Senator representing Abia North, Orji Uzor Kalu, has defended the economic policies of President Bola Tinubu, saying Nigerians are reacting negatively because they are used to “getting easy money” without working hard.

Speaking with journalists at the National Assembly complex on Tuesday, May 27, 2025, the former Abia State Governor and Senate Chief Whip acknowledged the current hardship in the country but urged citizens to be patient, insisting that the benefits of the ongoing economic reforms will become evident in the coming years.

“Let me be honest with you. I’m a businessman, not a politician. There are only a few things that are not happening. The indices of Mr. President’s policies might not be working down the line. People are still suffering — yes, I agree with that. But it has started trickling in at the macro level — that is, at the upper level, not the lower level.

“So I’m hoping that in the next two to three years, the President’s policies will trickle down, and Nigerians will appreciate what he’s doing,” he said.

Kalu praised Tinubu’s bold moves, including the removal of fuel subsidy and the unification of foreign exchange rates, calling them unprecedented since Nigeria’s independence.

“Since 1960, this is the first President — and I have the facts — who stopped the fuel subsidy. This is the first President who merged the dollar rates. That is why we are suffering — because Nigerians are not used to working hard. We’re used to getting easy money.

“People used to sit in their houses, use their phones, get dollars, and sell at very high rates,” he said.

He further criticised the culture of unearned wealth, pointing to practices such as currency speculation and profiteering through tank farms and government papers.

“People sit at home, use their tank farms, collect papers, and make money. This is one President who has said: ‘if you are ready to make money, do it the right way. If you’re not ready, then leave it,'” he added.

[Punch]

US Secretary of State, Marco Rubio, on Tuesday ordered a suspension of student visa processing in the latest swipe at foreign students in the country.

The White House is cracking down on foreign students at US universities, revoking visas and deporting those involved in protests against the war in Gaza, accusing them of supporting Palestinian militant group Hamas.

Rubio earlier rescinded hundreds of visas and President Donald Trump’s administration moved to bar Harvard University from admitting non-Americans.

A cable signed by Rubio and seen by AFP orders embassies and consulates not to allow “any additional student or exchange visa… appointment capacity until further guidance is issued.”

The government also plans to ramp up vetting of the social media profiles of international applicants to US universities, the cable said.

The move came as Harvard students protested after the government said it intends to cancel all remaining financial contracts with the elite school, Trump’s latest attempt to force the institution to submit to unprecedented oversight.

Hundreds of students gathered to oppose Trump’s widening offensive, including Tuesday’s measures estimated to be worth $100 million, against the university that has drawn his ire for refusing to give up control of curriculum, admissions and research.

“Trump = traitor” read one student placard, while the crowd chanted “who belongs in class today, let them stay” in reference to Harvard’s international students whose status Trump has upended by summarily revoking the university’s accreditation to the country’s Student and Exchange Visitor program.

A judge issued a restraining order pending a hearing on the matter scheduled for Thursday, the same day as the university’s commencement graduation ceremony for which thousands of graduating students and their families had gathered in Cambridge, Massachusetts near Boston.

The White House meanwhile, doubled down in its offensive, saying that public money should go to vocational schools that train electricians and plumbers.

“The president is more interested in giving that taxpayer money to trade schools and programs and state schools where they are promoting American values, but most importantly, educating the next generation based on skills that we need in our economy and our society,” Karoline Leavitt said on Fox News Tuesday evening. “We need more of those in our country, and less LGBTQ graduate majors from Harvard University.”

Tuesday’s protest unfolded as news helicopters hovered overhead and graduating students in academic attire and their guests ate finger food at a reception on the lawns of Harvard Square nearby.

“All my international friends and peers and professors and researchers are at risk and (are) threatened with being deported — or their option is to transfer” to another university, said Alice Goyer, who attended the protest wearing a black academic gown.

One history of medicine student from Britain graduating this week who gave his name only as Jack said that the policies pursued by Trump would make US universities less attractive to international students.

“I don’t know if I’d pursue a PhD here, six years is a long time,” he said.

Harvard itself has filed extensive legal challenges against Trump’s measures, which legal experts say are likely to be overturned by the courts.

Separately, alumni plan to file a lawsuit against Trump on June 9, filmmaker Anurima Bhargava told a virtual meeting staged by Crimson Courage, a grassroots alumni group that held a mass webinar to raise awareness and a fighting fund from former students.

– ‘American values’ –

The cutting of contracts announced Tuesday — estimated by US media to be worth $100 million — would mark the slashing of business ties between the government and the country’s oldest university.

Amid a broad campaign against seats of learning that Trump accuses of being hotbeds of liberal bias and anti-Semitism, the president has singled out Harvard.

In the last few weeks, the elite educational and research powerhouse has seen billions of dollars in federal grants frozen and millions of dollars of federal contracts torn up.

The university has sued both to block the revocation of its right to recruit and sponsor foreign students, 27 percent of its total roll, as well as to overturn the withdrawal of federal funding.

A legal expert suggested Harvard could file a lawsuit to overturn the latest contract cuts as part of existing legal action.

“The case is so strong that the court system is not going to step to the side and allow this… to go forward,” said Albany Law School professor Ray Brescia.

He said the Trump administration’s assault on Harvard was so flawed that a higher court would likely strike down the campaign if the Trump administration were to challenge it on appeal.

On Monday, Trump nonetheless vowed he would prevail in the increasingly public struggle, claiming that foreign students at Harvard include “radicalized lunatics, troublemakers.”

AFP

Starlink, the satellite internet service by Elon Musk’s SpaceX, is rapidly deepening its footprint in Nigeria’s fast-evolving internet market with a strategic expansion of coverage and an enticing free trial offer.
In a bid to widen digital access and attract more users, Starlink has upgraded its regional bandwidth capacity, notably in Rivers, Delta, and Edo states, unlocking more service availability in these regions. This move is part of the company’s aggressive growth push across Nigeria since it launched in the country in early 2023.

Konga, Nigeria’s composite e-commerce giant and authorised reseller of Starlink equipment, is further sweetening the deal by offering free nationwide delivery on all Starlink kits. Shoppers who purchase their Starlink kits at any Konga retail outlet nationwide are eligible for this deal. In addition, customers who purchase their Starlink kit on Konga.com will also enjoy an exclusive 50 percent discount on select products from the world’s number one beauty and cosmetics brand L’Oréal.

The company said the partnership between Starlink and Konga has led to better internet accessibility.
“In just two years, this strategic partnership has grown rapidly, with Starlink now ranking among Nigeria’s top three Internet Service Providers (ISPs) in Nigeria. This milestone reflects the increasing adoption of satellite internet as a viable alternative to traditional broadband services,” it stated.

The Starlink Mini Kit is a more compact and affordable option designed for customers in need of portable, high-speed internet. Its lightweight build, portability and easy setup make it ideal for small households, businesses, travellers, and remote areas where traditional internet infrastructure is limited.

With limited bandwidth slots opening up daily and demand surging, Nigerians are encouraged to secure their kits early before demand increases further. Whether for home, business, or travel, this promo is your chance to enjoy free high-speed internet for one month, guaranteed reliability, and seamless setup, all with nationwide support from Konga. To take advantage of these limited-time benefits, visit www.konga.com or walk into any Konga store nationwide and experience the Starlink difference.

Active service is currently available nationwide except in Lagos State, the Federal Capital Territory (FCT), and parts of Ogun, where capacity has temporarily reached its limit. However, network upgrades are ongoing, with more slots becoming available in these high-demand areas soon. Starlink is also offering a 1-month free subscription on the purchase of any Starlink Standard or Mini Kit from authorized resellers. This offer is available to customers who activate a new Residential service plan. This limited-time promotion runs until June 16, 2025.

[Leadership]

Legislative lawyers, under the aegis of Association of Legislative Drafting and Advocacy Practitioners, ALDRAP, have commenced moves to compel Nigerian senators to refund part of their salaries and allowances collected since 2023 over alleged poor performance.

A set of 40 senators are equally being asked to make total refund of salaries and allowances received during the period for concurrently holding membership of the Nigerian Senate and
the ECOWAS and Pan-African parliaments, in violation of Nigeria’s laws.

The legislative lawyers, who have approached the Federal Competition and Consumer Protection Tribunal as consumers dissatisfied with the services received from the senators, have forwarded a pre-action notice to the Senate, through the Senate President, Godswill Akpabio.

According to the procedure of the Federal Competition and Consumer Protection Tribunal, the respondent in a lawsuit is first served with a pre-action notice, before being summoned before the tribunal.

The pre-action notice was conveyed in a letter dated May 26, 2025, and signed by ALDRAP’s Administrative Secretary, Amuga Jesse Williams. The letter was obtained by DAILY POST on Tuesday.

The letter is titled, ‘Pre-action Notice: Demand made pursuant to the Federal Competition and Consumer Protection Commission Act, 2018, for refund of 78% of the total salaries and allowances obtained by each of the 109 senators from May 2023 to May 2025 for 12% performance and delivery of their statutory duties to constituents (consumers) and refund of all salaries and allowances obtained by the 40 senators who abandoned their duties at the National Assembly to perform duties as legislators of the Parliament of the Economic Community of West African States (ECOWAS) and the Pan-African Parliament, respectively, which is a violation of Section 68 of the Constitution of the Federal Republic of Nigeria, 1999, which prohibits its senators from concurrent membership of the National Assembly and another legislature’.

The President of the Federal Republic of Nigeria, Chief Justice of Nigeria, Executive Vice-Chairman, Federal Competition and Consumer Protection Commission, Accountant-General of the Federation, Governor of the Central Bank of Nigeria, Secretary-General of the ECOWAS Parliament, and Secretary-General of the Pan-African Parliament, were copied in the letter.

According to the legislative lawyers, available records show that the Senate has only performed its task at just 12 per cent since the 10th National Assembly took off in May 2023.

