Headlines
Domestic Debts Hit N22.57tn As Buhari Seeks Fresh N819bn Loan
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Nigeria’s domestic debt rose to N22.57tn as the Federal Government on Wednesday proposed a last-minute supplementary budget for the 2022 fiscal year.
The President, Major General Muhammadu Buhari (retd.), is seeking the approval of the National Assembly for N819.54bn supplementary budget, which it planned to finance through domestic borrowing.
Buhari on Wednesday forwarded to the National Assembly for approval, N819.5bn supplementary budget for the 2022 fiscal year to fix various infrastructure destroyed by floods across the various states in the country a few months ago.
The supplementary budget as explained by the President in a letter read in plenary by the President of the Senate, Ahmad Lawan, is meant for the capital expenditure component of the 2022 budget with an attendant increase of deficit to N8.17tn.
The letter read, “The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farmlands at a point already closed to harvest season.
“This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure across the 36 states and the FCT (Federal Capital Territory) as well as bridges nationwide that are critical for the movement of goods and services.
“The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 percentage completion. The nine critical projects proposed in the sector cut across water supply, dam projects, and irrigation projects nationwide.
“I have approved a supplementary budget of 2022 appropriation of N819.536bn, all of which are capital expenditures. The supplementary will be financed through additional domestic borrowings which will raise the budget deficit for 2022 to N8.17tn and deficit to GDP ratio to 4.43 per cent.”
Being a proposal coming 10 to the New Year, the President of the Senate hurriedly forwarded it to the Senate Committees on Appropriation, Finance, Works, Water Resources and Agriculture for expeditious consideration.
The Federal Government’s initial plan was to borrow N5.01tn (with domestic debt put at N2.51tn) to finance part of the N6.26tn budget deficit.
With the newly proposed N819.54bn domestic debt, the Federal Government’s domestic borrowing is expected to hit N3.33tn for 2022.
Data from the Debt Management Office showed that the Federal Government’s domestic debt stock was N19.24tn as of December 2021.
By September 2022, the domestic debt stock had risen to N21.55tn, which means that the Federal Government had borrowed N2.31tn so far.
With the additional N819.54bn borrowing, the Federal Government can still accommodate N1.02tn more domestic debt in line with its plan.
The Federal Government’s domestic debt rose from N8.4tn as of June 2015 to N21.55tn as of September 2022, according to The Punch.
This showed an increase of N13.15tn or 156.55 per cent under Buhari.
The Federal Government proposed to spend N4.5tn on interest charges for domestic debt by 2023, according to the proposed 2023 budget.
This is an increase of 243.51 per cent from the N1.31tn proposed allocation for interest charges on domestic debt in 2016.
In its latest Africa’s Pulse report, the World Bank said that public debt in Nigeria was concerning due to the rising debt service-to-revenue ratio.
According to the bank, the debt service to revenue ratio could stand at 102.3 per cent by the end of 2022.
While presenting the 2023 appropriation bill to a joint session of the National Assembly recently, the President, Major General Muhammadu Buhari (retd.), noted that despite the revenue challenges in the country, the country still consistently met its debt service obligation.
“Despite our revenue challenges, we have consistently met our debt service commitments. Staff salaries and statutory transfers have also been paid as and when due,” Buhari added.
However, speaking at the launch of the World Bank’s Nigeria Development Update titled, ‘The urgency for business unusual,’ held recently in Abuja, the Finance Minister, Zainab Ahmed, had admitted that Nigeria was struggling to service its debt.
She said, “Already, we are struggling with being able to service debt because even though revenue is increasing, the expenditure has been increasing at a much higher rate, so it is a very difficult situation.”
The Punch
Headlines
Tinubu’s Absence: There’s No Vacancy in Aso Rock, Akpabio Declares
President of the Senate, Godswill Akpabio has dismissed calls for President Bola Tinubu to hand over power to Vice President Kashim Shettima, saying there is no leadership vacuum despite the President’s continued working vacation abroad.
Speaking on Tuesday, in Akwa Ibom State, while commissioning road projects executed by Governor Umo Eno, Akpabio addressed public concern over Tinubu’s three-week holiday, which was recently extended by one week. He insisted the President remains fully in office and continues to carry out his constitutional duties.
“I am the Senate President, and I am not the acting President of Nigeria, because President Tinubu is still in power. He is on a working leave, and there is no absence in Aso Rock. The world is a global village, and one can give instructions over the internet. So, why are people complaining?” he retorted.
