Tinubu Reveals How Buhari Almost Bankrupted Nigeria; He Quickly Saved The Country

Tinubu reveals how Buhari almost bankrupted Nigeria; He quickly saved The country. The statement came hours after Muhammadu Buhari issued a statement Thursday afternoon reiterating his loyalty to the president and the ruling APC.

President Bola Tinubu on Thursday said he took over a Nigeria that was in the throes of bankruptcy after eight years of his predecessor Muhammadu Buhari.

“Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” Mr Tinubu said during a meeting with a group of supporters at the State House in Abuja.
The Nigerian leader has faced criticism for mishandling the economy after inflation soared for consumer items nationwide, a development analyst blamed mainly on the president’s decision to eliminate subsidies on essential petroleum products.

Mr Buhari was the first politician to be elected president on the platform of the All Progressives Congress, serving two terms of four years each from 2015 to 2023. He handed power to Mr Tinubu on the same platform, arguing during his last days in office that he had turned the nation’s socio-economic conditions around during his tenure.

Both leaders remained key political allies, and Mr Buhari issued a statement earlier on Thursday reiterating his loyalty to Mr Tinubu and the APC, following rumours that the former president was considering joining a budding alliance to defeat Mr Tinubu at the ballot in 2027.

It was unclear how Mr Tinubu’s statement would be received by Mr Buhari, who now lives in Kaduna following his exit from power.

A spokesman for the former president did not immediately return a request seeking comments about his successor’s statement Thursday night.

A State House press release said the president sought to assuage citizens that conditions would continue to improve after inflation showed signs of cooling in recent months.

Read the full press statement as issued by the president’s spokesman Bayo Onanuga below:
President Bola Ahmed Tinubu articulated on Thursday the rationale behind his administration’s economic reforms, saying the primary motive was protecting the interests of future generations.
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“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our subregion with fuel. It was getting difficult to plan for our children’s future,” he said.

He made these remarks at the State House in Abuja while receiving a delegation of former National Assembly colleagues from the aborted Third Republic, during which he served as a Senator representing Lagos West.

The President highlighted the challenges faced at the beginning of his administration, especially economic and social issues, and expressed his gratitude for the delegation’s support in addressing these difficulties:

“We faced serious headwinds when I took over, very challenging times. Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse.

President Tinubu declared that the administration had been able to stem the tide and expressed appreciation to Nigerians for their collective support in turning things around.

“Today, we are sitting pretty on a good foundation. We have reversed the problem; the Exchange rate is stabilising. Food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel.”

He said firm adherence to democratic tenets is the best route to economic, social, and political development.

“I am happy that you are holding to your belief in democracy. I thank you for keeping faith and remembering how we started. Some people missed the ball.

“Some leadership failed, but we kept the faith with our democratic beliefs and freedom and the right to aspire to the highest office in the land. I am benefitting from it.”

Senator Emmanuel Chiedoziem Nwaka, who spoke on behalf of the group, expressed his delight at some of the programmes that the Tinubu administration had implemented, especially the Nigerian Education Loan Fund (NELFUND) and the Nigerian Consumer Credit Corporation (CREDICORP) and at what the two organisations were offering Nigerians.

“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.

Buhari Almost Bankrupted Nigeria

“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.

Other members of the delegation were Sen. Bako Aufara Musa, Hon. Terwase Orbunde, Hon. Wasiu Logun, Hon. Amina Aliyu, High Chief Obi Anoliefo and Hon. Eze Nwauwa.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
March 13, 2025

Petrol Imports Surge By 105 percent To N15.42tn – NBS Report

Petrol imports surge by 105 percent to N15.42tn. Nigeria’s petrol imports doubled in 2024 despite increased domestic refining capacity, reinforcing the country’s continued dependence on foreign fuel, according to a report by the National Bureau of Statistics (NBS).

Data from the NBS foreign trade statistics report shows that petrol import costs rose by 105.3%, reaching N15.42 trillion in 2024, up from N7.51 trillion in 2023.

This significant increase comes at a time when local refining was expected to ease reliance on imports, following the launch of the 650,000 bpd Dangote Refinery and ongoing rehabilitation of state-owned refineries.

