News
$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.
By Israel Bulus, Kaduna
A controversial list of political appointees purportedly originating from the Kaduna State Government has triggered outrage within Government House and among prominent politicians across the state’s 23 local government areas.
ELANZA NEWS gathered from credible government sources that the list, which has been widely circulated on social media, did not receive the knowledge or approval of Governor Uba Sani or any of the local council chairmen.
Insiders in the Kaduna State Government confirmed that the document did not emanate from any official or authorized channel.
The list, which includes names of alleged political appointees and their supposed sponsors—some of whom are well-known political figures—has raised serious concerns about internal sabotage and the deliberate spread of misinformation within the state’s political landscape.
“This list is not only fake; it was deliberately leaked to sow confusion, erode public trust, and discredit both the governor and the local council leadership,” a senior government official told ELANZA NEWS under the condition of anonymity, citing the sensitivity of the matter.
Further investigations revealed the document was allegedly compiled nearly two months ago by unidentified individuals believed to be working against the current administration. Some individuals named in the list reportedly made financial contributions under the impression that the appointments were genuine.
“This fraudulent act is more than just mischief. It is a calculated attempt to deceive the public into believing these appointments have been officially endorsed,” another government source said.
“The government is thoroughly investigating the origin of the document, and those responsible will be held accountable under the law,” the source added.
Political analysts warn that the incident could prompt a review of the state’s appointment and vetting procedures to prevent future exploitation by political intermediaries.
Governor Uba Sani, who took office in 2023, has consistently championed transparency, meritocracy, and due process in governance. Observers say this incident presents a significant test to the administration’s integrity and internal unity.
As of press time, the state government had not issued an official statement, although sources indicate that a formal response is expected soon to clarify the situation.
Efforts to reach the Chief Press Secretary to the Governor, Ibrahim Musa, were unsuccessful, as he did not respond to calls from our correspondent.
It has been a full week of listening to Politricktians struggling to defend the indefensible. I have watched some struggle to present purely self-seeking and egocentric predilections and decisions as altruistic and popular. The usual lie told when politicians decamp from one Party to another was rife in the news-wave. It was repeated every so often they were confronted with ‘why did you decamp to a Party you had mocked and described as soulless and directionless?”. And the lies would come streaming with shameless Olympic stupidity and shenanigans unbridled.
If your reason for moving from the PDP to the APC is to connect Delta State to the Centre ditto to Abuja, who Abuja elp? How has the Partisan affinity or connection with Abuja helped Lagos State? How has it benefitted Benue State? How has it made life better for the people in Bornu State? And how has the lot of the people in Imo State improved? The States here in reference are APC States, and are badly messed up.
Since 1999 Lagos State has never had it so bad, Lagos State for instance fared better when it wasn’t in partisan sync with the centre. No sane person can compare Tinubu’s term as Governor of Lagos State with Sanwo-Olu’s, none can compare Fashola’s, or Ambode’s one term, albeit as opposition Governors with the most lethargic and uneventful watch that Lagos State has produced in the last 26 years Sanwo-Olu’s connect with Abuja notwithstanding. Lagos is presently experiencing it’s worst leadership deficit and lethargy in 26 years, but Sanwo-Olu is not the trust of this piece, so I will let him be, but I shall return to substantiate my position, if his spin-doctors provoke me.
To the States of Bornu, Benue and Imo, the vouched partisan affinity with Abuja is a curse more than a blessing. Bornu and Benue are theatres of unmitigated security challenges. I won’t mention Jos, Plateau so Partisans wouldn’t challenge me that Plateau State is PDP. However, in today’s Nigeria most of the States troubled silly with insecurity are APC States. Human barbecues are dished with reckless abandon by the Haramists and Herders, and Abuja has done little to help, it has been more words and little action. All the people see, read and know is the blood soaked and blood stained mandate of President Bola Ahmed Tinubu and his Party. The APC has failed them like it has failed most Nigerians, so the people who decamped from the PDP to the APC in Delta State should stop telling stupid lies of how a contrived partisan sync with Abuja will benefit Delta State, that na big lie. The truth is that that decision of theirs is absolutely self-seeking, egotistic and individualistic, it was a shenanigans shameless and utterly soulless.
