Connect with us

News

Tinubu Seeks N’Assembly’s Nod For $2.3bn Fresh Loan

Published

on

external borrowing of $2.3bn

President Bola Tinubu has again written to the National Assembly, seeking approval for a fresh external borrowing of $2.3bn.

This is in addition to a plan to issue a $500m sovereign Sukuk, which will mark Nigeria’s debut in the international Islamic finance market.

The request, contained in a letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas on Tuesday, complies with Sections 21(1) and 27(1) of the Debt Management Office Establishment Act, 2003.

The borrowing plan seeks legislative approval for external financing to implement the 2025 Appropriation Act, refinance maturing Eurobonds, and expand Nigeria’s debt instruments to include Islamic finance products.

Tinubu noted that “the 2025 fiscal framework anticipates $9.27bn in new borrowings to address the budget deficit, of which $1.84bn is earmarked for external sources at an assumed exchange rate of N1,500 to the dollar.”

He explained that the external borrowing would be sourced through various instruments, including Eurobonds, syndicated loans, bridge financing, or direct loans from multilateral institutions — in order to optimise cost and manage risk effectively.

READ ALSO  Certificate Scandal: Why I Choose To Step Aside - Nnaji Reveals Two Reasons

A key element of the plan is the refinancing of Nigeria’s $1.118bn Eurobond, issued in 2018 at a coupon rate of 7.625% and due in November 2025.

Advertisement

“This is a standard practice in debt capital markets,” the President wrote. “Refinancing through Eurobonds or syndicated loans will guarantee debt sustainability and boost investor confidence.”

Tinubu maintained that refinancing maturing obligations was part of routine debt management and vital for maintaining Nigeria’s fiscal credibility.

The President’s letter also revealed a plan to issue a $500m sovereign Sukuk internationally, a move aimed at deepening Nigeria’s presence in the Islamic finance market.

The initiative follows the success of domestic Sukuk issuances, which have raised N1.39tn since 2017 to fund critical infrastructure projects such as major road construction.

According to Tinubu, the international Sukuk would help narrow Nigeria’s infrastructure funding gap while diversifying its investor base.

READ ALSO  Speaker Abbas Swears in Three New House Members

The government is also exploring a credit enhancement guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, a member of the Islamic Development Bank Group, to strengthen the offering.

“If the ICIEC credit guarantee is utilised, 25% of the proceeds will be used to repay relatively expensive debt obligations, while the balance will finance pre-identified infrastructure projects,” the President said.

Advertisement

He assured lawmakers that the Federal Ministry of Finance and the Debt Management Office would engage reputable transaction advisers to secure the best pricing and terms amid volatile global market conditions.

Tinubu further expressed confidence in Nigeria’s reputation as a consistent and credible issuer in international capital markets, noting that the proposed transactions would reinforce investor trust and ensure prudent fiscal management.

The new borrowing request comes as Nigeria grapples with the twin challenges of financing a large budget deficit and managing a complex debt portfolio.

READ ALSO  Court Stops Police From Enforcing Tinted Glass Permit Policy

As Africa’s largest economy, the Federal Government continues to balance its drive for infrastructure-led growth with the need to maintain debt sustainability.

The 2025 budget includes plans to raise $9.27bn in new loans, with $1.84bn coming from external sources.

Analysts say the government’s growing reliance on a mix of domestic and foreign funding reflects a pragmatic response to rising inflation, currency volatility, and high global interest rates.

Nigeria’s success with domestic Sukuk issuance has demonstrated the potential of Islamic finance to fund tangible development projects. Expanding this strategy to global markets could enhance the country’s credit profile and reduce dependence on traditional borrowing methods.

Advertisement

The proposed involvement of the ICIEC guarantee is also expected to lower borrowing costs by improving Nigeria’s credit rating, making the new Sukuk more attractive to global investors. Allocating a quarter of the proceeds to retire expensive debts, observers note, reflects a cautious and strategic approach to managing the nation’s debt structure.

 

News

Customs Seizes Contraband Worth Over N1.2 billion In Six Weeks

Published

on

Customs Seizes Contraband Worth Over N1.2 billion In Six Weeks

The Federal Operations Unit, Zone A, of the Nigeria Customs Service has reported the seizure of contraband goods valued at more than N1.2 billion within six weeks.

