Fake it till you make it
Nigeria is spending money she doesn’t have and nobody is impressed
Good morning, Big Brains. I know you didn’t ask but Nigeria has forced me to buy a generator. I’m literally just a girl and I can’t imagine myself queuing for fuel. I’ve been in denial since I got it. Instead of adjusting to my new reality, I’ve decided to dedicate my full attention to writing today’s edition. Enjoy and share with a friend!
- Margaret
Word count: ~,1000
Reading time ~ 3 mins
Let’s get into today’s edition:
Nigeria’s debt could hit ₦134.5 trillion before the end of the year
Government issues flood warning in 15 states
Kenyan government insists on economic reform despite youth-led protests
Lagos to shut down major roads on the island for four weeks
The Big Deal
Nigeria’s debt could hit ₦134.5 trillion before the end of the year
Apparently, the World Bank is to the federal government what lending apps is to Nigerians—presser of urgent funds. According to Cordros Capital Research, the country is relying on loans to float its failing economy just as much as Nigerians are relying on loans to survive.
The research experts have predicted that the country will likely end the year with a ₦134.51 trillion loan. The predicted figure is light work given that the country’s loan has already hit ₦121 trillion, 25% higher than the ₦97.34 trillion it was at the end of 2023.
The head of the Debt Management Office, Patience Oniha, said that the total debt went up because they borrowed money to cover the budget gap for 2024, and because of the exchange rate instability in the first quarter of the year.
The experts expect the government to take more loans to make up for the extra gaps in the budget, fund new projects and find a balance between the depreciating naira and the country’s existing loans.
Meanwhile, the Minister of Women Affairs has called BS….
Uju Kennedy-Ohanenye, the Minister of Women Affairs, has accused the previous administration of misusing borrowed funds. She said that the first $100 million of a $500 million World Bank loan meant for women's empowerment was wasted on meetings, advocacy, and consultancy.
“Let me make it clear. This is not a grant, it is a loan and when some monies are loans, they must have to be managed well so that the loans can be paid back. If you don’t manage it well, how do we pay back the loan? And when money is a loan, we expect whoever you are giving the loan to be allowed to utilise that loan properly in a way that it can yield back the money to be paid, so that Nigeria will not continue owing.”
Why is this a big deal?
Minister Kennedy-Ohanenye’s allegation is just one of the many fund misappropriation stories we’ve heard. It’s one thing for the citizens of a country to rely on quick loans to survive but it’s a whole different ball game to have the said country borrowing money to make up for the lapses in its budget.
The Nigerian government doesn’t exactly have a track record of being transparent with its citizens but if these borrowed funds are misused, they would end up in the pockets of a few people while the rest of the country would be forced to endure a higher inflation rate and increased cost of living.
Government issues flood warning in 15 states
We hate to be the bearers of bad news but Mother Nature updated the “what else could possibly go wrong in Nigeria” list. The federal government has issued a flood warning in 15 states.
The National Flood Early Warning System (FEWS) under the Federal Ministry of Environment in Abuja announced that they expect heavy rainfall and flooding in some areas this week. The affected areas are spread across different Nigerian states including Adamawa, Benue, Borno, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Nasarawa, Niger, Plateau, Sokoto, Taraba, and Zamfara.
What’s my business?
If the warnings are true, residents in the affected areas may have to deal with the loss of properties and homes.
Aside from individual losses, the agricultural sector would also suffer the loss of destroyed crops and livestock, which would reduce food supply and drive up prices, making the food insecurity in the country worse. We certainly hope it doesn’t come down to these.
Kenyan government insists on economic reform despite youth-led protests
Kenyan youths are tired of President Ruto’s ridiculous taxes and they are being very expressive about it. There have been protests against some taxes, especially the finance bill (which was passed yesterday despite the protest) that proposes unpopular new taxes.
Last week, the president scrapped his plans to introduce a 16% tax on bread sales and some other controversial taxes. But this hasn’t stopped Kenyan youths from taking to the streets and holding up their placards.
Although the protests started off as peaceful, it has resulted in at least eight deaths, hundreds of injuries, and several arrests, all of which have been criticized by lawyers and human rights groups.
As a result, some protesters have started using violent strategies like setting police vehicles on fire to communicate their anger.
In response, security officers have been using rubber bullets and tear gas to break the crowd up. Businesses are closing temporarily and people are staying indoors to avoid the chaos.
The government, which doesn't appear to be affected by the protests, says the new taxes are necessary to fund their spending plans and help the country's economy.
Lagos to shut down major roads on the island for four weeks
Lagos residents of The Big Daily, you’re about to be in a very intense hate-hate throuple with Lagos traffic and car sickness because the state government just announced a 4-week blockage of Alfred Rewane and Osborne through the Osborne Foreshore Estate axis from today. Like the third mainland bridge closure earlier this year, this temporary closure was ordered ahead of some reconstruction plans.
But we’ve figured out alternative routes so you wouldn’t have to…
For motorists coming from Alexander/Glover, you’re better off passing Oba Adeyinka Oyekan Avenue towards Ikoyi, then connect to Obalende/Ring Road to access the 3rd Mainland Bridge.
If you’re coming from Victoria Island, drive through Falomo Roundabout, then link to Awolowo Road and make your way to the 3rd Mainland Bridge to get to your destination. You can also take Ozumba Mbadiwe Avenue to connect to Mekunwen Bridge, continue to CMS/Apongbon Bridge, and then use Eko Bridge to reach Funsho Williams Avenue.
This Week’s Big Question
“What’s one job you can never dream of doing?”
Gbenga’s response -”Not to sound like a bad person but you can’t pay me enough to be a babysitter. I’m sorry o, I just can’t deal with tiny humans.”
You can also share your response here and if it’s as interesting as Gbenga’s response, we’ll feature it in the next edition.
The Big Picks
Court Orders Final Forfeiture Of $1.4m Linked To Emefiele: The Federal High Court in Lagos has ruled to permanently forfeit $1.4 million connected to a former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.
Customs Officer Dies During Engagement At National Assembly: A Nigeria Customs Service (NCS) officer has tragically passed away while participating in a meeting with a House of Representatives committee.
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