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Atiku accuses Tinubu of making Buhari’s borrowing mistakes
Atiku accuses Tinubu of making Buhari’s borrowing mistakes
Atiku Abubakar, the Peoples Democratic Party’s 2023 presidential candidate, has criticised President Bola Tinubu’s 2025 budget proposal, accusing him of repeating his predecessor Muhammadu Buhari’s borrowing mistakes.
Atiku, who scrutinised the budget, claimed that it lacked the fundamental reforms and budgetary discipline required to confront Nigeria’s complex economic problems.
In a statement released on Sunday, Atiku questioned the budget’s ability to promote long-term economic growth or address the country’s long-standing issues.
On Wednesday, President Bola Tinubu delivered an N47.9 trillion budget proposal to a joint session of the National Assembly.
The proposed budget sets aside N4.91 trillion for military and security, N4.06 trillion for infrastructure, N2.48 trillion for health, and N3.52 trillion for education.
AtikuE criticised the budget proposal, saying it reflected a continuation of “business-as-usual” fiscal practices, which he claimed had persisted under the All Progressives Congress-led administration since 2016.
He contended that these tactics had resulted in chronic budget deficits and an increased reliance on foreign borrowing.
“To bridge this fiscal gap, the administration plans to secure over N13tn in new borrowings, including N9tn in direct loans and N4tn in project-specific financing.
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“This borrowing strategy mirrors the approach of previous administrations, leading to escalating public debt and compounding risks related to interest payments and foreign exchange exposure,” Atiku added.
The former Vice President emphasised the budget’s reliance on deficit financing, noting that it estimates N48 trillion in expenditures against a revenue prediction of N35 trillion, resulting in a deficit of more than N13 trillion—equivalent to 4% of the country’s GDP.
Atiku attacked the 2024 budget’s underperformance, which he attributed to weak execution capabilities.
“By the third quarter of 2024, less than 35% of the capital expenditure allocated to ministries, departments, and agencies had been disbursed, despite claims of 85% budget implementation. This raises concerns about the effective execution of the 2025 budget.
“The 2025 budget lacks the structural reforms and fiscal discipline required to address Nigeria’s multifaceted economic challenges.
“To enhance its credibility, the administration must prioritise reducing inefficiencies in government operations, tackling contract inflation, and focusing on long-term fiscal sustainability rather than perpetuating unsustainable borrowing and recurrent spending patterns.”
He also voiced concern about the allocation of N15.8 trillion (33% of total expenditure) to debt servicing, noting that it is roughly equivalent to the anticipated capital investment of N16 trillion (34%).
“This imbalance undermines fiscal stability, crowds out essential investments, and perpetuates a cycle of increasing borrowing.
“The government’s recurrent expenditure, which accounts for over N14tn (30% of the budget), remains disproportionately high, according to Atiku.
“This reflects the continued operation of an oversized bureaucracy and inefficient public enterprises, leaving limited resources for development projects,” Atiku said.
He further mentioned the inadequacy of capital spending, stating, “After accounting for debt servicing and recurrent expenditure, the remaining funds for capital spending—representing 25% to 34% of the total budget—are insufficient to address Nigeria’s infrastructure deficit or stimulate growth.
“This equates to an average capital allocation of N80,000 (approximately $45) per capita, which is inadequate for a country grappling with slow economic growth and infrastructural underdevelopment.”
He condemned the administration’s decision to increase the VAT rate from 7.5% to 10%, calling it a regressive measure that would exacerbate the cost-of-living crisis and impede economic growth.
“By imposing additional tax burdens on an already struggling populace, without addressing inefficiencies in governance, the government risks stifling domestic consumption and deepening economic hardship,” Atiku said.
Atiku advocated for a transition towards disciplined and growth-orientated fiscal policies, highlighting the need to reduce waste, improve the efficiency of public spending, and prioritise investments in important industries.
He finished by pushing the administration to reconsider its borrowing policy and implement changes that would ensure long-term fiscal sustainability and economic growth.
Atiku accuses Tinubu of making Buhari’s borrowing mistakes
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Abuja: After pleading guilty, cybercrime suspect begs to change plea
Abuja: After pleading guilty, cybercrime suspect begs to change plea
There was a mild drama at a Federal High Court in Abuja as a suspect begged to retake his plea after pleading guilty to the two-count charge read to him.
The suspect, Adun Adewale, also known as “Coachbanter,” was arraigned before Justice Emeka Nwite on alleged cybercrime offence against Inspector-General (I-G) of Police, Kayode Egbetokun.
