A significant clash is expected in the House of Representatives this week as lawmakers from the ruling party and the opposition prepare to debate President Bola Tinubu’s request for a $2.2 billion loan to cover a N9.7 trillion deficit in the 2024 budget.

The Senate has already approved the request, with the House set to deliberate on it in the coming days.

Approval Likely, Says Deputy Spokesperson
Deputy Spokesperson of the House, Philip Agbese, expressed confidence that the loan would be approved. Speaking with The PUNCH, he emphasised that the Tinubu administration has been prudent with resources, and the loan aligns with capital projects outlined in the President’s letter to the National Assembly.

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“The Tinubu-led government has been prudent with our resources. We will approve the loan request without hesitation,” Agbese stated, assuring that the process would adhere to strict procedures.

Nigeria’s total public debt currently stands at N136 trillion. Despite this, Agbese defended the loan, citing the administration’s focus on critical infrastructure and fiscal policies to safeguard taxpayer resources.

He emphasised the government’s commitment to accountability, stating that the loan would be monitored to ensure its use aligns with its intended purpose.

However, members of the minority caucus have warned against the over-reliance on borrowing. Minority Leader Kingsley Chinda stressed that borrowing should be a last resort. “What did we get as income, and how was it applied that we required borrowing? What efforts have we made to raise funds without borrowing?” he asked, insisting that only verifiable answers to these questions would justify the loan.

Labour Party lawmaker Afam Oghene echoed similar concerns, pointing out the nation’s growing debt profile and urging transparency in how the funds would be allocated. “Nigerians are worried about the Presidency’s repeated requests for loan approvals… The concern is not just about the loans but also about the transparency and integrity of how the funds are being deployed,” he noted.

Some lawmakers argue that the loan is necessary for national development. APC representative Chike Okafor asserted that under-investment in critical sectors like health, education, and infrastructure necessitates borrowing. “What I do not support is borrowing to fund ordinary appetite. By this, I mean borrowing just to fund recurrent expenditures,” he clarified.

As the debate unfolds, the House must balance the need for infrastructural development with concerns about the country’s growing debt. The ruling party appears committed to securing the loan, while opposition lawmakers vow to scrutinise its necessity and terms.

This week’s deliberations will likely determine the trajectory of Nigeria’s fiscal policy amid mounting economic challenges.

A fire that broke out on Sunday evening along Obodoukwu Road, near the Relief Market in Okpoko, Ogbaru Local Government Area of Anambra State, has destroyed goods and property worth millions of naira.

The blaze caused panic and confusion as traders and residents scrambled to salvage their belongings.

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Eyewitnesses reported that the fire started in one of the shops and quickly spread to others.

“We observed thick smoke coming out from one of the shops, and before we knew what was happening, it started increasing fast,” said Ndubuisi, a local trader.

“The few traders that were around, along with some residents and passers-by, tried to fight the fire before the firefighters arrived.”

Despite their efforts, many shop owners were unable to save their goods. “Some of the victims could not take anything out of their shops,” Ndubuisi added.

“I can say that goods worth millions of naira were lost to the fire. We can’t say what caused the fire, but we pray that God comes to their aid.”

The cause of the fire remains unclear, but it caused significant damage to several shops filled with various goods.

The Anambra State Fire Service confirmed the incident on Monday, stating that it received a distress call at 4:19 pm on Sunday, November 24, 2024.

In response, two fire trucks from the Okpoko Fire Station and Main Market Fire Station were dispatched, along with additional firefighting equipment.

Fire Chief Chukwudi Chiketa confirmed that the firefighters battled the blaze for several hours, preventing it from spreading further.

He said, “Our firemen were able to contain the fire and prevent it from escalating to other structures. The fire affected a few shops, but thankfully, no lives were lost.”

The Fire Service also issued a public safety reminder, urging residents to remain vigilant and fire-conscious. They concluded their operations at approximately 7:39 pm.

As investigations into the cause of the fire continue, local authorities are assessing the extent of the damage.

In a decisive move to prevent potential unrest, Governor Ahmed Usman Ododo has convened an emergency security meeting to address tensions between the indigenes of Isanlu and Fulani settlers.

The meeting followed allegations that a Fulani settler was killed by members of the Isanlu community, sparking fears of reprisal attacks.

The high-level meeting, held at the Government House in Lokoja, brought together representatives from both groups, traditional rulers, and security agencies.

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According to the State Commissioner for Information and Communications, Hon. Kingsley Fanwo, the governor returned from a scheduled trip to Abuja to tackle what he described as “rising security temperatures in Isanlu.”

Fanwo stated, “The Governor had a robust meeting with the people of Isanlu and the Fulanis where he listened to their grievances and addressed them accordingly.

“He frowned at a situation where people would take laws into their hands by killing fellow humans, saying such is unacceptable and that perpetrators will face the full wrath of the law.”

As part of measures to address the crisis, Governor Ododo suspended a traditional ruler linked to the incident and ordered a thorough investigation of other community leaders in the area.

He also urged leaders in Isanlu to identify and expose criminal elements within their ranks to prevent further violence.

“The Governor, without mincing words, also challenged the leadership of the Isanlu community and its environs in Yagba East to sensitize their people on the need to stop constituting security threats in the area by taking the laws into their hands.

“He particularly told them to stop harboring criminals and to ensure that criminal elements among them are reported and handed over to law enforcement agencies,” Fanwo added.

Governor Ododo also commended the Fulani settlers for their restraint and refusal to retaliate. “We commend the Fulanis for showing maturity and understanding during this difficult time. Their commitment to peace and security is appreciated,” he said.

The governor reiterated his administration’s commitment to ensuring the safety of all residents, while maintaining a firm stance against criminality.

“No criminal will be spared. My administration will go after every criminal in the state, regardless of tribe,” he declared.

Hon. Dare Joshua, Chairman of Yagba East Local Government Area, thanked the governor for his swift response, which he said prevented a major security crisis.

The meeting, attended by top government officials, security agencies, and community leaders, concluded with both parties agreeing to embrace peace and collaborate with the government to ensure lasting security in the region.