News

Reps approve $347m loan for Lagos-Calabar highway, others

Published

1 year ago

July 24, 2025

The House of Representatives, on Wednesday, approved President Bola Tinubu’s request to the National Assembly, seeking approval to borrow $347m under the 2025–2026 borrowing plan.

The Speaker of the House of Representatives, Tajudeen Abbas, read the President’s correspondence on the floor of the Green Chamber during Wednesday’s plenary.

According to the President, the loan is necessary due to a rise in the funding needs for the Lagos-Calabar Coastal Highway project, whose cost increased by $47m, from $700m to $747m.

Justifying the loan request, the President said that when the borrowing plan was transmitted to the parliament, the lead arranger for financing only had financing commitments of up $700m from lenders, stressing that the shortfall in the financing was covered by export credit agencies.

“It is, therefore, necessary to increase the value of the financing for the project by $47m to ensure it aligns with the loan size agreed in the finance documents for the project,” the President said in the letter.

He noted that $300m is needed for the Nigerian universal communications access project, a landmark telecommunications initiative aimed at bridging the digital divide through the deployment of 7,000 telecommunications towers across hard-to-reach rural dwellings.

Recall that in May, Tinubu sought the approval of the parliament to approve the 2025-2026 borrowing plan of $21.54bn, €2.19bn and ¥15bn, in addition to a €65m grant.

With the extra $47m for the Lagos-Calabar road project and $300 million for the universal communication access project, the initial $21.54bn has witnessed a marginal increase to $21.89bn.

On Wednesday, the House adopted the report presented by the Nasarawa lawmaker, Abubakar Nalaraba, who chairs the House Committee on Aids, Loans and Debt Management.

The lawmaker noted that despite increased borrowing, Nigeria’s debt portfolio “remains sustainable.”

He said, “At over N145tn, the debt-to-GDP ratio of about 50 per cent is within the international threshold (56 per cent).

“The current administration has succeeded in reducing the high debt service to revenue ratio from over 90 per cent to less than 70 per cent.

“The Federal Government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 per cent year-on-year starting from 2026.”

The Deputy Speaker, Benjamin Kalu, who took over the plenary after the Speaker had left midway into the session, then approved the request.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Post Views: 634

News

Defence Headquarters Social Media Account Hacked

Published

1 day ago

August 16, 2026

Oluwagbenga Olaoye

The official social media page of the Defence Headquarters (DHQ), 𝕏 to be precise, has been attacked by suspected hackers.

Naija News reports that the DHQ confirmed the development in a statement made public on Saturday, August 15, by the Director of Defence Information, Maj. General Samaila Uba.

He said the body has hence treated the incident as a cybersecurity matter, with technical measures activated to secure the account.

“The Defence Headquarters wishes to inform members of the public, the media and all stakeholders that it has detected an attempted unauthorised compromise of its official X (formerly Twitter) account.

“The incident is currently being treated as a cybersecurity matter, and appropriate technical measures have been activated to secure the account and prevent further unauthorised access,” the statement noted.

The DHQ urged members of the public to disregard any publication from the account at the moment while ensuring that efforts were ongoing to fully restore control of the official account.

“The Defence Headquarters assures the public that efforts are ongoing to fully restore control of the official account.

“Consequently, members of the public are advised to disregard any suspicious, unauthorised or misleading content that may be posted from the account during this period,” he said.

Uba stressed the DHQ’s committment to maintaining high standards of information security and ensuring that Nigerians continued to receive accurate, timely and credible information on the activities and operations of the Armed Forces of Nigeria.

“We appreciate the understanding and vigilance of the public and will provide further updates as necessary,” he said.

He further urged Nigerians to henceforth check its verified accounts on other platforms, including Facebook under the name “Defence Headquarters Nigeria,” Instagram at @defenceheadquarters and its WhatsApp Channel, Defence Headquarters Nigeria for reliable information.

Source: naijanews.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Post Views: 36

News

Seven workers killed, 19 rescued in India tunnel accident

Published

3 days ago

August 14, 2026

Newsbreak365_Admin

At least seven workers were killed and 13 injured following a landslide that sent water and debris gushing into a tunnel under construction in north India, officials said Friday.

The incident occurred late Thursday in the Himalayan state of Uttarakhand, where workers were constructing a tunnel for a state-run hydropower project.

At least three workers are still missing, while 19 were rescued from the Tehri Hydro Development Corporation site, the State Disaster Management Authority said in a statement.

Videos shared by local authorities showed rescue workers equipped with head-mounted torches using makeshift rafts to reach the flooded section of the tunnel.

Uttarakhand has been battered by heavy monsoon rains in recent days.

Accidents on large construction sites are common in India, but ecologists say excessive development projects have led to more disasters in the fragile Himalayan areas.

Last month, 20 people working in a tunnel for another state-run hydroelectric project were killed in the remote northeastern state of Sikkim.

In 2023, 41 workers were rescued after being trapped for 17 days inside a tunnel that collapsed in Uttarakhand.

Hundreds of people have been killed in floods and landslides across the country since the start of the annual monsoon season in June.

Experts say climate change, coupled with poorly planned development, is increasing the frequency, severity, and impact of the disasters.

AFP

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Post Views: 51

News

RATTAWU honours DSS DG for strategic intelligence, national security

Published

3 days ago

August 14, 2026

Newsbreak365_Admin

The Radio, Television, Theatre and Arts Workers Union has honoured the Director-General of the Department of State Services, Mr Oluwatosin Ajayi, with the ‘Golden Era Pillar of Critical and Strategic Intelligence for National Development Award’, as part of activities marking its 50th anniversary

RATTAWU conferred the award on Ajayi on Thursday at his office, when the National President of the group, Emeka Kalu, led members to a media/security-critical engagement and strategic partnership meeting for national development in Abuja.

Kalu praised the appointment of Ajayi in 2024 by President Bola Tinubu, describing it as putting “a round peg in a round hole.”

He added that the award was an initiative of the union designed to recognise individuals and institutions that had made outstanding contributions to national development, security, democracy, culture and the growth of Nigeria.

He said, “Your appointment by Mr President demonstrates the importance of placing capable Nigerians with integrity and professional competence in strategic positions of national responsibility.

“The role of the DSS in protecting Nigeria’s national interests, gathering critical intelligence and supporting national security cannot be overemphasised.

“Particularly now that this country is confronted with complex security and emerging technological challenges, appointments like yours are the best ever done by Mr President.

“That is why this union decided to honour you with the Golden Era Pillar of Critical and Strategic Intelligence for National Development Award.”

Responding, the DSS Director-General, Oluwatosin Ajayi, expressed appreciation to the leadership of RATTAWU for the honour.

Ajayi described the recognition as a significant gesture that would further encourage him and the service to remain committed to their responsibilities to the nation.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Post Views: 80