As a result, they want the Federal Competition and Consumer Protection Tribunal to order the senators to return 78 percent of salaries and allowances collected from May 2023 to May 2025 to the national treasury, through the Accountant-General of the Federation, due to poor service delivery.

Parts of the letter read, “The Association of Legislative Drafting and Advocacy Practitioners, ALDRAP, is a professional association of legislative lawyers who promote adherence to the provisions of the Nigerian Constitution by legislators and others within the legislative ecosystem. We use both public education and public interest litigation as methods to compel compliance.

“We have sworn to an affidavit of facts to support our statements in this letter. It is attached/enclosed. We are representatives of the constituents (consumers) of the legislative services provided by the 109 senators of the Senate of the Federal Republic of Nigeria.

“Due to dissatisfaction with the legislative services provided by the said 109 senators, we, the constituents and consumers, write to make the following demands under the Federal Competition and Consumer Protection Commission Act, 2018:

“Refund to the Accountant-General of the Federation 78% of the total salaries and allowances collected by each of the 109 senators of the Senate of the Federal Republic of Nigeria from May 2023 till date (computed at N15,000,000 per month per Senator).

“All salaries and allowances collected by the 40 senators who are members of the ECOWAS Parliament and the Pan-African Parliament, respectively (computed at N15,000,000 per sitting per minimum of 10 sittings per annum).

“Take Notice that in the event of your failure to comply within seven days of the date of this letter, we shall have no other option than to commence legal steps before the Federal Competition and Consumer Protection Tribunal in accordance with the relevant laws.”

In an affidavit in support of the suit, filed on May 27, 2025, deposed to by Jesse Amuga, the lawyers explained that the suit was brought in the public interest, pursuant to sections 6 and 14 of the Nigerian Constitution, Section 130 of the Administration of Criminal Justice Act (ACJA), 2015, and sections 69 and 104 of the Federal Competition and Consumer Protection Act, 2018.

The affidavit stated, “The subject matter of this suit relates to the performance or otherwise of statutory duties imposed on the 109 senators of the Federal Republic of Nigeria by sections 4, 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which include lawmaking, oversight and effective representation.

“From June 2023 to May 2025, the 10th Senate of the Federal Republic of Nigeria has engaged in a legislative pattern and conduct that amounts to failure and neglect of the statutory duties for which they have collected public funds by way of salaries and allowances, thereby unjustly enriching themselves at public expense.

“I rely on the empirical findings and observations made by Dr. Tonye Clinton Jaja, an expert in legislative law and legal drafting with 21 years of professional legal experience, as contained in his Open Letter to the Senate President, Senator Godswill Obot Akpabio, and the Majority Leader, Senator Michael Opeyemi Bamidele, dated 26th May 2025. Dr. Jaja’s letter highlighted, inter alia, the following particulars and factual instances of legislative failure:

“A. The 10th Senate enacted several Executive Bills without public hearings or meaningful scrutiny, including the National Anthem Act, 2024 and the Bill for Extension of the Tenure of the Inspector-General of Police, both passed in less than one week.

“B. The Senate on 20th March 2025 purportedly enacted a law supporting the Proclamation of a State of Emergency in Rivers State without complying with Section 305 of the 1999 Constitution, which requires a valid two-thirds majority vote. C. A study by the Order Paper Parliamentary Monitoring Group, reviewing 475 Bills considered since 2023, revealed that only 5.4% addressed security and only 7.3% concerned agriculture and food security — the two most pressing concerns of the Nigerian public.

“D. The 10th Senate focused primarily on passing Executive-sponsored Bills to the neglect of private member bills and issues of public concern, constituting a failure of their oversight and representative roles.”

The affidavit added, “Since the year 2011, the National Assembly Committees on Constitutional Review have always been allocated the sum of N5 billion. Some persons have asked them to refund this money after Senator Ike Ekweremadu, then Chairman of the Senate Committee on Constitutional Review, was alleged to have expended over N8 billion of the said funds. Senator Michael Opeyemi Bamidele’s justification that 39 meetings were held with the Executive before passing the Tax Reform Bills and that due diligence was applied to the 2025 Budget is both selective and inconsistent with the Senate’s actual legislative record.

“The Senate President, Senator Godswill Akpabio, publicly stated that senators were not elected to “fight” the Executive, implying that the Senate is not expected to check the Executive arm of government — a fundamental violation of the doctrine of separation of powers and legislative oversight duty. This same Senate has, however, engaged in intense and excessive confrontational action against a single member, Senator Natasha Akpoti-Uduaghan, including: (a) An illegal six-month suspension exceeding what is permitted by Senate Rules and judicial precedent. (b) A series of litigations, media campaigns, and alleged criminal prosecution initiated against her.

“This inconsistent application of legislative powers — docility toward the Executive but aggression toward a fellow legislator — is a clear dereliction of the institutional responsibility imposed on the Senate as an independent arm of government. By failing to effectively carry out lawmaking, oversight and constituent representation duties as required by the Constitution, while collecting salaries and allowances, the senators of the 10th Assembly have violated the principle of value-for-money and are liable to refund 78% of their salaries and allowances collected for the period June 2023 to May 2025.

