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Tinubu Writes Senate, Seeks Fresh ₦1.15trn Domestic Loan to Fund 2025 budget
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President Bola Tinubu has written to the Senate seeking approval for a fresh ₦1.15 trillion borrowing from the domestic debt market to finance the deficit in the 2025 budget.
The request was contained in a letter read on Tuesday by Senate President Godswill Akpabio during plenary.
According to the President, the proposed borrowing is aimed at bridging the funding gap and ensuring full implementation of government programmes and projects outlined in the 2025 fiscal plan.
Following the announcement, Akpabio referred the request to the Senate Committee on Local and Foreign Debt, chaired by Senator Aliyu Wammako (APC, Sokoto North), with a directive to report back within one week for further legislative action.
Akpabio during plenary acknowledged the protests carried out by local contractors which led to the closure of all major entrances to the National Assembly that part of the loan would be used to settle them.
Hundreds of members of the All Indigenous Contractors Association of Nigeria (AICAN) had on Tuesday stormed the National Assembly in Abuja to protest the Federal Government’s alleged failure to pay billions of naira owed to local contractors for completed projects.
The contractors, who marched through the streets carrying placards and chanting solidarity songs, accused the government of deliberately neglecting Nigerian-owned firms while prioritising payments to foreign contractors.
They said the development has crippled many indigenous businesses, forced several into bankruptcy, and worsened unemployment in the country.
According to the protesters, the Federal Government is indebted to local contractors to the tune of about ₦760 billion, representing verified projects already executed and certified across various ministries, departments, and agencies.
AICAN leaders, however, claimed the total outstanding for completed capital projects could exceed ₦4 trillion, when other pending obligations are included.
They told journalists during the protest that the government’s continued delay in settling verified debts had pushed many contractors to the brink of collapse.
They lamented that despite several assurances from the Ministry of Finance and the Budget Office, the promised payments have not materialised.
They said, “Government officials keep saying that our payments have been approved and warrants issued, but there is no cash backing.
“What that means is that the payment exists only on paper while contractors are left to suffer.
“We borrowed money from banks to execute these projects, and today, the same banks are taking over our properties because we cannot repay our loans.”
AICAN maintained that it would no longer accept new contracts without upfront mobilisation payments, stressing that previous experiences had shown that completed projects often linger unpaid for years.
The association also called on President Bola Tinubu to personally intervene in the matter and ensure that future projects are properly cash-backed to avoid recurring debt traps.
The contractors’ action followed months of frustration over what they described as the government’s “deliberate insensitivity” to their plight.
Despite claims by officials that about ₦3.1 trillion had been approved for contractor payments, AICAN insists that many of its members remain unpaid.
Last month, the Deputy Speaker of the House of Representatives, Benjamin Okezie Kalu, facilitated a meeting between the association and the Minister of Finance, Wale Edun, in an effort to resolve the impasse.
However, the contractors say no tangible outcome has followed.
The protesters urged lawmakers to intensify oversight of the capital budget and ensure that payment processes for verified projects are transparent and timely.
News
2027: Be Prepared to struggle for power, Wike tells PDP candidates
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has challenged candidates contesting in the 2027 general elections on the platform of the Peoples Democratic Party (PDP) to be prepared to struggle for power.
Wike, a national leader of the PDP, stated this during the party’s 109th National Executive Committee (NEC) meeting on Wednesday in Abuja.
“Nobody gives power. Nobody has done it. Power is taken; if you did not do so, it’s your business.
“You must fight for it to take it. Nobody gives power, and nobody is ready to dash you power. You have to struggle for it. You have to fight for it. You don’t have to be afraid.
“Every time you complain, oh, the governor is this, what do you want him to do? To allow you to come and take power like that?
“If you’re not serious, say you are not serious to struggle for power. When you take it, you appreciate it, not when they dash you and you don’t know the meaning of it,” Wike said.
He recalled his political journey through various struggles, including how he became governor when the incumbent belonged to a different political party.
Wike advised candidates, especially those running for governorship, to brace up for keen contests.
He said that in the present setting, most people were used to ‘food is ready’ politics.
“You are used to people preparing something for you to come and eat, and you think it will always be like that. It cannot always be like that.
“A time will come when there will be challenges in life and when you will be tempted in life,” he said.
Wike said that he happened to come from a background where he never got anything on a platter of gold, recalling that when he contested for a local government chairmanship position, the matter went all the way to the Supreme Court.
“When I don’t see challenges, I know that something is wrong, but when I see challenges, I know success has come,” he said.
He noted that when the PDP was in power, many of its members were like spoiled children depending on their father for daily provisions, reminding them that the party was no longer at the centre.
He urged them to see themselves as children whose father is sick, and remain determined not to disappoint him.
The minister also advised party members to stop introducing religion into politics and electoral matters, challenging them instead to return to their bases and work for the party’s success.
“Why do you bring your faith to this race? Everybody go home, go and bring something, and put it on the table in 2027. Go and bring something.
“I will bring something to the table here. Every NEC member has to bring something. If you bring a House of Representatives seat, you have done something.
