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  • Activist seeks Tinubu’s intervention

    Activist seeks Tinubu’s intervention

    An Osun State-based activist, Mr. Olaniyi Akinloye, has implored President Bola Ahmed Tinubu to intervene in the withheld local government allocations of Osun State.

    He said the non-release of the funds had affected development and progress of the state, particularly at the grassroots level.

    He said his plea to the President followed a call by Osun State people, who were yearning for peace, stability and development.

    Akinloye urged Tinubu to allow the democratically-elected chairmen to assume office and make judicious use of the allocations, for the benefit of the people.

    A statement by Akinloye called on the President not to allow partisan politics to dictate the fate of Osun State people, but should rather prioritise their welfare and well-being.

    Read Also: Osinbajo accuses Supreme Court of inconsistency

    He said: “I appeal to President Tinubu to allow Osun State people reap the benefits of Governor Ademola Adeleke’s administration. This plea is set against the backdrop of the protracted local government crisis in Osun State, which has impeded grassroots development and progress.

    “The crisis afflicting Osun State’s local governments has been ongoing, precipitated in part by the recent approval of the release of local government funds to chairmen of All Progressives Congress (APC) by President Tinubu.

    “However, Osun State Government has successfully obtained a court order restraining a first generation commercial bank from disbursing any fund to the councils. This impasse has resulted in dearth of development and progress at the grassroots level, exacerbating the suffering of the people.

    “This is a clarion call from the citizens of Osun, who are yearning for peace, stability and development in their state. I implore the President not to allow partisan politics dictate the fate of the people of Osun State. Rather, their welfare and well-being should be prioritised.

    “The previous administration’s local government chairmen were removed from office due to electoral irregularities, and a new set of leaders were elected to manage the affairs of the local governments.

    “This crisis has a debilitating effect on the development and benefits the people of Osun State should have enjoyed. People are suffering, crying and unhappy. Their hearts are bleeding. The crisis has also led to lack of significant performances by the local governments, thereby affecting the expected development in the state.

    “I urge President Tinubu to allow the democratically-elected chairmen assume office and make judicious use of allocations for the benefit of the people.”

  • Tinubu hails Bola Shagaya’s vision, philanthropy at 66

    Tinubu hails Bola Shagaya’s vision, philanthropy at 66

    President Bola Ahmed Tinubu has extended warm felicitations to business magnate and philanthropist, Hajia Bola Shagaya, on her 66th birthday, describing her as a distinguished Nigerian whose vision and enterprise have significantly advanced the nation’s private sector.

    In a statement on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President lauded Hajia Shagaya for her leadership and enduring contributions to national development through entrepreneurship and investment across diverse sectors of the economy.

    Tinubu praised her commitment to philanthropy and women’s empowerment, noting that her values and humanitarian efforts continue to inspire a new generation of Nigerians.

    Read Also: UPDATED: Council of state backs Tinubu’s nominee, Prof. Amupitan as INEC chairman

    He further wished the celebrant many more years of good health, happiness, and continued service to the nation.

    “The President celebrates Hajia Shagaya as a distinguished Nigerian whose vision, enterprise, and leadership have advanced the private sector and contributed to national development.

    “He commends her dedication to philanthropy and women’s empowerment, values that continue to inspire a new generation of Nigerians.

    “President Tinubu wishes her many years of good health and continued service to the nation”, the statement said.

    Hajia Shagaya, a prominent industrialist, fashion entrepreneur and one of Africa’s most influential businesswomen, is the founder of Bolmus Group International and a major player in the energy, real estate and banking sectors.

    She is widely known for her charitable work and advocacy for women’s economic empowerment.

  • Tinubu grants Herbert Macaulay, Vatsa, 173 others presidential pardon

    Tinubu grants Herbert Macaulay, Vatsa, 173 others presidential pardon

    President Bola Ahmed Tinubu has granted presidential pardon to 175 persons, including Nigeria’s foremost nationalist, Herbert Macaulay and former Federal Capital Territory Minister, Maj.-Gen. Mamman Vatsa (rtd), following the approval of the National Council of State at its meeting on Thursday in Abuja.

    The decision, taken at the instance of the President’s recommendation based on the report of the Advisory Committee on the Prerogative of Mercy, was presented by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi.

