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We inherited a bad economy; FG won’t rely on borrowing – Wale Edun
Wale Edun, minister of finance and coordinating minister of the economy, says the federal government has no intention to borrow from any local or foreign organisation.
He spoke with state house correspondents at the end of the inaugural federal executive council (FEC) meeting on Monday in Abuja.
Edun said the benefits of petrol subsidy removal would be plowed back into various sectors in order to boost government revenue and improve the business environment.
“Clearly, the federal government is not in a position to borrow at this time. Rather, the emphasis has to be on creating a stable, macroeconomic environment. Stable inflation, stable exchange rate, an environment within which people can come and invest and thereby increase production and further grow the economy. Improve and create jobs and reduce poverty,” he said
“So, the aim of all reforms at this time is to focus on what we call equity to focus on investment to attract investment by Nigerians. Investment by foreign direct investors and even investment by portfolio investors that want to invest in the financial aspects of the Nigerian economy, such as the stock market, such as the bond market.
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“So that is the plan. That is the expectation and it is that there will not be a reliance on borrowing. Rather, as revenues increase, as the benefit of removing fuel subsidy and the subsidy on the exchange rate, those mean more money for the government at all levels.
“Because, of course, through oil revenue, the federation earns dollars and if those dollars are feeding through, at let’s say, 700/750 or so naira to one dollar as opposed to 460 where it was before; clearly, that is repairing the finances of government at federal, state and local government levels.”
Edun said the President Bola Tinubu-led administration inherited a “bad” economy with an unacceptable high rate of unemployment and inflation.
“Per capital has fallen steadily, inflation is at 24 percent, unemployment is high, you know they are rebasing the way in which it’s calculated. Either way, it is high and youth unemployment is even unacceptably high. These are the key metrics that we have met,” he said.
“We met a bad economy and the promise of Mr. President is to make it better.”
News
Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote
Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote
Human rights organisation Amnesty International Canada has strongly criticized Canada for abstaining from a landmark United Nations vote on reparations for the harms caused by the transatlantic slave trade, describing the decision as a missed opportunity to uphold justice and defend the rights of people of African descent.
The UN General Assembly resolution, adopted on March 25, formally recognised the transatlantic trafficking and enslavement of African people over more than four centuries as the gravest crime against humanity. Spearheaded by Ghana, the resolution received 123 votes in favour, with three countries voting against—Argentina, Israel, and the United States—and 52 countries, including Canada, abstaining.
Amnesty International Canada and the Black Canadians Civil Society Coalition (BCCSC) welcomed the resolution as a long-overdue acknowledgment of historical truth and a necessary step toward reparatory justice. However, both organisations expressed disappointment that Canada chose not to support the resolution.
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Racial justice campaigner Melak Gebresilassie of Amnesty International Canada said, “Canada’s abstention is deeply discouraging. This was not a neutral act. It was a choice to step back from a moment of accountability, prioritising political comfort over moral clarity.” He stressed that the Canadian government must acknowledge historical wrongs, commit to reparatory justice, and stand in meaningful solidarity with Black communities to promote dignity, healing, and justice.
Hodan Ahmed, co-founder of the BCCSC, added that the resolution is “a powerful, necessary, and long-overdue acknowledgment of truth—one that survivors, descendants, scholars, and activists have demanded for centuries.” She emphasised that such recognition should serve as the foundation for concrete actions addressing the legacies of slavery, including systemic inequalities and discrimination that persist today.
The UN resolution also encourages participating states to explore reparations measures, including apologies, restitution, compensation, rehabilitation, and initiatives to tackle systemic racial inequalities. While non-binding, the resolution represents a critical step toward global acknowledgment of historical injustices and the promotion of international human rights.
Amnesty International Canada and its partners are urging the Canadian government to reconsider its abstention, actively support reparatory initiatives through the UN framework, and work domestically to address persistent anti-Black racism rooted in slavery and colonialism.
International observers have noted that Canada’s abstention risks undermining its moral authority on human rights issues and may signal hesitation to fully engage in the ongoing global dialogue on reparations and accountability.
Amnesty Int’l Condemns Canada for Abstaining from UN Slavery Reparations Vote
News
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based real estate agent, Hajia Adama Ahmed Adamu, in connection with an alleged ₦288 million property fraud, the agency confirmed on Wednesday.
According to the EFCC, operatives of its Ilorin Zonal Directorate apprehended Adamu following a petition from a complainant, Alhaji Tanko Yawale, who alleged that the agent collected the funds under the pretext of facilitating the purchase of a property at House 31, Haile Selassie Street, Asokoro, Abuja.
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“Following the payment, Hajia Adamu allegedly failed to provide valid property documents and became evasive, raising suspicion and prompting a formal petition to the EFCC,” the commission stated on its official X handle.
Property-related fraud continues to be a recurring concern in Nigeria’s real estate sector, particularly in major cities like Abuja, where unsuspecting buyers often fall victim to agents posing as legitimate intermediaries. In response, the EFCC has intensified enforcement against land and housing scams, urging Nigerians to verify ownership and documentation before making payments.
The suspect is currently in EFCC custody as investigations continue. The commission also reiterated a warning to the public to remain vigilant against fraudulent property schemes and to report any suspected cases promptly.
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
News
Alkali resigns as Transport minister to chase Gombe governor’s seat
Alkali resigns as Transport minister to chase Gombe governor’s seat
The race for Gombe State’s Government House has officially claimed its latest heavyweight contender. Saidu Ahmed Alkali has stepped down from his role as the Minister of Transportation to focus entirely on his 2027 governorship bid.
Alkali’s exit follows a high-profile meeting with President Bola Tinubu at the Presidential Villa on Tuesday.
His departure was formalized via a circular from the Office of the Secretary to the Government of the Federation (SGF), Senator George Akume.
The move is not just about personal timing; it’s about legal compliance. Alkali is adhering to:
* Section 88(1) of the Electoral Act, 2026: Which mandates officials to vacate office before seeking elective posts.
* The INEC Timetable: With party primaries for the 2027 elections looming, the window for transition is closing.
* Presidential Directive: President Tinubu has been firm that any cabinet member eyeing an elective seat must resign before the primary process begins.
Alkali, a veteran politician and former Senator for Gombe North, is now the third member of the Federal Executive Council (FEC) to trade their ministerial portfolio for a campaign trail.
His resignation leaves a vacancy in the Ministry of Transportation at a critical time for the nation’s infrastructure projects, but signals a tightening of the political battlefield in Gombe.
The circular confirming the development was issued by the Permanent Secretary, General Services Office, Ibrahim Kana.
The circular stated that the directive “followed the provisions of Section 88(1) of the Electoral Act, 2026, as well as the timetable released by the Independent National Electoral Commission (INEC) for party primaries ahead of the 2027 election.”
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