However, available data suggests that local refineries are yet to reach full production capacity to meet domestic demand.

Over the past five years, Nigeria’s fuel import bill has consistently risen:
2020: N2.01 trillion
2021: N4.56 trillion
2022: N7.71 trillion
2023: N7.51 trillion
2024: N15.42 trillion (highest on record)

Continued Petrol Imports Despite Local Refining
Between September and December 2024, oil marketers imported 2.3 billion litres of petrol, contradicting earlier commitments to shift focus to domestic supply.

NBS Report

Despite operational local refineries, including:
Dangote Refinery (650,000 bpd, Lagos)
Port Harcourt Refinery (210,000 bpd, with 60,000 bpd in operation)
Warri Refinery (resumed operations in December 2024)

oil marketers still imported 6.38 billion litres of petrol and diesel in the past five months.

Forex Pressure & Market Competition
The importation of fuel cost about N6 trillion, further straining Nigeria’s foreign exchange reserves.

However, the Major Energies Marketers Association of Nigeria (MEMAN) argues that continued importation promotes market competition and price stability.

MEMAN’s Executive Secretary, Clement Isong, stated: “Importation contributes to market competitiveness. Local refining is important, but ensuring competition with imports keeps pump prices as low as possible.”

The debate over fuel imports vs. local refining continues as Nigeria seeks to balance domestic production, pricing, and forex stability.

Nnamdi Kanu’s Alleged Terrorism Case Reassigned To Another Judge

Nnamdi Kanu’s alleged terrorism case reassigned to another judge. Mr Ejimakor said Mr Kanu’s legal team received the “momentous and somewhat pyrrhic” letters when they visited him on Friday.

The alleged terrorism case filed against Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), has been reassigned to another judge.

This is contained in two separate letters by the Chief Justice of Nigeria (CJN), Kudirat Kekere-Ekun, and the Chief Justice (CJ) of the Federal High Court (FHC), John Tsoho.

The two letters were addressed to the IPOB leader’s lead counsel, Aloy Ejimakor.

While the first letter from the CJN was dated February 5, Mr Tsoho’s letter was dated March 4.

Justice Binta Nyako, the former trial judge, had, on February 10, adjourned Mr Kanu’s trial indefinitely following the insistence by the IPOB leader and his legal team that the matter be reassigned after Ms Nyako recused herself from the case on September 24, 2024.
Meanwhile, Mr Ejimakor, in a statement on Saturday, said the CJN and the FHC CJ had finally responded to their complaint letters.

He said Mr Kanu’s legal team received the “momentous and somewhat pyrrhic” letters when they visited him on Friday.

“One letter was from the CJN, responding to a recent letter we had written to her, seeking her prompt administrative intervention (as the administrative head of Nigerian judiciary) on the matter of a proper and lawful reassignment of Kanu’s case, following the recusal of the judge that was conducting it.

“The other letter was from the Chief Judge of the Federal High Court, informing us that the case has been reassigned to another judge of the Federal High Court.

“Consequent upon these latest developments, Mazi Nnamdi Kanu instructed the legal team to publicly convey his sincere gratitude to the Chief Justice of Nigeria for her sound administrative discretions and the despatch with which she responded to our request.

“He also expressed his profound appreciation to members of the general public who publicly expressed their support to our righteous demands that Mazi Nnamdi Kanu’s case be reassigned to another judge, as the law demands,” he said.

Nnamdi Kanu

Mr Ejimakor said Mr Kanu had always been ready to take his trial “because he is firmly convinced of his innocence.”

According to him, the perverse events of the past six months (from September 2024, when the recusal happened) posed portent dangers to his constitutional rights, particularly his right to a fair and speedy hearing.
“It was in view of this that we were propelled to resort to taking extraordinary measures to ensure that his case is properly reassigned and conducted in accordance with the law.

“So, now that the first steps have been taken by the authorities to do the lawful thing,  Kanu and his legal team shall take stock and hanker down to the zealous preparation of his defence,” Mr Ejimakor concluded.