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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

Barr George Alabh Turnah Emerged As Bayelsa PDP Chairman, Commissions New PDP Secretariat

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By David Owei,Bayelsa

It was historic and unprecedented,as the Peoples Democratic Party (PDP), Bayelsa State Chapter, held its State Congress in Yenagoa.

The congress unanimously and harmoniously adopted the leadership of Barr. George Alabh Turnah, OON, as the State Chairman of the party.While Mr. Tony Gabriel emerged as Deputy Chairman, as Hon. Ato Alfrede Ebibokaye was adopted as the State Secretary.

Other members of the State Working Committee that were affirmed included Hon. Mietokumo Opuokoni, Assistant Secretary; Hon. Biobelemoye Igoniwari, Treasurer; Hon. Abrakasa Ebiegebei, Assistant Treasurer; Hon. Erenpakaomo Eke-Siff, Financial Secretary; Hon. Amgbare Flupower, Assistant Financial Secretary; Hon. Godspower Toruokorie, Organizing Secretary; Hon. Ogbentari Okere, Assistant Organizing Secretary; Hon. Ikaebimo Mark, Publicity Secretary; Hon. Smart Gboribie, Assistant Publicity Secretary; Barr. Awudumapu Agorodi, Esq., Legal Adviser; Barr. Effort Kai, Esq., Assistant Legal Adviser; Hon. Sola Yoko Amain, Auditor; Hon. Dimaro Fidelix Enakpotari, Assistant Auditor; Hon. Nicholas Eferebo, Youth Leader; Hon. Azikwe Isau, Assistant Youth Leader; Mrs. Evelyn Bolouebi Odi, Woman Leader; and Mrs. Wolisi Kosioma, Assistant Woman Leader.

Another major highlight at the epoch making event was that the PDP in Bayelsa State also commissioned its new Party Secretariat located before Watgo Filling Station along the Express Road in Yenagoa, Bayelsa State.

Party stakeholders noted that the new party secretariat will enhance the smooth running of the party’s administrative and political activities, positioning the party for greater coordination and mobilization. They expressed optimism that the development will further strengthen the party and lead it to victory in both the national and state elections come 2027.

Stakeholders also described the congress as peaceful, free, and fair, expressing confidence that the newly elected executives will strengthen the party’s structure and further consolidate its grassroots support ahead of future political engagements.

Our correspondent who monitored the exercise reported that the atmosphere remained calm and well-coordinated, with party members displaying unity and cooperation throughout the congress.

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INC ELECTION: Governor Diri Commends Candidates, CITRE, Other Institutions

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the Chairman of PANDEF, Ambassador Godknows Igali, the Commissioner for Ijaw National Affairs, Chief Godspower Oporomor, his Information counterpart, Mrs Ebiuwou Koku-Obiyai, the Chairman of Bayelsa State Traditional Rulers and CITRE, His Royal Majesty King Bubaraye Dakolo, the Chairman, INC Electoral Committee, Retired Supreme Court Justice Francis Tabai, his vice and the Pere of Tarakiri Clan, Dr Seiyifa Koroye, among others.

By David Owei,Bayelsa

The Bayelsa State Governor, Senator Douye Diri, has commended individuals and institutions including the six presidential candidates and the Conference of Ijaw Traditional Rulers and Elders (CITRE) for their efforts towards actualising a peaceful and seamless transition of leadership in the Ijaw National Congress (INC).

He gave the commendation during a stakeholders meeting at the weekend in Government House, Yenagoa, where all the candidates gunning for the INC presidency agreed to withdraw all subsisting litigations concerning the Ijaw National Congress election.

Senator Diri, who was represented by his deputy, Dr Peter Akpe, also expressed gratitude to the Chairman of the Pan Niger Delta Forum (PANDEF), Ambassador Godknows Bolade Igali, the Chairman and members of the INC National Electoral Committee and other stakeholders who contributed to the resolution reached at the meeting.

Drawing an analogy from the scriptures, particularly First Kings Chapter 3, he likened the unanimous agreement of the candidates to withdraw all pending court cases to the decision of the true mother of the disputed baby who pleaded with King Solomon not to cut the child into two.

According to the Bayelsa helmsman, the resolution reflects the enthusiasm, love and patriotic fervour in all the presidential candidates to move Ijaw nation forward.

Speaking to newsmen shortly after the meeting, the candidates including High Chief MacDonald Igbadiwe who secured the injunction from a Port Harcourt High Court stopping the INC Elections billed for last weekend, confirmed the agreement and pledged commitment towards the peaceful emergence of the next President of the apex Ijaw socio-cultural organization.

Also speaking, the President of Ijaw National Congress, Professor Benjamin Okaba , expressed delight at the outcome of the meeting, pointing out that the resolution would enable the National Executive Council of the INC and other critical stakeholders to settle all grey areas within the 30-day window given by the convention.

