“Stop Accumulating Debt For Next Generation to Come, It Is foolishness to keep borrowing” – Obasanjo Begs Buhari Govt
Former President, Olusegun Obasanjo has fired the Muhammadu Buhari administration over its continuous borrowing to fund recurrent expenditure.
Obasanjo, in a recent interview with Channels TV, said that it was ‘foolishness’ to keep borrowing and creating debt for the future generation.
“If you want to build a commercial house and you go and borrow money, and you have 50 per cent of your own money and you borrow 50 per cent and in five years, you pay the 50 per cent that you borrowed. That is a wise thing to do. But if you have to go and borrow money for you to be able to feed yourself and your family, that is a stupid thing to do.”
“So, if we are borrowing for recurrent expenditure, it is the height of foolery. If we are borrowing for development that can pay itself, that is understandable; then how long will it pay itself? But we are borrowing and accumulating debt for the next generation and the next generation after them, it is criminal, to put it mildly. What are we borrowing for?”
“When I came into government and was elected President, we were spending $3.5bn to service debt, and even with that, our quantum of debt was not going down.”
The Buhari administration has borrowed a total of N21tn within six years.
According to the Debt Management Office, a at the end of March 2021, Nigeria’s public debt hit a total of N33.12tn, which means in the last six years under the President, the country’s debt rose by N21tn.
As of the end of June 2015, one month after the present regime came into power, the country’s debt profile stood at N12.12tn. The country’s debt profile has risen by 173.27 per cent within the six-year period.
Shocking! Woman Exposes Popular Pastors Who Visits Her Husband’s Shrine For Power
The wife of the chief priest of Idemili Cultural Centre, Ralph Ndidi Obi, Lolo Ebelechukwu Obi, has alleged that some pastors get power from her husband.
Lolo disclosed this during an interview with BBC pidgin.
The wife of the chief priest who had married him for eight years revealed that some popular pastors visit her centre in Agulu in Anaocha Local Government Area of Anambra State, for spiritual power to enable them to perform miracles in their churches.
She further stated that before she tied the knot with the chief priest, she was a prayer warrior in the church.
Lolo said, “After getting married to my husband, some pastors that I cannot even mention, I started seeing them here and my husband, the chief priest, usually works for them.
“They used to come to him for power but when they return to their church, they will begin to cast the water spirit. We deliver people from spiritual husbands and wives. When you come to us, we just settle the spirit and you will go and marry your spouse.”
According to her, being a traditional worshipper is not bad, adding that the perception of Nigerians of the religion is wrong.
She added, “When I was a prayer warrior in church, I used to see traditional worshippers as bad people but after marrying my husband, I found out that it is not even a bad thing.”
AbokiFX Announces Interim Suspension Of forex rate updates as CBN investigates founder
ABOKIFX, the website that quotes daily foreign exchange rates against the naira, has announced the interim suspension of the updates on its platform following serious allegations of currency manipulation, speculation and illegal dealings in forex levelled against it by the Central Bank of Nigeria (CBN).
Godwin Emefiele, CBN Governor, had earlier vowed to prosecute the founder, Oniwinde Olusegun Adedotun after the regulator launched an investigation into the company and Oniwinde’s activities and blocked bank accounts linked to them.
In response, AbokiFX took the decision on September 17, 2021, to temporarily suspend rate updates on all our platforms, until it gets better clarity of the situation.
Meanwhile, final rates were posted on Friday but the abokiFX news section and the Crypto rates section would remain active.
Emefiele alleged that Oniwinde and his company operate 25 bank accounts in eight banks that are filled with money from his alleged speculative activities.
According to Emefiele, “The founder of AbokiFX is an illegal dealer with tens of millions invested across several Nigerian companies,” but vowed to track him down in his UK abode and have him prosecuted.
AbokiFX released the statement following the CBN governor’s statement after the MPC decision briefings.
AbokiFX was established in 2014 as a research and information service company, to conduct market research and gather data on the parallel market rates.
“We also wanted to provide some transparency around the parallel market with the availability of information technology,” the firm noted in a statement.
AbokiFX purely provides benchmark parallel rate information which helps guide users in almost 200 countries across the world.
The management says abokiFX does not trade in FX, which it has always maintained in its emails and social media platforms.
“We do not trade FX neither do we have the power to manipulate the rates as we do not create the rates. We are the only entity in Nigeria that has a full set of parallel rates, right from our inception in 2014 when the exchange rate was trading at N166 to $1.
“We collated data for years before we started publishing, as we realised the demand increased for our historical data,” a statement from the firm observed.
To most users of its platforms, it is just a parallel rates board but to many institutions, ranging from Ivy League universities to global businesses and research centres, “we are a key source of data, especially, historical data (almost a decade’s worth of data on parallel rates).
“Companies use our data for their internal and external audits as well as planning and budgeting,” it stated.
