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Only $1.23bn external borrowing plan for 2025, says FG

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The federal government has clarified that the external borrowing component of the 2025 budget, valued at $1.23 billion, has not yet been accessed and is scheduled for disbursement in the second half of the year.

The Federal Ministry of Finance disclosed this position in a statement on Wednesday. This is in response to the formal request submitted by President Bola Ahmed Tinubu to the National Assembly on May 27, 2025, seeking approval for the 2024–2026 External Borrowing Rolling Plan.

According to the ministry, the Borrowing Rolling Plan should not be confused with actual borrowing for any given year.

“The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget,” the statement read.

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It further explained that the rolling plan encompasses borrowing needs for both federal and state governments, covering several geopolitical zones. States expected to benefit from the plan include Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe.

The finance ministry stressed that including projects in the borrowing plan does not imply an immediate or automatic increase in the nation’s debt burden. Given the rolling plan’s structure, funding is drawn in phases depending on project timelines.

Many of the projects captured in the 2024–2026 plan have financing arrangements spread over five to seven years and are specifically tied to projects in strategic sectors. These include investments in national power grids and transmission lines, irrigation schemes to bolster food security, a nationwide fibre optic backbone, the acquisition of fighter jets to improve national security, and major rail and road infrastructure projects.

A majority of the financing for these initiatives will be sourced from Nigeria’s development partners. These include the World Bank, African Development Bank (AfDB), French Development Agency (AFD), European Investment Bank (EIB), Japan International Cooperation Agency (JICA), China EximBank, and the Islamic Development Bank (IsDB). These institutions offer concessional loans with favourable terms and long repayment tenures, providing a relatively low-cost way for Nigeria to fund its development goals.

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The rolling borrowing plan is an integral part of the country’s Medium-Term Expenditure Framework (MTEF) and is structured in line with both the Fiscal Responsibility Act of 2007 and the Debt Management Office (DMO) Establishment Act of 2003.

It serves as the medium-term external borrowing guide for the federal government as well as participating state governments, outlining the terms and implementation timelines of associated projects in five comprehensive appendices.

Through this structured approach, the government aims to maintain fiscal discipline while ensuring adequate investment in critical sectors. The rolling plan also enables forward financial planning and prevents the inefficiencies and unpredictability of emergency or reactive borrowing practices.

On the issue of Nigeria’s debt sustainability, the Ministry of Finance noted that the debt service-to-revenue ratio, which exceeded 90 percent in 2023, is already on a downward trend. This improvement follows major fiscal reforms, including the discontinuation of inflationary ways and means financing from the Central Bank of Nigeria (CBN).

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The government expects significant revenue growth from the Nigerian National Petroleum Company Limited (NNPC), alongside increased remittances from Government-Owned Enterprises (GOEs) and key revenue-generating ministries, departments, and agencies (MDAs), aided by technology-driven monitoring and enforcement mechanisms. Legacy debts owed to the federal purse are also being recovered as part of the revenue enhancement drive.

With macroeconomic conditions showing signs of stabilisation, the federal government said it is now focused on moving the economy towards a trajectory of accelerated and inclusive growth. Achieving this objective, it explained, requires sustained capital investment in transportation, energy, infrastructure, agriculture, and other priority sectors of the economy.

The ministry stated that the overarching goal is not to borrow indiscriminately but to ensure that loans are directed at projects with clear economic value and measurable impact.

“Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilised and directed toward growth-enhancing projects remains a top priority,” the statement said.

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The government reiterated its commitment to responsible borrowing, stating that all external loans will remain within the manageable thresholds outlined in the DMO’s Debt Sustainability Framework.

In addition, the ministry said that Nigeria’s ongoing tax reform agenda and related revenue mobilisation initiatives will further strengthen public finances, reduce dependency on debt, and promote financial prudence.

The federal government also reaffirmed its commitment to fiscal discipline, openness in financial transactions, and responsiveness to public concerns. It called for continued public engagement and strong legislative oversight as essential components of Nigeria’s long-term path to economic stability and national prosperity.