“In addition to the above, several members of the National Assembly have accepted appointments and were inaugurated as members of the ECOWAS Parliament and Pan-African Parliament in April 2024 while still serving as lawmakers in Nigeria, in violation of Section 68(1)(a) of the Constitution, which prohibits sitting legislators from holding any other office of profit or emolument.”

The legislative lawyers, in the affidavit, noted further that the concerned senators have been participating in legislative business within ECOWAS or Pan-African institutions while simultaneously receiving salaries, allowances, and privileges as members of Nigeria’s National Assembly. “This dual occupancy and remuneration from both offices is contrary to the Constitution and offends the principle of legislative integrity and accountability,” the affidavit observed.

The association argued that unless the court compelled the appropriate bodies to investigate and order recovery of the received salaries and allowances, and as well order disqualification of ineligible legislators, continued abuse of legislative authority would persist to the detriment of Nigerian citizens.

They argued that it is in the overriding interest of justice and public trust that the court “grants the reliefs sought in this suit”.

An October 2024 report by OrderPaper, Nigeria’s foremost independent parliamentary monitoring organisation, had revealed that more than half of the Bills sponsored in the Senate between June 2023 and May 2024 were recycled from previous assemblies, especially the immediate past 9th Assembly.

The report also found that nearly one-third of the Bills processed in the House of Representatives within the same period were resurrected from the past assembly.

The report revealed a significant gap between sponsorship and progression of Bills. Analysis by OrderPaper showed that from June 2023 to May 2024, the Senate introduced 475 Bills, of which only 19 were passed during the period.

The performance report equally highlighted a lack of focus on critical issues of national importance as Bills related to agriculture and food security made up only 5.8 percent of the House Bills and 7.3 percent of Senate Bills. Security-related Bills account for 7.2 percent of House and 5.4 percent of Senate Bills.

“Despite the significant challenges faced by citizens in these sectors in recent years, Bills addressing these issues remain few, with many not progressing past the first reading,” the report observed.

Overall, available records show that the 10th Senate, in its first year – May 2023 to May 2024, introduced 464 Bills and passed only 19.

In the second year, May 2024 to May 2025, 341 Bills were introduced but only seven were passed. In the House of Representatives, out of 1,727 Bills filed by December 2024, only 114 were passed.

[DailyPost]

The authorities of the Kingdom of Saudi Arabia have announced sightings of the Dhul Hijjah crescent, which means, pilgrimage will start on June 4, while the day of Arafah will fall on June 5.

Arab News said the announcement was made by the Supreme Court on Tuesday, adding that Muslims who are not performing the pilgrimage this year will celebrate Eid Al-Adha on June 6.

The Supreme Court urged Muslims across the Kingdom to look out for the crescent moon on Tuesday — Dhu Al-Qa’dah 29 — and report any sightings as soon as possible to their nearest court.

The Kingdom has also announced a weeklong Eid holiday for both public and private sector workers.

Meanwhile, the Saudi Arabian authorities have said over 1.1 million pilgrims have so far arrived in the Holy Land to perform the 2025 Hajj.

The General Directorate of Passports made the announcement on Tuesday.

It said a total of 1,102,469 pilgrims arrived in Saudi Arabia from different countries through the Kingdom’s air, land and sea entry points as of Monday, May 26.

It further stated that, of this total, 1,044,341 pilgrims arrived through airports, 53,850 via land border crossings, and 4,278 through sea ports.

The directorate also reaffirmed its unwavering commitment to facilitating entry procedures for pilgrims by equipping all international ports with advanced technologies operated by highly trained, multilingual personnel.

Saudi Arabia has completed elaborate preparations and flawless arrangements for a hassle-free Hajj, featuring seamless pilgrim experience and digital integration, it is reported.

The Saudi Gazette reports that the kingdom’s authorities have reiterated the country‘s unwavering commitment to leveraging all capabilities to serve pilgrims within an integrated system.

It also stated that these efforts reflect the wise leadership’s directives and align with the Saudi Vision 2030’s goals to facilitate Hajj rituals and enhance the quality of services so that pilgrims can perform their rituals with ease and comfort.

[DailyTrust]

Nigeria’s public debt is set to exceed N180 trillion, following President Bola Tinubu’s request to the National Assembly, seeking approval for additional external and domestic loans totalling N34.15 trillion.

According to the letters, President Tinubu is seeking approval for a new external borrowing plan of over $21.5 billion, which translates to N33.39 trillion at the official exchange rate of N1,590 per dollar.

The President is also seeking approval of a domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.

In the separate letters to the Senate and House of Representatives, read at yesterday’s plenary by the President of the Senate, Senator Godswill Akpabio, and Speaker of the House, Tajudeen Abbas, President Tinubu highlighted the strategic significance of the 2025–2026 borrowing plan, noting that it spanned key sectors of the economy.

Tinubu said: “The 2025–2026 borrowing plan covers all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others.”

He explained that the total facility sought under the external borrowing plan includes USD 21,543,647,912; EUR 2,193,856,324.54; and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.

