Politics
SERAP Urges Govs, Wike To Show Details Of Chinese Loans
The Socio-Economic Rights and Accountability Project (SERAP) has urged Nigeria’s 36 state governors and the Minister of the Federal Capital Territory (FCT), Abuja, Nyesom Wike to make public details of Chinese loans, liabilities, and other external borrowing obtained.
The demand, according to letters to the parties, covers loans by the sub-nationals, guaranteed by the Federal Government and the SERAP also wants to know the terms and conditions for any such borrowing including the provisions on collateral, according to a statement.
ALSO READ: SERAP Threatens Akpabio, Abbas With Legal Action Over Legislators’ Jumbo Pay
The SERAP urged them to “provide details of the repayment obligations regarding any Chinese loans, liabilities and other external borrowing obtained and guaranteed by the Federal Government, the interest rates on the loans, and any defaults, debt restructurings, and debt exposure to China and other creditors.”
In addition, the SERAP also urged them to “clarify any investment agreements with Chinese companies and repayment histories of any loans, liabilities and facilities obtained from China and other external creditors and guaranteed by the Federal Government.”
In the letters, signed by its deputy director Kolawole Oluwadare, the SERAP wrote, “We are concerned that your state and the FCT may have failed to efficiently manage your debt obligations, especially your external debt and investment obligations, as guaranteed by the Federal Government.
“The failure to uphold your obligations is contrary to Section 6 of the Debt Management Office Establishment (Etc), Act, and creates financial risks and other exposure to Nigeria with respect to these Chinese loans, liabilities and other external borrowing.
“These Chinese loans, liabilities and other external borrowing by your state and the FCT may not have been used for the purposes for which they have been obtained and terms and conditions guaranteed by the Federal Government.”
The SERAP declared that, the “SERAP is concerned that there is a significant risk of defaults of the Chinese loans, liabilities, and other external borrowing by your state and the FCT, which are guaranteed by the Federal Government.
“There are also significant risks of confiscation of Nigerian assets in foreign jurisdictions by multilateral and bilateral agencies and other creditors in cases of failure by your state and the FCT to satisfactorily observe and fulfil the terms and conditions of the Chinese loans, liabilities and other external borrowing which are guaranteed by the Federal Government.
“The apparent inadequacy of safeguards and accountability mechanisms for these Chinese loans, liabilities and other external borrowing may also expose Nigeria’s assets in foreign jurisdictions to confiscation.
“Your state and the FCT have a shared obligation to ensure that the spending and repayment plans of Chinese loans, liabilities, facilities and other external borrowing are consistent with the provisions of national and international standards, and to prevent or mitigate risks of confiscation of Nigerian assets abroad.
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government and the FCT to comply with our request in the public interest.
“Despite several external loans, liabilities, investment obligations and external borrowing obtained by your state and the FCT, which are guaranteed by the Federal Government over many years, millions of Nigerians in your state and the FCT continue to lack access to regular electricity supply and have been denied the benefit of renewable energy solutions.
“A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in different categories of poverty, the majority of them women and children.
“SERAP is seriously concerned that many of the country’s 36 states and FCT are allegedly mismanaging public funds which may include Chinese loans, liabilities and other external borrowing obtained from bilateral and multilateral institutions and agencies and guaranteed by the Federal Government.
“We urge you to disclose the spending details of these Chinese loans, investment obligations and external borrowing, including details of and locations of projects as well as the implementation status and completion reports, if any, on the projects.
“According to Nigeria’s Debt Management Office, the total external debt for Ogun State is N168,833,006.66 as at December 31, 2023. The total public debt portfolio for the country’s 36 states and the Federal Capital Territory is N9.17 trillion.
“Nigeria’s total public debt stock, including external and domestic debts, increased by ₦24.33 trillion in three months alone, from ₦97.34 trillion ($108.23 billion) in December 2023 to ₦121.67 trillion ($91.46 billion) as of March 31, 2024. The debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the FCT.
“SERAP notes that the World Bank has approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states to carry out reforms to attract investment and create jobs.
“The World Bank on 15 December 2020 approved a $1.5 billion loan for Nigeria’s 36 states and the FCT for social protection and strengthened state-level COVID-19 response. The loan aims to help the states build a resilient recovery post-COVID19 and to reduce poverty.