Akpabio emphasized that only his office can declare a presidential vacancy and that no such condition currently exists. “Right now, there is no vacancy. Asiwaju Tinubu is still in power, and he is still running the affairs of Nigeria,” he added.
To underscore the President’s continued engagement, Akpabio disclosed of recent diplomatic contacts, including communications with French President Emmanuel Macron.
His remarks may have finally put to bed, unnecessary concerns raised by critics who claim the extended absence has hindered governance. Invoking modern communication, Akpabio argued a “remote” presidency can still function effectively.
The Presidency has not provided a formal return date for President Tinubu. Akpabio’s comments, however, signal a united stance within the ruling All Progressives Congress (APC) aimed at quelling speculation about a leadership crisis.
Headlines
Nigeria Can Not Be on Vacation, Who is in Charge? Atiku Queries over Vacuum in Aso Rock
Former Vice President Atiku Abubakar has asked the Presidency and the National Assembly to clarify who is constitutionally exercising the powers of President Bola Ahmed Tinubu following the expiration of the 21-day period announced for the President’s annual vacation.
Recall that Tinubu left Nigeria on August 30 for a three-week annual vacation in Europe. The President’s absence coincided with Vice President Kashim Shettima’s official engagements outside the country, including his current representation of Nigeria at the 81st United Nations General Assembly in New York.
In a personally signed statement on Monday, Atiku argued that the expiration of the 21-day period had raised questions under Section 145 of the 1999 Constitution regarding the transfer of presidential powers.
Section 145(1) provides for the President to transmit a written declaration to the President of the Senate and the Speaker of the House of Representatives when proceeding on vacation extending beyond a specified period or when otherwise unable to perform the functions of his office.
Atiku said Nigerians had not been shown any such declaration transferring presidential functions to Shettima.
“President Tinubu left Nigeria on 30 August. The Presidency publicly announced a three-week vacation. Yet, to date, Nigerians have not been shown any constitutional letter transmitting presidential authority to Vice President Kashim Shettima.
“The 21 days have now elapsed. If such a letter exists, the Presidency should publish it immediately,” Atiku said.
The 2027 African Democratic Congress (ADC) presidential candidate, said the constitutional provision also addresses a situation where the President fails to transmit the required declaration.
He referred to Section 145(2), which provides that where the President is unable or fails to transmit the declaration within 21 days, the National Assembly can, by a simple majority in each chamber, mandate the Vice President to perform the functions of President as Acting President.
Atiku therefore asked the National Assembly to explain whether the constitutional procedure had been activated.
“If it does not, then the constitutional mechanism contemplated by Section 145(2) has been triggered, and the National Assembly owes Nigerians an explanation as to why it has not acted.
“This is not a matter of political convenience. It is a matter of constitutional order,” he said.
Atiku further drew attention to Shettima’s presence in New York, where he is leading Nigeria’s delegation to the 81st United Nations General Assembly based on the President’s directive.
Atiku said the situation raised a question about who was exercising presidential authority in Nigeria and under what constitutional instrument.
“So again: who is exercising presidential authority in Nigeria today, and under what constitutional instrument?” he asked.
The former Vice President also criticised what he described as reliance on informal indications of presidential activity while the President remains abroad.
“Nigeria cannot be governed by assumptions. It cannot be governed by presidential social-media posts from Europe.
“It cannot be governed by photographs from private dinners at the Élysée Palace.
“It cannot be governed on autopilot,” he said.
Atiku also said President Tinubu should be in the country at a time like this, linking his concerns to recent domestic developments in the country, including the deaths of 37 Nigerians in the custody of the Nigeria Security and Civil Defence Corps in Minna.
He said the incident had led to investigations, suspensions and calls for independent scrutiny.
He also raised concerns about petrol prices, claiming that the product was selling for as much as ₦1,500 per litre in some parts of the country.
“These are not ordinary times. Yet the President is abroad. The Vice President is abroad.
“The Senate President is abroad. And Nigerians have not been told, in the clear constitutional language required of a serious democracy, who is exercising the powers of the President,” Atiku said.
Atiku acknowledged the diplomatic significance of Tinubu’s private dinner with French President Emmanuel Macron in Paris but argued that Nigeria’s governance responsibilities could not be suspended while the President was abroad.
