News
Senate to work towards reducing Nigeria’s borrowing — Lawan
The President of the Senate, Ahmad Lawan, has said that the upper chamber will work with revenue generating agencies towards reducing the level of the nation’s borrowing.
Lawan said this on Wednesday in Abuja, at an event to mark his 63rd birthday.
He said that the senate would support and supervise the agencies and keep them on their toes “for us to have more revenues in order to reduce the level of borrowing.”
“The upper chamber in the first-quarter of this year will focus on addressing the challenges of revenue generation, collection and remittance to shore up earnings by the Federal Government.
“An improvement to the country’s revenue figures will reduce Nigeria’s dependence on external borrowings for the execution of capital projects captured in the national budget.
“We still have a huge responsibility, and in fact, it is something that we wanted to do last year, but because of the COVID-19 pandemic we couldn’t do so.
“This year, by the grace of God, we are going to resuscitate that plan and it is to keep and maintain focus on revenue generation, collection and remittance.
“Our revenue to GDP ratio is very low and the economists will tell you Nigeria’s problem is not debt, but revenue.
“So, if that is the case, it means those of us in government must focus on dealing with the challenges of revenue generation, revenue collection and remittance.
“This year, we are going to have engagements with the revenue generating agencies such as Nigerian Ports Authourity (NPA), Customs, Federal Inland Revenue Service (FIRS) and so on, on a quarterly basis, to have their targets set for them, and we want them to come and brief us on their performance every quarter.
“We hope to start the first meeting, which is an exploratory kind of meeting with them either this month or early February.
“We want to see how we can make positive difference in the area of revenue generation.
“Nobody likes taking loans, borrowing or accumulating debts, whether as an individual, a family, a community or as a country.
“But what can you do when you’re not able to generate enough? We are as concerned as anybody else about our level of borrowing, even though we have not saturated, but if we can do better why not reduce, and the best way to reduce is to get more revenues from especially independent sources.
“The government owned enterprises are supposed to give us more money. In 2022, we are expecting maybe about a trillion, I’m not an economist, but I believe that we should be expecting maybe double or triple from them.”
Lawan further said that the National Assembly this year, would also focus on security through oversight of funds appropriated in the budget to the armed forces and security agencies.
He explained that doing so would guarantee transparency in the procurement process and ensure the welfare of military and security personnel tasked with restoring security across the country.
“Today, the security situation still begs for more attention. We will give a lot of attention to the security situation.
“We have appropriated about a trillion naira for our security agencies and armed forces, now it is for members of the National Assembly to ensure that the procurement process by the armed forces are transparent and everybody there is accountable.
“Of course, we should do oversight as much as possible for the welfare of our soldiers and security personnel. They need to continuously be motivated,” he said.
Headlines
Trump Victory Sparks Celebration in Florida, Disappointment for Harris Supporters
Jubilant supporters celebrated Donald Trump’s apparent victory in Florida early Wednesday as he claimed a return to the White House, despite most major news networks holding off on officially calling the race.
At an event in Palm Beach, Trump supporters reveled in the win projected by Fox News, cheering as the former president declared a “political victory that our country has never seen before.”
“I feel extraordinary,” said 68-year-old supporter Ted Sarvanis, dancing with arms in the air. “This is the greatest American political story in the history of the country.”
Joined by running mate J.D. Vance, Trump took the stage, celebrating his projected win. The atmosphere at the convention center was electric, with supporters sporting “Make America Great Again” caps and mingling in formal attire and Trump-themed clothing.
“I feel relieved. I was a little bit scared because you never know how things are going to turn out,” said Stacy Kurtz, 45.
In contrast, a far different scene unfolded for Vice President Kamala Harris’s supporters at Howard University in Washington, where they were hoping for a Democratic win.
As the night wore on and Trump gained electoral votes in key battleground states, disappointment swept through the crowd.
“I am scared, I am anxious now,” said Charlyn Anderson earlier in the evening.
Democratic watch parties in places like Atlanta and Pennsylvania grew somber as results rolled in, with Lynn Johnson, 65, expressing concern, “It’s going to be dangerous if he wins. I don’t feel safe.”
While Trump’s supporters celebrated a comeback, the mood among Democrats was marked by worry and disbelief.
“He’s a terrible candidate, so it just doesn’t make sense,” said Harris supporter Ken Brown.
The contrasting scenes highlighted the nation’s deep political divide on election night.
Headlines
Tinubu Congratulates Trump on Historic Re-Election, Eyes Stronger U.S.-Nigeria Ties
President Bola Tinubu has extended warm congratulations to President Donald Trump on his re-election as the 47th President of the United States, expressing optimism for stronger ties between Nigeria and the U.S. in an era of global challenges.
The congratulatory message, issued by Tinubu’s Special Adviser on Information & Strategy, Bayo Onanuga, emphasises the Nigerian leader’s hopes for a renewed partnership between the two nations.
Following his victory on Wednesday, Trump pledged to “heal” the country, marking a stunning political comeback as he edged past Kamala Harris in a closely contested election.
Tinubu, in his message, affirmed, “Together, we can foster economic cooperation, promote peace, and address global challenges that affect our citizens.”
Tinubu highlighted that Trump’s return to the White House reflects the trust and confidence of the American people in his leadership, praising their commitment to democracy.
Given Trump’s experience from 2017 to 2021 as the 45th President, Tinubu foresees a new era of “earnest, beneficial, and reciprocal economic and development partnerships between Africa and the United States.”
The Nigerian President also expressed confidence that Trump’s leadership will contribute to peace and prosperity worldwide, acknowledging America’s significant influence on global affairs.
Headlines
Peter Obi Calls for Lasting Solution to Nigeria’s Power Crisis
Former presidential candidate Peter Obi has urged the federal government to find lasting solutions to Nigeria’s ongoing power crisis following yet another national grid collapse, leaving Nigerians in darkness.
Posting on his X handle, Obi highlighted the frequency of grid failures, noting that since January 2024, the grid has collapsed ten times, with three incidents occurring in October alone.
Contrasting Nigeria’s power struggles with South Africa’s recent achievements, Obi stated, “Just a few days ago, on the 25th of October, South Africa, which was Africa’s second-largest economy until recently, celebrated seven months of uninterrupted power supply. South Africa generates about 40,000 MW of electricity, while Nigeria struggles to generate and distribute just 10% of that.”
Obi criticised the tendency to frame Nigeria’s electricity issues through tribal or religious lenses, stressing, “Is there any tribe in Nigeria that enjoys uninterrupted power supply like South Africa? I am labelled a tribal bigot. When I ask if any religion enjoys special privileges in this crisis, I am called a religious bigot. But I will continue to speak the truth about our situation today.”
He urged Nigerians to set aside “primordial sentiments” and focus on electing leaders capable of advancing development goals. “The solution lies not in tribal or religious affiliations but in visionary leadership and a shared commitment to progress,” Obi stated.
He emphasised the need to prioritize investments in critical areas such as health, education, and electricity to uplift Nigerians and shift from a consumer-driven economy to a productive one.
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