The Labour Party (LP)’s presidential candidate in the 2023 general election, Peter Obi, has again decried what he described as President Bola Tinubu’s administration’s penchant for reckless borrowing without accountability.
Obi spoke in response to the latest external borrowing plan approved by the Senate.
The Nigerian Senate had approved another external borrowing of $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal cycle.
The former Anambra State governor noted that with the latest approval, Nigeria’s debt now stands at N187 trillion with palpable fear that it might climb to N200 trillion before the end of the year.
Writing on his X handle on Tuesday, Obi said, “On July 22, 2025, the Nigerian Senate approved an additional $21 billion, €2.2 billion, and ¥15 billion of external borrowing for the 2025–2026 fiscal cycle.
“It also approved a N750.98 billion domestic bond issuance and a €65.65 million grant. With an already existing public debt of about N149.39 trillion as of the first quarter of 2025, adding the approved loans of about N37.2 trillion brings our current total debt to about N187 trillion, with concerns that our debt might likely be over N200 trillion by the end of 2025.
“As our GDP before rebasing was about N269.2 trillion (about $180 billion), the government has borrowed the equivalent of nearly 70% of our previous GDP. Even after the rebasing, which pushed our GDP to about N372.8 trillion (about $243.7 billion), the government would have borrowed about 50.16% of the new GDP (with the approved loans), the highest debt-to-GDP ratio in our history as a nation.
“While the year-on-year increase is about N27.72 trillion and the quarter-on-quarter increase is about N4.72 trillion, we are accumulating very exponential levels of unsustainable debt with little or nothing to show for it in critical areas such as education, healthcare, electricity generation, security of lives and property, and pulling people out of poverty.
“We still rank low in all major human development indicators. While education is underfunded and the standard is in continuous decline, healthcare remains inaccessible to millions of Nigerians, particularly the poor.
“Security of lives and property has deteriorated, with over 10,217 people killed and 672 villages sacked between May 29th, 2023, and May 29th, 2025, even when security spending has significantly increased from N2.98 trillion in 2023 to N4.91 trillion in 2025.
“Infrastructure decay persists across the country, with about 135,000 km of our 195,000 km of roads remaining unpaved, largely unmotorable, and unusable.
“It is the same depressing situation in almost all sectors of the economy, with the power sector an unquestionable example, with less than 5,000 MW supplied for over 200 million Nigerians.
“Today, over two years after the present government took over and with all the humongous borrowing, we are still confronted with negative reports of worsening poverty with about 133 million (63%) Nigerians classified as multi-dimensionally poor, increasing unemployment, and disheartening news like 652 children dead as the malnutrition crisis worsens in Northern Nigeria.
“Médecins Sans Frontières (MSF), also known as Doctors Without Borders, has just sounded the alarm over an escalating malnutrition crisis in Northern Nigeria, with Katsina State emerging as one of the worst-hit areas
“This is a country blessed with enormous resources, yet nobody should go to bed hungry. Still, a persistent deficiency in leadership has thrown the majority of our citizens into increasing multi-dimensional poverty.
“Borrowing is not inherently bad if it is sustainable and tied to productive investments with measurable outcomes. Unfortunately, this current pattern of borrowing without accountability, without transparency, and without transformational impact is simply mortgaging the future of our children.
“The government should consider the intergenerational consequences of their unsustainable borrowings and show at least a minimum consideration and interest in the future of young and unborn Nigerians.
“We must return to a disciplined and prudent economic management culture, cutting the cost of governance, blocking leakages, investing in human capital, and building a productive economy. Nigeria cannot continue to borrow recklessly while poverty deepens and public trust erodes.
“It is time to stop this fiscal indiscipline. We must build a New Nigeria, where leadership is responsible, development is people-centred, and every kobo borrowed or spent delivers a measurable impact to achieve sustainable and inclusive development and growth.”
Nigeria has demanded at least two permanent seats for Africa on the UN Security Council, with veto powers for as long as the privilege exists.
Vice-President Kashim Shettima made the demand while delivering President Bola Tinubu’s national statement at the 81st UN General Assembly in New York.
He also demanded five non-permanent seats for Africa, in line with the continent’s longstanding common position on reforming the Security Council.
