Lauretta Fagbohun, Ogun

...laments state's loss of $16b Dangote refinery to Lagos

The Ogun State Governor, Prince Dapo Abiodun says his administration is working towards ensuring the state takes advantage of its oil rich deposit and becomes an oil producing state.

Abiodun gave this position during the Convocation Lecture he delivered at the 2nd and 3rd convocation ceremony of the Mountain Top University with the topic, "Quest for Excellence: The Nexus of Faith, Knowledge and Resilience".

The governor expressed disappointment that Ogun lost a $16b Dangote refinery to Lagos after a break in discussion between the immediate past administration and Dangote.

He, however, expressed optimism that the state will become an oil producing state, saying "we are working assiduously on that, so, I accept this challenge, we will further strengthen our resolve to ensure that we bring Ogun State to an oil producing status in the very near future".

Abiodun, while also noting that he had the privilege to work as the chairman of the Olokola Free Trade Zone that was meant to have the refinery cited in the state, added that the project was not just conceived with the aim of refining petroleum products only, but to take advantage of the mining lease awarded around the corridor.

"I worked as chairman of Olokola Free Trade Zone that was meant to have the Dangote refinery cited in Ogun Waterside, however, discussions broke down between Dangote and the then administration which led to the loss of that project to Lagos state; a sixteen billion dollar was lost to another state.

"That project was conceived with the aim of not just refining petroleum in Ogun, but also to take advantage of the mining lease that had been awarded around that corridor that has even not begun to be exploited," he said.

The governor affirmed that the state has very rich oil reserves in Tongeji Island, adding that "Ogun state is situated in the Dahomey Basin, which stands for the Niger Delta that goes all the way to Ghana".

"Everyone of the states in that corridor are oil producing today, even Ondo and Lagos states", Abiodun said.

A gang of kidnappers has abducted two Islamic clerics after taking time to eat at their residence at Ayetoro in the Yewa-North Local Government Area of Ogun State.

The kidnappers reportedly took the two friends, AbdulJelil Hussein and Ilyas Jamiu on Saturday around 10pm shortly after they arrived from a public lecture.

The elder brother of one of the victims, Ibrahim Hussein, told our correspondent on Monday that the kidnappers took their time to carry out the operation.

Ibrahim said the kidnappers seized the phones of the occupants of the house, went to the kitchen and ate the food the clerics’ wives prepared with all the meats in the soup.

He said, “It happened around 10pm when they (the clerics) were alighting from the Toyota Highlander which my brother bought two months ago.

“The kidnappers were five and when they came, they laid ambush somewhere in the dark and were able to capture them immediately.

“After they took them, they marched them inside, seized our phones, went to the kitchen, took Eba and a pot of soup; they ate the food and all the meats in the soup before taking them away.”

When asked why the occupants did not resist them, Ibrahim said the kidnappers were armed with weapons.

He noted that the hoodlums had contacted the family and demanded a ransom of N15m.

The state Police Public Relations Officer, Abimbola Oyeyemi, confirmed the incident.

Oyeyemi said police and other security agencies, including local hunters, had begun combing the bush in the area in search of the victims.

He said, “Yes, we are aware. Our men have been there with others, including local hunters, combing the bush.

“We will get them. We have got others in Ijebu-Ode and other areas in the state. We will get them and deal with them.”

Punch

Some youths suspected to be thugs on Monday laid siege to some parts of Obafemi Awolowo University in Ile-Ife and attacked the Vice-Chancellor, Eyitope Ogunbodede, and other management team members of the university.

The youths, who were armed with dangerous weapons including guns and cutlasses, prevented the VC and his management team from accessing some parts of the university land from the Parakin axis, shooting sporadically and brandishing dangerous weapons.

The thugs also attacked and harassed the Public Relations Officer (PRO) of the University, Abiodun Olanrewaju, and reporters, threatening to kill them.

The thugs were believed to have been hired by land grabbers who want to fraudulently claim some parts of the university land.

Ogunmodede described the attack as unfortunate and noted that the federal government would not cede an inch of the university’s land to anyone.

He said the newly completed hostel in the axis where the land grabbers wanted to claim could not be occupied by students since it was completed because of the threat pose to the lives of the students by the land grabbers.

The VC said: “I don’t want to lose any of our students.

“We are short of accommodation for our students but it’s not worth the lives of our students.

