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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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NHRC Demands Arrest, Prosecution Of Sheikh Jingir Over Hate Speech

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National Human Rights Commission (NHRC) has called for the immediate arrest and prosecution of Islamic cleric, Sheikh Sani Yahaya Jingir, over alleged hate speech and incitement to religious hatred in a viral video ahead of the 2027 general elections.

The commission’s executive secretary, Chief Tony Ojukwu (SAN), made the demand yesterday in Abuja.

He said the cleric’s remarks advocating religiously exclusive politics and referring to some Nigerians as “infidels” were dangerous, divisive and capable of triggering violence in an already sensitive political environment.

Ojukwu urged the inspector -general of police (IGP), the director-general of the Department of State Services (DSS) and other relevant security and law-enforcement agencies to act immediately.
He stressed that no individual, regardless of status, influence or political affiliation, should be above the law.

Ojukwu said the commission viewed with “grave concern” the remarks attributed to Jingir, particularly his call on supporters to obtain their permanent voter cards (PVCs) to “show their limit,” describing the comments as an attempt to exploit religion for political mobilisation.

According to him, the statements violate the principles of equality, non-discrimination and peaceful coexistence guaranteed by the 1999 Constitution and Nigeria’s international human rights obligations.

“The Commission finds these remarks to be hate speech and incitement to religious hatred and potential violence. At a time when we are preparing for another general election, such utterances are reckless and dangerous.

“They serve no purpose other than to divide Nigerians along religious lines and set citizens against one another,” Ojukwu said.

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He warned that failure by the authorities to respond decisively to inflammatory statements could embolden other influential individuals, including religious and political leaders, to escalate divisive rhetoric as the 2027 elections draw closer.

“We cannot afford to look away. If we fail to speak and act now, we embolden both Christian and Muslim clerics and other influential persons to make worse statements in the coming months. That path leads only to crisis,” he warned.

The NHRC Executive Secretary therefore called for prosecution of Jingir, insisting that legal action must be pursued irrespective of his status or political affiliation.

He said decisive enforcement of the law would send a strong warning to individuals who might attempt to manipulate religious sentiments or exploit identity politics for political advantage during the election season.

Ojukwu, who is also the Chief Human Rights Officer of Nigeria, further appealed to religious leaders, traditional rulers and politicians to desist from inflammatory and divisive rhetoric capable of undermining national unity.

He urged Nigerians to reject identity-based politics and instead assess political leaders on the basis of competence, service delivery, accountability and respect for human rights.

“The Commission will continue to monitor compliance and will engage with security agencies, INEC, and civil society to ensure that the 2027 elections are free from hate and violence,” he said.

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Obasanjo, Obi demand major shake-up of democratic institutions

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Former President Olusegun Obasanjo and the presidential candidate of the Nigeria Democratic Congress for the 2027 election, Peter Obi, on Tuesday criticised Nigeria’s democratic system and institutions, with Obasanjo calling for an African model of democracy and Obi alleging widespread institutional decay.

They spoke at the 2026 Goodluck Jonathan Foundation Democracy Dialogue in Bauchi, the Bauchi State capital.

The dialogue, organised by the Goodluck Jonathan Foundation, was themed, “Beyond Elections: Can Political Parties and the Judiciary Save African Democracy?”

Obasanjo, who chaired the event, said the Western liberal democracy adopted by many African countries had failed to reflect the continent’s history, culture and values.

He described the system as a “winner-takes-all” model that had encouraged political opponents to see one another as enemies rather than partners in governance.

“The democracy we practise has no African context, no African content, and if you try to use what is not meant for you to serve your purpose, it is like a dress for which you are not measured,” he said.

According to him, the first-past-the-post system had created a situation where winning an election by a single vote could give the victor total control.

“In practice, we have winner takes all, first past the post. If you beat me by one vote, then you take it all and whatever I have does not matter,” the former President said.

Obasanjo said the concept of a “loyal opposition” inherited from Western political systems was difficult to sustain in the African context because opposition was often interpreted as enmity.

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“So, what do you do with your enemy? You crush him and destroy him, and that is what we have,” he said.

The former President also warned against neglecting Nigeria’s diversity, saying it was fundamental to the country’s identity.

“Nigeria is what it is because of our diversity. Remove diversity out of Nigeria, you will probably have the Republic of Oduduwa; that will not be Nigeria. Or the Republic of Danfodio; that will not be Nigeria. That diversity must be nourished and be taken care of,” he said.

