Economy
ADC Faults Tinubu Over $21bn Loan, Says Its ‘Fiscal Recklessness’
ADC Faults Tinubu Over $21bn Loan, Says Its ‘Fiscal Recklessness’
ADC faults Tinubu over $21bn loan, says its ‘Fiscal recklessness’. The African Democratic Congress (ADC) has accused President Bola Tinubu of plunging the country into a deeper debt crisis.
In a statement issued on Saturday, Bolaji Abdullahi, ADC’s national publicity secretary, said the approval of a fresh $21 billion in foreign loans by the national assembly would push Nigeria’s public debt beyond N200 trillion by the end of the year.
Abdullahi said Tinubu had outpaced former President Muhammadu Buhari in borrowing, despite failing to improve infrastructure or stimulate the economy.
“The African Democratic Congress (ADC) is deeply concerned by the Tinubu administration’s dangerous obsession with borrowing,” the statement reads.
“What Nigerians are witnessing, following the approval of a fresh $21 billion in foreign loans, is nothing short of a calculated decision to mortgage the country’s future just to cover up the failures of today.”
Abdullahi said Buhari borrowed an average of N4.7 trillion annually, but Tinubu’s government had raised that figure tenfold.
“In just two years, this administration has borrowed more than ten times what Buhari borrowed in the same timeframe,” he said.
“At this rate, Nigeria’s total public debt will crash through ₦200 trillion before the end of the year.”
He said Tinubu’s supporters often cite lower borrowing in dollar terms, but argued that the current exchange rate had worsened the real impact on the economy.
“With the naira now in free fall, again thanks to this administration’s poor policy choices, these same loans are costing the country far more,” he said.
“When converted to naira, Tinubu’s foreign borrowing amounts to ₦25.5 trillion every year, more than Buhari’s annual average of ₦2.2 trillion.”
Abdullahi said Nigeria’s total public debt has ballooned from N12.6 trillion in 2015 to over N149 trillion in 2025, while the country’s external debt stock continues to surge.
He claimed that the debt owed to the World Bank has tripled, Eurobonds have multiplied elevenfold, and foreign debt is projected to hit $67 billion if current trends continue.
“This reckless borrowing, repeated year after year, with no plan to repay it, and no effort to use it productively, will leave our children repaying debts that they did not incur or benefit from,” he said.
“The debts have continued to mount, but infrastructures have remained poor, universities are still grossly underfunded, hospitals are still ill-equipped and electricity supply is as poor as ever. So, what exactly are these loans used for?”
He accused the national assembly of failing in its oversight duty by approving loans without scrutiny or accountability.
“Instead, it has continued to approve these loans without asking the hard questions, without demanding a plan, and without standing up for the Nigerian people,” Abdullahi said.
The party said small businesses had been severely affected by Tinubu’s economic policies, citing concerns from the Association of Small Business Owners of Nigeria.
ADC, Tinubu
“Small businesses can no longer access credit. Investors are losing confidence and pulling out. And because over 60 percent of our national income is now used to service debt, the government is turning to ordinary Nigerian families and taxing them beyond their limits,” the statement added.
The ADC demanded full disclosure of all loan agreements signed over the last 10 years by both the Buhari and Tinubu administrations.
“Nigerians have a right to know the terms, interest rates, payment timelines, and final recipients of the loans,” it said.
The party also called on the president to end “fiscal recklessness” and focus on meaningful reforms.
“The era of borrowing to cover policy failures must come to an end,” Abdullahi said.
Okpebholo Threatening Me With Violence, I’ll Fight Back Says Obaseki
Okpebholo threatening me with violence, I’ll fight back says Obaseki. Godwin Obaseki, the immediate past governor of Edo, has accused Monday Okpebholo, his successor, of threatening him with violence. Obaseki spoke during the weekend at an event in London, the United Kingdom.
BACKGROUND
Since assuming office in November 2024, Okpebholo has initiated a series of actions aimed at scrutinising Obaseki’s tenure.
He first constituted a 14-member committee to investigate the assets, liabilities, contracts, and financial decisions made under Obaseki.
Okpebholo then expanded the scrutiny to the state civil service, ordering a probe into all recruitments conducted between May and November 2024, alleging a violation of due process.
Last week, Okpebholo asked the federal government to repatriate Obaseki to answer questions over public funds linked to the controversial Museum of West African Art (MOWAA) project.
‘OKPEBHOLO THREATENING ME’
Obaseki said the governor is threatening him with violence and allegedly sent thugs to attack him in the UK.
“Those who live by the sword will die by the sword,” Obaseki said. “And to tell the governor, Okpebholo, I don’t know him; I have never met him. When you start with violence, you will reap violence.
