Nigeria’s debt-to-GDP ratio surpassed 50% for the first time, according to the latest public debt figures published by the Debt Management Office (DMO). The country’s public debt now totals N121 trillion, comprising N65.6 trillion in domestic debt and $42.1 billion in foreign debt (equivalent to N56 trillion).

As of December 2023, Nigeria's total gross domestic product (GDP) was N229.9 trillion in nominal terms, with a real growth rate of 2.74%. This pushed the debt-to-GDP ratio above 50%.

Recent GDP and Debt Figures

In the first quarter of 2024, Nigeria’s nominal GDP was N58.5 trillion, up from N51.2 trillion in the same period in 2023. The nominal GDP figures for the second and third quarters of 2023 were N52.1 trillion and N60.6 trillion, respectively. The fourth quarter GDP rose to N65.9 trillion, bringing the trailing four-quarters GDP total to N237.5 trillion. Based on the 2023 GDP figure of N229.9 trillion, Nigeria’s debt-to-GDP ratio is 52.9%. Using the trailing four-quarter GDP figure of N237.5 trillion, the ratio stands at 51.2%.

Implications of the Rising Debt-to-GDP Ratio

Nigeria has often touted its 'low' debt-to-GDP ratio as a sign of economic resilience, implying room for more borrowing. For comparison, as of 2023, Ghana had a debt-to-GDP ratio of about 84.9%, South Africa 72.2%, Kenya 70.1%, and Egypt 95.8%. Despite these higher ratios, Nigeria has struggled with high debt service-to-revenue ratios. With the debt-to-GDP ratio now exceeding 50%, Nigeria faces limited borrowing capacity amidst ongoing economic challenges.

Nigeria’s Escalating Debt Profile

Over the past eight years, Nigeria's debt profile has risen significantly due to fiscal challenges, including low crude oil revenues and increasing budgetary expenditure. Under the Buhari administration, public debt grew from N12.6 trillion in 2015 to N97.3 trillion in 2023. Between December 2023 and March 2024, public debt increased by N24.3 trillion. The DMO attributed this rise to fresh borrowing and naira devaluation. In the first quarter of 2024, fresh borrowing amounted to N7.71 trillion, including N2.81 trillion as part of new domestic borrowing and N4.90 trillion for the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly.

Global ratings agency Moody’s noted that interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.

Nairametrics

The continuous depreciation of the Nigerian Naira has reached a critical point, with the currency now bearing the unfortunate distinction of being the worst-performing in the world during the first half of 2024. This alarming situation demands immediate and decisive action from both monetary and fiscal authorities to prevent further economic deterioration and restore confidence in Nigeria's financial system.

The factors contributing to this crisis are multifaceted and deeply rooted in systemic issues plaguing the Nigerian economy. The decline in crude oil production, primarily due to rampant oil theft in the Niger Delta region, has severely impacted Nigeria's primary source of foreign exchange. This situation is further exacerbated by the country's continued reliance on imported refined petroleum products, creating a vicious cycle of foreign currency outflow.

Low export diversification remains a persistent challenge, leaving the economy vulnerable to oil price fluctuations and global market dynamics. The lack of a robust export base beyond petroleum products has long been recognized as a structural weakness, yet meaningful progress in this area has been elusive.

Perhaps most concerning is the role of corruption in exacerbating the currency crisis. The practice of government officials converting ill-gotten gains into foreign currencies not only drains the economy of much-needed resources but also puts additional pressure on the Naira. This illicit capital flight undermines efforts to stabilize the currency and erodes public trust in financial institutions.

The severity of the situation is evident in the numbers: a 40% decline against the dollar since the start of 2024, with the Naira reaching 1,510 per dollar. This represents a staggering 70% loss in value since June 2023, despite policy changes aimed at attracting foreign investment and reviving the economy.

To address this crisis, monetary authorities must take bold and innovative steps. The Central Bank of Nigeria, under Governor Olayemi Cardoso, has already implemented measures such as increasing interest rates and clearing foreign exchange backlogs. However, these efforts must be intensified and complemented by additional strategies to boost dollar liquidity and attract portfolio inflows.

Fiscal authorities, for their part, must prioritize economic diversification and anti-corruption efforts. Investments in non-oil sectors, particularly agriculture and manufacturing, should be accelerated to reduce the economy's vulnerability to oil price shocks. Simultaneously, a more robust and transparent system for tracking government spending and foreign exchange transactions is essential to curb corruption and illegal capital flight.

Furthermore, the government must work to improve the overall business environment to attract both domestic and foreign investment. This includes addressing infrastructure deficits, streamlining bureaucratic processes, and ensuring policy consistency.

The road to currency stability and economic recovery will be challenging, but it is not insurmountable. It requires a concerted effort from all stakeholders - government, private sector, and citizens alike. The time for half-measures and temporary fixes has passed. Nigeria needs a comprehensive, long-term strategy to address the root causes of its currency woes and put the economy on a path to sustainable growth.

As we move into the second half of 2024, the actions taken in the coming months will be crucial in determining whether the Naira can stabilize and potentially appreciate, or if it will continue its downward spiral. The stakes are high, and the world is watching. It's time for Nigeria to rise to the challenge and demonstrate its resilience and potential for economic transformation.​​​​​​​​​​​​​​​​

On Sunday around 8 PM, over 20 travelers were reportedly abducted by gunmen on the Sagamu-Ijebu-Ode Expressway. One victim was shot in the knee during the incident. The ambush occurred between the Sagamu Area Command of the Nigeria Police and Ilisan township.

Wemmy Osude, Chairman of the Ilisan Development Council, confirmed the event to reporters. He mentioned that one of the victims, a resident of Ilisan Remo, is receiving medical treatment at Babcock University Teaching Hospital.

Osude said, “Information reaching me right now confirmed a kidnapping incident between the Area Command and Ilisan City Gate (formerly Delabo). A resident of Ilisan (name unconfirmed) was reportedly shot in the knee and is receiving medical attention at Babcock Teaching Hospital. Other victims were taken into the bush. While waiting for additional information, please contact your loved ones who may be plying that road at about this time to be cautious.”

Osude added that he had spoken to the resident receiving treatment, who was in stable condition. He also mentioned discussing the incident with the Sagamu Area Commander, expressing hope that security agents would pursue the criminals and rescue the abducted individuals.

Israeli tanks advance into areas in north and south Gaza

Israeli forces advanced further on Sunday into the Shejaia neighbourhood of northern Gaza and also pushed deeper into western and central Rafah in the south, killing at least six Palestinians and destroying several homes, residents said.

Israeli tanks, which moved back into Shejaia four days ago, fired shells towards several houses, leaving families trapped inside and unable to leave, the residents said.

Speaking at a weekly cabinet meeting on Sunday, Israeli Prime Minister Benjamin Netanyahu repeated his stance that there is no substitute for victory in the war against the Islamist militant group Hamas.

"We are committed to fighting until we achieve all of our objectives: Eliminating Hamas, returning all of our hostages, ensuring that Gaza never again constitutes a threat to Israel and returning our residents securely to their homes in the south and the north," he said.

While the offensive focused on Gaza, in the Israeli-occupied West Bank, one man was killed and five were wounded in an Israeli strike near the city of Tulkarm, according to the Palestinian health ministry. The dead man was a member of militant group Islamic Jihad, the group said. The Israeli military issued no comment.

Hours after Netanyahu's comments about Gaza, the armed wing of Hamas released a video purporting to show weapons-making, in a show of defiance.

The video, which was not immediately verified by Reuters, showed fighters preparing anti-tank rocket warheads. In the background a large TV screen showed recent news events to indicate the video was recent.

"Our preparation is continuing," said writing at the end of the short film.

The Israeli military said forces operating in Shejaia had killed several Palestinian gunmen over the past day and found military infrastructure inside a United Nations school as well as dozens of weapons and "valuable intelligence documents".

On Saturday the military announced the death of two Israeli soldiers in northern Gaza.

In another raid in Shejaia, the forces located a "terrorist war room" at a clinic, said the military, which again accused Hamas of "embedding itself in civilian structures for terror purposes".

Hamas denies using civilian sites such as schools and hospitals for military purposes.

The armed wing of Hamas and the allied Islamic Jihad reported fierce fighting in both Shejaia and Rafah, saying their fighters had fired anti-tank rockets and mortar bombs against Israeli forces operating there.