Tinubu, who noted that the proposed borrowing is crucial, in light of removal of fuel subsidy and its economic implications, said: “In light of the significant infrastructure deficit in the country and paucity of financial resources needed to address this gap, amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.”

He assured lawmakers that the proposed funds will be channeled into critical infrastructure projects, especially in the areas of railways, healthcare, and nationwide development programmes across all 36 states and the Federal Capital Territory, FCT.

“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as improve the livelihoods of Nigerians,” he emphasized.

In another letter, President Tinubu sought NASS’ approval for the issuance of Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme, CPS, amounting to N757,983,246,572.
The President, who cited the Pension Reform Act 2014, noted that the government had been unable to comply with some statutory pension obligations due to revenue challenges, leading to a buildup of arrears and increasing hardship for retirees.

He said: “The Senate, House of Representatives are invited to note that the Federal Government has not been compliant with the implementation of the above provisions of the PRA 2014 over the years due to revenue challenges leading to the accumulation of pension arrears with the attendant suffering of retirees.”

Tinubu noted that the proposal to issue bonds for the settlement of the liabilities had received approval from the Federal Executive Council, FEC, in its meeting of February 4, 2025.

According to him, settling the pension arrears will improve retirees’ welfare, boost confidence in the pension system and inject liquidity into the economy.

The letters read further: “It will enable the Federal Government of Nigeria meet obligations under the CPS and restore confidence in the pension industry.

“It will also ensure positive welfare, even for the retirees, as this will enable them to meet their basic needs, improve health and avoid untimely death.”

President Tinubu, who urged the National Assembly to give timely approval, assured of his administration’s commitment to transparency and accountability.

While the Senate President referred the request to the committee on local debts for further legislative action, Speaker of the House of Representatives referred same to the committees on national planning and economic development, as well as pensions for further action.

The committees are to report to both arms of the National Assembly for further legislative action.

Rising public debt

Nigeria’s total public debt rose by 48.6 per cent to N144.66 trillion in 2024, from N97.34 trillion in 2023, with the Federal Government accounting for 95 per cent or N137.28 trillion.

Consequently, the additional borrowing, when combined with the N10.85 trillion borrowed from domestic investors from January to April this year, indicates an increase in total public debt to over N180 trillion.

Debt Service-to-Revenue deteriorates to 131%

Meanwhile, the Federal Government’s debt service-to-revenue ratio, a critical measure of ability to repay loans, deteriorated to 131 per cent in the first two months of the year, January to February (2M’25), from 118 per cent in the corresponding period of 2024.

Rising debt service spending

Vanguard’s analysis of data on fiscal activities of the Federal Government in the monthly economic report of the Central Bank of Nigeria, CBN, for January and February, showed that the FG spent N1.399 trillion on debt service in 2M’25, up by 25 per cent YoY from N1.117 trillion in 2M’24.

It also recorded a 13 per cent YoY increase in revenue to N1.067 trillion in 2M’25, from N943.4 billion in 2M’24.
Consequently, the FG’s debt service-to-revenue rose to 131 per cent in the 2M’25, from 118 per cent in 2M’24.
The deterioration in the debt service-to-revenue will persist, given the additional borrowing sought by the President.
Consequently, economy stakeholders expressed concern over the implication of the additional borrowing for the FG’s debt service-to-revenue ratio.

While noting that the magnitude of the new loan is too large, representing almost half of the total external debt of $45.8 billion as at December 2024, while total external debt currently accounts for roughly 49% of public debt, and a sizable proportion of debt service, Tunde Abidoye, Head of Equity Research, FBNQuest Merchant Bank, said: “I believe some caution is warranted, given the potential rise in debt service cost, and the inherent exchange rate risks associated with foreign denominated borrowings. This also has implications for the fiscal space.”

Capacity to repay should be a major concern — EX-CIS President

On his part, Olatunde Amolegbe, former President, Chartered Institute of Stockbroker, CIS, said: “ It is well known that the budget deficit projected for 2025 needed to be covered primarily through a combination of external and domestic borrowing, so this new request is probably in fulfillment of that.

“Borrowings from multilateral bodies typically come at relatively variable terms relative to commercial borrowing and this is expected to be the case for this new $21.5 billion loan.

‘’The N757.9 million in domestic pension bond, to used to fulfill government’s obligation regarding pension liabilities and should ensure that pensioners are able to get their entitlements immediately, while government covers the repayment and interest obligations over time.

“This is not the first pension bond that will be issued as some had been issued by the previous administration and I figure it won’t be the last. For me, borrowing in itself is not a problem as long as the capacity to meet up with repayment obligations, as at when due is there. It is, however, important that we pay particular attention to application and usage of the loans.”

Borrowing could be fruitful if tied to reforms, projects —Egbomeade

Reacting to the proposed borrowings, Clifford Egbomeade, Economic analyst and communications expert said: “President Tinubu’s request to borrow $21.5 billion externally and issue a domestic bond of N757.9 billion to settle pension liabilities is a significant move that could have both short and long-term implications.

