News
Tinubu’s reckless borrowing, intolerable, endangering Nigeria – Obi
“The most disturbing aspect of the financial management fiasco under Bola Tinubu is that there is no explanation or information regarding how the balance was utilised or deployed.”
These were the exact words with which Peter Obi, candidate of the Nigeria Democratic Congress (NDC) in the 2027 presidential election bemoaned the umpteenth time, the penchant of President Bola Ahmed Tinubu to embark on inexplicably, reckless borrowing.
Obi, who had been consistent in questioning the hunger for foreign loans by the government of the All Progressives Congress (APC), right from the years of President Muhammadu Buhari, was aghast that the incumbent, Bola Ahmed Tinubu, had surpassed the previous government without anything to show for it.
Using his X platform, Obi, who bemoaned the situation where Nigeria’s total public debt had bloated to about N200 trillion under Tinubu’s administration, representing an increase of more than N100 trillion within three years, demanded explanations for what he called the government’s lack of transparency in the utilisation of the borrowed funds.
Stressing how the Tinubu’s accumulated debt had significantly outstripped that of Buhari, the former Governor of Anambra State, lamented that the current debt burden had become a major concern for Nigerians already struggling with economic hardship, inflation and declining purchasing power.
Hear him: “President Bola Tinubu’s administration has engaged in remarkably imprudent borrowing, escalating Nigeria’s total debt to approximately N200 trillion.
“This represents an increase of over N100 trillion within a mere three years, a stark contrast to the roughly N49 trillion accumulated during President Muhammadu Buhari’s eight-year tenure.
“As millions of Nigerians grapple with the shock of this unsustainable debt accumulation, the situation is exacerbated by the government’s reckless approach to borrowing and a profound absence of accountability and transparency in the utilisation of these funds.”
Citing figures from the Federation’s Budget Office, claiming that the federal government borrowed N11.89 trillion between January and September 2025, exceeding its planned borrowing target of N10.34 trillion for the period, he argued that such an overrun should ordinarily trigger scrutiny and explanations from relevant government institutions.
He contended that only N3.10 trillion of the borrowed funds was committed to capital projects during the same period, representing what he described as a small fraction of the amount budgeted for infrastructure and development programmes, adding that the discrepancy between the volume of borrowing and actual capital expenditure raises serious questions about the destination and utilisation of the funds.
Challenging the government to provide a detailed account of the spending of the funds, insisting that Nigerians deserved full disclosure on how public resources were being managed, he said: “The question that Nigerians are rightly asking and deserve an answer to is what happened to the balance?”
Details of how Hadi Sirika, former Minister of Aviation, tried to scam Nigerians with a fake launch of Nigeria Air continued to emerge on Wednesday, with a witness telling Justice S. C. Oriji of the Federal Capital Territory High Court, Abuja, that the setup was plotted with Ethiopian Airline in the know.
Christopher Odofin, the 12th prosecution witness told the court how Sirika allegedly passed off an aircraft belonging to Ethiopian Airlines in fulfillment of the promise to the late President Muhammadu Buhari.
Dele Oyewale, spokesman of the The Economic and Financial Crimes Commission (EFCC), in a statement capturing the record of the proceedings on Wednesday, said that the “decoy aircraft, adorned with the livery of the promised Nigeria Air,” found its way on the tarmac of the Nnamdi Azikiwe International Airport, Abuja, on May 27, 2023, being three days to the expiration of the tenure of the Buhari government.
He added in a statement that witnessed claimed that the plane was actually flown back to Addis Ababa on the morning of May 29, 2023, being the handover date to the successor government.
Hadi Sirika is facing prosecution by the Economic and Financial Crimes Commission on amended six-count charges bordering on alleged abuse of office and misappropriation of public funds to the tune of over ₦2 billion, alongside his daughter, Fatima Hadi Sirika, son-in-law, Hamma Jalal Sule, and Al Buraq Global Investment Limited.
