a Senior Advocate of Nigeria, has strongly rejected the article’s characterisation of the senator’s record. According to the lawyers, the column contains what they describe as deliberate distortions of court rulings and a misleading presentation of legal disputes that the senator claims to have successfully defended in court. They point in particular to Supreme Court judgments and a high-profile case involving Union Bank of Nigeria, where Ibrahim has previously stated that the courts awarded him a judgment exceeding ₦400 billion.
The legal action, which is expected to be formally filed beginning March 16, seeks ₦50 billion in damages for reputational harm and what Ibrahim’s lawyers describe as a coordinated smear campaign intended to undermine his credibility as a public official. Early reports of the impending suit were circulated by regional platform Ondo Events, though major national outlets had yet to provide extensive coverage at the time the news began spreading. As of Monday, Punch had not issued an official response to the legal threat.
The dispute places at the centre a familiar tension in Nigeria’s public life: the balance between the right of public officials to defend their reputation and the media’s role in scrutinising those who hold or seek positions of national representation. With Ibrahim preparing to take up a highly visible diplomatic role, the outcome of the case could become an important test of the boundaries between defamation law and press freedom in Nigeria’s evolving democratic landscape.
©️The Insight Lens Project.
Uncategorized
National Security key to Credibility Polls -INEC Boss tells Alumni
By George Mgbeleke
The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, SAN, has underscored the critical link between credible elections and national security, describing peaceful and transparent elections as the foundation for Nigeria’s stability and democratic consolidation.
Prof. Amupitan made the assertion on Monday, at the Commission’s Headquarters in Abuja while receiving a delegation of the Alumni Association of the National Institute for Security Studies (ANNISS), led by its President, Barr. Mike Ejiofor, FSI.

INEC Chairman Prof Joash Amupitan and members of his Alumni Association
The visit was in preparation for the Association’s Second Annual Lecture themed “Credible Elections and National Security in Nigeria.”
Welcoming the delegation, the INEC Chairman described the theme as timely and significant, noting that the integrity of elections has direct implications for national peace and security.
“Credible elections are the bedrock of our democracy and their integrity directly impacts on our national security,” he said. “For us in INEC, a free, fair and credible election cannot happen if it is not peaceful. It is therefore imperative that security agencies, policy makers and stakeholders work in harmony to uphold transparency, fairness and security during every electoral cycle.”
He commended ANNISS for its role in strengthening Nigeria’s security architecture through the training of senior officers across the armed forces, intelligence and regulatory agencies.
“As Nigeria continues to deepen its democratic processes, ensuring credible elections remains our foremost priority,” Prof. Amupitan stated. “We recognize that a secure environment is foundational for the success of our electoral processes and ultimately for Nigeria’s progress.”
The INEC Chairman also reaffirmed the Commission’s commitment to collaboration with security stakeholders, stressing that inter-agency synergy remains indispensable to the successful conduct of elections.
“INEC remains committed to conducting free, fair and credible elections, leveraging innovative approaches and strengthening collective collaborations,” he assured.
Earlier in his remarks, ANNISS President, Barr. Mike Ejiofor, emphasized the importance of closer institutional engagement between the electoral body and security professionals, particularly as preparations gradually gather momentum towards the 2027 General Election.
“The course at the Institute is designed for top management staff and addresses critical issues, including the security of the electoral process,” he said. “Given what is expected of INEC as we approach 2027, the Commission should not be left out of such strategic engagements.”
Barr. Ejiofor congratulated the INEC Chairman on his appointment, describing the responsibility of overseeing elections in a country of over 200 million people as a weighty national assignment.
“No matter what we do, there may be hitches,” he noted. “But we pray for a seamless process in 2027. That is why this conversation on credible elections and national security is essential.”
He disclosed that the forthcoming Annual Lecture will convene security experts, civil society actors and electoral stakeholders to explore practical measures for strengthening electoral integrity. He further announced that a former Resident Electoral Commissioner, Mike Igini, will serve as Guest Speaker at the event.
The meeting reaffirmed the shared commitment of both institutions to sustained dialogue and cooperation in safeguarding Nigeria’s democracy through credible and secure elections.
Uncategorized
Mothering Sunday : Anglican Bishop, wife counsel, fed Onitsha inmates…scores receive sacrament of confirmation
By Our Correspondent
InmatImates of the Onitsha Correctional Center, Anambra State, used the occasion of Mothers Day celebration on Sunday to Jubilate over the presence of the Anglican
Bishop on the Niger, Rt. Rev. Dr. Owen Nwokolo and the Women Ministry of the diocese, led by his wife, Dr. Elsie Nwokolo, to celebrate the Mothering Sunday with them in the spirit of motherhood.
Shortly after the special mass held in their honour, the inmates were counseled by the Bishop and wife, feted with 30 coolers of cooked rice, one cow, and presented with copies of Holy Bible,15 admitted into Anglican Youth Fellowship, even as 19 received sacrament of confirmation.and Mrs Nwokolo empowered them with cash.
The Bishop, his wife, several ministers of the diocese and over 100 parishioners, had before 9 am arrived the centre and solemnly processed for a two-and-half hour eventful service.
In his 30-minute homily during the service, the bishop had, while dwelling on “The dangers of ignoring wise counsel”, stressed the need for one to always be properly guided in life.
Making copious reference to the legendary Julius Caesar and the Ides of Match episode, Nwokolo remarked that the Sunday, March 15, 2026 was a good reminder to the inmates of the danger of ignoring good counsels.
The bishop said that many people, including the youth, still made the mistake of Caesar by discountenancing quality advice of their parents and elders.
Admonishing the youth to always “beware of Ideas of March”, he urged them to learn the habit of listening to their mothers’ advice, assuring them that their mothers would not receive them.
“You need somebody to guide you. If you don’t receive quality advice, you will fall, and failing is not a palatable experience “, he told
Nigerian youth.
Bishop Nwokolo however appealed to mothers not to give their children wrong counsel, but to instead constantly pray for them.
He encouraged inmates of the correction center to see their present condition as a transformative phase and not as the end of their lives, praying God for their soon regain of freedom.
In a brief chat shortly after the service, the Chaplain of the Centre, Ven John Nkwoemezie, expressed joy for the year’s outing saying that the 2026 Episcopal Visit was a big success.
According to him, the candidates for both the AYF and the confirmation performed extremely well in catechism and scripture reading, adding that while 15 boys were received into the AYF, 19 received the sacrament of confirmation, in the ratio of 15 males and 4, females.
The chaplain commended Bishop Nwokolo and his wife for the parental care and invaluable attention which he said the chaplaincy regularly received from them.
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