‘’On one hand, settling outstanding pension obligations can provide immediate relief for retirees and help stimulate domestic consumption, which supports economic activity. Similarly, if the external loans are concessional and targeted at productive sectors like agriculture, job creation, and infrastructure, they could contribute to broader economic development.

“That said, Nigeria’s current debt profile is already high, with total public debt at N144.7 trillion (about $94.2 billion) as of December 2024. Debt servicing costs remain a major concern, taking up a large share of government revenue.

“So, while these measures could help address urgent social and economic needs, their success will largely depend on how efficiently the funds are used and whether they are tied to reforms that boost revenue and reduce waste.
‘’Careful planning and transparency will be key to ensuring these efforts strengthen the economy, rather than deepen fiscal strain”.

[Vanguard]

President Bola Tinubu has approved the appointment of new governing council members for three federal universities.

The institutions include the University of Abuja (UniAbuja), University of Nigeria, Nsukka (UNN), and Nnamdi Azikiwe University, Awka (NAU).

In February, Tinubu had dissolved the governing council of UniAbuja and removed Aisha Maikudi as vice-chancellor over concerns about her eligibility for the position.

In a statement on Tuesday, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu named four new members for UniAbuja’s governing council.

They are Rosemary Iriowen Egonmwan (south-south), Adedeji Adefuye (south-west), Sarki Abba Abdulkadir (north-west), and Aminu Mohammed Dukku (north-east).

At the University of Nigeria, Nsukka, the newly appointed council members are Ogbonna Eugene Odo (south-east) and Muhammad Inuwa Tahir, mni (north-west).

For Nnamdi Azikiwe University, Awka, the new members are Nkem Okeke (south-east), Ofoke Chukwuma Charles Ugbala (south-east), Dame Amina Patrick Yakowa (north-west), and Nojeeb Oriola Agunbiade (south-west).

The appointments, Onanuga said, are part of ongoing efforts by the Tinubu administration to reposition the nation’s tertiary education sector.

[TheCable]

Media personality Toke Makinwa has revealed that at this stage in her life, financial concerns affect her more deeply than matters of the heart.

“Only money makes me sad at my age, not love or heartbreak,” she said, highlighting a shift in priorities with maturity and experience.

Toke also showcased her sleek high ponytail and sparkling jewelry, crediting her hairstylist and jeweler.

This post comes months after she expressed openness to remarrying, even as a second or third wife, on her podcast “Toke Moments”.

“In all honesty, at this point in my life, if I have the opportunity to be the second, third, fourth, or fifth wife, I will take it,” Toke said during the podcast. 

Toke’s past marriage to Maje Ayida ended in divorce in 2017 due to infidelity allegations. 

[TheNation]

Nigeria is presently celebrating its 26th year of this Fourth Republic and 65 years as an independent, sovereign nation. However, if there were a survey asking Nigerians if they are faring better or worse as citizens, the majority are likely to confirm the latter. Why is it that successive administration tends to sink Nigerians into the abyss of poverty, unemployment, insecurity, hunger and underdevelopment? Why is it that government policies, projects and programmes are like a decoy to plunder the commonwealth for the enjoyment of the ruling elite? Why is there so much hopelessness even when there is a promised renewed hope?  Are we cursed, or are we the cause?

I have been reflecting on these posers, and my research has revealed that the reason things remain the same, the more they change, especially in politics and governance, can be linked to a phenomenon called state capture. Emily Patterson, co-founder of State Capture: Research and Action, said, “The term ‘state capture’, first coined in 2000, has gradually evolved over the past two decades. Originally focused on the undue influence exerted by new industrialists over state institutions in post-Soviet countries, the term has acquired a broader meaning to reflect the complex and varied interplay between economic elites and state infrastructure.”

She went further to assert that Joel S. Hellman, Geraint Jones, and Daniel Kaufmann first set out a theory of state capture in a 2000 World Bank paper entitled “Seize the State, Seize the Day: State Capture, Corruption, and Influence in Transition”. The authors focused on new market entrants during the waves of privatisation that followed the collapse of the Soviet Union. These new “industrialists” were concerned about their ability to compete as new firms operating in legacy/state-controlled industries, and many sought to fortify their position through “illicit and non-transparent private payments to public officials” with the goal of “influencing the formation of laws, rules, regulations, or decrees by state institutions”. The owners of these captor firms got rich and succeeded at exerting considerable control over state institutions so that they could more easily protect their assets and personal interests.

Politically, Nigeria has witnessed a steady trend where the ruling class deliberately exert undue influence over state institutions to gain an unmerited advantage. Starting from the political parties, some powerful individuals whom I tag political barons use their money and influence to gain control of the decision-making organs of their respective political parties so that they can help their cronies and stooges win elections. A typical example is what’s going on in the main opposition political party, the Peoples Democratic Party, where a few political barons are trying to gain control of the organs of the party ahead of the next general elections in 2027. The ongoing pull and push tearing the fabric of the PDP apart is due to the inordinate ambition of a handful of barons to plant their hirelings in key decision-making organs of the party to gain total control of the party.