    The Council also ratified key national appointments and approved the conferment of national honours on 959 Nigerians and friends of Nigeria.

    A source at the meeting confirmed that the late nationalist, Herbert Macaulay, and the executed poet-soldier, Mamman Vatsa, were among the major beneficiaries of the clemency.

    Members of the Ogoni Nine were also said to be listed among those pardoned.

    Macaulay, often hailed as the “father of Nigerian nationalism,” was twice convicted by colonial authorities — first in 1913 for alleged misappropriation of estate funds, and in 1928 in connection with the “Gunpowder Plot” following his Lagos Daily News publication during the Eleko agitation. Both convictions have long been subjects of historical controversy.

    Vatsa, who served as Minister of the Federal Capital Territory and was a member of the Supreme Military Council under General Ibrahim Babangida, was executed on March 5, 1986, after a secret tribunal convicted him of treason in connection with an alleged coup attempt.

    His trial and execution have remained deeply controversial, with repeated public calls for a posthumous pardon.

    Briefing journalists at the State House, Abuja, after the Council of State and Police Council meetings, Governor Uba Sani of Kaduna State said the approvals underscored President Tinubu’s commitment to justice reform and humane governance.

    Read Also: UPDATED: Council of state backs Tinubu’s nominee, Prof. Amupitan as INEC chairman

    “Eighty-two of the inmates were granted full presidential pardon, sixty-five had their sentences reduced, while seven death sentences were commuted to life imprisonment,” he disclosed.

    According to him, the gesture is aimed at decongesting correctional facilities and promoting restorative justice, in line with Section 175 of the 1999 Constitution (as amended), which empowers the President to grant pardons, reprieves, or commute sentences.

    He said the exercise followed careful recommendations of the Advisory Committee, which considers factors such as age, health, good behaviour, or miscarriage of justice.

    Governor Sani also revealed that the Council ratified several key appointments presented by President Tinubu, including Professor Joash Ojo Amupitan (SAN) as Chairman of the Independent National Electoral Commission (INEC) and Dr. Aminu Yusuf as Chairman of the National Population Commission (NPC).

    The Council also approved Alhaji Tonge Betara Bularafa as Federal Commissioner representing Yobe State at the NPC.

    Imo Governor Hope Uzodinma, who chairs the Progressive Governors’ Forum (PGF), described Amupitan’s appointment as “a constitutional responsibility diligently discharged by the President,” adding that the nominee was “a serious-minded scholar, a man of integrity, tested and trusted, who has never participated in partisan politics.”

    In another major decision, the Council approved President Tinubu’s request to confer national honours on 959 eminent individuals for the 2024–2025 cycle.

    Permanent Secretary, Cabinet Affairs Office, Dr. Emanso Umobong, who briefed journalists on the development, said the awards included 824 successful applications and 135 special recognitions.

    She explained that the reconstituted National Honours Award Committee, chaired by the Emirates of Lafia, Justice Mohammed Sidi Bage, had screened over 5,000 applications before submitting its final recommendations.

    Among those honoured or set to be honoured are Bill Gates for contributions to public health and humanitarian causes, Uncle Sam Amuka-Pemu, veteran journalist and publisher, and Professor Mahmood Yakubu, immediate past INEC Chairman, for service to Nigeria’s democratic process.

    Posthumous honours also went to the Ogoni Nine and the Ogoni Four for their environmental activism and sacrifice, while the Super Falcons and D’Tigresses received national recognition for their excellence in sports.

    Meanwhile, the Minister of Police Affairs, Ibrahim Gaidam, also disclosed that he presented proposals to the Police Council for strengthening the Nigeria Police Trust Fund (NPTF).

    He sought approval to repeal and reenact the NPTF Establishment Act 2025 to remove its six-year lifespan limitation and make it a permanent agency.

    He further proposed an increase in the statutory deduction from the Federation Account from 0.5 percent to 2 percent, aimed at expanding funding for police training, welfare, logistics, technology, and emergency response systems.

    The Minister said Council approved an increment to 1 percent of the deduction from the Federation Account.

    According to him, all the proposals, including the repeal and reenactment of the NPTF Act, received the Council’s full approval.

    “The purpose of establishing the Nigerian Police Trust Fund was to support training and retraining of police personnel. The second one is to provide financial resources to enhance police equipment, logistics, and infrastructure.

