…Says NNPC Most Corrupt Organisation In The World

Afenifere Chief Economist, Segun Sanni, has expressed the need for the Nigerian government to cut costs, as he said that the country has indeed become insolvent.

Sanni, who was a guest on Channels Television’s Sunrise Daily programme on Wednesday, frowned at the “lavish” spending by the President Bola Tinubu-led Federal Government.

“The people of Nigeria would understand better if the government can come clean with us. Nigeria is indeed very broke. We need to cut costs,” Sanni said.


Pointing out the jumbo salaries of government officials among others, the economist stated that government’s extravagant expenditures are not reflective of the economic challenges in the country.

“We are spending lavishly, a government that is spending lavishly and living large cannot tell Nigerians that Nigeria is broke. We are indeed broke but our government is not using our resources on itself as if we are indeed broke.

“Spending 90 billion on hajj, 21 billion on a new vice president’s lodge, 40.6 billion in this year’s budget to renovate Aso Rock and the rest of it we hear. We hear all these scandalous figures being mentioned but how much of it is being spent on the people,” he queried.

Sanni also condemned the Nigerian National Petroleum Corporation (NNPC) for spending the country’s funds without proper accountability, adding that the audit released in 2023 cannot be trusted. I

“We have an NNPC, the most corrupt, opaque and inefficient organisation in the world. NNPC is more or less a sales man, we have an arrangement in place where NNPC collects our money after selling the oil and spends out of it the way it likes without any monitoring, oversight or supervision. Those expenses of NNPC that nobody has monitored are what Nigerians are being called on to bear, Sanni added.

Preferring solution to Nigeria’s economic problem, he called for a more judicious spending of the government’s resources where every government funds are properly accounted for.

“The government of the country should be in an austerity mode whereby every dollar or naira we make is judiciously spent. There has to be a more judicious spending of our money across all levels of government”, he said

The Court of Appeal in Abuja has dismissed an appeal filed by Kenneth Imansuangbon seeking to disqualify Olumide Akpata as the governorship candidate of the Labour Party in the September 21 governorship election in Edo State.

In the lead judgment delivered by Justice Okon Abang, the appellate court held among others that Imansuangbon failed to explore the intra-conflict resolution mechanism of the labour party before rushing to court.

The court also held that his case was premature in law and could not be entertained on the ground that conditions precedent were not met.

The unanimous judgment of the three-man panel of justices also held that Imansuangbon failed to tender the disputed results of the February 23 primary election of the party, which he claimed to have won.

It would be recalled that in June, Justice James Omotosho of the Federal High Court Abuja dismissed a suit seeking to void the nomination of Akpata as the LP candidate in the September 21 election.

In the judgement, Justice Omotosho upheld the arguments by Akpata’s lawyer, Johnson Usman, (SAN) that the plaintiffs were without the legal right to institute the suit.

A Federal High Court sitting in Abuja has granted N10 million bail on each to the ten members of the #EndBadGovernance protesters who were charged with attempt to overthrow President Bola Tinubu between August 1 and 4th this year.

While delivering ruling in their bail applications, Justice Emeka Nwite said the protesters must produce sureties who must be property owners in Abuja and must deposit documents of the properties to the court in addition to swearing to affidavit of means.

The court equally ordered the defendants to produce one surety each who are based in Abuja and must be willing to deposit their international passports and three recent passport photographs with the court.

Justice Nwite, while rejecting the objections of the Inspector General of Police against the bail applications, however, ordered the defendants not to participate in any public rally throughout their trial.

The judge also ordered that the defendants be remanded in prison custody pending the perfection of their bail conditions.

The accused persons are said to have committed the treason offence during their one week nationwide protests when they allegedly levied war against Nigeria.

The court has fixed the 27th of September for the commencement of trial.