He said: “Today is a culmination of several efforts being made by myself and some members of the INC Exco to ensure that the transition moves on smoothly, and we will get to the appropriate destination.

“The meeting which was convened by His Excellency, the Governor of Bayelsa State in his capacity as the Governor General of the Ijaw nation was very productive. All the six presidential candidates were in attendance and have agreed to withdraw all court cases.

‘I want to assure you that we are going to explore the 30-day window given to us by the Convention to ensure that the election holds. All appropriate organs of the INC will start work immediately, while we monitor the processes of the withdrawal.’

In attendance at the meeting were all the INC presidential candidates, the Chairman of PANDEF, Ambassador Godknows Igali, the Commissioner for Ijaw National Affairs, Chief Godspower Oporomor, his Information counterpart, Mrs Ebiuwou Koku-Obiyai, the Chairman of Bayelsa State Traditional Rulers and CITRE, His Royal Majesty King Bubaraye Dakolo, the Chairman, INC Electoral Committee, Retired Supreme Court Justice Francis Tabai, his vice and the Pere of Tarakiri Clan, Dr Seiyifa Koroye, among others.

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Double Standards in Nigerian Politics? The Controversy Over Senator Abaribe’s Defection.

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Senator Enyinnaya Abaribe

By Amb. Anderson Osiebe.

Nigeria’s political landscape has once again been stirred by controversy following the criticism trailing the recent defection of Enyinnaya Abaribe to another political party outside the ruling All Progressives Congress (APC).

The backlash has raised fundamental questions about political tolerance, democratic fairness, and the apparent double standards in the reactions of the ruling party when lawmakers switch political allegiances.

For years, Nigeria’s political arena has witnessed a steady flow of opposition lawmakers defecting to the APC. In many cases, these defections were celebrated by the ruling party, welcomed with fanfare, and presented as proof of the APC’s growing political dominance.

Governors, senators, members of the House of Representatives, and even entire political structures have crossed over to the ruling party with little resistance.
However, the reaction to Senator Abaribe’s defection appears to tell a different story.

Senator Abaribe, a prominent figure known for his outspoken positions in the National Assembly, recently chose to align himself with another political platform (ADC) outside the APC. Rather than being treated as a routine democratic choice, his move has reportedly attracted criticism and discomfort from some voices within the ruling party.

Observers say this reaction highlights a troubling inconsistency in Nigeria’s political culture.

In a democratic system, freedom of association remains a core constitutional right. Political actors are expected to freely join or leave parties based on ideological alignment, political strategy, or the interests of their constituents.

Yet, critics argue that in Nigeria, defections are often celebrated only when they strengthen the ruling party but condemned when they weaken it.

Analysts note that the APC has historically benefited from high-profile defections since coming to power in 2015. Lawmakers from opposition parties have frequently moved to the ruling party without facing serious institutional or moral backlash from APC leaders.
These movements were often framed as evidence that the ruling party offered a better platform for governance and national development.

However, the criticism and attacks directed at Abaribe’s departure raises concerns about whether political actors are genuinely committed to democratic principles or merely supportive of defections when they serve their political advantage.

Political commentators say democracy must be consistent. If defections are considered legitimate when opposition lawmakers join the ruling party, the same principle should apply when a lawmaker decides to move in the opposite direction.

Nigeria’s constitution recognizes the right of politicians to associate freely with political parties. While provisions exist concerning defection, particularly in relation to legislative seats, these clauses are often interpreted differently depending on the political interests involved.

Many Nigerians therefore view the controversy around Abaribe’s move as more political than constitutional.

Supporters of the senator argue that his decision reflects the independence that elected representatives should exercise in a democratic system. They insist that lawmakers should not be intimidated or pressured into remaining in political parties that no longer align with their convictions or the interests of their constituents.

Beyond the individual case of Senator Abaribe, the issue highlights a deeper challenge within Nigeria’s political system: the culture of opportunistic politics.
Frequent defections, often without clear ideological differences between parties, have weakened the credibility of Nigeria’s multiparty democracy. Critics say political parties must move beyond mere platforms for electoral convenience and develop clear policy identities that guide political affiliation.

For many Nigerians, the controversy surrounding Abaribe’s defection ultimately exposes the hypocrisy that sometimes defines political reactions in the country.

As Nigeria approaches the next electoral cycle, the handling of political defections may serve as a test of the country’s democratic maturity. True democratic culture requires tolerance, consistency, and respect for political freedoms, regardless of who benefits from them.

If defections are welcomed when they strengthen the ruling party but condemned when they empower alternative platforms, observers warn that such inconsistency could undermine public trust in the political system.

For now, Senator Abaribe’s political move has once again placed the spotlight on the delicate balance between political strategy and democratic principle in Nigeria’s evolving democracy.

Amb. Anderson Osiebe, Executive Director, HallowMace Foundation, Public Policy Expert and an Administrator writes from Abuja – Nigeria.

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