    “It was established also to support modernization of the police through investments in technology, vehicles, communications, and crime fighting tools, improve welfare and morale of police personnel, promote accountability, transparency, and governance, also to enhance crime prevention and public safety, strengthen capacity for emergency response and disaster management, fund ongoing training, specialized courses, and skill development, foster public-sector and private sector engagement, channel contributions through individuals, corporations, and civil society into police enhancement programs.

    “The concerns we had in the Police Trust Fund, the sunset close of six years in the current act limits the lifespan of the Nigerian Police Trust Fund, and impedes long-term planning thereby constraining sustainable police reform.

    “The deduction of 0.5 percent from the federation account needs to be reviewed upward to two percent of the federation account.

    “So we also prayed that the council should approve the repeal and the reenactment of the Nigerian Police Trust Fund Establishment Act 2025 in order to remove the sunset close and transition it into an agency.

    “Second, the council to approve 2 percent deduction from the Federation Account. And the last one, direct the Honorable Attorney General of the Federation and Minister of Justice to input all the approvals of the council in the proposed executive bill.
    All these prayers have been approved without any omission”, he said.

    Both meetings, which were chaired by President Tinubu, had high-level attendance.

    The Council of State meeting was attended virtually by former Military President Ibrahim Badamasi Babangida (rtd), and former Head of State, General Abdulsalami Abubakar (rtd).

    Also in attendance were the President of the Senate, Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; Secretary to the Government of the Federation, Senator George Akume; state governors, and other statutory members of the Council.

    Also in attendance were four former Chief Justices of Nigeria (CJN), including Alfa Belgore, Mahmud Mohammed, Walter Onnogen, and Oluwakayode Ariwoola.

  • JUST IN: Tinubu presides over joint council of state, police council sessions

    JUST IN: Tinubu presides over joint council of state, police council sessions

    President Bola Ahmed Tinubu is currently presiding over a hybrid joint session of the Council of State and the Police Council, convened to deliberate on pressing national security challenges and ongoing reforms in Nigeria’s policing architecture.

    The high-level meeting, holding at the Council Chambers of the State House in Abuja, is being attended by serving and former top government officials, including ex-Heads of State, General Abdulsalami Abubakar (rtd) and General Ibrahim Badamasi Babangida (rtd), who joined virtually.

    Among those physically present are former Chief Justices of Nigeria Alfa Belgore, Walter Onnoghen, Tanko Muhammad, and Kayode Ariwoola. 

    Also in attendance are Senate President Godswill Akpabio, Speaker of the House of Representatives, Tajudeen Abbas, National Security Adviser (NSA), Mallam Nuhu Ribadu, Chief of Staff to the President, Femi Gbajabiamila, Attorney-General of the Federation Lateef Fagbemi (SAN), and the Chairman of the Nigeria Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq.

    A cross-section of governors from across the federation are also participating in the session. 

    READ ALSO: Police arrest 12 suspects over killing of Arise TV Anchor Maduagwu

    Those present include Hope Uzodinma (Imo), Uba Sani (Kaduna), Mai Mala Buni (Yobe), Ahmad Aliyu (Sokoto), Nasir Idris (Kebbi), Hyacinth Alia (Benue), Dapo Abiodun (Ogun), Babajide Sanwo-Olu (Lagos), Peter Mbah (Enugu), Siminalayi Fubara (Rivers), Francis Nwifuru (Ebonyi), Ahmed Usman Ododo (Kogi), and Monday Okpebholo (Edo).

    Others in attendance are Alex Otti (Abia), Bassey Otu (Cross River), Umar Namadi (Jigawa), Abba Yusuf (Kano), and Dikko Radda (Katsina). 

    Deputy governors present include Bayo Lawal (Oyo), Kola Adewusi (Osun), and Josephine Piyo (Plateau), among others.

    The meeting, according to State House sources, is focused on assessing national security dynamics and reviewing strategic reforms aimed at strengthening the police and other law enforcement institutions to better tackle evolving threats.

    The ongoing meeting marks the second Council of State session President Tinubu has presided over since assuming office, the first having taken place on August 12, 2024.

    Established under the 1999 Constitution (as amended), the Council of State serves as a key advisory body to the President on issues of national importance, including policy formulation, security, and the appointment of top national officers.

