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Accumulating Debts For Next Generation Is Criminal, Obasanjo Tells FG

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Former President Olusegun Obasanjo has faulted the federal government’s plan to source fresh external loans.

He said the FG was accumulating debts for the next generation, describing it as “criminal.”

President Muhammadu Buhari had on Tuesday submitted a request for approval to obtain fresh external loans of $4.054 billion and €710 million to the national assembly.

The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.

In the letter, Buhari explained that owing to “emerging needs,” there is a need to raise more funds for some “critical projects”.

Speaking to Channels TV on the sidelines of an event in South Africa, Obasanjo said that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.

While noting that borrowing is not a problem, the former Nigerian president said that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.

According to the former president, borrowing for recurrent expenditure is the “height of folly”.

“If you want to build a commercial house and you go and borrow money, and you have 50 percent of your own money, and you borrow 50 percent and in five years, you pay the 50 percent that you borrowed. That is a wise thing to do,” he said.

“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 folly. If we are borrowing for development that can pay for itself, that is understandable. Then the payment, how long will it take to 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?”

He recalled that during his tenure in 1999, the country was spending $3.5 billion to service debts that kept on increasing.

“When I came into government as elected president, we were spending $3.5 billion to service debts. Even with that, our quantum of debts was not going down,” he added.

TheCable understands that during a fall in oil receipts between 1977 and 1979, the Nigerian government took two different loans from the international capital market — a $1 billion and another $750 million.

Obasanjo ruled from 1976 to October 1, 1979.

The Debt Management Office (DMO) said Nigeria’s total public debt climbed to N35.46 trillion at the end of the second quarter (Q2) of 2021.

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It’s Idiocy To Claim Buhari Is Dead and Replaced With Jubril From Sudan —- Femi Adesina

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The Presidency has rubbished claims by Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB), that President Muhammadu Buhari is Jubril of Sudan.

Buhari’s Special Adviser on Media and Publicity said it is “idiocy” to claim that the president is dead and was replaced with Jubril from Sudan.

Adesina disclosed this in his latest article titled, ‘The Essential Buhari: VP Osinbajo got it!.’

He recalls how Buhari, upon return from his medical trip abroad in 2017, recognized him.

The article reads partly: “I remember that day in August 2017, when the President returned to the country finally from his medical vacation. From January of that year, he had been in and out a couple of times, but spending weeks and months outside, attending to his health. And finally, on August 19, he returned home, triumphantly.

“We were at the airport to receive him. I have told the story a number of times, to dispel the idiocy that it was a certain Jibril of Sudan that came back and not Buhari. The daughter of the immediate past Chief of Defence Staff, Gen Gabriel Olonisakin, was getting married. And I had attended both the church service and reception, decked in full Yoruba traditional attire of Agbada and a cap to match. Straight from the ceremony, I went to the airport to join the welcome party for the President.

“We the principal aides were on a line to receive the President as he descended from the aircraft. And he shook hands with each person, having one wisecrack or the other to say, as is typical of him. When he got to me, he said, “Adesina, this is the best I’ve seen you dressed.” And we both laughed.

“Jibril of Sudan? How did he know I was Adesina? How would he know how I normally dressed? Idiocy, I say again. But that is just a digression, not the story I really want to tell to support the topic at hand.”

Kanu had rumoured Buhari’s death in 2017, following the president’s medical trip to London.

He had claimed that Buhari was cloned and replaced with Jubril Al-Sudan after his death.

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Take Vaccine or Present Negative COVID-19 Result, FG Tells Civil Servants

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The Federal Government has informed federal civil servants that they either get the COVID-19 vaccine or present a negative test result.

Recall that the FG had mandated all civil servants to get the vaccine or else they would not be allowed to enter offices.

The Executive Director, National Primary Health Care Development Agency, Dr Faisal Shuaib, at a press conference, on Thursday, in Abuja, made clear that federal civil servants were not under obligation to take the vaccine, however, they must show negative COVID-19 PCR test.

He said, “The Presidential Steering Committee (PSC), on Wednesday, announced interventions to, not only protect the most vulnerable people in our society but to also ensure that the workplace is safe for all citizens. Clearly, there is a loss of productivity and its impact on socio-economic development when workers are unable to come to work on a regular, and consistent basis due to outbreaks of an infectious disease such as COVID-19.

“Following advice by public health experts, the PSC announced that all Federal Government employees should make a choice as to how they can contribute towards making the work environment COVID-19-free. The logical choice is between taking the vaccine and showing the evidence or presenting proof that one is COVID-19-free by showing a negative PCR test taken 72 hours prior.

“This provision is applicable to all Federal Government institutions. The decision to release the advisory was not taken lightly. It is part of the PSC and Federal Ministry of Health’s mantra to always use scientific evidence to make decisions for the benefit of all Nigerians.”

Shuaib also confirmed that there are enough vaccines to cover the population of employees of the Federal Government and more, stating that the PSC had already done a comprehensive analysis and forecast on the availability of COVID-19 vaccines.

“Based on delivery forecasts from the COVAX facility and African Union, Nigeria will have adequate vaccines to cover more than 50 percent of eligible populations by the end of the first quarter of 2022. In order words, please do not worry about the availability of vaccines because we have the supply chain figured out already,” he added.

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N4.9bn Fraud: Judge Angry, Slams N200K Fine On Fani-Kayode For Shunning Trial For Fifth Time

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Justice Daniel Osaigor of a Federal High Court in Lagos, on Wednesday, ordered a former Minister of Aviation, Femi Fani-Kayode, to pay N200,000 for not making himself available for re-arraignment for alleged money laundering.

The News Agency of Nigeria reports that Osaigor said he had gone through the court’s file and noted five different letters by Fani-Kayode, seeking adjournment on the same medical grounds.

The court, consequently ordered that he should pay the sum or risk revocation of his bail.

The Economic and Financial Crimes Commission had charged Fani-Kayode alongside a former Minister of State for Finance, Nenandi Usman.

Also charged was Yusuf Danjuma, a former Chairman of the Association of Local Governments of Nigeria, and a company, Jointrust Dimensions Nigeria Limited.

The EFCC preferred 17 counts bordering on N4.6bn money laundering against them before Justice Mohammed Aikawa.

They had all pleaded not guilty and were granted bail.

The trial had begun before Aikawa and witnesses being led in evidence before the judge was transferred out of the Lagos jurisdiction of the court.

The case was consequently assigned to Justice Osaigor and the defendants scheduled for re-arraignment on Wednesday.

When the case was called on Wednesday, Mrs Bilikisu Buhari, announced an appearance for prosecution.

Mr I. J. Ogechukwu appeared for the first defendant (Usman), Mr B. F. Ajudua appeared for the second defendant (Fani-Kayode) and Y. Olabode appeared for the third and fourth defendants.

Buhari then informed the court that on July 15, the prosecution asked the court to adjourn the matter for re-arraignment of the defendants.

She told the court that on October 11, the prosecution received a letter from the second defendant informing them that he had been given bed rest.

“Whenever he doesn’t want to attend court, this is the type of letter we get,” Buhari said.

However, Ajudua told the court that although his Fani-Kayode’s illness was recurring, he had attended court regularly.

After the judge went through the court’s file, he asked his counsel to take one of two options: revocation of Fani-Kayode’s bail or imposition of N200,000 fine to be paid before the next adjourned date.

The counsel chose the fine option.

Justice Osaigor adjourned the case till November 30.

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