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Buhari plunged Nigeria into huge debt – BudgIT

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Buhari

BudgIT, May 29 Inauguration, has bemoaned the outgoing President, Major General Muhammadu Buhari’s (retd.) 8-year rule, lamenting that his reign plunged the country into high debt, increasing inflation and low growth.

In a report titled ‘The Economic Legacy of the Buhari Administration’ the organization stated that the Buhari regime messed up the nation’s economy.

It said, “According to the Budget Office, between 2016 and 2022, the Buhari government raised total revenues of N26.67tn and expended N60.64tn, leaving a deficit of N33.97tn.

“The gaping hole was financed with FG domestic debt, which rose from N8.84tn as of December 2015 to N44.91tn as of June 2023, while external debt rose from $7.35bn in December 2015 to $37.2bn in June 2023.

“This excludes support provided by the Central Bank amounting to N25tn. Ultimately, President Buhari moved Nigeria’s debt profile from N42tn to N77tn. This has had attendant effects on debt servicing, which rose from N1.06tn in 2015 to N5.24tn as of 2022. In fact, under President Buhari’s administration, the debt-service-to-revenue ratio grew from 29% to 96%.”

On the country’s apex bank and its monetary policies which heightened people’s hardship, the group said; “During the administration of President Buhari, the Central Bank extended beyond its monetary policy remit, having a firm grip on fiscal policy with its outsized role.

“CBN policies increased the money supply from N18tn in 2015 to N55tn in 2023. While it provided unrestrained liquidity to the Federal Government, the apex bank abandoned its primary mandate of price stability.

“It continued to apply blunt tools by raising the Monetary Policy Rate from 12.5% in 2015 to 18% in April 2023. This did not taper the inflation rate, which has risen to 22.5%, while food inflation galloped to 24% as of April 2023.

“Food inflation has continued to rise despite over N800bn spent by the Central Bank on the Anchor Borrowers’ Program, which has been touted to have repayment challenges.”

On employment in the country, the group also said; “Unemployment rose from 10.4% in 2015 to 33.4% in 2020 under President Buhari’s watch as the clumsy exchange rate management—with a wide difference between the official and parallel market rates—made it difficult for businesses to thrive.”

“Buhari also prevaricated on the subsidy removal, which his administration spent at least N10tn to service. While Buhari’s government planned to have the subsidy removed as the price of crude rose; it failed to act and continued a wasteful venture that only required firm commitment to implement.

“While his administration wound up, it had the chance to seize another round of oil windfall with skyrocketing oil prices reaching $114 per barrel (April 2022) but with little incentive to do so, as CBN “printing presses” continued to flood the system with liquidity.

“Nigeria’s oil production slipped below one million barrels per day at a time when oil economies skyrocketed to an unprecedented fortune. The attendant effect is that the non-oil share of public revenues grew rapidly from 44.6% in 2015 to 59.4% in 2022.

“However, Nigeria’s spending was untargeted as several BudgIT analyses continued to show that the Nigerian budget performing below par, with agencies spending public funds without the mandate to do so, foreclosing any chances of fiscal consolidation.”

In other news – I have been acting for decades yet I jump on buses every day – Veteran actress cries out

Veteran Nollywood actress, Margaret Bandele Olayinka popularly known as Iya Gbonkan has cried out for help to her fans. The actress noted how she has been acting for decades yet doesn’t have a car.

She claimed that she has been jumping on buses every day to get to her destination. Learn More

Nigeria Breaking News

Bad leaders making life of Nigerians miserable – Pastor Giwa

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Adewale Giwa

The senior pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, on Sunday, lamented that the economic situation in Nigeria has gone from bad to worse under President Bola Tinubu. The clergyman noted that bad leaders were intentionally making life miserable for Nigerians.

Speaking with DAILY POST, Giwa said Buhari’s utterances that Nigerians will appreciate his administration when he’s gone is being fulfilled under Tinubu’s government. According to Giwa: “Nigerians found themselves in the hands of bad leaders having passed through the worst experience under former President Muhammadu Buhari.

