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Foreign Loans: Buhari’s Administration Will Not Stop Borrowing – Lai Mohammed

Lai Mohammed

Yesterday, we brought you an editorial by the PUNCH Editorial Board which called on President Muhammadu Buhari to put an end to the incessant borrowing and accumulation of foreign debts while seeking other ways to fund its expenditure (the editorial also suggested reduction of the cost of governance, widening the tax net, blocking avenues for revenue leakages, among others).

This was following the recent outcry by Nigerians, mostly the critics of the Buhari-led administration, who have blasted the Federal Government for plunging the country into a huge foreign debt crisis – with some suggesting that the current administration is slowly selling Nigeria to China.

However, the Minister of Information and Culture, Lai Mohammed, has come out in defense of the Federal Government by criticizing those tackling the government and labeling them as being ‘insincere’.

He said this at a town hall meeting in Maiduguri, Borno State, where he addressed vandalism of power and telecommunications infrastructure, stating the government was not borrowing for recurrent expenditures but for projects that will benefit Nigerians in the long run.

He said:

“For example, we were told that it would cost the Federal Government N3.8bn to repair just four bridges that were damaged by vandals and petrol-laden tankers. That’s a huge amount that could have been used to build new infrastructure.

“Naysayers have recently ramped up their criticism of the Buhari administration for borrowing. These critics are insincere. We are not borrowing for recurrent expenditure or to pay salaries. We are borrowing to build world-class infrastructure that will benefit generations of Nigerians. And we have a lot to show for the loans we have taken.

“It is an irony that those who are criticizing us today performed abysmally in terms of modernizing our infrastructure, even when they served at a time when our earnings were multiples of what we get today.

“Had they embarked on the kind of infrastructure development we are currently engaged in, perhaps there would have been no reason for us to borrow as much as we are doing now.

“They claimed to have spent billions of Naira in building infrastructure but as one can see, their infrastructure projects were only on paper.

“Today, we are still saddled with looking for resources to build the same infrastructure for which they claimed to have allocated huge resources. We will not be deterred by the antics of those who believe they can play politics with everything.

“Today, the standard-gauge rail lines between Lagos and Ibadan as well as Abuja and Kaduna are running well. Today, we have new airport terminals in Abuja, Kano, Lagos, and Port Harcourt. Today, the Itakpe-Warri rail line that was abandoned for decades is running

“Today, we have well over 13,000km of federal roads under repair, rehabilitation, and reconstruction. There is a road project in every state. Today, we have started the countdown to when the 2nd Niger Bridge, which successive administrations have built only on paper will be completed.”

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Entertainment

Bovi To Replace IK Osakioduwa as hosts for 12th edition Of AMVCA, Ending 11-year Run

After eleven consecutive editions under the same host, the Africa Magic Viewers’ Choice Awards is changing the face of its stage.

The organisers have announced Nigerian comedian and actor Bovi Ugboma and South African actress Nomzamo Mbatha as co-hosts for the 12th edition, scheduled for May 9, 2026, at the Eko Hotel and Suites in Lagos, bringing to a close IK Osakioduwa’s unbroken run as the face of the ceremony since its debut in 2013.

Osakioduwa has been a fixture of the AMVCA since the awards launched, hosting every edition across more than a decade. His departure from the role marks the most significant change to the ceremony’s presentation since its inception.

In his place steps Bovi, one of Nigeria’s most recognised stand-up comedians, known for his sharp wit, storytelling, and stage command. Joining him is Nomzamo Mbatha, whose profile extends well beyond the screen. The actress, producer, and UNHCR Goodwill Ambassador gained international recognition through her role in Coming 2 America and currently stars as Queen Nandi in the acclaimed epic drama series Shaka iLembe, for which she also serves as Executive Producer.

The organisers described the pairing as “a master of wit and narrative, and a global icon of screen and advocacy,” promising a night where “mastery meets African excellence.” Bovi, speaking on his appointment, made clear he understands the significance of the occasion.