“If you bring a House of Assembly member, you have done something. But don’t come here empty-handed; this is not a place for empty hands.
“This is a place where when you come, we look at the results of what you brought. That is what politics is all about,” he said.
Wike advised party members not to be distracted by claims from the Tanimu Turaki-led PDP faction that it would sponsor candidates for all elective positions in 2027.
He explained that the access code to the Independent National Electoral Commission (INEC) candidate nomination portal would ultimately determine legitimacy.
“As far as I am concerned, June 26 is when INEC will give access codes to political parties to upload results. Don’t worry, we are good to go. Nobody is afraid; we will see who INEC will give the code to.
“It is not about going to collect money from people and saying we are in court. Nobody is afraid of the court; courts are meant for human beings, not ghosts.
“So, we are here, we are not afraid. Let them continue going to court while we continue to prepare for our own election.
“Don’t worry, stop thinking about what will happen; the worst has happened,” he said, adding that anyone who is not serious in the business of politics should leave.
The minister also challenged party members and leaders not to be afraid of intimidation, harassment, or arrest.
“Use me as an example. There is nothing I have not seen. I’ve seen everything, including intimidation,” he said.
News
NUJ raises the alarm over insecurity, open grazing
The Nigeria Union of Journalists has expressed concern over rising insecurity, illegal revenue collection, open grazing and the growing misuse of public infrastructure across Delta State.
The union made its position known in a communiqué issued at the end of its congress in Asaba on Tuesday.
The congress, presided over by the Delta State Chairman of the union, Churchill Oyowe, reviewed key socio-economic, security, educational and environmental issues affecting the state.
On insecurity, the union said the increasing cases of kidnapping, armed robbery, cult-related violence and other crimes remained a major concern.
The union called on the Nigeria Police Force, Department of State Services and other security agencies to strengthen intelligence gathering, deepen community policing and improve collaboration with stakeholders to restore public confidence.
The congress also expressed concern over the activities of individuals allegedly operating as local government taskforces on federal roads, accusing them of harassing and extorting money from motorists.
It called for the immediate disbandment of all illegal road taskforces and urged security agencies to take action against those involved.
The union also raised concerns over reports of arbitrary and unauthorised levies imposed on parents and students in public schools across the state.
The congress called on the state government to investigate the allegations and sanction any official found culpable.
The union also criticised the growing use of flyovers in Asaba, Warri and Effurun as makeshift markets and motor parks by traders and tricycle operators.
Congress called on relevant government agencies to reclaim the facilities and enforce traffic regulations.
The union also expressed concern over weak enforcement of the Delta State anti-open grazing law.
It said continued violations of the law could threaten peaceful coexistence between farmers and herders, reduce agricultural productivity and worsen food security challenges.
The congress urged law enforcement agencies to ensure strict implementation of the law.
The union reaffirmed its commitment to promoting good governance, public accountability and citizens’ welfare, pledging to continue monitoring developments across the state in the interest of the public.
News
Court remands Maiduguri businessmen over N13.6m fraud
The Borno State High Court sitting in Maiduguri has ordered the remand of a man, Gambo Mohammed, in a correctional facility over an alleged N13.65 million land fraud and money laundering case brought against him by the Economic and Financial Crimes Commission (EFCC).
Mohammed was arraigned before Justice Babagana Shettima by the Maiduguri Zonal Directorate of the EFCC on a four-count charge bordering on alleged money laundering, obtaining money under false pretences and criminal misappropriation involving a total sum of N13,650,000.
According to the anti-graft agency, the defendant allegedly collected the money from one Umar Abubakar under the pretext of facilitating the purchase of two plots of land located opposite Maimalari Barracks in Jere Local Government Area of Borno State.
The EFCC alleged that after receiving the funds, Mohammed diverted the money to his personal use instead of completing the land transaction as agreed.
One of the charges filed against him stated that he fraudulently obtained the sum of N13.65 million from the complainant in 2025, purportedly as payment for two plots of land situated at Dubai Musari Ward, opposite Maimalari Barracks in Jere Local Government Area, knowing the representation to be false.
The charge reads in part: “That you, Gambo Mohammed, (a.k.a Modu Gambo), sometime in 2025, within the jurisdiction of this honourable Court, with intent to defraud, did obtain the sum of N13,650,000.00 from one Umar Abubakar, purportedly as purchase price for two plots of land situated at Dubai Musari Ward opposite Maimalari Barrack of Jere Local Government, Borno State, which you knew to be false.”
The prosecution maintained that the alleged act contravenes provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
When the charges were read to him in court, Mohammed pleaded not guilty to all four counts.
Following his plea, prosecuting counsel, A.D. Abdulmalik, requested the court to fix a date for trial and urged that the defendant be remanded in a correctional centre pending the commencement of proceedings.
Delivering his judgement, Justice Shettima subsequently adjourned the matter until July 13, 2026, for a pre-trial conference.
The court also ordered that Mohammed be remanded at the Maiduguri Maximum Security Correctional Facility pending further hearing of the case.
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