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PDP Blasts Osinbajo For Allegedly Falsifying Facts On Nigeria’s Debt Profile

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The Peoples Democratic Party (PDP) has called on Vice-President Yemi Osinbajo to refrain from bandying figures that he cannot substantiate, as regards the nation’s debt profile, which it said escalated to a frightening proportion under the President Buhari administration.

The main opposition party also said that it amounts to a huge disservice to the country if a person of such high office of the vice-president would allow himself to be used to distort figures to deceive Nigerians.

Osinbajo had last Saturday at the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan, said that the Buhari-led administration inherited a debt of $63 billion and has only borrowed $10 billion since it took office in 2015.

He had said: “In 2010, our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 bilłion, an increment of $10 billion from the $63 billion inherited in 2015.”

He said the nation’s oil earnings was $119.8 billion between 1990 and 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014, while the present administration has only earned $112 billion from June 2015.

“The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114,” he said.

But the National Publicity Secretary of the PDP, Mr. Kola Ologbondiyan, while addressing a press conference Wednesday in Abuja, said that in a desperate attempt to divert attention from the failures of the Buhari administration, Osinbajo falsified financial templates to argue that this government has no blame in the accumulation of debts under its watch.

He stated: “The PDP also wishes to bring to the attention of Nigerians the deliberate distortion of facts by Vice-President Yemi Osinbajo regarding the nation’s debt profile, which escalated to a frightening proportion under the Buhari administration.

“It is an incontrovertible fact that the Buhari administration has accumulated more debts than any other administration in the history of our nation.

“Our dear vice-president forgot that Nigerians are aware that between 2016 to 2017 under President Buhari, our annual borrowing was about N3.7 trillion as against the N1.04 trillion annual borrowing perimeter between 2008 to 2015. Between 1999 and 2007, the annual borrowing perimeter was as low as N96 billion.

“To deceive the public and divert attention to the alarming borrowing spree of the Buhari administration, the APC-led federal government converted domestic debt borrowed in naira under its watch to the US dollar so that the very high exchange rate will make the domestic debt look smaller in dollars.

“This is a deceptive picture because the domestic debt was accumulated in naira and not in dollar.”

Ologbondiyan pointed out that the domestic debts of states were not part of the database until 2013, and therefore, a sincere comparison of debts over the years should have focused on total external debt and federal government’s domestic debt.

According to him, “In view of the above, if Vice President Osinbajo, a professor of law, was not being economical with the truth, the appropriate comparison should be to have the domestic debt in naira and convert the external debt to naira to get national debt for each of the years, which shows that the Buhari administration has accumulated more debts than any other administration.”

“We, therefore, charge the vice-president to refrain from bandying figures that he cannot substantiate, in an attempt to score cheap political points. Nigerians have moved beyond the lies, deception, propaganda, and beguilement of the APC. It amounts to a huge disservice to our nation if a person of such high office of the vice-president will allow himself to be used to distort figures to deceive Nigerians,” he said.

Ologbondiyan added that the party would not allow itself to be dragged down into the marshes of propaganda, smear campaign, lies and deceit of the fading, discredited and rejected APC.

Ologbondiyan said that the party will proffer direction to reduce the cost of governance and release funds for development purposes; cut harsh tariff and tax regimes, eradicate corruption and engender enabling environment for business to thrive in a manner that will strengthen the naira and restore investor confidence in the country’s economy.

BIG STORY

NNPCL Extends Open Invitation To Former President Obasanjo For Tour Of Port Harcourt Refinery

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The Nigerian National Petroleum Company Limited (NNPCL) has extended an invitation to former President Olusegun Obasanjo for a tour of the Port Harcourt Refinery to verify its operational status.

This development follows Obasanjo’s recent interview with Channels Television, where he cited advice from “Shell Petroleum Development Company (SPDC)” suggesting the refinery would not function effectively.

According to the former president, “SPDC,” which was approached to acquire equity in the refinery, expressed concerns about corruption impeding its operations.

Obasanjo further alleged that NNPCL has been misleading Nigerians about the refinery’s functionality.

Responding to the claims, NNPCL’s Chief Corporate Communications Officer, Mr. Olufemi Soneye, respectfully invited the former president to visit the facility, emphasizing the company’s commitment to transparency and accountability.