    Deliberations at the meeting are expected to produce far-reaching recommendations on internal security coordination, police welfare, and institutional accountability, in line with the administration’s Renewed Hope Agenda.

  • Accountability and policy monitoring: Tinubu is doing the talk

    Accountability and policy monitoring: Tinubu is doing the talk

    • By Bamidele Atoyebi

    In many African democracies, political accountability often ends with rhetoric. Elected leaders promise transparency, integrity, and reforms, yet when confronted with scandals, they tend to defend the indefensible.

    Nigeria, however, appears to be rewriting that script under the administration of President Bola Ahmed Tinubu.

    Since assuming office in May 2023, President Tinubu has made it clear that misconduct in public service will not be tolerated.

    Unlike the era when political office holders could weather scandals and remain comfortably in power, the present government has allowed no room for impunity.

    The president’s actions have begun to enforce a culture of consequence in governance.

    A clear example emerged just yesterday, October 7th, with the resignation of Geoffrey Uche Nnaji, Minister of Innovation, Science, and Technology. His exit followed public outrage over alleged irregularities in his academic credentials.

    Though the official explanation described his departure as voluntary, the timing and circumstances reflected the Tinubu administration’s firm position on ethics in public office.

    This event adds to a growing list of cases where public officials have been compelled to step aside after their integrity came under question.

    Earlier in the administration, Dr. Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, was suspended in January 2024 following revelations that ₦585 million of ministry funds had been transferred into a private account.

    The president’s swift directive for her suspension, followed by her eventual removal during the October 2024 cabinet reshuffle, sent a clear message that even close allies are not immune to disciplinary action.

    Similarly, Godwin Emefiele, the former Governor of the Central Bank of Nigeria, faced suspension and prosecution over allegations of financial misconduct and abuse of office.

    His removal demonstrated the president’s readiness to subject top government figures to the rule of law, an approach rarely seen in Nigeria’s political history.

    In 2024, Tinubu also ordered leadership changes within the nation’s intelligence and security agencies, following public criticism of performance lapses and administrative irregularities.

    Another example is Ajuri Ngelale, who served as the President’s Special Adviser on Media and Publicity, as well as the Special Presidential Envoy on Climate Action. In September 2024, Ngelale announced an indefinite leave of absence to attend to family health matters. However, credible media reports indicated that his exit came after internal conflicts and performance-related concerns.

    Read Also: Nnaji: Tinubu not aiding corruption, cover ups – Onoh

    Regardless of the underlying cause, his quiet departure rather than a public standoff aligns with the administration’s preference for discipline over drama, a contrast to what Nigerians were accustomed to in previous governments.

    For the first time in decades, Nigeria’s political climate is witnessing something unusual. Senior government officials voluntarily resign or are compelled to do so when embroiled in controversy.

    In the past, such figures would cling to power, deflect blame, and deploy political influence to silence critics.

    The current trend indicates a deliberate shift in governance ethics, one that prioritizes reputation, integrity, and public confidence over personal loyalty or political convenience.

    This culture of accountability aligns with President Tinubu’s early commitment to restore discipline in public institutions.

    It also reveals the crucial role of monitoring and enforcement mechanisms in sustaining reforms.

    While critics may argue that some of these actions are politically motivated, the pattern suggests a consistent principle, one where allegations of misconduct trigger prompt administrative response, rather than endless denial or cover-up.

    Nigeria’s journey toward full transparency is far from complete, but the signs are promising.

    By allowing public scrutiny to influence official accountability, the Tinubu administration is gradually institutionalizing a governance model where every appointee understands that misconduct has consequences.

    This evolving standard not only enhances Nigeria’s global image but also inspires renewed faith among citizens who have long demanded a cleaner government.

    As an organization committed to promoting integrity in public service, we recognize this administration’s ongoing efforts to match its words with action. Accountability is no longer a slogan, it is becoming a system.

    To sustain this progress, Nigeria must strengthen its monitoring frameworks, protect whistleblowers, and ensure that every resignation or dismissal translates into due process and justice.

    Corruption is not just a moral issue; it is a matter of national development. The more a country advances, the more its citizens demand transparency, and the less room there is for impunity.

    As systems strengthen and institutions mature, contract frauds diminish, police extortion declines, and governance becomes more responsive.

    Gone are the days when we would hear tales of missing funds swallowed by “snakes,” or when public recruitment exercises would end in tragedy with no accountability.