More than eight months into Israel's air and ground war in Gaza, militants continue to stage attacks on Israeli forces, operating in areas that the Israeli army said it had gained control over months ago.

STALLED CEASEFIRE EFFORTS

Arab mediators' efforts, backed by the United States, have stalled. Hamas says any deal must end the war and bring a full Israeli withdrawal from Gaza. Israel says it will accept only temporary pauses in the fighting until Hamas, which has governed Gaza since 2007, is eradicated.

The war began when Hamas-led militants stormed into southern Israel on Oct. 7, killing around 1,200 people and seizing more than 250 hostages, according to Israeli tallies.

Israel's retaliatory offensive has so far killed nearly 38,000 people, according to the Gaza health ministry, and has left the heavily built-up coastal enclave in ruins.

The ministry does not distinguish between combatants and non-combatants but officials say most of the dead are civilians. More than 300 Israeli soldiers have been killed in Gaza and Israel says at least a third of the Palestinian dead are fighters.

Israeli tanks pushed deeper into several districts in the east, west and centre of Rafah, near the border with Egypt, on Sunday, and medics said six people had been killed in an Israeli strike on a house in Shaboura, in the heart of the city.

The six bodies from the Zurub family were transferred to Nasser Hospital in the nearby city of Khan Younis, where dozens of relatives paid their respects.

Residents said the Israeli army had torched the Al-Awda mosque in the centre of Rafah, one of the city's best-known.

Israel has said its military operations in Rafah are aimed at eradicating the last armed battalions of Hamas.

Reuters

WESTERN PERSPECTIVE

Russia attacks Ukraine's two largest cities, Kyiv and Kharkiv

Russian forces attacked Ukraine's two largest cities on Sunday, with missile fragments falling on a suburban Kyiv apartment building and a guided bomb killing one person in Kharkiv.

More than 28 months into Russia's invasion of Ukraine, Russian forces maintain regular attacks on Ukrainian cities as well as on energy infrastructure.

Attacks on Kyiv are less frequent than other cities, although the capital endured a series of assaults in March. Kharkiv has come under regular attack, but military analysts say the frequency has dipped since the United States authorised Ukrainian use of its weapons on certain Russian targets.

In Kyiv's Obolon suburb, the local military administration said falling fragments from a Russian missile started a fire and damaged balconies on a 14-storey apartment building on Sunday.

Emergency services, writing on the Telegram messaging app, said five female residents were treated for stress, and Mayor Vitali Klitschko said 10 residents had been evacuated.

Emergency services posted a picture online showing at least four blackened balconies.

The head of the military administration of Kyiv region said missile fragments had also fallen outside the capital, causing injuries and damage, though no details were provided.

Russian forces were prevented from advancing on Kyiv in the early weeks of the February 2022 invasion and were redeployed along the 1,000-km (600-mile) front line in the east.

In Kharkiv, which never fell into Russian hands in the early stages of the war, a guided bomb started a fire and killed a delivery service driver outside a depot on Sunday.

Regional Governor Oleh Synehubov said nine people were injured, including an 8-month-old infant. Pictures posted online showed the depot and trucks outside it badly damaged.

President Volodymyr Zelenskiy, in a post on Telegram, said Russia had used more than 800 guided bombs on Ukrainian targets in the past week. He issued a fresh plea in his nightly video address for better weapons systems.

"The sooner the world helps us deal with the Russian combat aircraft launching these bombs, the sooner we can strike - justifiably strike – Russian military infrastructure...and the closer we will be to peace," he said.

RUSSIAN PERSPECTIVE

Air defenses destroy 36 Ukrainian drones over central Russia last night

Russia’s air defenses destroyed 36 Ukrainian drones over the Central Federal District regions, and of those, 15 were brought down over the borderline Kursk Region, the Defense Ministry said.

"Last night, the Kiev regime’s attempt to use fixed-wing unmanned aerial vehicles (UAV) for a terrorist attack against facilities on territory of the Russian Federation was foiled. The on-duty air defense systems destroyed 15 UAVs over the Kursk Region, nine UAVs over the Lipetsk Region, four UAVs each over the Voronezh and Bryansk Regions as well as two UAVs each over the Oryol and Belgorod Regions," the ministry said.

