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Tinubu seeks National Assembly approval to access $7.8 billion and €100 million external loans

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President Bola Tinubu has urged the National Assembly to approve his request to access $7.8 billion and €100 million external loans as contained in the 2022 – 2024 borrowing plan of the federal government.

The request was contained in a letter he sent to both chambers of the National Assembly, which was read at plenary by Senate President Godswill Akpabio.

Tinubu yesterday urged the National Assembly to approve his request to access $7.8 billion and €100 million external loans as contained in the 2022 – 2024 borrowing plan of the federal government.

The president said the Federal Executive Council under former President Muhammad Buhari had approved the loan facility on May 15, 2023, to finance infrastructure, health, education, agriculture, security and other sectors.

He explained that the African Development Bank (AfDB) and the World Bank Group (WBG) had indicated interest to assist the country in mitigating the economic shocks and effects of recent reforms with a sum of $1 billion and $2 billion, respectively.

Part of the letter read, “The Senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, the AfDB and the WBG have indicated interest to assist the country in mitigating the economic shocks and recent reforms with a sum of $1 billion and $2 billion, respectively, in addition to the Federal Executive Council approved 2022-2024 external borrowing plan.

“Consequently, the required approval is in the sum of $7,864,508,559 and in terms of euro, €100 million.”

Tinubu said the foreign loans became necessary in order to bridge the financial gap and return the economic activities of the country to normalcy. He noted that if the loan request was granted, the funds would be used to develop infrastructure, agriculture, health, education, water supply, security and employment, as well as financial management reforms.

He said, “The project cuts across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.

“The total facility of the projects and programmes under the borrowing plan is $7,864,508,559 and €100 million respectively.”

The president added that the projects to be funded with the borrowed fund were selected based on economic evaluation and socio economic development of the country. He said all the projects would be implemented across the 36 states, including the Federal Capital Territory.

Tinubu said, “I would like to underscore the fact that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the socio-economic development of the country.

“These include employment generation, skills acquisitions, supporting the emergence of more entrepreneurs, poverty reduction, and food security to improve the livelihood of an average Nigerian.

“The projects and programmes will be implemented in all the 36 states of the federation and the Federal Capital Territory.

“In view of the present economic realities facing the country, it has become imperative that we resort to using the external borrowing to bridge the financing gap, which will be applied to key infrastructure projects, including power, railway, health, among others

“Given the nature of these facilities and the need to consolidate the country to normalcy, it has become exigent to request the Senate’s consideration and approval of the 2022-2024 external borrowing plans.

“It will enable the government deliver its responsibilities to Nigerians through expeditious disbursement and efficient project implementation.”

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Gov Alex Otti visits Nnamdi Kanu in Sokoto prison

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Alex Otti, the Abia State Governor, on Sunday paid a visit to the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, at the Sokoto Correctional Centre.

The governor was accompanied by officials of the Sokoto State Government during the closed-door visit.

Nnamdi Kanu was recently moved to Sokoto after he was convicted on terrorism-related charges and handed a life sentence by a Federal High Court in Abuja.

Governor Otti had earlier promised to pursue every lawful and political avenue to ensure that Kanu gets justice. Sunday’s visit is seen as part of ongoing efforts by the Abia State Government regarding his case.

Details of the meeting were not made public as of the time of this report.

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Terrorists abduct bride, bridesmaids in Sokoto attack

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Armed terrorists have abducted a bride-to-be, her bridesmaid, and eight other residents from Chacho village in Wurno Local Government Area of Sokoto State

The Sokoto abduction occurred around 1:30 a.m., according to residents, when the attackers stormed the village. Most of the victims were women, with only one man also taken.
One resident sustained injuries and is receiving medical treatment. Villagers told reporters that the bride was preparing for her wedding scheduled for later that morning when the raid struck, plunging the community into shock and mourning.

A community member described the attack as “tragic,” noting the delay in security response. “Security operatives were alerted immediately, but they only arrived about an hour after the bandits had fled,” he said, expressing frustration.

 

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Dangote Refinery to supply 1.5bn litres of petrol monthly

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….Writes NMDPRA, Engages Marketers to Stabilise Fuel Market

Photo caption: L R: Chief Executive Officer, Dangote Fertiliser Limited, Vishwajit Sinha; Chief Executive Officer and Managing Director, Dangote Petroleum Refinery, David Bird; President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.

Dangote Petroleum Refinery has announced plans to supply one billion five hundred million litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year.

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1.

“In line with our commitment to national wellbeing, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.7 billion litres in February, which translates to about 60 million litres per day,” Dangote said.

Photo caption: L R: President and Chief Executive, Dangote Industries Ltd, Aliko Dangote; Managing Director and Chief Executive Officer, South South Development Commission, Usoro Akpabio, during the visit of SSDC members to the Dangote Petroleum Refinery and Fertiliser Plant in Lagos on Sunday, November 30, 2025.

Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.

Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.

“Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.

He further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.

During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.

She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.

Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.

“As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector–led growth. In this regard, we stand prepared to support State-level policy and regulatory support for Ease-of-doing-business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.

In a letter from the refinery’s Managing Director, David Bird, to the Authority Chief Executive of the NMDPRA, the company reaffirmed its readiness to host NMDPRA officials onsite at the refinery from December 1st to verify and publish its daily supply volumes. The refinery also sought the Authority’s support to ensure unhindered importation of crude, feedstocks and blending components, as well as smooth vessel loading for product evacuation.

“In the spirit of full transparency to the public we are willing to publish our daily production and stock volumes (online and print media),” Bird stated. “We seek the full support of NMDPRA to allow Dangote refinery to import our crude, feedstocks and blending components unhindered as well as support the lifting of our products by vessel. We continue to experience delays in vessel clearance which impacts not only the refinery operations but also our customers, adding unnecessary costs and inefficiencies”.

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