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$2.2 Billion Loan: CSOs back FG’s request for funds as a necessity for development
The Centre for Social Justice, Equity, and Transparency (CESJET) has backed Federal Government’s request to borrow $2.2 billion to capital projects.
The Convener of the Group, Emeka Theodore while addressing journalists on Thursday in Abuja, said the funds are essential to the advancement of revenue-generating plans and institutional improvements.
He said rejecting this proposal is not a sincere concern for the national interest; rather, it is populist posturing that goes against logic and same reasoning.
“We are gathered here today, to discuss a matter of vital importance to the development and prosperity of our country: the Federal Government’s planned loan request of $2.2 billion. This initiative has seen a lot of pushback in recent weeks, most of it being misguided and uninformed.
“Evidently, it is important to understand that the oppositions to the borrowing plan is obviously unwarranted and counterproductive to Nigeria’s development. In Setting the record straight, it requires us to address the baseless complaints made of this loan while emphasizing its benefits and justification it would do to our great country”, he said.
Theodore noted that Nigeria is one of the few countries that have continuously fulfilled its financial commitments to foreign creditors.
“Through a strategic and structural plan in executing loan servicing, the President Tinubu led-administration has maintained repayment schedules and built confidence with foreign lenders.
“For example, income generating reforms have been used to carefully control the 2023 debt service-to-revenue ratio, despite the fact that it is still worrisome.
“It is noteworthy stating that fulfilling these responsibilities has not only maintained Nigeria’s reputation, but it has also increased foreign financial institutions’ trust in our capacity to carefully manage borrowed money. Nigeria continues to benefit from favorable rates on development funding and concessional loans because of this confidence”, he stated.
He reminded critics of the loan that the money collected in the past have been used for important development initiatives, infrastructure growth, and institutional changes.
CESJET further noted that the judicious use of borrowed monies to promote economic growth and address infrastructure deficiencies is demonstrated in projects like the Second Niger Bridge, the Lagos-Ibadan railway, and the ongoing Mambilla Hydropower Project.
“ This proposed $2.2 billion loan is no unusual; its goal is to fund vital industries that would help Nigerians in the long run”, the group said.
“In dispelling the myth on the borrowing-to-federal budget ratio, we wish to state categorically that, Nigeria’s borrowing plans are clearly in line with international best practices and do not impose an excessive cost.
“For example, a fiscal deficit of about ₦8 trillion is expected in the 2025 budget, which is estimated to be around ₦34 trillion. A manageable portion of current budget, the $2.2 billion loan fits the government’s fiscal policy to strike a balance between development requirements and long-term financial viability.
“Comparatively, the International Monetary Fund (IMF) recommends that developing economies have a debt-to-GDP ratio of not more than 55%. Nigeria’s debt ratio of about 35% puts the country in a better situation than that of other African peers, such as Ghana and Kenya, whose debt ratios are more than 60%. Nigeria has the financial capacity to borrow responsibly, as these numbers demonstrate.
“However, some critics have attempted to sabotage this important project. It is depressing to observe that their ideas frequently lack basic economic reasoning and instead rely on populist hyperbole. To propagate false information, some organizations have been enlisted to paint Nigeria’s borrowing as irresponsible and unsustainable.
“These organizations lack a thorough grasp of the economic forces at work and are frequently supported by anti-progress elements. 9. Opposing politicians should give up their populist stance and accept the realities of government for the benefit of the country.
“It will be in the good interest of the Nation for opposing lawmakers to abandon their populist approach and embrace the realities of governance. Clearly, their opposition runs the risk of sabotaging Nigeria’s growth, delaying the country’s advancement and leaving important projects underfunded.
“It is crucial to emphasize that denying the loan request will have disastrous effects on ongoing programs and projects. If the necessary funding is not obtained, infrastructure development, healthcare expansion, and educational changes might all be shelved. In addition to being a waste of money, abandoned projects often represent missed chances for economic diversification, job growth, and higher living standards.
“For example, lowering transportation costs and boosting regional trade depend on the completion of ongoing rail projects. The provision of sufficient money is critical to the viability of these projects. Therefore, the $2.2 billion loan is essential to securing Nigeria’s future and advancing its economic program, and not to be seen as a luxury, which a misguided thought and speculations occupying the mind of many.
“Cases just like the Investments in digital technologies and infrastructure, would increase the effectiveness of tax collection, diversifying Nigeria’s revenue streams and lowering its need on oil earnings. Likewise, financing agricultural changes will increase output, guaranteeing food security and boosting exports. The government intends to use a portion of the loan for mechanized farming and irrigation projects, which will greatly increase agricultural productivity, provide employment, and promote rural development.
