Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the end of the inaugural Federal Executive Council meeting in Abuja. Mr. Edun said that the benefit of the subsidy removal will be plough back into various sectors to improve business environment for local and foreign investment. He added that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.
Ofunaofu: Report: Current Govt Added More Debt in Two Years Than Nigeria Accumulated in 55 Years
• Decries Nigeria’s debt service-to-revenue ratio
•Urges FG to declare fiscal emergency
A new policy brief has warned that Nigeria’s worsening debt profile and weak revenue generation have pushed the country into a dangerous fiscal position, with the current administration accumulating more debt in two years than Nigeria recorded during its first 55 years after independence.
The report, released by the Alliance for Economic Research and Ethics LTD/GTE, a Nigerian policy think tank, argued that the country’s debt crisis has evolved into a governance and revenue emergency, as debt servicing obligations now exceed the federal government’s retained earnings. > > According to the think tank, Nigeria’s public debt rose sharply from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025, with President Bola Tinubu’s administration accounting for about N65.9 trillion of the increase within its first two years in office.
The organisation in the brief titled: “Nigeria Is Borrowing to Breathe—and the Clock Is Ticking”, noted that Nigeria accumulated only about N12.06 trillion in debt from independence in 1960 up to 2015, meaning the current administration added more than five times that amount in just 24 months.
The report stated that while previous governments also contributed significantly to the country’s rising debt burden, the speed of accumulation under the current administration had intensified concerns over fiscal sustainability.
“President Bola Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The current administration has added more than five times that amount in 24 months,” it argued.
It recalled that Nigeria briefly became almost debt-free externally after the administration of former President Olusegun Obasanjo secured an $18 billion Paris Club debt relief package in 2005 and paid $12 billion to extinguish about $30 billion in external obligations.
Kalulu44: First of all I'm quoting Atiku not myself. It was Atiku who said since 6yrs no investigation. Bcus I myself knew there was a panel of enquiry inaugurated by the Lagos State government. As for the massacre of a thing. I was living in Lekki phase 1 at the time of the incident. Which is just some 5min drive to the toll gate. Infact an hour before that shooting started, I drove passed there with my girlfriend. Yes people I know told me there was shooting and one or two people died which was confirm by Sanwo Olu himself. As for massacre, nah I never believe in that from day one which always caused fracas between me and people who thinks I am supporting the government of the day. I always told them, we all lived in that Lekki axis and majority of the people that went to that toll gate cane from our neighborhood. If truly there was a massacre as people call it. We would have been hearing different families looking for their loved ones or mourning them. Till I left Lekki in 2022. I don't know of anyone who claims his or her family member or knows someone that knows someone who was affected. So right from the beginning I know the massacre of a thing was a hoarse used by the opposition to decide the government of the day. But that doesn't mean people were not killed.
How many people have to be killed before it becomes a massacre?
MIKOLOWISKA: How is their problem my problem Grown adults don't know what is better than gala infrastructure? Let them suffer well since they don't have sense every man for himself at this point No point trying to talk to stupid ppl Let them perish
What makes you think that they will perish alone, without you as their fellow Nigerian?
99thEnemy: Yes, when you cannot back up a claim that is nowhere in the public record with a single verified source.
Is this a private record
NPA gives Atiku, Tinubu’s Intels two weeks to pay $48m
January 31, 2018
Intels, a logistics and facilities services provider in the maritime and oil and gas sectors, was co-founded by Gabriele Volpi, an Italian national, and former vice-president, Atiku Abubakar.
Atiku has since sold down most of his interest in the company to the former Lagos State governor and APC national leader Bola Tinubu.
SIX YEARS AFTER LEKKI, THE APC STILL OWES NIGERIANS ANSWERS AND YOUNG PEOPLE A FUTURE.
Six years after the Lekki shooting, Nigeria is still waiting for a clear answer to one devastating question: Who gave the order? Let us also not forget that in October 2020, Bola Tinubu, rather than demonstrating the empathy and compassion the tragedy demanded, suggested that those who suffered casualties during the shooting had questions to answer. He asked: “How were they there? How long were they there? What kind of characters are they?” At a moment when Nigerians were demanding accountability for the violence against peaceful protesters, his response appeared more concerned with questioning the victims than demanding answers from those responsible.
The anger trending across the country today is not a social media performance. It is grief that has been left to harden into distrust. It is the pain of families still demanding answers, and of young people who watched their calls for dignity meet violence and then watched the country move on without the truth they deserve.
The APC has governed Nigeria through these six years. It cannot keep asking Nigerians to remember the dead while refusing to confront the unanswered questions. A government that cannot give citizens confidence that their lives matter has failed one of its most basic duties.
