Economy
Orji Kalu Says “If Nigeria Does Not Borrow, The Economy Will Collapse”
Orji Kalu Says “If Nigeria Does Not Borrow, The Economy Will Collapse”
Orji Kalu says “If Nigeria does not borrow, the economy will collapse”. Orji Kalu, senator representing Abia north, says the Nigerian economy is at risk of collapse if the country does not continue to borrow.
Kalu, a former governor of Abia state, spoke on Monday during an interview on Politics Today, a Channels Television programme.
“Let me tell you, if this economy does not borrow, it collapse. That’s the truth. That’s where we are,” he said.
Kalu said he is not a member of the committee that scrutinises loan requests but insisted that such borrowing is necessary for economic survival.
“Of course, the committee of foreign and local debts used to scrutinise them. I am not a member of that committee. You know these jobs are done mainly at the committee level,” he said.
Kalu sparked public reactions last week when he appeared at the senate wearing a customised outfit emblazoned with the inscription “Tinubu for President 2027”.
Reacting to criticisms about the attire, the former senate chief whip said there was nothing unusual about it.
“Who else would have made that dress other than Aba tailors? It was made in Aba, dyed in Aba and delivered in Aba,” Kalu said.
“It is only Aba people who are hardworking that can do it. It’s very fashionable and I will wear it again.” He also rejected insinuations that the outfit was for sycophancy.
“Can a man like me be sycophantic? I am not running for anything. Where am I running to? I’m only running to return to the senate,” he said.
“It’s not political sycophancy. I am a man that can’t be sycophantic. It is a uniform for 2027.
“Sure, my house manager just made it available that morning, and I wore it. I don’t see anything wrong in wearing it.
“It’s you press (media) people that saw something wrong. INEC has lifted the ban on the campaign, but we are preparing.” On whether he is the unofficial campaign manager for Tinubu, Kalu said he would gladly accept the role.
“What is wrong with that? I will be very happy to accept it and do the job for him. I don’t have anything to regret in doing the job,” he said.
Kalu said the president should not be viewed through the lens of regional politics.
“President Tinubu is not the president of the south but the candidate of Nigeria, and I am a Nigerian,” he said.
“I have always said this — every Nigerian should stop addressing himself or herself by region.
“I have asked for legislation where I suggested we remove all local government and state information on forms; people should only fill in that they are Nigerians.”
On concerns that discussing 2027 politics is insensitive, Kalu defended his party’s decision to begin early mobilisation.
“We are a political party, and there must be activities of a political party. We had a midterm assessment of our party where the whole party’s stakeholders gathered,” he said.
“I was in the senate to do my legislative job, and the journalists ran over me. It’s my dress, and I have the right to wear anything I like.
“There is freedom of association and freedom of speech. I also have the right to say what I want to say.”
Kalu also addressed criticism of his previous comments on the economy and Nigerians’ relationship with money.
“I’m not regretting what I said. I work hard for every penny,” he said. “Most rich people are waiting on these beds to take money from subsidies and sell dollars.
“These are what they have been doing. But it’s not about all Nigerians; I said most Nigerians, not all.” Kalu said his industrial contributions should not be overlooked in conversations about patriotism and job creation.
“I think about the people more than most of those attacking me. They have money, but they can’t build any industry in Nigeria,” he said.
Orji Kalu Says
“I still have about 14,000 Nigerian employees on my payroll today, and I’m building more industries to employ more.
“When I speak the truth, you know I don’t bend my words. I’m not a politician in the first instance — I just found myself doing this.” He said the president still needs more time to deliver results.
“President Tinubu needs a few more years. I think the economy will have a good sense of direction in two years, and the benefits will start coming,” he said.
“This economy has been in shambles, and it was not caused by anybody.” On Tinubu’s promise to reduce poverty, Kalu said the public must be realistic about expectations.
“There is no rocket science about it. Nigerians should be patriotic. The whole world is still feeling the effects of COVID,” he said.
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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