    Those were times when officeholders under investigation could simply collapse in front of law enforcement agencies, and that would mark the end of the inquiry.

    President Tinubu’s example has proven that leadership by enforcement, not just by speech, is possible.

    By “doing the talk,” his administration is setting a standard that future governments will find difficult to reverse. And that, in itself, is the foundation of lasting reform.

    –          Bamidele Atoyebi is the Convener of BAT Ideological Group, National Coordinator of Accountability and Policy monitoring, and a publisher at Unfiltered and Mining Reporting

  • Presidency reassures of inclusive growth, economic relief under Tinubu’s reforms

    Presidency reassures of inclusive growth, economic relief under Tinubu’s reforms

    The Presidency has reaffirmed that President Bola Ahmed Tinubu remains steadfast in his commitment to inclusive growth and implementing tangible measures to cushion the effects of economic hardship across the country.

    In a public enlightenment post on his verified X handle, @SundayDareSD, the Special Adviser to the President on Media and Public Communication, Chief Sunday Dare, outlined a broad range of programmes and fiscal reforms driving the administration’s economic recovery and social protection agenda.

    According to Dare, the Tinubu administration “remains firmly focused on improving household welfare through targeted, verifiable interventions” designed to ensure that economic growth translates directly into improved living standards for citizens.

    He listed the Conditional Cash Transfer (CCT) programme as one of the flagship interventions, noting that it has been expanded to reach up to 15 million households nationwide, with over ₦297 billion disbursed since 2023 to poor and vulnerable families. Beneficiaries, he said, are being enrolled through a verified digital process under the National Social Register.

    The Presidential aide also highlighted the Renewed Hope Ward Development Programme (RH-WDEP) as “a major new initiative targeting all 8,809 electoral wards,” delivering micro-infrastructure, livelihood support, and social services directly at the community level.

    He added that the administration is consolidating the National Social Investment Programmes (NSIPs) — including N-Power, GEEP micro-loans (TraderMoni, MarketMoni, FarmerMoni), and the Home-Grown School Feeding Programme — to protect jobs, encourage small enterprise, and keep children in school.

    Dare said the government’s food security initiatives are aimed at curbing inflationary pressure on staple goods through the distribution of subsidised grains and fertilisers, mechanisation partnerships, and the revival of strategic food reserves.

    He further mentioned the establishment of the Renewed Hope Infrastructure Fund (RHIF) to finance critical energy, road, and housing projects, which are expected to lower living costs and generate local employment. 

    In the same vein, the National Credit Guarantee Company (NCGC) is expanding access to affordable credit for small businesses, women, and youth entrepreneurs through risk-sharing partnerships with commercial banks.

    Read Also:2025 UTME: 176 underage candidates undergo screening for admission 

    Chief Dare acknowledged that reforms such as fuel subsidy removal, exchange rate unification, and fiscal redirection toward productive sectors have been challenging but described them as “necessary choices to tackle the root causes of poverty rather than its symptoms.

    “Even the World Bank itself has acknowledged that these reforms are already restoring macroeconomic stability and renewed growth momentum,” he noted.

    He stressed that while recovery is underway, the government’s focus remains on ensuring that “economic growth must be inclusive.” 

    This, he said, means translating macroeconomic stability into affordable food, quality jobs, and reliable infrastructure that directly improve the lives of Nigerians.

    According to Dare, investments are being scaled up in agriculture, MSMEs, and power reliability. 

    The agricultural value chain expansion programme, gas-to-power initiatives, and skills development hubs, he said, are all designed to create jobs and reduce living costs.

    “As these programmes mature, Nigerians should begin to feel more visible improvements in food prices, income, and purchasing power,” he assured.

    Dare explained that the Tinubu administration is not merely reviewing but strengthening and consolidating its social investment architecture through a unified, data-driven framework to enhance transparency, accountability, and digital targeting.

    “This includes the scaling up of existing NSIP schemes, the ongoing expansion of the National Social Register, and the rollout of the Renewed Hope Ward Development Programme—ensuring no vulnerable community is left behind,” he stated.

    He reaffirmed that President Tinubu’s government “remains focused on empowering households, expanding opportunity, and building a resilient, inclusive economy where growth translates directly to improved living standards.”