The firm added that it only publish what was sourced on the streets of Lagos, hence the phrase, Lagos Parallel Rates.
The rates sourced are carefully collated, reviewed and a mean rate is published from the data pool. This explains our three daily updates – * morning, ** midday, ***evening.
It should be remembered that in 2017, Nigeria experienced an FX crisis and the Naira depreciated to over N500/$1. AbokiFX was accused of manipulating the parallel market rates.
Once liquidity was injected, the Naira appreciated and it published the appreciation which is basically what it does.
It observed that 2021 has seen a similar scenario with the naira depreciating and “we have published what we have been given, which has led some to believe we are manipulating the market.
“Yet no one can complain about our rates deviating +/- 2 per cent from the parallel market rates when they patronise the dealers in the market. If we do not create the rates, how then can we control the rates. Our only sources of income have been our API and advert sales,” it explained.
“He is our Capo and we are ready to follow Him” – Akeredolu Declares Support For Tinubu
The Governor of Ondo state, Governor Rotimi Akeredolu has said that the National Leader of the All Progressives Congress, APC, is hale and hearty.
Speaking in a recent interview on Arise TV, Akeredolu described Tinubu as the ‘Capo’ of the South-West and the South-South, adding that he was a leader everyone was ready to follow.
Akeredolu said; “I am not changing party. I move nowhere from APC. If I leave APC, I’m going back to my chambers”.
“Whatever APC decides, I will follow”
“We went to visit our national leader, I was there, because of a lot of rumours here and there, it was important we go to go and see for ourselves and i was there, i saw him myself, there’s nothing so alarming about his health that people are talking about.”
“So, we are praying he returns back on time. Because he is the Capo for us in South-West and South West.”
Arsonists set the INEC office at Awgu Local Government Area of Enugu State ablaze on Sunday.
The Chief Fire Officer in Enugu State, Chief Okwudili Ohaa, confirmed the incident to the News Agency of Nigeria (NAN) in Enugu.
Ohaa said that a distress call was received by the Enugu State Fire Service at about 1.30 a.m.
“As usual, when we received the distress call our trucks and men at Ozalla Station quickly moved to the scene.
“We equally mobilised fire engines and fire fighters from Enugu metropolis.
“Our prompt intervention saved the entire complex as only one office room was affected in the raging fire before it was extinguished,’’ he said.
Ohaa said that the quick response of fire fighters gave credence to the establishment of fire stations in local government areas by Gov. Ifeanyi Ugwuanyi.
“With the development, it is important to note that the state’s residents and infrastructure are now benefiting from massive investment of Gov. Ugwuanyi in building and equipping new fire stations throughout the state,’’ he said.
There are feelers that the arsonists climbed through the perimeter fence to gain access to the INEC complex.
Efforts made by NAN to get the police and INEC officials to speak on the incident proved unsuccessful as they did not pick their calls.
Arsonists had earlier in the year attacked the INEC Headquarters in Enugu State and the INEC office in Udenu Local Government Area of the state as well.
Obadiah Malafia Told Me He Had Malaria And Cattarh Two Days Ago, Says Cousin
One of the cousins of Obadiah Mailafia, a former Deputy Governor of the Central Bank of Nigeria (CBN), has said he spoke with the deceased two days before he died.
Mailafia died at Gwagwalada Specialist Hospital, Abuja, on Sunday morning.
The cousin, who pleaded anonymity because the family did not authorise him to speak on their behalf, said when they spoke, the former CBN deputy governor explained that he was having malaria and cattarh.
He said Mailafia told him he had to switch off his main number because people were disturbing him on that line.
According to the cousin, after they finished talking, he (the cousin) wished him quick recovery and thanked him for an assistance he rendered him last week.
“Only for me to get a call today’s church service that he has passed on,” he said.
The cousin, who resides in Jos, Plateau State capital, said though Mailafia had a house in Jos, he did not reside there.
He said last year when he was offered an appointment at the National Institute for Policy and Strategic Studies (NIPSS) in Kuru near Jos, he lived in the ancient city during the period.
It was in Jos that he granted a radio station an interview that a serving Governor was a commander of Boko Haram.
Mailafia had also alleged that during the COVID-19 lockdown, insurgents were moving and distributing arms and ammunition across the country, and that they were moving up and down as if there was no lockdown.
This made the Department of State Services (DSS) invite him to its Jos office where he was interrogated thrice.
Indicted super cop and former commander of the IGP Intelligence Response Team (IRT), Abba Kyari, has been queried by the Inspector General of Police, Usman Alkali Baba.
The query follows the submission of the report by the police panel set up by the IGP to look into the alleged indictment of Abba Kyari by the Federal Bureau of Investigation (FBI).
Abba Kyari was queried over infractions noticed in his communication with Ramon Abbas aka Hushuppi, a suspected internet fraudster, the Daily Trust reported.
