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President Tinubu Writes NASS For Approval of $2.3bn External Borrowing, $500m Sovereign Sukuk

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By Gloria Ikibah

President Bola Ahmed Tinubu has written to the House of Representatives seeking the approval for a new external borrowing and debt refinancing totalling $2.3 billion, alongside the issuance of a $500 million debut sovereign Sukuk in the international capital market.

The request, was transmitted in a letter read on the floor of the House by Speaker Tajudeen Abbas at Tuesday plenary.

President Tinubu is seeking the National Assembly’s resolution in line with Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003.

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According to the President, the new borrowing is aimed at implementing provisions of the 2025 Appropriation Act, refinancing maturing Eurobonds, and diversifying Nigeria’s funding sources through Islamic finance instruments.

He further stated that the 2025 budget provides for $9.27 billion in total new borrowings to finance the year’s fiscal deficit, out of which $1.84 billion (₦1.23 trillion at an exchange rate of ₦1,500/$) is earmarked for external loans.

The President therefore urged the lawmakers to authorise the Federal Government to source the funds through any of the following options:

Issuance of Eurobonds; Loan syndication; Bridge financing from bookrunners; or Direct borrowing from international financial institutions.

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The President also disclosed that Nigeria’s $1.118 billion Eurobond, issued in 2018 at 7.625% and maturing in November 2025, will be refinanced to avoid default.

“This is a standard practice in debt capital markets,” the letter noted, adding that refinancing through Eurobonds or syndicated loans would ensure debt sustainability and investor confidence.

In a very important move to expand Nigeria’s access to Islamic finance, President Tinubu also sought approval to issue a standalone sovereign Sukuk of up to $500 million in the international market — with or without a credit enhancement guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group.

According to him, the decision was inspired by the government’s “considerable success” in domestic Sukuk issuances, which have raised ₦1.39 trillion since 2017 for critical infrastructure, particularly road projects.

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President Tinubu said the proposed international Sukuk will help bridge the country’s infrastructure funding gap and deepen its investor base.

The letter read: “If the ICIEC credit guarantee is utilised, 25% of the proceeds will be used to repay relatively expensive debt obligations, while the balance will finance pre-identified infrastructure projects”.

Tinubu assured that the Federal Ministry of Finance and the DMO will work closely with transaction advisers to secure the most favourable terms and pricing for all capital-raising efforts, subject to prevailing market conditions.
Expressing confidence that the country could successfully raise the proposed amounts, he said, “Nigeria remains a regular and reputable issuer in the international capital markets”.

The President reaffirmed his commitment to prudent fiscal management and sustainable debt practices, and called on the House to pass a resolution authorising the Federal Government to:

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Raise $2.347 billion through Eurobonds, syndicated loans, or bridge financing;

Refinance the maturing $1.118 billion Eurobond due November 2025; and

Issue a $500 million sovereign Sukuk with potential ICIEC credit enhancement.

“I look forward to the timely issuance of the House’s resolution,” he said.

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Nigeria-UN Renew Push For  Africa’s Growth

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By Gloria Ikibah

Nigeria and the United Nations have reaffirmed their commitment to deepening cooperation on Africa’s development, democratic governance, women’s leadership and regional economic integration following high-level talks in Abuja.

The Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, received the Regional Director for Africa at the United Nations Development Programme (UNDP), Ahunna Eziakonwa, on Monday, where both sides reviewed the long-standing partnership between Nigeria and the United Nations and explored fresh areas of collaboration.

During the meeting, Odumegwu-Ojukwu congratulated Eziakonwa on her appointment as a United Nations Assistant Secretary-General, describing the elevation as a milestone for both Nigeria and Africa.

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“Your appointment is a source of pride for Nigeria and the African continent. It reflects your distinguished contributions to international development, and Nigeria remains committed to strengthening its longstanding partnership with the United Nations in advancing sustainable development, democratic governance and regional prosperity,” the minister said.

The discussions focused on democratic governance, sustainable development, regional integration and peacebuilding, while also reviewing Nigeria’s foreign policy priorities under the government’s 4-Ds framework of Development, Democracy, Demography and Diaspora.

Briefing the minister, Eziakonwa highlighted the outcome of the recently concluded regional dialogue on the implementation of the African Continental Free Trade Area, which Nigeria hosted in partnership with the UNDP.

She lauded Nigeria’s leadership in advancing regional economic integration and stressed that the country’s role remains central to the success of the continental trade agreement.

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“Nigeria’s leadership in promoting regional economic integration is commendable. The country’s active participation is indispensable to the success of the AfCFTA.

“Nigeria continues to play a growing role in shaping Africa’s development agenda, and UNDP stands ready to support the Federal Government in advancing inclusive economic growth, entrepreneurship, innovation, and policies that strengthen regional value chains and intra-African trade,” Eziakonwa said.

The meeting also spotlighted efforts to expand opportunities for women and young people across the continent.

