News
Debt Accumulation: Tinubu Running Ponzi Economy, Says ADC
Debt Accumulation: Tinubu Running Ponzi Economy, Says ADC
The African Democratic Congress (ADC) has accused the Tinubu administration of running a “Ponzi economy” following the Federal Government’s move to seek another fresh $1.25 billion World Bank loan, despite Nigeria’s rising debt profile of about N159.28 trillion.
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In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said the government was taking new loans to service old debts while Nigerians continue to suffer rising food prices, unemployment, insecurity, business closures, and worsening inflation.
The full statement read:
The African Democratic Congress (ADC) is deeply alarmed by the Tinubu administration’s latest move to seek another fresh $1.25 billion World Bank loan, coming barely weeks after the National Assembly approved yet another round of external borrowing running into billions of dollars.
At this point, Nigerians must ask a simple question: if this government keeps borrowing trillions of naira every few months, why are Nigerians getting poorer, and why is life getting harder for the majority?
Today, Nigeria’s total public debt has risen to about N159.28 trillion, yet food prices continue to rise daily, electricity tariffs are increasing, the naira remains weak, businesses are shutting down, insecurity is spreading, and millions of young Nigerians remain unemployed. Families are cutting down on meals, manufacturers are struggling to survive, and small businesses are collapsing under the weight of inflation and poor economic conditions.
This is why the ADC says the Tinubu administration is running a Ponzi economy, where new loans are constantly being taken to service old debts and cover fiscal failures, while ordinary Nigerians are left to carry the burden.
It is noteworthy that President Bola Tinubu himself has declared that Nigeria will spend about $11.6 billion, over N15 trillion, on debt servicing alone in 2026. In simple terms, trillions of naira that should have gone into roads, hospitals, schools, electricity, security, agriculture, and job creation will instead go into paying creditors and servicing old loans.
Even more disturbing is the speed and scale of the borrowing. Since assuming office in May 2023, the Tinubu administration has pursued or secured multiple World Bank facilities and external loans running into several billions of dollars.
Each time they want to borrow money, this government invents a new acronym. From ARMOR to RESET, HOPE, or SPIN, these are merely different labels for the same pretext to continue borrowing without any recourse to measurable impacts on the lives of Nigerians.
The government removed fuel subsidy, devalued the Naira, increased electricity tariffs, and imposed painful economic policies on citizens, promising that temporary sacrifice would lead to long-term recovery. Some of the loans are ostensibly obtained to cushion the impacts of these harsh policies. Instead, Nigerians have continued to suffer one of the worst cost-of-living crises in recent history, while the government continues to pile on more debts.
A serious government borrows to build industries, stabilize power, create jobs, expand exports, improve transportation, and grow the economy in ways that citizens can actually feel. But after all this borrowing, Nigerians cannot point to any measurable improvement in their daily lives that matches the scale of the debt being accumulated in their name.
The ADC is equally concerned that the National Assembly, which should serve as checks on executive excesses, has been reduced to a mere rubber stamp, approving massive borrowing requests with little resistance or serious public scrutiny, even as debt servicing continues to consume an increasingly unsustainable portion of government revenue.

ADC
Nigeria cannot continue mortgaging the future of unborn generations simply to keep the present administration politically afloat. At some point, somebody will pay for all this borrowing, and sadly, ordinary Nigerians are already paying through hunger, inflation, unemployment, business closures, and a collapsing standard of living.
What Nigeria needs right now is the ADC’s leadership, which is focused on production, security, industrialization, agriculture, stable electricity, support for local businesses, and real job creation.
Signed:
Mallam Bolaji Abdullahi
National Publicity Secretary
African Democratic Congress (ADC)
News
Government Bans Traffic Task Force On Highways Over Extortion, Harassment In Enugu
Government Bans Traffic Task Force On Highways Over Extortion, Harassment In Enugu
The Enugu State Ministry of Transport has banned all traffic task force operations on federal highways within the state, effective immediately.
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The directive was announced in a statement on Monday by the commander of the Enugu State Traffic Management Authority (ESTMA), Kenneth Ugwu.
Mr Ugwu said that the ban was part of the government’s efforts to curb the activities of fake enforcement officials who extort funds from motorists.
According to him, the ministry took the decision after reports that impostors posing as transport ministry officials had been operating on federal highways, harassing and extorting motorists.
“Their action tarnishes the image of the ministry, and to address the situation, the ministry has constituted a special team to identify and apprehend those behind the illegal operations,” Mr Ugwu said.
Mr Ugwu confirmed that authorities recently arrested some suspected fake task force operatives while allegedly extorting motorists in different parts of the state capital.
He added that the suspects were currently undergoing interrogation and will be prosecuted in accordance with the law.

Governor Mbah
The ministry, therefore, urged the public and motorists to promptly report any genuine complaint or encounter with suspected fake task force officials to the ESTMA commander’s office at 08102382688 for immediate intervention.
He warned that anyone found harassing or extorting motorists under the guise of traffic enforcement would be arrested and prosecuted.