“SERAP is concerned that the Chinese loans and other external borrowing obtained by your state and guaranteed by the Federal Government are vulnerable to corruption and mismanagement.
“Publishing details of the Chinese loans, liabilities, investment obligations and other external borrowing obtained by your state and the FCT which are guaranteed by the Federal Government would allow Nigerians to scrutinise them.
“Section 39(1) of the Nigerian Constitution 1999 [as amended], section 44 of the Fiscal Responsibility Act and article 9 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party impose legal obligations on your state and the FCT to disclose the details sought.
“Section 41 of the Fiscal Responsibility Act provides: ‘1) The framework for debt management during the financial year shall be based on the following rules: a. Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonable long amortization period subject.’
“Section 44 of the Fiscal Responsibility Act provides: ‘1) Any Government in the Federation or its agencies and corporations desirous of borrowing shall, specify the purpose for which the borrowing is intended and present a cost-benefit analysis, detailing the economic and social benefits of the purpose to which the intended borrowing is to be applied.’
“According to section 21(1)(2) of the Debt Management Office Establishment (Etc), Act, ‘No external loan shall be approved or obtained by the Minister unless its terms and conditions shall have been laid before the National Assembly and approved by, its resolution. (2) The Federal and State Government or any of their agencies shall not obtain any external loan except with a guarantee issued by the Minister.’”
Politics
Mourinho Returns as Pérez Secures Landslide Victory in Real Madrid Election
Real Madrid president Real Madrid has confirmed the return of José Mourinho after incumbent president Florentino Pérez secured a landslide victory in the club’s presidential election, extending his rule until 2030.
Pérez won re-election with a commanding 65% of the vote, defeating challenger Enrique Riquelme, who secured 35%, according to the club’s Electoral Board.
The result reinforces Pérez’s long-standing leadership, which has now spanned more than two decades across two separate terms.
SEE ALSO: Bruno Lage Sacked As Benfica Move To Secure Mourinho
Speaking after his victory, Pérez described the outcome as a strong endorsement of his vision for the club’s future, insisting that Real Madrid will continue to thrive both on and off the pitch.
The president also used the moment to confirm a major sporting development—the return of José Mourinho, a move that immediately sparked excitement among supporters.
Mourinho, who previously enjoyed a successful spell at the club, is widely regarded as one of the most influential managers in modern football.
Pérez said the club remains committed to competing at the highest level in Europe, with ambitions of securing a record-extending 16th UEFA Champions League title while continuing the redevelopment of the Santiago Bernabéu Stadium.
He also reaffirmed his stance on the club’s ownership model, stressing that Real Madrid will remain a member-owned institution despite growing global trends toward private ownership in football.
The announcement has been widely interpreted as the beginning of a new competitive era for the Spanish giants, with expectations rising among fans following both the election result and Mourinho’s return.
Pérez ended his address with a call for unity among supporters, including those who did not vote for him, promising to continue addressing concerns while focusing on sporting success.
Politics
2027: Oborevwori, Omo-Agege Trade Fresh Blows Over Tinubu, Obi Endorsements
The political rivalry between Governor Sheriff Oborevwori and former Deputy Senate President, Senator Ovie Omo-Agege, has escalated once again as both men exchanged heated words ahead of the 2027 general elections.
The confrontation follows renewed political realignments in Delta State, including Governor Oborevwori’s defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), a party he previously defeated in the 2023 governorship election.
SEE ALSO: 2027: Tinubu Will Defeat Atiku If Election Is Rigged — Babachir
Oborevwori has since pledged full support for President Bola Ahmed Tinubu’s re-election bid in 2027, describing the President as his “number one project” and a key political ally whose victory would benefit Delta State.
However, Omo-Agege, who recently left the APC for the Nigeria Democratic Congress (NDC), accused the governor of political fear and abandoning party structures in the state.
“He is not a threat” — Oborevwori
Responding to criticisms, Governor Oborevwori dismissed Omo-Agege’s political relevance, insisting he poses no electoral threat.
“He is not a threat because I’ve won him before,” the governor said, adding that many of the senator’s supporters had already left him before his exit from the APC.
Oborevwori also accused Omo-Agege of political betrayal, claiming he had previously turned against key figures who supported his rise.
