Over the course of nine months since assuming office, twenty-two states have collectively disbursed ₦251.79 billion to service debts accumulated by preceding administrations.

According to Sunday PUNCH, the states obtained fresh loans of ₦310.99 billion between July 2023 and March 2024, despite increased monetary allocations from the Federation account.

The data was sourced from the budget implementation reports of individual states, accessed through Open Nigerian States, a budgIT-supported platform that acts as a repository for government budget information, with budgIT being a Nigerian civic organization advocating for transparency.

The performance report is compiled quarterly and released within four weeks following the conclusion of each quarter.

The report contains the original approved budget and revised/final budget appropriations for the year 2023 for each organizational unit, categorizing expenditures into core economic classifications including personnel, overheads, capital, and others.

Additionally, it incorporates the actual expenditures for quarter Q3, attributed to each organizational unit, along with the cumulative expenditures for the year to date, and balances against each of the revenue and expenditure appropriations.

An analysis conducted by Saturday PUNCH revealed that the states listed include Abia, Akwa Ibom, Anambra, Benue, Cross River, Delta, Ebonyi, Ekiti, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Niger, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, and Zamfara.

Further examination of the report revealed that the states encountered a challenging endeavor to revitalize their respective economies, having inherited a minimum of ₦2.1 trillion in domestic debts and $1.9 billion in external debts from their predecessors.

Investigations also revealed that the states grappled with numerous months of unpaid workers’ salaries and increasing pension liabilities, amid calls for the implementation of the nationally agreed minimum wage.

Additionally, they faced challenges posed by rising inflation, soaring prices of goods and services, and declining purchasing power.

In Abia State, Dr. Alex Otti, the sole governor under the Labour Party platform, inherited a total domestic debt of ₦104,573,334,025.73 and an external debt of $95,632,239.04.

Meanwhile, Benue State Governor, Hyacinth Alia, assumed office with ₦143,368,150,982.89 in domestic debt and $30,472,977.14 in foreign debt.

Governor Bassey Otu of Cross River State was burdened with ₦175,198,799,155.96 in domestic debt and $215,754,975.33 in foreign debt.

Similarly, Akwa Ibom State Governor, Umo Eno, was faced with a domestic debt of ₦219,617,660,991.63 and $46,569,647.22 in external debt, among other challenges.

Recall that after the removal of fuel subsidy and the unification of the foreign exchange markets, there was a significant rise in states’ earnings from the Federation Account Allocation Committee, totaling N3.34 trillion in the post-fuel subsidy era.

With the improved earnings, states had the autonomy to settle outstanding loans acquired by the previous administration, particularly during the third and fourth quarters of 2023.

This financial enhancement afforded the states the opportunity to address fiscal obligations and alleviate financial burdens inherited from previous administrations.

A chieftain of the All Progressives Congress (APC) Osun State, Olatunbosun Oyintiloye has decried the recent exit of multinational corporations from Nigeria.

He adviced President Bola Tinubu to bolster the economy so the nation would retain and attract more investors.

The former state House of Assembly member highlighted the potential repercussions of multinational departures.

Speaking to newsmen in Osogbo, Osun State on Sunday, he identified diminished foreign investment, extensive job losses, and economic downturn as some of the effect of the multinationals exit.

Oyintiloye cited notable exits like Kimberly-Clark, the makers of Huggies, alongside GlaxoSmithKline Consumer Nigeria Plc and others, which have either fully or partially ceased operations.

He acknowledged Tinubu’s efforts to stabilise the economy, but pointed out the urgency of addressing business environment hurdles cited by departing firms.

The APC chieftain insisted that the government needs to restore Nigeria as an attractive destination for multinationals and empower local manufacturing industries.

He proposed flexible foreign exchange policies, tax breaks, and incentives to retain existing investors.

According to him, “There is no doubt that the president has been putting measures in place to revamp the economy, increasing foreign direct investment and also making local industries vibrant and competitive.

“Government should create a more flexible and transparent foreign exchange policy to address scarcity issues , reduce the inflationary trend which has reduced consumers’ demand and purchasing power, Create tax breaks, review economic and fiscal policy.

“The government should also look at how to give incentives to some of the multinationals that are still operating in the country.”

