Former President Olusegun Obasanjo has described Nigeria’s growing debt profile as a significant burden for both present and future generations.

Speaking during a Zoom interactive programme tagged “Boiling Point Arena” on Sunday, Obasanjo expressed concern over the nation’s rising debt profile.

The PUNCH reported Nigeria’s debt had surged by N12.6tn in three months, reaching N134.3tn ($91.3bn) by the end of the second quarter of 2024.

This marks a 10.35% increase from the N121.7tn recorded in the first quarter of the year.

Reflecting on his tenure, Obasanjo said, “Yes, I was able to secure debt forgiveness for the nation before I left office, but our present debt profile is a problem for both this and the next generation.”

Despite these concerns, the former President maintained optimism about Nigeria’s future, calling for transformative leadership and a robust fight against corruption to improve the nation’s trajectory.

Obasanjo cited South Korea and Singapore as examples of nations whose progress was rooted in merit-based and integrity-driven leadership.

He noted that South Korea’s focus on appointing leaders based on merit and Singapore’s emphasis on integrity under former Prime Minister Lee Kuan Yew are models Nigeria can emulate.

“The best way to fight corruption is from the top. In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy.

“When I took students from the Olusegun Obasanjo Leadership Institute to meet Lee Kuan Yew, he spoke to them about leadership grounded in trust and integrity. Leadership must be about service, not self-enrichment,” Obasanjo said.

He also criticised those who view leadership as a means to personal gain, adding that corruption in government could only be eradicated by creating a critical mass of individuals committed to refusing illicit gains.

“The fight against corruption must be consistent. It’s not a one-regime affair. It must be a daily commitment. If one administration lets its guard down, corruption spreads like a hydra-headed monster,” he warned.

Obasanjo further emphasised the need for constitutional amendments to address Nigeria’s systemic challenges, stating that sustainable development and national integrity hinge on transparency, accountability, and divine purpose.

 “National progress is only achievable through consistency in action, leadership built on accountability, and the collective effort of leaders and citizens committed to a shared vision for the nation,” he said.

Nigeria has ranked fourth among countries whose citizens were granted U.S. citizenship through military naturalization between 2020 and 2024.

During the period under review, the United States naturalised over 52,000 military service members across different countries.

According to data obtained from the U.S. Citizenship and Immigration Services on Monday, 3,270 Nigerian-born service members were granted U.S. citizenship, trailing only the Philippines (5,630), Jamaica (5,420), and Mexico with 3,670.

“Service members born in the Philippines, Jamaica, Mexico, Nigeria, and Ghana — the top five countries of birth among those naturalised — comprised over 38% of the naturalizations since FY 2020.

“The next five countries of birth — Haiti, China, Cameroon, Vietnam, and South Korea — comprised an additional 16% of military naturalisations from FY 2020 to FY 2024,” the analysis of the data partly read.

The data revealed that the number of Nigerian service members gaining U.S. citizenship has steadily increased over the past five years.

From 340 in 2020, the figure rose to 630 the following year, 680 in 2022, 690 in 2023 and 930 in 2024.

The Army accounted for 60% of all military naturalisations during this period, followed by the Navy (20.4%), Air Force (10.6%), and Marine Corps (6.6%). Less than 1% of naturalised service members served in the Coast Guard.

“Service members from the Army (including National Guard and Reserves) comprised almost two-thirds (60%) of all military naturalisations from FY 2020 to FY 2024. Service members from the Coast Guard comprised less than 1%. The Navy accounted for 20.4%, the Air Force for 10.6%, and the Marine Corps for 6.6%,” the report stated.

Age-wise, half of the service members were between 22 and 30 years old when they naturalised.

“Half of all service members were between 22 and 30 years old when they naturalised. The median age of all service members who naturalised between FY 2020 and FY 2024 was 27. More than 17% were 21 and under, while almost 5% were older than 40,” the analysis revealed.

Regarding gender distribution, 73% of the naturalised service members were men.

“Men comprised 73% of all service members naturalized between FY 2020 and FY 2024. The proportion of female service members slightly increased across the years,” the report added.

