News
Tinubu Asks Reps to Approve $21.5bn Loan, ₦757.9bn for Pension Debts
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/10/images-71-2.jpeg&description=Tinubu Asks Reps to Approve $21.5bn Loan, ₦757.9bn for Pension Debts', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/10/images-71-2.jpeg&description=Tinubu Asks Reps to Approve $21.5bn Loan, ₦757.9bn for Pension Debts', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
By Gloria Ikibah
President Bola Ahmed Tinubu has asked the House of Representatives to approve a fresh external loan request of $21.5 billion, as well as a domestic bond worth ₦757.9 billion aimed at clearing unpaid pension obligations.
In a letter sent to the lawmakers, the President explained that the proposed loans are part of the 2025–2026 borrowing plan. According to him, the funds will be used to support important projects and programmes across various sectors of the economy.
The request is currently awaiting consideration by the House.
“The 2025–2026 borrowing plan covers all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others,” the President stated.
According to Tinubu, the total facility sought under the external borrowing plan includes USD 21,543,647,912, EUR 2,193,856,324.54, and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.
He noted that the proposed borrowing is crucial in light of the removal of fuel subsidy and its economic implications.
“In light of the significant infrastructure deficit in the country and the paucity of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall,” the President wrote.
Tinubu assured lawmakers that the proposed funds would be channeled into critical infrastructure projects, especially in the areas of railways, healthcare, and nationwide development programs across all 36 states and the Federal Capital Territory.
“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerians,” he emphasized.
On a separate note, President Tinubu also sought the House’s approval for the issuance of Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme (CPS) amounting to ₦757,983,246,572.
Citing the Pension Reform Act 2014, Tinubu noted that the government had been unable to comply with some statutory pension obligations due to revenue challenges, leading to a buildup of arrears and increasing hardship for retirees.
“The House of Representatives is invited to note that the federal government has not been compliant with the implementation of the above provisions of the PRA 2014 over the years due to revenue challenges leading to accumulation of pension arrears with the attendant ICU retirees,” he stated.
He added that the proposal to issue bonds for the settlement of the liabilities had received approval from the Federal Executive Council in its meeting of February 4, 2025.
According to the President, settling the pension arrears will improve retirees’ welfare, boost confidence in the pension system, and inject liquidity into the economy.
“It will enable the Federal Government of Nigeria to meet obligations under the CPS and restore confidence in the pension industry. “It will also ensure positive welfare even for the retirees, as this will enable them to meet their basic needs… improve health and avoid untimely death” the letter stated.
President Tinubu concluded by appealing to lawmakers for timely approval, assuring them of his administration’s commitment to transparency and accountability.
“While I look forward to the progression and timely approval of the House of Representatives, please accept, Your Honourable Speaker, the assurances of my high regards,” he wrote.
The request was referred to the House Committee on National Planning and Economic Development, Committee on Pensions for further legislative action.
News
Just in: Finally, Fadahunsi leaves police CID after hours of grilling over k!ll Accord party members outburst
Senator Francis Fadahunsi has finally left the Osun State Police Command’s Criminal Investigation Department (CID) in Osogbo after honouring an invitation over a viral video in which he was allegedly heard threatening members of the Accord Party.
It was observed that Fadahunsi, who represents Osun East Senatorial District, departed the police facility on Wednesday afternoon after spending time with investigators.
The senator, dressed in a white outfit and a baseball cap bearing symbols associated with President Bola Tinubu, was accompanied from the police station to his vehicle by his aide and some loyalists.
It was not immediately clear whether Fadahunsi was released unconditionally or whether the police imposed any conditions as part of his release.
Efforts to reach the state police command spokesperson for further details on the circumstances surrounding the senator’s release were unsuccessful as of the time of filing this report.
The senator, dressed in a white outfit and a baseball cap bearing symbols associated with President Bola Tinubu, was accompanied from the police station to his vehicle by his aide and some loyalists.
