Buhari’s govt borrowed $400bn to stabilise naira – Senator Adeola – Newstrends
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Buhari’s govt borrowed $400bn to stabilise naira – Senator Adeola

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Former President Muhammadu Buhari

Buhari’s govt borrowed $400bn to stabilise naira – Senator Adeola

Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (popularly known as Yayi), has claimed that the administration of former President Muhammadu Buhari borrowed more than 400 billion dollars in a bid to stabilise the naira against the US dollar.

Speaking at the 2nd Edition of the Town Hall Meeting/Mega Empowerment and Thank You Tour held in Ayetoro, Yewa North Local Government Area of Ogun State, Adeola, who represents Ogun West, said Buhari’s government also spent trillions of naira on fuel subsidy, benefitting a small fraction of the Nigerian population.

Highlighting the critical economic decisions made under President Bola Tinubu’s leadership, Adeola credited the removal of fuel subsidy and the floating of the naira as actions that saved Nigeria from economic collapse.

According to the senator, past efforts to defend the naira led to significant borrowing and subsidy payments, but Tinubu’s administration has reversed that trend.

He said, “When the president assumed office, he carried out two major policies that hit Nigerians hard. We now heave a sigh of relief. “First, he removed the fuel subsidy. He removed the fuel subsidy because the subsidy payment ended up in the hands of people who are less than 1% of Nigerians. Yearly, the former president would have to borrow huge amount of money in the tune of trillions of naira in order to pay fuel subsidy.

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“But when the current President, my father, Bola Ahmed Tinubu, assumed office, the payment of subsidy elapsed the day the immediate past president handed over power to Tinubu. So, there was no fund budgeted for the continuous payment of the subsidy. The government that left had stopped subsidy payment and when our father (referring to Tinubu) got to power, he said he could no longer afford to be borrowing huge amount of money that will end up in the hands of less than 1 percent of the country’s population, whereas the payment is made for all Nigerians.”

Adeola explained that under the current policy, market forces now determine fuel prices, discouraging the misuse of subsidy benefits.“Today, anyone can bring in fuel and sell it at your own price as far as it pays off. One person can own ten cars and the country is expected to pay subsidy on all the cars. But if there is no subsidy, your cars won’t be more than one or two,” he said.

He also addressed the second major policy change:“The second policy has to do with the floating of the naira. Before, in order to stabilise the dollar to naira rate, we have to borrow money. We borrowed to suppress it.By the time this government assumed office, the amount borrowed is well above 400 billion dollars. In order to stabilise dollar to naira rate, we were also paying subsidy. That President had to stop that.”

Adeola noted that as a result of these bold reforms, “Nigerian economy is now flowing in the right direction.” He appealed for continued patience and support for Tinubu’s administration, saying the economic policies were beginning to yield tangible benefits.

Buhari’s govt borrowed $400bn to stabilise naira – Senator Adeola

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Tinubu’s Emergency Declaration Gets Supreme Court Backing in Landmark Judgment

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Tinubu’s Emergency Declaration Gets Supreme Court Backing in Landmark Judgment

The Supreme Court of Nigeria has affirmed the constitutional authority of the President to declare a state of emergency in any state to prevent a breakdown of law and order or a slide into chaos and anarchy, ruling that such powers may include the temporary suspension of elected state officials.

In a split six-to-one judgment delivered on Monday, the apex court held that the President can take extraordinary measures during emergency rule, provided such actions are limited in duration and aimed at restoring normalcy.

Delivering the lead judgment, Justice Mohammed Idris said Section 305 of the 1999 Constitution (as amended) empowers the President to act decisively when national security or public safety is threatened. He noted that the Constitution does not expressly define the scope of “extraordinary measures,” thereby granting the President discretion on how to respond to emergency situations.

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The ruling followed a suit filed by Adamawa State and 10 other Peoples Democratic Party (PDP)-led states, which challenged the legality of the state of emergency declared by President Bola Tinubu in Rivers State, where elected officials were suspended for six months.

