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.

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

Full list of those pardoned by President Tinubu

Published

on

President Bola Ahmed Tinubu has formally signed three legal instruments granting clemency, commutation of sentences, and presidential pardons to 34 individuals, in the exercise of his constitutional powers under Section 175 (1) and (2) of the 1999 Constitution (as amended).

According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the move follows consultations with the Council of State and takes into account public opinion on the matter.

The president’s review led to the removal of individuals convicted of serious offences such as kidnapping, drug trafficking, human trafficking, fraud, and unlawful possession of firearms from the list of beneficiaries. Tinubu explained that the decision reflects the administration’s sensitivity to the feelings of victims and the need to strengthen national security and public confidence in law enforcement.

The approved lists, signed on October 21, 2025, have been transmitted to the Nigerian Correctional Service for implementation.

Full List of Beneficiaries

Instrument of Presidential Prerogative of Mercy (Grant of Clemency), 2025

Oroka Michael Chibueze

Adesanya Olufemi Paul

Daniel Bodunwa

Hamza Abubakar

Buhari Sani

Mohammed Musa

Muharazu Abubakar

Ibrahim Yusuf

Saad Ahmed Madaki

Ex-Corporal Michael Bawa

Richard Ayuba

Adam Abubakar

Emmanuel Yusuf

Chinedu Stanley

Johnny Ntheru Udor

Instrument of Presidential Prerogative of Mercy (Commutation of Death Sentence to Life Imprisonment), 2025

Emmanuel Baba

Abubakar Usman

Khalifa Umar

Mohammed Umar

Instrument of Presidential Prerogative of Mercy (Grant of Pardon), 2025

Mrs Anastasia Daniel Nwaobia

Barr. Hussaini Alhaji Umar

Ayinla Saadu Alanamu

Hon. Farouk M. Lawan

Herbert Macaulay

Major General Mamman Jiya Vatsa

Ken Saro-Wiwa

Saturday Dobee

Nordu Eawo

Daniel Gbooko

Paul Levera

Felix Nuale

Baribor Bera

Barinem Kiobel

John Kpuine

President Tinubu also approved the relocation of the Secretariat of the Presidential Advisory Committee on Prerogative of Mercy from the Federal Ministry of Special Duties to the Federal Ministry of Justice, directing the Attorney-General of the Federation to issue new guidelines for future exercises.

The president emphasized that future reviews will involve mandatory consultation with relevant prosecuting agencies, ensuring that only those who meet legal and procedural criteria benefit from the presidential prerogative of mercy.

Tinubu expressed appreciation to Nigerians for their feedback on the clemency process and reiterated his administration’s commitment to justice sector reforms and improving judicial efficiency in the country.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

FG revokes clemency granted husband k!ller Maryam Sanda; commutes sentence to 12 years imprisonment

Published

on

President Bola Tinubu has revoked the clemency granted to Maryam Sanda, who was sentenced to de@th for k!lling her husband in 2017.

Sanda’s name was on the list of those to be released from prison earlier this month.

However, following public outrage, the list was withdrawn, while Prince Lateef Fagbemi, Minister of Justice, who chaired the Committee that recommended clemency for the convicts, announced that it would be subjected to further scrutiny.

In a revised list released on Wednesday, Oct. 29, Sanda’s name appeared in the “reduced terms of imprisonment” category.

Her sentence has been commuted from a de@th sentence to 12 years imprisonment. This means she is expected to spend about five more years as she has spent 7 years in prison.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Putin defies Trump with second nuclear weapons test in days

Published

on

President Vladimir Putin announced on Wednesday, October 29, that Russia has successfully tested a nuclear-capable, nuclear-powered underwater drone, known as Poseidon, marking Moscow’s second test of an advanced nuclear weapons system in just a few days.

The declaration came only days after Putin oversaw the test of another nuclear-capable weapon, the Burevestnik cruise missile, which he described as having an “unlimited range.” US President Donald Trump had criticised that earlier test as “not appropriate.”

“Yesterday, another test was conducted for another prospective system, the unmanned underwater device ‘Poseidon,’ also equipped with a nuclear power unit,” Putin said in televised remarks during a visit to a military hospital treating Russian soldiers wounded in Ukraine.

Putin claimed the drone torpedo is impossible to intercept, boasting that it can travel faster than conventional submarines and reach any continent in the world. He said no other country possesses similar capabilities and that it was unlikely any would develop them soon.

According to Russia’s state news agency TASS, the Poseidon can operate at a depth of over one kilometre and travel at speeds of up to 70 knots while remaining undetectable. The weapon, first tested in 2018, is reportedly capable of carrying a nuclear warhead of up to two megatons.

Putin’s announcement defied Trump’s renewed calls for Moscow to focus on ending the ongoing war in Ukraine, now approaching its fourth year. “He ought to get the war ended. A war that should have taken one week is now soon in its fourth year,” Trump said earlier this week.

The US president recently cancelled a planned summit with Putin in Budapest, citing the Russian leader’s unwillingness to compromise on Ukraine. Washington has since imposed sanctions on Russia’s two largest oil companies, accusing the Kremlin of stonewalling peace efforts.

Putin first revealed the existence of both the Burevestnik missile and the Poseidon underwater drone in 2018 during a combative address condemning Western policies and asserting Russia’s growing strategic military strength.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending