By George Mgbeleke

The African Democratic Congress (ADC) has accused the Tinubu administration of running a “Ponzi economy” following the Federal Government’s move to seek another fresh $1.25 billion World Bank loan, despite Nigeria’s rising debt profile of about N159.28 trillion.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the government was taking new loans to service old debts while Nigerians continue to suffer rising food prices, unemployment, insecurity, business closures, and worsening inflation.

The full statement read:

The African Democratic Congress (ADC) is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 billion World Bank loan, coming barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.
At this point, Nigerians must ask a simple question: if this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?

Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed. Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under the weight of inflation and poor economic conditions.

This is why the ADC says the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden.

It is noteworthy that President Bola Tinubu himself has declared that Nigeria will spend about $11.6 billion, over N15 trillion, on debt servicing alone in 2026. In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into paying creditors and servicing old loans.

Even more disturbing is the speed and scale of the borrowing. Since assuming office in May 2023, the Tinubu administration has pursued or secured multiple World Bank facilities and external loans running into several billions of dollars.

Each time they want to borrow money, this government invents a new acronym. From ARMOR to RESET, HOPE, or SPIN, these are merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians.

The government removed fuel subsidy, devalued the Naira, increased electricity tariffs, and imposed painful economic policies on citizens, promising that temporary sacrifice would lead to long-term recovery. Some of the loans are ostensibly obtained to cushion the impacts of these harsh policies. Instead, Nigerians have continued to suffer one of the worst cost-of-living crises in recent history, while the government continues to pile on more debts.

A serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways that citizens can actually feel. But after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of the debt being accumulated in their name.

The ADC is equally concerned that the National Assembly, which should serve as checks on executive excesses, has been reduced to a mere rubber stamp, approving massive borrowing requests with little resistance or serious public scrutiny, even as debt servicing continues to consume an increasingly unsustainable portion of government revenue.

Nigeria cannot continue mortgaging the future of unborn generations simply to keep the present administration politically afloat. At some point, somebody will pay for all this borrowing, and sadly, ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures, and a collapsing standard of living.

What Nigeria needs right now is the ADC’s leadership, which is focused on production, security, industrialization, agriculture, stable electricity, support for local businesses, and real job creation.

By George Mgbeleke

Governor of Rivers State, Sir Siminalayi Fubara on Wednesday, broke his silence over widespread speculations that he had defected from the All Progressives Congress (APC) and joined the Nigeria Democratic Congress (NDC) in the ongoing realignment of political forces ahead of the 2027 General Elections..

In a statement signed by his Chief Press Secretary, Onwuka Nzeshi,Governor Fubara made the clarification during an inspection tour of the newly constructed General Hospital and the fully remodelled Neuropsychiatric Hospital, both in Rumuigbo, Obiakpor Local Government Area of Rivers State.

Fubara said that contrary to the erroneous reports in a section of the media in the last couple of days, suggesting that he had joined another political party, he remained a member of the ruling party and will continue to work for the overall interest of the party.

“I know that there have been a lot of drama in the media; one story or another. I am a member of the All Progressives Congress (APC) and nothing has changed. People should stop using whatever situation that they pick up from the social media or their own interpretation of any situation to present me wrongly.

“I’ve not gone anywhere; I’m still a member of the APC and I remain a member. Whatever happens, what is important is supporting the overall interest of the party,” he said.

Governor Fubara was conducted round the facilities by the Director of Medical Services in the Rivers State Ministry of Health, Dr. Vincent Wachukwu, who led him through the hospital wards, a conference hall, ICT centre, students hostel, staff quarters, and other critical sections.

He expressed delight at the completion of the two projects which according to him, were conceived to address critical needs in the health sector in the state. He recalled that the while the rehabilitation of the Psychiatric Hospital became necessary at some point, the administration also discovered that the area had no General Hospital to take care of the basic health needs of the people.

