NEWS
FG External Borrowing Plan Gets Senate Approval
The Senate has given the green light to President Bola Tinubu’s proposal regarding the 2022-2024 external borrowing rolling plan, totaling $7.4 billion and 100 million euros.
This decision aligns with the Senate Committee on Local and Foreign Debt’s report, which acknowledged the significant concerns among Nigerians regarding the nation’s borrowing activities over the past decade.
Sen. Haruna Manu, the Vice Chairman of the Committee, highlighted these concerns during the presentation of the report.
Manu emphasized that the debt service figures have become a significant burden on the nation’s revenue, constituting over 30% of its annual budget expenditure.
Manu highlighted that the shortfall between the nation’s annual revenue and the requirements for swift infrastructural and human capital development has led to the National Assembly passing deficit budgets annually.
Consequently, borrowing becomes necessary to cover these deficits in the budget. He clarified that the borrowing request submitted for National Assembly approval aimed to secure funds from multiple financial institutions.
As per Manu, the proposed projects within the Ministries of Education, Agriculture, and Women Affairs largely involve ongoing initiatives that have previously utilized external borrowed funds, including loans.
These projects are anticipated to have a substantial multiplier effect, stimulating economic growth by fostering infrastructure development, generating employment opportunities, and reducing poverty.
Additionally, he stated that they’re expected to stimulate commercial and engineering activities, leading to subsequent tax revenues payable to the government due to increased productive endeavors.
Manu further mentioned that the committees discovered the World Bank’s readiness to offer funds aimed at enhancing the reliability of electricity supply, achieving financial and fiscal sustainability, and reinforcing accountability. The objective is to ensure the full utilization of all existing grid-connected capacity to deliver increased power output.
According to Manu, the projects also aim to enhance states’ land administration, foster a business-friendly environment, and promote public-private partnerships.
The Senate swiftly granted approval for the securitization of the remaining N7.3 trillion Ways and Means revenue in Nigeria’s Consolidated Revenue Fund (CRF).
This decision came after President Bola Tinubu’s request, conveyed in a letter to Senate President Godswill Akpabio, which was read during the plenary session.
Additionally, the Senate confirmed the appointment of Executive Commissioners for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This action came after the Senate Joint Committee on Petroleum Upstream adopted the report regarding the screening of the nominees.
The confirmed individuals include Bashir Indabawa from the North-West as the Executive Commissioner for Exploration and Acreage Management.
Kelechi Ofoegbu representing the South-East as the Executive Commissioner for Corporate Services and Administration.
Enorense Amadasu from the South-South appointed as the Executive Commissioner for Development and Production.
Babajide Fasina from the South-West serving as the Executive Commissioner for Economic Regulation and Strategic Planning.
Following these confirmations, the Senate adjourned plenary until January 23rd.
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
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