…raises alarm over mounting debt profile
Former Vice President of Nigeria, Atiku Abubakar, has expressed his discomfort at the rising debt threat facing the country, which he said the Buhari-led administration has chosen to overlook.
The former presidential candidate has now called for an immediate action by stakeholders to address the nation’s debt burden, saying the payment of N610.2 billion to service domestic debts in the first quarter of 2019 was unacceptable.
Few days ago, the National Bureau of Statistics (NBS) revealed that Nigeria used N610.2 billion to service its local debts.
But Atiku said this was alarming, urging President Muhammadu Buhari to act quickly on what he described as matter of national concern.
In a statement issued by Mr Paul Ibe, his Media Adviser, the former VP the amount used to service domestic debts in the first three months of this year was more than the combined entire budget for education and youth development for the whole of 2019.
He wondered how the present administration has doubled the nation’s debt in four years from N12 trillion in 2015 to N24.9 trillion without tangible evidence of development, noting that government should have worked on efficient repayment plans for the debts incurred.
He stressed that if this trend continues, the nation’s debt servicing might overshadow the capital budget.
“If the current trend continues, Nigeria will have spent N2.5 trillion on debt servicing by the end of 2019, a figure that is more than our capital budget. Can a nation survive like this?” a part of the statement, which was posted on Mr Ibe’s Twitter page, said.
“The reason is that no matter how much resources you give a man who does not know how to create wealth, it will never be enough,” he further said.
Atiku stated that the deeper the nation goes into unsustainable debt, the more of her independence to creditors wanes.
Emphasizing on the need for the country to prepare for the future generation, the veteran politician said, “The older generation should sacrifice for the youth. We must not be a vampire generation that squanders the financial lifeblood of Nigeria and bequeath financial bondage to the next generation”
Concluding, Atiku said he had outlined a robust strategy for the funding of the country’s development needs without resorting to indiscriminate borrowing prior to the 2019 presidential election.
Tag: Wealth
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Buhari lacks ideas to create wealth for Nigerians – Atiku
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Write a petition if you doubt authenticity of Tinubu’s wealth – Magu tells journalist
The acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has challenged a journalist questioning the source of wealth of All Progressives Congress chieftain, Bola Tinubu.
He simply asked the journalist to write a petition against Tinubu and substantiate his allegations.
Magu gave the charge in Abuja on Monday while fielding questions from reporters at an event held in commemoration of his third year in office.
A journalist had asked Magu when he would probe Tinubu who had purportedly claimed in a video in August that he was richer than Osun State.
The journalist also asked why Magu was refusing to answer questions on the video which allegedly captured the Governor of Kano State, Abdullahi Ganduje, receiving bribes from contractors.
In his response, Magu said, “You know what? If you are really interested, write a petition and see whether I won’t act. Go and write a petition and substantiate in the petition and find out if I won’t act. It is not for us to listen to people on radio and begin to act. Yes, we have intelligence but the surest way to get action is to go and write a petition and substantiate the contents of the petition and see whether I will not act.”
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Looters list: Babangida Aliyu threatens legal action says ‘I have never stolen Nigeria’s wealth’
Former Niger State Governor, Babangida Aliyu has said that he did not loot the state treasury during his eight-year tenure in the state and threatened to challenge the allegation in court.
Aliyu made the denial in a statement he signed in Minna on Monday while reacting to the recent release of list of treasury looters in the country by the Federal Government.
“ I wonder why the federal government should include my name in the 24 treasury looters list released again by the Minister of Information, Alhaji Lai Mohammed,’’ he said.
He threatened to challenge his inclusion on the list to a logical conclusion after consultations with his lawyers.
The former governor explained that nobody had confronted him with any document that he received N1.6 billion from the former National Security Adviser (NSA), Col. Sambo Dasuki (rtd) and urged the government to prove it.
He alleged that the All Progressives Congress (APC) was doing everything possible to blackmail him because he refused to join the party.
“The APC government has embarked on calculated blackmail against my person because I refused to join the party.
“We all have our minds and what we believe in politics is a thing of the mind.
“In the orchestrated plot to tarnish my image, I am presently before the Federal High Court and a Niger High Court for the same alleged offence.
“This is to show that the government is hell bent on bringing me down but they will not succeed,’’ he said.
Aliyu said that as a governor he served the people of Niger to the best of his ability.
“As a Governor, I left a landmark for posterity, no amount of blackmail or character assassination can wipe me out from the minds of the people,’’ he said.
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PDP squandered Nigeria’s wealth for 15 years – Buhari
President Muhammadu Buhari has accused those in the corridor of power from 1999 – 2014 of squandering the nation’s wealth at the expense of the ordinary Nigerian.