“You can see that it is only God that saved us today. You can see the shooting and all sorts of things but we thank God that we all survived it.

“We will try as much as possible to continue to maintain peace because the university can not continue to exist without the community.

“We will try as much as possible to continue to reach a perfect understanding with the community.

“We have been doing it. We have succeeded over many years and we will continue to do it.

“You can see that we are in a very serious situation as far as OAU land is concerned.”

Daily Trust

Pan-Northern socio-political organisation, Arewa Consultative Forum, has accused President Muhammadu Buhari and northern governors of creating impression that lives of those who are being killed in the North by bandits do not matter.

ACF, which stated this in a statement in Kaduna on Monday by its National Publicity Secretary, Emmanuel Yawe,   condemned the gruesome killing of 38 persons in  four communities in Giwa Local Government Area of Kaduna State on Sunday.

The group said this as herdsmen killed 20 Tiv farmers in Nasarawa State between Friday and Monday in what was reported to be a reprisal.

During the attacks in Lafia, Obi, and Awe Local Government areas of the state, 5,000 people were displaced.

Also on Monday, the death toll in the killings in Kaduna State rose to 40 as the state government disclosed that two more corpses had been recovered, just as it was learnt that a monarch was killed in Idasu area of the state.

In the statement titled, ‘ACF cries out against killings in the north,’ the ACF slammed the President and northern  governors for not visiting, empathising with victims of attacks in the region.

“The President and the northern governors are unwittingly creating the impression that only their lives, those of their immediate family members and their offices matter,” ACF said.

The northern organisation expressed its total disapproval, frustration and anger over what it said appeared to be an endless killings in the region.

It urged federal and state governments to show empathy and sympathy over the gruesome murder of the defenceless villagers.

ACF noted that the President and the state Governor, Nasir El-Rufai ought have visited the scene of the attacks.

However, the forum noted with sadness that Buhari had  “never felt it necessary to do so (visit).”

It said: ”The Arewa Consultative Forum will like to put on record its total disapproval, frustration and anger agaisnt what appears to be an endless orgy killings in Northern Nigeria.

“The latest incidence took place in Giwa Local Government Area of Kaduna State where 38 innocent citizens were hacked to death.

“According to Samuel Aruwan, the States Commissioner for Internal Security and Home Affairs, many houses, trucks, cars and food crops were destroyed during the attacks.

While the ACF joins Governor of Kaduna and the President of Nigeria in consoling those who suffered losses during the latest attack, we call on all the state governments and the Federal Government to show more empathy and sympathy in such grave security breaches.

“Nothing stops the President and a State governor from visiting such places. We sadly note that he has never felt it necessary to do so.

“In fact following his example, not one governor has done so except Governor Zulum of Borno.”

It added, “Just a few days ago also in Uba Askira in Borno, where 10 people were killed and uncountable numbers taken away.

“The people affected by these savage attacks are thus left to think that their lives don’t count.”

Herdsmen attack Tiv villages, kill 20 Tiv farmers, 5,000 displaced

Also on Monday, no fewer than 20 Tiv farmers were killed and 5,000 others displaced in Lafia, Obi, and Awe local government areas of Nasarawa State following attacks on 12 communities by gunmen suspected to be herdsmen.

A source, who spoke to our correspondent on condition of anonymity in Lafia on Monday, said that the attacks started after the herdsmen discovered the corpse of their kinsman  in a community in the Obi LGA.

He said, “The killings started since Friday and up until now, our people are still running and looking for where to hide because the herdsmen are fully armed. About 20 people have been declared dead by their relatives and I heard our community leaders saying that 5,000 Tiv farmers have been displaced as a result of the attack.”

President of Tiv Development Association in the state, Peter Ahemba, revealed that 20 corpses of his kinsmen had been recovered across the 12 affected communities in Lafia, Obi and Awe LGAs.

He listed the communities to include Chabo, Daar, Tse-Udugh, Ayaakeke, Kyor-Chiha, Usula, Hagher, Joor, Tyungu, Ugba, Angwan and Ayaba.

He said, “Over 5,000 persons have been displaced across 12 communities and about 20 corpses have been recovered with the support of security agencies. Scores are still missing in bushes and we don’t know whether they are alive or dead.”

He added that the inhabitants of affected communities were killed by the suspected  herdsmen. He called on both the state and the federal governments to do everything possible within their powers to restore normalcy to the affected communities.

