Connect with us

Nigeria Breaking News

Buhari plunged Nigeria into huge debt – BudgIT




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

Lagos govt denies alleged plan to lure communities for petrol project




The Lagos State Ministry of Physical Planning and Urban Development has debunked reports claiming the ministry is enticing residents of four communities in Ketu to accept the building of a petrol station in their area. The Deputy Director, Public Affairs of the Ministry, Mr Mukaila Sanusi, said this in a statement on Monday in Lagos.

Sanusi, who named the four communities as Demurin, Oba Nle- Aro, Doyin Omololu, and Irawo Osan, said the allegation was false, biased and unfounded.He said, “Contrary to the insinuation of bias by a section of the media, the Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, has disclosed that the stakeholders meeting at Demurin, Oba Nle- Aro, Doyin Omololu, and Irawo Osan community was part of the routine of treating such technical proposals to ensure fairness to all sides.

“Advocacy by proponents for supposedly non-compatible proposals is a welcome development in town planning which, once received by the ministry, must be validated with the host community through dialogue.

“Advocacy has been made to the ministry by the proponents of the project on the basis that Demuren and the adjoining roads are axial roads, serving the Lagos Ikorodu road, with appreciable vehicular coverage.’’

Sanusi explained that the meeting with the community aligned with the Lagos State Urban and Regional Planning and Development Law 2019 (as amended).

He further highlighted that the meeting was consistent with the Lagos State Government’s established approach of involving the public in decision-making, particularly regarding physical planning and governance in general.

He said that such open discussions would help to consider different perspectives and reach the best decision for the state and its residents.

Sanusi added that such dialogues had led to approvals or rejections of various facilities such as markets, cemeteries and petrol stations, among others.

He pledged the ministry’s commitment to fair and transparent procedures, including community involvement, in making decisions related to urban development projects

Source: Dailypost

In other news – Nigeria Customs investigates officer accused of extortion

The Comptroller, Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘B’ Kaduna, Mr Dalha Wada-Chedi has handed over the officer alleged to have extorted N500,000.00 from a car buyer, Muhammad Ahmad, to the Customs Police Unit.

Nigeria Customs

The suspected officer, who was alleged to have committed the offence along Mokwa-Jebba Road in Niger, was on Monday handed over to the Assistant Provost Marshal (APM) of the unit in Kaduna. Read more

Continue Reading

Nigeria Breaking News

Nigeria Customs investigates officer accused of extortion



Nigeria Customs

The Comptroller, Nigeria Customs Service (NCS), Federal Operations Unit, Zone ‘B’ Kaduna, Mr Dalha Wada-Chedi has handed over the officer alleged to have extorted N500,000.00 from a car buyer, Muhammad Ahmad, to the Customs Police Unit.

The suspected officer, who was alleged to have committed the offence along Mokwa-Jebba Road in Niger, was on Monday handed over to the Assistant Provost Marshal (APM) of the unit in Kaduna.The comptroller, while addressing newsmen in the premises of the unit confirmed that the suspected officer involved in this unwholesome act was an operative of the unit deployed to Mokwa Patrol Team.Wada-Chedi said that the unfortunate incident occurred in the early hours of Thursday as reported by the complainant.

The comptroller said, “Upon hearing the alleged unfortunate incident, I directed the Police Unit in the Zone that is responsible for enforcing discipline in the Service to apprehend the Officer and move him to the Unit’s Headquarters here in Kaduna for further interrogation. Also, the complainant was invited to assist in the investigation as well.

“The Comptroller General of Customs, Bashir Adeniyi and his management team frowned at such unruly behavior as such the disciplinary committee will be diligent and firm.

“In fact, the service is very pragmatic and practical in disciplinary cases and this one will not be an exception.” According to Wada-Chedi, the suspected officer was handed over to the APM Customs Police Unit for further investigation.

Source: vanguardngr

In other news – This is why Women rejected me due to my looks – Stephen Alajemba speaks out

Veteran Nollywood actor Stephen Alajemba, aka Uwaezuoke, has revealed that he experienced rejection from women and people in general while growing up due to his physical and facial appearances. The thespian said his mother told him that as a baby, people refused to carry him because he was not looking attractive.


Stephen Alajemba

He disclosed this in a recent interview with popular YouTuber, Yan Kontent Factory.Alajemba said he promised his mother that he was going to make her proud because she told him that he did not “earn anything good” for her as a child. Read more

Continue Reading

Nigeria Breaking News

Army arrests suspected kidnapper in Edo




Troops have apprehended an alleged kidnapper in Iguomor, a community situated in Ikpoba Okha Local Government Area of Edo State, and retrieved vehicles and other items in the process.

The operation was carried out by troops of 4 Brigade and personnel of Operation Wabaizigan, who arrested a suspected kidnapper and gun runner, Ekenaye Festus, along with four of his accomplices.

The Nigerian Army made this known in a statement issued by the spokesperson of 4 Brigade, Chinonso Polycarp Oteh, on its X handle on Monday.Part of the statement reads: “Consequent upon consistent support of the good people of Edo State through the provision of timely and actionable intelligence to Nigerian Army, troops of Headquarters 4 Brigade, personnel of Operation Wabaizigan, acting on credible intelligence, successfully arrested a suspected kidnapper and gun runner, Ekenaye Festus alongside four of his collaborators in the general area of Agbor Road, in Iguomor community, Ikpoba Okha Local Government Area of Edo State.

“The suspects who were arrested in the early hours of 25 February 2024 have been terrorising the Obagie community and were suspected to have been carrying out kidnappings and other criminal activities within the state.

“Those arrested alongside Ekenaye Festus are Isaac Oghosa, Ameh Innocent, Odion Okpako, and Ajayi Ayoola.

Source: pmnewsnigeria


Continue Reading