Connect with us

News

House of Reps approve President Tinubu’s request to borrow $2.35bn, issue $500m sovereign sukuk

Published

on

The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit.

The lower chamber of the National Assembly approved the loan request during plenary today October 29. The House also granted the President’s request to issue a $500 million debut sovereign sukuk in the international capital market (ICM) to fund infrastructure projects and diversify Nigeria’s financing sources.

The lower legislative chamber approved the president’s request after considering the report of the committee on aids, loans and debt management.

The green chamber approved the implementation of the new external borrowing of N1,843,669,786,987.16 (equivalent to $1,229,113,000.00) at the budget exchange rate of $1.00/N1,500 as provided as new external borrowing in the 2025 Appropriation Act, to part-finance the budget deficit of N9,276,348,934,935.79.

Early this month, the president sought the approval of the national assembly, saying the external borrowing is backed by provisions of sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which require legislative approval for new loans and refinancing arrangements.

According to the President, the Tinubu said the funds would be raised through one or a combination of instruments such as eurobonds, loan syndications, or bridge financing facilities, depending on prevailing market conditions.

He said the federal government expects the pricing of the new eurobonds to align with current yields on Nigeria’s existing bonds in the international market, ranging between 6.8 percent and 9.3 percent, depending on maturity.

On the proposed $500 million sovereign sukuk, the President in his letter to the House, said the move would help diversify Nigeria’s investor base and deepen the government securities market, adding that the proceeds will support the development of critical infrastructure projects across the country.

See also  INEC seeks nearly N1tn for 2027 elections

The President said the federal government had successfully borrowed over N1.39 trillion through domestic sukuk issuances between 2017 and 2025 for key road and infrastructure projects, and the external sukuk would complement domestic efforts.

“It is imperative to open new sources of funding for the federal government and to deepen the FGN securities market. The proposal is for the house of representatives to approve the issuance of a stand-alone debut Sovereign Sukuk with or without credit enhancement (Guarantee) from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group,” Tinubu said in the letter to the national assembly

The president said 25 percent of proceeds from the sukuk may be used to repay high-cost existing debt, while the balance would be channelled into infrastructure financing.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Ramadan: Adamawa gov relaxes night-time restriction on tricycles

Published

on

The Governor of Adamawa State, Ahmadu Fintiri, has approved a review of the existing restriction on the operations of commercial tricycles, known as Keke NAPEP, in parts of the state for the 2026 Ramadan period.

This was disclosed in a statement issued by the Chief Press Secretary to the Governor, Humwashi Wonosikou, on Friday.

The statement said the restriction, which previously ran from 10pm to 5am would now commence an hour later.

“Under the revised directive, the restriction which previously ran from 10pm to 5am will now commence from 11p to 5am daily throughout the 2026 Ramadan period.

“The review takes immediate effect,” the statement read.

The government explained that the adjustment was introduced to ease movement for Muslim faithful during the holy month.

“The adjustment is intended to allow Muslim faithful attend late-night tafsir sessions with ease during the holy month,” it added.

The statement recalled that the Adamawa State Government had, in February 2021, imposed restrictions on the movement of tricycles and motorcycles through the Adamawa State Restriction of Movement of Tricycles/Motorcycles Executive Order No. 1 of 2021, as part of measures to strengthen public safety and security.

It noted that the latest review reflects the administration’s effort to balance religious observance with security considerations.

“The present review is therefore informed by the Government’s commitment to supporting religious observance, while maintaining the gains recorded in peace and security across the state,” the statement said.

Fintiri also directed security agencies to intensify patrols across the affected local government areas.

See also  INEC seeks nearly N1tn for 2027 elections

“Governor Fintiri has accordingly directed security agencies to intensify patrols, particularly within Yola North, Yola South and Girei, through the deployment of additional personnel to safeguard lives and property.

“He warned that any breach of the law will be dealt with decisively,” the statement added.

The governor further appealed to residents to act responsibly and avoid actions that could undermine the peace and stability currently enjoyed in the state.

Continue Reading

News

DSS to arraign El-Rufai Feb 25 over alleged cybercrime, security breach

Published

on

The Department of State Services (DSS) will on February 25 arraign former Gov. Nasir El-Rufai of Kaduna State on alleged cybercrime and breach of national security

LIB had earlier reported that the DSS on Monday, February 16, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

According to the court papers, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, “admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.”

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

In count two, the ex-governor was alleged to have, on February 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, stated during the interview that he knew and related with a certain individual who unlawfully intercepted the phone communications of the NSA, without reporting the said individual to relevant security agencies.

The offence is said to be contrary to and punishable under Section 27(b) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

Count three alleged that El-Rufai and others still at large, sometime in 2026, in Abuja, did use technical equipment or systems which compromised public safety and national security and instilled reasonable apprehension of insecurity among Nigerians by unlawfully intercepting the NSA’s phone communications.

See also  Sweden raises income requirement for citizenship applicants

The DSS said the ex-governor by his own comment during the live interview committed an offence contrary to and punishable under Section 131(2) Nigerian Communications Act 2003.”

lindaikejiblog.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Mob besieges Benin FRSC office

Published

on

The Corps Marshal of the Federal Road Safety Corps, Malam Shehu Mohammed, has praised the Nigerian Army and Nigeria Police Force for their swift and decisive response during the recent attack on the Benin Toll Gate Unit Command Office.

The attack occurred on Thursday at the RS5.12 Benin Toll Gate Unit on the Benin–Lagos Expressway, following a crash involving two trucks, the statement said.

One truck driver died in the accident, while FRSC personnel sustained critical injuries, with one officer later succumbing despite urgent medical attention.

“In the aftermath of the crash, an angry mob besieged and vandalised the Unit Command formation. However, the prompt response by security agencies helped to restore order and prevent further escalation,” Mohammed said in a statement issued on Friday by the FRSC spokesman, Olusegun Ogungbemide, in Abuja.

The Corps Marshal condemned the attack on FRSC personnel and facilities as “deeply regrettable and unacceptable,” emphasising that the operatives were on lawful duty to save lives.

He also commiserated with the families of the deceased driver, the fallen officer, and the entire FRSC workforce.

Mohammed has ordered a comprehensive investigation into both the immediate and underlying causes of the crash and the circumstances that led to the mob action.

He assured the public that anyone found culpable would be brought to justice.

The FRSC boss reaffirmed the Corps’ commitment to ensuring safer roads for all Nigerians and called on the public to remain calm, law-abiding, and supportive of its activities.

(NAN)

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

See also  Tinubu tackles VIP police escort abuse, Soyinka faults Seyi’s entourage
Continue Reading

Trending