Eziakonwa outlined the achievements of the UNDP Regional Leadership Programme, which mentors promising young African women through leadership development, networking and engagement with accomplished leaders. She invited the foreign minister to serve as a mentor and speaker for future cohorts, saying her experience in public service would inspire the next generation of female leaders.

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She also invited Odumegwu-Ojukwu to participate in a high-level gathering of African women leaders scheduled for August.

Responding, the minister welcomed the initiative and reaffirmed Nigeria’s support for programmes that expand women’s participation in politics and leadership while creating opportunities for young people.

“Nigeria firmly supports programmes that promote women’s political participation, leadership development and youth empowerment. Investing in the next generation of African leaders remains essential to achieving sustainable peace, democratic governance and inclusive development across the continent,” Odumegwu-Ojukwu said.

She further reaffirmed Nigeria’s commitment to working closely with the United Nations and the UNDP to accelerate the implementation of the United Nations Sustainable Development Goals and the African Union’s Agenda 2063.

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Both parties also exchanged views on regional and global developments, emphasising that stronger multilateral cooperation, resilient institutions, inclusive governance and innovative partnerships remain critical to addressing Africa’s evolving development challenges.

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Photos: Delivery of road infrastructure fortifying Kwali as FCT’s agric. hub – Tinubu

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President Bola Tinubu has said that the delivery of road infrastructure across Kwali Area Council of the Federal Capital Territory (FCT) was fortifying the area as a food-producing hub for the territory.

Tinubu, represented by Senate President Godswill Akpabio, stated this in Dafa on Tuesday, while inaugurating the newly constructed Gomani-Dafa-Yangoji Road by the FCT Administration.

The president said that with the opening of the road corridor, farmers could move produce faster, buyers could reach the farms without delay and post-harvest losses would drop significantly.

He added that more importantly, Kwali could now stand on its own as a food-producing hub for the FCT and beyond.

According to Tinubu, roads like this keep families together by giving them reasons to stay at home and to build their lives at home.

“When we set out under the Renewed Hope Agenda, we agreed on one thing: development must reach every Nigerian; not just those at the city centre.

“Abuja cannot be a city of two worlds, with gleaming district lights but forgotten satellite towns. This road connects Gomani, Dafa and Yangoji to markets, to schools, to hospitals, and also to opportunities.

“It says clearly that the wealth of this nation belongs to all of us. Whether you live on a boulevard or you live on a farm track, you must take part in the wealth of this nation.”

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He noted that for too long, the strength of rural communities was held back by poor access roads, with crops rotting away before reaching the market.

He added that young people left rural communities because the roads to their areas were impossible, stressing that instead of taking them up, the roads were bringing them down.

“Those things have changed today,” he said.

He commended the FCT Minister, Mr Nyesom Wike, for the purposeful leadership in delivering life-impacting projects across the city.

“Wike, you took my advice seriously, open up the area councils and match city development with rural development. You have earned us that trust here in this community and in this local government area,” Tinubu said.

In his remarks, Wike explained that the road projects were initiated following a request by Etsu Kwali, Luka Nizassan III, during a community engagement with stakeholders in the area to identify areas of need.

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The minister explained that the community engagement was in adherence to Tinubu’s directive, to meet with community members, discuss and agree on areas that need government intervention.

According to him, the meeting was the first community engagement to entrench community participation in projects nomination for implementation in the area council.

“I remembered during the meeting, the traditional ruler of Kwali mentioned these three roads: A2 to Pai, Pai to Gomani, Gomani to Dafa and Dafa to Yagboji, which is about 43 kilometers.

“Today, to the glory of God, all our promises to them have been fulfilled.”

Wike also recalled that Tinubu had directed that development should not be concentrated in the city centre but should be extended to satellite towns.

“Since we commenced the inauguration of projects on June 9, this is the fourth project being inaugurated in satellite towns and rural communities,” he said.

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Earlier, Mr Abdulkadir Zulkiflu, Coordinator, Satellite Towns Development Department, said that the project was awarded in November 2025, adding that the Gomani-Dafa-Yangoji Road is a part of the 43.4-kilometre FCT secondary regional road.

Zulkiflu said that the road commenced from the Abuja-Lokoja Expressway (A2) and traverses through Pai to Gomani and terminates at Yangoji town, making a crescent of road with entry and exit at two different points of the expressway.

“The first segment of this road is A2 to Pai, which is about 15-kilometre and was completed and inaugurated in June, 2025 to celebrate Tinubu’s second year in office.

“The second segment of the road, which is from Pai to Gomani with 15.4-kilometer of length, is still ongoing.

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“Here we are today, inaugurating the third and the last segment of the road, Gomani to Dafa to Yangoji, which is about 13-kilometre long and connects Abuja-Lokoja Expressway at the second point,” he said.

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FG inaugurates National Laureate Committee, unveils ₦365m Annual Research Prize for Nigerian Students

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In what education stakeholders are describing as one of Nigeria’s most ambitious attempts to reposition scholarship, innovation and research as national priorities, the Federal Government on Monday inaugurated the Tertiary Institutions National Laureate Committee.