And the hardship young people face today deepens that betrayal. Petrol at ₦1,405 a litre means more than an expensive journey. It means less money for food, school, rent and work. It means a young person can do everything asked of them and still find the door to a decent life shut in their face.
The APC promised renewal. For too many Nigerians, the experience has been rising costs, shrinking opportunity and a future pushed further out of reach. No speech about growth can excuse empty pockets. No anniversary tribute can replace justice. No campaign slogan can erase six years of unanswered questions.
Just this morning, one of my aides told me about a young woman who was forced to resign from her job this month because her salary could no longer cover the cost of getting to work. Her words were as heartbreaking as they were revealing: “The pay no longer covers transport. Everything in Nigeria just dey increase in price. Feels like I'm working for Bolt guys.” Imagine that: a Nigerian who has secured employment, yet can no longer afford to remain employed. This is the cruel reality of an economy in which even those fortunate enough to have jobs are being priced out of earning a living. The policies of this government are stifling not only the unemployed but also hardworking Nigerians whose salaries have become increasingly worthless in the face of rising costs. This is precisely the hardship my Economic Recovery Plan is designed to address, with one overriding objective: to Make Nigeria Affordable Again. My policy response is built around relief people can feel: support tied to fuel refined in Nigeria, with the savings passed on to consumers; more local production to create jobs; protection for minimum wage earners and student support; and funding these measures by cutting waste instead of imposing new taxes.
Young Nigerians deserve the truth about Lekki. They deserve a government that protects life, and an economy that gives work a chance to lead somewhere. Six years on, the APC has had ample time to answer for its record. Nigerians are entitled to ask why the answers and the opportunities are still missing. #LekkiMassacre -AA
Counterigbolies: These nuisance are funny They have realized that they can't market their agulu packaged fraudster again n he has nowhere to go so they think displaying this madness will stop Tinubu. Why can't they use this same energy to promote their candidate? Oga police abeg come teargas these nuisance from here
Don’t worry about this inconsequential protest jare.
Aṣiwaju has Osun State under lockdown with Adeleke’s endorsement. No shaking.
Ritchiee: PDP that was borrowing money to pay workers in 2014 even after making the ever highest money from oil with nothing to show for the humongous money made? Everything was embezzled.
What is APC and Tinubu doing with billions of dollars in subsidy savings, higher revenue and even more loans than PDP, if they are unable to pay salaries, unable to grow the economy and roads are worse?
Tinubu has shares in the company since before 2018.
Intels was in business long before Atiku became VP. It was established in 1982 as Nicotes Services Limited.
That was 17 years before Obasanjo invited Atiku to be his running mate, even though he won Adamawa governorship earlier in January 1999.
NPA gives Atiku, Tinubu’s Intels two weeks to pay $48m
January 31, 2018
Intels, a logistics and facilities services provider in the maritime and oil and gas sectors, was co-founded by Gabriele Volpi, an Italian national, and former vice-president, Atiku Abubakar.
Atiku has since sold down most of his interest in the company to the former Lagos State governor and APC national leader Bola Tinubu.
Image123: Lagos state waste affects the whole country. Everybody chop blame including and especially government. Lagos is overpopulated.
Other states and regions need to be developed to reduce the migration. Governors have a chief part to play in this. Also a very busy and well funded lawma must be at play. A Lagos where everywhere has easy access to waste dumps, and the dumps being cleared daily or in 48hrs. That's a big step in the right direction. Waste disposal and collection must be heavily funded by those that will benefit from it. Relying on citizens and communities to sponsor it is not working and should not be primary.
Lagos is over-rich because of its population.
Why is Tinubu and his lackeys stealing the money instead of employing well paid civil servants to make the state truly excellent
Gotocourt: This was Atiku's cash cow before PMB ended everything.
The company was jointly owned with Tinubu for a long time before Atiku divested himself.
Intels was in business long before Atiku became VP. It was established in 1982 as Nicotes Services Limited.
That was 17 years before Obasanjo invited Atiku to be his running mate, even though he won Adamawa governorship earlier in January 1999.
NPA gives Atiku, Tinubu’s Intels two weeks to pay $48m
January 31, 2018
Intels, a logistics and facilities services provider in the maritime and oil and gas sectors, was co-founded by Gabriele Volpi, an Italian national, and former vice-president, Atiku Abubakar.
Atiku has since sold down most of his interest in the company to the former Lagos State governor and APC national leader Bola Tinubu.