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News
How Four Universities, Students Win N235m Engineering Innovation Funding
How Four Universities, Students Win N235m Engineering Innovation Funding
Student teams from the Modibbo Adama University of Technology, Yola; the University of Ibadan; the University of Jos; and the University of Nigeria, Nsukka have emerged winners of the maiden Nigerian Engineering Olympiad for developing outstanding engineering innovations.
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At the grand finale held recently in Lagos, the teams won a total of N110m in seed funding to accelerate the commercialisation of their innovations.
MAUT emerged overall winner, receiving a N50m grant, while UI received N30m for placing second.
The University of Jos received N20m for its third-place position, while UNN received N10m for finishing fourth.
MAUT emerged overall winner with “Ubuntu Sapphire”, a decentralised, community-powered rapid alert and security intelligence network built for the security realities of rural and peri-urban Nigeria, where connectivity is poor, security architecture is thin, and millions of households still depend on feature phones.
The University of Ibadan claimed second place with its “Aurora Birth” innovation, a HealthTech solution designed to reduce neonatal deaths from birth asphyxia, especially in low-resource settings.
The University of Jos secured third place with “Sentra,” a solar-powered, AI-enabled crop diagnostic device that detects pests, diseases and soil nutrient deficiencies before visible symptoms appear, giving smallholder farmers the early warning they need to act promptly.
The University of Nigeria, Nsukka finished fourth with “Flameless”, a containerised, modular power-generation platform that captures associated gas and converts it into electricity, providing reliable and affordable power for households, communities and businesses.
The winning projects distinguished themselves by offering practical, scalable and commercially viable solutions to critical national challenges in security, healthcare, agriculture and energy.
The winners emerged from a national contest that attracted 375 successful team applicants from 984 student participants across 80 tertiary institutions.
Thirty teams qualified for the regional stage of the competition, which commenced in November 2025, with projects assessed on technical excellence, innovation, scalability, commercial viability, societal impact and sustainability.
Aside from the cash prizes, the winning teams will also receive continued technical mentorship, business development support, industry partnerships and commercialisation opportunities.
Also, the engineering faculties of the winning universities were rewarded.
MAUT won a Centre of Excellence building, while UI and UNN received grants of N75m and N50m respectively to strengthen engineering education and research.
Speaking, Margaret Oguntola, immediate past President of the Nigerian Society of Engineers, described the initiative as a step towards repositioning young engineers as drivers of sustainable national development.
She said the NSE was concerned about how to bridge the gap between abundant talent in tertiary institutions and Nigeria’s technological advancement and industrialisation aspirations, which the NEO is designed to address.
He observed that sectors such as music and reality television have flourished partly because of healthy competition and public recognition, adding that the Olympiad seeks to create similar competitiveness within engineering education while celebrating the ingenuity of students and their lecturers.
In his welcome remarks, Mr Michael Ajayi, Country Director of Enactus Nigeria, NEO implementing partner, said investing in youth-driven innovation is essential to Nigeria’s future, noting that the competition aligns with the organisation’s mission of promoting youth leadership and enterprise development.
According to him, it is expedient that the country intentionally harnesses its creativity, technical expertise and entrepreneurial capacity to solve real-world problems, build sustainable businesses and create jobs.
In his remarks, the Executive Secretary of the Nigerian Content Development and Monitoring Board, NEO initiator, Felix Ogbe, said the organisation would continue to support the initiative in identifying and developing undergraduate and postgraduate engineering talent.
Ogbe, who was represented by Mr Silas Ajimijaye, Director of Planning, Research and Statistics, commended the programme’s partners and challenged them to ensure that the winning innovations progress beyond the competition to reach the market and improve lives.
The representative of Renaissance Africa Energy Company Limited, one of the funding partners, Dr Igo Weli, Vice President (Relations and Sustainable Development), expressed satisfaction with the outcomes of the maiden NEO, promising that prototype development grants for participating teams would increase from N3m to N5m in the next edition.
Another funding partner, FIRST Exploration & Petroleum Development Company (FIRST E&P), represented by John Alamu, General Manager, Engineering & Capital Projects, described the Olympiad as an important platform for strengthening STEM education and reducing the growing challenge of brain drain.
“We must build mechanisms that not only recognise excellence in problem-solving and technical capacity but also encourage solutions tailored to Nigeria’s energy, infrastructure, manufacturing and sustainability needs,” he said.
The Special Guest of Honour, Executive Vice Chairman/Chief Executive Officer of the National Agency for Science and Engineering Infrastructure, Mr Khalil Halilu, represented by Emmanuel Ajani, congratulated the young innovators and commended the organisers for the initiative, describing it as a veritable platform for identifying exceptional engineering talents within Nigerian universities capable of driving industrial transformation.
The maiden NEO competition showcased innovations spanning healthcare, renewable energy, agriculture, security, infrastructure, manufacturing and industrial technology, highlighting the ingenuity of young Nigerian engineers in addressing pressing national and global challenges.