“This said loan is an additional source to strengthen diverse empowerment, and further upgrade many of our sectors in maintaining their global reputation amongst other nations. It is clear that the loan is more than just a financial tool; it is a driving force behind revolutionary change in several important economic sectors.
“Additionally, President Tinubu led-administration continuous initiatives to increase non-oil earnings and diversify the economy would strengthen Nigeria’s ability to service its debt in no time unlike when the country was solely dependent on revenues from oil for its mega operations. These actions demonstrate the government’s dedication to fiscal restraint and judicious borrowing.
“Evidently, public support is crucial for the successful implementation of development projects. By highlighting the benefits of the proposed loan and addressing concerns transparently, we can build consensus and ensure the smooth passage of the loan request by the National Assembly (NASS).
“In conclusion, the $2.2 billion loan proposal is clearly a necessity for Nigeria’s progress. Rejecting this proposal would be self-defeating, compromising current initiatives and endangering the future of the country. In light of this, we urge National Assembly members to put the interests of the country above populist digressions. A better future for all Nigerians is at stake when the loan is approved; it is not just an economic choice, but a mission to save generations”, the group added.
Senator Orji Uzor Kalu says Nigerians are unfair to former military president, Ibrahim Babangida following the recent release of his memoir.
In the 420-page memoir titled, A Journey in Service: An Autobiography of Ibrahim Babangida’, the former military leader admitted that MKO Abiola won the 1993 election his government annulled.
His admission after 32 years generated different reactions across the country, with some critics saying that it was coming too late.
Speaking on Channels Television’s Politics Today on Monday, Uzor Kalu, who represents Abia North in the Senate, said that Nigerians are not being fair to Babangida.
“On the Babangida’s book, I think Nigerians are very unfair to Babangida because he came out on his own,” the former Abia State governor said on the programme.
“When I say the story is not complete, I wanted President Babangida to write more of the stories because the stories have not finished. There is more to the story, there are officers who told Babangida you cannot hand over to this man.”
Senator Kalu said that Babangida came out on his own to say what many people have not dared to say for a long time.
He said that Babangida in his book disclosed that the 1966 coup was not an Igbo coup, “a sin” which he said people have held against the Igbos for many years.
‘IBB should write a second book’
Senator Orji Kalu said that there is a need for Babangida to write a second book which will contain roles that other top military officers played in the June 1993 election fallout.
According to him, Babangida himself was in danger at the time considering the way he left power.
“More military people that were there should talk about this. There should be a second part of the book because if you mention only one name or two, it is not complete,” he said.
“They should go all hog and tell Nigerians the truth. Babangida should write a second book, I know that Babangida was in danger throughout those periods. If you remember the way he left power, you will know something was wrong.”
The annulment of the June 12, 1993, presidential election between Abiola of the Social Democratic Party (SDP) and his main challenger Bashir Tofa of the National Republican Convention (NRC) has remained a controversial political discussion in Nigeria.
The Federal Government, the European Union, International IDEA, and other stakeholders have emphasised the need for the enforcement of laws and policies addressing sexual offences and gender-based violence. They also stressed the importance of protecting vulnerable Nigerians.
This call was made at the 2nd Annual Conference of Commissioners of State Ministries of Women Affairs in Abuja, themed ‘Sub-National Policy and Practice for Enhancing Rights, Protection, and Justice for Women, Children, and Persons with Disabilities.’ The conference was organised by the European Union-funded Rule of Law and Anti-Corruption (RoLAC-Phase II) Programme of International IDEA in collaboration with the Federal Ministry of Women Affairs.
Concerned by the low levels of inclusion for women, children, and persons with disabilities (PWD) in national affairs, stakeholders gathered to strategise on ways to advocate for vulnerable citizens in Nigeria. They noted that achieving gender equality requires transforming social norms and power dynamics that support the political, social, and economic empowerment of the most marginalised, especially women, children, and PWD.
The Minister of Women Affairs, Imaan Sulaiman-Ibrahim, represented by her Senior Special Assistant on Women and Community Engagement, Princess Joan Jummai Idonije, stated that this year’s theme, “Accelerate Action,” is particularly relevant. It emphasises the need for renewed commitment and bold action to tackle gender parity issues.
Sulaiman-Ibrahim reiterated the importance of critically evaluating Nigeria’s policies and governance structures to ensure that interventions lead to tangible outcomes, particularly at the sub-national level where the needs are most urgent.
