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2019: Buhari queries youths’ readiness to actively lead Nigeria

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SENATOR Abdulfatai Buhari representing Oyo North Senatorial District on Monday queried the youths’ readiness to actively participate in politics just as he expressed concerns over the newly enacted law – ‘Not too young to run’.

Refreshing your memory, the clamour for the younger generation to vie for elective offices in Nigeria got a major boast few months ago when a bill to amend the age requirements to run for office ‘Not too young to run bill’ was laid on the floor of the Senate on July 20th,2017 by the Chairman of the Constitution Review Committee, Deputy Senate President, Ike Ekweremadu and was later passed into law by the Senate on 26th July, 2017 and 27th July, 2017 by the House of Representatives respectively.

The lawmaker, Buhari stated this at a public lecture organised by the National body of the Federation of Oyo State Students Union (FOSSU) held at the Assembly Hall, The Polytechnic Ibadan.

According to the Chairman, Senate Committee on ICT and Cybercrime there are fears over readiness of youths to take over from the elders as there are questions over whether they have political sagacity to challenge the elders and whether they possess the experience or the wherewithal to deliver.

In his lecture entitled: The Not Too Young To Rule Movement: Issues, Challenges and Prospects in View, Senator Buhari alerted Nigerian youths to the fact that “they need to equip themselves intellectually through training and retraining because leadership positions require sound education and a lot of experience”.

Speaking further, he urged them to take more and meaningful advantage of the internet and social media other than their present arrogance, uncoordinated and unproductive usage.

In his words, “in contrast, today Nigeria youths have lost focus and been relegated to ordinary internet warriors, e-rats, fraudsters and political thugs arguing subjectively, illogically and irrationally in support of their pay masters, ethic and religious colouration. Instead of using it as strength, they have turned it to triviality and use it to blackmail, defraud and all sort of immoralities”.

Senator Buhari also noted that the agitation for the younger generation to vie for elective offices in Nigeria got a major boost few months ago when a bill to amend the age requirement to run for office was passed into law by National Assembly.

In addition, he said the bill has paved way for a new Nigeria where younger people can run for elective positions and participate actively in decision making and nation building, stressing that a society that prepares its youths for the sake of the future aspirations will not only secure her future development but will prepare her next set of leaders with challenges of national unity and development.

He lamented that there are more than 20 African leaders that are aged above 70 years, describing African and mostly Nigerian youths as their own worst enemies. “Looking at their percentage and their numerical strength, they ought to be dictating who gets what, when and how in our political space but are not coordinated and lacks the political will to challenge the elders”.

Charging the youths to position themselves and show leadership qualities, emphasising that power is not served a la carte, Buhari, however enjoined the elders to handover the batton of leadership to the younger generation.

Also, in his remarks, the Deputy Speaker of the Oyo State House of Assembly, Hon. Musa Abdulwasi, who was chairman of the occasion, promised that the House of Assembly will vote overwhelmingly for ‘Not Too Young to Run bill’ when the legislative process begins.

In his closing remarks, the state governor, Abiola Ajimobi, who was ably represented by his Special Assistant on Students, Fatima Hassan commended the students for organising such a programme that could spur youths into leadership. Ajimobi said the government would always put student matters at the fore front of policy decisions.

The event marking this year’s 57th Independence anniversary had in attendance, the Caretaker Chairman of Itesiwaju Local Government, Hon. Niyi Adeagbo; former Special Adviser to Governor Abiola Ajimobi on Media, Dr Festus Adedayo; Special Assistant to the Governor on Statistics, Ayuba Mayowa; Caretaker Chairman, Ogbomoso South West LCDA, Hon. Adeyemo Adedeji Abiodun; Former Chief of Staff, Razak Gbadegesin among others.

 

 

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National Issues

Nigeria’s Foreign Debt Servicing Hits $3.58bn in Nine Months, Pressuring Budgets

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The Nigerian government spent a staggering $3.58 billion on servicing foreign debt within the first nine months of 2024, marking a significant 39.77% increase compared to the $2.56 billion expended over the same period in 2023.

This data, drawn from a recent report on international payment statistics by the Central Bank of Nigeria (CBN), reflects a concerning rise in the country’s foreign debt obligations amid depreciating currency values.

According to the report, the most substantial monthly debt servicing payment occurred in May 2024, totaling $854.37 million. This is a substantial 286.52% increase from May 2023’s $221.05 million.

Meanwhile, the highest monthly payment for 2023 was $641.7 million in July, underscoring the trend of Nigeria’s escalating debt costs.

Detailed analysis of monthly payments further illuminates the trend.

In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million, a significant rise from $112.35 million in January 2023. However, February saw a modest reduction of 1.84%, with costs decreasing from $288.54 million in 2023 to $283.22 million in 2024. March also recorded a decline of 31.04%, down to $276.17 million from $400.47 million the previous year.

Additional fluctuations in debt payments continued throughout the year, with June witnessing a slight decrease of 6.51% to $50.82 million from $54.36 million in 2023. July 2024 payments dropped by 15.48%, while August showed a 9.69% decline compared to 2023. September, however, reversed the trend with a 17.49% increase, highlighting persistent pressure on foreign debt obligations.

With the rise in exchange rates exacerbating these financial strains, Nigeria’s foreign debt servicing costs are projected to remain elevated.

The central bank’s data highlights how these obligations are stretching national resources as the naira’s devaluation continues to impact debt repayment in dollar terms.

Rising State Debt Levels Add Pressure

The federal government’s debt challenges are mirrored by state governments, whose collective debt rose to N11.47 trillion by June 30, 2024.