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BREAKING: Senators turn to sprinters as fire engulfs section of Senate wing

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A fire erupted on Wednesday in the Senate wing of the National Assembly complex in Abuja, prompting immediate concern and response from lawmakers and staff on the premises.

In a Footage circulating on social media, including from Africa Independent Television (AIT), shows thick smoke billowing from a room as senators and other personnel gathered nearby.

The video also captures hazy conditions inside adjacent areas, including what appears to be a pantry or kitchen space with chairs stacked and smoke visible.

According to preliminary reports, the incident occurred in a section of the Senate wing. Senators were described as being actively involved in efforts to put out the fire. No immediate reports of casualties have emerged, and those present appear to have evacuated or moved to safer areas within the complex.

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FCT Projects Commissioning: Tinubu Urges Abuja Residents to pay Ground Rent, Other Taxes To Enjoy More Developmental Projects(Photos)

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President Bola Ahmed Tinubu has urged residents and business owners in the Federal Capital Territory (FCT) to fulfil their civic obligations by paying taxes, land charges and ground rents, saying such compliance would enable government to deliver more infrastructure projects across the territory.

Tinubu made the call on Wednesday during the commissioning of the full-scope development of Arterial Road N5 (Obafemi Awolowo Way), stretching from Life Camp Junction to Ring Road III in Dape District, Abuja.

Represented by Vice President Kashim Shettima, the President said infrastructure development must be driven by a partnership between government and citizens.

“To the residents and business owners enjoying this transformation, I urge you to meet your obligations. Pay your taxes. Clear your land fees and ground rents. Your compliance gives the FCT Administration the strength to build more roads like this one,” he said.

The President described the newly completed road as a critical economic corridor that would ease traffic congestion, improve connectivity and unlock investment opportunities within the nation’s capital.

Recalling the commissioning of the Gwarinpa I District section of the road in June 2025, Tinubu said his administration had fulfilled its promise to complete the remaining section.

“On that day, we made a pledge to you. We promised not to leave this vital artery half-done. Because the Renewed Hope Agenda is not about abandoned projects; it is about delivery from start to finish.

“And so today, we are back. We are back to close the circle. We are back to commission the Dape District Section of Arterial Road N5, from Life Camp Junction to Ring Road III,” he stated.

The President stressed that the project was conceived, funded and completed under his administration, noting that it was awarded to Julius Berger Plc with a strict 15-month completion timeline after it was flagged off in October 2024.

According to him, the era when major infrastructure projects lingered for years without completion is over.

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“We conceived it, we funded it, and we delivered it. In the past, projects like this became permanent budget lines ten, fifteen years of excuses. Not under this administration,” Tinubu declared.

He commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, describing him as the administration’s “Engine of Execution” and applauded Julius Berger for delivering quality work within schedule.

“Minister Wike, you and your team have shown what happens when political will meets accountability. We fund projects to see results, not to listen to grammar,” he added.

Tinubu noted that the completion of the N5 corridor would significantly reduce travel time for commuters and provide seamless connectivity among Dape, Karmo, Gwarinpa I, Kado, Idu and Mbora districts.

He further explained that the road would provide direct access to the Idu Industrial District, thereby lowering logistics costs, attracting investments and creating jobs.

“Beyond that, this road opens a direct gateway to the Idu Industrial District. That means lower logistics costs for businesses, new investment, and more jobs for our people,” he said.

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The President also called on traditional rulers, community leaders and residents to protect public infrastructure from vandalism and ensure proper maintenance of drainage systems and streetlights.

Earlier, FCT Minister Barr. Nyesom Wike said the commissioning marked the second day of a 31-day project inauguration programme organised to commemorate the third anniversary of the Tinubu administration.

According to him, the scale of infrastructure delivery in the FCT has increased steadily since the administration came into office.

“On June 24, 2024, when we had the first-year anniversary of Mr. President, we took nine days of commissioning of projects. In the second year anniversary, we took 19 days. To the glory of God, in this third year, we are touching 31 days of commissioning of projects,” Wike said.

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The minister credited Tinubu for providing the political support needed to transform the FCT, saying the Renewed Hope Agenda had translated into visible infrastructure development across Abuja and the satellite towns.

