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BREAKING: TINUBU SEEKS NATIONAL ASSEMBLY APPROVAL FOR US$21.5BN LOAN, NGN₦758BN DOMESTIC DEBT TO FUND KEY SECTORS
By: Favour Bibaikefie
Abuja – President Bola Ahmed Tinubu has formally requested the National Assembly’s approval to secure a new round of multi-billion-dollar foreign and domestic loans aimed at supporting critical sectors of Nigeria’s economy and addressing longstanding pension obligations.
In a detailed letter sent to both chambers of the National Assembly, the President sought approval for an external borrowing plan totalling US$21.5 billion, in addition to EUR€2.19 billion, PRC¥15 billion, and a EUR€65 million grant.
The request is part of the Federal government’s 2022 – 2024 borrowing framework intended to fund major development initiatives.
Additionally, President Tinubu is asking for legislative endorsement to raise NGN₦757.9 billion through domestic bonds. According to the Presidency, these funds will be directed primarily toward offering federal government pension liabilities, especially accrued pension rights under the Contributory Pension Scheme.
The proposed external loan, the government clarified, will be deployed across priority sectors including infrastructure, education, healthcare, agriculture, job creation, water resources, and security. A statement from the Federal Ministry of Finance emphasized that the loan requests are consistent with Nigeria’s Midium-term Debt Strategy and will be responsibly managed to avoid placing undue burden on future administrations.
“This borrowing is not arbitrary, ” the statement said. “It is structured to support growth-driven projects across key economic areas and improve the living standards of Nigerians.”
Despite these assurances, critics and civil society groups have raised concerns over Nigeria’s growing public debt profile and the need for greater transparency, fiscal discipline, and measurable outcomes in loan utilization. Some have accused the government of pilling on debts without clear accountability mechanisms or demonstrable impact on productive sectors.
However, the government insists the borrowing will not increase Nigeria’s debt distress risk and that appropriate debt management strategies are in place.
The National Assembly is expected to deliberate on the requests in the coming days.
(c) IduwiniVoice
- By Favour Bibaikefie
Labour Party’s former Presidential flag bearer, Mr. Peter Gregory Obi, has officially declared his intention to run for the presidency again in 2027. Speaking during a live interactive session on X Space last Sunday, Obi pledged to serve only one tenure in office if elected, aligning with the conditions of any national coalition formed to rescue the country.
His spokesman, Mr. Ibrahim Umar, followed up with a formal confirmation of Obi’s statement on Monday.
Obi clarified that his ambition is not driven by a desire for power but by a commitment to national transformation. He stated unequivocally: “If the coalition is one term, I will leave on May 28, 2031 – not even May 29. I am not desperate to be president. I am desperate to see Nigeria work.”
He underscored that any such coalition must be guided by principles of integrity, character, and accountability, rather than political compromise or personal ambition.
No Alliance With Atiku, Focus Remains on National Challenges
The former Anambra State Governor dismissed speculations of a potential Alliance with former Vice President Atiku Abubakar. Obi stressed that his focus is not on political arrangements but on assembling a result-driven team capable of tackling the country’s pressing issues, particularly insecurity and economic hardship.
“If the coalition is not about stopping the killings in Benue, Zamfara, how to revive our economy, how to make our industries productive, how to put food on the tables of Nigerians, count me out,” he asserted.
Vision: Stabilising Nigeria Within Two Years
Obi expressed confidence in his ability to bring stability to Nigeria within two years of assuming office. He pledged to prioritize key sectors such as security, education, and poverty reduction. He also vowed to run a clean administration, assuring that his family would be kept out of government business and contracts.
“To bring order in governance, I will prioritise security, education and pulling people out of poverty,” he said.
Criticism of Tinubu’s Foreign Trip Amid Crisis
During the session, Obi took a critical stance on President Bola Tinubu’s recent trip to St. Lucia, describing it as disconnected from the nation’s current realities. He questioned the President’s leadership commitment amid ongoing security and economic challenges.
“You can’t build strong international relations when your domestic house is on fire. We’re losing lives in Niger, Benue, Zamfara and we’re gallivanting,” Obi lamented, adding that the President had not spent a single night outside Lagos in any Nigerian state since taking office.
No to Political Cross-Carpeting and Electoral Manipulation
Reaffirming his commitment to electoral reforms, Obi said he would champion credible elections and condemned the trend of elected politicians switching parties for personal gain.
He pledged a peaceful and transparent campaign, highlighting the importance of respecting voter decisions. He also restated his support for regional power rotation, noting his adherence to this principle while governing Anambra State.
In closing, Obi called for a compassionate and people-centered leadership approach, drawing from his own experiences of empathising with victims during crises in his home state.
With this declaration, Peter Obi sets the stage for what promises to be a defining moment in Nigeria’s 2027 electoral cycle.
Assassination Fear: Islamic Republic of Iran’s Supreme Leader Khamenei Chooses 3 Successors, Skips His Own Son
The Islamic Republic of Iran’s Supreme Leader Ayatollah Ali Khamenei has reportedly handpicked three potential successors in case he is killed during Israel’s ongoing military campaign — a revelation that signals unprecedented urgency inside Tehran’s highest ranks.
According to an investigative report by The New York Times on Saturday, the 86-year-old Supreme Leader, now operating from a fortified bunker, privately named three senior clerics to assume power should he die during the conflict.
Reports say about 20 soldiers were killed in as bandits military base around Kwanan Dutse in the Mariga Local Government Area of Niger State.
An anonymous security source in nearby Shiroro LGA, who was briefed by his colleagues, told PREMIUM TIMES that the bandits attacked the military camp on Tuesday morning.
“Other soldiers were also injured,” the source who was not authorised to speak with the press said, adding the bodies of the deceased soldiers had been deposited in a hospital.
The army is yet to issue a statement about the incident. At press time, Onyechi Anele, the army spokesperson is yet to respond to our inquiry.
The Niger State Commissioner for Homeland Security, Abdullahi Garba, has not responded to an inquiry sent to him about the incident.
The attack came a few hours after bandits killed about 15 residents of Tofa village in Magami district of the Gusau Local Government Area in Zamfara.
That same day, a similar gunfight between notorious bandit Bello Turji’s gang and security forces claimed at least 100 lives near Cida village in Shinkafi LGA of Sokoto State.
Armed groups in Niger State do not usually claim responsibility for attacks they carry out, but our reporter understands that the area where the incident happened is partly controlled by the bandit group of Dogo Gide and the remnants of late Ali Kawaje’s gang.
Like in other terror-ravaged states, Niger suffers incessant attacks from armed groups including the Mallam Sadiku-led Boko Haram faction.
These groups target civilians, military personnel and local miners. They also engage in cattle rustling, kidnapping for ransom and violence against women.