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Atiku demands proper accounting of N7.98trn oil windfall, says Nigerians deserve to know

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African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Sunday, slammed President Bola Tinubu’s administration over its “unprecedented domestic borrowing” despite the significant windfall accruing from high international crude oil prices.

He described the administration’s economic management as contradictory, opaque, and bereft of fiscal discipline.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu,
Atiku noted that the Federal Government has already raised about N5 trillion from the domestic bond market in the first half of 202, “almost 80 per cent of the total amount borrowed during the corresponding period in 2025.”

According to Atiku, such aggressive borrowing would only be understandable if government revenues had collapsed.

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“The exact opposite is the case,” he said.

The former Vice President pointed out that while the 2026 Appropriation Act benchmarked crude oil at $64.84 per barrel, the average price of Brent crude, the benchmark for Nigerian oil has remained around $92 per barrel between March 1 and July 14. Nigerian crude typically trades at a premium above Brent, making the government’s earnings even higher.

He said: “This naturally raises two unavoidable questions.

“First, why is a government enjoying such an extraordinary oil windfall borrowing at almost twice last year’s pace as though the nation were in financial distress? Second, where is the money?”

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Atiku explained that the difference between the budget benchmark and prevailing oil prices amounts to an additional $27.15 on every barrel of crude sold.

“At an average production of 1.5 million barrels per day, Nigeria earns an estimated $42.7 million in additional revenue daily.

“Over the 135-day period between March 1 and July 14, this translates to approximately $5.76 billion, or about N7.98 trillion.

Nigerians deserve a full accounting of this windfall. Where has the money gone? Why is there no transparent disclosure of the proceeds from excess crude sales? Why is government borrowing heavily when oil revenues are significantly above budget projections?” He asked.

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Atiku recalled that previous administrations maintained clear mechanisms for warehousing and reporting excess crude earnings through the Sovereign Wealth Fund and other established fiscal buffers.

Today, Nigerians have been left completely in the dark. A government that cannot explain what it has done with an estimated N7.98 trillion in additional oil receipts has no moral authority to continue plunging the country deeper into debt,” he stated.

The former Vice President further lamented that despite the huge oil windfall and the removal of fuel subsidy, millions of Nigerians continue to face worsening hardship.

He noted that recent United Nations findings indicate that about 80 per cent of Nigerians cannot afford a decent meal each day, while infrastructure continues to deteriorate despite repeated promises that subsidy savings would be invested in roads, healthcare, education, and other critical sectors.

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“It is increasingly evident that this administration lacks the competence, discipline, and transparency required to manage the nation’s resources.

“Rather than allowing Nigerians to benefit from favourable global oil prices, it has chosen the path of endless borrowing, mounting debt, and deepening poverty.

An ADC administration under my leadership will pursue a fundamentally different approach. Every kobo earned above the budget oil benchmark will be transparently accounted for and managed under a rules-based fiscal framework.

“Rather than borrowing recklessly in the midst of plenty, we will deploy excess revenues to reduce the nation’s debt burden, strengthen our fiscal buffers, and invest strategically in infrastructure, education, healthcare, agriculture, and other productive sectors that create jobs and stimulate sustainable economic growth.

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We will restore transparency in the management of oil revenues by publishing regular reports on excess crude earnings and ensuring that public finances are subject to the highest standards of accountability.

“We will cut the cost of governance, eliminate waste, block leakages, and ensure that borrowing is undertaken only for productive investments capable of generating measurable economic returns, not to finance consumption or conceal fiscal irresponsibility.

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Immigration nabs two with N34m allegedly for kidnap ransom

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The Nigeria Immigration Service (NIS) has intercepted two persons in Adamawa State with ₦34 million in cash, with the suspects allegedly linked to a kidnapping syndicate.

The suspects were intercepted with the cash during an operation in the state.

The Comptroller of Immigration Service, Sani Sule-Jega, disclosed this at a media briefing in Yola, the Adamawa State capital.

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According to him, preliminary investigations showed that the suspects claimed the money was intended to pay ransom for their abducted brother.

In a separate operation, the Adamawa State Command of the NIS also intercepted 17 irregular migrants at Rumde Baruw in Yola North Local Government Area of the state.

The undocumented migrants were intercepted at a private three-bedroom residence during an operation by officers of the command.

Sule-Jega said preliminary profiling showed that 13 of the migrants were Cameroonian nationals, comprising eight males and five females, while the remaining four were Chadian nationals, all males.

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The Comptroller noted a shift in the accommodation pattern of undocumented migrants, particularly their increasing use of private and unregistered apartments instead of conventional lodging facilities such as hotels.

