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Peter Obi Raises Concerns Over APC Government’s Ongoing Borrowing

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By Gabriella Ogbu

Former Labour Party presidential candidate, Peter Obi, criticized the Nigerian government’s borrowing practices as “unproductive.” Speaking through his verified social media account on Tuesday, Obi expressed concerns about the escalating national debt, which he believes has had minimal impact on the country’s economy. He specifically highlighted the significant loans acquired during the previous administration, particularly the N30 trillion borrowed from the central bank. According to Obi, the government had the opportunity to halt the borrowing spree, asserting that the accumulated debt has failed to yield tangible benefits for the nation.

Obi’s remarks coincide with the recent disclosure of Nigeria’s debt profile by the Debt Management Office (DMO). The DMO projected that by the end of 2023, the country’s public debt would surge by 10% to reach N97.3 trillion. Of this total, N59.12 trillion comprises domestic debt, while N38.22 trillion constitutes external debt. Obi emphasized the significant financial burden posed by debt servicing, noting that Nigeria spent a staggering N10 trillion in 2023 alone on repaying both external and domestic debts.

The former governor of Anambra highlighted the adverse implications of the government’s borrowing practices. He pointed out that the amount spent on debt servicing exceeded the combined budget allocations for crucial sectors such as defense, education, health, and infrastructure. Obi emphasized the need for the government to reassess its borrowing approach and scrutinize the purposes of previous loans. He suggested a “de-acceleration” of borrowing to curb the escalating national debt and ensure more prudent financial management.

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EFCC Secures Warrant to Arrest Ex-Kogi Gov Yahaya Bello

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The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest former Kogi State Governor, Yahaya Bello, ahead of his court appearance on Thursday.

Justice Emeka Nwite authorized the warrant earlier today following the EFCC’s request.

This decision comes after a conflicting ruling from the Kogi State High Court, which previously barred the EFCC from arresting, detaining, or prosecuting the former governor.

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Chaos Ensues as Ododo Allegedly Thwarts Attempt to Arrest Ex-Gov Bello

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Pandemonium erupted as Kogi State Governor, Ahmed Ododo, reportedly intervened to prevent the arrest of former governor Yahaya Bello at his Abuja residence, leading to gunfire.

Armed operatives of the EFCC had sought to arrest Bello, but faced resistance upon arrival. Governor Ododo later arrived at the scene and was suspected to have left with Bello in his official vehicle.

Additional security forces were called in to support the EFCC, leading to a tense standoff. As Ododo departed with Bello, security operatives opened fire amid suspicions that the former governor was in the governor’s vehicle.

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Tinubu Applauds Dangote as Diesel Price Dips to N1,000 per Litre

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President Bola Tinubu has praised Dangote Oil and Gas Limited for slashing the price of diesel, a move expected to impact industries and transportation costs positively.

In a statement by his media aide, Ajuri Ngelale, Tinubu emphasized the significance of the diesel price reduction, foreseeing a ripple effect on the nation’s economy.

Dangote recently announced a significant reduction in the price of Automotive Gas Oil (diesel) from N1,650 to N1,000 per litre for bulk purchases, with additional discounts for larger volumes.

The reduction, amounting to a 60% drop, is poised to alleviate the burden of high transportation costs and contribute to stabilizing prices across various sectors.

Acknowledging the partnership between the federal government and Dangote Refinery, in which the government holds a 20% stake, Tinubu emphasized the importance of such collaborations in advancing national prosperity.

He urged Nigerians and businesses to prioritize national interests, assuring them of a conducive environment for growth and development.

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