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Nigeria Was On The Road To Economic Disaster Before Tinubu Came To Power, Edun Tells House Of Reps

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The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun believes the country is on the path to recovery, saying Nigeria was heading to economic disaster before President Bola Tinubu came to power in May.

Edun disclosed this on Tuesday during his appearance before the House of Representatives to speak on the state of the economy.

“Where we are as a nation economically is a much better place than we were on the 29th of May, 2023. We have heard from the governor of the CBN. He has talked about the importance of sustainability,” he told the lawmakers in Abuja.

“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.”

The coordinating minister of the economy also noted that the country’s expenditure before the current administration was wasteful and unsustainable.


“We had expenditure which was wasteful and unsustainable by way of the subsidy not just on fuel but the subsidy on foreign exchange which confused the incentive framework and people were chasing cheap dollars in other to make an instant profit,” he said.


Tinubu under his ‘Renewed Hope’ agenda took over power from former president Muhammadu Buhari on May 29, 2023. During his campaign under the All Progressives Congress (APC), President Tinubu promised that he would hit the ground running and work day and night to make Nigeria better.

The series of reforms since then, including the removal of much-debated fuel subsidy, has led to a hike in inflation and the cost of living.


But while acknowledging the hardship in the country, Edun reassured Nigerians of the President’s commitment to making life easier for all.

“Likewise, there have been other benefits which have accrued as a result of the changes that have been made. However, inflation has increased, the cost of living has spiked, and right from the onset, Mr president is committed to making sure that the poorest and the most vulnerable are not left behind. The palliatives, the interventions have been rolled out.”

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‘Unknown Entities’, Atiku Slams NNPCL Deal With Chinese Firms

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By Augustine Akhilomen

…Accuses NNPCL Of Lacking Transparency And Attempting To Hide The Details Of The Deal

Former Vice President and 2023 presidential candidate, Atiku Abubakar, has demanded the immediate suspension of the deal between the Nigerian National Petroleum Company Limited (NNPCL) and Chinese firms aimed at reviving the Port Harcourt and Warri refineries.

Atiku, through his media aide Phrank Shaibu on Friday, criticized the partnership as an “opaque” and “dangerous gamble” with Nigeria’s economic future.

He accused the NNPCL of lacking transparency and attempting to hide the details of the deal, similar to previous controversial agreements.

Atiku referred to the Chinese firms, identified as Sanjiang Chemical Company Limited and Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd, as unknown entities lacking the credibility for such a massive project.

“It is both shocking and insulting that after wasting over $2.5 billion on endless refinery rehabilitation scandals, the NNPC is once again asking Nigerians to trust another experiment built on secrecy and questionable competence,” Atiku stated.

“There is no publicly available evidence anywhere in the world showing that Sanjiang has ever built, operated, or managed a full-scale crude oil refinery of the magnitude and complexity of Port Harcourt or Warri refineries.

“Processing petrochemical derivatives is not the same as running an aging national refinery burdened with decades of operational decay,” Atiku noted.
Also, Atiku said the second Chinese firm, Xingcheng (Fuzhou) Industrial Park Operation and Management Co. Ltd., appears to have absolutely no verifiable experience in petroleum engineering, refinery operations, or hydrocarbon processing.

“By every available corporate and industry record, Xingcheng is essentially an industrial park and infrastructure management company — the equivalent of handing over a hospital’s intensive care unit to a real estate developer simply because they can construct buildings,” the statement added.

“It is unacceptable that after years of failed turnaround maintenance scams, billions of dollars squandered, and repeated lies about refinery functionality, Nigerians are now being told to celebrate a memorandum of understanding signed with companies whose core expertise does not align with the technical realities of refinery rehabilitation.

“Nigerians must not allow the same people who destroyed the refineries through incompetence and corruption to now hide behind vague Chinese partnerships to continue the cycle of deception,” he said.

“The era where NNPC signs opaque agreements abroad and expects Nigerians to clap blindly is over.

“National assets are not toys for bureaucratic experimentation. The Port Harcourt and Warri refineries are too strategic to be surrendered to uncertainty, obscurity, and corporate guesswork”, he stated.

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My ancestor was king of Lagos, fought the British – Adekunle Gold

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Nigerian singer Adekunle Gold has revealed that he is a descendant of King Kosoko of Lagos, a 19th-century monarch who resisted British colonial forces when they first arrived in Nigeria.

Gold made the disclosure in an interview on Great Day Houston, a morning show on KHOU 11 television in Houston, Texas, which was published on YouTube on Thursday.

On his royal lineage, he said his ancestor fought the British when they first entered Nigeria through Lagos, was driven into exile, and eventually returned victorious.

“My progenitor used to be king of Lagos. His name is King Kosoko. He fought the British when they first came to Nigeria through Lagos to try to take our things, then he fought, went to exile, and came back, and then still won,” he said.

Gold, who is from the Yoruba tribe, was born in Lagos.

The singer also revealed that his stage name was given to him by God through a church sermon.

He said he had been searching for one and had taken the matter to God in prayer when the answer came during a church sermon.

“I told God, I need a name,” he said.

He said a preacher repeated the same phrase three times during the sermon, and he took it as a divine signal.

“Something just told me it must have been God. God told me at that point that that’s your name,” he said.

Gold said he settled on the name immediately after.

“I said, okay, you know what, just make it Adekunle Gold, and it’s very befitting of me,” he said.

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High Court dismisses Sowore’s no case submission in Tinubu cyberbullying trial

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Justice Mohammed Garba Umar of the Federal High Court in Abuja has dismissed the no-case submission made by activist, Omoyele Sowore, in the cyberbullying charge brought against him by the Department of the State Services, DSS.

DSS had charged Sowore for cyberbullying President Bola Tinubu.

The court upheld the DSS charges against Sowore for allegedly calling Tinubu a “criminal” in his Twitter handle and ordered him to enter his defense.

Justice Umar dismissed the no case submission on Friday while ruling on the application made by the activist.

Sowore had filed the no case submission and prayed the court to discharge and acquit him from the two-count charge.

In the ruling, Justice Umar held that the DSS had successfully linked Sowore with the alleged offences, adding that a prima facie case had been established against him to warrant him to enter a defense.

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