The contract for the setting up of Nigeria Air was awarded to Tianaero Nigeria Limited, belonging to Gabriel Tilmann, a close associate and friend of the former minister. The witness, an investigator with the EFCC, reading from a portion of the contract agreement with Ethiopian Airlines, said: ‘The aircraft will depart from Addis Ababa (ADD) late evening of May 26, 2023, for it to be positioned early morning of May 27, 2023, at the Abuja (ABV) airport.
The aircraft will stay in ABV airport for static display of Nigeria Air livery until May 28, 2023. The aircraft will leave ABV airport early morning on May, 29, 2023. The chartered flight will be operated by the Ethiopian Airline crew in Ethiopian Airline uniform.
The Federal Government of Nigeria and Nigeria Air may put together local models who will be in Nigeria Air uniforms to pose for ceremonial pictures. The models may come to Addis Ababa so they may fly with the chartered flight to ABV.
The statement narrated how the witness told the court that the display of the aircraft in Abuja International Airport was “deliberately planned to coincide with the end of the first defendant’s tenure as Nigeria’s Minister of Aviation and Aerospace Development on May 29, 2023, and to pass the aircraft off as the actualisation of his promise of the return of Nigeria Air”.
Before adjourning to June 17, the court also heard how after the less than 72 hours display of the aircraft, that the Nigeria Air logo was removed from the aircraft and flown back to Ethiopian Airlines in Addis Ababa.
“The witness further disclosed that the investigating team was also able to ascertain that Ethiopian Airlines entered into a charter arrangement for the static display of the Nigeria Air livery for a duration of just three days, beginning from May 27 to May 29, 2023 based on information and documents received from the airline following a letter from it, dated June 12, 2023, in response to the EFCC’s request for information regarding Nigeria Air, and that though the purpose of the contract was for the establishment of Nigeria Air, the charter agreement with Ethiopian Airlines was entered on May 24, 2023, five days to the expiration of the defendant’s tenure for just a static display of the Nigeria Air logo on an aircraft.
“All the documents tendered in evidence by the prosecution were shown to have been duly signed, authorised, and accompanied by certificates of identification and were not objected to by any of the counsels to the four defendants,” the EFCC said in the statement.
It further stated that among the exhibits was a compact disc containing a voice note from the first defendant, Hadi Sirika, marked Exhibit 37, which the prosecution counsel applied to be played in the court at the next adjourned date.
“Further in his testimony, the witness told the court that though the contract for the start-up of Nigeria Air, which was awarded to Tianaero Nigeria Limited for over ₦299 million on April 4, 2022, saw a contract extension award to the company on October 17, 2022, to a sum, exceeding ₦599 million on the instructions and directives of the first defendant, based on his relationship with the company’s alter ego.
He said: “The investigating team arrived at this position when the phone of one Enitan Muyiwa Abel, who was a Permanent Secretary in the first defendant’s ministry, was analysed, showing a voice note sent to the Permanent Secretary while the first defendant was in Spain instructing him to ensure that the contract was awarded to Tianaero Nigeria Limited.’
Jim Ovia, one month after exit as Chairman of Zenith Bank Plc, is lunging into the real estate business, in search of the “mega bucks,” with the price tag of one of his first proposed luxury apartments in Lagos put at $2.8million (N3.8billion).
The iconic banker and largest shareholder of the bank reputed to be the biggest in Nigeria, with branches spreading across Africa and beyond, was quoted in a report on ARISE NEWS Television as saying that the property sector offered better returns than banking.
The report said the 74-year-old would commence with the Quantum Luxury Properties Ltd. – a two high-end residential projects in Lagos – housing a 26-storey Metropolitan Towers, with an expected unit price starting from $1.85 million, and the 44-unit Quantum Luxury Towers, going as high as $2.8 million starting price.
The accomplished banker, who left his post as Chairman after a 12-year-two-term stint allowable by law was said to have unveiled the plan during an interaction at his office at Civic Towers in Lagos.
There, Ovia reportedly told his visitors that both projects were already attracting strong interest from buyers and had already recorded significant sales, adding: “Real estate is more profitable than banking. I’m moving into real estate full-time.”
The report, while citing trends in the luxury property market in Nigeria’s main commercial centre now known as a mega city, maintained that it had continued to attract wealthy investors seeking protection from inflation, currency depreciation and limited investment alternatives, also quoted experts in the industry to back up the assertion.
Citing the confirmation of Diya Fatimilehin & Co., Nigeria’s foremost estate surveying firm, the report stated that rental prices in Lagos’ luxury districts of Banana Island, Ikoyi and Victoria Island rose by 51 per cent between 2024 and 2025, reinforcing demand for premium real estate.
It however quoted Jubril Enakele, Chief Executive Officer of IRON Capital Partners and a former executive within Zenith’s investment banking operations, as saying that Ovia’s interest in the sector predates his latest move.
“Mr. Ovia’s interest in real estate started much earlier than just now,” Enakele was quoted as saying, adding that the focus on design, infrastructure and asset quality of the retired banker had long been evident in projects associated with the banker.
Ovia stepped down as chairman of Zenith Bank on May 5 after completing the maximum 12-year tenure allowed by regulators. While he remains the bank’s largest individual shareholder, his departure marks the end of a leadership era at the institution he founded in 1990 with an initial capital base of about ₦20 million.
Under his leadership, Zenith Bank grew into Nigeria’s largest lender by market value and one of the country’s most profitable financial institutions. The bank recorded profits exceeding ₦1 trillion in both 2024 and 2025.
Beyond banking, Ovia has built a portfolio of investments that includes Civic Centre and Civic Towers in Lagos, the sale of Visafone to MTN Group, and an early investment in Moniepoint.
Adewole Adebayo, candidate of the Social Democratic Party (SDP), in the 2027 presidential election has raised the red-light signal, warning Nigerians to be up in arms against the proposals for a single six-year presidential term at the National Assembly.
Warning that the move was not only a distraction from the country’s more pressing challenges, but could portend a sinister outcome in future, the lawyer and economist, who appeared as a guest on ARISE NEWS Television on Wednesday, insisted that electoral integrity and effective governance should be Nigeria’s primary focus.
He told his host that the real issue confronting Nigeria was not the length of time elected officials spent in office, but whether leaders emerged through free, fair, and credible elections that truly reflect the will of the people.
Hints to the new proposal was served through Opeyemi Bamidele, Senate Leader who said he had plans to sponsor a bill seeking to introduce a single six-year tenure for presidents and governors, to enable elected officials focus more on governance rather than re-election campaigns.
But joining other Nigerian’s suspicious of the move as a red flag, Adebayo said: “It’s a distraction. These are all idle talks. A six-year term, a four-year term—that’s not the problem. The problem is that you have to have a system that works.
“You have to have a political system where the voter decides the winner, where nobody watches INEC as if you are watching a secret society, and where political parties raise ideas and raise new people. So, my focus, as we are heading towards the future, is that we must, once and for all, kill the demon of rigged elections. We must, once and for all, allow the voter to vote. So, the issue of how long you stay in power and all of that is irrelevant; it’s what you do when you get there.
“I think the present system of four years – and if you are good enough, you go for another four years – is good enough if the people who are actually going to the government are going there only by winning a free, fair, and credible election. We should focus on that now.”
It was also a day he cried out about the attempts of fifth columnists to introduce crisis into the party, citing the parallel presidential candidates within the SDP, which he said was sponsored, adding that genuine members were unperturbed by the development.
Hear him: “We are not bothered by that. It’s the normal staple. So, I think the burden is on INEC to try not to waste its time on that and to follow the law. What we can have is a set of political parties competing on a set of ideas, and the media moderating for all of us so that we can have equal hearing. Then, Nigerians can now decide to lay their bed the way they want to lay on it when the time comes.”
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