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N121.86trn debt: Provide breakdown on utilisation of borrowed funds, Peter Obi tells FG

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Peter Obi, a presidential candidate of the Labour Party in the 2023 election, has asked the government to provide a detailed breakdown on the utilisation of borrowed funds.

 

Obi’s demand followed his concern on the rapid accumulation of debt in Nigeria — which he described as “alarming” in a post on X on Monday.

 

He said the government’s borrowing reached a staggering N121.86 trillion at the end of the first quarter (Q1), warning that if the current trend persists, the total amount borrowed could exceed N150 trillion by the end of the year.

 

“I have consistently maintained that borrowing is not inherently problematic, as long as it is utilized for productive purposes that drive economic growth and development,” Obi said.

 

“The recent report at the end of the first quarter indicates a significant increase in our government’s borrowing, reaching a staggering N121.86 trillion.

 

“This rapid accumulation of debt is alarming, and if this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year.

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“As I recall, the law governing borrowing is explicit, requiring detailed explanations of the intended use, timing, and other relevant parameters.

 

“It is essential to ensure that borrowed funds are allocated efficiently and effectively to drive economic growth, create jobs, and improve the standard of living of the majority of our citizens.

 

“I respectfully request same for accountability for the massive borrowings, which have burdened our nation’s future.

 

“For the sake of our children and unborn generations, transparency and good governance, a detailed breakdown of how these funds have been utilized and demonstrate their tangible impact on our country’s growth and development should be provided.”

 

Obi said the borrowing of several trillions in just three months shows the urgent need for prudent financial management.

 

The former Anambra governor said if the borrowed funds are spent on consumption or misallocated, the nation’s economic situation will worsen, sustaining a cycle of debt and impeding its ability to achieve sustainable economic growth and development.

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He, however, said directing the funds towards productive ventures like infrastructure, education, healthcare, and entrepreneurship would yield beneficial outcomes for the economy and citizens in the long run.

 

The politician urged policymakers and stakeholders to exercise caution and prudence in managing the nation’s debt and ensure that borrowing is utilised for productive purposes that benefit the economy and citizens.

 

This, he said, would foster sustainable economic growth, development, and prosperity for all Nigerians in the future.

 

Obi added that the nation’s stability and prosperity depend on the prudent management of resources.

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Alleged bribery scandal: Bobrisky sues VeryDarkMan for N1bn, says voice recording AI-generated

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Controversial social media personality and cross-dresser, Idris Okuneye, popularly known as Bobrisky, has filed a lawsuit against internet activist and influencer, VeryDarkMan, seeking N1 billion in damages.

The legal battle stems from VDM sharing a voice recording, which he alleged was that of Bobrisky claiming to have bribed officials of the Economic and Financial Crimes Commission, EFCC, with N15 million to drop the money laundering charge against him.

 

Bobrisky, however, has denied the claims, stating that the voice recordings purportedly implicating him in any wrongdoing were artificially generated using AI technology.

Sharing a letter from her lawyers via her social media account, Bobrisky sued VDM for N1 billion as damages and gave him 24 hours to publish a written and video recording apology.

 

The House of Representatives has launched an investigation into bribery allegations against the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service (NCS).

 

The allegations, made by VeryDarkMan, claimed that the EFCC dropped money laundering charges against Idris Okuneye, aka Bobrisky, after receiving N15 million.

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Rep Patrick Umoh, representing Ikot Ekpene/Essien Udim/Obot Akara Federal Constituency, Akwa Ibom State, sponsored the motion during Thursday’s plenary, expressing concern over the damaging allegations.

 

He emphasized the negative image of Nigeria as a corrupt nation and the need for urgent action.

 

Addressing his colleagues, Umoh expressed concern over the widely circulated publication by VeryDarkMan against the EFCC and the NCS.

 

He said, “The publication alleges that the EFCC dropped money laundering charges against Idris Okuneye, also known as Bobrisky upon collection of the sum of N15,000, 000.

 

“The publication alleges that Idris Okuneye, upon conviction for abuse and defacing of the Naira, by the court, did not serve his time at the Nigeria Correctional Service, but was lodged outside the confines of the service.

 

“We are disturbed about the damning allegations against Nigerian critical law enforcement agencies-the EFCC and the NCS established by this hallowed chambers to fight correction and incarcerate persons convicted of a crime for correctional purposes respectively.”

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He also added that the negative image and portrayal of Nigeria as a corrupt nation in the publication should not be swept under the carpet.

Speaker Tajudeen Abbas who presided over the plenary session, referred it to the Committees on Financial Crimes and Reformatory Institutions.

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Fubara lacks political skill… forgive him, Rivers PDP elders forum begs Wike

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The elders forum of the Peoples Democratic Party (PDP) in Rivers state has apologised to Nyesom Wike, minister of the federal capital territory (FCT), over the rift between him and Siminalayi Fubara, governor of the state.