    “The reforms are necessary. The direction is right. The foundation for a fairer and more prosperous Nigeria is being firmly laid,” Dare said .

  • Tinubu seeks Senate confirmation of NCC chairman Olorunnimbe, Tella as REC Oyo, others

    Tinubu seeks Senate confirmation of NCC chairman Olorunnimbe, Tella as REC Oyo, others

    President Bola Tinubu on Wednesday urged the Senate to consider and confirm Idris Olorunnimbe as Chairman of the Board of the Nigerian Communications Commission (NCC), with Dr Aminu Wada retaining his position as Executive Vice Chairman and Chief Executive Officer.

    The request was contained in Tinubu’s letter, read by Senate President Godswill Akpabio during plenary.

    The letter also included the nomination of other members to the NCC Board.

    They are Abraham Oshidami (Executive Commissioner, Technical Services), Rimini Makama (Executive Commissioner, Stakeholder Management), Maryam Bayi, Col. Abdulwahab Lawal (retd.), Lekan Mustafa, Chris Okorie, and Oforitsenere Emiko.

    The President explained that the nominations were part of the administration’s efforts to reposition key communication and regulatory institutions for better service delivery.

    Read Also: Aiyedatiwa to students: be patient, Tinubu’s reforms yielding results

    In a similar letter, President Tinubu asked the Senate to confirmation of Dr Musa Babayo as Chairman of the Federal Roads Maintenance Agency (FERMA), Dr Aminu Yusuf as Chairman of the National Population Commission (NPC), and Prof. Adeniran Raymond Tella as Resident Electoral Commissioner (Oyo State) for the Independent National Electoral Commission (INEC).

    Also forwarded for legislative approval was the nomination of Keji Onwu as Independent Director on the Board of the Nigeria Deposit Insurance Corporation (NDIC), alongside nominees for the Federal Civil Service Commission (FCSC).

    After reading the letters, Akpabio referred the nominations to the relevant Senate committees for screening

    It directed its committee on INEC to conclude its assignment within one week.

    Under Section 147(2) of the 1999 Constitution (as amended), all presidential appointments into key federal positions must be confirmed by the Senate before appointees can assume office.

  • Tinubu urges Senate to approve $2.34bn external borrowing plan 

    Tinubu urges Senate to approve $2.34bn external borrowing plan 

    President Bola Ahmed Tinubu on Wednesday urged the Senate to approve the implementation of the new external borrowing plan in the 2025 Appropriation Act, to refinance maturing Eurobonds.

    Tinubu in a letter read by Senate President Godswill Akpabio during plenary, said the action has become necessary to cover part of the budget deficit and ensure Nigeria meets its debt obligations.

    The President’s request is titled: “Request for the resolution of the National Assembly to implement new external borrowing in the 2025 Appropriation Act, refinance maturing Eurobonds and issue debt sovereign sukuk in the international capital market.”

    Tinubu said the purpose of the letter was to seek a resolution of the Senate pursuant to the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 to implement the New External Borrowing of ₦1,843,669,786,987.16 (equivalent of USD1,229,113,000.00 at the budget exchange rate of USD1.00/N1,500.00) in the 2025 Appropriation Act for the part-financing of the Budget Deficit.

    He also sought a resolution to refinance the USD1,118,352,000.00 Eurobonds (7.625% USD1.118BN NOV 2025) maturing on November 21, 2025; access aggregate external capital of USD2,347,465,000.00 (USD1.229bn and USD1.118bn).

    He said that the facility would be accessed through any of the following channels in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from International Financial Institutions.

    He also requested a resolution to issue a stand-alone debt Sovereign Sukuk of up to USD500million in the ICM with or without credit enhancement (Guarantee).

    The letter reads in part: “The Senate may wish to note that the 2025 Appropriation Act provides for N9,276,348,934,935.79 as New Borrowings to part-finance the 2025 Budget Deficit, of which ₦1,843,669,786,987.16 (equivalent of about USD1,229,113,000.00 at the Budget Exchange Rate of USD1.00/N1,500.00) is specified as New External Borrowing.

    “The Senate is kindly invited to issue its resolution allowing the Government to raise the amount through any of the following options: Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.”

    On refinancing of maturing Eurobonds of USD1.118 billion, the President said: “The Senate may wish to note that Eurobonds of USD1,118,352,000.00 (7.625% US$1.118BN NOV 2025) issued in the ICM on November 21, 2018, with an original tenor of 7 years, will mature on November 21, 2025.

