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House Approves President Tinubu’s N1.767trn Loan Request

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By Gloria Ikibah
The House of Representatives has granted approval for the implementation of the new external borrowing of N1,767, 610, 321, 779.00 (USD 2.209B).
The approval was sequel to the adoption of the recommendations of the House Committee on Aids, Loans and Debt Management Chaired by Rep. Abubakar Nalaraba, and presented at the Committee of the Whole on Thursday.
Presenting the report, the Committee Chairman, Rep. Nalaraba said the committee met and made the following recommendations, which he entreated the House to approve.
He said: “Approve the implementation of the New External Borrowing of one trillion, seven hundred and sixty seven billion, six hundred and ten million, three hundred twenty-one thousand, seven hundred and seventy-nine Naira (₦1,767, 610,321,779.00) (equivalent of USD2, 209, 512, 902. 22b) at the Budget
Exchange rate of USD1.00/800 in the 2024 Appropriation Act and that the amount should be raised from one or more sources. Namely; issuance of Eurobonds in the ICM, Issuance of debut sovereign Sukuk in the ICM, Bridge/syndicated loans, subject to market conditions;
“That based on availability and cost, to issue Eurobonds in the sum of USD1.70 billion or more, but not more than USD2,209,512,902,.22b, approved as New External Borrowing in the 2024 Act;
“Given the significant increase in the official exchange rate from USD1.00/₦800 to approximately ₦1,640, it is recommended that the exchange rate excess resulting from this adjustment be exclusively utilised for implementation of capital projects in 2024, to ensure that additional funds are
directed to impactful infrastructure & developmental projects that will contribute to the Nation’s long term growth and stability;
“Approve the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the federal government. This approval prioritizes the issuance of Promissory Notes to address outstanding reimbursement debts owed to States, high-priority judgment debts, and other liabilities incurred by Federal Ministries, Departments, and Agencies. This measure is critical to preventing additional interest costs, mitigating further increases in the Federal Government’s debt profile, and reducing the debt-to-GDP ratio;
“That the Hon. Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office are authorised to take all necessary actions required to give effect to this.”
The lawmakers unanimously adopted and passed the recommendations.

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Justice Minister, Fagbemi seeks support for govt’s national law reform initiative

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By Francesca Hangeior
 

The Attorney General of the Federation and Minister of Justice, AGF, Prince Lateef Fagbemi, SAN, has canvassed for greater efforts and commitments to the Federal Government’s aspirations to produce a workable legal framework for the country.

He charged the Committee put in place by the federal government to review, revise and consolidate the Laws of the Federation of Nigeria, LFN, to double the efforts and commitments to deliver on the mandate at the appointed time.

Fagbemi, a Senior Advocate of Nigeria, spoke on Monday in Abuja at the second retreat of the Committee put in place in October last year for the laws of the federation revision and reform.

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The AGF while challenging the committee to be up and doing asked the members to remain united in purpose and steadfast in the resolve to produce a legal framework that is worthy of the nation’s aspirations.

He said the second retreat organized by the federal government was a strategic consolidation of the national law reform efforts and to provide an invaluable opportunity to come up with a better workable legal framework for the nation.

“Let me start by expressing gratitude to the Chairman, Co-Chairperson and members of the Committee for their selfless service and sacrifice, to ensure that this project is executed efficiently and effectively.

“The call to be part of this assignment is indeed a sacred that inevitably and positively affects the lives of individuals, government, businesses as well as citizens of this nation.

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“The general purpose of law is to regulate human behavior by protecting lives and properties in society. The inauguration of the Committee on the 24th October, 2024 marked a historic milestone in our collective efforts to modernize, consolidate, and harmonize Nigeria’s body of federal statutes.

“The retreat successfully provides a clear framework for the structure and methodology of the revision exercise, oriented the 14 Working Groups tasked with reviewing specific legal subject areas, and fostered collaboration among key institutions and stakeholders on the project.

“Following the initial retreat, I wish to note that the Committee has recorded steady progress in its work.

“The Ministry has taken several measures to ensure that the assignment is delivered efficiently, including:training sessions for secretaries of the working groups to enhance documentation and coordination; technical meetings of the main committee and its various sub-committees; working sessions and deliberations among editors and reviewers; and ongoing technical collation of revised laws by the Secretariat.

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“This second retreat is a strategic consolidation of our national law reform efforts and provides an invaluable opportunity to: review progress made since the first phase;
address any technical or structural challenges encountered during the collation process;
– Harmonize the output across working groups; and set the tone for the final stages of this important project.

“The next stage of the law review and consolidation process would include editing and proofreading the reviewed legislation, ahead of the final collation, production and printing of the laws of the federation.

“It is my conviction that these phases will be executed with even greater commitment by the Committee, with the support of stakeholders and development partners.

“I wish to commend the leadership of the LFN Committee, the Secretariat for its diligent coordination and day-to-day management as well as the Working Groups, Editors, and Reviewers, for their intellectual rigour and professionalism.

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“Special gratitude to our development partners, particularly RoLAC, for standing firmly behind this national project.

“Let me urge all participants to use this retreat as a platform for robust engagement, peer learning, and practical collaboration.

“We must remain united in purpose and steadfast in our resolve to produce a legal framework that is worthy of our nation’s aspirations.

” I wish to express gratitude for your commitment to duty and I charge you to work in synergy and cooperation, in the overall interest of the nation”, the AGF said.

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You must refund N300m, Rivers State tells NBA

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The Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), has replied to the Nigerian Bar Association regarding the reason for relocating its Annual General Conference from Port Harcourt to Enugu State.

Ibas faulted the reason cited by the NBA, describing it as misleading and uncharitable.

The Sole Administrator stated this in a statement issued in Port Harcourt on Monday by his media aide, Hector Igbikiowubo, and sent to newsmen.

He said while the NBA reserves the right to choose a venue for its conference, the association had yet to address the issue of the refund of the hosting rights paid by the state government for the conference.

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The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.

“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”

It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.

The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.

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“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”

It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.

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FG extends contactless biometric passport to US, Mexico, Jamaica, Brazil

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By Francesca Hangeior

The Federal Government has unveiled the second phase of its contactless biometric passport application system across its four missions in United States, Mexico, Jamaica and Brazil.

The Nigeria Immigration Service NIS disclosed this in a tweet on its ‘X’ handle signed by Service Spokesman, ACI AS Akinlabi.

The statement reads; “ain continuation of the phased Roll-Out of the Contactless Biometric Passport Application System across Nigerian Missions abroad, the Nigeria Immigration Service under its

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Comptroller General, Kemi Nanna Nandap wishes to inform the General public especially Nigerians in the Diaspora that it is implementing the next stage of the roll-out across the following countries.

“The Application System, which is currently available on Google Play Store (NIS Mobile), is designed to allow Nigerians to renew their passports without visiting any Passport Centre for Biometrics enrollment. The Apple Store version will be onboarded shortly and an enhanced version of the NIS Mobile App for both Android and iOS users will be deployed to further improve users’ experience and accessibility.

“With this roll-out, the Service further informs the General public that the Contactless Passport App is now available in Canada, the USA, Mexico, Jamaica, Brazil, Europe, and Asia. It is yet to be rolled out in Australia and Nigeria, a future date will be announced for both countries in due course.

“The Service remains committed to innovative and efficient Service Delivery to Nigerians anywhere in the world”.

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