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REVEALED: How Buhari’s 103 days in London cost Nigeria a fortune | By Gbenga Odunsi

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The medical vacation of President Muhammadu Buhari in London is still a trending topic in Nigeria.

It has been a total of 103 days since President Muhammadu Buhari left Nigeria for a second medical vacation in the United Kingdom, and he returned on Saturday, the 19th day of  August, 2017. His arrival ushered in praises from his followers both from the North and South.

President Buhari has undoubtedly broken many records and set new ones. And now, many Nigerians are worried about Nigeria, with Buhari and the efficiency and drive to move Nigeria forward.

President Buhari’s National broadcast to Nigerians was centered on the unity of Nigeria, and other top national issues without making a statement on his health status.

Upon Buhari’s return from London to Nigeria, his country men and women are beginning to question the cost of the president’s medical vacation in London.

Upon Buhari’s return from London to Nigeria, his country men and women are beginning to question the cost of the president’s medical vacation in London.

According to sources, President Muhammadu Buhari spent between £200 and £250 per hour, for medical services in the United Kingdom.

The first Nigerian to embark on such luxury visit was the acting president Yemi Osinbajo, followed by the wife of the president, Aisha Buahri which many argued would not necessarily be called a visitor to the President but had also visited her husband on several occasions in the last 103 days and thereafter left for Saudi Arabia to pray for him.

Five governors from the All Progressives Congress (APC) including the party chairman, John Oyegun and Aviation Minister Rotimi Amaechi visited President Buhari.

Barely 48 hours after their departure from London, another six PDP governors drawn from six geo-political regions of the country also paid the president a one-day visit.

The media aides of President Buhari were also not left out.

Among the numerous and luxury visitations to London were the Sen­ate President, Dr. Bukola Saraki and the Speaker, House of Rep­resentatives, Hon, Yakubu Doga­ra.

Many pundits have argued that the many London trips by government officials and some politicians constitute a strain on public finances and Nigeria’s already troubled foreign exchange situation. They felt a video transmission of a Buhari from London would have solved the political tension raised over time.

According to our reporter, findings from the market shows that a First Class return ticket to London now cost N3.4million on the low side and as much as N5.1million, if on the high side.

For instance, a First-Class seat on British Airways cost between N3.6million to N5.1million depending on the travel agency of choice and time of booking. Other carriers like Emirates offer similar fares of between N3.5million and N4.7million. On Kenya Airways, a Lagos-London First Class cost about N4million.

A Business Class ticket for the same route costs between N887, 000 and N1.1million depending on the time of booking and airline of choice. Economy Class, which is the last hope of the flying masses ranges from N215, 000 to N360, 000 on Lagos-London route.

Meanwhile, most Nigerian politicians, who visited metropolitan London, lodged at Hilton Hotel on Parklane, which is 17 minutes’ drive from the Abuja house where president Buhari was accommodated.

The least room rate at Hilton is 332 pounds per night. But Hilton Cosmopolitan Suite is considered the preference of most Nigerian VIPs.

Currently, the rate is 2000 pounds per night. At N411 to a pound, each visitor spent over N800, 000 per night.

It was gathered that it is interna­tional practice for aircrafts to be charged for parking after the first two hours of landing in an air­port. To this end, the federal gov­ernment had paid park­ing charges on the Presidential Jet that conveyed Mr. President and his entourages to London since they left the country and upon his return.

According to viral reports online, it costs a whopping £4000 (N1.6m) every 24 hours to use a parking lot in London.

To calculate the cost, the president stayed 103 days in London and calculating how much spent already based on N400/1 pound, President Buhari has spent a whooping N160,000,000.00 on aircraft alone.

Furthermore, the cost of maintaining Buhari’s personal physicians, courtiers and entourages in foreign currencies has further deplete the foreign re­serve.

For his continued stay in power, the presidency allegedly sponsored three pro-Buhari groups with a sum of 20 million Naira each. According to sources and the opposition political parties, the protesters protested in favour of Buhari’s government and policies.

The pro-Buhari protesters also countered the anti-Buhari protests across the country.

To this end, President Buhari’s indefinite medical trip has cost Nigeria a heart-breaking sum of tax payers money in the last 103 days.

Gbenga edits AljazirahNigeria Newspapers, Tweets @gbengaodunsii

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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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