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We won’t publish details of $5bn Abu Dhabi loan – FG
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The Federal Government has said it will not publish specific details of how it plans to spend funds drawn from its $5bn financing facility with First Abu Dhabi Bank.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the facility had already gone through the required approval process and was designed mainly to refinance more expensive government debt.
Oyedele spoke on Wednesday during a media briefing in Abuja, amid scrutiny of the financing arrangement and concerns raised by the International Monetary Fund and Fitch Ratings over its transparency and associated risks.
The Federal Government recently drew about $1.5bn from the $5bn Total Return Swap facility. The National Assembly approved the arrangement on March 31, 2026.
Responding to questions about whether details of the transaction would be made public, Oyedele said the government would disclose information on its spending but questioned why the Abu Dhabi facility was receiving particular attention.
“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.
He added, “Nobody has asked us whether we’re going to publish the money we took from the World Bank, whether we publish the one from Eurobond, whether we publish the one from Sukuk. Why is this one special?”
Oyedele also rejected suggestions that the transaction bypassed due process, stressing that it had been presented to the National Assembly.
“The loan was approved not only by FEC, it was taken to National Assembly because what some people are doing is they comparing with other countries where they did it under the table,” he said.
“What else can be more public than what you gave to the National Assembly?”
The minister explained that the government was drawing the funds in phases to avoid paying costs on money that had not yet been used, while noting that the facility carried a flexible interest rate.
“We’re assessing it in phases. You don’t want to take all the money at once because if you don’t spend it at once, you incur cost on the extra amount you’ve taken,” he said.
Oyedele said the facility would allow Nigeria to benefit if interest rates fell, unlike existing fixed-rate debt.
“This First Abu Dhabi Bank transaction is flexible rates. It means if rates go up, we pay more. If rates come down, we benefit more,” he said.
He maintained that the government’s main objective was to refinance more expensive debt and reduce borrowing costs, while promising that the Ministry of Finance and the Debt Management Office would publish frequently asked questions on the facility in the coming days to provide further clarification.
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2027 Polls: INEC Fixes November For Nationwide Mock Accreditation Exercise
The Independent National Electoral Commission (INEC) will conduct a nationwide mock accreditation exercise in November 2026 as part of preparations for the 2027 General Election.
The exercise is expected to test the Bimodal Voter Accreditation System (BVAS) and other electoral equipment, while enabling the Commission to identify and address potential operational challenges ahead of the polls.
INEC Chairman, Joash Amupitan, disclosed this on Friday when he received a delegation from the Canadian High Commission, led by Canada’s Chargé d’Affaires to Nigeria, David Sproule, at the election umpire’s headquarters in Abuja.
Amupitan said the mock accreditation exercise was one of five strategic priorities adopted by INEC ahead of the 2027 elections.
He listed the other priorities as consolidating technological gains, deepening electoral inclusion, strengthening institutional capacity and technical support, and countering misinformation while safeguarding electoral integrity.
“We view the success in Osun not as a final destination, but as the gold standard that will guide our preparations for 2027,” Amupitan was quoted as saying.
The INEC chairman referred to recent off-cycle elections, including the Anambra State governorship election, the Federal Capital Territory (FCT) Area Council elections and the Ekiti State governorship election, as proving grounds for electoral reforms and operational improvements.
He also cited the August 15, 2026 Osun State governorship election as a significant benchmark, noting that 3,556 of the 3,763 polling units, representing 94.5 per cent, opened for accreditation and voting by 8:30 a.m.
According to him, the election also recorded optimal BVAS performance, seamless result uploads on the IReV portal and proactive crisis management.
Amupitan further disclosed that INEC would require approximately 1.4 million ad-hoc personnel to conduct the 2027 elections across more than 176,000 polling units nationwide.
He said the Commission had also established a dedicated Artificial Intelligence (AI) unit to explore the responsible use of AI in areas such as data management, voter registration and results transmission, while strengthening safeguards against its misuse.