Comptroller Mohammed Shu’aibu, who disclosed this during a media briefing in Lagos on Tuesday, said the seizures reflected the unit’s heightened vigilance and enforcement activities across the South-West region.

According to him, the total Duty Paid Value (DPV) of the confiscated items stood at N1.188 billion, as reported by the News Agency of Nigeria (NAN).

He revealed that officers intercepted 5,015 bags of foreign rice equivalent to eight trailer loads alongside 15 assorted used vehicles, 143 bales of used clothing, two jumbo sacks of used shoes, and one sack of assorted worn apparel.

“The Federal Operations Unit, Zone A, Nigeria Customs Service, has intensified its anti-smuggling operations, seizing contraband valued at over N1.2 billion in six weeks.

READ ALSO  Presidency Breaks Silence Nnaji’s on Certificate Scandal, Reveals next Move

“The Controller, Comptroller Mohammed Shu’aibu, disclosed this during a media briefing in Lagos on Tuesday, highlighting the unit’s increased vigilance across the South-West,” the NAN report read in part.

It added, “According to him, the total Duty Paid Value of the seized goods stood at N1.188 billion, underscoring the magnitude of the operations.”

Advertisement

The unit also confiscated 390 bottles of codeine, 310 packs of foreign-branded drugs, 19 cards of tramadol, and 210 used tyres.

Shu’aibu added that a 20-foot container with the number ONEU 2419369 FTC, containing 752 cartons of calcium lactate, was seized for false declaration. Other intercepted items included 640 parcels of cannabis sativa weighing 431.8 kilogrammes and 460 jerrycans of petrol amounting to 11,500 litres.

READ ALSO  Court Stops Police From Enforcing Tinted Glass Permit Policy

He said four suspects were arrested in connection with the seizures and had been handed over to relevant agencies for investigation and prosecution. The unit also recovered N39.2 million through demand notices issued against importers for under-valuation between September 1 and October 7.

Shu’aibu reaffirmed the command’s commitment to supporting legitimate trade while maintaining strict enforcement of customs regulations. He noted that the unit’s operations were aimed at curbing smuggling and upholding the 2016 federal government ban on the importation of foreign parboiled rice through land borders.

The seized drugs and narcotics were then handed to the National Agency for Food and Drug Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA) for further investigation and disposal.

READ ALSO  Senate Backs to Plenary with Packed agenda

The report further noted that NAFDAC Chief Regulatory Officer, Mr. Taiwo Kareem, commended the Customs Service for its vigilance, disclosing that the intercepted pharmaceuticals had expired between 2001 and 2023.

He cautioned Nigerians against purchasing medicines from roadside chemists, stressing the dangers of consuming expired or counterfeit drugs.

Advertisement

Similarly, the Deputy Commander of Narcotics, NDLEA, Mr. Nasir Bungudu, lauded the collaboration between the agencies and pledged continued partnership in the fight against drug trafficking and related offences.

Shu’aibu, meanwhile, warned smugglers to desist from illegal trade or face severe sanctions, commending Comptroller-General Bashir Adeniyi for his leadership in strengthening border enforcement operations across the region.

 

Continue Reading

News

Nigerian Arrested In Argentina Over ‘Multiple Romance Scams Involving Thousands Of Women’

Published

on

Nigerian Arrested In Argentina Over ‘Multiple Romance Scams Involving Thousands Of Women’

A wanted Nigerian man identified as Ikechukwu N. has been arrested in Argentina over alleged multiple romance scams involving thousands of women and leading an international cybercrime network.

The arrest, disclosed on Tuesday by INTERPOL via X account, was carried out as part of Operation Jackal, an INTERPOL-coordinated initiative targeting West African organised criminal groups.

READ ALSO  Customs Seizes Contraband Worth Over N1.2 billion In Six Weeks

According to INTERPOL, Ikechukwu’s arrest marked Argentina’s first arrest of a most wanted #RedNotice fugitive who is also on the list of the international police via its Silver Notice project.