He said the service was intensifying surveillance and intelligence-led operations to identify and address emerging patterns of irregular migration in the state.

Sule-Jega reiterated the command’s commitment to safeguarding Nigeria’s territorial integrity, improving migration management and strengthening border security.

He urged members of the public to remain vigilant and provide credible information that could assist security agencies in maintaining peace and security across the state.

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The suspects and recovered cash have been taken into custody for further investigation and necessary action in accordance with established procedures and applicable laws.

The Comptroller General of Immigration has directed that the suspects and exhibits be handed over to the Nigeria Police Force for further investigation.

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Sad! Kano social media commentator Ibrahim Shagamu killed in his apartment

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A popular Kano social media political commentator, Ibrahim Khalil Dan Shagamu, has been reportedly killed in his apartment in Kano State.

Dan Shagamu, who operated under the brand Dan-shagamu International, was known for his social media videos and commentary on political, religious and community issues.

Amnesty International Nigeria confirmed his killing in a statement posted on X on Wednesday, saying his body was found in a pool of blood at his home.

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“Amnesty International strongly condemns the killing of a social media political commentator Ibrahim Khalil Dan Shagamu whose body was found today in a pool of blood at his home in Kano,” the organisation said.

“He was brutally slaughtered after being overpowered by his killers.”

Details surrounding the circumstances of the killing were still unclear as of Wednesday.Amnesty International called on the Nigerian authorities to investigate the killing and ensure that those responsible are brought to justice.

“The Nigerian authorities must investigate this incident and ensure that those suspected of responsibility are brought to justice,” it said, while tagging the Nigeria Police Force.

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The rights organisation also expressed concern over what it described as increasing politically related threats and intimidation ahead of the elections.

“As the elections approach, we continue to receive disturbing reports of politically related threats to life and intimidation,” Amnesty said.

News of Dan Shagamu’s death has sparked an outpouring of grief among his followers and residents, with many taking to social media to express shock and offer prayers for his soul.

Reports circulating on social media said Dan Shagamu was killed in a gruesome manner, with some describing the attack as “yankan rago”, a Hausa expression referring to throat-slitting.

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Akpabio Petitions DSS Over Viral ‘Anti-North’ Statement, Demands Probe

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Senate President Godswill Akpabio has petitioned the Department of State Services (DSS) to investigate a viral social media statement allegedly attributed to him in which he purportedly warned Northerners that they would “suffer the most” if President Bola Tinubu loses the 2027 election.

The statement, circulated on Facebook and other digital platforms alongside Akpabio’s photograph and official designation, has sparked controversy, prompting the Senate President to formally deny making the remark.

In a petition signed by his Chief of Staff, Chinedu Akubueze, Akpabio described the publication as “manifestly false, inflammatory and dangerously divisive,” urging the DSS to investigate its origin and distribution.

The viral graphic attributes the following statement to Akpabio: “Northerners, you will be the ones to suffer the most, if you allow Tinubu to lose the election.”

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Akpabio, however, said there is no credible evidence linking him to the statement.

According to the petition, no identifiable date, venue, speech, interview, audio or video recording, official statement or credible media report has been produced to authenticate the alleged quotation.

The Senate President alleged that the graphic was deliberately fabricated and presented as an authentic statement with the aim of misleading the public, inflaming regional sentiments and portraying him as hostile to Nigerians from the North.

Akpabio also drew the DSS’s attention to several individuals allegedly identified through a preliminary review of publicly accessible Facebook records as among the early amplifiers of the disputed material.

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The petition named Abdullai Musa, who allegedly shared the graphic in a Facebook group known as “Sheik Muhammad bin Uthman Group 24,” and Uzoma Chilaka, whose Facebook post allegedly reproduced the graphic alongside commentary attributed to Boniface Uzoma Chilaka and Engineer Ibrahim Umar Ammar.

It further referenced a verified Facebook account belonging to Ibrahim Umar Ammar, which allegedly later reproduced the graphic and substantially similar commentary.

Akpabio’s office, however, stressed that the individuals mentioned in the petition should not be presumed guilty, describing them only as “material persons of interest” whose activities could assist investigators in tracing the origin and circulation of the disputed publication.

The Senate President is asking the DSS to investigate the publication records, devices, communications and provenance of the graphic in accordance with Nigerian law.

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The petition comes amid heightened political activity ahead of the 2027 general elections and growing concerns over the spread of inflammatory, misleading and fabricated political content on social media.

The statement was issued by Jackson Udom, Special Assistant to the President of the Senate on Media.

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