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Senate Approves Tinubu’s $2.8bn Loan Amid Soaring ₦97trn Debt

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The Nigerian Senate has approved President Bola Ahmed Tinubu’s request to obtain a total of $2.8 billion in foreign loans to support the implementation of the 2025 budget and refinance the country’s maturing Eurobond obligations, despite growing concerns over the nation’s rising debt profile.

The 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), which reviewed Tinubu’s borrowing request titled “New External Borrowing and Refinancing.”

ALSO READS: Tinubu a Reformer, You’re Just a Motivational Speaker – APC to Obi After Borrowing Criticism

According to the committee, the borrowing plan includes $2.347 billion from the international capital market to part-finance the 2025 budget deficit and an additional $500 million Sovereign Sukuk to fund key infrastructural projects across the country.

Senator Wamakko, in his presentation, stressed that the borrowing was vital to maintaining Nigeria’s economic stability, funding ongoing projects, and safeguarding the country’s credit reputation in the international financial system.

He said, “The approval will enable the federal government to meet its 2025 funding needs without disrupting existing fiscal commitments.”

However, the decision comes at a time when Nigeria’s total public debt has reportedly exceeded ₦97 trillion, sparking renewed debate about the country’s dependence on borrowing to finance its budget.

Speaking in support of the motion, Senator Sani Musa (APC, Niger East), Chairman of the Senate Committee on Finance, said the borrowing was already captured in the 2025 Appropriation Act as part of the fiscal framework.

He explained that the loans were necessary for the full implementation of the budget, noting, “It is very necessary that we give approval to this request so that the 2025 appropriation will be given the necessary funding.”

Also lending his voice, Senator Adetokunbo Abiru (APC, Lagos East), Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, clarified that the borrowing would not add to Nigeria’s debt burden since it was a refinancing arrangement to service existing Eurobonds.

In his words, “This is more of a compliance issue because the 2025 Appropriation Act has already captured it as part of the deficit financing.”

Defending the move, Senator Adams Oshiomhole (APC, Edo North) stated that borrowing, when channeled into productive sectors, can stimulate economic growth and create employment opportunities.

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

Meanwhile, critics and economists have continued to warn that Nigeria’s rising debt could pose fiscal risks, urging the government to prioritize domestic revenue generation, reduce waste, and ensure borrowed funds are transparently utilized.

The Senate’s decision follows a similar approval earlier by the House of Representatives, paving the way for the Tinubu administration to proceed with the new borrowing plan as part of efforts to bridge the 2025 budget gap and sustain key national projects.

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FCT Police Warn Motorists Against One-Way Driving, Reject Calls From VIPs

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The Federal Capital Territory (FCT) Police Command has warned motorists against driving against traffic, popularly known as one-way, cautioning that influential connections or calls from senior police officers and government officials will not shield offenders from prosecution.

The Command said the practice, particularly around road construction sites, diversion points and restricted routes, poses serious risks to lives and property.

SEE ALSO: Ogun Police Win Public Safety Award as Ojajuni Emerges NUJ Golden Jubilee Ambassador

In a press statement issued on Monday, November 9, the FCT Police Public Relations Officer, SP Josephine Adeh, said the Command was concerned about the increasing disregard for traffic regulations by motorists who deliberately drive against traffic, ignore road signs and bypass designated diversions to avoid congestion.

Adeh stressed that no individual, regardless of status, position or connections, would be exempted from the consequences of violating traffic regulations.

She disclosed that the Commissioner of Police, CP Ahmed Muhammad Sanusi, had directed the Command’s Motor Traffic Department (MOTOPOL) and all Divisional Traffic Officers (DTOs) to collaborate with the Federal Road Safety Corps (FRSC) and other relevant agencies to intensify enforcement operations.

According to the statement, the directive includes the arrest and immediate prosecution of motorists caught driving against traffic or disobeying lawful traffic instructions.

The Commissioner also warned police officers involved in the enforcement exercise against exploiting the operation to extort motorists, stressing that any officer found engaging in such misconduct would face disciplinary action in line with existing police rules and regulations.

The Command urged motorists to exercise patience, obey traffic signs and follow instructions from authorised traffic officers, noting that saving a few minutes through reckless driving was not worth the risk of losing lives or damaging property.

It also called on residents to remain security-conscious and report suspicious persons or activities to the nearest police station.

The Command provided the following emergency contact numbers for security-related reports: 08032003913 and 08061581938.

 

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FCT Police Chief Inspects Worship Centres, Commends Residents for Peaceful Conduct

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Governors Contributing To Political Violence

The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.

The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.

Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.

SEE ALSO: October 1 Protests: FCT Police Call For Increased Vigilance Among Residents

The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.

During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.

He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.

The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.

He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.

Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.

The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.

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2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally

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Who is Senator Kashim Shetima, Tinubu's running mate

Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.

The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.

SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election

One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.

The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”

Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.

The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.

The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”

 

 

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