The same goes for the ruling All Progressives Congress. There is a powerful cabal made up of the top echelon of the ruling class that determines what goes on in the party. There are various caucuses involved, from the Presidency to the governors of the party and top brass in the National Assembly. The governing elite at the national and sub-national levels also try to capture state institutions for their undue advantage. Check out the appointments in the Independent National Electoral Commission, the judiciary, and the leadership of ministries, departments and agencies of government; they reek of a high dose of political consideration meant to gain control for the appointing authority.

Civil society and the media have been at the vanguard of ensuring that partisan persons do not get nominated as INEC chairmen, national commissioners and resident electoral commissioners. However, we have not succeeded, as clearly partisan persons are deemed to have been nominated to the electoral management body. For instance, the nomination of former presidential aide Lauretta Onochie as a national commissioner in INEC. It took a lot of resistance from the CSOs to have her dropped by the Senate. There have been several appointments after that controversial one that have scaled through despite vociferous objections from civil society. This is why there is now ongoing advocacy for the appointment of INEC chairman and commissioners to be subjected to a more transparent nomination process where there will be an independent body that will screen the applications of those who have applied for the INEC job, with an opportunity for claims and objections by the Nigerian public.

Remember the suspension and eventual removal of the former Chief Justice of Nigeria, Justice Walter Onnoghen, under former President Muhammadu Buhari in January 2019. Many believed that it was politically motivated so that he would not preside over the presidential election petition due to come after the 2019 general elections. The gentleman was last year discharged and acquitted of all the trumped-up charges levelled against him over asset declaration impropriety.  There is a growing concern that the Nigerian judiciary is now populated with wives, children and cronies of high-profile politicians. The danger in that is that political considerations and not law may influence the decisions of their lordships, especially in political matters brought before them. Recall that the husband of a former president of the Court of Appeal openly declared on the floor of the Nigerian Senate that he helped his fellow senators on their election petition cases, superintended by his wife.

Under the Nigerian Constitution, the president of the Court of Appeal constitutes the election petition tribunals that adjudicate over post-election matters.

It goes without saying that the rationale behind our highly monetised and violent elections could be found in the attempt at state capture willy-nilly. Politicians deploy the Machiavellian principle that the end justifies the means to ensure electoral victories, not minding if they are in breach of electoral laws. That’s why it will be difficult to contain electoral violence and vote-buying.

A look at the leadership of the Economic and Financial Crimes Commission will reveal an attempt by the political class to exert undue influence on the commission. None of its previous chairmen have had a hitch-free and successful tenure, as they were all removed in controversial circumstances. From Nuhu Ribadu to Farida Waziri to Ibrahim Lamorde to Ibrahim Magu to AbdulRasheed Bawa, none of them had a seamless tenure. It is hoped that the incumbent chairman, Ola Olukoyede, will have a smooth sail.

At the sub-national level, governors of the 36 states have vehemently resisted financial and administrative autonomy for state Houses of Assembly and judiciary despite two constitutional amendments to give effect to this. Same with the financial autonomy of the 768 local governments and six area councils.  President Tinubu was very concerned and asked the Attorney General and Minister of Justice to file a suit at the Supreme Court last year seeking the interpretation of section 162 of the Nigerian Constitution, especially the one that deals with joint state and local government accounts. The apex court on July 11, 2024, ordered that funding due to the local governments should be paid directly to them and that states that do not conduct local government elections should have their LGA allocations withheld. However, nearly a year after that Supreme Court verdict, Nigeria’s LGAs are yet to enjoy financial autonomy, as the governors ganged up against its implementation while the Presidency looked on without enforcing the judgement.

Nigeria will not develop with the stranglehold of the powerful ruling elites on the state institutions. The loyalty of the political appointees should be to the Nigerian Constitution, not their appointers. The rule of law and due process should be the cardinal principles of governance and not the undue meddlesomeness and executive recklessness being witnessed in this country. Until this culture of impunity is dismantled, successive administrations will not be able to deliver good governance.

Some time ago, a beautiful dancer, Senator Ademola Adeleke, Governor of Osun State, once said that he thought he should be appreciated by his people for giving up his freebie N600m security vote that his state awards to him every month. He even entered the spirit of Chief Olusegun Obasanjo, who once barked, “Stand up! Sit down!” orders at some Oyo State kings.

His words: “I have considered sharing my security votes to assist in some of our projects. And for this, all should stand up and clap for me for 20 minutes. That’s how they do it in the United States.” Well, American state governors do not receive security votes like their Nigerian counterparts.

Though laudable, the governor’s offer to utilise the security votes for state projects is the greatest confirmation that the security vote is not necessary; a scam that has become a statutory drainpipe, a vestige of the tradition started after the military incursion into Nigeria’s politics.

If you want to know, Governor Adeleke’s N600m adds up to a princely N7.2bn free money in one year, and N28.8bn in a tenure of four years as governor. That is one avenue for governors to recoup part, if not all the money they spent on their electioneering campaigns.