Reuters/Tass

In the month since 23 May, when – during hours reserved by nature entirely for meetings of witches and wizards – he began sitting as Kingmaker for the Emirate of Kano, Abdullahi Liman, a senior judge of Nigeria’s Federal High Court, has handed down at least five rulings. Defying settled Supreme Court jurisprudence, he has asserted federal jurisdiction to decide for the people of Kano who their Emir should be; proceeded unperturbed even after being shown that the subject matter of his proposed decision-making had entered the docket of the Court of Appeal; and ordered the government of Kano State not to implement state law which he is incapable of invalidating.

The scandal about the course that Liman has chosen in his self-designated role as Kano’s federally-appointed Kingmaker is not in what he has done, however. It lies in what he has failed to do. The most significant thing in this case is the near certainty that there was no lawful case on the docket when the judge purported to remotely issue a night-time order on 23 May, requiring the parties to “maintain status quo ante the passage and assent of the bill into law.” A more serious judicial scandal would be difficult to invent. It is, therefore, important to clearly consider the facts that show that what has occurred in the court of Abdullahi Liman is judicial misconduct of the most spectacular kind.

Liman has been a lawyer for four decades and a judge for nearly a quarter of a century. Born on 11 February 1959, he became a lawyer in 1984 and was in private legal practice in his home State, Nasarawa, and in neighbouring Abuja, the Federal Capital Territory, until his appointment as a  judge at 42 on 27 July 2000. He is presently the fourth senior-most judge of the Federal High Court. The week preceding his assumption of office as Kano’s sole Kingmaker, the National Judicial Council recommended Liman at the head of a list of 22 judges for elevation to the Court of Appeal. Whatever anyone may say of his work, judicial inexperience is not a charge that can be sustained against him.

The evidence of judicial malpractice in this case is compelling. Let’s begin from the beginning. On Thursday, 20 June, 2024, Liman delivered a 22-page ruling precluding the substantive dispute before any opportunity to consider it. The ruling, which purports to nullify “every step taken” by the Kano State government under the Kano State Emirate Council (Repeal) Law assented to by the Governor on 23 May, 2024, began as follows: “This Court on the 23rd of May, 2024, made an order via virtual proceedings, which was enrolled on the same date.” Notably, the judge failed to say when the case was filed. His anger and the entire basis of his orders, as Liman claimed in his ruling, was that the Government of Kano “defiantly went ahead to implement the law that is sought to be struck down.”

It is standard practice for judges in Nigeria to begin their judgments and rulings by clearly reciting details of when the case was filed that they are called upon to decide. As Kano’s Kingmaker, Liman cannot be bothered with such routines. For context, a claimant who wishes to file a case will usually take the relevant papers to the court registry. There, registry staff will assess the necessary fees, which the person filing the case must pay. Upon payment, a Remita electronic payment record is generated as proof of payment and of the amount paid, together with a time stamp of when the payment occurred.

The working hours of Court registries in Nigeria are well known. On 23 May, 2024, the Governor of Kano State assented to the law at 5:10 pm or 17:10 hours. At that time of day, the registry of the Federal High Court in Kano had long closed for the week. So, no case could have been filed thereafter on that day to challenge the law. The only other possibility was that the filing happened before the Governor indicated his assent. If so, that filing could not have provided any basis for Abdullahi Liman’s peregrinations later that night in a judicial coven.

The only basis on which he could have issued the orders that he did on 23 May, therefore, must be that the case was filed after the Governor’s assent. As a matter of law, that is impossible in the absence of a record of a prior decision by the Chief Judge of the Federal High Court extending the opening hours of the registry. As a practical matter, the staff of the Federal High Court in Kano do not have any record of any such filing. Off record, some people close to the bench suggest unconvincingly that a Remita record for the filing exists at the Federal High Court Registry in Lagos. If so, no one has found it. Lagos and Kano are not in different time zones and the rules governing office hours for the Federal High Court in Lagos are presumably not different from those applicable in Kano.

Three weeks after his first order, on 13 June, Abdullahi Liman finally ruled to claim jurisdiction over Kano’s Emirate tussle. In doing so, he considered the Supreme Court’s 1988 decision concerning the deposition of the Emir of Muri but blightly dismissed it as “distinguishable with the facts of the instant case and, therefore, inapplicable.” He failed to say how or why.