“President Tinubu’s private dinner with President Emmanuel Macron in Paris may serve diplomatic purposes. But Nigeria itself cannot be placed on vacation.
“The Constitution does not recognise a ‘working vacation’ as an alternative system of presidential succession.
“It provides a procedure. That procedure must be obeyed,” he argued.
Atiku consequently called on the Presidency to disclose whether Tinubu transmitted the declaration required under Section 145(1) before leaving Nigeria.
He also asked the President of the Senate and the Speaker of the House of Representatives to state whether they received such a communication.
“If no declaration was transmitted within the constitutionally stipulated period, the National Assembly must explain why the procedure provided by Section 145(2) has not been activated,” he said.
Atiku concluded that the issue was bigger than the President’s personal movements, arguing that Nigerians were entitled to know who was constitutionally responsible for the exercise of presidential powers.
“Nigeria is bigger than any President.
“At a time of severe economic hardship, rising energy costs, security challenges and the shocking deaths of citizens in government custody, the country deserves visible, accountable and constitutionally grounded leadership.
“The question will not disappear: Who, constitutionally, is in charge of Nigeria?” Atiku questioned.
Headlines
Tinubu Gushes over Wife, Oluremi, at 66, Calls Her Truest Friend, Confidante
President Bola Tinubu has celebrated his wife, Oluremi, on her 66th birthday, describing her as his “truest friend and confidante”.
In a birthday tribute to the First Lady on his verified X handle on Monday, Tinubu praised her patience, courage, compassion and unwavering support throughout their years together.
The President, who described Oluremi as the woman who had stood by him through different seasons of his life, said she had shared his burdens and provided counsel during difficult moments.
“Today, I celebrate the woman who has walked beside me with patience, grace and uncommon courage. Àwọn àgbà sọ pé, ‘Ìyàwó rere ni adé ọkọ rẹ̀.’ A good wife is her husband’s crown,” he said.
Tinubu said Oluremi had given practical meaning to the biblical description of a virtuous woman, adding that she had remained a source of strength and understanding to him.
“The burdens that were mine to bear often found their way onto your shoulders. The thoughts I could not put into words somehow found their way to you.
“In difficult times, when the future was uncertain, you stayed calm beside me and prayed with me,” he stated.
The President described the First Lady as his “truest friend and confidante”, saying she was never afraid to offer him honest counsel.
“I call you my truest friend and confidante because you speak the truth plainly, even on the days I would rather not hear it,” Tinubu said.
He also praised Oluremi for her role in raising their children and grandchildren, saying her values of faith and kindness had shaped the family.
“Our home bears the lasting imprint of your devotion. Our children and grandchildren have grown beneath the shelter of your prayers. They carry your values of faith and kindness wherever life takes them,” he said.
Tinubu also highlighted the First Lady’s humanitarian activities, recalling her work through the New Era Foundation and the Renewed Hope Initiative.
“Nigerians know you for your compassion, kindness, generosity of spirit and steadfast faith. I have watched you touch lives quietly and consistently, offering hope and support to those in need,” he said.
He added that her initiatives had supported young people, widows, elderly citizens and women farmers across the country.
“From the New Era Foundation during our years in the saddle in Lagos to the Renewed Hope Initiative today, your care has reached many young boys and girls, widows, elderly citizens, and women farmers across the country,” the President stated.
Tinubu also acknowledged Oluremi’s advocacy for people affected by tuberculosis and other diseases, describing her as a compassionate advocate and determined champion.
He said her compassion transcended ethnic, regional and religious boundaries.
“For you, compassion has never recognised the boundaries of tribe, region or religion,” he said.
Reflecting on their years together, Tinubu said their shared experiences, including difficult decisions and sacrifices, had strengthened their relationship.
“A long journey teaches a man the true value of a good partner. We have travelled a long road together. I think of the difficult decisions we talked through for hours and the sacrifices no one else saw.
“Laughter and prayer carried us through many of them,” he said.
The President said he would choose Oluremi again if given the opportunity to relive his life.
“If life returned me to the beginning, I would choose the same road that led me to you. Through every mile, my heart has always remained at home with you,” Tinubu said.
The President wished the First Lady many more years in good health and happiness.
“Happy 66th birthday, my darling Oluremi. I pray that God Almighty will grant you many more years in good health and joy,” he said.






