Atiku to Tinubu: Your loans putting pressure on economy - Newstrends
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Atiku to Tinubu: Your loans putting pressure on economy

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Former Vice-President Atiku Abubakar and President Bola Ahmed Tinubu

Atiku to Tinubu: Your loans putting pressure on economy

Former Vice-President Atiku Abubakar says the loans being taken by the present administration is putting “insufferable” pressure on the country’s economy.

The Peoples Democratic Party (PDP) presidential candidate in the last election while accusing the National Assembly of becoming an accomplice, said Nigeria is sinking further in debt.

Atiku in a statement he personally signed while reacting to the recent loan by the federal government said: “The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning.

“This report is coming just when the government has already sent a proposal to the National Assembly signalling an intention to borrow an additional N1.7tn being shortfall in the 2024 budget through Euro Bonds.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD.”

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“Nigeria is sinking further in debt, and the National Assembly has become an accomplice once more. Tinubu had, in July this year, boasted that the FIRS and Customs under his watch have collected all-time high revenues to finance the Budget. Why then are they still borrowing? There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.

“These Tinubu’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized.”

Atiku said it is “concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs. A report by Budgit, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.

“I feel a sense of personal agony seeing that just a few years after the administration of President Obasanjo took our country out of foreign indebtedness, we are today back at the top spot in the same conundrum. It is time that we apply more caution and apply arithmetic to the loan frenzy.”

Atiku to Tinubu: Your loans putting pressure on economy

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Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

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Grand Chief Imam of Oyo Land, Sheikh Al-Imam Barrister Bilal Husayn Akinola Akeugberu

Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

 

IBADAN – The Grand Chief Imam of Oyo Land, Sheikh Al-Imam Barrister Bilal Husayn Akinola Akeugberu, has issued an emotional appeal to those holding innocent children and their teachers in captivity, begging them to release the victims in the fear of Almighty Allah as the Muslim community prepares for the Eid al-Adha celebrations.

In a press release issued on Monday, the revered Islamic leader called on the abductors to reflect upon the boundless forgiveness and mercy of Allah, reminding them that no sin is beyond divine pardon when accompanied by sincere repentance.

Sheikh Akeugberu, whose message was steeped in compassion and the teachings of Islam, quoted extensively from the Glorious Qur’an to drive home his plea. He cited Surah Az-Zumar Verse 53, which reads: “Say: O My servants who have transgressed against their own souls, do not despair of the mercy of Allah. Indeed, Allah forgives all sins. Truly, He is the Oft-Forgiving, the Most Merciful.”

The Grand Chief Imam also referenced Surah An-Nisa Verse 110: “And whoever does evil or wrongs himself but afterwards seeks Allah’s forgiveness will find Allah Oft-Forgiving, Most Merciful.”

The respected Islamic scholar explained that these sacred verses serve as eternal reminders of Allah’s open door of mercy and forgiveness for every soul willing to return to righteousness.

“I hereby beg you in the mightiest name of Allah سبحانه وتعالى to release these innocent children and their teachers still under your custody,” the statement quoted the Grand Chief Imam as saying. “Let compassion prevail over cruelty, and let humanity triumph over pain and sorrow.”

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The cleric further emphasized the emotional trauma currently being experienced by the families of the victims, pleading that the abducted children and their teachers be allowed to reunite with their loved ones in time to observe the forthcoming Eid al-Adha celebrations.

“Please, please and please, let them celebrate Eid al-Adha with their families and with us,” the Grand Chief Imam passionately appealed.

Sheikh Akeugberu concluded his message with prayers for Allah’s mercy upon all humanity, asking Almighty Allah to forgive sins, overlook shortcomings, and keep everyone steadfast upon faith.

The identities and location of the abducted children and teachers were not disclosed in the press release. However, the appeal comes amid growing concern over a wave of abductions targeting schools and communities across parts of Nigeria, with many victims spending weeks or months in captivity before ransom payments or rescue operations secure their release.

The Eid al-Adha, also known as the Festival of Sacrifice, is one of the two most important holidays in the Islamic calendar. It commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son as an act of obedience to Allah’s command. The celebration is expected to take place in the coming days, subject to the sighting of the moon.

The Grand Chief Imam’s appeal adds his voice to a growing chorus of religious leaders, civil society organizations, and government officials calling for an end to the recurring abductions that have plagued the nation in recent years.

As at the time of filing this report, there had been no official response from the abductors or security agencies regarding the Imam’s appeal.

 

Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

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Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

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Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

 

OSOGBO – The Osogbo United Youth Forum (OUYF) has publicly commended the leadership of the Federal Polytechnic, Offa, Kwara State, for offering a lecturing position to a distinguished Osogbo-born legal practitioner, Barrister Isola Shakirat Taiwo (Esq.).

 

The group described the appointment as a recognition of true excellence and merit, urging other leaders to prioritize impactful empowerment over what they termed “insignificant handouts.”

 

In a statement issued by the group’s Publicity and Media Unit, the Secretary General of OUYF, Comrade Adeagbo Suraj Ademola, expressed profound gratitude on behalf of the organization. He specifically thanked the polytechnic’s management for considering Barrister Taiwo, a brilliant and newly called-to-bar lawyer who graduated with an impressive Cumulative Grade Point Average (CGPA) of 4.41 out of a possible 5.00, earning a Second Class Upper Division in her Law degree from Osun State University.

