President Tinubu writes Senate, seeks approval of new external borrowing plan
President Tinubu writes Senate, seeks approval of new external borrowing plan
President Bola Tinubu has sought the approval of Senate for implementation of 2.2 billon dollars new external borrowing plan.
Tinubu’s request is contained in a letter addressed to President of Senate, Godswill Akpabio and read at plenary on Tuesday.
The letter is titled, “Request for the resolution of the National Assembly for the implementation of external borrowing of about 2.2 billion dollars in the 2024 Appropriation Act”
The President said the request is in accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, ) Act, 2003, and the approval of the Federal Executive Council..
“I write to request for a resolution of the National Assembly to raise the sum of N1.7 trillion, equivalent of 2.2 billon dollars at the budget exchange rate of one dollar to N800 provided as new external borrowing in the 2024 appropriation act to part finance the budget deficit of N9.179 trillion.”
The President said the funds were needed to give more impetus to the ongoing implementation of the projects and programmes in the 2024 appropriation act, which were designed to stabilise the economy.
He said the key projects to which the proceeds would be deployed formed the priority sectors of the economy, such as power, transport, agriculture, defence and security.
” It is also important to add that the proceeds will increase the accrual to the external reserves as the proceeds will be received into the Central Bank of Nigeria’s (CBN) account, and thereby support the naira exchange rate”.
He said the plan was to raise the new external borrowing from a combination of commercial sources, such as issuance of Eurobonds,
Sovereign Sukuk,International Capital Market (ICM), among other sources.
Tinubu said Nigeria could raise all or part of the new external borrowing fund through the issuance of eurobonds in the ICM.
“Nigeria has been a regular issuer in the ICM and had raised 16.92 billion dollars out of which 15.12 billion dollars is outstanding.
” The ICM is now open to countries similar to Nigeria, and so far, Cote d’Ivoire, Benin, Kenya, and Cameroon have issued Eurobonds in the ICM in 2024.
“A debut Sovereign Sukuk of up to 500 million dollars in the ICM with credit enhancement from the Islamic Corporation are for Insurance of Investment and Export Credit (ICIEC), subject to the terms and conditions,” hr said.
The President said lead managers such as Citigroup Global Markets Ltd, Goldman Sachs, JP Morgan and Standard Chartered have been appointed through an open competitive bid to advise on the issuance of eurobonds, where it becomes necessary. (NAN)
News
Eight persons killed, others injured in another fatal road accident
Eight persons killed, others injured in another fatal road accident
Eight persons died while three others were injured in a road traffic crash along the Potiskum–Dogon Kuka carriageway in Yobe.
The Yobe Sector Commander of the Federal Road Safety Corps (FRSC), Mr Andrew Longkam, confirmed the incident on Thursday.
He said the crash occurred around Gaggaba on the Potiskum–Dogon Kuka axis at about 12:40 hours.
“Preliminary reports from Dogon Kuka Unit Command show the incident was promptly reported to the corps,” Longkam said.
FRSC operatives arrived within five minutes, enabling swift rescue, evacuation of victims, traffic control, road clearance and prevention of secondary crashes.
The crash involved a white Howo trailer, registration DAL 963YY, and a white Mitsubishi Canter, registration NNR 437XA.
“Twelve adult males were involved, with eight fatalities and four rescued, including three injured and one unhurt,” he said.
The injured and deceased were taken to Government General Hospital, Dogon Kuka, where the injured received prompt medical attention.
Longkam said the FRSC tow truck cleared the obstruction, restored traffic flow and notified the Police Motor Traffic Division in Dogon Kuka.
“Preliminary findings indicate the Mitsubishi Canter, suspected to excessive speeding, committed a route violation and crashed into the trailer,” he said.
He said excessive speed and route violation were suspected causes, adding that investigations were ongoing to determine the exact circumstances.
The sector commander urged motorists to avoid speeding, route violations and unsafe practices, assuring continued enforcement, emergency response and public education across the state. (NAN)
News
Reaction as Atiku’s Son defects to APC, backs President Tinubu’s reelection in 2027
Reaction as Atiku’s Son defects to APC, backs President Tinubu’s reelection in 2027
Former Vice President and Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, has addressed his son Abba Abubakar’s decision to join the All Progressives Congress (APC), describing it as a personal choice.
In a statement posted on his X handle, Atiku said, “The decision of my son, Abba Abubakar, to join the APC is entirely personal. In a democracy, such choices are neither unusual nor alarming, even when family and politics intersect.”
He added, “As a democrat, I do not coerce my own children in matters of conscience, and I certainly will not coerce Nigerians.”
The former vice president also highlighted his concerns about the ruling party, saying, “What truly concerns me is the poor governance of the APC and the severe economic and social hardships it has imposed on our people.”
“ I remain resolute in working with like-minded patriots to restore good governance and offer Nigerians a credible alternative that brings relief, hope, and progress.”
News
JUST IN; Oyo Governor, Makinde names Olubadan as Chairman Oyo Council of Obas
JUST IN; Oyo Governor, Makinde names Olubadan as Chairman Oyo Council of Obas
Oyo State Governor, Seyi Makinde, has inaugurated the Oyo State Council of Obas and Chiefs, declaring that the Olubadan of Ibadan, Oba Rashidi Ladoja, will be heading the council for a period of 2 years.
The declaration follows the passing of the Oyo State Council of Obas and Chiefs (Further Amendments) Bill, 2025, by the state House of Assembly, and the signing of the same into law by the governor.
Recall that the lawmakers had amended Clause 5 of Section 28 of the Chieftaincy Law to make the Council chairmanship rotational among the Alaafin of Oyo, the Soun of Ogbomoso, and the Olubadan of Ibadanland.
While inaugurating the Council, Governor Makinde said he had consulted with the trio of the Alaafin, the Olubadan and the Soun, with the three of them reaching a consensus that the chairmanship should start with the Olubadan of Ibadanland, His Imperial Majesty Oba Rashidi Ladoja.
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