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Senate receives Tinubu’s request for N1.15trn loan

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President Bola Tinubu on Tuesday sought the approval of the Senate to borrow N1.15tn from the domestic debt market to finance part of the deficit in the 2025 national budget.

The request, contained in a letter read during plenary by Senate President Godswill Akpabio, is the latest in a series of borrowing plans presented by the executive to sustain government programmes amid tightening fiscal space.

According to the President, the fresh borrowing would “bridge the funding gap and ensure the full implementation of government programmes and projects” under the 2025 fiscal plan.

Akpabio referred the request to the Senate Committee on Local and Foreign Debt for further legislative consideration, directing it to report back within one week for subsequent action.

The development comes barely five days after the Senate approved another of Tinubu’s requests — a $2.847bn external borrowing plan, including a $500m debut Sovereign Sukuk, aimed at financing the 2025 budget deficit and refinancing Nigeria’s maturing Eurobonds.

The earlier approval followed the presentation of a report by the Senate Committee on Local and Foreign Debts, chaired by Senator Wamakko Magatarkada Aliyu (APC, Sokoto North).

According to the committee, $2.347bn would be sourced from the international capital market, while the remaining $500m would come from Sukuk bonds to fund key infrastructure projects nationwide.

The Senate’s endorsement of the new borrowing plan comes amid growing public concern over Nigeria’s ballooning debt profile, which, according to the Debt Management Office, had surpassed N97tn by mid-2025.

While critics warn that the trend could push the economy toward unsustainable debt levels, government officials and lawmakers argue that strategic borrowing remains essential to sustaining growth, financing infrastructure, and maintaining investor confidence.

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Recall that Tinubu had earlier, on October 8, 2025, written to the Senate seeking approval for new foreign loans under the 2025 fiscal framework to finance critical national projects and manage the country’s debt obligations.

Presenting the committee’s report at the time, Senator Wamakko justified the borrowing, stressing its importance for economic stability, project continuity, and Nigeria’s international credit reputation.

“The borrowing plan is essential for Nigeria’s economic stability and to ensure that the country meets its 2025 funding needs without derailing ongoing fiscal commitments,” he said.

Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), also backed the request, describing it as vital for the effective implementation of the 2025 Appropriation Bill.

“It is very necessary that we give approval to this request so that the 2025 appropriation will be given the necessary funding,” Musa stated.

In his contribution, the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru (APC, Lagos East), clarified that the borrowing would not worsen Nigeria’s debt burden but was part of an already approved fiscal plan.

“This is more of a compliance issue because the 2025 Appropriation Act has already captured it as part of the deficit financing. The second request is a refinancing arrangement to ensure that the country does not default in Eurobond servicing,” Abiru explained.

Also speaking, Chairman of the Senate Committee on Interior, Senator Adams Oshiomhole (APC, Edo North), defended the administration’s borrowing approach, noting that well-structured loans targeted at productive sectors could boost economic activity.

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“There’s nothing wrong with borrowing if it is properly structured and used to address critical issues like unemployment and infrastructural decay,” Oshiomhole said.

With the new request, the Tinubu administration continues its effort to consolidate Nigeria’s fiscal position ahead of the 2025 financial year, even as it battles dwindling oil revenue, high inflation, and increasing debt-servicing obligations.

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Mob sets US-based doctor’s SUV ablaze over false kidnapping in Oyo

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The Oyo State Police Command has rescued a United States-based medical doctor from mob action following a false kidnapping alarm in Ibadan, the state capital.

The command disclosed this in a statement released on Wednesday by the state police public relations officer, DSP Ayanlade Olayinka.

According to the police, the incident occurred on Monday at about 2:30 p.m. around the 2nd Powerline Area, Ologuneru, along the Eleyele-Ido Road in Ibadan.

The statement said officers responded to a distress call alleging that a suspected kidnapper was about to be lynched and set ablaze by an angry mob.

“Upon receipt of the information, a combined team of Patrol and Detective Officers led by the Divisional Crime Officer Eleyele Police Station (DCO) immediately mobilized to the scene where the suspect was successfully rescued from the enraged crowd.

“However, before the arrival of the Police, his Lexus RX 330 SUV had already been set ablaze by the mob, while two young girls identified as Deborah, aged 15 years, and Rebecca, aged 12 years, found inside the vehicle, were equally taken into protective custody alongside the suspect for proper investigation,” the statement read.

Preliminary findings, according to the PPRO, revealed that the victim, identified simply as Dr. Afolabi, is a medical doctor practising in the United States and not a kidnapper as alleged in viral social media reports.

“Further findings established that the two girls found inside the vehicle were legally taken from one Mrs. Idowu Abimbola, aged 56 years, of Eleyele Area, Ibadan, with the intention of delivering them to the victim’s mother for the purpose of assisting with household chores.

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“In the course of investigation, Mrs. Idowu Abimbola was invited to the station where she confirmed the arrangement, while the two girls equally corroborated the account and related freely with the said woman, thereby dispelling the suspicion of abduction,” the statement added.