 

“This recognition of excellence and merit is highly commendable and worthy of emulation,” Ademola stated. He assured the leadership of the Federal Polytechnic, Offa, that the good people and youths of Osogbo will always remember and reciprocate this remarkable gesture whenever the need arises.

 

Expanding his message to Osogbo indigenes in positions of authority across various agencies and political offices, Ademola advised that the forum would continually assess and appreciate leaders based on tangible impact.

 

“The youths of Osogbo will continually assess and appreciate leaders based on the number of lives they positively impact through meaningful empowerment, employment opportunities, and sustainable development,” he said. “This is far more valuable than the distribution of insignificant handouts that cannot provide long-term value.”

 

The forum praised the appointment as a model for other institutions and public officeholders to follow, emphasizing that rewarding hard work and academic brilliance is the surest path to communal and national development.

 

Signed:

Publicity and Media Unit

Osogbo United Youth Forum (OUYF)

 

 

Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

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UPDATED: Nigerians Abandon Gas for Firewood as Prices Hit N2,000 per Kilogram

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Cooking Gas Crisis Deepens as Price Hits N1,700 Per Kilogram

UPDATED: Nigerians Abandon Gas for Firewood as Prices Hit N2,000 per Kilogram

Nigeria’s cooking gas crisis deepens, with prices soaring to N2,000 per kilogram in Lagos, as marketers warn of a return to firewood and soaring food inflation.

The price of Liquefied Petroleum Gas (LPG) , commonly known as cooking gas, has surged to record highs across Nigeria, pushing household energy costs beyond the reach of millions.

Market checks across major cities confirm that retail gas prices have increased sharply, with Lagos recording the highest spike. In areas such as Alakuko, a kilogram of cooking gas now sells for between N1,800 and N2,000. Along the Lagos-Ibadan Expressway, a 12kg cylinder costs as much as N19,200 at filling stations like Sungas in Aseese. In the Federal Capital Territory, Abuja, prices are trending upward, with depots selling at approximately N1,400 per kilogram, while roadside resellers charge between N1,650 and N1,750. Port Harcourt is experiencing acute shortages, with prices quoted as high as N1,800 per kilogram in some neighbourhoods.

Industry stakeholders attribute the current crisis to a combination of global market pressures, foreign exchange volatility, and domestic infrastructure gaps. Nigeria continues to rely on imported LPG to meet domestic demand. With the naira trading around ₦1,350 to the dollar, the landing cost of cooking gas has skyrocketed. Marketers have significantly reduced or halted imports due to elevated costs, creating a supply crunch. Energy experts also point to the ongoing U.S.-Iran conflict and broader Middle East tensions as key drivers of higher international LPG benchmarks. These global price shocks are transmitted directly to Nigerian consumers.

Another major factor is Nigeria’s weak storage infrastructure. The nation has only about 18 days of LPG storage capacity, far below the global benchmark of 60 days. Total storage stands at approximately 800,000 metric tonnes, insufficient to meet the national target of distributing 5 million metric tonnes annually. This leaves the market vulnerable to any supply disruption. Additionally, while local production has increased, a significant portion of domestic output is propane, which is often exported. However, Nigeria’s cooking gas market relies mostly on butane. This mismatch forces continued, costly imports.

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The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has warned that the current trend could reverse a decade of progress in clean cooking energy. According to the association, the high cost is forcing many households and small businesses to revert to firewood and charcoal, a regression that has severe implications for public health, accelerates deforestation, and undermines Nigeria’s climate commitments. NALPGAM also cautioned that without urgent government intervention, the crisis could trigger accelerated food inflation as food vendors pass on higher fuel costs, the collapse of small-scale LPG retail businesses, job losses in the energy value chain, and public backlash against gas station owners.

In response to the crisis, the NNPC Ltd. has unveiled its Gas Master Plan 2026, which includes a 20 million LPG cylinder supply initiative aimed for delivery by 2030. However, analysts note that success depends on consistent policy enforcement. On the private sector front, NESGAS Limited has secured a $200 million financing deal to construct a 50,000-metric-tonne LPG storage facility in Onne, Rivers State. Once completed, the facility is expected to significantly boost supply stability in the region. Additionally, Seplat Energy is commissioning new LPG facilities at its Sapele and ANOH gas plants, with the Sapele plant alone capable of producing roughly 163 metric tonnes per day.

For millions of Nigerians, the soaring cost of cooking gas is not just an inconvenience — it is a daily survival challenge. An egg seller in Ikeja, Lagos, lamented: “I use gas to boil eggs for my small business. The price keeps going up. It is eating deep into my profit. What are we supposed to do?” Another trader in Abuja expressed fear that many families may be forced to return to kerosene and firewood, worsening indoor air pollution and health risks. With a standard 12.5kg cylinder now costing upwards of N18,750 to refill — equivalent to several days’ income for many households — the pressure on low-income families is immense.

While long-term infrastructure projects offer hope for a more stable future, the immediate outlook remains grim. NALPGAM has appealed to the Federal Government, NMDPRA, and NNPC Ltd. to take urgent, coordinated steps to stabilize the market. The association warned that without decisive action, “the citizens may rise against the owners of gas filling stations.” Until then, Nigerian households and small businesses are left to bear the brunt of the highest cooking gas prices in recent memory.

 

UPDATED: Nigerians Abandon Gas for Firewood as Prices Hit N2,000 per Kilogram

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