One week later, when he ruled to nullify everything done by Kano State Government since his implausible order of 23 May, Liman clarified the basis of the case as concerning “traditional and cultural rights which are vested rights and which are penumbral to …fundamental rights.” He alone could possibly understand this verbiage because the fundamental rights guaranteed by Nigeria’s constitution do not include any “traditional and cultural” or “penumbral” rights, whatever those may mean.

There is no human right in Nigeria to be a Kingmaker or a King. At best, a claim for such could be made by way of judicial review, not as a fundamental rights claim. But to concede that would be to admit that Liman lacked jurisdiction over the matter. That was not his brief.

The scandal in this case goes beyond the fact that there is no filing record to foreground or precede the order of 23 May, 2024 around which Liman affects judicial hyperventilation; or his invention of enforcement for rights that don’t exist in Nigeria’s constitution. According to his own claim, the hearing that preceded his order of 23 May was remote or virtual. He also says he “enrolled” the order on the same day.

It is indeed the case that the Rules of Court in Nigeria were adapted in the aftermath of Covid-19 to allow for remote proceedings in certain cases. However, there has to be a valid case filed to begin with. It is also not clear from where Liman procured for himself the power to extend remote hearings to include remote enrolment of court orders.

Reminded that his order of 23 May was not in fact served on the Government of Kano State until 27 May, four days later, Abdullahi Liman cited a 2002 decision of the Court of Appeal saying that “anyone who is served with or becomes aware of a valid order of court should ensure that he obeys it in full.” The underlining here is his not mine.

Disregarding the word “valid”, however, he proceeded to claim on 20 June that the question was whether the Government of Kano State knew of the order before 27 May. For proof, he said his order was everywhere on the social media. This was rank duplicity from a man who, only the previous week, on 14 June, refused to credit evidence that the Court of Appeal had entered an appeal against his assertion of jurisdiction, preferring instead to hurtle with malice aforethought towards a predetermined outcome. Once he had procured that on 20 June, he adjourned the case indefinitely.

** Chidi Anselm Odinkalu, a professor of law, teaches at the Fletcher School of Law and Diplomacy and can be reached through This email address is being protected from spambots. You need JavaScript enabled to view it..

Warren Buffett on Friday made his biggest annual donation to date, giving $5.3 billion worth of Berkshire Hathaway shares to five charities.

The legendary investor, who’s turning 94 in August, converted 8,674 of his Berkshire Class A shares to donate more than 13 million Class B shares, according to a statement Friday. A total of 9.93 million shares went to the Bill & Melinda Gates Foundation, with the rest going to the Susan Thompson Buffett Foundation, named for his late first wife, and the three charities led by his children Howard, Susan and Peter Buffett.

The “Oracle of Omaha” has pledged to give away the fortune he built at Berkshire, the Omaha, Nebraska-based conglomerate he started running in 1965. Buffett has been making annual donations to the five charities since 2006.

After Friday’s donations, Buffett owns 207,963 Berkshire A shares and 2,586 B shares, worth about $130 billion.

New charitable trust

In an interview with The Wall Street Journal, Buffett clarified that after his death, the enormous fortune he amassed from building the one-of-a-kind conglomerate will be directed to a new charitable trust overseen by his three children.

“It should be used to help the people that haven’t been as lucky as we have been,” he told the Journal. “There’s eight billion people in the world, and me and my kids, we’ve been in the luckiest 100th of 1% or something. There’s lots of ways to help people.”

Buffett has previously said his three children are the executors of his will as well as the named trustees of the charitable trust that will receive 99%-plus of his wealth.

He told the Journal that the Bill & Melinda Gates Foundation will no longer receive donations after his death. Buffett resigned as a trustee at the Gates Foundation in June 2021 in the midst of Bill and Melinda Gates’ divorce.

At Berkshire’s annual meeting in May, Buffett spoke candidly to shareholders about a future when he’s no longer at the helm, appearing solemn at times as he pondered his advanced age and reflected on his late friend and business partner Charlie Munger.

Greg Abel, vice chairman for noninsurance operations at Berkshire, has been named Buffett’s successor and has taken on most of the responsibility at the conglomerate.

Buffett previously said his will will be made public after his death.

“After my death, the disposition of my assets will be an open book – no ‘imaginative’ trusts or foreign entities to avoid public scrutiny but rather a simple will available for inspection at the Douglas County Courthouse,” Buffett said in November.