Senators from Nigeria’s South-East region have resolved to consult with their state governments, constituents, and other stakeholders before making a final decision on the contentious tax reform bills currently before the National Assembly.

Under the umbrella of the South-East Senators’ Forum, the lawmakers emphasized the importance of seeking input from the zone to ensure their position reflects the collective interests of their people.

Leader of the caucus, Senator Eyinanaya Abaribe, disclosed this on Monday while addressing journalists after a closed-door meeting at the National Assembly in Abuja.

The tax reform bills—Nigeria Tax Bill 2024, Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill—were transmitted to the National Assembly on October 3 by President Bola Tinubu.

While the bills aim to overhaul the country’s tax system, they have faced significant criticism, with some of the opposition taking ethnic and sectional dimensions.

To address these concerns, the Senate constituted a committee to liaise with a federal government delegation led by the Minister of Justice and Attorney General of the Federation, Lateef Fagbemi.

However, the committee’s scheduled meeting last Thursday was postponed due to Fagbemi’s absence.

Abaribe clarified that while South-East senators are generally supportive of the proposed tax reforms, they believe wider consultations are necessary to address the peculiar concerns of their zone.

“As much as the entire senators from South-east are not against the Tax Reform Bills before both chambers of the National Assembly for consideration, we want wider consultations to be carried out on them.

“Specifically, we need to consult with our constituents across the 15 senatorial districts in the zone with our state governments and other critical stakeholders,” he said.

Abaribe, the senator for Abia South Senatorial District, noted that he and other senators from the South-east region have read the bill and are willing to share its benefits when passed to different stakeholders in their area.

“We have read through the bills and want to share our knowledge with other stakeholders from the South-east Zone for a much more equitable framework in the bills that would eventually be passed.

“We are not against the bills but need to consult with our people,” he stressed.

Last Thursday, senators from South-south said they supported the tax reforms regardless of the criticisms because they aimed to strengthen revenue and foster economic stability.

They also warned people opposing the tax reform bills to refrain from expressing regional, ethnic, or tribal sentiments when criticising them.

The Governor of Edo State, Monday Okpebholo has accused his predecessor, Godwin Obaseki of hoarding books and instructional materials donated to school children in the state.

Okpebholo made the allegation during the distribution of notebooks, textbooks, and other instructional materials to schools across the three senatorial districts in the state.

The Governor alleged that Obaseki failed to distribute the books which were donated by President Bola Ahmed Tinubu to mark his one year in office.

He argued that Obaseki’s act of keeping the books from the schoolchildren was nothing short of wickedness.

He said, “These books you see here were donated by the President of Nigeria, Bola Ahmed Tinubu for use by Edo children, but Obaseki refused to distribute the books to our children because the President’s face is affixed.

“I want to thank the President for his kind gesture, and for me, the action of the former governor, Godwin Obaseki, is an act of wickedness.

“This warehouse is filled with books donated by the President of Nigeria but because of wickedness, he prevented the books from being distributed to the children. Today, we are here to distribute the books to our children.

“Keeping these books away from our children is wickedness, and his actions were wrong. He said he has developed the education system using Edobest, but what we see here today is not best for our children.

“Obaseki deprived Edo children of using these books provided by the President of Nigeria, Ahmed Bola Tinubu, and was stored away from the reach of Edo children.”

Nigerians yesterday got an assurance of a better economy next year from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The minister expressed optimism that the country was gradually moving away from factors that has impacted negatively on its economy and the citizenry.

Edun gave the assurance at a meeting with the House of Representatives Joint Committee on National Planning and Economic Development and Finance on the proposed N47.9 trillion 2025 Budget.

The minister gave an overview of next year’s Appropriation Bill.

He said that going by the projection on increased revenue next year and as other measures being taken by the government, there are indications that the country was moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.

Edun said the signs show positive indications of a positive performance of the country’s economy in 2025.

He said: “We do have market pricing and foreign exchange that has resulted in a situation whereby upwards of five per cent of the Gross Domestic Product (GDP) has been lost to plurality of factors benefiting just a few and created long-sighted incentives against growth and investment.”

