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

World Bank excited by Nigeria’s govt job creation plan

The Federal Government and the World Bank are working to stimulate private sector’s investments in digital infrastructure to create high-quality jobs for young Nigerians, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.

The minister who spoke on the sidelines of the just concluded World Bank/IMF Spring Meetings, in Washington D.C., said a key component of the partnership included rollout of digital infrastructure to support Nigeria’s growing youth population.

He explained that the collaboration between the Federal Government and the World Bank signaled a unified commitment to tackling unemployment, fostering inclusive prosperity, and building a digital-ready workforce equipped for the challenges and opportunities of the modern economy.

“The idea is to empower our young people with access to the internet, data, and fibre-optic networks. This digital infrastructure will enable them to offer services online, retain talent within our borders, and actively contribute to the digital economy,” Edun said.

Speaking after the conclusion of the Development Committee Meeting, Edun said that the World Bank’s Governors — who are Finance Ministers of member countries — have collectively agreed to prioritise employment generation as a central pillar of development.

He said the agenda aligned seamlessly with President Bola Tinubu’s Renewed Hope Agenda, which places job creation at the core of economic revitalisation efforts.

World Bank excited by Nigeria’s govt job creation plan

UK deports 43 to Nigeria, Ghana over immigration offences

The United Kingdom has deported 43 individuals to Nigeria and Ghana, citing immigration offences, including failed asylum applications and criminal convictions.

In a joint statement released by the Home Office and the Foreign, Commonwealth and Development Office (FCDO) on Friday, UK authorities confirmed the removal but did not specify the exact date of the deportations.

According to the statement, the deportees included 15 failed asylum seekers and 11 foreign nationals who had completed prison sentences. An additional seven individuals reportedly returned to their home countries voluntarily.

“Those removed had no right to be in the UK and included 15 failed asylum seekers and 11 foreign national offenders who had served their sentences. Seven people returned voluntarily,” the statement noted.

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However, the government did not clarify how many were sent to each country or confirm if all were nationals of Nigeria and Ghana.

Since Prime Minister Keir Starmer took office, the UK has organized two charter deportation flights to Nigeria and Ghana, removing a total of 87 people. In October, a record 44 individuals were deported in a single flight to both countries.

This shift comes after the collapse of the controversial UK-Rwanda migration deal, which was ruled unlawful by the UK Supreme Court in 2023. The deal aimed to relocate asylum seekers to Rwanda for processing and resettlement.

In response, the UK reportedly signed a deportation agreement with Nigeria to facilitate the return of undocumented migrants.

Following the latest flight, UK Border Security and Asylum Minister Angela Eagle expressed gratitude to the Nigerian and Ghanaian governments for their cooperation, calling the operation an example of strong international collaboration.

The UK government also noted that over 24,000 individuals have been removed from the country over the past year—an 11% increase compared to the previous year.

UK deports 43 to Nigeria, Ghana over immigration offences