The government of President Bola Tinubu has been sued over failure to publish spending details of the loans obtained by the governments of former presidents since the return to democracy in 1999.

The suit was filed against the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Debt Management Office (DMO) by Socio-Economic Rights and Accountability Project (SERAP).

In the suit number FHC/L/CS/353/2024 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to direct and compel Tinubu’s government to publish the loan agreements obtained by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.

Aside publishing the spending details of any such loans, the organisation is also asking the court to direct and compel the government to include the interests and other payments so far made on the loans.

According to SERAP, publishing the spending details of such loans will help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.

The organisation is argues that accountability of government to the general public is a hallmark of democratic governance, which Nigeria seeks to achieve.

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “Publishing the loan agreements would improve public accountability in ministries, departments and agencies (MDAs).”

“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.”

“Publishing the agreements and spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.”

“Publishing the loan agreements signed by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari, and widely publishing the agreements would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans.”

“According to Nigeria’s Debt Management Office, the total public domestic debt portfolio for the country’s is N97.3 trillion ($108 billion). The Federal Government’s debt is N87.3 trillion ($97 billion).”

“Nigeria paid $6.2 billion in 2019 as interest on loans while the country paid $6.5 as interest in 2018. Nigeria also paid $5 billion as interest on loans in 2017 while the country paid $4.4 billion as interest in 2016. For 2015, the interest paid on loans was $5.5 billion.”

“Substantial parts of the loans obtained by successive governments since the return of democracy in 1999 may have been mismanaged, diverted or stolen, and in any case remain unaccounted for.”

“Persons with public responsibilities ought to be answerable to the people for the performance of their duties including the management of the loans obtained between May 1999 and May 2023.”

Meanwhile, no date has been fixed for the hearing of the suit.

The Nigeria Labour Congress (NLC) is poised for President Bola Tinubu’s verdict on the newly proposed ₦62,000 minimum wage, which emerged from recent discussions between the Federal Government and the Organised Private Sector.

NLC President, Joe Ajaero, expressed that the President’s response would significantly influence Organised Labour’s forthcoming actions.

The proposal, adopted at Friday’s meeting of the Tripartite Committee on the new minimum wage in Abuja, was initially met with resistance from labour representatives.

Trade Union Congress (TUC) President, Festus Osifo immediately rejected the figure, stating that labour would not accept anything less than ₦250,000 as a fair minimum wage.

In addition, the NLC issued a statement criticizing state governors for their refusal to even meet the previously proposed ₦60,000, labelling their stance as detrimental to the welfare of economically vulnerable groups.

Imo State Governor, Hope Uzodimma, alongside TUC President Osifo, confirmed the ₦62,000 figure at the conclusion of the Tripartite Committee meeting.

Governor Uzodimma explained that the committee’s recommendation would be forwarded to President Tinubu, who is expected to submit an executive bill to the National Assembly outlining the final minimum wage figure.

In his conversation with The Nation, Ajaero mentioned that Labour is prepared to wait for the President to consult further before making his decision public.

He recalled how the current ₦30,000 minimum wage was set, noting that a lower figure had initially been suggested before being raised by the then-president prior to legislative approval.

Former world heavyweight champion, Anthony Joshua, is making waves once again due to the latest Sunday Times Rich List, which sees the British-Nigerian’s net worth estimated at £175m, PUNCH reports.

After bouncing back from consecutive defeats by Oleksandr Usyk, Joshua’s recent hot streak includes four straight victories, with his latest win being a knockout blow to ex-UFC heavyweight Francis Ngannou in Riyadh, Saudi Arabia.

Since his stunning Olympic gold medal win at London 2012 catapulted him to fame, Joshua has been climbing the boxing ladder with gusto. But it’s a throwback interview with GQ in April 2017 that really shows the heights he aimed for.

At the time, Joshua was gearing up for his bout with Wladimir Klitschko at Wembley Stadium, which he won by KO. Chatting to GQ, Joshua revealed his financial dreams, saying initially he just wanted to be rolling in millions. But as times changed, so did his goals.

“When I first started, the aim was to become a multimillionaire. But now there are ordinary people, grandmas and granddads, who are worth millions just because of property prices,” he explained.

