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Senate okays Tinubu’s $21bn foreign loan request
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The Senate on Tuesday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025 – 2026 external borrowing plan of the Federal Government.
The comprehensive borrowing package includes $21.19billion in direct foreign loans, €4 4billion, ¥15billion, a $65million grant and domestic borrowing through government bonds totalling approximately N757billion.
Also included was a provision to raise up to $2billion through a foreign-currency-denominated instrument in the domestic market.
The approval followed the presentation and adoption of the report of the Senate Committee on Local and Foreign Debt, titled: “Report of the Committee on Local and Foreign Debts: That the Senate do receive and consider the report of the Committee on Local and Foreign Debts on the following: 2025 – 2026 External Borrowing (Rolling) Plan; Issuance of FGN Bonds to settle outstanding pension liabilities under the contributory pension scheme; and Establishment of Foreign Currency Denominated Issuance Programme in the domestic debt market.”
It was presented by the Chairman of the Committee, Senator Aliyu Wamako, who said that the plan was first transmitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.
In his contribution, the Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.
“The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola said.
Senator Mohammed Sani Musa (APC – Niger East) noted that the loan disbursement would span six years, not just 2025.
He said the loan request was in tandem with global economic practices.
“There’s no economy that grows without borrowing. What we are doing is in line with global best practices,” he said.
The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru, assured the chamber that the loans are concessional and adhere to the Fiscal Responsibility Act and Debt Management Act.
“These loans are long-term, some with tenors ranging from 20 to 35 years, and they are strictly tied to capital and human development projects,” he said.
However, Senator Abdul Ningi (PDP- Bauchi Central) expressed worry over transparency and equitable distribution of the loan, warning that Nigerians deserve to know the specifics of the loans and their intended impact.
“We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose,” he said.
Among the key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity.
A major component of the loan is the allocation of $3billion for the revitalisation of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri.
Senator Victor Umeh (LP – Anambra Central) hailed the rail project as a milestone, saying, “This is the first time I have seen $3bn allocated to rebuild the eastern rail line. That alone justifies my full support.”
Deputy Senate President, Barau Jibrin, commended the committee’s efforts and noted that the borrowing plan reflects national inclusiveness.
“This shows that the Renewed Hope Agenda is working. No region is left out,” he said.
The National Drug Law Enforcement Agency (NDLEA) has drawn attention to a fraudulent scheme orchestrated by criminal elements and scammers targeting unsuspecting members of the public.
The fraudsters have been found using the names of top NDLEA officials, most notably the Secretary to the Agency, Barrister Shadrach Haruna, to issue fake private letters and messages offering cheap forfeited vehicles for sale on auction.
The public is hereby notified that these offers are a complete scam. The Agency wishes to categorically state that these fraudulent offers are a malicious gimmick designed solely to defraud targeted individuals of their hard-earned money.
No official of the Agency has the mandate to privately offer, allocate, or sell forfeited vehicles or any other seized assets to individuals. Vehicles and other assets forfeited as proceeds of drug crimes are strictly auctioned through public processes managed by appointed, government-registered auctioneers. Any legitimate auction exercise is widely publicized in national dailies and through the Agency’s official channels, in line with established legal and public procurement guidelines.
Members of the public are strongly urged to discountenance, ignore, and report any such private letters, text messages, or social media offers claiming to originate from Barrister Shadrach Haruna or any other NDLEA official.
The NDLEA remains committed to maintaining transparency and integrity in all its operations. Do not fall victim to these criminal elements. If you are approached with such fraudulent offers, please report immediately to the nearest NDLEA command or via our official communication channels.
By Kayode Sanni-Arewa
A faction of the African Democratic Congress (ADC) led by Nafiu Gombe has picked Professor Chris Uba as its presidential candidate for the 2027 general election.
The party disowned former Vice President Atiku Abubakar as its flag bearer.
The group said the party had already completed its presidential nomination process in line with its constitution and the Electoral Act, adding that Uba emerged as the recognized candidate after all required procedures were concluded.
The faction also disowned the National Working Committee headed by former Senate President David Mark, saying it has no constitutional or legal authority to act on behalf of the party.
It maintained that the recognized leadership of the ADC remains in charge of the party’s affairs.
According to the statement released on Wednesday, the clarification became necessary to stop attempts to create confusion about the party’s position ahead of the 2027 general elections.
The group said the ADC had not entered into any alliance, merger or coalition with any political party.
added that the party remains independent and intends to contest the elections with its own structure, manifesto and leadership.
The faction said it believes Uba has the experience, character and capacity to lead the country if elected in 2027.
It also warned Atiku against presenting himself as the ADC’s presidential candidate, saying such a claim is false and could mislead party members and the public.
The group added that the ADC would not allow its platform to be used by politicians pursuing personal ambitions or by coalition groups seeking to take over the party’s structure.
It said every constitutional and legal step would be taken to protect the party from what it described as unauthorised use of its name and platform.
The faction also dismissed reports suggesting that there were plans to stop the ADC from participating in the 2027 elections, expressing confidence in the Independent National Electoral Commission and the country’s electoral process.
It said the party is preparing to present candidates for the presidency, governorships, National Assembly, state assemblies and local government elections across the country.
Three brothers have appeared before the Mbabane Magistrates Court in Swaziland on a murder charge following the brutal de@th of their mother’s boyfriend.
The accused, Mlondi Mbuli, 25, Sakhelwe Mbuli, 18, and Lindani Mdziniso, 23, all from the Hholoshini area in Eswatini’s Hhohho Region, are alleged to have fatally assaulted Njabulo Ngwenya on June 28, 2026.
According to police, the brothers att@cked Ngwenya with bricks, stones, sticks, open hands, and kicks to different parts of his body. Investigators allege the assa¥lt was motivated by the brothers’ belief that Ngwenya was having a relationship with their biological mother.
Court records state that the incident was reported after Sibongile Motsa, also from Hholoshini, informed police that she discovered her son, Njabulo Ngwenya, lying deed inside her sister’s house at about 1 a.m. on June 28, 2026.
The matter came before Principal Magistrate Sfiso Vilakati during the trio’s initial court appearance.
The three defendants have been remanded in custody until July 10, 2026, pending committal of the case to the High Court for further proceedings.
Disclaimer: NDLEA alerts public on fraudulent auction offers impersonating officials
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