The minister assured that as government revenue goes up, it will help lower debt servicing and borrowing because as the economy improves, it will become more competitive.

He said: “The deficit of that increase which we hope to achieve less but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.

“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”.

Chairman of the House Committee on National Planning and Economic Development, Ibrahim Ayokunle (APC, Ogun) asked the minister to give an appraisal of the economy.

Ayokunle said: “But briefly, as we have said, what is the state of our economy, number one, as in our finances. Then number two, in terms of our revenue so far with the projections we have for 2025.

“Let us have an insight into the previous, into whether we are looking good, especially in terms of our GDP and in terms of inflation rates as submitted. So that we can note all this down and we’ll be able to submit our report.”

The committee chair urged the minister to uphold sense of patriotism and continue with the giant strides aimed at ensuring results from President Bola Ahmed Tinubu administration’s efforts at putting a smile on the faces of Nigerians.

Chairman of the House Committee on Finance, James Abiodun Faleke said the committees are looking at the revenue performances of the MDAs as regards the 2024 Budget ahead of the implementation of the proposed 2025 Budget in January.

Faleke said: “We are now in December. By now, the agencies should be able to provide to us with what revenue we have generated between last year and November.

“At least, for 11 months, we should be able to have that. We are just interested in the revenue we have been able to get.

“Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection. We are interested in whether agencies are able to do that.”

The Committee has directed the Managing Director and Chief Executive Officer (MD/CEO), Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho to appear before it today.

Faleke gave the order when he turned back Dantsoho’s representative, Sabiu Musa Danbatta who informed the committee that, the MD/CEO was on a special assignment, hence his absence.

Former Vice President Atiku Abubakar has countered the Secretary to the Government of the Federation (SGF), George Akume on his admonishment to the North to stay off the 2027 presidential election.

Akume had, in an interview with Television Continental (TVC) on Sunday, declared that northerners seeking election to Aso Rock should wait till 2031 and allow President Bola Tinubu re-contest in 2027.

“Today, it’s what I said at the convocation of Nile University, where I was given an honorary doctorate. I appealed to my brothers in the north to wait till 2031 to run for presidential election.

“It is not yet the time for the north to throw in the hat in the ring. It’s not yet the time.

“This has been my appeal to them. Let us not destroy our country because of personal ambition.

“Tinubu, as a southerner, should be allowed to have a second term, meaning that those eyeing the presidency from the north in 2027 should look beyond that year by waiting till 2031.

“If it is the will of God for Alhaji Atiku Abubakar to be president of Nigeria, even at the age of 90 years, he can get it, but he and other northerners, eyeing the office now, should look beyond 2027.

“But my advice, and this has been consistent, is that let us not rock the boat.

“Let us allow this power to reside in the south for eight years, and from there it will come to the north. To do otherwise, honestly, is to destroy this country.”

However, Atiku, in a reaction on Monday, queried the grounds of equity and fairness in Akume’s admonishment.

In a statement by his Media Adviser, Mazi Paul Ibe, he pointed out that the South has had more years on the presidential seat than the North, counting from 1999.

Atiku said, “Where, then, does true equity and fairness reside? By the year 2027, the South will have enjoyed 17 years of leadership — eight years under Obasanjo, five years under Jonathan, and four years under Tinubu — while the North will have experienced only 11 years, with Yar’Adua serving three and Buhari eight. This results in a disparity of six years between the North and South, casting a shadow over the balance of power.

“In any case, the power to elect and vote out their government lies firmly with the Nigerian people, entrusted to them upon the government’s ability to prove itself worthy of the people’s ballot. But has the Tinubu government demonstrated that it deserves to be re-elected? The answer, alas, is as clear as the heavens themselves — God forbid!”

Tinubu had defeated Atiku in the 2023 presidential election, even as the latter challenged the president’s electoral victory up to the Supreme Court which eventually affirmed Tinubu’s victory.

Atiku’s response may have confirmed his widely perceived desire to contest again in 2027, a contest he lost in 2007, 2019 and 2023.

The Arewa Consultative Forum (ACF) has condemned the Presidency for stating that President Bola Tinubu would stay in power till 2031.