Despite allocations from the Federal Accounts Allocation Committee (FAAC) and internally generated revenue (IGR), states remain heavily reliant on federal transfers to meet budgetary demands.

According to the Debt Management Office (DMO), the debt burden for Nigeria’s 36 states and the Federal Capital Territory (FCT) rose by 14.57% from N10.01 trillion in December 2023.

In naira terms, debt rose by 73.46%, from N4.15 trillion to N7.2 trillion, primarily due to the naira’s depreciation from N899.39 to N1,470.19 per dollar within six months. External debt for states and the FCT also increased from $4.61 billion to $4.89 billion during this period.

Further data from BudgIT’s 2024 State of States report illustrates how reliant states are on federal support. The report revealed that 32 states depended on FAAC allocations for at least 55% of their revenue in 2023.

In fact, 14 states relied on FAAC for 70% or more of their revenue. This heavy dependence on federal transfers underscores the vulnerability of states to fluctuations in federal revenue, particularly those tied to oil prices.

The economic challenges facing both the federal and state governments are stark. The combination of mounting foreign debt, fluctuating exchange rates, and high reliance on federally distributed revenue suggests a need for fiscal reforms to bolster revenue generation and reduce vulnerability to external shocks.

With foreign debt obligations continuing to grow, the report emphasizes the urgency for Nigeria to address its debt sustainability to foster long-term economic stability.

 

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Rep. Oseni Urges Urgent Action on Rising Building Collapses in Nigeria

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Engr. Aderemi Oseni, representing Ibarapa East/Ido Federal Constituency of Oyo State in the House of Representatives, has called for a prompt investigation into the increasing occurrences of building collapses in major cities across Nigeria.

In a motion presented to the House on Wednesday, Oseni expressed deep concern over the alarming frequency of building collapses, emphasising the threat they pose to the lives and property of Nigerians.

The APC lawmaker, through a statement by his media aide, Idowu Ayodele, cited the recent collapse of a two-storey school building at Saint Academy in Busa Buji, Jos, Plateau State, on July 12, 2024. The tragic incident, which trapped 154 people and claimed 22 lives, is the latest in a series of similar disasters, raising serious concerns nationwide.

Oseni also referenced a report from The Punch newspaper, which revealed that Nigeria had recorded 135 building collapse incidents between 2022 and July 2024.

“This figure is alarming and unacceptable,” he stated, stressing the urgency of preventing further occurrences.

The Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), Oseni reminded the House that the Council for the Regulation of Engineering in Nigeria (COREN) and other relevant professional bodies are responsible for ensuring compliance with building standards and practices.

“Despite these regulatory frameworks, the recurring collapses suggest that enforcement is lacking. The loss of lives, properties, and resources is staggering, and this disturbing trend must be addressed immediately,” he remarked.

He proposed the formation of an Adhoc Committee to investigate the underlying causes of these collapses and recommend both immediate and long-term solutions.

Also, he urged the House Committee on Legislative Compliance to ensure swift implementation of any recommendations.

The House agreed to deliberate on the motion and is expected to present its findings and proposed actions within eight weeks.

 

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Corruption Among Political, Religious Leaders Stalls Nation-Building – Olugbon

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The Vice-chairman of the Oyo Council of Obas and Chiefs, Oba Francis Olusola Alao, has expressed deep concern over the increasing involvement of religious leaders in material pursuits, accusing them of abandoning their spiritual duties in favour of wealth and influence.

Oba Alao, who is also the Olugbon of Orile Igbon, made this statement during a visit from the leadership of the Cherubim and Seraphim Church Movement “Ayo Ni O,” led by Baba Aladura Prophet Emmanuel Abiodun Alogbo, at his palace in Surulere Local Government on Thursday.

The monarch accused some religious leaders of sharing part of the blame for the moral and political crises that have engulfed the nation. According to him, spiritual leaders, once seen as the moral compass of society, have become compromised by corruption, aligning themselves with the very forces they should condemn.

Oba Alao was unapologetic in his criticism, stating, “Ninety-five percent of Nigerian leaders, both political and religious, are spiritually compromised.”

He argued that this moral decay among clerics has made it impossible for them to hold political leaders accountable or speak the truth to those in power, as their integrity has been eroded by their pursuit of material wealth.

“Carnality has taken over spirituality. Our religious leaders can no longer speak the truth to those in authority because their minds have been corrupted. Most of the so-called General Overseers (G.O.) are corrupt and perverted,” Oba Alao added.

He stressed that this shift towards wealth accumulation at the expense of spiritual values has greatly contributed to the country’s stagnation in development and social justice.

Olugbon urged both religious leaders and traditional rulers to reflect on their actions, reminding them that they would be held accountable for their stewardship, both in this world and the next.

“The prayers of sinners are an abomination before God, hence the need for our leaders to rethink,” he warned.

The monarch concluded by reiterating the transient nature of power and the importance of staying true to sacred duties, regardless of the temptation to indulge in worldly gains. “I am a traditional ruler. I don’t belong, and will never belong, to any occultic groups,” he emphasised, drawing a clear line between his position and the corrupt practices of some leaders.

In response to the Cherubim and Seraphim Church Movement’s request for collaboration on community development projects, Oba Alao assured them of his support.

“Your requests are aimed at the development of the Orile Igbon community. I am assuring you that necessary assistance will be provided in this regard.”

Earlier, Prophet Alogbo requested the monarch’s collaboration on a range of community development projects. These initiatives include the establishment of a women and youth empowerment center, clean drinking water initiatives, a bakery, animal production facilities, and farm produce processing.

Other proposals included a diagnostic and medical center, a full-size recreational sports facility, and a home care facility for the elderly.

 

 

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