“We must ensure that every intervention is tracked, evaluated, and reported. Investing in state-level gender data systems will help us measure progress and feed into the national Women’s Empowerment and Protection Dashboard, ensuring accountability and transparency in our collective efforts,” she stressed.
She also appreciated RoLAC and other development partners’ continued support of women, children, and vulnerable groups. She commended State Commissioners for Women’s Affairs for their leadership and dedication to advancing gender equality at the sub-national level.
Danladi Plang, Head of the Rule of Law and Anti-Corruption (RoLAC) Programme, urged state Commissioners to pursue the enactment and implementation of relevant laws for women, children, and PWD. He called on authorities to allocate resources and make investments to ensure the sector thrives beyond political rhetoric.
“The core objectives of the Rule of Law Programme are to increase access to justice for women, children, and persons with disabilities. Since 2017, in collaboration with the European Union, we have been implementing this programme across several states. We’ve supported the creation of legislation such as the Child Protection Law and the VAPP Law in various states,” Plang said.
He further explained that state ministries and commissioners are crucial in influencing policy implementation and serving as catalysts for change within their cabinets.
In an interview at the event, Plang disclosed that the Sexual Assault Referral Centres (SARCs) have assisted over 8,000 survivors. “Last year, we commissioned the NCPWD to ensure office buildings are accessible, and we’ve continued advocating for legislative changes with Commissioners to ensure that vulnerable groups are supported,” he said.
Oluwatoyosi Giwa, Project Manager of the Access to Justice RoLAC Programme, emphasised the conference’s goal to produce action plans that would directly benefit vulnerable citizens.
“By the end of these three days, we hope to develop actionable strategies that Commissioners can implement in their states to improve the lives of women, children, and persons with disabilities,” Giwa said. “Let us speak our truth and share our experiences so we can learn from one another and bring back tangible solutions.”
The European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, noted that many Nigerian states have enacted laws for women.
A group of concerned citizens has raised the alarm over an alleged plot to sabotage President Bola Ahmed Tinubu’s reforms on local refineries.
The group, Concerned Nigerians led by its National Coordinator Obinna Francis, claims to have uncovered a sinister plot to stop the supply of crude oil to domestic refineries.
According to Francis, the plot is being orchestrated by a cabal within the Nigerian National Petroleum Company Limited (NNPCL), in collaboration with importers of fake petrol.
The group alleges that this cabal is seeking to undermine the government’s economic reforms, which have led to a significant reduction in fuel prices and a subsequent decrease in the cost of food items.
The concerned citizens believe that the plot is driven by a desire to return Nigeria to the era of petrol importation and the reintroduction of subsidies.
They argue that cutting off crude oil supply to domestic refineries would create a shortage of refined products, forcing the country to import fuel.
The group claims that the cabal has been manipulating officials in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to justify the planned refusal to supply crude oil to local refineries.
They also allege that the cabal has the support of individuals seeking regime change, who hope to capitalize on public anger and protests to bring down the government.
Francis added: “The members of the cabal, working through certain officials of NNPCL, have been manipulating their colleagues in the NUPRC, which has responsibility for overseeing the supply of crude oil to refineries in Nigeria.
“Their plot includes sabotaging exploration and distribution infrastructure to justify the planned refusal to cut off crude supplies. This unholy alliance has the support of individuals who have been angling for a regime change.
“Our suspicion is that while the NNPCL/NUPRC cabal pursue the monetary gains of truncating the steady supply of refined products, their political wing anticipates that a disruption in refining capacity would lead to petrol scarcity, drive fuel prices up and hike food prices with the attendant anger against the government of the day.
“They desire to weaponize such public anger into anti-government protests that would bring the administration down. We are concerned that if not stopped, this plot will undo all the gains that have been made in the implementation of economic reforms of President Bola Ahmed Tinubu’s government and doom us all.
“We are further concerned that such a plot at this critical time of our economic evolution would plunge the country into an abyss from which it may never resurface.”
The concerned citizens are calling on President Tinubu and the Department of State Services (DSS) to intervene and prevent the plot from being executed. They praised the president’s economic reforms, which have driven Nigeria towards energy sustainability and revived the oil industry.
The group warned that if the plot is not stopped, it would undo all the gains made by the government and plunge the country into economic chaos.
They urged the president to ensure that no one in NNPCL, NUPRC, or any other connected agency undermines the achievements recorded in the sector.