News
Peter Obi Calls for Government Use of Borrowed Funds for Job Creation and Living Standards
Peter Obi, the 2023 Labour Party (LP) Presidential Candidate, has called on the Nigerian Government to utilize borrowed funds to create jobs and enhance the standard of living. Obi expressed concern over the government’s borrowing, which amounted to an alarming N121.86 billion in the first quarter. He emphasized that borrowing several trillion naira within just three months underscores the urgent need for careful and responsible financial management.
Posting on X, Obi wrote: “I have consistently maintained that borrowing is not inherently problematic, as long as it is utilized for productive purposes that drive economic growth and development.
“The recent report at the end of the first quarter indicates a significant increase in our government’s borrowing, reaching a staggering N121.86 trillion.
“This rapid accumulation of debt is alarming, and if this borrowing trend continues at the current rate, we can expect the total to surpass N150 trillion by the end of the year.
“If the borrowed funds are used for consumption or misallocated, we risk worsening our economic situation, perpetuating a cycle of debt and hindering our ability to achieve sustainable economic growth and development.
“On the other hand, if the funds are channeled into productive endeavors such as infrastructure development, education, healthcare, and entrepreneurship, we can expect positive outcomes that benefit our economy and citizens in the long run. As I recall, the law governing borrowing is explicit, requiring detailed explanations of the intended use, timing, and other relevant parameters.
“It is essential to ensure that borrowed funds are allocated efficiently and effectively to drive economic growth, create jobs, and improve the standard of living of the majority of our citizens. I respectfully request accountability for the massive borrowings, which have burdened our nation’s future. For the sake of our children and unborn generations, transparency and good governance, a detailed breakdown of how these funds have been utilized and demonstrate their tangible impact on our country’s growth and development should be provided. In conclusion, I urge policymakers and stakeholders to exercise caution and prudence in managing our national debt, ensuring that borrowing is utilized for productive purposes that benefit our economy and citizens.
“By doing so, we can promote sustainable economic growth, development, and prosperity for all Nigerians for generations to come. Our future stability and prosperity depend on prudent management of resources. -P0”
News
Youths Petition Police IG Over Alleged Killing of Colleague in Abuja
Youths from Anioma in Aniocha North Local Government Area of Delta State have petitioned the Inspector General of Police, Kayode Egbetokun, following the alleged extra-judicial killing of David Nduka by a police officer in Abuja. Nduka, an employee of a security service in Gwarinpa, Abuja, reportedly kept money meant for sharing with colleagues, leading to a confrontation and his subsequent attempt to seek refuge at a nearby plaza. There, he was allegedly shot in the leg by a police officer stationed at the location, resulting in his death on June 21, 2024.
The Anioma Youth Forum Worldwide, through a petition signed by its leadership, called for the prosecution of the officer responsible, a thorough investigation, and adequate compensation for Nduka’s family. The group expressed shock and sadness over the incident, emphasizing the need for justice and transparency in handling the case.
In response to the petition, the Force Headquarters has initiated an investigation, as confirmed by the FCT Police Command’s spokesperson, Josephine Adeh, stating that Commissioner Bennett Igweh has ordered a comprehensive inquiry into the matter.
News
Biden Firm on Presidential Bid Despite Debate Fallout and Poll Concerns
Joe Biden’s spokeswoman affirmed on Wednesday that he is “absolutely not” withdrawing from the White House race, countering speculation following his challenging debate performance against Donald Trump. Reports from The New York Times and CNN indicated Biden, 81, is keenly aware of the need to reassure the public about his capabilities, with his first post-debate TV interview scheduled for Friday.
Despite Biden’s acknowledgment that another poor debate could significantly impact his campaign, the White House dismissed suggestions of his potential withdrawal as untrue. However, within the Democratic establishment, concerns have grown over what’s seen as evasive responses from Biden and his team following the debate.
A recent New York Times poll, conducted post-debate, showed Trump with a significant lead over Biden, amplifying worries among Democrats about their prospects in November’s election. Progressive polling also suggested traditionally safe Biden states like New Hampshire, Virginia, and New Mexico could now be competitive for Trump.
Amidst mounting apprehension within the party, Biden scheduled a meeting with all 23 Democratic governors to address concerns. He plans to campaign in swing states like Wisconsin and Pennsylvania in the coming days and will participate in his first interview since the debate with ABC News on Friday.
News
Protesters Burn INEC Office in Benue State’s Ukum Local Government
Protesting youths in Sankara, Ukum Local Government Area of Benue State, attacked and set fire to the Independent National Electoral Commission (INEC) office on Wednesday. Sam Olumekun, National Commissioner and Chairman of the Information and Voter Education Committee, confirmed the incident.
The protest, initially against bandit activities in the area, escalated to include the destruction of government facilities, including the INEC office. Prof. Sam Egwu, the Resident Electoral Commissioner for Benue State, reported extensive damage to the building, including furniture, 10 electric generators, 300 ballot boxes, and 270 voting cubicles. Security agencies have been mobilized to restore order and investigate the situation.
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