NEWS
Loans Necessary For Budget Despite High Revenue Collections – Wale Edun
The Nigerian government is pushing ahead with new borrowing plans to fund its 2024 budget deficit, even as several federal agencies report exceeding their revenue targets.
During a presentation at the Senate Joint Committees on Finance, National Planning, and Economic Affairs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, defended the need for additional loans.
He stated that borrowing must be “productive and efficient” and based on Senate approval to ensure proper budget funding.
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Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this position, noting that the ₦35.5 trillion 2024 budget includes a ₦9.7 trillion deficit. According to Bagudu, borrowing is necessary to address this gap.
Despite the government’s borrowing plans, key agencies presented strong revenue performances that raised questions about the necessity of additional loans.
The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede revealed that the EFCC has recovered over ₦197 billion in 2024.
He stated, “If the government works hard and derives the requisite collection from International Oil Companies (IOCs), the country would have enough to fund the budget.”
Also the Nigeria Customs Service Comptroller General, Bashir Adeniyi announced that Customs exceeded its ₦5.09 trillion target for 2024, collecting ₦5.352 trillion.
Adeniyi projected ₦6.3 trillion in revenue for 2025, with plans to increase targets by 10% annually for 2026 and 2027.
The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari reported that NNPCL surpassed its ₦12.3 trillion revenue projection for 2024, generating ₦13.1 trillion. For 2025, the company aims to remit ₦23.7 trillion into the federation account.
Additionally, the Federal Inland Revenue Service (FIRS), Chairman, Zacch Adedeji confirmed that FIRS exceeded its revenue targets across various tax components.
Biztellers reports that the Senate had on Thursday, approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to partially finance the 2024 budget deficit.
The decision followed a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada.
Deputy Senate President Barau Jibrin presided over the voice vote that secured the loan’s approval. The request, submitted earlier in the week, is part of a broader external borrowing plan tied to Nigeria’s fiscal strategy.
The loan request has drawn sharp criticism from opposition figures and public commentators.
Former Vice President Atiku Abubakar called the government’s borrowing plans “bone-crushing” and harmful to Nigerians.
“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” Atiku wrote on his X (formerly Twitter) account.
He accused the government of prioritizing corruption over development, adding, “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.
A report by BudgIT, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.”
Atiku also criticized the National Assembly, labeling it “an accomplice once more” in enabling excessive borrowing.
NEWS
Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
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The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.
NEWS
JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan
President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.
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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.
President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.
The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.
NEWS
Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention
A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.
The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.
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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.
He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.
He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.
Additionally, he raised health concerns, requesting bail on medical grounds.
However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.
In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.
The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.
The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.
The former governor will remain detained as proceedings continue in the high-profile corruption trial.





