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Peter Obi Calls for Government Use of Borrowed Funds for Job Creation and Living Standards

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cc: Peter Obi

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.

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“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”


 

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Tinubu Assures IMF’s Georgieva that Nigeria’s Economic Reforms Are Yielding Positive Results

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Photo source: Google

President Bola Ahmed Tinubu recently assured Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), that Nigeria’s economic reforms are beginning to show positive outcomes.

During their meeting, the President emphasized his administration’s unwavering commitment to alleviating the challenges brought on by these reforms while prioritizing the protection of the nation’s most vulnerable citizens.

President Tinubu highlighted that key aspects of his administration’s agenda include strengthening social safety nets, improving access to education, and driving investments in infrastructure.

He stressed that these efforts are crucial for fostering inclusive growth and ensuring that no Nigerian is left behind in the journey toward economic recovery and development.

In addressing fiscal policies, the President acknowledged the need to expand the country’s tax base as part of broader efforts to achieve sustainable developmental growth.

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However, he reassured Nigerians that this would be done responsibly, without imposing additional burdens on a population already grappling with economic hardship.

The meeting with Georgieva comes at a time when Nigeria is undergoing significant economic adjustments, including the removal of fuel subsidies and the unification of the foreign exchange rate.

While these measures are intended to stabilize the economy and attract foreign investment, they have also led to increased costs of living for many Nigerians.


 

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“Tinubu Stabbed His Supporters in the Back With Ridiculous Appointments” – Onokpasa

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An All Progressives Congress (APC) chieftain, Jesutega Onokpasa, has expressed disappointment with President Bola Tinubu, accusing him of betraying his loyal supporters through questionable appointments that he described as absurd and insulting.

During an appearance on Arise News’ morning show on Thursday, Onokpasa openly criticized the recent appointment of Daniel Bwala as Special Adviser on Media and Public Communication to the President.

Bwala, formerly an aide to Atiku Abubakar, has been a vocal critic of Tinubu, even making controversial statements against him during the election campaign.

Onokpasa’s remarks add to the growing backlash the president has faced over this decision.

Many of Tinubu’s supporters feel sidelined, arguing that the appointment of Bwala, who was once aligned with the opposition and allegedly made disparaging remarks about Tinubu, sends a discouraging message to those who stood by him.

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Speaking passionately, Onokpasa rejected the narrative that the appointment was a strategic move.

“Our dear and beloved president has betrayed his staunch supporters with these absolutely ridiculous, inexplicable appointments,” he said.

“I am a Tinubu supporter, not a sycophant. His apologists are calling Bwala’s appointment a strategy, but to me, it is pure stupidity.”

Onokpasa, who also serves as the chairman of the Tinubu Media Support Group (TMSG), expressed frustration over what he saw as a lack of loyalty to those who defended the president during critical moments.

He pointed out that Bwala had once labeled Tinubu a “drug dealer” without providing any evidence, yet he was rewarded with a position of influence.

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“How do you appoint someone who publicly called you a drug dealer? Daniel Bwala is a lawyer. He had no evidence for such accusations, yet he was given this role.

This is the same person who called the president a drug baron, and now he’s been welcomed into the fold. It feels like a slap in the face for those of us who stood by him,” Onokpasa lamented.

He further criticized Bayo Onanuga, a prominent Tinubu ally, for defending the decision. “Bayo Onanuga tries to rationalize this, but it’s insulting.

We were out there defending the president when Bwala and others were attacking him.

Now, the same person who tried to tarnish his image gets an appointment, while those of us who believed in him are left in the cold,” he said.

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Onokpasa’s anger wasn’t just about the appointments but also about the perceived disregard for loyal supporters.

“It’s not about wanting an appointment. Many of us don’t need that. It’s about the insult. It’s about the president taking us for granted.

We defended him because we believed in him, not because we were seeking favors. For me, this is personal.

I admired him like a family member, and now it feels like he has humiliated us. I don’t trust him anymore.”


 

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LeBron James Steps Away from Social Media, Cites Negativity in Sports Coverage

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LeBron James, the NBA’s all-time leading scorer and Los Angeles Lakers star, has announced a temporary break from social media.

The 39-year-old made the announcement on X (formerly Twitter) and Instagram after sharing a post by Rich Kleiman, agent to NBA star Kevin Durant, criticizing the media’s focus on negativity.

Kleiman wrote, “With so much hate and negativity in the world today, it confuses me why some of the national sports media still think that the best way to cover sports is through negative takes… I, for one, find it all a waste of breath.” James shared the post, adding a simple comment: “AMEN!!”

In a follow-up post, James confirmed his social media hiatus, writing, “And with that said, I’ll holla at y’all! Getting off social media for the time being. Y’all take care.”

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James, known for his strong presence on and off the court, is taking this break amidst ongoing discussions about the role of media in shaping public perceptions of athletes.

 


 

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