The News Agency of Nigeria (NAN) reports that the I-G had, in the charge marked: FHC/ABJ/CR/634/2024, sued Adewale as sole defendant.
In the charge filed on Dec. 17 by A.A. Egwu, the defendant was alleged to have, sometime in 2024, intentionally sent video recording by means of computer system and network through his Tiktok username: “@brodabanter_backup_page” and handle “CoachBanter.”
Adewale was alleged to have said in the said video, “Police IG Egbetokun busted for colluding with notorious cartel moving cash from CBN (Central Bank of Nigeria) vault via Abuja, Lagos airport.”
The statement he knew to be false, “for the purpose of causing a breakdown of law and order.”
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The offence is said to be contrary to and punishable under Section 24 (1) (b) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.
In count two, he was also alleged to have sent a video through his Tiktok username accusing Egbetokun of victimising police officers to shield members of a cartel notorious for hauling suspicious new bank notes from the CBN.
The statement, which was said to be false, was contrary to and punishable under Section 24 (1) (b) of Cybercrimes (Prohibition, Prevention, Etc.) (Amendment) Act, 2024.
Upon resumed hearing, the I-G’s counsel, Victor Okoye, told the court that the matter was slated for the arraignment of the defendant and that he was ready to proceed.
After count one was read to Adewale, he pleaded guilty.
When the registrar read count two, the defendant said: “I pleaded guilty with reason.”
“What is the reason?” Justice Nwite asked.
Adewale explained from the dock that he saw the post somewhere and he forwarded it to his page.
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His lawyer, O.A Olaleye, therefore, prayed the court for a stand down in order to confer with his client.
Although Okoye opposed the application, the judge stood down the matter in the interest of justice.
After the court reconvened, Adewale’s lawyer told the court that he had discussion with his client and Adewale told him that he (defendant) did not understand the charge read to him.
Based on this premise, the lawyer prayed the court for the charge to be read again for his client to take his plea.
But Okoye vehemently opposed the application.
He argued that before Adewale took his plea, he was asked if he understood English Language and he responded in affirmative.
The prosecutor said besides, the defendant was represented by a lawyer.
He said the law is clear that when a defendant understands the charge read to him, it does not behove on the lawyer to persuade the defendant to change his plea.
Justice Nwite consequently adjourned the matter until Dec. 30 for the parties to address the court on the position of law in such instance.
Abuja: After pleading guilty, cybercrime suspect begs to change plea
(NAN)
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Eight dead as truck crashes into passenger vehicle in Abia
Eight dead as truck crashes into passenger vehicle in Abia
Eight people have been confirmed dead while two others were injured in an accident involving a loaded trailer and Sharon Volkswagen vehicle along the Bende-Ohafia Road of Abia State.
The Abia Sector Command of the Federal Road Safety Corps (FRSC) said the crash involved a trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board in a statement by the Sector Commander, Mrs Ngozi Ezeoma, on Monday in Umuahia.
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According to FRSC, the crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.
“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.
“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.
Ezeoma said that preliminary investigation revealed that the crash was caused by dangerous driving and excessive speeding.
Eight dead as truck crashes into passenger vehicle in Abia
(NAN)
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FG repatriates 403 stranded Nigerian migrants from Niger Republic
FG repatriates 403 stranded Nigerian migrants from Niger Republic
The federal government has successfully repatriated 403 Nigerian migrants stranded in the Niger Republic, according to the National Commission for Refugees, Migrants, and Internally Displaced Persons (NCFRMI).
The returnees arrived on Saturday, including 165 males, 56 females, and 182 children and infants. Their return was facilitated through a coordinated multi-agency effort involving the Nigerian Mission in Niamey and the International Organization for Migration (IOM).
This operation marks the second batch of voluntary returns from the Niger Republic within the week, following the repatriation of 310 individuals on Tuesday, December 17, 2024. In total, 713 Nigerians have been returned to the country in the past week.
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At the reception ceremony, Tijani Ahmed, the Federal Commissioner of NCFRMI, represented by the Kano State Coordinator, Mrs. Lubah Liman, reaffirmed the government’s commitment to reintegrating the returnees into various initiatives under President Bola Tinubu’s Renewed Hope Agenda.
Ahmed praised the seamless collaboration among agencies that ensured the operation’s success.
He highlighted the federal government’s dedication to the safe and dignified return of Nigerians stranded abroad and stressed the importance of multi-agency cooperation in tackling migration challenges.
FG repatriates 403 stranded Nigerian migrants from Niger Republic
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