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Borrowed Funds Will Not Be Frittered Away – President Buhari

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Nigeria’s President Muhammadu Buhari has said the country is looking to raise funds by borrowing from World Bank, the African Development Bank, the Chinese Ex-Im Bank and other development finance partners but with a promise that the borrowed funds would not be frittered away.

Buhari said in an article published online by Bloomberg that his government had already begun to raise a $1 billion Eurobond, the country’s first in three years, as part of broader plans to revive Nigeria’s almost comatose infrastructure and strengthen local food production capacity.

“In the face of dwindling oil revenues, we are turning to debt,” Buhari said. “We have begun raising a $1 billion Eurobond, our first in three years.”

“We are also raising debt from the World Bank, the African Development Bank, the Chinese Ex-Im Bank and other development finance partners.”

“Unlike in the past, when borrowed funds were frittered away on unproductive ventures, we will ensure their investment in the revival of stalled road, rail, power and port projects, and in agricultural initiatives that will significantly boost domestic production of food.”

The president reaffirmed his commitment to repositioning the country’s economy but noted that the challenges it currently faces were occasioned by the failure of the country’s past leaders to convert the gains recorded during years of oil boom “into more jobs and significant improvements in standards of living.”

Nigeria is in recession as a result of plunging global oil prices and production but Buhari expressed optimism that with private sector partnering with the government, Nigeria may be able to rebound sooner than later.

He said, “This is why one of our main priorities is creating an environment in which private-sector capital can thrive. We are in particular using Public-Private Partnership models to support game-changing private-sector projects in power, refining, gas transportation and fertiliser production.”

Nigeria  depends on oil sales for 70 percent of government revenue but that has been slashed by low prices worldwide in the last two years.

The situation has complicated the task for the government, which has complained of being left a “virtually empty” treasury by the previous administration and the theft of vast sums of public funds.

It has struggled to pay public sector wages, while the naira currency has weakened, foreign exchange dried up and investment stalled.

However, Buhari said the economic reforms his government put in place has been yielding positive results.

“Our economic recovery plan is already showing positive results,” he said. “Investment’s share in gross domestic product is at its highest since 2010. Inflation is slowing; manufacturing confidence is rising. People are seeing and seizing opportunities to make money catering to the needs of Africa’s most populous country.

“People are seeing and seizing opportunities to make money catering to the needs of Africa’s most populous country.”

The president hoped the situation would improve next month when the government’s ambitious Social Investment Programme would have commenced.

Source: guardian.ng

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Adebayo Salami Celebrates Five Decades In Nollywood

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Adebayo Salami celebrates five decades in Nollywood | Fab.ng

Veteran Nollywood actor Adebayo Salami, also known as Oga Bello, has been in the movie business for 50 years! To celebrate this achievement, the 72-year-old actor posted a black-and-white picture on Instagram with some of his fellow actors. He thanked God for his successful career and wonderful family. Oga Bello also said that even though actors might get tired sometimes, they never truly retire from their passion for acting.

He wrote, “With over 5 decades of committed practice in Nollywood, I am indeed most grateful to Almighty God for His unending blessings over my career and family. Actor only gets tired, actor does not retire. Get ready for what is coming soon.”

 

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A post shared by Adebayo Salami (@adebayo.salami)

Adebayo Salami’s acting career started way back in 1964. He joined a group called Young Concert Party, led by Ojo Ladipo (Baba Mero). This group’s name changed a few times, from Ojo Ladipo Theatre Group to finally Awada Kerikeri Theatre Group. When Baba Mero passed away in 1978, Salami became the leader of the group. This put him in the spotlight and helped him get noticed.

Salami also made movie history. He appeared in the very first Yoruba film ever made, called “Ajani Ogun.” The lead role in that movie was played by Adeyemi Afolayan, the father of well-known actors Kunle Afolayan and Gabriel Afolayan.

In 1985, Salami didn’t just act, he also produced his first movie, “Ogun Ajaye,” with his Awada Kerikeri group. Since then, he’s become a well-rounded movie talent. He acts, directs, and produces movies all the time, making him a big player in the Yoruba film industry.

It seems acting talent runs in the family! Salami has two sons, Femi and Tope Adebayo, who have become successful actors and movie producers themselves.

Get more updates here.

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NEWS

Mayorkun Finally Addresses Nicki Dabarbie’s Ritual Allegations

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Mayorkun addresses Nicki Dabarbie’s ritual allegations | Fab.ng

Afrobeats singer Mayorkun has responded to claims made by social media influencer Nicki Dabarbie. She accused him and his colleague, Skiibii (Abbey Elias), of attempting to use her for a ritual.

On April 19, 2024, Nicki Dabarbie accused Mayorkun and Skiibii of plotting to use her for a ‘money ritual’. She supported her claims with pictures and videos describing the incident.

Mayorkun took to his X page to deny all the allegations. He stated that he had never met Nicki Dabarbie and was unaware of her existence before the allegations.

Mayorkun mentioned that he initially wanted to let the court handle the situation, but the spread of false information prompted him to speak out. He stressed that he did not know Dabarbie and warned fans about the dangers of cancellation culture and its potential harm to his life and career.

He wrote:

“You know, I was going to let this remain as a court case but when I checked the comments under some of the blogs where these ridiculous allegations were posted, I was quickly reminded of how gullible most people are on the internet and how they are ready to run along, spreading any negative news without any form of clarity.

“Just for the record, I never met that person on the said day, still never seen that person till this day, never knew about that person’s existence not until those allegations came up.. yet she claimed I put ‘something’ in her drink. A lot of people believed that story, and you think I’ll let this libelous claim fly? No!”

He added,

“I wanna re-instate, I have never seen this person before, even as I am typing this! I still haven’t set my eyes on this person.. Like, what else can I say? How else can I prove this? There’s no need for me to ask for an apology where I won’t get any. I just needed to say this publicly and get it off my chest.. cos if it was a case of ‘cancellation’ as many people are quick to do, I for don go back to dey find work for bank.”

He stated that he would pursue additional charges against her, even though she is currently in prison on unrelated charges.

Earlier, Mayorkun had threatened to file a N1 billion lawsuit against Nicki Dabarbie.

Get more updates here.

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MOVIES

“Stop Making Films Where Nigerians Travel Abroad Dey Mumu” – Yul Edochie Tells Filmmakers

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Yul Edochie - stop films where Nigerians act foolish abroad | Fab.ng

Nigerian actor Yul Edochie is calling out Nollywood movies for a tired trope. He’s criticising films where Nigerian characters travel abroad and then act immature or foolish.

Edochie believes these portrayals are a bad look for Nigerians. He argues that Western movies typically show their characters going abroad and becoming more resourceful or successful. He wants Nollywood to showcase a more positive and realistic image of Nigerians on the global stage.

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