Justice Idris upheld preliminary objections raised by the Attorney General of the Federation (AGF) and the National Assembly, ruling that the plaintiff states failed to establish a valid cause of action capable of invoking the Supreme Court’s original jurisdiction. The suit was consequently struck out for lack of jurisdiction, while the substantive claims were also dismissed.

However, the decision was not unanimous. In a dissenting judgment, Justice Obande Ogbuinya held that although the President has the power to declare a state of emergency, such authority does not extend to suspending elected officials, including governors, deputy governors and members of state assemblies.

The judgment has far-reaching implications for Nigeria’s democracy, clarifying the scope of presidential emergency powers and setting judicial boundaries on federal intervention during periods of severe insecurity or governance breakdown.

Tinubu’s Emergency Declaration Gets Supreme Court Backing in Landmark Judgment

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Detained NAF aircraft, 11 soldiers not released yet – Foreign Minister

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Detained NAF aircraft, 11 soldiers not released yet – Foreign Minister

  • Diplomatic talks drag

A Nigerian Air Force (NAF) C-130 aircraft and 11 soldiers detained in a foreign country are yet to be released, despite ongoing diplomatic engagements by the Federal Government.

The Ministry of Foreign Affairs confirmed on Sunday that discussions with the authorities of the country involved are still in progress, but have not yielded the release of the aircraft and the military personnel.

Speaking on the development, the ministry’s spokesperson, Mr. Kimiebi Ebienfa, said the Federal Government remains actively engaged in diplomatic talks aimed at resolving the situation.

“We are engaging them, but they are yet to be released,” Ebienfa said.

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He explained that the Ministry of Foreign Affairs has taken over the negotiations to ensure the safe return of both the detained aircraft and the Nigerian soldiers, following initial efforts by relevant security agencies.

While official details surrounding the circumstances of the detention remain undisclosed due to the sensitive nature of the talks, the incident has drawn attention because of the strategic importance of the C-130 aircraft, which is commonly used for military logistics, peace support operations, and humanitarian missions.

Sources within diplomatic circles said the government is pursuing a peaceful and diplomatic resolution to the matter, even as concerns grow over the prolonged detention of the aircraft and personnel.

The ministry assured that efforts are ongoing and that Nigeria is committed to securing the release of its military assets and personnel through diplomatic channels, with further updates expected as negotiations continue.

 

Detained NAF aircraft, 11 soldiers not released yet – Foreign Minister

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Christian Killings: US Prepares Security Strategy to Tackle Terrorism in Nigeria

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US lawmaker Riley Moore

Christian Killings: US Prepares Security Strategy to Tackle Terrorism in Nigeria

The United States Government is close to establishing a strategic security framework with Nigeria to address the country’s escalating security challenges, including the activities of Boko Haram, ISWAP, and the alleged killings of Christians in parts of the country.

This was disclosed on Saturday by Riley Moore, head of the United States congressional delegation on a fact-finding mission to Nigeria, during an interview on Fox News. The delegation was in the country to examine allegations of Christian genocide in Nigeria.

Moore described his visit as deeply distressing, recounting emotional encounters with victims of violence. He said he met a woman who watched all five of her children murdered, while another lost her husband, two daughters and her unborn child during attacks.

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According to Moore, discussions held with the Nigerian government were encouraging, noting that both sides are nearing agreement on a security cooperation framework to confront the ISIS and Boko Haram insurgency in North-East Nigeria, as well as violent attacks in the Middle Belt.

He said the framework is expected to outline actionable steps for collaboration between Washington and Abuja in tackling terrorism, improving intelligence sharing and strengthening security operations.

Moore added that the findings of the delegation would be compiled in a report to be submitted to President Donald Trump, detailing proposed measures to work with Nigeria in ending what he described as the continued killing of Christians in Nigeria.

The development signals renewed US–Nigeria security cooperation amid growing international concern over insecurity, terrorism and sectarian violence across the country.

Christian Killings: US Prepares Security Strategy to Tackle Terrorism in Nigeria

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