It was not immediately clear whether Fadahunsi was released unconditionally or whether the police imposed any conditions as part of his release.
Efforts to reach the state police command spokesperson for further details on the circumstances surrounding the senator’s release were unsuccessful as of the time of filing this report.
The invitation followed a viral video from an All Progressives Congress (APC) campaign programme in Ilesa, Osun State, where Fadahunsi was heard making threatening remarks against members and supporters of the Accord Party.
In a letter dated August 11, 2026, the police directed the senator to appear before the State Criminal Investigation Department (SCID) in Osogbo at 11:00 a.m. on Wednesday.
The invitation was signed by Samuel Etaifo Erale, Commissioner of Police in charge of elections in Osun State.
According to the police, Fadahunsi was invited to clarify the circumstances surrounding remarks allegedly made during his address at the APC campaign programme in Ilesa on Tuesday.
“The invitation is premised on information in possession of the Nigeria Police alleging that during your address at the aforementioned programme, you made statements considered to be threatening, inciting and intimidating in nature, and the statement has already been in circulation on various electronic and social media platforms,” the police said in the letter.
The command said his appearance was necessary to enable it to establish the circumstances surrounding the remarks and determine their implications.
The media had earlier reported that Fadahunsi was heard in the viral video allegedly calling on APC supporters to attack members of the Accord Party ahead of the Osun governorship election scheduled for Saturday, August 15.
“If we hear of Accord Party again in Ilesa here for the election coming up on Saturday, you can record me and say it anywhere,” he was heard saying.
He allegedly went on to tell APC supporters that they should kill Accord Party members seen in the area before the election.
“So we are here now to tell you that till the day of the election, if we see any Accord Party members, we’ll kill them,” he was heard saying.
“We cannot be watching.”
Fadahunsi also warned that Accord Party members who intended to vote would not be allowed to do so, while making threats against traditional rulers whom he accused of supporting the opposition party.
He vowed that Ijesa land would not contain such chiefs and declared that, henceforth, it would be “an eye for an eye or an eye for anything.”
The remarks have sparked concerns among political stakeholders as campaigns intensify ahead of the August 15 governorship election, with fears that inflammatory statements by political actors could heighten tensions and contribute to electoral violence.
Fadahunsi is a serving senator representing Osun East Senatorial District and a member of the APC.
News
FG plans digital registration of cattle to tackle rustling
The Federal Government has concluded plans to introduce a digital registration system for cattle and other livestock as part of measures to curb cattle rustling and improve livestock management across the country.
Under the proposed system, cattle and other four-legged livestock will be fitted with electronic ear tags containing unique identification details, geolocation information and proof of ownership.
The Minister of Livestock Development, Idi Maiha, disclosed this on Tuesday after briefing President Bola Ahmed Tinubu on the activities of his ministry and the implementation of the National Ranching Policy at the State House, Abuja.
Maiha said the electronic identification system would form part of a national livestock database designed to enable authorities to identify, monitor and track animals across the country.
According to him, the technology would help establish ownership and make it easier to trace livestock that stray or are stolen.
He described the initiative as part of the Federal Government’s non-kinetic strategy for addressing insecurity in rural communities, particularly cattle rustling.
Beyond its security benefits, the minister said the digital registration system would contribute to the modernisation of Nigeria’s livestock sector by moving production away from traditional practices towards a more organised and technology-driven system.
Maiha explained that the electronic identification programme was being developed alongside the government’s plan to rehabilitate 417 grazing reserves and transform them into integrated livestock communities.
He said the ranching programme would commence with a pilot project in Plateau State before being extended to Benue, Nasarawa, Kaduna and Adamawa states, as well as the Federal Capital Territory.
The minister said the locations were prioritised because of their history of farmers-herders conflicts.
He explained that the ranching strategy was designed to reduce the movement of large herds by providing livestock owners with access to pasture, water, veterinary services and other essential infrastructure within designated settlements.
