Politics
As FG Borrowing Exceeds N22trn, Impact on Economy Negligible
The seeming voracious appetite for borrowing by the Federal Government (FG), undertaken in the past 5 years has continued to remain a cause for concern to many, including financial experts, Nigerians and analysts.
As at the end of 2019, the FG had racked up about $67 billion – some N22 trillion – in debt, according to data from the Debt Management Office or (DMO).
With about 35 percent of the loans taken externally and still counting, experts have noted that the funds sourced as loans intended to be injected in capital projects are often spent on recurrent expenditure where there is high presence of corruption and is mainly the reason for little or no results with little impact whatsoever felt by Nigerians.
According to BudgIT 2019 report, Nigeria’s debt service to revenue ratio is has hit over 60 per cent relative to 22.5 per cent threshold advised by the World Bank; which means for every N100 earned by the government, N60 is used for debt servicing, leaving the government with N40.
Reports from the DMO show that, Nigeria’s debt, at the end of March 2015, stood at N12 trillion.
At the end of June 2015, this debt had risen slightly to N12.1 trillion.
By the end of June 2018, total public debt had almost doubled to N22.4 trillion. The debt office said the increase comprised of a $2.5 billion Eurobond issued by the government in February 2018.
This took Nigeria’s total debt to US$73.2 billion, using the Central Bank of Nigeria’s 2018 exchange rate of N305.
In any case, the DMO justified the borrowings in its 2017 report on Nigeria’s national debt, stating that the country’s total public debt stock is relatively low vis-à-vis the country’s GDP, the report also added that increased funding requirements needed to sustain economic recovery, address the huge infrastructural deficit, as well as meet budget financing requirements, would entail enormous funding resources, including more borrowing.
The worry about FG borrowing analysts have further argued is largely about transparency and not that borrowing is bad.
“If you take a loan based on infrastructural gap, the people should be able to see and feel the impact of the loan and see the gradual and consistent close in the infrastructural gap,” said Joe Femi Dagunro, Ex -President, Nigerian-German Business Group.
He explained: “If our country’s debt service to revenue ratio, which is about 60 per cent and our growth rate, is about two per cent, there is a good reason for concern. I want the government to focus on some key areas of infrastructural development such as electricity, health, agriculture, road construction, power and maintenance.”
The ratio is forecast to rise to 75 percent.
Dagunro called on the FG to be transparent about its borrowing and explain full details of the loans and what they have been used for.
Prof Olufemi Saibu of the economics department at the University of Lagos focuses on development macroeconomics and public finance.
“The debt profile is high and now getting to the red line” Saibu said. “The problem is that the debt cannot continue to increase; there must be a check on it. And the question is, what are they using the debt for? The quality of projects, productivity and impact of the projects are what matters.”
Former Deputy Governor, Central Bank of Nigeria, Obadiah Mailafia also commented on the country’s debt profile, during an interview on channels, saying there is nothing wrong with borrowing but the purpose must be well spelt out to achieve a well-defined objective.
“From 2014 at N11trillion to N22.4 trillion in 2018, what we have is a 100% jump. If you recall in 2005, when we settled the Paris club debt, our total debt stock was about $36 billion and today we have double that figure already. That worries me greatly,” Mailafia said.
Chairman, Chartered Institute of Bankers of Nigeria, Abuja chapter, Prof. Uche Uwaleke said the Federal Government’s strategy of increasingly resorting to external borrowing to fund budget deficit finds explanation in the increasing cost of servicing domestic debt.
This disposition, he added accounts for the growing quantum of foreign debts contracted on commercial terms in recent times with much emphasis on tapping the Eurobond markets.
“Nevertheless, the preponderance of fragilities in the Nigerian economy warrant a cautious approach to new external borrowing – one that is shy of non-concessional loans contracted purely on commercial terms such as Eurobonds. Indeed, the country can only hope that there are no more currency shocks in the near future,” Uwaleke said.
Politics
Third Term Resumption: Ajadi Launches Back-to-School Support for 200 Pupils in Ibadan
Third Term Resumption: Ajadi Launches Back-to-School Support for 200 Pupils in Ibadan
A leading governorship aspirant under the Peoples Democratic Party (PDP) in Oyo State, Olufemi Ajadi Oguntoyinbo, has reaffirmed his commitment to strengthening the education sector as part of efforts to build a better future for the next generation.
Speaking at a press briefing on Sunday, Ajadi said his administration, if elected in 2027, would focus on harnessing grassroots talents while providing support for vulnerable and underprivileged children.
He announced plans to launch a “Back-to-School Initiative” on Tuesday, April 28, 2026, across the seven geopolitical zones of the state, in commemoration of the 2025/2026 third term resumption.
According to him, the programme aims to support over 200 vulnerable pupils with school uniforms, socks, sandals, and other educational materials.
He noted that the initiative would complement ongoing efforts by the administration of Seyi Makinde in addressing the challenge of out-of-school children.
The initiative, he added, is being implemented in partnership with the Catch Them Young Campaign Initiative to ensure that support reaches pupils in government-owned primary schools across the state.
In Ibadan, the first phase of the programme will cover selected schools, including Ode Aje Primary School, Kumapayi Primary School, Olodo; IDC Primary School, Odo-Ona; L. A Special School, Gate; and St. Luke’s Demonstration Basic School, Molete.
Ajadi further disclosed that the initiative would be extended to other zones of the state in the coming weeks.
Politics
Zamfara APC Stakeholders Unanimously Endorse Tinubu, Lawal for Second Term
Zamfara APC Stakeholders Unanimously Endorse Tinubu, Lawal for Second Term
Stakeholders of the All-Progressives Congress (APC) in Zamfara State have thrown their full weight behind President Bola Ahmed Tinubu and Governor Dauda Lawal for a second term in the 2027 general elections.