He also expressed concern over the increasing influence of money and inducements in politics, saying they had risen “by leaps and bounds.”

Obasanjo further lamented the under-representation of women in Nigerian politics, noting that no woman had been elected governor since the beginning of the Fourth Republic more than two decades ago.

He argued that African countries should not be afraid to review the democratic model they inherited from the West, noting that even Western countries were reassessing aspects of their political systems.

“Call it what you like, just make sure it has history, culture and values that are African. You can call it democracy if you like, you can call it African democracy. In that case it will be African with African context and African content,” he said.

On his part, Obi accused some academics, lawmakers, lawyers, religious leaders and judicial officers of contributing to the deterioration of Nigeria’s democratic institutions.

The former Anambra State governor recalled his experience of challenging his election at the Court of Appeal, saying five judges whom he had never met ruled in his favour.

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“I went to the Court of Appeal; five judges I had never met gave judgment in my favour. So, look at that and look at what is happening today in Nigeria, where professors are now aiding illiterates to rig elections,” Obi said.

He alleged that lawmakers had weakened electoral laws, while some senior lawyers were defending persons accused of forgery.

“Where lawmakers have removed forgery as an offence in electoral matters, and Senior Advocates of Nigeria are defending forgery. Our religious leaders are now praying for criminal politicians for blessing. We have a crisis,” he said.

Obi also criticised the judiciary, alleging that some judges had become politically aligned.

“And above all, our judges are now singing, ‘On your mandate we stand,’” he said.

Meanwhile, the National Chairman of the Labour Party, Nenadi Usman, urged politicians preparing for the 2027 elections to emulate former President Jonathan’s peaceful conduct during the 2015 presidential election.

Usman said Nigeria’s democracy survived the political tension surrounding the 2015 election because Jonathan conceded defeat to Muhammadu Buhari before the final results were fully announced.

She said Jonathan had demonstrated that political power was not worth the blood of Nigerians.

“Nigeria’s democracy survived the doomsday predictions of bookmakers in 2015 because Jonathan conceded defeat in that year’s election, even before the final votes were tallied,” she said.

Usman urged politicians to place national interest above personal ambition and avoid inflammatory rhetoric that could threaten Nigeria’s democratic stability.

She, however, questioned whether politicians seeking the presidency in 2027 would be willing to make similar sacrifices for national unity.

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The LP chairman also described her party as the most structured opposition party in Nigeria, citing its relationship with the Nigeria Labour Congress and the Trade Union Congress.

“With the combined strength of the NLC and the TUC, both of which are constitutional members of the party, no Nigerian political party is better positioned to show the APC government the exit door than the Labour Party,” she said.

The dialogue was attended by Jonathan, former Vice-President Namadi Sambo, Bauchi State Governor Bala Mohammed, former Senate President Anyim Pius Anyim, former Plateau State Governor Jonah Jang, APC Deputy National Chairman (South), Dr Ben Nwoye, and the Emir of Bauchi, Rilwanu Suleiman Adamu.

The event brought together political leaders, constitutional experts and civil society representatives to deliberate on the role of political parties and the judiciary in strengthening democracy and preventing democratic reversals in Africa.

Source: punchng.com

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No difference worth breaking Nigeria apart – Tinubu

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President Bola Tinubu has called on Nigerians to preserve the unity of the country despite their differences, saying dialogue remains essential to sustaining Nigeria as a united nation.

Tinubu, represented by the Deputy President of the Senate, Barau Jibrin, stated this on Tuesday at the International Conference on Security and National Unity, organised by Jama’atu Izalatil Bid’ah Wa Iqamatus Sunnah in collaboration with the Muslim World League.

The President said the government was committed to addressing Nigeria’s security challenges and promoting peace globally through collaboration with other nations.

He said, “Not only that, the government is determined to make sure that we remain united as a country, despite our differences, whatever the differences may be. We should talk and remain in this country, and allow this country to remain a united nation, a united country.”

Tinubu said the conference was timely given the multiple security challenges confronting the world, adding that its deliberations would contribute to efforts to achieve sustainable regional, continental and global peace.

He also commended the Muslim World League for partnering JIBWIS and choosing Nigeria as the first country to host the conference.

