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SDP Presidential Candidate, Adebayo Promises To Clear Nigeria’s ₦77trn Debt In Three Budget Cycles

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The presidential candidate of Social Democratic Party (SDP), Prince Adewole Adebayo, has promised to clear the ₦77 trillion debt Nigeria is presently owing within three budget cycles.

According to him, he’s not afraid of inheriting the N77 trillion debt which would be left by the present government.

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Adebayo stated this in an online interview, telling Nigerians not to be worried about the failure by the President Muhammadu Buhari-led administration that hired “an unimaginative team to head the Central Bank of Nigeria and create debts rather than adequately managing the economy.”

Speaking further, he said he does not see liability in Nigeria as he prepares to activate the various assets of the nation to turn around the grim situation to one of international envy.

READ ALSO: SDP Presidential Candidate, Adebayo Takes Campaign To Edo North, Promises Seaport In Agenebode

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Adebayo told said that he decided to contest for the presidency of Nigeria because of the myriad of challenges facing the country, which, in his view, are no challenge at all given the huge assets which abound in the country.

In his words: “I knew these problems before I declared to run. In fact, if these problems were not there, I would not have taken an interest in running.

“When you have a debt profile that is put at N77 trillion, you are looking at the debt side, what about the asset side?

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“When I take my oath of office, I am not just inheriting the debt, I am inheriting 220 million people, I am inheriting entrepreneurs.

“Nigerians are so lively, highly energetic and ready to work. I am inheriting the largest gas reserve. I am inheriting a vast agricultural land.

“I mean everything, all other things, solid minerals and all other assets. so the debt is so small when compared to the assets that we have. So, what I will do is, look at the structure of our debt.

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“If I push our revenue up by 32 %, we will be fine but the window of pushing our revenue up is about 300 percent. And if I push down the wastage and the corruption by three-quarters 75% with some saving pockets here and there. And do some mop-up. I think that Nigerians would not even remember that we have a debt profile at all.

“We will retire the debts within three budgets, the debt will be insignificant and the people will get employment if I get 30 million jobs added to the workforce. The taxation on Pay As You Earn alone will wipe this debt off.

“If I get agriculture productivity in four belts in the country, lower Kebbi upper Niger, in Southern Kaduna Plateau axis, if I get agriculture in Oke-Ogun, part of South-West Nigeria and do Agriculture in Benue that will significantly deal with the problem.

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“I don’t worry about that. It is not the load that kills but how you carry it. So, these debts represent a deficit of imagination, a deficit of creativity, and a deficit of competence. Why I said so is not because I am in the mood to insult anybody.

“I said so because their original sin is not managing our revenue accruals very well because they didn’t manage revenue accruals due to three problems that they have created for themselves including the fact that they don’t have the competence to do an appraisal of revenue profile and capture all the revenue subheads and govern all the revenue sub-head prudently.

“Secondly, they are tardy in administration and supervision. So many leakages even within the one they captured.

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“Thirdly, they have collected campaign funding and other support from those who are benefiting from leakages and blind spots.

“So in order to keep their friends happy with them, the so-called political structures, they have created no-go areas. As a result of that, they are not able to capture enough revenue.

“Because they have hired an unpatriotic and unimaginative Governor of the Central Bank, so they’re able to create debts, like a drunken sailor and turned the apex bank into a casino. That is why they have all these crises.“

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Atiku, El-Rufai Coalition Seeks INEC Registration For New Party

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The National Opposition Coalition Group, led by former Vice President Atiku Abubakar and ex-Kaduna State Governor, Nasir El-Rufai, has formally applied to the Independent National Electoral Commission for the registration of a new political party—the All Democratic Alliance.

The application, dated June 19, was acknowledged by INEC on Friday, signalling the coalition’s determination to float a new platform instead of aligning with any existing political party.

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The formation of ADA, backed by some other key political heavyweights, including former Rivers State Governor, Rotimi Amaechi and Umar Ardo, convener of the League of Northern Democrats and former aide to President Olusegun Obasanjo, seeks to capitalise on mounting public dissatisfaction and political realignments to stop President Bola Tinubu at the next poll.

READ ALSO: Atiku, Obi Arrive Abuja For Consultative Group Meeting

The application comes just a few days after INEC warned political groups that no amount of pressure or public sentiment would override the need for strict compliance with constitutional and electoral guidelines.

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The commission reiterated that party registration remains a rigorous constitutional process—not merely a political declaration.