The endorsement came on Saturday, April 25, 2026, during a high-level stakeholders’ meeting convened at the Government House in Gusau. The gathering drew all four former governors of the state, elected officials, elders, and representatives of youth and women from all 14 local government areas.
Speaking at the event, Governor Lawal described the meeting as timely, noting that political activities ahead of the 2027 elections are about to intensify.
He explained that his decision to join the APC was not merely political but a strategic move to reposition Zamfara, strengthen collaboration with the federal government, and advance the Renewed Hope Agenda. He thanked stakeholders for their unwavering support throughout the transition process.
Lawal urged party leaders to manage public expectations with maturity and fairness, acknowledging that not all political aspirations can be met immediately. He stressed that leadership goes beyond positions and that political relevance comes from service and contribution to development.
He further assured that fairness, equity, and justice would guide his administration’s decisions, and called for discipline and loyalty to the party.
In a communiqué read by the Minister of State for Defence, Bello Mohammed Bello Matawalle, himself a former governor, the stakeholders declared their full support for President Tinubu and Governor Lawal. The communiqué also covered discussions on party unity, governance coordination, security challenges, and preparations for the 2027 elections.
All four former governors of Zamfara Ahmed Sani Yarima, Mahmuda Aliyu Shinkafi, Abdul’aziz Yari, and Bello Mohammed Matawalle were present and made clear commitments to the APC and the re-election bid of the president and the governor.
Politics
Ajadi Gains Fresh Support from PDP Stakeholders Across 11 Ibadan LGAs yesterday
Ajadi Gains Fresh Support from PDP Stakeholders Across 11 Ibadan LGAs yesterday
The leading governorship aspirant in Oyo State under the Peoples Democratic Party (PDP), Olufemi Ajadi Oguntoyinbo, has reiterated his commitment to sustaining the achievements of Governor Seyi Makinde, stated that his ambition is driven by a desire to consolidate good governance as he believes that humans are not animals and need to be governed well rather than pursuing personal gain.
Ajadi made this known on Thursday, April 23, 2026, during a strategic meeting with PDP stakeholders drawn from all 11 local government areas in Ibadan, where he formally sought their support ahead of the party’s gubernatorial primary election.
Addressing the gathering, Ajadi commended the Makinde administration for what he described as impactful governance across critical sectors, stressing that his aspiration is rooted in continuity of good governance, emphasizing that the promised Omituntun 3.0 is sacrosanct and he remains the initiator of Omituntun 3.0, the continuity of Governor Seyi Makinde’s legacy.
“If Omituntun reaches 40.0 in the future, nobody should be surprised that what started from 1.0 got to that level because good governance needs to be in continuity till eternity,” he said.
“The government of Governor Seyi Makinde has done well in all ramifications. That is why I have come forward to sustain his good governance for the benefit of our people,” he said.
He dismissed insinuations that his ambition was financially motivated, emphasizing his longstanding commitment to humanitarian service.
“I am not in this race to loot public funds. I have always been a philanthropist, and I intend to replicate that character through people-oriented governance that will uplift lives across Oyo State,” Ajadi added.
Earlier, the PDP Senatorial Chairman, Hon. Dayo Opatokun, described Ajadi as a stabilizing force within the party, noting that his engagements have contributed significantly to unity among members.
“Ambassador Ajadi is one of the aspirants who have kept the party united. His approach to leadership and inclusiveness is commendable,” Opatokun said.
Also speaking, Hon. Mufutau Ogunremi, Senior Special Assistant on Sustainable Development Goals (SDGs) to Governor Makinde, insisted that Ajadi should not be regarded as a political outsider within government circles.
“Ajadi should not be seen as a visitor in any government parastatal. He is a key stakeholder who has strengthened the PDP in Oyo State through consistent engagement with party executives at ward, local government, and state levels,” Ogunremi stated.
He further praised Governor Makinde’s leadership style, adding that Ajadi possesses similar qualities.
“Governor Makinde has shown exemplary leadership, and Ajadi has demonstrated the capacity to replicate that model. His relationship with party members is built on trust, loyalty, and sincerity,” he said.
The PDP Party Chairman in Lagelu Local Government Area, and Chairman of Local Government PDP Chairmen in the state, Femi Falowo, commended Ajadi’s humanitarian efforts and leadership qualities, expressing confidence in his ability to succeed Makinde.
“Many may be afraid to speak, but I will say it—Ajadi has done well in emulating humanitarian service. He understands governance and has what it takes to succeed Governor Seyi Makinde,” Falowo declared.
He urged the aspirant to remain steadfast in his philanthropic engagements and party unification efforts.
“I encourage you to continue your good work and never stop uniting members of the party,” he added.
On her part, the Senatorial Women Leader, Hon. Aduke Okewusi, called for greater inclusion and empowerment of women in Ajadi’s political structure.
“Women play crucial roles during elections, yet they are often relegated to the background. We want to be actively involved and empowered beyond mere political mobilization,” she said.
Okewusi urged Ajadi to honour his commitment to gender inclusion if elected.
“You have promised to carry women along. We expect that this promise will be fulfilled,” she added.
Similarly, the Youth Leader of Ona-Ara Local Government, Nureni Morakinyo Azeez, emphasized the need for youth empowerment, noting the critical role young people play during elections.
“Youths are always at the forefront during campaigns. We are appealing to you to prioritize youth empowerment and create opportunities that will secure our future,” Azeez said.
The meeting, which drew party leaders and grassroots mobilizers from across Ibadan, is seen as part of Ajadi’s ongoing consultations aimed at consolidating support within the PDP as the race for the 2027 governorship election gathers momentum.
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