Shettima said the Council’s present configuration no longer reflected contemporary geopolitical realities and weakened the legitimacy of global decision-making.
“The world of 2026 cannot remain captive to the distribution of power in 1945,” he said.
He said Africa could no longer remain outside permanent membership while issues concerning the continent continued to occupy substantial attention of the Council.
According to him, Nigeria’s position is consistent with the Ezulwini Consensus and Sirte Declaration, adopted as the Common African Position.
Under the position, Africa seeks at least two permanent seats with all existing privileges, alongside five non-permanent seats on the Council.
The African Union reaffirmed the demand in May, saying Africa’s exclusion from permanent representation constituted a historical imbalance requiring correction.
Shettima argued that institutions claiming authority to act for humanity must adequately reflect the people on whose behalf decisions are taken.
He linked Security Council reform to efforts to restore confidence in multilateralism amid widening geopolitical divisions.
The Vice-President also reaffirmed Nigeria’s commitment to the UN Charter and international cooperation.
He said Nigeria supported an international system where diplomacy takes precedence over coercion and international law guides relations among states.
Shettima recalled Nigeria’s contributions to international and regional peace operations in Liberia, Sierra Leone, Darfur, Mali and The Gambia.
He said Nigeria also continues to work through ECOWAS, the African Union and Gulf of Guinea mechanisms.
According to him, these efforts cover mediation, counter-terrorism, democratic governance and maritime security.
Shettima said persistent conflicts across different regions underscored the need to return to dialogue, collective responsibility and peaceful settlement of disputes.
He identified the conflict in Sudan and other theatres as requiring urgent diplomacy because of their humanitarian, economic and geopolitical consequences.
The Vice-President also warned against a global environment where propaganda blurred distinctions between victims and aggressors and complicated accountability.
He maintained that an inclusive and effective UN remained indispensable to global peace and sustainable development
Nigeria’s demand comes amid renewed calls by African leaders for reforms to an institution whose permanent membership remains unchanged since its creation.
The Security Council has five permanent members: China, France, Russia, the UK and the US, each possessing veto power.
Africa currently has no permanent representative on the Council..
The African Union’s preferred reform model provides for at least two permanent African seats, including veto privileges while existing members retain them.
The reform model also seeks five non-permanent seats for Africa.
Shettima said Nigeria remained committed to a multilateral order capable of responding more credibly to 21st-century realities.
According to him, differences among nations must not obscure their common humanity or responsibility to preserve peace for future generations. (NAN)
A forex trading facility is expected to open in Abia State in October, following the 2025 Abia Forex Expo, which organisers said attracted more than 1,500 participants.
The facility is being established by entrepreneur and financial markets personality, Sam Keys, as a platform for financial education, market analysis, trading activities and networking.
According to the organisers, the project followed increased interest in forex trading and other financial market activities among youths and business communities in the state.
The proposed facility will provide a physical location where traders, aspiring investors and other participants can access financial market information, take part in educational activities and interact with others in the sector.
Keys had previously organised the 2025 Abia Forex Expo, which brought together participants interested in forex trading, investment and financial markets.
The new facility is expected to complement such events by providing a permanent location for activities relating to financial market education and trading.
The October opening is expected to attract traders, investors and other individuals interested in learning about the financial markets.
Abia State Government has debunked reports that akara sellers and other petty traders in the state are being compelled to pay N50,000 as tax, describing the claim as misinformation.
The government also said it had approved the designation of some historical and natural sites as State Monuments and State Natural Monuments, while declaring Aba a Creative and Innovative City.
Commissioner for Information, Prince Okey Kanu, disclosed this on Monday while briefing journalists on the outcome of the State Executive Council meeting presided over by Governor Alex Otti.
Kanu said the historical sites approved as State Monuments include the National War Museum, Umuahia; Ojukwu Bunker, Umuahia; and Government College, Umuahia.
Those designated State Natural Monuments are Ibom Waterfall in Arochukwu and Ulochukwu Cave in Alayi, Bende Local Government Area.
According to him, the designations would strengthen the government’s efforts to preserve the state’s cultural and natural heritage, promote tourism and open up new economic opportunities.
