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ECONOMY: CBN Printing Of N22tn Under Buhari Fueled Inflation — Finance Minister Edun

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The N22.7 trillion produced by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government from 2015 to 2023, under former President Muhammadu Buhari, according to Minister of Finance and Coordinating Minister of Economy Wale Edun, drove the nation into the current inflation.

Edun, during a meeting with the Senate Committee on Finance on Wednesday, expressed his regret, stating that at that time, trillions of naira were printed without any commensurate constructive endeavours.

He claims that the high rate of inflation the nation is currently experiencing is a direct result of the eight years of money printing without productivity.

The Senate had two weeks ago resolved to probe the N30tn Ways and Means overdraft obtained and spent by the Buhari administration.

It further stated that the alleged reckless spending of the overdraft collected from the CBN under Godwin Emefiele largely accounted for the food and security crises facing the country.

The Red Chamber then resolved to set up an Ad -hoc committee, to investigate the overdraft because the details of the spending were deliberately not made available to the National Assembly.

He said, “We talked about inflation, and you have helped to solve that. Where has it come from?

“It came from the eight years of just printing money not matched by productivity. It’s not like when you earn dollars and you free the naira alongside it, although there’s even a better way than that. But that’s still not as bad.

“It’s not as if the money is matched by productivity increase in output. It is not. And what happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything..”

He added, “You distinguished senators have helped. You have given us the mandate to raise N7tn, which we will do by sucking money from the market, using it to pay back the central bank and giving the government a balanced book. We are going to audit even the N22.7tn printed aimlessly.”

He, however, assured the committee members that various damage-mitigating economic policies being rolled out by the present government, would in no distant time, bring about great recoveries in terms of lower Inflation rate and improved GDP growth rate.

He specifically informed the committee members that rather than indulging in such money printing or seeking for avoidable loans, the President Bola Tinubu-led government is succeeding greatly in the area of revenue generation with over N13tn revenue generated from the non-oil sector in 2023, adding that the trajectory is being improved upon in 2024.

He stated, “We should not be despondent. We have done the hard part. Mr. President, through the bold and courageous measures which are recognised around the world as being beyond the usual, what you would normally see.

“To so riskily and robustly change the things that are wrong. And it wasn’t just a set of measures. It’s not just lifting of subsidy here or margin of rates there. No. It is a strategic plan, the whole fiscal side, the government’s finances have been repaired.”

Edun further stated, “You, distinguished senators, have helped further to encourage and enroll the executive to further repair the finances, the fiscal situation of this country by endorsing and urging us to do something about the leakages in the import duty, waiver system. And we have explained to you what we will do. And even from your body language, I believe you feel that that is in the right direction.”

In his closing remarks, the Chairman of the Committee, Senator Sani Musa ( APC Niger East), said the interactive session would be a continuous exercise in knowing the short-term and long-term plans of the government on its way out of the precarious situation.

BIG STORY

“My NGO Account Has Been Hacked, N160Million Diverted” — VeryDarkMan

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Popular activist and social critic, VeryDarkMan, has raised concerns about the hacking of his NGO account, which led to the diversion of N160 million.

In a video shared on his verified Instagram account on Friday, he revealed that the incident had left him feeling distressed in recent days.

He explained that the funds were stolen after hackers allegedly gained access to the NGO’s website. The compromised account, which initially contained N180 million, now holds only N20 million.

He mentioned that law enforcement agencies had tracked one of the suspects, resulting in an arrest.

To address the situation, he stated that the NGO’s app had been temporarily taken offline for maintenance to prevent further vulnerabilities.

He said, “For the past few days, I’ve not been myself. I am here with Officer Joe, and we are going to Jos. NGO money—somebody stole the money. Somebody hacked into the NGO website, and I don’t know how they did it. N180 million is missing, but thank God we have tracked the person, and we are on our way to Jos.

“They have arrested one person, and that is why I’m even saying it now. I’m excited, and the account has been put on PND. The account now has N20 million, while N160 million has been diverted to another account. We are currently going there to see how we can get the money back. I just want to update you people.