“This very project, if you could remember, when we came in we had an issue that required our sudden visit and it had to do with mental health. So when we came here for the inspection of the Rehabilitation Centre that the board was trying to put together, we found out that we had more issues than even the mental health issue.

“We didn’t have a General Hospital to serve the people within this area. The closest medical center that they had here was the University of Port Harcourt Teaching Hospital ( UPTH) which is very far from here. We felt that with the space we have in this compound, it will be proper for us to also have a General Hospital situated in this particular facility to take care of the neighboring communities up to Rumuola, Rumuolumeni and all the surrounding areas.
“Today, to the glory of God, we can see that the project is already completed. It is not 95 percent complete, it is a hundred percent completed.

“We’re happy because, it is a promise made and a promise fulfilled. Like I’ll always say, what is important is doing what will touch the life of our people. Our people should be first and that is how important this project is for us in this administration,” he said.

By David Owei,Bayelsa

The chairman of Bayelsa state Traditional Rulers Council, who also doubles as the chairman of the National Conference of Ijaw Traditional Rulers and Elders ( N-CITRE ) His Royal Majesty King Bubaraye Dakolo ,the Ibenanowei of Ekpetiama kingdom,Agada iv, says he still that the N-CITRE still remains the highest organ that superintendents over the Ijaw National Congress and other persons or group that flout it’s order in inaugurating any body and as National President of INC,is an exercise in futility as the purported April 13th 2026 election lacked legitimacy and had constitutional lacuna,urging the general public to discountence it.

He stated this while briefing the the media on the current crisis that is plaguing the ljaw National Congress,INC,stating that the N-CITRE and other stakeholders across the ljaw Nation warned against the unconstitutional and illegal attempt to swear in an unconstitutional and illegitimate leadership of INC arising from the highly disputed April 13th,2026 electoral process.
He urged all to maintain the status quo.
He he still insist on
“The April 10, 2026 N-CITRE resolution in line with Article 14, D, 2 (e), (f), (g) of the INC 2019
Constitution, suspending all electoral activities, was clear and officially known, yet the president and the
electoral committee proceeded in defiance of that directive. The president and N-ELECO also ignored
interventions by the Governor of Bayelsa State, Senator Douye Diri and other well-meaning Ijaw elders,
civil society organizations, and interest groups, advising that the elections be suspended pending the
resolution of outstanding disputes and constitutional concerns.

He therefore noted with utter dismay the attempts to legitimize an inauguration ceremony by invoking the
names of respected public officials like the Governor of Bayelsa state without authorization.
This act is
suggestive of a desperate attempt by Prof Okaba and his co-conspirators to extend his tenure through the
back door, all to cover his many misdeeds.

The N-CITRE also notes with concern that most of the perpetrators of
this ignoble attempt to factionalize the INC emanated from the western zone, which is the zone of Prof.
Okaba. The consequences of such actions should be clear to all.
We believe that legitimacy cannot be manufactured through disputed procedures, factional sponsorship,
or ceremonial swearings-in conducted in violation of constitutional order and judicial authority. Any
leadership emerging from the disputed process would lack the moral, constitutional, and representative
legitimacy required to speak on behalf of the Ijaw people” he said .

He further explained that in history of INC,the leadership was always sworn in Bayelsa state by N-CITRE which he heads and by midnight today the tenure of prof Benjamin Okaba has elapsed and the constitution states that the chairman of N-CITRE takes responsibilities of running the organization until an eleco was put in place to conduct an election to swear in a National executive that will run the fore most Ijaw socio – political organization that will
restore INC to constitutional order and prevent it from being
annihilated.

The consequences of this current situation could lead to the formation of an alternative body
to serve the interest of the Ijaw people.
“Also there are court orders baring anybody from swearing anybody”
” Nobody in CITRE ,or from ELECO should swear in anybody .And that sail through ,it will portend a lot of problems for the Ijaw nation. INC is not a lawless entity”