The President who spoke on Wednesday in Kano at the Emir of Kano Muhammad Sanusi II’s palace during a two-day working visit to the state however said God will judge the looters.
The President also pardoned 500 inmates of Kurmawa Prison who got cash donations to start a new life.
He said the gesture was part of his administration’s effort to decongest the prisons.
The President said: “From 1999 to 2014, the wealth of this country was lavishly squandered by those in the position of authority. Those who have looted the treasury will best be judged by God.”
TheNewsGuru.com reports that the Peoples Democratic Party, (PDP) held sway from 1999 to 2015. The ruling All Progressives Congress (APC) however won the 2015 general elections.
President Buhari also told the Emir of Kano that he had seen a lot since he joined politics in 2003, adding: “As a politician, I really tasted the pains of seeking elective office.
“Since I joined politics in 2003, I contested for president three times but I could not get it right until the fourth attempt in 2015. I was in court for 30 months, challenging the 2007 election and in 2011, I also spent 16 months in court.”
He urged Nigerians to understand the difference between military and democratic dispensations, saying: “When I was the military head of state, I arrested many people and jailed them for alleged corruption and in the end, I also ended in jail.”
The President added that “it is not easy for us to surmount all the obstacles against us; but knowing that the road to a promised land appeared rough, but all I want from Nigerians is to be patient that there will be light at the end of the tunnel.”
Buhari recalled his sustained cordial relationship with Kano emirate council, saying the Emirate contributed tremendously to his life, “Kano emirate council has contributed a lot to my life. Whatever I became in my life, I always consult the Kano emirate council.”
At the Prison, he said: “I am pleased with this visit and I have learnt a bit more about the conditions of the prisons and inmates.
“This building in front of us was built since 1910. Rehabilitation of prisoners and training of inmates is very important to us and we would continue to invest more on this.
“I asked one of the inmates (released) how old he was and he told me he is only 19 years old.
“If we have people of 18 and 19 years in the prison, and there is no continuous training, then their lives will be completely destroyed. We will invest more in education and vocational training,’’ he said.
The 500 inmates granted pardon, including men and women, were drawn from various prisons in Kano State, including Kurmawa Prisons, which has 1,398 inmates as opposed to 750, the established capacity.
On security, Buhari said his administration had recorded significant success in crushing the Boko Haram insurgency in the Northeast and restoring peace and harmony in the region and other parts of the country.
President Buhari added that the North was important to the country, saying “if there is peace and stability in the North, there will be peace and stability in the whole country and if there is a problem in the region it will affect the entire country.”
The Emir of Kano said the palace was happy to receive President Buhari who he described as a Kano indigene.
“We are welcoming the President of Federal Republic of Nigeria, Muhammadu Buhari to Kano, even though as he spoke earlier that the Palace is his home and Kano is his hometown because of the number of votes he got from Kano during the last election.
“At all times he contested for the presidency, the people of Kano always voted for him massively. When it was perceived that he was defeated at those contests, Kano people still stood by him and voted for him, even though in Kano, they he that won and he won. The people of Kano are promising people. We are praying for you.
“May God give you good health; may the God almighty see you through. All Nigerians have seen the rapid development that is being witnessed in your administration, especially on security and particularly on the fight against corruption. We also witness your tremendous effort in reviving agriculture, education and power with the recession the world is witnessing. We shall continue to pray, we shall continue to give our own advice.
Host Governor Abdullahi Ganduje renamed the Gingiyu Specialist Hospital as Muhammadu Buhari Specialist Hospital.
He said the hospital was named after President Buhari because of his selfless and pragmatic leadership style which has earned him international acceptance, particularly, his fight against corruption.
He said the two hospitals inaugurated by the President were abandoned for over 10 years, but were completed by his administration at N8 billion, with state-of-the-art equipment. Ganduje noted that the hospitals would stop health tourism abroad.
President Buhari was received by a huge crowd which followed his convoy from Malam Aminu International Airport to all the places he visited, chanting “sai Buhari, sai Ganduje”. People lined up the streets waving at Buhari’s long convoy.
The President inaugurated two general Hospitals, Panshekara/ Madobi Underpass, CBN Quarters Road, inspected 2000 affordable housing unit under construction and laid the foundation of the the Kano Economic City, among others.
At the Muhammadu Buhari Specialist hospital, the President said: “The commissioning of this hospital is meant for Nigerians and I am happy that am seeing how our government of APC is bringing change faster to the people that voted us into power. This hospital, the first of its kind in the region, is a true reflection of what our government is all about.
Today before returning to Abuja, the President will inspect the Fullmark Rice Mill Company at Kwanar Gunduwawa, and Gezawa Oil Mill, the largest oil mill in Africa at Tokarawa Industrial Estate, both on Hadeja Road.
