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

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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.

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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.

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El-Rufai: DSS detains five over airport incident, N1bn suit hangs

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The Department of State Services has arrested five security operatives in connection with events surrounding the return of former Kaduna State Governor, Nasir El-Rufai, to Nigeria from Egypt on February 12, 2026.

Those arrested are: Ayuba Yakubu (ASP), a police officer; Murtala Inuwa of the DSS; Najeeb Murtala (ASI) of the Nigeria Immigration Service; Musa Adamu of Aviation Security (AVSEC); and Salihu Victor of AVSEC.

The arrests followed a joint investigation conducted by the DSS, the Nigeria Immigration Service, the Nigeria Customs Service, and the Federal Ministry of Aviation.

The development comes as the fundamental rights enforcement suit filed by El-Rufai against the Independent Corrupt Practices and Other Related Offences Commission, and others, was stalled at the Federal High Court in Abuja due to the absence of counsel for the respondents.

On February 12, operatives of the DSS reportedly attempted to arrest El-Rufai upon his arrival at the Nnamdi Azikiwe International Airport, Abuja, but were unsuccessful.

Spokesperson to the former governor, Muyiwa Adekeye, disclosed that security operatives allegedly seized El-Rufai’s international passport during the incident.

In a post on X, Adekeye stated that the former governor declined to accompany the operatives without a formal invitation, after which his passport was taken from an aide.

Three days after the airport incident, El-Rufai honoured an invitation by the Economic and Financial Crimes Commission.

He has remained in the custody of the ICPC since his release by the EFCC.

According to findings of the investigation made available by one of the agencies on Tuesday, the officers allegedly confessed to receiving bribes to facilitate unauthorised entry into restricted areas of the airport and to obstruct lawful security operations.

The report read: “At the end of a joint investigation by the Department of State Services, the Nigeria Immigration Service, the Nigeria Customs Service and the Federal Ministry of Aviation, five officers have been detained.

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They are: (i) Ayuba YAKUBU (ASP) – POLICE, (ii) Murtala Inuwa – DSS, (iii) Najeeb Murtala (ASI) – NIS, (iv) Musa Adamu – Aviation Security (AVSEC) and (v) Salihu Victor – AVSEC.”

The service said the five officers had been handed over to the Independent Corrupt Practices and Other Related Offences Commission for prosecution.

Meanwhile, other personnel from the NIS and NCS whose involvement was found to be non-criminal, but who allegedly abused their uniforms to facilitate unauthorised access, would face administrative sanctions.

“They have all confessed to receiving bribes to facilitate unauthorised entry into Restricted Areas, to obstruct lawful security operations in an unprecedented manner.

“They have been handed over to the Independent Corrupt Practices and Other Related Offences Commission for prosecution.

“Others from NIS and NCS whose involvement is not criminal; that is, did not receive a bribe, but abused their uniforms to facilitate unauthorised access, will face administrative action,” the report added.

Rights suit hangs

In the N1bn rights suit, marked FHC/ABJ/CS/345/2026, before Justice Joyce Abdulmalik, El-Rufai was seeking damages over what he described as an unlawful search of his Abuja residence.

When the matter was called, only Ubong Akpan appeared in court for the applicant. However, there was no representation for the respondents.

Akpan informed the court that although the case was slated for mention, the respondents had yet to be served with the court processes.

He, therefore, sought an adjournment to enable proper service.

Justice Abdulmalik subsequently adjourned the matter until March 11 for further mention.

El-Rufai had dragged the ICPC, the Chief Magistrate of the Magistrate’s Court of the Federal Capital Territory, the Inspector-General of Police, and the Attorney-General of the Federation to court as 1st to 4th respondents, respectively.

In the originating motion dated and filed on February 20 by his lead counsel, Oluwole Iyamu (SAN), the former governor is praying the court to declare that the search warrant issued on February 4 by the Chief Magistrate of the FCT Magistrate’s Court authorising the search and seizure at his residence is invalid, null and void.

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He is also asking the court to hold that the warrant lacked particularity, contained material drafting errors, was ambiguous in its execution parameters, overbroad in scope and unsupported by probable cause, thereby amounting to an unlawful and unreasonable search contrary to Section 37 of the Constitution.

The applicant further prayed the court to declare that the invasion and search of his residence at House 12, Mambilla Street, Aso Drive, Abuja, on February 19 at about 2 pm by operatives of the ICPC and the police constituted a gross violation of his fundamental rights.

According to him, the action breached his rights to the dignity of the human person, personal liberty, fair hearing and privacy as guaranteed under Sections 34, 35, 36 and 37 of the 1999 Constitution.

El-Rufai also urged the court to declare that any evidence obtained pursuant to the allegedly invalid warrant is inadmissible in any proceedings against him, having been procured in breach of constitutional safeguards.

He is seeking an order restraining the respondents and their agents from further relying on, using or tendering any evidence or items seized during the search in any investigation, prosecution or proceedings involving him.

The former governor further asked the court to direct the ICPC and the Inspector-General of Police to immediately return all items seized from his residence, alongside a detailed inventory.

He is equally seeking N1bn as general, exemplary and aggravated damages.

The breakdown of the claim includes N300m as compensatory damages for psychological trauma, emotional distress and loss of personal security; N400m as exemplary damages to deter future misconduct by law enforcement agencies; and N300m as aggravated damages for what he described as the malicious, high-handed and oppressive conduct of the respondents.

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He also claimed N100m as the cost of filing the suit, including legal fees and associated expenses.

Iyamu maintained that the execution of the warrant on February 19 resulted in an unlawful invasion of his client’s residence and inflicted humiliation and distress.