Confirming the incident, Police Public Relations Officer in the state, Ramhan Nansel, said that a complaint was made on Friday that one Mr Umaru Idrisu of Gidan Washi Village in Obi LGA was attacked and killed by unknown armed men.

He explained that upon receipt of the complaint, the Commissioner of Police, Adesina Soyemi, ordered the Divisional Police Officer in Obi LGA to move to the scene where the corpse was recovered and later taken to the hospital for a post mortem before it was released to the family for burial according to Islamic rites.

He said, “While investigation was ongoing, a suspected reprisal was carried out by unknown persons in Hangara village, Lafia East Development Area in Lafia LGA and crossed over to the neighboring Kwayero Village of Obi LGA.

“The following persons namely Sani Dauda, Danjuma Liambee, Uloho Jerry, Shedrack Kente, Boniface John, Tersoo Clement, Gwanje Soja and Ayuba Ali were attacked and killed; their corpses were recovered and taken to the hospital by the Police.

The state Governor, Abdullahi Sule, condemned the incident and vowed to ensure that killers of a fulani herdsman and Tiv farmers were arrested and prosecuted.

Sule said this during a meeting he held on Monday with security chiefs, traditional rulers as well as Tiv and Fulani community leaders in the Obi Local Government Area of the state.

Death toll rises to 40 in Kaduna village attacks

In Kaduna State, the  Commissioner of Internal Security and Home Affairs, Samuel Aruwan said two more bodies had been recovered by the security  agencies following bandits attacks on villages in Giwa Local Government Area of the state on Sunday.

The commissioner had on Sunday, said that some bandits invaded three communities in Giwa Local Government Area of the state killing at least 20 persons.

The commissioner gave the names of the attacked communities to include Kauran Fawa, Marke and Riheya villages in Idasu where 38 people were killed across the communities attacked by the bandits.

Residents flee as bandits kill monarch

Aruwan said he could not say if the two bodies included that of traditional ruler said to have been gunned down by the bandits on Sunday.

It was gathered that the Magajin Garin Idasu, Magaji Ibrahim, was shot dead on Monday.

The development has forced the residents of Idasu to flee their homes.

Punch

President Muhammadu Buhari has withheld his assent to the Electoral Act (Amendment) Bill 2021.

In a letter to the Senate President, Ahmed Lawan, and read by  AriseTV News monitored in Abuja, the president said prevailing situation in the country would not allow him sign the bill.

Amongst other reasons he cited include high cost of conducting direct primaries, the security challenge of monitoring the election, violation of citizens rights, and marginalisation of small political parties.

Buhari also noted that adopting direct primaries has implications on the rights of citizens to participate in the government, as constitutionally insured.

The president said the conduct of direct primaries would lead to a significant spike in the cost of conducting primary elections by parties, as well as the increase in the cost of monitoring such elections by Independent National Electoral Commission (INEC).

He  explained that the direct consequences of the high cost are monetization and that it will drive and increase financial crimes and constitute further strain on the economy.

Buhari adds that it will also stifle smaller parties without the enormous resources required to mobilize all party members for the primaries, a situation which he said is not healthy for the sustenance of multiparty democracy in Nigeria.

He further stated that security agencies will also be overstretched, as direct primaries will be open to participation from all and sundry.

“Such large turnout without effective security coordination, will also engender intimidation and disruptions, thereby raising credibility issues on the outcomes of such election”, he said.

Significantly, Buhari said: “The amendment as proposed is the violation of the underlying spirit of democracy, which is characterized by freedom of choices of which political party membership is a voluntary exercise of the constitutional right of freedom of association.”

He also said the proposed amendment might also give rise to a plethora of litigations based on diverse grounds and issues of law, including but not limited to the fact that the proposed amendment could not work in retrospect, given that the existing constitution of the parties already registered with the INEC permits direct, indirect and consensus primaries.

Buhari said his decision was based on informed advise by relevant ministries, departments and agencies of government, and careful review of the bill in light of the current realities prevalent in the Federal Republic of Nigeria in the circumstances.

Sun

The Nigerian Army says it is punishing a female soldier who got engaged in an Orientation Camp of the National Youth Service Corps (NYSC) for flouting its rules and code of conduct.

Army spokesperson, Onyema Nwachukwu, disclosed this in a response to an enquiry by PREMIUM TIMES on Sunday.

