Politics
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
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
SDP Moves To Consolidate Reforms Ahead Of 2027 Elections
By Our Correspondent
The Social Democratic Party, SDP, has expressed commitment to party unity, internal reforms and preparations for the 2027 general election after its second National Executive Committee (NEC) meeting in Abuja Thursday.
National Chairman, Professor Sadiq Gombe, said the party had made significant progress within four months by holding two NEC meetings, conducting its National Convention, electing Prince Adewole Adebayo as its presidential candidate, conducting primary elections and strengthening its structures across the country.
He praised INEC for its cooperation and said the party remained committed to the rule of law, insisting the SDP had no faction and that disciplinary actions against former officials followed due process.
Professor Gombe urged members to remain united and strengthen grassroots mobilisation ahead of the 2027 elections.
In his remarks, the National Secretary of the party, Dr. Olu Agunloye, said the party had reviewed its structures, updated its constitution, improved its membership register and introduced new administrative procedures to strengthen accountability.
He added that the next phase of reforms would focus on building strong polling unit structures and training polling agents ahead of future elections.
Also speaking, Vice National Chairman South of the party, Senator Ugochukwu Uba urged members to remain united, saying the party’s manifesto focuses on the welfare and security of Nigerians.
In his goodwill message, Mr. Solomon Akwashiki also expressed confidence that the SDP would win more elective positions in 2027.
Chairman of the SDP State Chairmen Forum, Femi Olaniyi, urged party leaders to strengthen structures at the state, local government and ward levels, while encouraging voter registration, PVC collection and membership drives.
In her vote of thanks, the National Woman Leader, Saadatu Abdullahi called for greater participation of women in the party’s leadership and decision-making, noting that she had previously proposed the inclusion of state and zonal women leaders in the National Executive Committee.
Politics
Senate Approves Lafarge Sale to Huaxin, Says No Security Risk
By Our Correspondent
The Senate, on Thursday at plenary approved the sale of Lafarge Cement Plc to Hainan Huaxin Pan-African Investment Company Plc, saying the transaction poses no immediate national security risk to Nigeria.
The approval followed the adoption of the report of the Senate Ad hoc Committee on the sale of Lafarge, presented by Chairman and Senate Minority Leader, Sen. Abba Moro (Benue South).
Moro said the committee found no security threat in the deal and urged all relevant regulatory agencies to maintain strict oversight to ensure compliance with Nigerian laws.
The Committee recommended that the parties must comply with due process and “all Nigerian extant laws on the subject” in finalising the transaction.
Recall that the Senate Committee on Capital Market had probed the sale in December 2025 over concerns about Lafarge’s ownership structure and Nigeria’s stake in the company.
An adhoc committee chaired by Moro was later set up to conduct a deeper review of the process.
According to the report approved on Thursday, much of the controversy surrounding the sale arose from a misconception that Lafarge was wholly owned by Nigeria.
The committee clarified that the transaction is a transfer from one foreign ownership to another, as Lafarge itself is a foreign firm selling to Huaxin.
“As such, this transaction will not affect the investment of Nigerian public investors in the company,” the report stated.
It added that the integration of foreign investment through the deal was “an economic necessity and strategic initiative that aligns with national development goals.”
The committee also confirmed that key regulatory bodies including the Securities and Exchange Commission, SEC, and the Corporate Affairs Commission, CAC, had reviewed the transaction for compliance.
It further disclosed that the 16.19 per cent shares held by Nigerians in Lafarge remained intact despite the change in ownership.
The report noted that concerns over foreign dominance in the cement sector were unfounded, as Lafarge currently holds only about 18 per cent of the market share.
Deputy Senate President, Sen. Jibrin Barau, who presided, commended the committee for a “comprehensive and well-articulated” report that clarified all issues.
“The information is well put together and well understood. This matter has now been put to rest,” Barau said
Politics
City Boy Movement Poised to Ensure Maximum Victory for Tinubu in 2027 – Akpabio
By Our Correspondent
The President of the Senate, Godswill Akpabio has said that the City Boy Movement is posied to ensure maximum victory for the re-election of President Bola Ahmed Tinubu in 2027.
Addressing a delegation of the City Boy Movement during a courtesy visit to his office on Wednesday, Akpabio commended the commitment and patriotism exhibited by the group whose primary mission is to ensure Tinubu is back in office for a second tenure as President in 2027.
Akpabio remarked that “The City Boy Movement is like a wind blowing across the nation. You may not see it but you can feel it. Every political party in Nigeria is already feeling the impact of the City Boy Movement.
“Never again shall we have a situation in any polling unit in Nigeria where Mr President will not have an agent because we have the City Boy Movement.
“In the last election, if your Movement had existed, many of our votes that were not counted in many polling units would have been counted.
“I want you to have it in mind that you have come up at the right time and l do know that you are all poised to ensure maximum victory come 2027.
“Know that while you are doing all these and you are going round the country mobilising, sensitising the populace, the voters, educating them, other political parties are sleeping. They are not doing the same.
“But when the victory of President Bola Ahmed Tinubu will be announced, you will hear people saying it is rigged. That they did this, they did that. Ignore all those things and remain focused.
“This is now your turn to shape your future. This is your turn to take the lead on how Nigeria should go. I know that as you campaign for the President, you are also learning and acquiring knowledge on how to mobilise and campaign for yourselves in future.
“So what l will say is that, we are with you. The Senate of the the Federal Republic of Nigeria is pleased with the youths of this country who have decided to tow the right path.
“We are mindful of the fact that some youths, as a result of cultism and drug abuse, have fallen aside and are misguided. We are mindful of that.
“But when they say “build the youths,” because they are the future of the nation, l also want to urge “maintain the elders,” because they are the people today that God has given wisdom to.”
Quoting from a Philosopher, Akpabio who is also the Grand Patron of the Movement offered some advice to members of the group and to the Nigerian youths in general: “It is not a tragedy when a nonentity whimpers through life and ends up a failure in the grave. But it is a tragedy when a potentially achieving young man or woman, out of a flaw in his or her character becomes a failure and ends up in the grave.
“Where you are now, you are privileged to work for the future of your country. You are privileged to tow the right path that has nothing to do with cultism or terrorism.
“You are privileged to chart the path of the next administration. You are also privileged to belong to the incoming government of Asiwaju Bola Ahmed Tinubu in 2027. It will be a tragedy for any of you to derail. We assure you that here we are 100 percent with you.”
Earlier, the Director-General of the City Boy Movement, Francis Shoga said the visit was an opportunity to strengthen collaboration between lawmakers and the Movement.
“We seek your continued guidance and support as we expand our programmes across the country, deepen civic engagement among the young Nigerians and contribute meaningfully to national development,” Francis said.
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