Some argue that a large portion of the money voted for the constituency projects of Federal legislators is somewhat akin to the security vote of state governors, because it somehow ends up being diverted to the pockets of the idle legislators.

Regrettably, while these kinds of wasteful expenditures are going on throughout Nigeria, civil servants, many of whom are not yet earning the N70,000 minimum national wage, have to be genuflecting and nearly apologetic when they ask their state governors for what their legitimate and statutory rights should be.

Sometime in 2024, Osun State civil servants had to find a creative way to ask the state government to pay the N35,000 in addition to their salaries that had been agreed between the labour unions, government and organised private sector employers.

The Osun State workers, who had to resort to flattery, “urge(d) His Excellency to graciously approve the agreed sum … to all categories of workers… (because they believed that) workers’ welfare is important and very dear to (the) heart (of the Governor)”.

The civil servants also hinted to the governor that the addition to their salaries was agreed to avert “the proposed (labour) strike”, that was called last year, just a few months after the Federal Government withdrew subsidy from petrol and electricity and floated the exchange rate of the naira to convertible foreign currencies, like the US dollar, British pound sterling and the euro.

Two things would strike anyone who cares to interrogate the absurd and conscienceless enterprise designed by Nigeria’s political elite to “legitimately” fleece the people of Nigeria: First, you wonder what purpose the security votes have served over the years, whereas there is inexplicable insecurity in practically all the states of Nigeria.

Despite, or because of, the security vote, which some have derisively described as an “insecurity vote”, Nigerians are routinely subjected to daily harassment by outlaws, like Boko Haram insurgents, bandits, cattle rustlers, violent cattle herders, alien terrorists, “unknown gunmen”, kidnappers, ritual killers, armed robbers and motor park rogues.

Secondly, you wonder why a governor, who has no constitutional authority over security matters, even within his state, has to be paid a separate and additional security vote when the Nigerian state is already running and funding the Nigeria Police, the military services, the secret service, the Nigeria Security and Civil Defence Corp, the Federal Road Safety Corps and even the (not exactly new) National Armed Forest Guards that President Tinubu just reintroduced.

Even Southwest states have found a way to legally wrest some security roles of the Exclusive Legislative List to run the Western Nigeria Security Network, otherwise known as “Amotekun Corps”, with public funds. Yet other states, like Lagos, have sundry security outfits, like the Lagos Neighbourhood Safety Corps, and just about every state has a traffic management agency.

That is not to talk of several undefined policing agencies set up, operated and financed by local government authorities to extort statutory and not-so-statutory fines from hapless citizens who do not always know what they did wrong whenever they are intercepted.

The amount of money spent on these, now legally enabled, state “security or safety” agencies must definitely be a tidy sum, which is also coming out of the consolidated revenue fund of the states. So, one wonders why there should be another fund for the inexplicable security votes.

Even after most states have also thought up smart ways to blackmail private sector operators within their domains to generously fund state security funds, the heartless state governors still go ahead to receive monthly security vote allocations, that some critics have calculated to be over N277.49bn annually, even though they do not have the figures for Kebbi, Sokoto, Kwara, Gombe, Ebonyi and Bayelsa States.

Some, with institutional memory of military government in Nigeria, assert that the security vote was introduced into Nigeria by the military government of General Yakubu Gowon, the Head of State, who allocated the funds.

The allocation was intended to encourage the military governors, the political elite and traditional rulers to cooperate with the Federal Military Government, to douse the crisis of legitimacy of General Gowon’s leadership that was queried by Col Emeka Odumegwu-Ojukwu and to prosecute the Civil War.

One must reemphasise that these largely unconstitutional and unaudited payouts to the state governments that were initiated by the Federal Military Government are now paid out of the constitutionally approved consolidated revenue funds.

Frederick Omoyoma Odorige observes, in his doctoral thesis on Military Science at Hungary’s National University of Public Service, Budapest, that monies directed into security votes can be likened to “missing vaults in Nigeria’s checkered (sic) security architecture’’.

That is probably a euphemism for an ingenious, foolproof and legitimate scheme that is designed by the political elite to avoid being prosecuted for stealing public funds, while also avoiding the scrutiny of accountability.

Some have traced the origin of the deliberate opaqueness of the allocation of security funds to the British government’s practice of “hiding” the budget of the security service MI5 in the Home Office and its secret service counterpart, MI6 spies in the Ministry of Foreign, Commonwealth & Development Office.

It helps to obscure the activities of these agencies from public scrutiny as auditors beam their “microscopes” into their finances, which, they argue, may expose the security and secret agents to danger and defeat the secrecy that is necessary for security work.

But there is no doubt that Nigerian state actors have stretched the meaning and the coverage of the security votes beyond the intention of those who started it.

Some of the most ardent critics of security votes argue that the books of security expenditures, other than those of the Police Central Intelligence Department, the Department of Military Intelligence and the Nigeria Intelligence Agency, should be open to scrutiny and not hidden with the use of opaque nomenclatures.

It would be a great breakthrough if all state legislatures could find the courage to legislate security votes out of existence.