With Thursday’s application, the national opposition coalition has now put an end to weeks of speculation about whether it would revive a dormant political platform or launch a fresh one altogether.

READ ALSO: Trump Orders Mass Layoffs At Voice Of America, Other US-funded Media

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A copy of the application letter, obtained by our correspondent in Abuja, was jointly signed by the association’s Protem National Chairman, Chief Akin A. Rickets, and Protem National Secretary, Abdullahi Elayo.

The letter partly read, “We respectfully write to the Independent National Electoral Commission, requesting the registration of our association, the All Democratic Alliance, as a political party.

“This is a sequel to the decision taken by the Nigerian National Coalition Group to sponsor our association for full registration.

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READ ALSO: Troops Engage Terrorists In Fierce Gun Battle To Repel Gwoza Invasion

“The name of the party shall be All Democratic Alliance with ADA as our acronym and ‘Justice for All’ as our slogan.”

The coalition also submitted relevant documents, including the party’s constitution, manifesto, logo, and minutes of its foundational meetings.

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The party’s symbol prominently features a maize (corn), which the applicants say represents abundance, resilience, and sustenance—core ideals they hope to promote.

We have further attached our manifesto encompassing details of our party ideology and our constitution providing the legal framework that defines our identity, structures, and organisation,” the letter continued.

 

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Rivers LG Administrator Appointed By Ibas Resigns

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The administrator of the Ahoada East Local Government Area of Rivers State, Goodluck Ihemnacho, has resigned.

Ihemnacho is one of the administrators appointed by the state Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), for the 23 LGAs of the state.

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The resignation was contained in a letter dated June 20, 2025, addressed to the state sole administrator and obtained by our correspondent.

In the letter which has flooded the social media space, Ihemnacho said his resignation was informed by his desire to return to the private sector.

READ ALSO: Rivers Women Walk Out On Ibas’ Wife, Chant ‘We Want Fubara’

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The resignation letter partly read, “I humbly write to your noble office to convey to you my resignation as the administrator, Ahoada East LGA.

“My sincere gratitude goes to the government of Rivers State and the good people of Ahoada East for finding me worthy to serve as Ahaoda East LGA from 11th day of April 2025 to 20th day of July 2025.”

Meanwhile there are speculations that Ihemnacho resigned to pave the way for him to contest the forth-coming LG elections in the state, though this has not been verified.

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Why I left Tinubu’s Govt — Former Aide Aliyu Audu Declares

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A former Senior Special Adviser to President Bola Tinubu on Public Affairs, Aliyu Audu, has revealed that he resigned from the administration in order to actively campaign against Tinubu’s re-election bid in 2027.

Speaking on Monday during an interview on Channels Television’s Sunrise Daily, Audu said his decision was driven by a matter of “principle and conscience,” as he accused the ruling All Progressives Congress (APC) of attempting to turn Nigeria into a one-party state.

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It confirmed it on one hand, and on the other hand, it strengthened my resolve to not work for him in 2027,” Audu said, referring to Tinubu’s Democracy Day speech where the president claimed to enjoy seeing the opposition in disarray.

READ ALSO: Wike Defends ₦39bn ICC Renovation, Renaming Edifice After Tinubu

“I couldn’t in all honesty and in my conscience be in his government knowing I’m plotting against removal in 2027, because I will, and by God, we will remove him. Collectively, Nigerians will install a leader that will be our chosen, not his chosen. Not emilokan (my turn), but awa lokan (our turn), in fact, gbogbo wa lokan (all of us).”

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He also criticised the inclusion of Nyesom Wike, a PDP member and current Minister of the Federal Capital Territory, in the APC-led government, questioning his loyalty and the legitimacy of such a move.

What is Wike doing in our government? If he’s going to leave the PDP, he should leave. If we’re doing a government of national unity, you deal with the party, not individuals. The party is what we vote for — not Bola Tinubu but APC; not Atiku but PDP; not Peter Obi but Labour Party.”

READ ALSO: Ndume Insists Tinubu’s Govt Has Been Hijacked By ‘Kleptocrats’

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Audu’s resignation letter, dated June 8, criticised the APC’s political trajectory and warned against what he described as a deliberate silencing of opposition voices. In a follow-up statement, he clarified that while he does not support the Peoples Democratic Party (PDP), he would not lend himself “as an instrument to reduce Nigeria to a one-party state.”

“If we now begin to silence or crush opposition simply because we have the upper hand, then we are no different from the very system we once criticised under Obasanjo in 2003,” he said.

 

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