Maiha noted that the traditional system of livestock production had become increasingly difficult to sustain due to the disappearance of grazing routes as a result of agricultural expansion, urbanisation and infrastructure development.
“Large number of cattle on the move is crisis-prone because, number one, the grazing routes have disappeared. Farms, large farms have come up, aggressive urbanisation, demand for land for infrastructure development, so many other things have made nomadism not sustainable,” he said.
He said the proposed grazing reserves would be developed as economic communities rather than places where cattle would merely be confined.
According to him, the planned settlements would include residential facilities, primary schools, healthcare centres, veterinary clinics, solar power installations and earth dams for irrigation and pasture production.
The government also expects the concentration of livestock within the reserves to attract private investment into milk production, dairy processing, meat processing and other areas of the livestock value chain.
Maiha said the ministry was promoting improved livestock breeds and commercial pasture cultivation to boost productivity.
He explained that improved breeds would enable pastoralists to maintain smaller herds while producing higher quantities of milk and meat.
He added that pasture would either be cultivated within the livestock settlements or harvested from other locations and transported to ranches.
The minister said the government was also working to modernise other aspects of livestock production, including veterinary services, dairy production, abattoirs, fodder cultivation and vaccine storage.
He disclosed that seven model veterinary clinics had already been established, while the long-term objective was to establish at least one model veterinary hospital in every state.
Maiha further said the government was developing off-grid cold-chain facilities for animal vaccines to ensure that they were properly stored and transported under the required conditions.
He expressed confidence that the combination of digital livestock identification, ranching, improved breeds, better veterinary services and modern infrastructure would help reduce conflicts associated with cattle movement while strengthening Nigeria’s livestock economy.
News
INEC accommodates SDP in Osun guber poll ballot
The Independent National Electoral Commission INEC said it has began the reproduction of ballot papers for the Osun State Governorship Election to accommodate the candidate of the Social Democratic Party SDP, Dr Francis Olugbenga Ajala, and his running mate, Faseke Babajimi Oladipo, who have now been added to the ballot.
In a statement signed by the National Commissioner and Chairman, Information and Voter Education Committee at INEC, Mohammed Kudu Haruna, the Commission said the action was taken in compliance with the judgment of the Federal High Court, Abuja, delivered on 22nd July 2026 in Suit No.
FHC/ABJ/CS/344/2026, in a matter between the Social Democratic Party and Dr Francis Olugbenga Ajala on one hand, and INEC on the other.
According to the statement, the court had ordered the Commission to forthwith recognise, accept, upload, process and publish the name and particulars of Dr Ajala as the candidate of the SDP for the election.
“The Commission wishes to inform the public that the reproduced ballot papers will arrive in Osun State on Thursday, 13th August 2026, and will, same day, be moved to Local Government Area offices across the State, in line with its standard distribution procedure ahead of the election,” the statement read.
With the addition of the SDP candidate, the total number of political parties contesting the governorship election, scheduled for Saturday, 15th August 2026, now stands at 15.
INEC noted that the result sheets for the election are also being reproduced alongside the ballot papers to reflect the inclusion of the SDP candidate.
-
News18 hours agoFormer President, Goodluck Jonathan Gets Chieftaincy Title In Bauchi
-
News18 hours agoOsun 2026: ‘Trump’s People Have Reached Out’ — Davido
-
News18 hours agoShehu Sani Reacts As Davido Appeals To Trump Over Osun Election
-
News18 hours agoOsun Poll: Adeleke Demands Fadahunsi’s Arrest Over Alleged Killings Threat Against Accord Members
-
News18 hours agoOkpebholo Sacks SUBEB Chairman
-
Foreign18 hours agoTrump Hid In Catering Truck During Secret Plane Swap Over Iran Threat – Report
-
News17 hours agoASUU declares indefinite strike in Ondo varsities
-
News17 hours agoKatsina deploys 23 APCs, drones, 200 patrol vans against banditry

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login