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Nigeria’s First Lady, Senator Oluremi Tinubu, has defended her husband, President Bola Tinubu, against allegations of having a hand in the country’s economic hardship.

POLITICS NIGERIA reports that Oluremi Tinubu made the remarks while speaking at the Palace of Ooni of Ife, Oba Adeyeye Ogunwusi on Thursday.

Mrs. Tinubu said that President Tinubu should not be blamed for the current economic challenges.

Mrs. Tinubu emphasized that the Tinubu administration is still in its early stages and should not be held responsible for the current economic situation.

She said, “We are just two years into our administration, we are not the cause of the current situation, we are trying to fix it and secure the future.

“We know that subsidy has been removed but with God on our side in the next two years Nigeria will be greater than this. Those who attempted removing subsidy before could not see it through. But with your prayers in the next two years, we will build a nation for the future.”

She also praised her husband’s character, saying he is not greedy and is already rich. He thanked God for making him Nigeria’s president.

“We give glory to God for our status, myself and my husband, we are not greedy but we thank God for what God has done for us. It is not common for rich people to get to this seat but I am grateful to God, we can not disappoint Nigeria and with the help of God, we are getting to the promised land in no distant time,” she said.

Nigerians have been struggling with economic hardship since the removal of fuel subsidy by the Tinubu administration.

This has led to an increase in petrol prices from N198 to about N1,300. The floating of the foreign exchange market and removal of petrol subsidy have resulted in inflation, poverty, and increased unemployment.

Critics argue that President Tinubu’s reforms were implemented without considering their impact on vulnerable citizens.

Meanwhile, during her visit, Mrs. Tinubu donated N1 billion to Obafemi Awolowo University (OAU) for its development and advancement. She also inaugurated a hostel and 2.7-kilometer road donated to the university by the Ooni of Ife and named after her.

On his part, the Ooni of Ife commended Mrs. Tinubu for serving as a role model to young Nigerians since her days as First Lady of Lagos State. He recalled her New Era Initiative, which provided opportunities for young secondary school students to become governors in Lagos State.

President Bola Tinubu has approved the appointment of a Senior Special Assistant on Civil Service Matters.

According to a statement by the Director of Press at the Office of the Head of Civil Service of the Federation, Eno Olotu, the appointee, Alfred Abah, is a retired director of the Federal Civil Service.

The statement obtained by our correspondent on Wednesday noted that the HOS, Didi Walson-Jack, thanked Tinubu for the appointment.

Walson-Jack noted that Abah’s appointment is a historic milestone, marking the first time such a position has been created within the Nigerian Civil Service.

The statement read, “She emphasized that this strategic decision reflects the administration’s commitment to advancing ongoing reform efforts aimed at enhancing the efficiency and effectiveness of the Civil Service.

“Mr. Alfred Abah, an accomplished administrator and a retired Director of the Federal Civil Service, brings with him a wealth of experience, deep expertise, and a solid reputation for integrity and professionalism. With over three decades of dedicated service in various key roles across the public sector, his track record speaks to his capability in driving reforms and fostering organisational excellence.

“The HCSF noted that, under the leadership of President Tinubu and his Renewed Hope Agenda, the Nigerian Civil Service has witnessed transformative progress. These reforms have boosted the confidence of the Nigerian people in the government’s dedication to good governance and public service excellence.”

The Federal Government of Nigeria, under President Bola Tinubu, has secured loans totalling $6.45 billion from the World Bank within just 16 months.

This total has surged following the recent approval of three new loans worth $1.57 billion for various development projects nationwide.

The latest loans are part of a broader trend, as the World Bank has approved no fewer than 36 loan requests to Nigeria, amounting to an eye-watering $24.088 billion over the last five years.

These funds address pressing issues such as infrastructure decay, unemployment, and social welfare, yet they raise concerns about Nigeria’s escalating debt profile and the sustainability of such financial commitments.

“While many Nigerians understand the need for borrowing due to limited resources, there is palpable frustration regarding past loans, which have yet to yield visible improvements,” said a concerned citizen.

With infrastructure decay persisting, the new loans for initiatives such as power generation ($750 million), women’s empowerment ($500 million), and girls’ education ($700 million) appear insufficient for addressing the nation’s urgent needs.

The World Bank’s recent approvals include $2.25 billion for economic stabilization and resource mobilization projects, with notable allocations for the Primary Healthcare Provision Strengthening Programme and climate resilience initiatives.

“These projects will significantly enhance human capital and build resilience against climate change, including floods and droughts,” a World Bank representative stated.

An analysis of the World Bank’s lending history reveals that Nigeria received loans worth $6.36 billion in 2020 alone, with subsequent years seeing varying loan amounts.

In 2021, the government secured $3.2 billion for six projects, while $1.26 billion was approved in 2022. The loan requests surged in 2023 to $2.7 billion and reached $3.82 billion in 2024, with more anticipated before year-end.

The ongoing debt crisis is becoming increasingly alarming. Data from the Debt Management Office indicates that Nigeria’s total debt owed to the World Bank stands at $15.59 billion as of March 31, 2024.

Furthermore, the country’s debt servicing costs skyrocketed to N6.04 trillion in the first half of 2024, marking a staggering increase of 68.8% from N3.58 trillion during the same period last year.

This surge is largely attributed to the depreciation of the naira, which has heightened the burden of foreign debt repayments.

Critics argue that the government’s focus on borrowing may not solve Nigeria’s chronic financial issues.

“We need to see real changes and benefits from these loans; otherwise, we are simply digging ourselves deeper into debt,” remarked an economist.

With debt repayment consuming a significant portion of national resources, the Tinubu administration faces a precarious balancing act between financing development and ensuring economic stability.

As the World Bank continues to approve substantial loans for Nigeria, the implications for the country’s economic future remain to be seen.

The need for transparency and accountability in the utilization of these funds is more crucial than ever, as citizens and analysts alike await the tangible benefits that these investments promise to deliver.