Olayinka explained that the misunderstanding began when Dr. Afolabi attempted to gain access through the Polytechnic gate and was stopped by a security guard for routine vehicle inspection.

“Upon lowering the vehicle’s window glass, the two girls were allegedly seen half-naked, a situation which immediately aroused suspicion among bystanders and security personnel.

“It was gathered that the victim’s inability to provide satisfactory answers to questions asked at the scene, coupled with his decision to turn away from the checkpoint, further heightened suspicion.

“The situation was compounded by the inability of the two girls to speak the local language or properly express themselves in English, thereby fueling the false alarm of kidnapping.

“The development consequently led to a mob chase and eventual interception of the victim by irate youths who reportedly ignored all explanations offered by him and descended heavily on him, inflicting severe bodily injuries before the timely intervention of the Police.

“The victim was immediately rushed to the Police Medical Services for urgent medical attention and is currently responding to treatment,” the statement said.

Scene of the incident. Credit: Oyo State Police Command

The police said statements had been obtained from eyewitnesses, including an okada rider allegedly hit during the confusion, while efforts were ongoing to identify and arrest those involved in the mob action and destruction of property.

See also  Tinubu excludes drug, human trafficking, kidnapping convicts as he reviews pardon list

The Commissioner of Police in the state, CP Abimbola Olugbenga, condemned the mob action and the spread of false information capable of creating tension and undermining security in the state.

He warned against jungle justice, self-help, and the circulation of unverified reports on social media, saying such actions threaten public peace and order.

The commissioner also directed a full investigation into the incident and ordered the arrest of all those involved in the attack for prosecution in accordance with the law.

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Mahama approves evacuation of 300 Ghanaians from South Africa over Xenophobic attacks

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Ghana’s President, John Mahama, has granted approval for the immediate evacuation of 300 Ghanaian nationals from South Africa, following renewed xenophobic attacks in the country.

The Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, disclosed this in a statement issued on Tuesday via his X handle.

According to him, the affected citizens had earlier complied with the Foreign Ministry’s advisory and registered with the Ghana High Commission in Pretoria for evacuation assistance.

He wrote, “His Excellency John Mahama has granted presidential approval for the immediate evacuation of 300 Ghanaians in South Africa.

“These distressed Ghanaians had earlier complied with the Foreign Ministry’s advisory and registered with our High Commission in Pretoria to be rescued following the latest wave of xenophobic attacks.”

Ablakwa added that the government remains committed to protecting its citizens both at home and abroad.

The evacuation comes as reports emerge of harassment and attacks on foreign-owned businesses, particularly in areas such as KwaZulu-Natal and Durban.

Other African nations have taken similar steps.

In response, Nigeria’s government, through Foreign Minister Bianca Odumegwu-Ojukwu, announced a voluntary repatriation program for its citizens.

Over 130 Nigerians have already registered with Nigerian missions in South Africa for assistance to return home, with the number expected to rise.

President Bola Tinubu has directed the establishment of crisis notification centres to support distressed nationals.

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FG deploys mining marshals for intelligence gathering, compliance monitoring

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The Federal Government has deployed Mining Marshals for intelligence gathering, compliance monitoring and operational oversight in the solid minerals sector.

This was disclosed in a statement issued on Tuesday by the Commander of Mining Marshals Operations and Assistant Commandant of Corps, Attah Onoja.

Onoja stated that the deployment is part of efforts to strengthen enforcement against illegal mining activities.

“The Mining Marshals are now participating in investigations, intelligence gathering, compliance monitoring and fact-finding missions conducted by the Federal Ministry of Solid Minerals Development.

“As part of the initiative, the Mining Marshals recently joined ministry officials on operational visits to mining sites in Nasarawa and Plateau states.

“The operations were carried out under the leadership of the Minister of Solid Minerals Development, Dele Alake,” the statement read.

The statement said that the operations were aimed at strengthening monitoring, regulatory compliance and operational oversight within the sector.

It read, “The team was led on different occasions by the Permanent Secretary of the ministry, Engr. Faruk Yusuf Yabo, who represented the minister during the field engagements.

“During one of the operational and fact-finding missions, the Commander of the Mining Marshals, ACC Attah John Onoja, accompanied ministry officials to a mining site allegedly being illegally exploited.

“The visit was part of efforts to verify allegations of unlawful mining activities, assess compliance with extant mining regulations and obtain field-based information necessary for administrative, regulatory and possible enforcement actions.”

“The delegation also included senior ministry officials such as Engr. Frank Odoom, Director of Special Duties; Engr. Imam A. Ganiyu, Director of Mines Inspectorate; Andrew Zubiri, Director of Legal Services; and Ibrahim Abdulmajeed J., representing the Director General of the Mining Cadastre Office.”

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According to the statement, the engagements created an important feedback mechanism between government authorities and mining communities.

It added that the engagements enabled concerns relating to illegal mining, environmental practices, security challenges and regulatory compliance to be communicated directly to authorities.

It further stated that the Mining Marshals have continued to support the ministry’s operations through “intelligence support, operational collaboration and inter-agency coordination across mining communities nationwide.”

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