“The IGP has issued a query to Abba Kyari based on the findings of the panel.
“The panel discovered that there was communication between Kyari and Hushpuppi, as well as infractions on the part of the cop, which is against the procedure of engagement of the police.”
The panel did not recommend the extradition of Kyari because it could not establish that the police officer committed any crime in the US.
“There is no proof that he committed any crime on the soil of the US to warrant his extradition.
“He will be sanctioned by the appropriate authorities here. However, it is for the AGF to advise if there is a ground to extradite him to the US, which is very unlikely, the source said further.
Spokesperson of the Nigerian Police Force, Frank Mba, however, said that the IGP has forwarded the recommendations of the panel to the Police Service Commission (PSC) for appropriate action.
Reportedly, the office of the Attorney-General of the Federation is also looking into the request of extraditing the indicted Cop to the United States of America.
Blackout In Maiduguri As ISWAP Destroys Electricity Power Lines
Members of the Islamic State in West Africa Province (ISWAP) have destroyed four high tension towers that supply electricity from Damaturu to Maiduguri in Borno State.
It was gathered that the terrorists blew up the electricity facility on Friday night.
According to Daily Post, the incident which occurred in Garin Kuturu village, about two kilometers away from Auno, started precisely around 7 pm and lasted up to 10 pm.
An eyewitness stated that four towers were completely destroy, while the fifth is about to collapse.
“With this development, I don’t think Maiduguri will have light again soon. While the government is talking about restoring the lines I think it is time they started talking about solar since we have it in abundance and forget about trying to reconnect the state with the national grid,” Dauda Habu, a resident of Polo GRA disclosed.
This is coming barely two days after ISWAP reportedly attacked and killed many Nigerian soldiers in an ambush in Borno State.
It was gathered that the terrorists attacked the troops on Thursday in Monguno, which is over 100km north of Maiduguri, the state capital.
Military sources revealed that Boko Haram/ISWAP killed many soldiers during the attack that lasted for many hours.
The source revealed that military vehicle, several weapons and ammunition were stolen during the attack.
‘I Am Not Perfect’, 2Face Idibia Says As He Shares Loved Up Photo With Wife, Annie To Mark 46th Birthday
Legendary Nigerian musician, songwriter and producer, Innocent Ujah Idibia better known as 2face Idibia has taken to his social media to share a loved photo with his wife, Annie to mark his 46th birthday.
The singer who’s turned 46 years today also apologized publicly to his wife, Annie revealing that he’s not perfect and working to become a better version of himself.
Sharing a loved up photos, he wrote; “I know I’m not without mistakes neither I’m I perfect but we keep learning and working and striving to become the best version of ourselves. It is well. HAPPY NEW YEAR TO ME. MAY THE ALMIGHTY GUIDE ALL OF US AND PROTECT OUR HOMES .”
It will be recalled that Annie Idibia earlier this month had publicly accused her husband Innocent Idibia of engaging in extramarital affairs with one of his baby mama, Pero.
Annie in series of posts on her Instagram page on Thursday, accused her husband, Tuface of allowing his extended family to interfere in their marriage. She also accused 2baba of having sex with his former girlfriend while using the excuse of visiting his kids to cover up.
The outburst sparked mixed reactions from both celebrities, and fans with many condemning Annie for bringing her family affair on social media.
Gbenga Adeyinka Commiserates with Oyo Former First Lady over Mother’s Demise
Veteran comedian, Gbenga Adeyinka De 1st, has commiserated with the former First Lady of Oyo State, Mrs Florence Ajimobi, over the death of her mother, Mrs Victoria Amudoaghan.
Mrs Amudoaghan who died last Thursday at 78 years, was a Catholic and member of Our Lady of Fatima Catholic Church, Aguda, Surulere, Lagos.
The late Victoria Amudoaghan was a very hardworking and enterprising woman, who was bornGbenga Adey at Kwale in Ndokwa West Local Government Area of Delta State.
In his condolence message, Gbenga Adeyinka, who is one of Nigeria’s most sought-after Standup comedians and Master Comperes (MC), prayed for God to give the deceased family the fortitude to bear the big loss.
“It was in total subjection to the will of God that I received the saddening news of the passing of the mother to our dear former Oyo State first lady, Her Excellency, Dr. Mrs Florence Ajimobi, knowing that we have been created by God and that someday, we all will appear before our creator to give account.
“Mrs Victoria Amudoaghan was a good mother, she was an amazon in whom her beloved daughter saw virtues that she picked. She lived an accomplished life and she survived in health to see her children, grand-children and great grand-children.
“Although we do not mourn as those without hope, I must commiserate with the entire Amudoaghan’s family of Delta state, and most especially, Her Excellency, Chief Florence Ajimobi for the loss. It is my sincere prayers that the soul of the deceased be granted a good repose in the hereafter and that the family find the fortitude to bear the loss,” Adeyinka states.
