NEWS
Loans Necessary For Budget Despite High Revenue Collections – Wale Edun
The Nigerian government is pushing ahead with new borrowing plans to fund its 2024 budget deficit, even as several federal agencies report exceeding their revenue targets.
During a presentation at the Senate Joint Committees on Finance, National Planning, and Economic Affairs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, defended the need for additional loans.
He stated that borrowing must be “productive and efficient” and based on Senate approval to ensure proper budget funding.
READ ALSO: Governor Zulum Flags Off Distribution of Tinubu’s 100-Truck Food Donation
Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this position, noting that the ₦35.5 trillion 2024 budget includes a ₦9.7 trillion deficit. According to Bagudu, borrowing is necessary to address this gap.
Despite the government’s borrowing plans, key agencies presented strong revenue performances that raised questions about the necessity of additional loans.
The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede revealed that the EFCC has recovered over ₦197 billion in 2024.
He stated, “If the government works hard and derives the requisite collection from International Oil Companies (IOCs), the country would have enough to fund the budget.”
Also the Nigeria Customs Service Comptroller General, Bashir Adeniyi announced that Customs exceeded its ₦5.09 trillion target for 2024, collecting ₦5.352 trillion.
Adeniyi projected ₦6.3 trillion in revenue for 2025, with plans to increase targets by 10% annually for 2026 and 2027.
The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari reported that NNPCL surpassed its ₦12.3 trillion revenue projection for 2024, generating ₦13.1 trillion. For 2025, the company aims to remit ₦23.7 trillion into the federation account.
Additionally, the Federal Inland Revenue Service (FIRS), Chairman, Zacch Adedeji confirmed that FIRS exceeded its revenue targets across various tax components.
Biztellers reports that the Senate had on Thursday, approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to partially finance the 2024 budget deficit.
The decision followed a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada.
Deputy Senate President Barau Jibrin presided over the voice vote that secured the loan’s approval. The request, submitted earlier in the week, is part of a broader external borrowing plan tied to Nigeria’s fiscal strategy.
The loan request has drawn sharp criticism from opposition figures and public commentators.
Former Vice President Atiku Abubakar called the government’s borrowing plans “bone-crushing” and harmful to Nigerians.
“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” Atiku wrote on his X (formerly Twitter) account.
He accused the government of prioritizing corruption over development, adding, “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.
A report by BudgIT, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.”
Atiku also criticized the National Assembly, labeling it “an accomplice once more” in enabling excessive borrowing.
NEWS
‘He Is Licensed To Lie’ — Onanuga Launches Fresh Attack On Peter Obi
Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has launched another attack on former Anambra State Governor and Nigeria Democratic Congress presidential candidate, Peter Obi, accusing him of lying and double standards.
Onanuga made the remarks in a series of posts on X on Saturday titled “Deconstructing Peter Obi,” in which he shared excerpts from a recent response by the Anambra State Government to Obi.
In one of the posts, Onanuga wrote: “He is licensed to lie as he likes. His supporters love his lies.”
ALSO READ: ₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim
He quoted the Anambra Government as accusing Obi of benefiting from what it described as “hypocrisy and multiple standards” in public discourse, particularly in the way his supporters respond when his claims are challenged.
The statement attributed to the state government also alleged that Obi had consistently criticised his predecessors and successors in Anambra while his media supporters continued to promote his political image.
Onanuga further quoted the government as saying that those close to Obi should advise him to stop what it described as lying “as a habit” in order to avoid being confronted with “inconvenient facts and truth.”
The Presidency aide also highlighted the political disagreement between Obi and Governor Chukwuma Soludo, particularly over their respective choices of political candidates ahead of the 2027 general elections.
According to the statement he shared, Obi’s supporters accepted his decision to support candidates even when he was not on the ballot but criticised Soludo for exercising what the government described as the same political right.
Onanuga also turned his attention to Obi’s approach to governance, quoting the Anambra Government as arguing that “governance and development are different from trading.”
The statement criticised what it described as Obi’s emphasis on government savings and interest income, arguing that government performance should also be measured by improvements in security, welfare and the living conditions of citizens.
The latest comments come amid an escalating dispute between Obi and the Anambra State Government over the financial record of his administration between 2006 and 2014.
The state government has alleged that Obi left behind outstanding external loans and other liabilities.
The government said records from the Debt Management Office showed eight external facilities associated with projects undertaken during his tenure, with $92.35 million still outstanding as of June 30, 2026.
Obi has rejected the allegations, saying he neither borrowed nor issued a bond for Anambra during his tenure and disputing the characterisation of the external financing as debts left by his administration.
The former governor has also called for issue-based campaigns ahead of the 2027 election, urging the media to focus political discourse on governance, security, unity and prosperity rather than character attacks and name-calling.
NEWS
₦2.13bn Ecological Fund: Anambra Govt Releases Fresh Details on Peter Obi’s Claim
The Anambra State Government has released fresh details challenging former Governor Peter Obi’s claim that he left more than ₦2.13 billion in an ecological fund account before handing over power in 2014.