Ritchiee: PDP that was borrowing money to pay workers in 2014 even with the humongous oil money Jonathan made,everything was embezzled without building infrastructures, No Nelfund,No free technical colleges with monthly payment of #22,500 and #48,000 free money to students,no oncology equipment,No grants and so on. Their only work was to open border for #2000 per bag rice from serious nations for gullible Nigerians like the headless mob in order for them to embezzle in peace. Govt of chop #2000 bag of rice and die. Most problems bedevilling Nigeria and Nigerians are mainly because your previous govts did not build infrastructures that are mainly the drivers of cheap food,steady and abundant electricity,development and growth of any country. No lying govt will come after Prestudent Tinubu and say he is rehabilitating roads as they have been doing for decades because those Tinubu roads are going to last 80 to 100 years not the 2,3 years roads your thieving thieves have been executing just for embezzlement and wickedness.
The government of Buhari was there for eight years, delivering APC change before Jagaban grabbed power from him three years ago, not so?
PDP was there for 16 glorious years of cheap petrol and cheap dollars with widespread prosperity that made us all the biggest economy 12 years ago.
Omooba77: The association, in a statement on Sunday by the NAS Capn, Dr. Joseph Oteri, said these needless deaths, a grim reflection of the desperation gripping many Nigerians, underscore the rising hunger and economic hardship that has engulfed the nation.
The National Association of Seadogs (Pyrates Confraternity) says it is deeply saddened by the tragic loss of over 60 lives in Oyo, Anambra, and Abuja during recent palliative distribution stampedes.
The association, in a statement on Sunday by the NAS Capn, Dr. Joseph Oteri, said these needless deaths, a grim reflection of the desperation gripping many Nigerians, underscore the rising hunger and economic hardship that has engulfed the nation.
“While we commend the government's effort to alleviate the plight of vulnerable citizens through palliatives, it is evident that these measures have been marred by inadequate planning, poor coordination, and lack of accountability,” it said.
According to the group, the chaotic scenes that led to the fatal incidents are an “indictment of the systemic failure to address the root causes of hunger and poverty”.
The group noted that rising hunger in Nigeria is a national emergency that demands urgent action.
“Failure to act decisively will deepen the crisis, with devastating social, economic, and political consequences,” it said.
“We mourn with the families of the deceased and demand that the government ensures accountability for this avoidable tragedy. Hunger should never be a death sentence in a country blessed with abundant resources.”
“It is time to rise to the challenge of ensuring that every Nigerian can live with dignity, free from the scourge of poverty and hunger,” it added.
Therefore, the association called on all levels of government to urgently prioritize sustainable solutions to the hunger crisis.
It said, “Palliatives must reach the intended beneficiaries without endangering lives. Transparent and well-organised systems, with the involvement of community leaders and credible NGOs, should be put in place to avoid chaotic distributions.
“Beyond temporary relief measures, the government must develop long-term strategies to enhance food production, support local farmers, and stabilize food prices.
“Programmes aimed at addressing the needs of the most vulnerable must be scaled up. Access to affordable healthcare, education, and social safety nets is critical to lifting millions out of poverty.
“Policies that create jobs and enhance income-generating opportunities should be fast-tracked to reduce dependency on palliatives.”
The association noted that two of its chapters in Edo State (Area 3) recently had successful palliative programmes, during which over 2,000 underprivileged persons were fed.
It added that one of the key components of the programme was orderliness.
IAM4BAT4plus4: You don't have holy spirit for saying we supporters of Tinubu are brain dead! His wife who is also our national mother is a devoted Christian and a pastor of good reputation for that matter 🤔 😔 Give your life to Chris and see the light 💡 in his son's (PBAT) transformation of Nigeria 🇳🇬
Bwala said that first about the mutation of the medulla oblongata of Tinubu and APC fans.
gudugudumeje: The very EGYPT since year 2000s calling another person Egypt. "Ai tete mu ole, ole yi wa ng mu oloko o........ Ẹ ke bosii ole....
How much of this looks like Egypt to you
thisweekng: The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.
He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.
He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.
“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.
“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.” Private sector to drive the economy
A large crowd of Lagosians was filmed in a long queue struggling to collect a loaf of bread. To maintain order, several military personnel were on the ground to control the crowd. This has triggered a lot of reactions online.
Watch the video, share your thoughts in the comments.
lamentor78: ....but you expect Pensioners to go and vote OBi or Atiku.......expect more to come ....Minimum wage review upwards
Election gimmicks are for the excitement of balablu bulaba clueless town hall clowns.
Is this not the same wicked master strategist of a-looter propaganda politics, who owes salaries to federal workers and failed to pay youth corpers until that girl’s video went viral?
Blunt99: This is his full name: Barack Hussein Obama II The bolded is where is allegiance lies, even while he was the US president. He is a closet terrorist and I believe he will be exposed one day.