“These sites have been elevated to heritage sites that enhance the state’s tourism potential. With this approval, they are primed to attract recognition as UNESCO Heritage Sites,” Kanu said.
He further disclosed that Aba had been designated a Creative and Innovative City in recognition of its longstanding commercial, industrial and creative significance.
The commissioner said the retrofitting of the Ojukwu Bunker and National War Museum had reached about 80 per cent completion and was expected to be concluded before the end of 2026.
He said the projects would improve the preservation of the sites, enhance visitors’ experience and strengthen their tourism potential.
Kanu also disclosed that the Ministry of Arts, Culture and Creative Economy had received approval to develop the Ibom Waterfall Tourism Corridor in Arochukwu.
He said work had commenced, including grading of access roads to the waterfall, with completion expected before the end of the year.
The commissioner added that the state government had commenced the erection of monuments at strategic locations to preserve Abia’s heritage, honour its heroes and heroines and promote the state’s cultural identity.
He cited a monument being dedicated to the heroines of the 1929 Aba Women’s Riot as one of such initiatives, saying it would celebrate their courage, resilience, resistance and leadership.
No N50,000 tax on akara sellers
On the controversy over alleged excessive taxation, Kanu said there had been no fresh increase in tax rates by the Abia State Board of Internal Revenue, noting that most of the rates being circulated were contained in tax laws enacted in 2020 under the previous administration.
He stressed that the Board could not unilaterally increase tax rates without enabling legislation.
“For starters, these rates are not new. Most of the rates are 2020 tax rates that were introduced by the previous government.
“Let me reiterate that the Board of Internal Revenue cannot raise tax rates without the backing of enabling laws. And no such increases have been introduced by the Abia State Government,” he said.
Kanu explained that demand notices issued by the BIR were provided for under the law, urging taxpayers to comply with relevant tax provisions while assuring that legitimate concerns would be addressed by the appropriate officials.
On the specific claim that akara sellers were being made to pay N50,000, he said: “This is pure fallacy. Nothing can be further from the truth. Akara sellers don’t pay tax or levies. They pay daily tolls. And none can pay N50,000.”
The Chairman of the Abia State Board of Internal Revenue, Mr Uche Elekwachi, corroborated the clarification, saying there was no revenue window under the state’s tax laws requiring akara sellers to pay such an amount.
Elekwachi said the Abia Internally Generated Revenue Service Law establishing the applicable framework was enacted in 2020, before the present administration came into office.
“This whole thing has always been in existence. The Abia Internally Generated Revenue Service Law was enacted in 2020 long before this government came onboard, so we need to make that clarification,” he said.
Gratuity: 2011–2025 retirees next.
On outstanding gratuities owed retired workers, Kanu disclosed that the government had completed payments covering 2001 to 2010 and was preparing for the next batch covering 2011 to 2025.
He said the next payments would commence after the completion of ongoing internal verification and other necessary processes.
The commissioner dismissed claims that the government had only commenced gratuity payments because of pressure from the opposition, explaining that the huge financial commitment involved made payment in batches necessary.
“The payments will be in batches. The funds involved are huge for one balloon payment,” he said.
Kanu also clarified reports suggesting that gratuity payments would continue only until 2031, explaining that such reports are incorrect.
He explained that the State Gratuity Committee had recommended the inclusion of gratuity provisions in the state’s 2026–2031 Medium-Term Expenditure Framework and subsequent annual budgets to ensure that gratuity obligations were systematically provided for and prevent the accumulation of fresh arrears.
“That does not translate to payments being terminated in 2031. As the internal processes and verification of beneficiaries of these payments continue, due payments would still be made in batches,” he said.
He added that the government remained committed to clearing the outstanding liabilities and expressed optimism that the process could be completed earlier than anticipated.
“The conclusion of payment of outstanding gratuities may happen earlier than we ever imagined. Let us therefore wait and see how the next batch of payments will unfold,” Kanu said.
The Commissioner for Arts, Culture and Creative Economy, Mr Matthew Ekwuribe, and the Special Adviser to the Governor on Internally Generated Revenue, Dr Emmanuel Okpechi, were also present at the briefing.