Soneye said: “Furthermore, we extend an open invitation to President Obasanjo for a tour of the rehabilitated refineries to witness firsthand the progress made under the new “NNPC Limited.”

Soneye also invited Obasanjo to join the NNPCL in its determination to guarantee the country’s energy security.

“We invite our esteemed former president to join us in this effort as we continue to deliver energy security for our nation and provide tangible benefits to Nigerians.

“His wisdom and experience are invaluable, and we assure him that his advice will always be welcomed and appreciated,” he said.

Soneye explained that the NNPCL did not only carry out a turnaround maintenance on the plant but it embarked on a complete overhaul of the refinery.

He said: “As part of this transformation, “NNPC Limited” has gone beyond oil and gas to become an integrated energy company.

“One of our notable achievements is the complete rehabilitation of the Port Harcourt Refining Company (PhRC) and Warri Refinery.

“This process was not merely the “Turnaround Maintenance (TAM)” of the past but a full-scale overhaul designed to meet world-class standards. Similarly, we are currently conducting the same comprehensive rehabilitation of the old Port Harcourt Refinery and Kaduna Refinery.”

He added that NNPCL has evolved from being a government corporation to a private entity with limited liability.

He said owing to the transition, NNPCL has also moved on from being a loss-making organization to a profit-driven international energy firm.

The new “NNPC Limited,” he said, is committed not only to enhancing these refineries but also to maintaining them to global standards.

Soneye noted that NNPCL will ensure their sustainable operation and contribute significantly to Nigeria’s energy security.

He said: “Regarding his recent comments, we would like to respectfully clarify the current state of the “NNPC.”

The “NNPC” has undergone a transformative journey, evolving from a government corporation into a private entity—”NNPC Limited.”

“This transition has marked a significant shift from being a loss-making organization to a profit-oriented global energy company.”

“We deeply respect and hold President Obasanjo in the highest regard as a distinguished statesman who has contributed significantly to the progress of our nation.

“He has every right to share enduring commitment to the growth and development of Nigeria. Together, we can continue to build a brighter future for our great nation.”

Soneye, who was also requested to react to a media report that NNPCL was to stop the supply of crude oil to Dangote Refinery said, “No need to respond to falsehood.”

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BIG STORY

Naijahottestgist Unveils Man Of The Year, Company Of The Year, Young Person Of The Year, And Public Servant Of The Year!

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In a year filled with trials and triumphs, these individuals and organizations have risen above challenges to embody resilience, innovation, and exceptional leadership. From the unbreakable spirit of the Man of the Year to the groundbreaking strides of Dangote Refinery, the transformative efforts of Stella Okotete, and the impactful reforms led by Olubunmi Tunji-Ojo, these stories inspire hope and progress for a brighter Nigeria.

1. Meet the Man of the Year

The Man of the Year is no ordinary person. He’s a Nigerian who has lived through the realities of 2024—one of the toughest years yet.

He is the man who has endured the hardship of a nation in flux. From waking up each day to face the high cost of fuel to navigating skyrocketing food prices, he’s felt the weight of every naira spent. Insecurity loomed over his daily life, yet he carried on with courage, protecting what mattered most.

Through it all, this man refused to break. His resilience, grit, and determination to keep moving forward in the face of overwhelming odds set him apart. He is not celebrated for wealth or fame but for his strength, perseverance, and the hope he carries in his heart for a better tomorrow.

The Man of the Year is a symbol of every Nigerian who has faced the same struggles, stood firm, and chosen to believe in a brighter future. His story is your story—one of survival, strength, and the unbreakable spirit of Naija.

Here’s to the Man of the Year. He is proof that no matter how hard the times, resilience will always shine through.

2. Young Person of the Year: Stella Erhuwuoghene Okotete

Stella Okotete, Executive Director of the Nigerian Export-Import Bank (NEXIM), stands out as a trailblazer promoting youth and women’s participation in business, governance, and politics. A visionary leader, she spearheads innovative initiatives at NEXIM, including the Women and Youth Export Development Facility, which provides low-interest loans, and the Nigerian Export-Import Bank Academy (NEXA), a certified digital platform for export-import education.