A video of a male corps member proposing to a female soldier at the Yikpata Orientation Camp of the NYSC in Kwara State recently surfaced online and went viral.

In one of the video clips, some corps members are seen having a discussion at a venue believed to be the parade ground of the orientation camp.

The discussion is still on when the yet-to-be-identified corps member, who is seen holding a ring, goes down on one knee and pops the question to the soldier with the lady accepting the proposal.

The corps member goes on to insert the ring in the finger of the visibly excited soldier amid cheers from others at the scene.

In another clip, the pair are seen sharing lovey-dovey moments. The corps member is seen wearing the lady’s military cap as she stands directly behind him.

They thereafter share a kiss to the delight of other corps members filming the incident.

There were reports after the incident that the soldier had been detained by the Army, an action that has since received wide condemnation on social media.

Fraternisation

In his reaction, Nwachukwu said it is an act of indiscipline for a trainer to engage in an affair with her trainee.

He described the act as fraternisation in military terms.

He further said it is an act of gross misconduct for a personnel to engage in romance while in uniform.

“The Nigerian Army has Codes of conduct, Rules and regulations guiding our personnel whenever and wherever they are deployed for duty.

“We have ethics, customs and traditions, which have the force of law and are enforceable as such. These are meant to guide service personnel and better position them to efficiently execute the critical, onerous and consistently hazardous profession of the arms.

“The female soldier in question violated the following rules of the NA. Firstly, fraternization while on official duty at the NYSC camp. That is, indulging in amorous relationship with a trainee.

“Secondly, a personnel must have served for three years, before he/she can qualify for marriage.

“Thirdly, she disobeyed the Armed Forces of Nigeria standing guidelines and directives for the use of Social Media.

“Fourthly, indulging in romance while in uniform, and fifthly, her conduct was prejudicial to good order and military discipline. All the above, if proven are in violation of extant laws with attendant disciplinary and penal implications.

“As a personnel, her task was to train the youth corps members and not to indulge in amorous relationship with any of them,” he said.

Nwachukwu said the public perception would have been different if a male soldier had proposed to a female trainee, adding that it (public) would have seen it as taking advantage.

“These rules were put in place for the purpose of proper administration and discipline in the Army. If I may ask, what if the soldier was a male? How would the public have perceived his action? Definitely, it would have been perceived as taking advantage of a female corper, a trainee, put in his care for training.

“The same applies here. The Nigerian military like all others, has its disciplinary codes, distinct from that of the general society. Every personnel has voluntarily undertaken to be bound by this code,” he added.

PT

Remi Babalola, former chairman of FBN Holdings Plc appointed by the Central Bank of Nigeria following the abrupt exit of his predecessor, Oba Otudeko, resigned his position due to “the rot, stench and corruption in the system”, PREMIUM TIMES has learnt.

Babalola gave up the top board role at the financial service group on Friday.

Although no official announcement has yet been made, including from the Nigerian Exchange Limited, inside sources informed about the issue confirmed the development to PREMIUM TIMES earlier on Friday.

The exit of Babalola, a former Nigerian Minister of State for Finance, is coming at a time billionaire mogul Femi Otedola emerged as the new biggest shareholder at the holdco.

On Saturday, documents obtained by PREMIUM TIMES from top sources at the Central Bank of Nigeria (CBN) showed that the former minister claimed that he resigned amid frustrating attempts to reinstate confidence in the brand and improve corporate governance within the system.

In a letter announcing his resignation, seen by PREMIUM TIMES, the former chairman expressed frustration about the system and lamented his futile efforts to ensure transparency in the holdco’s operations.

“I accepted the appointment as a non-executive director and chairman of the board of FBN Holdings PLC on April 30th 2021 as a national call to service, an opportunity to deploy my endowments to illuminate humanity,” wrote Babalola.

“Since then, it has been a slug of herd work, sacrifices and battles.”

Despite the challenges, Babalola explained that the board was able to push through within the last few months to effect major changes in corporate governance overhaul. He noted that the board reinstated confidence in the brand, stalled value erosion, transferred registrars for transparency, introduced openness and due processes in all transactions, unveiled significant investors, and pushed for improved performance.

“However, with the rot, stench and corruption in the system, it has been well-nigh impossible for me to break; and upon deep reflection and partial to my personal values, I write to formally resign my appointment as a non-executive director and chairman of the board of directors of FBN Holidays PLC, effective immediately,” he wrote.