Engineering Innovation Funding
The Olympiad began with regional competitions across Nigeria’s six geopolitical zones—Yenagoa, Enugu, Ibadan, Abuja, Yola and Kano—where 30 shortlisted teams competed.
Twelve teams advanced to the national stage and participated in an intensive innovation bootcamp in Lagos, from which four finalists emerged.
During the bootcamp, participants received mentorship from engineering professionals, entrepreneurs, business leaders, investors and innovation experts before competing in semi-final knockout rounds that produced the eventual winners.
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Umahi: Lagos-Calabar Coastal Highway Designed To Mitigate, Not Cause Flooding
Umahi: Lagos-Calabar Coastal Highway Designed To Mitigate, Not Cause Flooding
The Honourable Minister of Works, Engr. David Umahi, CON, FNSE, FNATE, has dismissed claims that the Lagos–Calabar Coastal Highway is responsible for flooding in parts of Lagos. He insisted that the project is designed to improve drainage and facilitate the evacuation of floodwaters from shoreline communities.
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Speaking during an on-the-spot assessment of the completed and ongoing sections of the Coastal Highway with Members of the National Assembly, Senior Special Assistants to the President (SSAs-P), Officials of the Federal Ministry of Environment and the media, he explained that the Ministry had earlier held discussions with Officials of the Lagos State Government on the need for dredging and other environmental mitigation measures to address flooding in the affected areas.
The Minister attributed the persistent flooding largely to indiscriminate dumping of refuse, blockage of drainage channels and manholes, and gross violations of environmental regulations by some residents. He stressed that the highway itself is not the cause of flooding but rather part of its long-term solution.
_”You can see people blocking manholes and creating hazards to the environment. Many complaints about flooding are caused by human activities, not the road project,”_ the Minister emphasised.
Engr. Umahi assured stakeholders that the Federal Government, in collaboration with the Lagos State Government, is implementing environmental remediation measures, including dredging, drainage improvement, and strict enforcement of the approved “Right of Way.” He warned that structures obstructing drainage channels or violating the approved setbacks would be removed.
According to the Minister, the Lagos–Calabar Coastal Highway incorporates modern engineering features, including adequate culverts, drainage systems, and embankments designed to manage stormwaters effectively. He further explained that the project complements other flood-control interventions such as those around the Aqua Atlantic development and Oshodi.
Engr. Umahi informed that the visit is coming at the instance of the directive of President Bola Ahmed Tinubu, GCFR, whose administration remains committed to protecting lives, properties, and critical infrastructure, while promoting sustainable development.
The Minister announced that a Stakeholders’ Engagement involving the Senate and House Committees on Works, the Federal Ministry of Environment, Office of the Surveyor General of the Federation, Lagos State Government, representatives of concerned Associations of Landlords and other relevant Government Agencies, is scheduled for today, Tuesday, 7 July, 2026. The engagement aims to address environmental concerns, step up awareness campaigns on environmentally friendly practices and the dangers of the unfriendly ones, as well as deepen collaborative efforts in flood management.
He commended Members of the National Assembly, the Governor of Lagos State, the Minister of Environment, SSAs-P (Community Engagement), Staff of the Ministry, and Hitech Construction Company, and other stakeholders for their cooperation and assured residents that blocked drainage channels and refuse dumps along the project corridor would be cleared.
The SSAP on Community Engagement, South West, Moremi Ojudu, called for collective responsibility in addressing environmental and human factors, emphasising the President’s commitment to environmental sustainability. The Director of Environmental Impact Assessment, Federal Ministry of Environment, highlighted the growing impact of climate change and the unique environmental challenges facing Lagos. On the Environmental Impact Assessment of the Project, she confirmed that approval was given before its commencement.
Commenting, the Minority Whip of the Senate, Sen. Onyekachi Nwaebonyi stated the history of flooding in Lagos is as old as the city itself, and we have seen, as a Parliament, that the reason for the flooding is not the Coastal Highway.” He advised that the opinions of environmental experts be adhered to in finding remedial and preventative solutions to a global problem.
In their separate remarks, the Chairman of the Senate Committee on Works, Senator Allwell Onyesoh, and the Chairman of the House Committee on Works, Hon. Akin Alabi commended the Minister’s swift response to Mr. President’s directive. They observed that flooding existed before the commencement of the Coastal Highway, ascribing it to the effects of global warming, requiring proactive solutions.
To further safeguard the completed sections of the Highway, the Minister directed the Federal Controller of Works, Lagos State, Engr. Olufemi Dare to ensure full compliance with environmental safety standards. He also announced the recruitment of 40 personnel — 20 for day duty and 20 for night — to monitor the highway, prevent stealing and vandalisation of road furniture, and discourage illegal dumping of refuse.

Umahi
Engr. Umahi concluded by guaranteeing residents along the alignment that all environmental concerns raised during the inspection would continue to receive prompt attention through sustained stakeholder engagement and effective mitigation measures.
Mohammed A. Ahmed,
Director, Information and Public Relations.
7 July, 2026.
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