News
Senator Jimoh Ibrahim Urges Tinubu to Borrow Strategically for Infrastructure Development
Senator Jimoh Ibrahim, representing Ondo South in Nigeria’s National Assembly, has advised President Bola Tinubu to consider borrowing strategically for the development of the country’s infrastructure.
Speaking on Channels Television’s Politics Today, Ibrahim expressed his belief that the Nigerian government should borrow what he termed as “good money” rather than taking on smaller loans that might not yield long-term benefits.
Ibrahim, defending the Federal Government’s planned borrowing, stated that while borrowing may be necessary, the funds should be directed towards projects that will contribute to the country’s economic growth and development.
He mentioned that the government could raise significant amounts of money by issuing bonds, an option that he believes would be more sustainable for Nigeria’s future.
“To be realistic, you need to borrow good money, not these small amounts like $2 billion,” Ibrahim said during the interview.
“If President Tinubu were to visit the United States and launch a national bond with a 10-year term at 10% interest, you could raise as much as $100 billion.
That’s the kind of borrowing that can make a real difference.”
When asked to define what he considers “good money,” Ibrahim clarified that any borrowing above $50 billion could be considered substantial enough to fund major infrastructure projects.
In his statement, the senator also touched on the government’s recent external borrowing plan.
President Tinubu had sent a request to the National Assembly for approval to borrow N1.767 trillion to help finance the N9.7 trillion deficit in the 2024 national budget.
Ibrahim expressed his support for the plan, but emphasized that the borrowed funds should be channeled directly into infrastructural development, which would create long-term value for Nigeria’s economy.
Drawing inspiration from Dubai, Ibrahim pointed to the city’s successful model of borrowing large amounts of money and investing it in key infrastructure projects.
He shared that Dubai had taken out a loan of $168 billion, using it to invest in tourism, innovation, and technology, which transformed the city into one of the most visited and economically vibrant destinations in the world.
“Dubai borrowed $168 billion, and look where it is today,” Ibrahim noted. “It’s a global hub, and the returns from their investments are enormous.
People flock to Dubai, and the dollars they bring in are a testament to the success of their strategy.”
Ibrahim further emphasized the importance of using borrowed funds wisely.
“If you borrow and invest in infrastructure, you’re setting the stage for growth,” he said.
“In Dubai’s case, they repay $20 billion every two years, and they’re able to sustain their development.
Nigeria could follow this model and use its borrowed funds to build the kind of infrastructure that will support future generations.”
News
Senator Ned Nwoko Leaves PDP Due to Party and Leadership Issues
Senator Ned Nwoko, representing Delta North, has officially resigned from the Peoples Democratic Party (PDP), citing deep divisions and leadership struggles within the party.
Nwoko, who was elected to the Senate in 2023 under the PDP, made his decision public in a letter dated January 30, 2025. The letter, addressed to the PDP chairman of Ward 8 in Aniocha North Local Government Area of Delta State, highlighted his reasons for leaving.
“The party’s fragmentation has made it nearly impossible to push for collective progress,” Nwoko stated.
Despite his resignation, he acknowledged the PDP’s role in his political career, especially for giving him the platform to contest the 2023 senatorial election.
He emphasized that the opportunity allowed him to connect with his constituents and share his vision for development.
Business
Meta Reaches Settlement with Trump and Moves Closer to His Political Circle
In a notable legal development, Meta Platforms, the head company of Facebook and Instagram, has agreed to pay $725 million to settle a lawsuit alleging that the social media giant allowed millions of users’ personal information to be accessed by Cambridge Analytica, a firm that supported Donald Trump’s 2016 presidential campaign.
This settlement comes during a series of actions by Meta that appear to align the company more closely with former President Trump and his administration.
Recently, Meta appointed Joel Kaplan, a former aide to President George W. Bush and a prominent Republican figure, as its new head of global policy, replacing Nick Clegg.
Additionally, Meta CEO Mark Zuckerberg announced the end of Facebook’s third-party fact-checking program, acknowledging that the model had become a tool for censorship and had made “too many mistakes.”
News
Seun Kuti Says He’ll Leave Heaven if He Sees a Nigerian Politician There
Grammy-nominated Afrobeat artist Seun Kuti has sparked controversy with his bold statement about Nigerian politicians and the afterlife.
Kuti, speaking during an Instagram Live session, expressed his disbelief that despite their widespread corruption, many Nigerian politicians still aspire to reach heaven. He specifically pointed to Vice President Yemi Osinbajo, who is also a pastor.
In a passionate outburst, Kuti said, “Despite how corrupt Nigerian politicians are, they still want to make heaven. Yemi Osinbajo is also a pastor. With everything that is happening in this country, these politicians still want to go to heaven.”
He went further to make his point clearer, saying, “If I die and the Christian and Muslim fantasy heaven happens to be true, and I see one single Nigerian politician in heaven, I will go outside. Because that would mean that there’s corruption in heaven.”
-
Entertainment10 hours ago
Basketmouth Speaks on 2Face and Annie’s Split Says He Won’t Get Involved
-
Entertainment9 hours ago
Timini Egbuson Says Many Women Have Monetized Dating
-
Sport10 hours ago
Manchester United Sign Patrick Dorgu as First Transfer Under Amorim
-
Politics5 hours ago
Lukman Blames Opposition Leaders for Nigeria’s Political Struggles
-
Sport5 hours ago
Graham Potter Says Losing Chelsea Job Was the Best Thing for His Career