“This should allow ample time for the institutions shareholders to plan a smooth transaction through the next Annual General Meeting.”

Boardroom tussle, poor performances

In the last few weeks, major shareholders of the holdco have been slugging it out in battle for influence and power within the company.

Billionaire magnate and chair of Geregu Power Plc Femi Otedola and his closest rival Tunde Hassan-Odukale, have been locked in an ownership tussle since the news of Mr Otedola’s share acquisition broke in October.

Shortly after Odetola’s move was announced, Mr Hassan-Odukale claimed 5.36 per cent shareholding in the holdco in what he called “cumulative equity stake” drawn from a combination of his direct, indirect and related party shareholding in the group.

Days after, the board of FBN Holdings issued a letter to the Corporate Affairs Commission, notifying Hassan-Odukale’s “5.36 per cent” cumulative stake and other related details. The controversial aspect of his declaration, particularly his claim to 1.05 per cent stake held by Leadway Pensure PFA, a company owned by Hassan-Odukale, attracted disapproval from the NGX and the National Pension Commission.

Last week, Otedola acquired a further interest in FBN Holdings Plc, the parent company of First Bank. The purchase was expected to formally consolidate his position as the single biggest shareholder of FBN Holdings, placing him well ahead of his rival.

Amid the ownership tussle, First Bank Nigeria (FBN) Holdings reported low turnover in the three months period of third quarter 2021, with gross earnings and profit declining by 4.96 percent and 40.1 percent respectively.

In the period between July to September 2021, the company generated N427.03 billion, 4.96 percent below the N449.33 billion the lender reported for Q3 2020.

In the interim report filed at the Nigeria Exchange Group (NGX), profit before tax failed to surpass the N63.31 billion recorded during the corresponding period last year, as it stood at N52.93 billion.‘Surprising Resignation’

Meanwhile, details of a separate letter obtained from insiders at the CBN showed that the apex bank has invited Babalola to a meeting of the Committee of Governors of the Bank.

The meeting, scheduled to further discuss the development surrounding Mr Babalola’s exit from First Bank, will be held on Monday at the CBN office in Lagos.

In the letter, CBN eulogised the former chairman for his modest efforts in repositioning the bank yet described Babalola’s resignation as a ‘surprise’.

“However, your resignation came as a surprise, given its suddenness, without any prior engagement with the Bank and your allegation of wrongdoing within the bank which you claimed stalled your efforts to deliver on the mandate following your appointment by the Bank,” the CBN said in the letter, signed by Haruna Mustafa, Director of Banking Supervision.

“The CBN takes issues of governance infractions and breaches very seriously and hereby invites you to a meeting with the Committee of Governors of the Bank to further discuss this development.”

Efforts made by our correspondent to speak with Babalola on Saturday failed as his known telephone number was unreachable. Text messages sent to his telephone lines were also not responded to as of press time.

A CBN spokesperson did not return calls Saturday afternoon.

PT

Federal Government has warned former president, Olusegun Obasanjo, not to set Nigeria on fire with his “dirty politicking.”

It also boasted that Nigeria is safer than it was in 2015 before the All Progressives Congress (APC) took over power from Peoples Democratic Party (PDP).

Government, through its Minister of Information reiterated that President Muhammadu Buhari has done better than his predecessors in tackling insecurity and insurgency in the Northeast, amidst difficult economic and social conditions.

On Monday, Obasanjo, at a retreat on inclusive security in Abuja, organised by the Global Peace Foundation and Vision Africa, said: “President Buhari has done his best. If we are expecting anything more than what he has done or what he is doing, that means we are whipping a dead horse and there is no need…”

He added that military action alone cannot end insurgency.

In its reaction, yesterday, government slammed Obasanjo for disseminating “untruths and fallacious” statements about Buhari’s leadership.

Mohammed, said: “The polity has recently been awash with heightened commentary on the security situation in the country. The commentary has been triggered by genuine concerns in some circles, and crass politicking or sheer absurdity in others.

“Since assuming office in 2015, Buhari has continued to make the issue of security a major plank of his administration’s policy. This is not a surprise, considering the fact that the fight against insecurity is one of the three priority areas of the APC-led Federal Government.

“Yes, the security situation has continued to pose a great challenge, but amidst the cacophony of voices – some genuinely concerned about the situation and others ready to exploit it for selfish ends – it is easy to forget where we are coming from.