The statement explained that the Silver Notice project, which had its pilot launched in January 2025, aims at helping countries trace and recover criminal assets.

READ ALSO  Tinubu Summons Embattled Minister Over Alleged Certificate Forgery

The post read, “Argentine 🇦🇷 authorities have captured Nigerian national Ikechukwu N. 🇳🇬, marking the country’s first arrest of a #RedNotice fugitive who was also the subject of an INTERPOL Silver Notice.

“The suspect is accused of orchestrating multiple romance scams involving thousands of women, and leading an international cybercrime network.

READ ALSO  Senate Backs to Plenary with Packed agenda

“The arrest was part of Operation Jackal, an INTERPOL-coordinated initiative targeting West African organized criminal groups. It was carried out by @PFAOficial and @seguridadpsa, with support from IFCACC, FIS, and INTERPOL Brazil.

Advertisement

“The Silver Notice pilot project, launched in January 2025, aims to help countries trace and recover criminal assets.”

Nigerian Tribune

Continue Reading

News

Rent Crisis Hits Kaduna Residents, One-Room Self-Contained Costs N350,000

Published

on

Rent Crisis Hits Kaduna Residents, One-Room Self-Contained Costs N350,000

Many residents of Kaduna State are groaning under the weight of soaring house rents as landlords and agents continue to hike prices in significant parts of the State.

According to LEADERSHIP, landlords and agents have raised rents in Ungwan Maigero, Karji, Narayi and Barnawa, making accommodation difficult for many low- and middle-income earners.

In some areas visited, a one-room self-contained apartment that used to go for between N100,000 and N150,000 now costs between N300,000 and N350,000.

Similarly, depending on location and facilities, a one-bedroom flat (room and parlour) now costs between N500,000 and N700,000.

READ ALSO  Rent Crisis Hits Kaduna Residents, One-Room Self-Contained Costs N350,000

Residents who spoke to LEADERSHIP expressed frustration over the situation, saying the increase has worsened the cost of living in the State.

Grace Ashafa, a resident of Narayi, said the high rent has added to the economic hardship already facing families.

“Life is becoming unbearable for us. Fuel is costly, and now house rent has doubled. It is difficult to survive,” she said.

Advertisement

Emmanuel Auta, a father of five who lives in Karji, said his landlord recently raised the rent on his one-bedroom apartment by almost 50 per cent.

READ ALSO  Yakubu Steps Down as New Acting INEC Chair Takes Over

“I was paying N400,000, but the landlord has increased it to N600,000. I don’t know where to get the money. I may have to move my family to a smaller place”.

For widows and single parents, the situation is even more difficult.

A widow, Agatha Okeke, who resides in Ungwan Maigero, said she might be forced to return to her village if the situation persists.

“I am a petty trader. My profit is small, and I still have to pay school fees and feed my children. Now rent has gone beyond my reach,” she said.

READ ALSO  Court Stops Police From Enforcing Tinted Glass Permit Policy

Some residents attributed the rising rent to the high cost of building materials and inflation, while others accused landlords and agents of taking advantage of the situation.

“Cement and other materials are indeed expensive, but some landlords are just exploiting people,” said a resident of Barnawa who declined to be named.

Advertisement

They appealed to the Kaduna State Government to intervene and regulate rent to prevent more people from becoming homeless.

 

Continue Reading

News

Tinubu Summons Embattled Minister Over Alleged Certificate Forgery

Published

on

Tinubu Summons Embattled Minister Over Alleged Certificate Forgery

President Bola Tinubu has summoned the Minister of Innovation, Science and Technology, Uche Nnaji, over allegations that he forged his university certificates.

Premium Times had reported that Nnaji did not graduate from the University of Nigeria, Nsukka (UNN), alleging that the minister forged the academic documents he submitted for his appointment.

READ ALSO  Speaker Abbas Swears in Three New House Members

The minister had claimed to have graduated from UNN in 1985 with a degree in microbiology.

However, the newspaper’s investigation revealed that Nnaji was required to retake a course in virology in 1986, having failed it in 1985, and therefore could not have graduated in the year he claimed.