“For the first time, development has been taken to the satellite towns in the Federal Capital Territory. This is unprecedented. Before this period, satellite towns did not know what they call government. Today, they can feel the impact and presence of government,” he stated.

Wike praised Julius Berger for completing both sections of the project within record time, revealing that the Gwarinpa section was delivered within seven months.

He also defended the FCT Administration’s handling of compensation issues during the road construction, insisting that all affected property owners whose structures were demolished were duly compensated.

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“We paid. If you are saying that because you are from that place and development has passed and government did not dash you money, we don’t dash money when we are carrying out development,” he said.

The minister dismissed protests by some individuals at the event, insisting that infrastructure projects across the territory had demonstrated the administration’s commitment to governance and development.

Earlier in her remarks, Minister of State for the FCT, Dr. Mariya Mahmoud, described the project as another milestone under the Renewed Hope Agenda and a reflection of President Tinubu’s commitment to improving connectivity, stimulating economic growth and enhancing residents’ quality of life.

Mahmoud paid tribute to Wike for what she described as his purposeful leadership and unwavering commitment to transforming Abuja through the delivery of critical infrastructure.

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She also thanked traditional rulers, community leaders and residents of Life Camp, Dape District and neighbouring communities for their cooperation throughout the execution of the project.

The minister expressed confidence that the newly commissioned road would improve transportation, boost commercial activities and support sustainable urban development in the Federal Capital Territory.

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INSECURITY: Vice principal two others killed as bandits invade Kogi community, attempt to kidnap WAEC candidates

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Panic engulfed Iluke Bunu, a community in Kabba-Bunu Local Government Area of Kogi State, on Wednesday morning after suspected bandits launched a deadly attack that left three people dead, including a school vice principal.

The bandits, who reportedly invaded the community in large numbers, were said to have targeted students sitting for the ongoing West African Senior School Certificate Examination (WASSCE), sparking fears of a mass abduction.

According to local sources, the gunmen stormed the area in the early hours of June 10, unleashing gunfire that sent residents and students scrambling for safety. The incident disrupted normal activities in the community and created widespread panic among residents.

A community member who spoke about the attack described the situation as terrifying, revealing that the sound of sustained gunfire echoed across the area as people fled to avoid being caught in the violence.

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He said we woke up to heavy gunfire this morning. The bandits entered the community and there was confusion everywhere.

Residents were running in different directions for safety, while students writing their WAEC examinations became terrified,” the source said.

The source further revealed that the attackers appeared determined to abduct students and school personnel but were thwarted by the swift intervention of security operatives and local vigilantes.

According to him, soldiers stationed at a nearby military formation responded quickly after receiving distress calls and engaged the gunmen in a fierce exchange of gunfire.

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He explained that if not for the prompt response of the soldiers and local vigilante groups, many students could have been kidnapped.

The security forces confronted the attackers and eventually forced them to retreat.

During the attack, three people reportedly lost their lives. Among the victims was Mr. Gani Anifowose, Vice Principal of Government Secondary School, Aharha-Bunu. Two other individuals were also killed in the violence, although details about their identities were not immediately available.

Another resident expressed concern over the deteriorating security situation in the area, noting that many community members remain traumatised by the incident.

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According to him, our community is facing serious security challenges. The gunshots lasted for a long time, and people are still searching for some residents whose whereabouts remain unknown,” the resident said.

Sources within the community stated that troops from the Nigerian Army formation in Suku-Kiri Bunu led the response operation.

The soldiers reportedly engaged the attackers in a gun battle, preventing them from carrying out their mission.

During the confrontation, one of the suspected bandits was allegedly shot dead, while several others escaped into nearby forests and bushes.

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The attack has renewed concerns over insecurity in parts of Kogi State, particularly in rural communities where residents have repeatedly faced threats from armed criminal groups. It has also raised fresh questions about the safety of students and educational institutions amid ongoing national examinations.

Residents have called on the government and security agencies to strengthen security presence in vulnerable communities and take decisive action to prevent future attacks on schools and innocent civilians.

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