“For one year since I left office, I didn’t say one word. I decided to respect myself and allow them to try [in governance] as well. Go and find out, you won’t see one thing I said about his government.”
He accused Okpebholo’s government of being behind the attack on diplomats during the exhibition in MOWAA.
“As if that was not enough, the government paid people to come to Manchester to attack me,” he said.
“Who has started this violence? Is it me? Last week, this governor held a disgraceful press conference in which he threatened me not to come to Benin.
Obaseki
“They have been threatening violence. So if I respond, nobody should hold me responsible. “I can’t leave myself empty to be hurt and attacked by deranged people.
“So I am going to fight back. I will fight back. I didn’t start the fight. They are afraid. They know they did not win the election.”
Jigawa: 9,600 Teachers Register For Special Training
Jigawa: 9,600 teachers register for special training. No fewer than 9,600 teachers under the Jigawa State Universal Basic Education Board (SUBEB) registered for a competency test to determine the specific training required to improve their skills and enhance teaching outcomes in the state.
The Executive Chairman of the Board, Professor Haruna Musa, revealed this while briefing journalists on the purpose of the examination, adding that 12,000 teachers were expected to register for the exam.
He explained that the state government, under the leadership of Governor Malam Umar Namadi, was committed to repositioning the state education sector as a key foundation for sustainable development, in line with its “12-Point Agenda.”
Prof. Haruna noted that while the government has been spending significant resources to improve educational infrastructure, meaningful learning improvements cannot be achieved without also enhancing the capabilities of teachers.
“Based on that, the State Executive Council approved for the board to organise a competency test for all teachers. This will enable us to understand the kind of training each teacher requires to improve his or her skills”.
“Out of the 9,600 teachers registered for the exam, over 70% have never attended any capacity-building training since they were employed, including some with over 15 years of service,” the Chairman added.
Teachers Register For Special Training
He stated that after the exam, the teachers will be categorised into three groups: Group A, those with both knowledge and teaching skills; Group B, those with knowledge but lacking teaching skills; and Group C, those lacking both knowledge and teaching skills.
“Each group will be offered specialised training. Those in Group C will undergo intensive training and subsequent examinations for a period to ensure they are equipped with the required knowledge and skills”.
“For those with slower learning uptake, we will attach them to competent teachers within their schools for ongoing guidance and mentorship,” Prof Haruna said.
He further stated that the project is not about retrenchment, but his primary goal is to enhance teachers’ capacity for better learning outcomes within the state’s basic education sector.
PFA: Leadway Pensure Leverages Innovations For Quality Service Delivery
PFA: Leadway pensure leverages innovations for quality service delivery. A Pension Fund Administrator (PFA), Leadway Pensure said, it is leveraging innovation to escalate quality
service delivery to its retirement savings account (RSA) holders. This milestone marks 20 years of trust, exceptional service delivery, and value creation as it celebrates its anniversary. It highlights two decades of dedication to protecting the financial wellness of Nigerian workers.
Over the last 20 years, the PFA has served thousands of customers across Nigeria and beyond, standing as a clear testament to its commitment to providing financial stability at various stages of workers’ career journeys.
Speaking on this remarkable achievement, MD/CEO, Leadway Pensure PFA, Olusakin Labeodan, stated that: “As we celebrate 20 years of Leadway Pensure PFA, this milestone is more than a celebration of longevity, it is a tribute to trust, service and innovation.
From the very beginning, our mission has been very clear, to deliver a pension system without barriersOver two decades, we have transformed this vision into reality by simplifying pension access, embracing cutting-edge technology, and ensuring our services are always within reach. With a nationwide presence, a robust mobile platform, and the AI-powered assistant LISA, we have made pension services accessible to eligible Nigerians.
“We have supported countless customers in achieving life goals, from retirement to home ownership, by ensuring access, clarity and care at every step. This is a testament to the strong relationships and legacy we have built with every customer. Trust is at the heart of our service, propelling us to uphold world-class standards and earning us global certifications such as ISO/IEC 27001:2022 for information security, a mark of our unwavering commitment to safeguarding our customers’ funds. ”
Leadway Pensure
Looking ahead, the company said, it is committed to promoting youth-focused financial literacy, growing personal pension plans and strengthening customer engagement across every stage of the pension journey.
“The next years and beyond will be shaped by the same dedication that brought us this far, a future-forward mindset, a culture of excellence, and an unyielding promise to stand by our customers every step of the way,” Olusakin concluded.
As it commemorates 20 years of service, Leadway Pensure reaffirms its commitment to simplifying retirement planning, delivering consistent value, and driving financial inclusion across Nigeria.
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