Yakubu Defends Rising Debt, Says Critics Exhibiting ‘Economic Illiteracy,’ Insists Deficit Spending Normal Ndubuisi Francis in Abuja
The federal government has dismissed concerns raised by critics over rising borrowing
and debt accumulation, insisting that deficit spending was neither criminal nor abnormal. The Director-General of the Budget Office of the Federation
(BoF), Dr. Tanimu Yakubu, conveyed the government's position in a lengthy statement titled "Deficits, Debt and Economic Literacy: A Response
to Nigeria's Fiscal Critics," which he released over the weekend. He described debt as one of the oldest instruments of macroeconomic stabilisation
known to economic theory and modern statecraft. Yakubu, whose riposte was laced with harsh words for critics of the government's relentless
borrowing culture, said critics of rising debt were doing so out of "economic illiteracy." Continued on page 5
Speaker Abbas, Kalu, Elumelu, Buhari’s Son Win APC Primaries, House Majority Leader, Ihonvbere Loses…Page 6 Sunday, May 17, 2026 Vol 31. No 11361
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Obi Queries Benefits of Tinubu’s Foreign Trips, Says Trump Got Billions of Dollars’ Deals from China Insists Nigeria’s leadership should focus on productivity, not ceremony Says diplomacy shouldn’t be reduced to symbolic displays
Chuks Okocha in Abuja
The former Labour Party (LP) presidential candidate, Mr. Peter Obi, has queried the economic
benefits of President Bola Tinubu’s foreign trips, saying that the United States President Donald Trump secured deals worth billions of dollars from
China. Obi argued that foreign trips by government officials must deliver tangible economic benefits to Nigerians.
According to him, foreign engagements by the Nigerian leaders must translate into measurable economic benefits for the citizens.
While Trump has returned to Washington after two days of talks with Chinese leader Xi Jinping in Beijing, Tinubu just returned to Nigeria from
a three-nation visit to France, Kenya, and Rwanda. During Tinubu’s visit to Continued on page 5
Trump,Tinubu Confirm Killing of ISIS Leader, Al-Minuki by Joint US, Nigerian Forces
See story on page 5 Nigerian president hails Trump for his unwavering support in war against terrorism Presidency justifies joint US, Nigerian military operation DHQ clarifies reported killing of al-Minuki in 2024
LANDMARK AFRICA DEAL ON THE WORLD STAGE… INVESTMENT DRIVE…
L-R: (front row) Managing Director, International Finance Corporation, Mr. Makhtar Diop; Chairman, Access Holdings, Mr. L-R: Chairman, BUA Group, Abdul Samad Rabiu; President Bola Tinubu; and Chairman, Access Holdings, Aigboje Aig-Imoukhuede; Back L-R: CMD/CEO, Access Bank Rwanda, Faustin Byishimo, and Regional Vice President, Africa Mr. Aigboje Aig-Imoukhuede, when the president led Nigerian business leaders for outstanding outing in Kigali, Rwanda…recently IFC, Ethopis Tafara, during the signing of $500m funding between Access Group and IFC in Kigali, Rwanda…recently