Is Imo an example of a State benefitting from her partisan sync with Abuja? I beg make I laugh small. And to make matters worse they call Governor Hope Uzodinma the Chairman of the Unprogressive, oh sorry, Progressive Governor’s Forum. That means that Hope Uzodinma is the Chairman of the Forum of APC Governors. I beg ask Ndi’Imo how market? Now Governor Sheriff Oborevwori is an APC Governor, and I hear that Pastor Eno of Akwa Ibom is joining soon. If no be craze, how will a Governor wey dey try small go go join Party wey the Governor wey no dey try at all, go be im Chairman? What in today’s Nigeria is testament to the laudable rule of the APC? And why is the APC attractive to the defectors streaming into the Party? I am committed to telling all I know, and more in the sequel to this piece, yes Part 3 dey come.
I am committed to making sure that each of this series is short and reader friendly. However, I will not conclude this without calling out Nigerians to consistently interrogate Public Office Holders and Political Operators, we must understand that eternal vigilance is the price of freedom, and we must refuse to drink from the poisoned chalice of deceit, falsehood, and debauchery that self-serving Politricktians wield. And we must say no to their lies, half truths and mendacity.
Compatriots, those defending the egocentric and self-seeking defection of the Delta State Governor and his Team from the PDP to the APC are smart by half. And to those wondering whether we can effectively organize to stop the rudderless APC, the gail of defections notwithstanding, I bring great hope. Yes, there is enough time to perfect and pull through with the needed coalition to defeat the underperforming APC in 2027. Do not forget that Peter Obi didn’t have a State Governor when the Labour Party won the election in 2023. Tinubu didn’t win the majority of the total votes cast when INEC declared him winner, and having failed, as he continues to outperform Buhari in failure, the hail of defections will only deepen the Tinubu rejection.
Do not forget that Delta State was home to the Obidient Movement in 2023, and still is. Do not also forget that Okowa, Sheriff Oborevwori and the PDP machinery was roundly trounced and defeated by the Obidient Movement/Labour Party at the Presidential polls in Delta State in 2023, and that it took the Obidients rejecting Senator Ovie Omo-agege for Oborevwori to emerge Governor in 2023. May the Proud, the Arrogant and the Boastful use their tongue count their teeth, e no far again.
Delta State in 2027 offers a beautiful turf for the replay of the contest between the Peoples Power, and the Power of the men in power. Indeed, 2027 will be a Ballot Based People’s Revolution deeper and more effective than what happened in 2023. Take note that President Bola Ahmed Tinubu and the APC are consistently their own greatest undoing, not with Buhari’s colossal failure becoming Child’s play compared with Tinubu’s uneventful and Olympic failure.
Folks, we shall coalesce and unite to make Tinubu a One-Term President, that’s the least duty we owe Nigeria.
I shall return very soon with Part 3, but before then, please stay safe and protect yourselves, ‘no be me talk am, na one Oga DSS dem say na im talk am.’
God Bless Nigeria.
Prof Chris Mustapha Nwaokobia Jnr
Convener COUNTRYFIRST MOVT. A Good Governance Advocacy Group.
Call Mgbeke Comedian
North Central Women on Friday criticized Prof Mgbeke, dismissing her recent remarks about the representative of Kogi Central, Senator Natasha Akpoti-Uduaghan, as mad imaginings, deception and fantasy.
They also described the remarks of the All Progressives Congress (APC) South-South Organizing Secretary, Mr. Blessing Agbomhere, as banal and irrelevant.
“It is amazing that male politicians in Nigeria are resorting to dishonest tactics to fight women.”
The women in a statement in Abuja criticized the leadership of the Senate for placing Nigeria in a dilemma.
“The six-month suspension is raised in almost all the news media in the world.’’
They urged the senate leadership to save Nigeria from ignominy.
Specifically, the women praised Senator Akpoti-Uduaghan for not allowing anyone to make her an emotional client in the country.
They also applauded her for playing a major role in the national history of Nigeria.
The statement issued by the Chairperson of North Central Women Front (NCWF), Mrs. Mary Adamu emphasized Akpoti-Uduaghan’s unflagging commitment to improvement of Kogi Central Senatorial District.
The women scolded the spokesperson of Executive Watch Dog, Mr. Fidelis Ella for advertising his ignorance.
The women of repute and experience branded Dr Sandra Duru (Mgbeke), Ella and Agbomhere parrots and bootlickers of anti-democratic forces.
“Unstable people can destroy anybody for a political appointment, contract and petty cash.”
The women further dismissed allegations of malicious agenda, dirty game of propaganda and destruction.
They described the plot to dismantle Yoruba Government, destabilize the national structure and halt the country from moving forward as a foolish talk.
“Senator Natasha Akpoti-Uduaghan is guided by patriotic commitment.’’
The women urged sympathizers of the Senate President and a former ministerial nominee not to lead Nigeria to confusion.
The statement denounced intolerance, lies, perversion of truth and crazy ideas.