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N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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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.

 

 

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June 30 Protest: Ramaphosa Urges South Africans to Reject Violence, Demonstrate Lawfully

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South African President Cyril Ramaphosa has called on citizens planning to participate in the June 30 anti-immigration protests to conduct themselves peacefully and within the bounds of the law, warning that violence, intimidation and vigilantism will not be tolerated.

In a message to the nation on Monday titled “Protest is both a right and a responsibility,” Ramaphosa acknowledged widespread public concerns over undocumented immigration, border management, pressure on public services and criminal syndicates exploiting the country’s immigration system.

SEE MORE: Why South African Opposition Leader Malema Was Sentenced to 5 Years in Prison

He said these concerns were legitimate and deserved to be addressed, but stressed that constitutional rights must not be used as a justification for unlawful conduct.

“The right to protest is enshrined in our Constitution. It is a credit to our robust democratic order that people are able to express their grievances openly. But the right to protest and freedom of expression does not allow people to threaten or intimidate others, or to engage in acts of vandalism or violence,” Ramaphosa said.

The South African leader disclosed that his administration was implementing reforms aimed at strengthening border management, improving the integrity of visa and asylum systems, increasing enforcement against undocumented immigration and tackling corruption that has weakened immigration control.

According to him, the government is determined to correct failures in the immigration system and hold accountable anyone who has enabled illegal immigration through corrupt practices.

Ramaphosa also revealed that consultations had been held with traditional leaders, labour unions, business groups, religious organisations and other stakeholders, many of whom expressed support for government efforts while calling for tolerance and respect for the rule of law.

Reiterating that peaceful protest remains a fundamental democratic right, the president warned that anyone involved in criminal activities during the demonstrations would face legal consequences.

“Those who intend to protest should do so peacefully, lawfully and with respect for the rights, dignity and safety of others. Where there is criminal conduct, those responsible will be held accountable and the law will take its course,” he said.

Ramaphosa further reminded citizens that many foreign nationals residing in South Africa are in the country legally and make valuable contributions to the economy and society through work, education, investment and family life.

He condemned attempts by private individuals to enforce immigration laws, describing such actions as vigilantism.

“The authority to demand identification and enforce immigration laws belongs to government law-enforcement officers acting within the Constitution—not to private individuals. Whatever the motivation, taking the law into one’s own hands is vigilantism and has no place in our constitutional democracy,” he stated.

The president urged South Africans not to repeat painful chapters of the country’s history, where people were stopped, profiled and humiliated based on suspicion.

He assured citizens that law-enforcement agencies were prepared to maintain public order while safeguarding the constitutional right to peaceful protest.

Ramaphosa concluded by calling for unity, urging South Africans to choose dialogue over confrontation and justice over vengeance as the country navigates the immigration debate.

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NELFUND Declares War on Universities Over Tuition Refund Scandal, Unapproved Fee Hikes

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Things To Know About New Student Loan Act

The Nigerian Education Loan Fund (NELFUND) has vowed to take decisive action against tertiary institutions accused of withholding students’ tuition refunds and imposing unapproved fee increases despite benefiting from the Federal Government’s student loan scheme.

The Fund disclosed this in a statement issued on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, following reports that some institutions had failed to refund students who paid their tuition fees before NELFUND later settled the same fees directly with the schools.

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According to the agency, the alleged refusal or delay in refunding affected students is unacceptable and runs contrary to the objectives of the student loan programme.

NELFUND also expressed concern over reports that some universities and other higher institutions have arbitrarily increased tuition and other institutional charges, warning that such practices place unnecessary financial pressure on students and undermine the purpose of the scheme.

The Fund stressed that the student loan initiative, introduced by the administration of President Bola Ahmed Tinubu, was designed to remove financial barriers to higher education and ensure that eligible Nigerian students can pursue their academic goals without undue hardship.

To address the situation, NELFUND said it has begun engaging with the affected institutions and relevant authorities to ensure that all eligible students receive their refunds without further delay.

The agency further revealed that measures are being put in place to ensure tuition fees and other institutional charges remain fair, transparent, and consistent with the objectives of the Federal Government’s education financing programme.

Reaffirming its commitment to students, NELFUND stated that it would continue to protect the interests of beneficiaries while preserving the integrity of the student loan scheme.

The Fund also warned that it would not allow exploitative practices by institutions to deny students the full benefits of the Federal Government’s landmark education intervention.

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DPRP Starts Crude Oil Importation from UAE

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In a move signalling a shift from its traditional reliance on Nigerian, African, and United States crude grades, the Dangote Petroleum Refinery and Petrochemicals (DPRP) has purchased two cargoes of crude oil from the United Arab Emirates (UAE).

Biztellers reports that this follows the opening of the Strait of Hormuz, and is its first-ever procurement of Middle Eastern crude as the company expands its feedstock sources amid persistent domestic supply constraints.

According to a report by S&P Global Commodity Insights, two cargoes will be the first sourced by the 700,000-barrels-per-day refinery from any Middle Eastern supplier.

The report added that the purchases followed the resumption of oil exports from the Middle East after the United States and Iran reached an interim peace agreement that restored confidence in shipping through the Strait of Hormuz.

The refinery, designed primarily to process Nigeria’s light sweet crude, has increasingly diversified its crude slate as operations ramp up. S&P Global reported that an agreement between the refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd) had guaranteed the supply of between 13 and 15 cargoes of Nigerian crude monthly in naira, helping the refinery reduce its foreign exchange exposure.

However, the arrangement has faced challenges due to inadequate crude availability and operational issues at export terminals.

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According to the report, the Dangote Refinery Chief Executive Officer David Bird had previously disclosed that these constraints had compelled the company to seek additional crude sources outside Nigeria.

The report also added that the refinery’s expansion plans would further increase its crude requirements. Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 percent of Nigeria’s recent crude oil production in a single day.

According to S&P Global, the refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery.

The report noted that in 2025, about 70 percent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.

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