“The AMVCA stage is one of the biggest in Africa, and I don’t take that lightly,” he said. “I want to bring the energy, the laughs, and the magic that this night deserves. African storytelling is at an all-time high, and it’s an honour to be the one holding the mic while we celebrate the best of it.”

Veteran actress Joke Silva has been named head judge for the 12th edition.On the nominations front, Gingerrr and The Herd lead the pack with nine nods each across acting, directing, and technical categories. To Kill A Monkey follows with eight nominations, while My Father’s Shadow, from the Davies brothers, earned seven across various categories.

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Celebs

One Half Of The Estranged Duo P-Square Declares Nov 30 as his new birthday

Mr P has officially moved his birthday celebration from November 18 to November 30, adding a new layer to the ongoing P-Square family feud. What began as a social media declaration has now been formalised. A few hours after announcing his intention to change his birthday date, Peter Okoye, known professionally as Mr P, has issued an open letter confirming that November 18, the date he has shared with his twin brother Paul Okoye since birth in 1981, is no longer his day of celebration.

“Dear Family, Friends, and Fans,” the post read. “I’m making it official. November 18th is no longer my birthday celebration date. Please note that I will not be accepting any messages or gifts on that day. My birthday will now be celebrated on November 30th. This is a personal decision, and I truly appreciate your understanding.”

The message is brief, but its implications are quite clear. November 18 has long been one of the last remaining public symbols of a shared identity between two brothers whose professional and personal relationship has deteriorated sharply over the past several years.

By formally reassigning the date, Peter is drawing a line that goes beyond creative differences or business disputes.

The reaction from Nigerians online has been largely sceptical.

Many have questioned the necessity of the gesture, with a significant number describing it as petty and unnecessary given the more substantive issues that have defined the brothers’ current estrangement.

The consensus among critics is that changing a birthday date does little to resolve any of the actual grievances and serves mainly as a public statement of severance.

The feud between Peter and Paul Okoye has now spanned multiple years, two official splits, a brief reunion, and a growing list of public accusations on both sides. November 30 is still months away. To see if the gesture will land as true liberation or just pettiness may depend entirely on where things stand by then.

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I Took Over From Myself’: Tinubu’s Claims that He and Buhari Are ‘One’

President Bola Tinubu addressed supporters on Wednesday night in a video that was equal parts pep talk and provocation, but it was one particular line that cut through everything else and set social media alight.

Speaking to the leadership and coordinators of his Renewed Hope Ambassadors, Tinubu pushed back against the criticism that his administration inherited and worsened an already broken economy.

His defence took an unexpected turn. “This economy, I didn’t have to look back because the truth is, I took over from myself,” he said. “The late Buhari is me, he was a partner, if I took over from him, is that not from myself? So, it’s wrong? Fine. Live with it, correct it, move on.

Nigerians online did not move on, at least not immediately. The comment, which appeared to collapse the distinction between his administration and Muhammadu Buhari’s, drew a flood of reactions ranging from genuine bewilderment to sharp mockery.

For critics who have spent two years arguing that Tinubu’s government is a continuation of the same policies that drove Nigeria into economic hardship, the president had essentially handed them their argument in his own words.

The broader address, shared to his official page at 10:38 pm alongside a roughly ten-minute video, was deliberately combative.

Tinubu took aim at the opposition, dismissing the recently held ADC convention as “a street convention” and its energy as mere “rascality.”

He warned that his government would not yield to noise or disobedience of court orders, while also promising supporters that standing with him would not be a decision they would regret.

At one point, he told the ambassadors, “That is why we have told you to renew their hope”, drawing laughter from the audience. He added that for those unwilling to embrace the hope on offer, they would simply provide “eyeglasses.” It was the kind of line that plays well in a room full of loyalists and poorly everywhere else.

The overall message he tried to convey was that he would not be retreating, would not be apologising, and was not particularly interested in critics.

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