“So the new school of thought is that I need to be a billionaire. Being a millionaire is good, but you have to set your sights higher.”

Joshua has set his sights sky-high, revealing his financial goals saying, “If I’m making £10 million from my next fight, my next target has to be making ten times that. And if I get to £100m-150m, why not go for the billion? I know self-made billionaires. It’s hard, but it’s possible.”

The boxing star bagged a whopping £66m, his highest purse to date, when he snatched back his WBA, WBO, IBO, and IBF world titles from Andy Ruiz Jr in December 2019. Reports claim he then bagged £31million in his March clash with Ngannou.

Joshua has undeniably boosted his wealth recently, with Forbes estimating his 2020 earnings at a cool $47million. However, according to the latest Sunday Times Rich List, Joshua’s net worth now stands at a hefty £175m, an impressive figure, albeit short of his ultimate goal.

Joshua has always been open about his drive to earn big, telling Yahoo Sports in February 2023 that a big motivation for him is, “Money, money, money. I like making money, straight up. I’ve been broke, my family’s been broke, I know what this sh*t means.

“I always built businesses outside of boxing, out of fear of going back to square one, but when I’m said and done, no one will care about me anymore, so I’ll make the most of it while I’m here.”

In a heartwarming encounter at the French Embassy in Abuja, an eight-year-old boy named Peter captured the admiration of many Nigerians when he respectfully turned down a significant cash gift from Super Eagles and Nottingham Forest striker, Taiwo Awoniyi, PUNCH Sports Extra reports.

The incident unfolded on Monday when Awoniyi visited the French Ambassador to Nigeria, Jean Francois Hasperue, to discuss sports partnership opportunities and the development of the Unicorn Football Academy in Ilorin.

Uche Nworah, a blogger present at the embassy, narrated the story on Facebook on Tuesday. Peter had greeted Nworah and his colleagues politely while they waited for their appointment.

Impressed by the boy’s demeanour, Nworah called Peter back to commend him and offered him a small cash gift in appreciation, but the boy refused, citing his father’s rule against accepting things from strangers.

Organised labour, consisting of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), condemned governors on Saturday over their recent stand on the new minimum wage in the country.

Naija News recall that the governors under the aegis of the Nigeria Governors Forum rejected the proposed ₦60,000 minimum wage for Nigerian workers.

The Director of Media and Public Affairs for NGF, Halimah Ahmed, noted in a statement released on Friday that the governors said the proposed minimum wage was too high and unsustainable.

The governors said if the ₦60,000 minimum wage is adopted, many states will allocate their entire Federal Account Allocation Committee funds to salaries, leaving no resources for development projects.

However, reacting on Saturday, the Organised Labour faulted the NGF’s position, saying every part of the new minimum wage agreement should be implemented and any of the state governors who can’t pay it should resign.

In an interview with Punch, Tommy Etim, the Deputy National President of the Trade Union Congress, said, “There is no minimum wage. Every segment of it should be implemented. For the governors, we have said it very clearly. If you cannot pay minimum wage, please resign because you were voted for governance, not only infrastructure.

“If you build the entire infrastructure and the people are not living to use it, who will use it? When they were campaigning did they tell us that? They didn’t tell us that. They make use of the poor to get to the top and when they get there, they start thinking outside the box. All the money they spent in electioneering campaigns, if they applied that to build infrastructure, to develop the revenue generation that would have solved some socio-economic challenges in their domain.”

Describing the NGF statement as a recipe for industrial unrest, he said, “In this same country, the governors said that ₦30,000 was too much for governors to pay but it is in the same country that a governor emerged with over ₦80bn. What an irony! We cannot jump processes. We will also look at it together. Labour will be meeting. We are giving Mr President the benefit of the doubt to work the talk. The end will justify the means.”

Puts current figure of out-of-school children at 989,234

Governor Abba Kabir Yusuf of Kano State, yesterday, revealed that upon assumption of office on May 29, 2023, his administration met no fewer than 4.7 million pupils sitting on bare floors in primary schools across the state.

Yusuf, who spoke while declaring state of emergency on Education in Kano at the Open Arena, Kano Government House, said the lack of instructional materials further compounded the problem.

