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.
NEWS
FG Withdraws Charges Against ‘Fake Agency’ DG, Adeniyi Adeyemi
Following observed mis-steps, the Federal Government of Nigeria has withdrawn the eight-count criminal charge brought against the alleged fake Director General (DG) of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi.
Biztellers reports that the matter, in accordance with the counsel of the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, (SAN), the matter will be filed at the High Court of the Federal Capital Territory (FCT), instead of the Federal High Court (FHC).
Consequently, upon an unopposed application for termination by the prosecution counsel and Director of the Public Prosecution of the Federation (DPPF), Rotimi Oyedepo (SAN), on Monday, Justice Mohammed Umar of a Federal High Court, Abuja on Monday, struck out the matter.
READ ALSO: Shell Identifies Keys to Nigeria’s Energy Future
In a motion for the termination of the charges, Oyedepo informed the court that the Attorney General of the Federation (AGF) and Minister of Justice has carried out a review of the case file of Adeyemi and the charge filed by the Inspector General of Police (IGP) and found some loopholes.
The DPPF added that the documents allegedly forged by Adeyemi during his operations of the fake agency are those that can be prosecuted by the High Court of the Federal Capital Territory (FCT).
He also informed the court that a new charge has been filed at the High Court of the FCT and that Adeyemi would be expeditiously arraigned afresh.
He therefore urged the judge to strike out the charge as required by law.
Following no objections from Ibrahim Angulu (SAN), who stood in for Adeyemi, Justice Umar subsequently terminated the charge.
Adeniyi, 38, was being tried alongside two others whose whereabouts are unknown, on charges bordering on conspiracy and forgery.
The two others said to be at large were identified as Femi (surname unknown) and Anu (surname unknown).
The charge marked: FHC/ABJ/CR/25/2025, was entered against the defendant by the DPPF.
NEWS
Shell Identifies Keys to Nigeria’s Energy Future
To secure a bright energy for her teeming population, Nigeria must sustain the momentum of reform, accelerate investment, and deepen partnerships.
This view was expressed by Managing Director, Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) Ronald Adams in Lagos at the weekend.
Delivering a keynote address at the Africa Energy Conference (AEC) of the Lagos Business School (LBS), Adams called for regulatory certainty through efficient execution of reforms, sustained investment appeal to enable projects to move more swiftly from opportunity to production and partnership by operators, regulators, NNPC Limited and communities to unlock the full value of Nigeria’s resources.
Adams cited Nigeria’s huge oil and gas resources as an advantage but pointed out: “Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth.”
Adams pledged the support of Shell towards a bright energy future of Nigerians. He said: “For more than six decades, Shell has been part of Nigeria’s energy journey. Together with our partners, we have helped develop major energy infrastructure, supported Nigerian businesses, invested in talent, and contributed to economic development. Bonga remains a powerful example of what technology, partnership and Nigerian capability can achieve in deepwater operations. Today, that story continues through Bonga North.”
READ ALSO: ADF Targets 5 Million Students, 2 Million Vulnerable Women
Issuing a clarion call for action by all stakeholders, he added: “The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today. Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity.”
The conference, the 4th in the series had at its theme; “Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market” and was attended by top government officials, industry captains, energy professionals, and students.
Lagos State Deputy Governor Obafemi Hamzat represented Lagos State Governor Babajide Sanwo-Olu as the guest of honour. SNEPCo was a principal sponsor of the Africa Energy Conference (AEC) and mounted a well-received exhibition on its deepwater operations and social investments across Nigeria.
NEWS
Katsina Students Get ₦689.79m Bursary as Gov Radda Doubles Allowances
Katsina State Governor, Dikko Umaru Radda, has flagged off the disbursement of ₦689.79 million in bursary payments to 19,318 continuing students across 97 institutions for the 2025/2026 academic session.
The disbursement follows a 100 per cent increase in academic bursary rates, marking the first adjustment since 2007.
The latest payment forms part of the state government’s broader investment in education and student welfare, with cumulative bursary disbursements and related student awards under the administration reaching ₦3.29 billion.
SEE ALSO: Dikko Radda Of APC Wins Katsina Governorship Election
More than 174,000 beneficiary payments have been recorded across successive payment cycles.
Increased Allowances for Veterinary and Law Students
Under the revised scholarship support framework, allowances for Veterinary Medicine students have increased by 150 per cent for students in the 300 and 400 levels and by 200 per cent for those in the 500 and 600 levels.
Support for Nigerian Law School students and academic excellence awards has also continued.
The state government has also approved a scholarship programme for 1,700 students, with 50 beneficiaries drawn from each of the state’s 34 local government areas.
The programme is designed to support tuition fees, registration and other educational expenses.
₦6bn Scholarship Trust Fund
The government has made provision for ₦6 billion in seed funding for a scholarship trust fund intended to strengthen educational financing.
The fund is expected to support specialised scholarship opportunities in fields including engineering, medicine, Artificial Intelligence and mechatronics.
The state’s foreign scholarship initiatives have also supported 118 students studying Medicine, Artificial Intelligence and Bioengineering in Egypt, Ethiopia and China, with approved educational and living expenses covered by the government.
More Scholarship Opportunities
Other educational support initiatives include 34 maritime scholarship beneficiaries and seven students receiving 50 per cent financial support at the Nigerian College of Aviation Technology, Zaria.
The state has also nominated 34 candidates for MBBS studies in Russia, identified 70 prospective master’s degree candidates and selected 10 candidates for Qur’anic Sciences scholarships in Ghana.
These initiatives form part of the state’s broader efforts to expand access to education across different fields and levels of study.
Scholarship Board Strengthens Accountability
The Katsina State Scholarship Board has also strengthened its application, verification and payment systems.
As part of its accountability measures, the board interviewed more than 14,925 fresh applicants and returned approximately ₦86 million in unclaimed funds to the state government.
The state also acknowledged the contributions of the Nigerian Education Loan Fund (NELFUND), the Tertiary Education Trust Fund (TETFund) and the National Information Technology Development Agency (NITDA) in expanding access to educational financing and digital learning resources.
Radda Inaugurates Tinubu/Dikko Education Beneficiary Network
As part of the activities, Radda inaugurated the Tinubu/Dikko Education Beneficiary Network (TDEBNET), a voluntary organisation comprising parents and beneficiaries of educational programmes.
Members of the organisation expressed support for the re-election bids of Radda and President Bola Ahmed Tinubu in 2027.