 

Wike and Fubara have been involved in a political tussle over control of the party’s structure in Rivers state.

 

The rift between both politicians has created two factions in the Rivers house of assembly — with each camp electing a speaker loyal to the minister and the governor.

 

Boma Iyaye, executive director of finance at the Niger Delta Development Commission (NDDC), apologised to Wike during an event organised by Ijaw people in the state on Saturday.

 

Iyaye appreciated Wike for making someone of the Ijaw extraction the governor of Rivers state.

 

“On behalf of our people, we are apologising to you for what our son is doing to you. We are sorry because it is not in our nature to pay evil for good. You have done well for us, and we will continue to say thank you” he said.

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“Your Excellency, do not, because of this bad behaviour of our son, run away from us. Continue to be our brother. Continue to have us in mind. We have never set our feet on the number one seat of Rivers state. You made it possible for us to become the governor of Rivers state.”

 

On his part, Ferdinard Anabraba, chair of the elders forum, criticised Fubara for “lack of political discharge”, adding that the Ijaw community do not support of his actions.

 

“The aberration we are seeing in the administration of Rivers State is only a demonstration of lack of political discharge of an individual, and by no means the opinion of Ijaw people,” he said.

 

“We, the Ijaw, see you as the light of Rivers State. You are indeed a notable strategist in Nigeria’s contemporary politics. And without doubt, you are the most celebrated Ijaw politician of national recognition.”

READ  Soldier arrested for stealing 602 rounds of ammunition

 

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: NSCDC dismisses officer in Zamfara for alleged collaboration with bandits

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1. The Nigeria Security and Civil Defence Corps (NSCDC), Zamfara State Command, has dismissed ASCII Maikano Sarkin-Tasha over his alleged collaboration with bandits terrorizing the state. The suspect was alleged to have been supplying hard drugs and ammunition to the terrorists. The State Commandant, Sani Mustapha, disclosed this while briefing newsmen.

 

2. The Federal Government has declared Tuesday, October 1, as a public holiday to commemorate the nation’s 64th Independence Day Anniversary. The Minister of Interior, Olubunmi Tunji-Ojo, made this declaration in a statement issued by the Permanent Secretary of the ministry, Dr. Magdalene Ajani, on Saturday in Abuja.

 

3. Minister of the Federal Capital Territory, Nyesom Wike, has mocked supporters of Governor Siminalayi Fubara who defected from the Peoples Democratic Party (PDP) to the All Peoples Party (APP) ahead of the October 5 local government election.

 

Speaking in Port Harcourt on Saturday, Wike expressed surprise that members of the PDP loyal to the governor could defect to APP, stating that he will teach them a lesson.

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4. The Deputy Manager of the Command and Control Centre of the Nigerian National Petroleum Corporation, Murtala Muhammad, has disclosed that more than 8,000 illegal refineries have been destroyed within the last six months in the country. Speaking on Saturday in Abuja during a stakeholders’ engagement session, Muhammad also said 5,800 illegal oil pipeline connections were detected and destroyed within the same period.

 

5. Presidential Candidate of the Labour Party (LP) in last year’s general election, Peter Obi, has said the security challenges bedeviling Africa are directly linked to poverty, with over 50% of the population being multi-dimensionally poor.

 

6. A notorious Boko Haram terrorist, Bochu Abacha, has surrendered to troops of the Multinational Joint Task Force deployed in Kukawa Local Government Area of Borno State. A statement on Saturday by the Information Officer of the MNJTF, Lieutenant Colonel Olaniyi Osoba, noted that the terrorist admitted to being a notorious Boko Haram member who participated in several operations along the Monguno–Baga axis of the state.

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7. Operatives of the Adamawa State Police Command have arrested a man for allegedly impersonating a police officer and extorting money from the public. The suspect, identified as 26-year-old Shafiu Abdulkadir, a resident of Anguwan Yelwa in Yola North Local Government Area, was apprehended on Thursday.

 

8. The Nigerian National Petroleum Company Limited (NNPCL) said that crude oil production output of three million barrels per day is achievable, up from the current 1.7 million. The Chief Corporate Communications Officer (CCCO) of NNPCL, Olufemi Soneye, stated this in an address at a stakeholders’ engagement session for journalists covering the National Assembly in Abuja.

 

9. An investigative report by FIJ reveals that social media influencer and crossdresser, Bobrisky, spent only three weeks of his sentence in prison and the rest in a secret location. According to the FIJ report, while Bobrisky was indeed taken to Kirikiri prison in April after his sentence was pronounced, the report disclosed that he left after just three weeks.

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10. Operatives of the Katsina State Police Command, in collaboration with soldiers, have foiled two different kidnap attempts in the state. This was disclosed in a statement by ASP Abubakar Sadiq-Aliyu, the Public Relations Officer of the Katsina Police Command, on Saturday.

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