“I even had to shut down the app and put it on maintenance so that people will not really see what is going on, but let me just come out plain and tell everyone what is going on. Hopefully, we will get the money back.”

The NGO, which launched in October, gained significant attention after raising over N21 million within 24 hours of its inception.

The initiative, aimed at transforming Nigeria’s public education system, attracted support from prominent figures, including music producer Don Jazzy.

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BIG STORY

Christmas Celebrations: Police Arrest 23 Suspected Armed Robbers, Hoodlums, Kidnapper, Recover Dangerous Weapons [PHOTOS]

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  • As IGP Commends Officers For Vigilance, Commitment To Safety

 

In furtherance of the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., to commands and formations to emplace unalloyed anti crime strategies towards ensuring adequate safety and security during this festive period, operatives of the Nigeria Police Force across several states in the country have successfully apprehended multiple groups of armed robbers, cultists and hoodlums targeting fun seekers and engaging in gangsterism during Christmas celebrations.

On the 25th of December 2024, at about 1am, the police operatives attached to Lagos State Command, received a distress call that a group of hoodlums armed with dangerous weapons was operating around the Safejo area of Amukoko, Lagos State. The swift response by the police operatives to the scene led to the arrest of 3 of the suspected hoodlums identified as Emmanuel Okoli ‘m’, 20 years, Ogunde Tejiri ‘m’, 20 years, and Emmanuel Orji ‘m’, 18 years, and also the recovery of the weapons they had used in carrying out robbery attacks on innocent funseekers in the area. The police have emplaced intensified searches to apprehend the fleeing members of the gang.

In a similar development, Police Operatives attached to Saminaka Division of the Kaduna State Command on 25th December 2024, at about 8pm, successfully apprehended one Sule Muhammad ‘m’, 25 years, who has been actively involved in multiple kidnapping incidents within the Saminaka area. Further investigation led to the recovery of a fabricated AK-47 rifle from the suspect. The suspect confessed to being a member of a notorious kidnapping gang who had been evading arrest since the arrest of other gang members on August 16, 2024, until his recent arrest on 25th December 2024. Following cooperation received from Muhammad, efforts are in top gear to apprehend other members of his gang and recover more arms and ammunition in their identified camp. Commendable efforts of the Nigeria Police Operatives have also been witnessed in states including Delta, Ogun Katsina, Benue, FCT and Imo, leading to the arrests of several suspects in various locations during the Christmas celebration period.

The IGP has commended the officers involved in these operations for their vigilance and commitment to public safety, highlighting their display of exemplary dedication in safeguarding our communities, especially during this joyful season. The IGP urges the public to remain vigilant and report any suspicious activities to the authorities.

The IGP further assures citizens that the Force is fully committed to creating a safe environment for everyone as they partake in the joy and cheer of the holiday season. As the celebrations continue, the Nigeria Police Force remains steadfast in its mission to protect all citizens and ensure that the spirit of festivities during this period remains unmarred by criminal activities.

 

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.

27TH DECEMBER 2024.

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BIG STORY

Road To 2027: We’ll Ensure APC Gets Less Than 15k Votes — Kwankwaso

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Rabiu Kwankwaso, the former governor of Kano state, stated that the New Nigeria People’s Party (NNPP) will reduce the influence of the All Progressives Congress (APC) in the state.

Speaking on Wednesday at a meeting with party stakeholders in Tsanyawa LGA of the state, Kwankwaso mentioned that the NNPP aims to ensure the APC receives fewer than 15,000 votes in the 2027 elections.

In the 2023 governorship election, the NNPP garnered 1,019,602 votes, the APC secured 890,705 votes, while the Peoples Democratic Party (PDP) came third with 15,957 votes.

Kwankwaso emphasized that the NNPP achieved the “remarkable feat” of over one million votes despite being a new political platform and starting its campaign late.

“Now, it’s our turn to diminish APC’s influence. We will work tirelessly to ensure their votes are reduced to less than 15,000 in Kano come 2027,” Kwankwaso stated.

Kwankwaso, who was the NNPP’s presidential candidate in 2023, urged his supporters to stay united and focused to ensure the party’s success in future elections.

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