Buhari is expected to meet with the Ulamas and hold an interactive session with community leaders and politicians before returning to Abuja.
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Why people question my source of wealth- MC Galaxy
Fast-rising singer and comedian, Innocent Udeme Udofot, otherwise called MC Galaxy, has lamented that people question his source of wealth. The bubbly entertainer known for his flamboyance and flaunting wealth on social media, said people may want to question his source of wealth, but they don’t know about his private shows.
According to him: “People may want to question my source of wealth but they don’t know about the private shows that I do. Just because they don’t see me in all these big shows does not mean I am not working. As a matter of fact, who would pay you when you attend those big shows? You cannot see me there because I respect my business so much. I make my money myself.
“However, to be honest, Senator (Godswill) Akpabio is a good man. If you can gain access to him and ask him for money with a good reason, he would oblige you irrespective of where you are from. It doesn’t mean that he carries money about; neither does it mean that he just doles out money anyhow. When I was doing my album launch last year, he was present and he supported me financially. He also advises a lot.”
Unknown to many of his fans, Mc Galaxy had a rough start, the Sekem crooner said hunger made him discover his talent.
Hear him:”I started out as a dancer and before I knew it, I became a comedian. I discovered my talents through hunger; there is a level of hunger that one gets to and the person has no choice but to discover his talent. I remember when I used to sleep in the club. After waking up early in the morning, I would wash the clothes I slept in so that I could resume work at the club,” he said.
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Wealth of 5 richest Nigerians can end extreme poverty – Report
The Inequality report released by Oxfam International on Wednesday, revealed that the combine wealth of five richest Nigerians, put at $29.9 billion, could end extreme poverty in the country.
The report, entitled ‘Inequality in Nigeria, Exploring the Drivers’ and obtained in Abuja, exposed the large and growing gap between the rich and poor in Nigeria.
It revealed that the benefits of the nation’s economic growth had been captured by a few wealthy elite at the expense of the ordinary Nigerians.
According to the report, the economic inequality is a key factor in the conflict in the North-Eastern states of the country.
Oxfam International also disclosed that Nigeria’s richest man earned 8,000 times more in one day than a poor Nigerian would spend on basic needs in a year.
It said that more than 112 million people were living in poverty in Nigeria, yet the country’s richest man spent one million dollars a day for 42 years to exhaust his fortune.
According to the report, Nigeria is one of the few countries where the number of people living in poverty is on the increase despite the growth of the economy.
The report also indicated that 69 per cent of people now live below the poverty line in North-Eastern states, compared to the 49 per cent in the South-West.
It also showed that women were not being captured on the benefits of economic growth because they tended to be employed in low-skilled, low-paid informal jobs.
According to the organisation, women represent between 60 per cent and 79 per cent of Nigeria’s rural labour force but are five times less likely to own their own land than men.
It further stated that women were also less likely to have had a decent education, noting that over three quarters of the poorest women in Nigeria had never been to school.
The report said that poor people did not benefit from Nigeria’s wealth because of high level of corruption and the excessive influence big business and some wealthy elite had over government and policy making.
According to the report, public office holders steal estimated 20 trillion dollars from the treasury between 1960 and 2005, while multinational companies receive tax incentives estimated at 2.9 billion dollars a year.
This development it said was three times more than Nigeria’s entire health budget.
It further revealed that small and medium size businesses and workers in the informal sector, however, faced multiple taxes.
“Despite being Africa’s biggest economy, the share of the national budget allocated to education, health and social protection is one of the lowest in the region.
“In 2012, Nigeria spent just 6.5 per cent of its national budget on education and just 3.5 per cent on health.
“By comparison, Ghana spent 18.5 per cent and 12.8 per cent, respectively in 2015.
‘’As a result, 57 million Nigerians lack safe water, over 130 million lack adequate sanitation and the country has more than 10 million children out of school.“ it stated.
Commenting on the report, Mr Celestine Odo, Good Governance Programme Coordinator for Oxfam in Nigeria, said extreme inequality was undermining the economy and fermenting social unrest.
According to him, Nigerian leaders must be more determined to tackling this terrible problem.
Odo said that it was an irony that Nigerians were living in poverty in spite the abundance of wealth in the country.
He said it was important to free millions of Nigerians from poverty by building a new political and economic system that would work for everyone and not just a fortunate few.
“The government can make a start by tackling corruption, ensuring big business and wealthy individuals pay their fair share of tax, investing in vital public services, and protecting the rights of women,” Odo said.
TheNewsGuru.com reports that Oxfam is an international confederation of 20 NGOs working with partners in over 90 countries to end the injustices that cause poverty.