According to him, it left teachers and students to struggle with outdated and insufficient resources.

His words: “Above 4.7 million pupils are sitting on bare floors to take lessons while about 400 schools have only one teacher for all classes subjects and all pupils. Rather than building more classrooms and providing basic furniture in the schools, as well as hiring more teachers, the administration we took over from chose to butcher the land belonging to those schools. In some places, it demolished classrooms to create space for shops.

“Those schools that they could not sell, they closed them down and got them vandalized. The encroachment of public school lands and the conversion of these vital institutions into private business premises is an affront to our communal values and a direct assault on our commitment to public education. This reckless appropriation of educational spaces for commercial use is unacceptable and must stop immediately.

“Today, I stand before you with a profound sense of duty, compelled by the pressing need to address the precarious state of our education sector. As your elected governor, entrusted with the solemn responsibility of steering our state towards prosperity and progress, I cannot ignore the glaring reality that confronts us in the realm of education.

“And with education being our number one priority, and believing that education is not only a public good, but is also the greatest asset that any people can bequeat to its upcoming generation because no people can grow beyond the quality and standard of their education system, we must, therefore, take radical but practical measures to reposition education provisioning in our state.

“It is with a heavy heart that I bring forth this discourse, as the challenges we face in the education sector are as formidable as they are alarming, and the urgency with which we must act is undeniable.

“Our educational landscape, once a beacon of hope and opportunity for our youths, and an example for other states to copy, now stands shrouded in the shadows of unacceptable neglect and decay. Our beloved state is witnessing an alarming proliferation of out-of-school children, with the current figure standing at 989,234 children.”

The Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have confirmed that they have not received any formal report or petition regarding the alleged ₦423 billion misappropriation by the administration of former Kaduna State Governor, Nasir El-Rufai.
The Kaduna State House of Assembly had previously established a 13-man panel chaired by Deputy Speaker Henry Danjuma to investigate El-Rufai’s tenure.

This followed claims by the current Governor, Uba Sani, about inheriting a significant debt burden which he detailed during a town hall meeting. According to Sani, the state was left with “$587 million, ₦85 billion, and 115 contractual liabilities.”

The assembly’s probe was initiated to scrutinize the finances, loans, and contracts awarded under El-Rufai, amid allegations of rampant financial mismanagement.

During a session on Wednesday, Danjuma reported that numerous loans were misapplied and some procurements breached due processes.

Speaker Yusuf Liman, upon receiving the committee’s findings, declared that El-Rufai’s government had misappropriated N423 billion, resulting in massive financial liabilities for the state.

Despite these severe allegations, ICPC spokesperson Demola Bakare informed Sunday PUNCH that the state assembly has yet to approach the commission with an official petition concerning the matter.

Bakare said, “They made that statement, but we have not received the report; but if they bring it, we know what to do. It’s an intention. It’s still an intention, and they have not sent the report to us for investigation.”

Concerning whether the ICPC would commence a probe into the matter if it receives the report of the Kaduna State Assembly, the spokesperson answered in the affirmative.

He said, “That is what we are established to do, if we receive a report, we don’t want to be criticised as killing the report; hence we’ll look into it, and if we’re able to establish a prima facie case, we’ll bring it to a logical conclusion. But we have not received any report in this regard.”

Also, impeccable EFCC sources, who spoke with the platform on condition of anonymity because they were not authorised to speak, confirmed that the EFCC had yet to receive a petition from the Kaduna State Assembly concerning the money laundering allegations against El-Rufai.

A source said, “The EFCC does not work just based on what is reported. But if they (Kaduna Assembly) bring a petition to us, we’ll look into.”

Another source revealed, “There are processes and procedures, however, if they send a petition to the EFCC, we’ll act on it.”

Bukola Saraki, the 8th Nigerian Senate President, has accused former president, Muhammadu Buhari of trying to use the Economic and Financial Crimes Commission (EFCC) to frame him up of fraud to weaken his tenure.

Saraki who ruled under President Buhari between 2015-2019, made the accusation on his official facebook handle, while celebrating the Supreme Court’s judgement delivered on Friday, overturning the Federal High Court’s 2018 decision regarding an alleged N3.5 billion fraud case against Melrose General Services Limited.