The Committee will set in motion a new annual award programme that will reward outstanding undergraduate, master’s and doctoral research with prizes valued at approximately ₦365 million.

The Committee was inaugurated by the Honourable Minister of Education, Dr Tunji Alausa, CON, at the Digital Resource Centre of the Universal Basic Education Commission (UBEC). It will oversee the implementation of the National Laureate Programme, a flagship initiative designed to elevate academic excellence to the highest level of national recognition while promoting research commercialisation and innovation across Nigeria’s accredited post-secondary and tertiary institutions.

Speaking at the inauguration, Dr Alausa said the programme represented a deliberate effort by the Federal Government to reshape the country’s reward system. According to him, it will place scholarly achievement, scientific discovery and innovation alongside other nationally celebrated accomplishments.

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The Minister said the initiative seeks to inspire a new generation of young Nigerians to pursue research capable of solving real-world problems, creating new industries and strengthening the nation’s global competitiveness.

“The future prosperity of nations will increasingly depend on their ability to convert knowledge into economic value,” the Minister said. He noted that Nigeria must deliberately celebrate intellectual achievement if it hopes to build a globally competitive knowledge economy.

Alausa observed that in an era increasingly dominated by the social media-driven “attention economy”, the Federal Government considered it necessary to establish a national platform. The platform will reward creativity, scholarship, invention and commercially valuable research, particularly among young people.

The newly inaugurated Committee comprises the following members:

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Professor Abubakar Sambo, OON, President of the Nigerian Academy of Science, as Chairman; Professor Solomon Nwhator of Obafemi Awolowo University, Ile-Ife; Professor (Mrs.) Tolulope Ariyomo of the Federal University Oye-Ekiti; Professor Francis F. Uba of the Federal University of Health Sciences, Otukpo; Dr Babangida Abubakar Albaba, representing the National Board for Technical Education (NBTE); Dr Salihu Bakari Girei, representing TETFund; Professor (Mrs.) Carol Arinze-Umobi of Nnamdi Azikiwe University; Dr (Mrs.) Obianuju Anigbogu, representing the Federal Ministry of Education; Mr. Francis Egbokare, representing the Nigerian Academy of Letters; Dr Ezinne Orisakwe, representing the National Universities Commission (NUC); and Dr Pius O. Ekireghwo, representing the National Commission for Colleges of Education (NCCE).

Mr Richard Falaye, Secretary of the Nigeria Education Repository and Databank (NERD), will serve as Secretary to the Committee.

The inaugural National Laureate Awards are scheduled for November 2026. The awards will recognise the country’s finest Undergraduate Dissertations, Master’s Theses and Doctoral (PhD) Theses, alongside six thematic Excellence Awards. The thematic categories cover Medicine and Health Sciences, Engineering and Technology, Agriculture, Law, Arts and Social Sciences, and Teaching Innovation.

Under the approved prize structure, the winner of the Undergraduate Dissertation category will receive ₦35 million, while the best Master’s Thesis will attract ₦50 million. The overall winner in the Doctoral (PhD) category will receive ₦100 million.

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In addition, six National Laureate Excellence Awards, each valued at ₦30 million, will be presented annually. This brings the programme’s total prize pool to approximately ₦365 million.

The Minister also announced the establishment of the Dr Stella Adadevoh Excellence Award in Medicine and Medical Innovation. The award, one of the programme’s special awards, honours the late physician whose leadership during the 2014 Ebola outbreak helped prevent a national public health catastrophe.

He further directed the Committee to conclude its work on eligibility requirements, evaluation procedures and institutional engagement in good time. This is to ensure the successful hosting of the inaugural National Laureate Awards in November.

Dr Alausa also used the occasion to commend Engr Olatunji Ariyomo, Chairman of NERD, for his innovative contributions towards transformative interventions within Nigeria’s education sector.

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Responding on behalf of the Committee, its Chairman, Emeritus Professor Abubakar Sambo,, described the initiative as a historic turning point in the nation’s education policy. He praised President Bola Ahmed Tinubu’s administration for placing academic excellence and research at the centre of national development.

Professor Sambo pledged that the Committee would uphold the highest standards of transparency, fairness and merit throughout the selection process. He commended Dr Alausa for leading a national revolution to reward and promote innovation and its commercialisation.

He assured the Minister that every eligible student, irrespective of institution or geographical location, would have an equal opportunity to attain National Laureate status. The process, he said, would be insulated from institutional favouritism and other extraneous considerations.

Education analysts say the National Laureate Programme could become one of the most consequential reforms in Nigeria’s tertiary education landscape if successfully implemented. Beyond its substantial prize fund, they argue that the initiative signals a shift in national priorities — from prioritizing social media celebrity culture to deliberately recognising ideas, discoveries and innovations capable of driving economic transformation.

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The programme is expected to deepen collaboration between universities, polytechnics, colleges of education, industry and government. It will also create stronger incentives for commercially viable research and position Nigeria to compete more effectively within the global knowledge economy.

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