The state government made the disclosure in a statement released on Saturday, September 26, 2026, titled “Peter Obi’s Debts and Lies: More Questions Than Answers.”
ALSO READ: ‘Obi Knows He Is Lying’ — Soludo Camp Releases Documents on ₦363m Workers’ Arrears Payment
According to the statement, the account number cited by Obi as containing the ecological fund was actually the Anambra State Government’s Internally Generated Revenue (IGR) Consolidated Account.
The government said First Bank, in a letter dated September 16, 2026, confirmed that account 2018779464 was an IGR account and not an ecological funds account.
It further claimed that as of March 17, 2014, the account balance was not close to ₦2 billion and that the account never recorded an inflow or balance of ₦2.13 billion throughout its active period between 2011 and 2018.
The state government consequently questioned the whereabouts of the money Obi said he left as an ecological fund.
The latest development follows Obi’s earlier defence of his administration’s financial record, in which he said the ₦2.13 billion was released for the Oko/Umuchiana erosion control project and was deliberately left for his successor to execute.
Obi had also maintained that the ecological fund was separate from the savings he said his administration left behind.
However, the Anambra Government also challenged Obi’s account of the state’s overall financial position at the time he left office.
It alleged that his handover document highlighted assets and savings while failing to adequately disclose outstanding liabilities.
The government claimed that the document included valuations for incomplete projects such as the Nnewi Shopping Mall, Onitsha Hotel and Agulu Lake Hotel.
It also alleged that a purported ₦10 billion Federal Government refund was included in the stated net balance even though the money had not been received before Obi left office.
On road infrastructure, the government said Obi’s administration had awarded and signed contracts for 101 roads covering 779 kilometres, with outstanding liabilities of about ₦127 billion at the time of handover.
The state government argued that such liabilities should be considered alongside the savings and assets attributed to the administration when assessing the financial position inherited by Obi’s successor.
The fresh statement has therefore reopened questions over the disputed ₦2.13 billion ecological fund and the broader financial position of Anambra State at the end of Obi’s administration.
While the Anambra Government says bank records support its latest position, Obi has continued to defend his administration’s financial record and his account of the ecological fund.
NEWS
ECOWAS: Shettima Calls For Stronger Unity, Engagement With Sahel Alliance
Vice President Kashim Shettima has urged the new leadership of the Economic Community of West African States (ECOWAS) Commission to prioritise regional unity, integration and engagement with the Alliance of Sahel States (AES).
He made the call on Friday in New York, United States, while receiving the new ECOWAS Commission President, General Birame Diop (rtd), and his delegation on the sidelines of the 81st Session of the United Nations General Assembly.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, disclosed this in a statement issued on Saturday, September 26, 2026.
SEE ALSO: ‘A Nation Cannot Escape the Bill’ — Atiku Questions Tinubu’s Third UNGA Absence
Shettima urged the new ECOWAS leadership to prioritise regional integration and build stronger relationships among countries across West Africa.
“Beyond your administrative duties, your leadership of the commission must make deliberate efforts to build bridges of friendship across the sub-region. ECOWAS should be at the forefront of our engagement with emerging blocs in the area such as Alliance of Sahel States (AES).
“I urge ECOWAS under your leadership to champion the cause of regional integration and strengthen the bonds of unity and friendship among our people,” the Vice President said.
He also urged the commission to take private-sector participation seriously in the execution of the Lagos-Abidjan highway project.
Shettima congratulated Diop on his election, noting that he assumed office at a difficult time requiring greater synergy and cohesion among leaders and people of the sub-region.
The Vice President assured the new ECOWAS president of Nigeria’s continued cooperation and support, saying President Bola Ahmed Tinubu remained committed to efforts aimed at transforming the regional body.
“My boss, President Bola Ahmed Tinubu, is a man of honour and conviction who will always support efforts aimed at advancing the transformation of ECOWAS as a regional body, and the progress of the area in general,” Shettima said.
He added that Nigeria would continue to create an enabling environment for ECOWAS to succeed and contribute to the attainment of the vision and objectives set by its founding fathers.
Earlier, Diop commended Nigeria for its role in the establishment and sustenance of ECOWAS, as well as its sacrifices for the stability and prosperity of the sub-region.
He said the commission was facing challenges, including insecurity and lagging development, which required Nigeria’s intervention as a “big brother.”
The ECOWAS president described the organisation as a tool for regional stability that should be encouraged and supported, while urging other countries in the sub-region to cooperate with Nigeria towards achieving inclusive development and a better future for West Africans.
The meeting was attended by Foreign Affairs Minister Bianca Odumegwu-Ojukwu, Minister of Justice and Attorney General of the Federation Lateef Fagbemi (SAN), Nigeria’s Permanent Representative to the United Nations Jimoh Ibrahim and senior officials of the ECOWAS Commission.