“The success of a nation is determined by the kind of leaders you have. When the biblical Jeroboam became leader of Israel he led people to sin and we all know what happened.

“What Nigerians are presently going through makes me remember what Buhari said that ‘Nigerians will appreciate his government after his tenure’.

“If Buhari, the worst leader in history, could say Nigerians would appreciate his government then what should we say is currently happening in Nigeria under Tinubu? I wonder why in Nigeria, a leader will take over power and situations will get worse. Is it not better if we don’t have a nation called Nigeria or have a nation where the citizens continue to wallow in abject poverty and penury?

“For now, Tinubu’s government has fared worse than Buhari’s government because under Buhari there was nothing like subsidy removal. We all know how much a litre of petrol was during Buhari’s administration. We can now see how much it is under Tinubu, so I can’t say Tinubu’s government is better than Buhari’s government. In all fairness and coupled with the present events, the present political leaders are intentionally making the lives of Nigerians miserable.

Source: Dailypost

In other news – Police vow to tackle vandalization of public facilities in Akwa Ibom

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Police

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. Read more

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Police vow to tackle vandalization of public facilities in Akwa Ibom

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Police

The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs. The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town.

Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.The Police in Eket, Akwa Ibom, have assured that public facility vandalism would be completely tackled in the town and its environs.

The Divisional Police Officer, SP Felix Ekpoudom, stated this shortly after visiting a vandalised water fountain at Udom Emmanuel Boulevard in Atabong, Eket town. Ekpoudom said that the police became aware of the incident after the visit of Governor Umo Eno to Eket on May 3.

The DPO said that it was wrong to steal or vandalise public facilities, saying,” Those who do so are agents of underdevelopment”. We have observed that acts of vandalism are happening in some areas in Eket. We have begun our surveillance, we shall get hold of them,” he said. Ekpoudom urged residents of Eket to support the support with credible information to tackle the ugly menace.

”We need the cooperation of the community, you have to work with the police to tackle this challenge. We are committed towards tackling vandalism and other unlawful activities in the area. We shall apprehend them,” he added.

Earlier, the community Youth Leader, Mr Willie Mbong, described the issue of public facility vandalism in the area as worrisome. That water fountain is adding to the aesthetic beauty of the town. It is a bad thing to vandalise and steal some of its components.

”We shall take this issue seriously by reporting it to the appropriate authorities. Those behind this act must be unmasked.” He assured that the community would do everything possible to support the Police towards apprehending those involved in the act.

Source: Dailypost

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Court Fixes May 27 to Hear Applications on Ganduje’s Suspension

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Abdullahi Umar Ganduje

A Kano State High Court has set May 27, 2024, for the commencement of hearing in the case of the alleged suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.  The court, presided over by Justice Usman Malam Na’abba, will hear three applications: a preliminary objection, a joinder application, and an application challenging the court’s jurisdiction.

The applicants, Haladu Gwanjo and Laminu Sani Barguma, are seeking an order of interim injunction on Ganduje’s suspension from the APC.Counsel for the applicant, Ibrahim Sa’ad, requested a new date to respond to the counter affidavit filed by the respondents. Counsel for the respondents did not object to the request.

Counsel for the fourth respondent, Lydia Oyewo, informed the court that her client was not served with the court processes. Parties seeking to be joined in the case also informed the court of their position.

Justice Na’abba fixed May 27 for the hearing to allow all parties to serve their processes and respond to the applications.

Source: sunnewsonline

In other news – Military forcefully took away suspected oil bunkerers from police custody – IGP tells court

The Inspector-General of Police, IGP, has told a Federal High Court in Abuja that the military forcefully took away some suspects allegedly involved in oil bunkering from police custody.

Military

 

Counsel to the IGP, Idris Mohammed, revealed this to Justice James Omotosho when the matter was called for the alleged oil bunkerers to take their plea in a five-count criminal charge filed against them. The IGP had, in an earlier charge marked: FHC/ABJ/CR/60/2024, listed 19 alleged oil bunkerers for prosecution. Read more

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