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”
Business
U.S Tiktok Users Explores Other Options As Tiktok Might Be Banned Soon
As of January 14, 2025, TikTok, the popular video-sharing app owned by China’s ByteDance, is facing a potential ban in the United States due to national security concerns.
The U.S. Supreme Court appears inclined to uphold a law requiring ByteDance to divest its U.S. operations by January 19, 2025, or face a ban.
Legislative Actions and Deadlines
The Protecting Americans from Foreign Adversary Controlled Applications Act mandates that ByteDance must sell TikTok’s U.S. assets by January 19.
Failure to comply would result in a prohibition of the app in the U.S. Two Democratic lawmakers, Senator Edward Markey and Representative Ro Khanna, have urged President Joe Biden to extend this deadline, showing concerns over free speech and the livelihoods of content creators.
Senator Markey has proposed legislation to extend the deadline by 270 days, emphasizing the potential disruption to TikTok’s cultural ecosystem and the millions who rely on the platform for social connections and income.
Potential Outcomes and Alternatives
If the ban proceeds, TikTok, which boasts 170 million American users, would become inaccessible. In anticipation, users are migrating to alternative platforms.
Notably, Xiaohongshu, known unofficially in English as “Red Note” or “the Chinese version of Instagram,” has become the most downloaded app in the U.S.
Despite its primarily Chinese interface, American users are joining the platform. Other platforms like Lemon8, another ByteDance app, are also experiencing increased downloads.
Corporate Negotiations and Speculations
In response to the impending ban, discussions have emerged about potential buyers for TikTok’s U.S. operations.
Chinese officials are reportedly considering allowing Elon Musk, known for his positive connections with China and ownership of the social media app X, to invest in or take over TikTok’s U.S. operations.
Implications for Users and the Tech Industry
A ban on TikTok would have significant implications for its users and the broader tech industry. Users would lose access to a platform integral to social interaction, entertainment, and commerce.
Competing platforms like Instagram’s Reels, YouTube Shorts, and Snapchat may benefit by attracting TikTok’s user base and advertisers.
As the January 19 deadline approaches, the future of TikTok in the U.S. remains uncertain. The outcome will depend on legislative decisions, potential corporate negotiations, and the broader geopolitical context.
Users and stakeholders are advised to stay informed about developments in this evolving situation.
News
Report Claims Trump Had Enough Evidence to Be Convicted If Not Re-Elected
A recent report by former Special Counsel Jack Smith, released by U.S. media on Tuesday, reveals that U.S. President-elect Donald Trump would likely have been convicted for his alleged attempts to overturn the 2020 election results if he hadn’t been re-elected.
According to the report, if Trump had not won the 2024 election and was not set to return to office, the Special Counsel’s office believed there was enough admissible evidence to secure a conviction in court.
The document specifically mentioned that Trump faced serious allegations of conspiracy to defraud the United States and conspiracy to obstruct the certification of President Joe Biden’s election win.
These charges stemmed from the violent attack on the U.S. Capitol on January 6, 2021, when a mob of Trump’s supporters stormed the building in a bid to halt the certification process.
News
Ayodele Olawande Supports Seyi Tinubu as Next Lagos State Governor in 2027
The Minister for Youth Development, Ayodele Olawande, has shown support for Seyi Tinubu, son of President Bola Tinubu, as a potential candidate for the governorship of Lagos State in 2027.
Speaking on the Mic On podcast hosted by Seun Okinbaloye, Olawande described Seyi as a capable and dedicated individual with a history of supporting youth initiatives, even before his father assumed the presidency.
“Seyi is not too young to become a governor,” Olawande stated, adding that Seyi himself was not behind the campaign pushing for his candidacy.
The minister emphasized Seyi’s qualifications and commitment, which have drawn the attention of various groups.
Organizations like the Coalition of Nigerian Youth Leaders (CONYL) have already thrown their weight behind Seyi, endorsing him as a strong contender for the position. Supporters argue that his leadership skills and influence could bring positive changes to Lagos State.
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