The chairman also said INEC would participate in the Global Conference on Responsible AI and Elections, scheduled for September 9 to 11, 2026, in Ottawa, Canada, where it would examine responsible applications of AI in elections and strategies for tackling emerging threats, including deepfakes and disinformation.
Amupitan reaffirmed INEC’s independence and neutrality, assuring the Canadian delegation and the international community of the Commission’s “absolute independence, neutrality, and unyielding commitment to democratic integrity.”
The Canadian delegation, meanwhile, reaffirmed Canada’s commitment to supporting Nigeria’s democratic and electoral processes, particularly in the areas of electoral participation, women’s inclusion, public awareness, technical assistance and election observation.
The 2027 presidential and National Assembly elections are scheduled for January 16, 2027, while the governorship and State House of Assembly elections will be held on February 6, 2027.
Political campaigns for the national elections began on Wednesday, while campaigns for the governorship and State Assembly elections are scheduled to commence on September 9, 2026.
News
Police Rescue 75 Kidnap Victims In Kaduna
Police authorities in Kaduna have rescued 75 people who were abducted by bandits in Birnin Gwari Local Government Area of the state.
The victims, comprising men, women and children, were travelling in commercial buses when they were allegedly attacked and kidnapped at Folwaya Village, near Birnin Gwari, on Wednesday, August 19, 2026.
But in a statement, the spokesman of the command, Mansir Hassan, said the victims have been rescued.
Hassan said the police received information about the incident from the National Union of Road Transport Workers (NURTW), Birnin Gwari branch.
He said abductors, who were reportedly armed with AK-47 rifles and other sophisticated weapons, took the victims into a forest and concealed them inside a cave in a mountainous area.
Following the report, a team of police operatives from the Birnin Gwari Area Command was immediately deployed to the location. The police said the abductors fled upon sighting the heavily armed security operatives, leaving the captives behind.
All 75 victims were subsequently rescued unharmed, the police said.
Meanwhile, the Police Commissioner in Kaduna, Rabiu Muhammad, has commended the NURTW for providing timely information that aided the rescue operation. He also praised the Birnin Gwari Area Commander and his operatives for their swift and professional response.
The police commissioner urged residents to remain vigilant and promptly report suspicious movements and activities to the authorities.
Muhammad, however, cautioned members of the public against taking the law into their own hands, warning that such actions could result in the loss of innocent lives.
News
NSIB Links Autobrake Failure To Enugu Air Runway Incident
The Nigerian Safety Investigation Bureau has identified an inoperative autobrake system as one of several factors in the Enugu Air runway excursion at Benin Airport.
The incident occurred on July 23, when Enugu Air Flight 4264, an Embraer E170 flying from Lagos to Benin, overran Runway 05 during landing.
The aircraft touched down about 1,641 metres beyond the runway threshold, at approximately 138 knots, as the crew contended with moderate rain, reduced visibility and a tailwind.
With the autobrake unavailable, the crew relied on manual braking, alongside ground spoilers and thrust reversers, but the aircraft could not stop within the available distance.
It eventually left the runway, striking seven approach lights and two concrete structures, with the landing gear collapsing and the aircraft sustaining substantial damage.
All 68 people on board survived without injury.
The NSIB issued immediate safety recommendations, but stressed that the investigation is still ongoing and no final cause has been established.
“Nigerian Safety Investigation Bureau (NSIB) investigators were present at Oba Akenzua II Airport, Benin, when the accident occurred and responded immediately. Post-occurrence assessments commenced under the provisions of the Civil Aviation (Investigation of Air Accidents and Incidents) Regulations 2026 and Annex 13 to the Convention on International Civil Aviation,” the agency said in a statement.
“This Preliminary Report details the initial facts and findings surrounding the occurrence. It includes information gathered from witness statements, flight recorders, ATC transcript and a preliminary inspection of the aircraft. This report presents the current status of the notification processing.
“Its content may still change and does not necessarily bind the conclusions published in the investigation’s final report. In accordance with Annex 13 to the Convention on International Civil Aviation, the sole objective of this investigation is the prevention of accidents and incidents. It is not the purpose of the investigation to apportion blame or liability,” it added.
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