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Peter Obi Raises Alarm Over Nigeria’s Growing Debt Crisis

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Former Anambra State Governor and 2023 presidential candidate, Peter Obi , has once again voiced deep concern over Nigeria’s mounting national debt, warning that the country is edging dangerously toward a financial cliff . Obi, known for his consistent advocacy for transparency and fiscal responsibility, criticized the recent approval of massive foreign loans by the National Assembly—reportedly amounting to over $21 billion , €2.2 billion , and ¥15 billion . He emphasized that the current debt trend under the Tinubu administration is unsustainable and could leave future generations burdened with unpayable obligations. According to Obi, Nigeria’s debt has ballooned from ₦12.6 trillion in 2015 to a staggering ₦149 trillion in 2025 , a growth rate he described as "disturbing and reckless." He questioned the country’s borrowing culture, especially when there is little to show in terms of infrastructure, job creation, or improved living standards. “The government must stop li...
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Nigeria’s Minimum Wage Crisis: Will Government and Labour Reach a Deal Before Strike?**

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Nigeria's minimum wage negotiations have hit a dangerous stalemate, with organized labour threatening to shut down the economy if their demands are not met. As inflation bites harder and economic hardship deepens, millions of Nigerian workers are waiting anxiously to see if the government will bend or if another nationwide strike is inevitable.  

**The Sticking Points in the Negotiations**  

For months, the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have been locked in tense talks with the Federal Government and private sector representatives. Labour unions are demanding ₦250,000, arguing that the current ₦30,000 wage is grossly inadequate with inflation at 33.95% (May 2024) and fuel prices at record highs. However, the government insists that ₦62,000 is the highest it can offer, citing financial constraints.  

State governors have further complicated matters, declaring that even ₦62,000 is unsustainable for many states already struggling to pay salaries. The private sector, represented by NECA, warns that a sharp wage increase could force businesses to cut jobs or shut down entirely.


**Labour’s Ultimatum and Strike Threat**  

Frustrated by the slow progress, labour unions issued a **7-day ultimatum** to the government, expiring soon. If no agreement is reached, Nigeria could face another crippling strike, disrupting essential services like healthcare, electricity, and transportation.  

A similar strike in June was suspended after government assurances, but workers are losing patience. “We cannot survive on starvation wages,” said NLC President Joe Ajaero. “If the government fails to act, we will have no choice but to withdraw our services nationwide.”  


**What’s the Way Forward?**  

Economists suggest a compromise between ₦100,000–₦150,000 may be the only solution to prevent economic disruption. However, with trust low and tensions high, the risk of a prolonged standoff remains.  

As the deadline approaches, all eyes are on President Tinubu’s administration. Will they find a middle ground, or will Nigeria face another debilitating strike? The clock is ticking.  

**What do you think? Should the government agree to labour’s demands, or is ₦250,000 unrealistic? Share your thoughts in the comments!**  



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