“Today, we only look at the current situation without wondering what would have been had this president not taken the bull by the horns, as far as security is concerned. With the way insurgents were going before this administration came into office, with their control of a vast swath of land the size of Belgium, with their freewheeling attacks in almost a dozen states, including the Federal Capital Territory, which was hit at least five times, perhaps they could have achieved their aim of declaring an Islamic State in Nigeria, if Buhari had not acted decisively. After all, in 2014, Boko Haram declared a Caliphate in Gwoza after capturing Bama and Gamboru as well as other towns and villages in Borno, Yobe and Adamawa. They installed their own Emirs, collected taxes and flew their flag before the military dislodged them.”

The minister noted that, although banditry and kidnapping had fuelled insecurity across the country, the president has continued to provide “quality leadership in order to ensure that our security agencies decisively tackle the cankerworm of insecurity of any hue. No administration in Nigeria’s recent history has provided the security agencies with the hardware needed to tackle insecurity as that of Buhari, in addition to raising the morale of our security men and women.

“Only last week, Mr. President commissioned an armada of naval boats and ships in the latest effort to enhance our nation’s maritime security. The army, the air force and the police, among others, have also been receiving modern hardware to strengthen their arsenal…Despite all these, Buhari has not relented, constantly presiding over meetings of security chiefs to get an update and also issue necessary directives, and not missing any opportunity to offer succour to his countrymen and women, when necessary.

“The skewed narrative in certain quarters that the president  has not shown enough empathy is glib talk. The president has also continued to work with our neighbouring countries and indeed our Western partners to tackle insecurity, especially terrorism. With the entire Sahelian region experiencing a devastating surge in terrorist attacks, more so in the wake of the Libyan crisis, it has become even more imperative for Nigeria to step up regional cooperation to more effectively tackle insecurity – and that is what Mr. President has been doing.

“Buhari has done so much, under very difficult economic and social conditions, to tackle insecurity in our country. Not only has he done so much. Buhari continues to do much more to keep Nigerians safe. To say he has nothing more to offer is untrue, fallacious and smacks of dirty politicking. By boosting the number and capacity of our fighting forces, Mr. President is putting them in good stead to tackle insecurity not just during the life of his administration but long after he would have left office. Buhari is leaving a legacy of security, infrastructural development, economic prosperity and social cohesion for Nigeria. This may not seem obvious today, amidst daunting challenges, but posterity will be kind to this President…”

Sun

Federal government has approved new allowances for the Police that would see the take home pay of police personnel increase by at least 20 percent, an official has said.

Police affairs minister, Maigari Dingyadi, told journalists that the Federal Executive Council (FEC) has approved “peculiar allowance” for the police to take off from January 2022.

The allowance will increase police personnel take home pay by 20 per cent of their present earning, Dingyadi said.

He said the salary increase was part of efforts of the Buhari administration to meet the demands of the #EndSARS protesters.

The FEC meeting presided by President Muhammadu Buhari at the Presidential Villa, Abuja, on Wednesday, also approved the review of police duty tour allowance to 6 per cent, and the release of N1.2 billion for the payment of uninsured benefits.

Also approved by FEC is N1.2 billion for the payment of outstanding allowances.

The minister said FEC also approved a tax waiver for junior police personnel to take effect from October 2021.

PT

The Senate on Wednesday approved President Muhammadu Buhari's request for $5.8 billion in borrowing from international lenders.

The money from the World Bank, China Export and Import Bank, German Consortium and Islamic Development Bank among other lenders, is for power projects, water and sanitation, malaria eradication programmes and agriculture projects.

The borrowing is part of the 2021 budget to deal with the effects of the coronavirus pandemic and a sharp drop in oil prices, which has dented Nigeria's spending plans because oil sales make up 90% of its foreign exchange earnings.

The request was approved by the lower house on Tuesday.

Debt Management Office said on Tuesday Nigeria's total public debt rose to $92.75 billion as of September, up 18% from a year earlier.

Africa's largest economy has been racking up debt to fund infrastructure projects and boost a fragile economy now recovering from recession following the impact of the oil price crash triggered by the pandemic.

Buhari has submitted a 16.39 trillion naira budget for 2022 to parliament for approval. Lawmakers can make changes to the budget before it is sent back to the president to pass into law if he agrees to any revisions.

Reuters