Prior to the judgment, the EFCC had accused Melrose General Services Limited of obtaining N1.4bn from the Nigeria Governors’ Forum (NGF) through false claims.

The Commission therefore, secured the final forfeiture of the said N1.4bn through the Federal High Court, but being dissatisfied with the court ruling, Melrose General Services approached the Supreme Court for redress.

At the resumed session held on 14th March 2024, counsel to the appellant, Kehinde Ogunwumiju informed the apex court of a motion seeking to set aside of the judgment of the Court of Appeal.

He premised his argument on the fact that the money involved in the forfeiture suit is not a proceed of any unlawful activity, but payment for a contractual and consultancy agreement.

He therefore prayed that the decision of the high court on the forfeiture be reversed.

However, the EFCC Counsel, Ekele Iheanacho, informed the court of his counter-affidavit dated 11th March 2024, praying the court to adopt his brief of argument and dismiss the appeal of the appellant

He said: “My Lords, we seek the leave of your noble Lordships to undertake a brief overview of the concept of forfeiture granted by the two courts below in a bid to drive home the 1st respondent `s case.

“There are generally two types of forfeitures used to recover the proceeds and instrumentalities of crimes. They share the same objective, namely the forfeiture to the state of the proceeds and instrumentalities of crime. Both share common two-fold rationales”, he said.

“Recall that appellant filed his notice of appeal against the well-considered judgment of the Federal High Court which was equally dismissed by the Court of Appeal on May 31, 2019, having found that the appellant failed to show that the said funds are not proceeds of crime.

“Further to the background of the matter, the EFCC carried out investigations which revealed among others the sum of N3.5bn was fraudulently paid to the appellant to carry out a consultancy job for the Nigerian Governors Forum, NGF, under the guise that the appellant carried out a consultancy job for the NGF entitling it to the money when it did not do any such work.

“The appellant made several withdrawals within a short time leaving N1,222,384,857.84 before the EFCC intervened.

“Further investigation led to the recovery of an additional sum of N220m which the appellant had paid to WASP Networks Ltd and Thebe Wellness Services”.

Meanwhile, after listening to all the submissions, the five-man panel of the apex court reserved judgment on the matter till 7th June, 2024.

However, delivering a judgment on 7th June, the Supreme Court panel led by Justice Akomaye Agim set aside the judgments of the lower courts and ruled in favour of the appellant, Melrose General Services.

Celebrating the victory of Melrose, Saraki said: “Yesterday’s ruling by the Supreme Court, which overturned the 2018 decision of the Federal High Court regarding an alleged N3.5 billion fraud case against Melrose General Services Ltd., has brought a long and arduous legal ordeal to a just and welcome conclusion.

“As much as this case was between the EFCC and Melrose General Services Limited, it was a proxy war, with Melrose serving as a mere pawn in a larger scheme to victimise and persecute me.

“It was always clear that this case, just like my CCT case, was a thinly veiled attempt by the Buhari administration to use the EFCC for political gain.

“The allegations of “Paris Club Fraud” were nothing more than a smokescreen designed to weaken my office as President of the Senate and tarnish my reputation through spurious accusations similar to the Code of Conduct Tribunal, from which I was also acquitted.

“As I said at the CCT, this case too was a politically motivated attack, not on corruption, but on the very foundations of our democracy.

“It aimed to undermine the independence of the judiciary, the separation of powers, and checks and balances—principles I have always fiercely defended.

“They hoped that by targeting me, they could sow discord within the legislature, turning colleagues against each other, ultimately weakening the institution of the Senate, and silencing dissenting voices.”

The former Senate President said because of this he is grateful to Almighty Allah (SWT), the ultimate arbiter of justice, for guiding the Supreme Court to this righteous verdict.

He also commended the judiciary for their meticulous examination of the evidence and adherence to due process, which ensured that justice prevailed.

“I also thank Melrose’s legal team for their tireless efforts in seeing this case to a just conclusion.

“Moving forward, we all have to canvas for fairness in the fight against corruption.

“We should see this verdict as an inspiration to champion the rule of law, promote democracy and its institutions, and tolerate divergent views,” he said.