CNBC

At least 18 people were killed and 30 others injured after a series of attacks by suspected female suicide bombers in Nigeria's northeastern Borno state on Saturday, the head of the local state emergency management agency said.

Borno is at the centre of a 15-year Islamist insurgency that has killed thousands of people and displaced millions more. Although the Nigerian military has degraded the capabilities of the militants, they still carry out deadly attacks against civilians and security targets.

Barkindo Saidu, director general of the Borno State Emergency Management Agency, said suspected suicide bombers separately attacked a wedding, funeral and hospital, killing and injuring several people in the town of Gwoza.

Saidu said 18 deaths had been confirmed, a toll that included children, adults and pregnant women. "The degree of injuries ranges from abdominal ruptures, scull fractures, and limb fractures," he said.

No one has claimed responsibility for the attacks.

Borno state police were not immediately available for comment.

Boko Haram and its splinter group, Islamic State West Africa Province (ISWAP), are the most active militant groups in Borno, a large swathe of rural hinterland the size of Ireland.

Reuters

Peter Obi, former presidential candidate of the Labour Party in the 2023 election, has sharply criticized the federal government for concurrently operating multiple budgets.

In a post on X on Saturday, Obi decried this practice as a blatant violation of fiscal responsibility, transparency, and accountability. Presently, the federal government is executing the 2023 budget, 2023 supplementary budget, and the 2024 budget. Additionally, President Bola Tinubu announced on May 29 that a 2024 supplementary appropriation bill would soon be presented to the national assembly.

Obi warned that this approach is a recipe for chaos, confusion, and catastrophe. "All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently," he stated. "This is in blatant disregard for fiscal responsibility, transparency, and accountability. It is also a recipe for chaos, confusion, and catastrophe."

He added that such recklessness would lead to unnecessary expenditures in approved budgets, competing with essential projects for limited resources, thereby worsening the plight of the Nigerian populace.

Obi criticized Nigerian leaders for being disconnected from reality and lacking the competence to manage the nation’s finances effectively. He said, "It indicates that the leaders are out of touch with reality and lack the competence to manage our nation’s finances effectively. Unfortunately, this deliberate act of fiscal recklessness is being undertaken by elected representatives of the people, thereby betraying one of the cardinal pillars of democracy. Leaders are elected to responsibly manage public resources in an organized way."

He called for an immediate reversal of the situation in favour of a more responsible and transparent approach to budgeting. "We must prioritize the needs of the Nigerian people, not the selfish interests of a few. This is a call to action for all leaders to desist from actions that will further drive the country into economic chaos."

The Presidency has dismissed allegations of a planned 2024 supplementary budget, calling the claims “false” and “misinformation.”

In a statement released on Saturday by Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, the Presidency clarified that there is no intention to operate four budgets within a single fiscal year, as alleged. The statement emphasized that the National Assembly only approved the extension of the capital components of the 2023 budget and the 2023 supplementary budget to December 2024.

"Our country cannot achieve sustainable development if Federal, State, and Local governments focus solely on consumptive expenditures, which primarily represent recurrent expenditures," the statement read. "It is the capital expenditures that drive economic growth, strengthen private sector output, and create employment opportunities for citizens."

The Presidency criticized BudgIT, a civic organization, for raising what it described as a “false alarm” based on rumors. It also accused Peter Obi, a former presidential candidate, of leveraging these unfounded claims to spread further misinformation.

The statement urged BudgIT to adopt a more responsible and accurate approach to its reporting, stating, “BudgIT cannot afford to be flippant and unduly sensational.”

Earlier, BudgIT had issued a statement on Friday, warning against the extension of the implementation period for the 2023 approved budget and the 2023 supplementary budget from the original end date of December 31, 2023, to December 31, 2024. The 2023 approved budget of N21.83 trillion, signed into law by President Muhammadu Buhari in January 2023, was intended to run for 12 months, following global practice. Additionally, the 2023 supplementary budget of N2.17 trillion was passed by the National Assembly and assented to by President Bola Ahmed Tinubu shortly before the end of the 2023 fiscal year.

Reacting to these developments, Peter Obi accused the federal government of running four national budgets simultaneously, describing it as a “betrayal of democracy.”