The National Chairman of the All Progressives Congress, Prof Nentawe Yilwatda, in his remarks, warned political leaders against exploiting religion and ethnicity for political advantage, saying such actions could deepen divisions and leave lasting damage on the country.

The APC chairman said Nigeria’s diversity should be a source of strength rather than division, stressing that religious and ethnic differences should not undermine the shared humanity and common destiny of Nigerians.

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Reflecting on his experience as a displaced person during the Bauchi crisis, Yilwatda said violence did not discriminate between Christians and Muslims as everyone suffered.

“When violence comes, it does not ask whether you are a Christian or a Muslim before it destroys either your home, or your humanity, or your dignity,” he said.

He said his experience of living in an internally displaced persons’ camp had taught him that Nigerians could worship differently but still share the same fears, aspirations and destiny.

“We may worship differently. Or we may suffer together. We dream together. We can build together. And ultimately, we can rise and fall together,” Yilwatda said.

The APC chairman urged politicians to resist the temptation to weaponise religion and ethnicity, warning that temporary political gains could result in permanent damage to the nation.

“To our political leaders, let us resist the temptation to exploit religion or ethnicity for sentiments, and sentiments for temporary political advantage.

“No political victory is worth the permanent damage inflicted on our nation, and we’ve been seeing it every day,” he said.

Yilwatda also urged religious leaders to use their influence to promote peace and reconciliation, rather than hatred and division.

“You as religious leaders, let our mosques and our churches become centres of peace, of reconciliation, and responsible citizenship,” he said.

He called on religious leaders to “preach faith without hatred, conviction without contempt, and truth without incitement,” while urging traditional rulers to make dialogue and reconciliation stronger than retaliation.

Yilwatda further called for a collective commitment by religious leaders, political leaders, traditional institutions and citizens to reject hate speech and protect vulnerable communities.

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“We will not use religion to justify violence, and we will reject hate speeches where it comes from a pulpit, or a mosque, or the palace, or a political platform, or the keyboard of our social media,” he said.

He urged Nigerians to build a country where people protect one another irrespective of their religious or ethnic backgrounds, saying, “Not because we share the same faith or ethnicity, but because we share the same humanity.”

Yilwatda said Nigeria must choose peace and ensure that future generations inherit schools, homes and opportunities rather than displacement camps and memories of violence.

The Nigeria Inter-Religious Council also urged Nigerians to reject attempts to weaponise religion, ethnicity and poverty to create division, stressing that humanity remains the common bond among citizens.

The Executive Secretary of NIREC, Prof Cornelius Omonokhua, said Christians and Muslims must promote mercy, compassion, love and respect for human dignity.

Omonokhua said, “No one is created a Christian, and no one is created a Muslim. We are created as human beings; hence what binds us together is humanity.”

He said religion must not be used to justify violence, noting that both Christianity and Islam uphold the sanctity of human life.

He added, “We should never allow anybody to weaponise religion or ethnicity or poverty to turn us against each other. May God give us security and may we continue to live in peace and harmony.”

The NIREC executive secretary said the council had continued to promote human dignity, the common good and welfare of Nigerians through cooperation between Christians and Muslims.

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Also speaking, the Sultan of Sokoto and Co-Chairman of NIREC, Sa’ad Abubakar III, called for greater implementation of agreements reached at conferences, saying Nigeria does not lack solutions to its problems.

“We don’t lack solutions to our problems. What we lack is implementation. How to implement whatever we agree to do,” the Sultan said.

He also urged Christians and Muslims to desist from insulting one another, saying, “Christians should stop insulting Muslims. Muslims should stop insulting Christians, and that’s how we live in peace.”

The conference was attended by the Secretary-General of the Muslim World League, Sheikh Mohammad Al-Issa, who is present to witness the signing of the Abuja Declaration, which seeks to establish a new alliance between Muslim and Christian leaders and create a peace-building mechanism to help Nigeria and West Africa prevent religious tensions from escalating into violence.

Sheikh Al-Issa is a leading global voice for moderate Islam and interfaith outreach. He is also the most senior Islamic figure to have visited Auschwitz and, during the papacy of Pope Francis, spearheaded one of the first agreements between an Islamic organisation and the Vatican.

Also present at the ceremony were ministers of the Federal Republic of Nigeria, governors, religious leaders, traditional rulers and a host of other dignitaries.

Source: punchng.com

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