With degrees from Benson Idahosa University and NOUN, alongside certifications from global institutions such as Harvard, Oxford, and Columbia Business School, Okotete has held significant political roles, including secretary of the APC Election Planning and Monitoring Committee in 2023. Her contributions to public service include serving as Special Assistant on MDGs for Delta State, where she aligned policies with sustainable development goals and implemented impactful programs in education, healthcare, and poverty alleviation.

As co-founder of the E’Girls Foundation, she has championed girl-child rights and human capacity development since 2000. Her work has also led to groundbreaking efforts like outlawing female circumcision in Ughelli North and driving school enrollment through the “War Against Loitering and Hawking During School Hours” initiative.

Committed to empowering women in governance, she developed a strategy to train 20 million women for public office and conceptualized the Progressive Women Trust Fund, fostering financial support for female leaders. Okotete’s relentless dedication to service, innovation, and empowerment makes her a standout leader transforming Nigeria’s socio-economic landscape.

3. Nigerian company of the year

Dangote Refinery

The Dangote Refinery is a game-changer for Nigeria’s oil industry. Located in the Lekki Free Trade Zone, Lagos, it’s the largest single-train refinery in the world, with a capacity to process 650,000 barrels of crude oil per day.

This massive project, worth over $19 billion, is expected to meet 100% of Nigeria’s oil needs and even have a surplus for export. The refinery will produce various petroleum products, including diesel, kerosene, and gasoline.

Some impressive features of the Dangote Refinery include:

– *Pipeline Infrastructure*: The largest sub-sea pipeline infrastructure in the world, spanning 1,100 kilometers.

– *Power Generation*: A 435MW Power Plant that can meet the total power requirement of Ibadan DisCo.

– *Job Creation*: The refinery is expected to provide 135,000 permanent jobs in the region.

The refinery began production in January 2024, starting with diesel fuel and aviation fuel. With its advanced technology and massive capacity, the Dangote Refinery is set to revolutionize Nigeria’s oil industry and boost the country’s economy.

4. Nigerian public servant of the year

Olubunmi Tunji-Ojo, the Minister of Interior in Nigeria, has indeed been associated with efforts to bring about positive change and reform in the country.

Some of the key areas where Tunji-Ojo has been instrumental in driving reform include:

1. *Prison Reform*: Tunji-Ojo has been advocating for prison reform, aiming to improve the living conditions and rehabilitation programs for inmates.

2. *Immigration Reform*: He has been working to modernize Nigeria’s immigration system, making it more efficient and effective in managing the country’s borders.

3. *Disaster Management*: Tunji-Ojo has been instrumental in strengthening Nigeria’s disaster management capabilities, ensuring that the country is better prepared to respond to natural disasters and emergencies.

4. *Internal Security*: He has been working to enhance internal security in Nigeria, focusing on community policing and intelligence-driven law enforcement.

These efforts demonstrate Tunji-Ojo’s commitment to driving positive change and reform in Nigeria, particularly in the areas of justice, security, and humanitarian response.

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BIG STORY

Inside Delta: Police Arrest Man For Allegedly Stabbing Neighbour To Death Over Rice

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The Delta State Police Command confirmed the arrest of 30-year-old Daniel Onyejekwe for allegedly stabbing his neighbor, Christian, to death over a dispute about rice.

The incident occurred on New Year’s Day in the Ogwanja area of Sapele, Delta State.

The Police Public Relations Officer, Delta State Command, SP Bright Edafe, confirmed the development on Thursday, saying, “It is confirmed, and the suspect is in custody.

The two were fighting and injured themselves badly. Unfortunately, one, Christian, died.”

An eyewitness reported that the altercation started when rice was being shared along Boyo Road in Ogwanja.

An argument ensued between Onyejekwe and the deceased, leading to a physical fight.

The eyewitness stated, “Christian and Daniel started dragging the rice, and during the fight, Daniel picked a bottle and stabbed Christian multiple times. The vigilante rushed him to the hospital, but he was confirmed dead on arrival.”

The remains of the deceased have been deposited at a mortuary, while the police have launched an investigation. SP Edafe assured residents that the suspect would be prosecuted after the investigation was concluded.

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