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“Nigeria’s Rising Debt is a Threat to Future Generations” – Obasanjo Warns

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Former President Olusegun Obasanjo has raised concerns over Nigeria’s escalating debt, warning that it poses a serious challenge for both current and future generations.

He shared his thoughts during a recent Zoom discussion titled Boiling Point Arena, where he reflected on the country’s economic path and leadership choices.

Nigeria’s debt has experienced a significant increase, climbing by a staggering N12.6 trillion within just three months.

As of the end of the second quarter of 2024, the nation’s total debt stood at N134.3 trillion (about $91.3 billion), marking a sharp 10.35% rise from the N121.7 trillion recorded at the close of the first quarter.

Obasanjo, who was instrumental in securing debt relief for Nigeria during his tenure from 1999 to 2007, expressed deep concern over the current state of affairs.

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He noted that his administration’s efforts to clear the country’s debt burden have been undermined by the recent trend of heavy borrowing.

“Yes, I was able to secure debt forgiveness for the nation before I left office, but now we’re facing a debt problem that will affect not just this generation, but the next as well,” he stated.


 

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Bode George Urges Tinubu to Cut Fuel Price to N300 for a Festive Relief

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Bode George, a prominent chieftain of the Peoples Democratic Party (PDP), has called on President Bola Tinubu to ease the financial burden on Nigerians by reducing the pump price of petrol to N300 per liter for the festive season.

George suggested that this price reduction should take effect from mid-December through the end of January, a period he described as critical for all Nigerians, regardless of religion or background.

During a press conference in Lagos on Wednesday, the former PDP Deputy National Chairman emphasized the importance of these two months for people across the country.

He explained that December and January are universally recognized as times of celebration, reflection, and family bonding.

According to George, lowering fuel prices temporarily would allow Nigerians to enjoy the holidays without the heavy strain of rising living costs.

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“There are two months in any calendar year that are very significant,” George said.

“Whether you are Christian, Muslim, atheist, or traditionalist, these months are a time when families come together, communities celebrate, and people look forward to a sense of joy and unity.

Reducing petrol prices to N300 per liter during this period would be a meaningful gesture.”

He added that the government is capable of absorbing any financial losses that might arise from the temporary price cut.

“The federal government can bear the cost,” George insisted.

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“It is time for President Tinubu to give back to Nigerians and show them that their well-being is a priority.”

George also referenced recent news about First Lady Oluremi Tinubu’s donation of N1 billion to a university, suggesting that such generosity could be extended to the broader population.

“If the First Lady can give N1 billion to a university, contributing to reducing fuel prices for millions of struggling Nigerians should not be out of reach.

This act would send a wave of joy and relief to households across the country.”


 

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FIFA Officially Names Saudi Arabia as Host of the 2034 World Cup

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FIFA has announced Saudi Arabia as the official host of the 2034 FIFA World Cup. The decision was confirmed during an Extraordinary FIFA Congress meeting on Wednesday, December 11, where Saudi Arabia’s unopposed bid was applauded by over 200 FIFA member federations attending remotely.

FIFA President Gianni Infantino described the vote as “loud and clear,” highlighting global support for Saudi Arabia’s bid.

Prince Mohammed bin Salman expressed excitement, promising an exceptional tournament that will bring joy to football fans worldwide.

Additionally, FIFA confirmed that the 2030 World Cup will be co-hosted by Spain, Portugal, and Morocco, with Argentina, Paraguay, and Uruguay hosting one match each in celebration of the tournament’s centenary. The 2026 World Cup will take place in the United States, Canada, and Mexico.


 

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The National Power Grid Collapses For The 12th Time In 2024

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The National Grid Collapses for the 12th time in 2024, it was reported that the power grid collapsed on Wednesday 11th of December around 2pm.

The reason behind the collapse has not yet been disclosed. This will be a total of 12 times that the Nigeria power grid collapsed. The collapse started becoming more frequent from the month of October, as it collapsed 3 within one week.

The information about the collapse was confirmed on by a tweet from the official page of Nigeria’s National Grid.


 

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