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Tinubu to borrow fresh $6b
President Bola Ahmed Tinubu has formally approached the Nigerian Senate, seeking legislative approval to secure a fresh $5 billion external loan, as part of efforts to sustain his administration’s economic and development agenda.
The request, contained in a letter addressed to the upper legislative chamber, underscores the Federal Government’s continued reliance on external financing to bridge fiscal gaps and support key sectors of the economy. If approved, the loan is expected to play a crucial role in funding budgetary needs, infrastructure projects, and broader economic stabilization initiatives.
The proposed borrowing comes at a time when Nigeria is navigating a challenging economic environment marked by revenue constraints, rising inflation, and increasing demands for public spending. The Tinubu administration has consistently emphasized the need for strategic financing to maintain government operations while pursuing reforms aimed at strengthening the economy.
According to government sources, the loan will be channeled into priority areas that have the potential to stimulate growth, create jobs, and improve the overall standard of living. These include critical infrastructure such as transportation networks, energy development, and social sector investments.
Nigeria’s growing debt profile remains a subject of national discourse, with stakeholders expressing mixed reactions to continued borrowing. While the government argues that loans are essential to fund development in the face of limited revenues, critics warn about the long-term implications of accumulating debt.
Concerns have particularly focused on the country’s debt servicing obligations, which consume a significant portion of government revenue. Experts argue that without a corresponding increase in revenue generation, additional borrowing could place further strain on public finances.
Nevertheless, supporters of the administration’s approach maintain that borrowing is not inherently problematic, provided the funds are invested in projects that yield economic returns and strengthen the country’s productive capacity.
News
Breaking: Court of Appeal rules in favour of Turaki -led PDP candidate for Osun governorship election
The Court of Appeal, Abuja Division, on Thursday, ruled that the Peoples Democratic Party, PDP Gubernatorial Candidate in Osun State was validly nominated by the Tanimu Turaki-led National Working Committee.
The court also ordered INEC to list the PDP logo on the ballot ahead of Saturday’s gubernatorial election.
The Court held that access code is neither a creation of the Constitution nor the Electoral Act; rather, a creation of INEC’s guidelines and cannot, in any way, override the provisions of the Constitution.
Section 288 of the Constitution does not specify the method for nominating candidates; it only states that the names of candidates should be forwarded to the Commission.
The court further held that the defendant (INEC) should take steps to include the name of the appellant on the ballot paper.
Additionally, the court ruled that the primary election conducted by the Tanimu Turaki-led National Working Committee (NWC) of the PDP was a valid primary election in law.
The three-man panel of justices—Justice Mahmud, Justice Jaro, and Justice Ankawere, was unanimous in its judgment.
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Breaking: NHRC sets up situation room to monitor and document hate speech, intimidation, threat to life ahead 2027
The national Human Rights Commission, NHRC, has set up a situation room to monitor and document all incidences of hate speech, intimidation and threat to life by politicians and other actors ahead of the 2027 general election.
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
The Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, revealed this on Thursday in Abuja at a press conference.
He said the situation room would enable the Commission harvest data, analysis and document persons, agencies and others involved in the negative statements in order to ensure they are properly tracked and brought to book by relevant agencies.
Ojukwu also took journalists on a tour of the newly set up situation room.
Details later…..
News
Breaking: NHRC expresses concern over rising incidences of hate speech, threat to life ahead 2027 elections
The National Human Rights Commission (NHRC) has expressed concerns over rising incidences of hate speech, intimidation and outright threat to life by highly placed individuals, especially politicians and religious leaders.
At a press conference in Abuja Thursday, the Executive Secretary of the Commission, Chef Tony Ojukwu, SAN, recalled statements credited to Senator Francis Fadahunsi and Sheikh Yahya Jingir and described the das dangerous with capacity to set the nation ablaze.
He called on politicians, religious and traditional rulers, among other stakeholders to call their supporters and faithful to orders.
He urged government to act before rhetorics turn to violence, saying the forthcoming election in Osun State should serve as example of Nigeria’s capacity to conduct political contest in compliance with international best practices.
Details later…..
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