Recall that the Secretary to the Government of the Federation, George Akume, had asked northern political leaders preparing to run for the 2027 Presidency to shelve their ambition and wait till 2031 when President Tinubu would have finished his second term.

Reacting to the AGF’s submission, Arewa admonished the incumbent adminstration for obsessing over the 2027 election instead of focusing on delivering good governance to Nigerians.

Speaking to Punch, the ACF National Publicity Secretary, Tukur Muhammad-Baba, insisted that the talk about the 2027 Presidency was a distraction from the more pressing issues facing the country.

Mohammad-Baba emphasised that the ACF won’t take a partisan stance on who should be voted for or against, noting that its primary concern was the wellbeing of the electorate.

He said, “So far, we have not issued any stand one way or the other on the issue. We thought concentration should be on good governance and delivery of services to the electorate.

“Our position is that it’s too early to debate the 2027 Presidency. We think the focus should be on good governance and the delivery of good dividends of democracy to the people.

“This talk of 2027 is too early, and it’s a distraction to the dialogue that should be taking place. Is democracy paying off for the people? Should the government do something for the people? This is what should preoccupy the minds of Nigerians, not the 2027 Presidency.”

Governor Babajide Sanwo-Olu has called upon landlords and property owners in Lagos State to avoid raising their rents and property values.

Sanwo-Olu’s message to the landlords and property owners comes following the recent inauguration of major infrastructure projects in the Ifako-Ijaiye Local Government Area.

In his address during the launch of the Abiola-Ajayi-Ogba and Obawole-Iju-Ishaga road projects on Monday, Sanwo-Olu emphasized that these developments are designed to address the difficulties faced by residents rather than to worsen them.

The newly inaugurated 643-meter road, which includes a bridge and slip roads, provides connectivity to areas that were previously accessible only through temporary wooden bridges that required a crossing fee.

“I appeal to landlords and landowners: do not increase your rents and property prices. The essence of the infrastructure built is to bring relief to the people and not burden residents,” Sanwo-Olu stated.

The Lagos State Governor added: “I am committed to addressing the long-standing problems of communities, including flooding and commuting. These projects symbolise our dedication to improving Lagosians’ daily lives.”

2023 presidential candidate of the Labour Party (LP), Peter Obi, has met with Nigerian Senior Advocate, Afe Babalola, SAN, in Ado-Ekiti, Ekiti State.

The former governor of Anambra State met with the Nigerian legal luminary on Monday concerning human rights lawyer, Dele Farotimi, currently at the Ekiti prison.

Social activist, Moses Paul, who shared video and photos of the visit via his X handle, said Peter Obi and Afe Babalola reportedly had in-depth discussions, including on Farotimi’s matter.

Moses wrote, “Today, Mr. @PeterObi travelled from Lagos to Ekiti State, dedicating the entire day to meaningful engagements. He visited Aare Afe Babalola at his office within the Afe Babalola University, where they had in-depth discussions on critical issues, including the situation of activists and lawyer @DeleFarotimi.

“Following this, Mr. @PeterObi proceeded to the prison facility where @DeleFarotimi is being held. In a private meeting, he expressed solidarity and engaged in a candid exchange aimed at addressing the prevailing challenges.”

According to SaharaReporters, sources at the meeting confirmed that Peter Obi begged Afe Babalola on behalf of Farotimi.

Recall that Farotimi was remanded following allegations of defaming a prominent legal figure and founder of Afe Babalola University, Aare Afe Babalola, SAN.

Naija News reports that the activist is accused of damaging the reputation of Afe Babalola through statements made in his recently released book, ‘Nigeria and Its Criminal Justice System.’

Farotimi, who was arraigned last Wednesday, pleaded not guilty to all sixteen charges against him.

Police prosecutor, Samson Osun, requested that the defendant be held in custody while further investigations are conducted, citing the need for maintaining public safety.

In response, the defendant’s attorney, Dayo Akeredolu, contested this request, urging the court to grant bail under lenient conditions and based on self-recognition.

He emphasized that the case is eligible for bail and that the defendant is a well-known individual who does not pose a threat.