“He betrayed James Ibori, he betrayed Great Ogboru, he betrayed O’tega Emerhor. So if he says he wants to betray me, he’s not a threat,” he stated.
“He panicked and ran into APC” — Omo-Agege
Omo-Agege fired back, alleging that the governor defected to the APC out of fear of losing political ground.
“The governor panicked, chickened out, and ran into the APC,” he said.
He insisted that his performance in the 2023 elections proved his continued strength in Delta politics, particularly in Delta Central.
“If Sheriff believed I was not a threat, why didn’t he stay back in the PDP and take me on in 2027?” he asked.
Governance and ₦3.15 trillion controversy
Both politicians also clashed over governance performance and state finances.
Oborevwori defended his administration, saying infrastructure development had improved across all local government areas, with contractors being paid promptly.
“First time in history, no contractor is being owed,” he said, citing ongoing projects such as Effurun Roundabout, DSC Roundabout, and PTI Junction.
Omo-Agege, however, described the administration as underperforming despite receiving over ₦3.15 trillion in three years.
He alleged that about ₦750 billion remained idle in the Central Bank of Nigeria while critical sectors such as healthcare, education, and infrastructure suffer neglect.
Tinubu vs Obi political divide deepens
The rivalry has also taken a national dimension, with both politicians backing different presidential candidates for 2027.
Oborevwori declared support for President Tinubu, calling him Delta’s “in-law” and urging residents to back his re-election.
“Tinubu is my number one project,” he said.
Omo-Agege, on the other hand, declared his support for former presidential candidate Peter Obi, stating that he would contest under the Nigeria Democratic Congress (NDC).
“My presidential candidate in 2027 is Peter Obi,” he said.
Political tensions rise ahead of 2027
Observers say the renewed exchange signals an early start to a high-stakes political battle in Delta State, with shifting alliances and competing loyalties likely to shape the 2027 elections.
With both camps firmly entrenched in opposing political directions, Delta State is expected to remain a major flashpoint in Nigeria’s unfolding political landscape.
Politics
2027: Tinubu Will Defeat Atiku If Election Is Rigged — Babachir
Former Secretary to the Government of the Federation (SGF), Babachir Lawal, has claimed that President Bola Ahmed Tinubu would emerge victorious against former Vice President Atiku Abubakar if the 2027 presidential election is determined by electoral manipulation.
Lawal made the statement during an appearance on Channels Television’s Politics Today on Monday, where he weighed in on the growing political permutations ahead of the next general election.
According to him, no politician in Nigeria currently possesses the capacity to outmaneuver Tinubu if election rigging becomes the deciding factor in the race for Aso Rock.
ALSO READ: VDM in Trouble as Presidency Seeks Legal Action Over Alleged Fake Tinubu Audio
“If the parameter for winning elections in Nigeria is rigging, nobody can face Bola Tinubu in this country. If Atiku’s strength is in manipulating results, I wish him luck; he will meet the master rigger in front,” Lawal said.
The former SGF further argued that President Tinubu would record a landslide victory if the election outcome were determined by such means, describing the president as a formidable political strategist.
Lawal also took a swipe at Atiku Abubakar, distancing himself from the former vice president’s political ambition and insisting that he would not support his bid for the presidency.
He stated that after studying Atiku’s political history and leadership record, he believes an Atiku administration would perform worse than the current government led by Tinubu.
“I have studied his antecedents and realised that his presidency will be worse than Bola Tinubu’s,” he said.
The former SGF also criticised Atiku for what he described as insufficient engagement with Nigeria’s worsening security situation, including recurring cases of kidnapping and violent attacks in different parts of the country.
Despite his criticism of both Tinubu and Atiku, Lawal maintained that he is yet to endorse any presidential aspirant ahead of the 2027 election.
“I am supporting nobody. I don’t want to be part of anything for now,” he stated.
His comments come shortly after his resignation from the African Democratic Congress (ADC), where he accused the party of manipulating its recent presidential primary in favour of Atiku.
Lawal alleged that results from the exercise were altered to produce a predetermined outcome, claiming that candidates who won in some areas were replaced by individuals loyal to the former vice president.
He said the alleged irregularities influenced his decision to leave the party, which he described as a “rigging machine” ahead of the 2027 elections.
However, the ADC leadership has denied the allegations, insisting that the primary election was conducted transparently and reflected the wishes of party members.