El-Rufai’s wife mocks ICPC

Wife of ex-Governor El-Rufai, Hadiza, mocked claims by the ICPC that wiretapping equipment was recovered from their Abuja residence.

In a post on X on Tuesday, she reacted to media reports quoting the ICPC as saying electronic devices capable of tapping conversations were seized during a search of their property.

“You forgot to mention that you also took away my bank tokens.

“I swear to God, they are not wiretapping equipment,” she wrote.

The post quoted a Monday statement by her son, Mohammed El-Rufai, who represents Kaduna North Federal Constituency, describing the claims as false and politically motivated, insisting that no “sophisticated tapping equipment” was seized during the search.

The ICPC had, in court filings before the Federal Capital Territory High Court, listed documents and electronic devices it said were recovered from the former governor’s Abuja home while urging the court to dismiss his N1bn fundamental rights enforcement suit.

The commission maintained that its operatives acted lawfully under a search warrant issued on February 18 and executed on February 19 between 1:37 pm and 3:56 pm at 12 Mambilla Street, Asokoro, Abuja.

Earlier in February, El-Rufai had alleged that someone tapped the phone of the National Security Adviser, Nuhu Ribadu, allowing him to overhear a conversation in which the NSA allegedly ordered his arrest.

He acknowledged such an action would be illegal but claimed government agencies sometimes engage in similar practices without court orders.

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Tinubu nominates Oyedele as minister

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President Bola Tinubu has nominated the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, as Minister of State for Finance.

Oyedele replaces Dr Doris Anite-Uzoka, who has been redeployed to the Ministry of Budget and Economic Planning as Minister of State, her third portfolio in the administration.

The President on Monday conveyed Oyedele’s nomination to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio, according to a statement by his Special Adviser on Information and Strategy, Bayo Onanuga.

Oyedele, 50, from Ikaram, Akoko, Ondo State, is an economist, accountant, and public policy expert who led the comprehensive overhaul of Nigeria’s tax system.

The committee, inaugurated in August 2023, delivered four executive bills that consolidated over 60 taxes into fewer than 10 statutes, introducing significant reforms, including a zero income tax rate for Nigerians earning N800,000 annually or less.

The Tax Reform Acts, which took effect on January 1, 2026, also exempted small businesses with turnover below N50m from company income tax, capital gains tax, and development levy.

Other provisions include a 50 per cent tax deduction for companies hiring new workers for three years, a 50 per cent deduction for wage increases to the lowest-paid employees, and a five-year corporate tax holiday for agricultural enterprises.

Oyedele attended Yaba College of Technology, where he obtained a Higher National Diploma in Accountancy and Finance, before proceeding to Oxford Brookes University for a BSc in Applied Accounting.

He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.

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Oyedele spent 22 years at PricewaterhouseCoopers, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader before his appointment to head the tax reform committee.

He is currently a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.

As Minister of State for Finance, Oyedele is expected to oversee the implementation of the tax reforms he championed, particularly as the government seeks to improve revenue generation and deepen economic reforms.

Dr Anite-Uzoka, who is being redeployed to the Ministry of Budget and National Planning, previously served as Minister of State for Industry, Trade and Investment before her appointment as Minister of State for Finance.

It is her third move to a new portfolio within the Tinubu administration.

The Senate is expected to screen and confirm Oyedele’s nomination in the coming weeks, following which he will be sworn in to assume his ministerial duties.

The Finance Ministry, currently led by Wale Edun as substantive minister, oversees fiscal policy, revenue mobilisation, debt management, and economic planning.

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Rivers Assembly begins screening of nine Fubara commissioner-nominees

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The Rivers State House of Assembly has confirmed receipt of the list of commissioner-nominees from Governor Siminalayi Fubara and invited nine of the nominees for screening and confirmation.

The submission of the list by the governor comes about three weeks after he sacked eight commissioners who were not affected by the Supreme Court judgment recognising Martin Amaewhule as the authentic Speaker of the Assembly.

Fubara also dismissed all his special advisers.

The list of the nine commissioners is believed to be the first batch, with more names expected in the cabinet.

The invitation of the nine commissioner-nominees was contained in a government special announcement dated March 3, signed by the Clerk of the House, Dr Emeka Amadi.

The statement read: “The Rivers State House of Assembly hereby invites nominees for appointment as commissioners and members of the Rivers State Executive Council to submit forty (40) sets of their Curriculum vitae, photocopies of credentials and evidence of compliance with tax obligations.

“The nominees are: Professor Datonye Alasia, Mr Tonye Bellgam, Professor Temple Nwofor, Dr Peters Nwagor, Mrs Charity Deemua, Tamuno Williams, Mr Lekue Kenneth, Otonye Amachree and Amairigha Edward Hart.

“All documents should be forwarded to the office of the Clerk of the House at the Rivers State House of Assembly Quarters.”

The Assembly has, however, not specified when the nine nominees will be screened.

Efforts to reach the Chairman, House Committee on Information and Complaints, Enemi George, on the date for the screening were unsuccessful, as calls, texts, and WhatsApp messages went unanswered as of Tuesday evening.

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Our correspondent reports that none of the sacked commissioners was included in the latest list.

Governor Fubara and his predecessor, Nyesom Wike, now Minister of the Federal Capital Territory, are believed to have resolved their differences after President Bola Tinubu intervened for the third time.

Tinubu also halted impeachment proceedings against the governor and his deputy, Prof Ngozi Odu, initiated by 27 lawmakers loyal to the FCT Minister.

The Speaker, Amaewhule, had earlier announced that the House had withdrawn the impeachment proceedings in compliance with the President’s directive.

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