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Rename Finance Minister As Minister Of Foreign Loans Collection – HURIWA Tells Buhari

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BREAKING: Buhari Signs N21.8 Trillion Budget Into Law

Piqued by the unrelenting applications by the Federal Ministry of Finance and Budgets for foreign loans since the assumption of office of the President Muhammadu Buhari’s government in 2015,  a human rights group has urged the president to change the name of the Ministry of Finance and Budget to the Ministry for Foreign Loans Collection.

The Human Rights Writers Association of Nigeria (HURIWA) made known its position in a statement by its national coordinator Emmanuel Onwubiko.

The group said: “We honestly think that the President should table before his Federal Executive Council the proposal for a change of the name of the Federal Ministry of Finance, Budget and National Planning to the Federal Ministry for Foreign Loans and Debts Accumulation. This is because Nigerians have come to see that the Minister of Finance Zainab Ahmed     does nothing else than inundating Nigerians with the bad news of the constant requests from all kinds of places around the world for external loans which are actually not being utilised to grow the economy or advance the living conditions of Nigerians but these huge loans are used to service the ballooning costs of running government and paying juicy allowances to Federal Government officials”.

HURIWA also dismissed as puerile and distasteful, the opinion credited to the Senate President Mr. Ahmed Lawan that Nigeria would continue to apply for foreign loans because the nation is poor.

The rights group said it made no sense to accept such a fallacy from the Senate President because in the first place, Nigeria is not poor but resource-rich but has poor and corruption-infested political leadership.

According to the group, poor nations without resources aren’t given or granted loans by creditors unless such debtors have collateral by way of resources that the creditors like China can fall back on if Nigeria fails to meet her repayment conditionality.

HURIWA said if Nigeria was such a poor country, creditors like IMF, World Bank, China, Paris Club and London Club won’t be falling on one another to extend loans and credit facilities to a poor nation which is why China for instance has a proviso for sovereign guarantee before awarding those frivolous loans because China is aware of the resource- rich nature of Nigeria.

READ ALSO: No Case Against Nnamdi Kanu, Court’ll Free Him – Lawyer

In a media statement made against the backdrops of the latest approval by the National Assembly of a further $6.18 billion foreign loans by President Muhammadu Buhari, HURIWA said the essence of setting up a ministry of fiance is to fashion out and effectively implement sustainable and viable financial mechanisms for aggressively boosting the economy of Nigeria and Nigerians and for the promotion of the principles of transparency, accountability and good governance through good policies.

HURIWA also lamented that whereas most nations of the world are concentrating their economic and national planning efforts on boosting the productivity of the citizens and gross domestic products of their countries through industralisation and the administration and maintenance of public works and social infrastructures to create enabling environments for private sector businesses to thrive and drive economic growth, the federal and state governments in Nigeria are in the bonanza of collecting foreign credit facilities and loans so as to finance the ostentatious political lifestyles of the politicians in the corridors of power.

READ ALSO: Governor Wants NYSC Extended To Two Years

The rights group which condemned the unbridled quest by President Buhari for collecting foreign loans, stated that statistically, financial experts have concluded that given all the loans accumulated by the government, each Nigerian is now a debtor to foreign entities to the tune of N 155, 000.

“This is the new kind of enslavement which must be resisted. Whereas these government officials collect loans and fritter to fund their expensive lifestyles, millions of Nigerians have become impoverished over time. In fact only two years back, Nigeria became the home to over 90 million absolutely poor citizens and the poverty capital of the world even whilst the nation is still very rich in terms of mineral and crude oil resources whose revenues are looted heartlessly by officials,” the group said.

HURIWA stated : ” We are aware that the Debt Management Office, DMO, has announced that the total debt stock of Nigeria rose to N31 trillion as of June 2020.It also said the debts are expected to rise this year following more debts to be sourced from international financiers.As of March 2020, the debt was at N28.6trn comprising all debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).The latest debt total of N31.009trn debt is about $85.897 billion while that of March which was N28.628trn was about N79.303bn.The debt stock grew by N2.38trn or $6.59bn within the three months interval. The additional increase was due to the $3.36bn Budget Support Loan from the International Monetary Fund IMF), new domestic borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.”

READ ALSO: Nigeria Receives A-29 Super Tucano Aircraft From US

HURIWA lamented that “officially, the multilateral debts are the highest of the stock of N16.360trn accounting for 51.97% of the total stock. The 10 agencies include IMF, World Bank Group, the African Development Bank (AfDB) Group, Eurobonds and Diaspora bonds just as the bilateral debts account for N3.948trn representing 12.54% of the debt stock taken from the international development agencies of China, France, Japan, India and Germany.

“The third debt category is the commercial debt which is N11.168trn and represents 35.48% of the debt. This is the second largest debt after those of the multilateral agencies with Eurobonds and Diaspora bonds accounting for them.”

The rights group cited media reports as stating sadly that the debt stock would rise with the expected borrowing from the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget Appropriation.

The rights group has therefore “for the umpteenth time called on President Muhammadu Buhari’s administration to stop forthwith the neocololonial tendencies of enslavement of Nigeria as one of the most notoriously heavily indebted third World nation.”

 

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Falola To Inaugurate Annual Founders’ Lecture At Atiba University, Oyo

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Dele Jegede In Conversation With Prince Yemisi Shyllon

On Wednesday, March 19th, Professor Toyin Falola, Africa’s most decorated humanity scholar and Nigeria’s most preeminent historian, will inaugurate the Founders’ Day lecture at Atiba University. When contacted, he said he considers it an honor for the privilege the Management of Atiba University, Oyo State, Nigeria, extended to him to deliver a lecture to a team of highly cerebral teachers and students. On March 19, 2025, at 10 a.m. Nigerian Time, Falola will speak on “Rethinking Tertiary Education in Nigeria through Private Universities for Sustainable Development.”

In a paper already released to the media, Falola considers inadequate finance, crammed classes, declining quality, and a widening discrepancy between graduate competency and industry standards as the most significant or major challenges plaguing Nigeria’s public tertiary education ecosystem. Against the backdrop of the faltering inability of public universities to meet the demands for their offerings, he argues that private universities offer a viable alternative or substitute. Private universities provide students with contemporary facilities, a disciplined study atmosphere, and a curriculum tailored to worldwide standards.

In this significant maiden, Falola considers how private universities may support sustainable development through innovation, increased research possibilities, and closing the talent gap, thereby fostering private institutions. He looks at how they may improve access to educational options, fix government institution inefficiencies, and help the economy grow. This major lecture further discusses policy options for enhancing the quality of education given by private universities in Nigeria. He shows how policy actions will guarantee that education is reasonably priced and encourage alliances between the public and commercial sectors to raise educational standards.

He divided his talk into six parts. He briefly overviews the challenges in Nigeria’s tertiary education sector, with private universities emerging as a viable alternative and the importance of aligning higher education with sustainable development. He then moves to Part II, where he examines Nigeria’s state of tertiary education. Here, he looks at the challenges facing tertiary education in Nigeria, such as inadequate government funding and its impact on public universities, overpopulation in public institutions, declining academic quality, and the disconnect between academic curricula and industry demands. In Part III, Falola’s lecture analyzes the role of private universities in addressing these challenges. He considers some selling points of private universities, such as smaller class sizes and better learning environments; investment in modern facilities and technology-driven education; stronger links with industries for practical training and employability; and research and innovation contributions to national development, and how these make private universities a viable alternative to their public university counterparts.

Falola situates private universities within sustainable development, looking at how they contribute to sustainable development by producing graduates with relevant skills for Nigeria’s economy, encouraging entrepreneurship and self-sufficiency, fostering innovation through research and development, and enhancing global competitiveness in education. He offers policy recommendations: the government should support private universities through favorable policies, public-private partnerships to improve access and affordability, strengthening quality assurance and accreditation system, and encouraging investment in research and development. The lecture closes by making a call to action on stakeholders, including government, educators, and investors, while emphasizing the need for a collaborative approach to redefine tertiary education for Nigeria’s sustainable future.

Professor Sunday Olawale Okeniyi, the Vice-Chancellor, has invited all the members of the public to attend the lecture.

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Falola To Deliver Memorial Lecture In Honour Of Olukotun

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Dele Jegede In Conversation With Prince Yemisi Shyllon
Prof. Toyin Falola

Lead City University, Ibadan, is set to host an inaugural memorial lecture in honour of the late renowned scholar and public intellectual, Prof. Ayo Olukotun.

Olukotun, an activist, public intellectual, erudite scholar, accomplished journalist, professor of Political Science, and a dedicated columnist for The PUNCH died on January 4, 2023 at age 69.

The event, scheduled for Tuesday, March 18, 2025, will hold at Adeline Hall within the university’s premises, starting at 10:30 a.m. The lecture, themed “Ayo Olukotun and the Nigerian Nation,” will be delivered by globally acclaimed historian and professor at the University of Texas at Austin, Prof. Toyin Falola.

According to Prof. Falola, “Ayo Olukotun was the voice of our nation. He has repeatedly screamed warnings into the ears of Nigerian leaders and citizens through his pen to rouse the nation from its slumber. The symposium aims to reflect on Olukotun’s intellectual prowess and its impact on nation-building.”

Speaking about the upcoming event, the Vice-Chancellor of Lead City University, Prof. Kabiru Adeyemo, said the lecture was a way to immortalise the legacy of Prof. Olukotun, whose works shaped the discourse around governance, media, and national development in Nigeria.

“Prof. Ayo Olukotun was a towering intellectual whose writings and contributions consistently challenged leadership and society to do better. This memorial lecture is not only to honour his memory but also to inspire a new generation of scholars to follow in his footsteps,” Adeyemo stated.

The Chairman of the occasion, Dr. Olorunnimbe Mamora, a former senator and seasoned public servant, commended Lead City University for hosting the event, describing Olukotun as “a scholar who combined academic brilliance with practical engagement in national discourse.”

The Registrar of Lead City University, Dr. Ayebola Ayeni, emphasised the university’s commitment to intellectual excellence, noting that “the choice of Prof. Toyin Falola as guest lecturer reflects the high intellectual standards the university upholds.”

The Chairperson of the Organising Committee, Dr. Igho Fayomi, encouraged both students and the general public to attend physically or join via Zoom, saying, “This lecture is a valuable opportunity to reflect on the life of a man who left an indelible mark on Nigeria’s intellectual and political space.”

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BREAKING: Ex-presidential Spokesperson Okupe Dies

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Doyin Okupe

A former presidential spokesperson Dr Doyin Okupe is dead . He was 71 years old.

Okupe’s death was confirmed by family sources.

He served as a senior adviser to former President Goodluck Jonathan and later as the Director-General of Peter Obi’s 2023 Presidential Campaign.

In December 2022, he stepped down from Obi’s campaign after a money laundering conviction.

He later resigned from the Labour Party after the 2023 general elections.

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