Reports say the controversy over the minister’s academic record prompted the president to summon him to the presidential villa.

READ ALSO  Yakubu Steps Down as New Acting INEC Chair Takes Over

As of the time of filing this report, Nnaji was still at the villa to clarify issues surrounding his academic qualifications.

PoliticsNigeria

Advertisement
Continue Reading

News

Court Stops Police From Enforcing Tinted Glass Permit Policy

Published

on

Court Stops Police From Enforcing Tinted Glass Permit Policy

The Federal High Court sitting in Warri, Delta State, has issued an interim injunction restraining the Inspector General of Police and the Nigeria Police Force from implementing or enforcing the recently announced Tinted Glass Permit Policy slated to commence on Monday, October 6, 2025.

The order followed a motion filed by John Aikpokpo-Martins, who sought to stop the police from proceeding with the enforcement of the policy, which he described as unlawful and burdensome to citizens.

Delivering the ruling, Justice H.A. Nganjiwa granted an interim injunction restraining the defendants — the Inspector General of Police and the Nigeria Police Force — including their officers, agents, or contractors, from enforcing or further implementing the Tinted Glass Permit Policy pending the hearing and determination of the substantive motion before the court.

READ ALSO  Court Stops Police From Enforcing Tinted Glass Permit Policy

The court also restrained the police and their agents from harassing, stopping, arresting, detaining, or impounding the vehicles of the plaintiff or any other person under the guise of enforcing the said policy.

Furthermore, the court granted leave to the plaintiff to serve the originating summons and other court processes on the defendants through substituted means — specifically by FedEx courier service.

READ ALSO  Redeemer’s University Breaks Record with 185 First-Class Graduates

Justice Nganjiwa described the applicant’s move to seek judicial intervention as timely and proper, noting that the decision was made after hearing submissions from a legal team led by Kunle Edun, SAN, and several other counsel representing the plaintiff.

The case, John Aikpokpo-Martins v. Inspector General of Police & Anor (FHC/WR/CS/103/2025), has been adjourned for further hearing on the substantive motion.

Advertisement

The court order comes after the Nigeria Police Force on Saturday said it has not been officially served with the court order regarding the enforcement of tinted glass permits.

READ ALSO  Presidency Breaks Silence Nnaji’s on Certificate Scandal, Reveals next Move

Human Rights lawyer, Inibehe Effiong, had posted on X, reports that the court had ordered the Police to maintain the status quo on the tinted glass permit case.

Responding, Force Public Relations Officer, CSP Benjamin Hundeyin, said the Police had not received any official notification.

Channelstv

Continue Reading

News

Yakubu Steps Down as New Acting INEC Chair Takes Over

Published

on

Yakubu Steps Down as New Acting INEC Chair Takes Over

Professor Mahmood Yakubu has handed over to May Agbamuche as the Acting National Chairman of the Independent National Electoral Commission (INEC).

Agbamuche is the oldest serving National Commissioner in the electoral body.

Professor Yakubu announced this on Tuesday at the ongoing meeting with Resident Electoral Commissioners at the INEC headquarters in Abuja.

READ ALSO  Tinubu Summons Embattled Minister Over Alleged Certificate Forgery

He solicited the support of the commissioners and directors of the commission for Agbamuche, until the appointment of a substantive chairman.

Professor Mahmood Yakubu is leaving office as INEC chairman, having completed his two-term tenure of 10 years.

President Tinubu is expected to appoint his successor soon, subject to a Senate confirmation.

READ ALSO  Court Stops Police From Enforcing Tinted Glass Permit Policy

Yakubu was first appointed the INEC chairman by former President Muhammadu Buhari to oversee the activities of the electoral umpire in November 2015, six months after he assumed the office as the President.

Advertisement

He completed his first term in office as the electoral body’s chairman in 2020, and was reappointed for a second tenure by President Buhari.

READ ALSO  Speaker Abbas Swears in Three New House Members

Yakubu’s reappointment by President Buhari made him the first person to serve as INEC chairman for two terms.

He took over from Professor Attahiru Jega, with INEC conducting many elections, including the 2019 and 2023 general elections.

 

Continue Reading

Most Visited