NEWS
Nigeria Is In Big Trouble – Dele Momodu
Renowned journalist and opposition member Dele Momodu has issued a stark warning to President Bola Tinubu, stating that “Nigeria is in big trouble” due to the country’s worsening economic situation.
In an open letter posted via X on Thursday, Momodu expressed deep concern about the current state of the nation and urged the president to take immediate action to curb excessive government spending.
READ ALSO: Sanction Wike Before He Throws Nigeria Into Chaos, Dele Momodu Tells Tinubu
“If you can curb the excessive spending of your government,” Momodu wrote, “you will free up a lot of resources for serious development.”
He criticized the administration’s spending on presidential jets, extravagant monuments, and cash distributions as palliatives, labeling these actions as signs of a failed and careless government.
The post reads, “Your Excellency, I have decided to write this open letter to you as a concerned friend and Brother. As you’re aware, I’m a member of opposition but you and I have had a long history together. I owe you only one thing, TRUTH.
“It is very obvious that the first thing that takes flight in the Presidential villa is TRUTH. The reason is simple. Some Nigerians are experts in hijacking men and women of power. The deification process is often swift and irreversible. I’m writing you today, not because I expect you to act on my suggestions, but to put it on record that someone gave you the true picture of things.
“I’m also hoping that some of your friends will read and interpret to you, in a sober moment…Nigeria is in big trouble. Our economy has virtually collapsed. And what’s the way out? You’ve been wasting too much money at a time that requires absolute frugality.
“Please, stop this reckless propensity for wasting scarce resources. Purchasing Presidential jets, building outlandish monuments, distributing cash as palliatives, etc, are signs of a failed and careless government.
“If you can curb the excessive spending of your government, you will free up a lot of resources for serious development.I believe you’re frittering away our resources because you desperately crave a second term. But the best assurance of a second term is PERFORMANCE.
“Nigerians are not expecting you to turn water into wine but they don’t want you to turn their wines into water. Here are my tips: invest in vocational skills for our highly talented youths who can demonstrate their capacity for hard work. Invest heavily in local agriculture.
“Upgrade our institutions of learning. Giving cash to politicians to distribute is unhealthy and unhelpful… It is the height of cluelessness.In the name of God, beware of those hero-worshippers at the National Assembly who have turned you into God.
“NDUME is your best friend. Listen to him. There’s danger ahead.You must enforce DISCIPLINE as a leader. Your new disciple, NYESOM WIKE, has publicly disrespected you in the FUBARA matter. You need to sanction him before he throws Nigeria into total chaos.”
NEWS
Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation
The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.
In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’
ALSO READ: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations
The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.
He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.
Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.
“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.
“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt Chairman By Police
The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.