    “The plan is to refinance the maturing Eurobonds through issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication, or Direct Borrowing from International Financial Institutions, if necessary to avoid default.

    “This is a standard practice in debt capital markets, including the ICM. The proposal is for the House of Representatives to issue its Resolution authorising the FGN to refinance the Eurobonds, accordingly.

    “Based on the presentations in Paragraphs 2 and 3, the aggregate amount proposed to be raised in the ICM either through Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions or combination of the options for which resolution of the Senate is being sought is USD2,347,465,000.00.

    Read Also: Tinubu seeks Reps’ approval of $2.34bn external borrowing

    “Whilst exploring all the options, the plan is to focus on the issuance of Eurobonds, and we believe that Nigeria, being a regular issuer of Eurobonds in the ICM could raise the proposed amount, subject to market conditions.

    “The Senate may wish to note that because Eurobonds Issuance is a market-based transaction, the terms and conditions can only be determined at the time of the transactions, and they will be subject to prevailing market conditions.

    “The Federal Ministry of Finance (FMF) and the Debt Management Office (DMO) will work with the Transaction Advisers to secure the most favourable terms and conditions.

    “Meanwhile, it is expected that the pricing of the new Eurobonds will reflect the Yields on Nigeria’s Eurobonds trading in the ICM at the time of Issuance, while Tenors will be guided by investors’ preferences, price and the DMO’s liability management strategy.”

    He equally invited the Senate resolution authorising the issuance of a stand-alone debut Sovereign Sukuk of up to USD500million in the ICM.

    “The FGN has recorded considerable success in the Issuance of Sukuk in the domestic capital market for the development of critical infrastructure projects across the country. Between September 2017 and May 2025, the DMO has raised N1,392.557 trillion through Sukuk in the domestic capital market to fund critical road infrastructure projects.

    “There is the need to pool resources from external sources to complement domestic issuance to help bridge infrastructure funding gaps; and,

    “It is imperative to open new sources of funding for the FGN, and thereby diversify investor base, as well as 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.

    “The Policy Premium for the Guarantee proposed by ICIEC is 3.5% of Issue Amount per annum. If the credit enhancement from ICIEC is taken for the proposed Sukuk Issuance, 25% of the Issue Proceeds may be used to repay relatively more expensive debt obligations of the FGN, and the balance will be used to finance the development of pre-identified infrastructure projects,” the President said.

    The President stated further that “based on the foregoing, I respectfully request the House of Representatives to pass a resolution to raise external capital in the sum of USD2,347,465,000.00 comprised of New External Borrowing in the 2025 Appropriation Act (USD1,229,113,000.00) and refinancing of maturing Eurobonds (USD1,118,352,000.00), through any of the following option(s): Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

    “To issue a debt stand-alone Sovereign Sukuk of up to USD500 million, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit.”

  • Tinubu: FG resolving Ogoni issues, commissions $400m crude oil export terminal

    Tinubu: FG resolving Ogoni issues, commissions $400m crude oil export terminal

    • …says era of seeking foreign financing over as AEB
    • …indigenous firms account for 30% of Nigeria’s oil output

    President Bola Ahmed Tinubu has commissioned the $400million Green Energy International Limited (GEIL) crude oil export terminal in Otakikpo, Rivers State, where he informed the people that the government is already engaging them for the resolution of Ogoni issues.

    The terminal, being the first indigenous one, came five decades after the previous ones.

    Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, he said that with the resolution of the issues, the Otakikpo terminal will evacuate the crude oil produced from their land.

    He said, “I need to state that in the commitment of the government that is already talking with the Ogoni people to resolve the Ogoni problem.

     “And once the Ogoni problem is resolved, this will be the best terminal that will evacuate the crude oil we produce from Ogoni.”

    The President, who sought the cooperation of Ogoni leaders for the production of the crude oil in their land, noted that the resource would never be beneficial to either the indigenes or the government when it lies idle.

    Tinubu said, “And that is why we are calling, you know, talking with Ogoni people, Ogoni leaders, to say let’s revert back. If these things are buried there forever, Ogoni will never get any value from those resources. Nigeria will never get any value from those resources.”

    He said the era of battling with a lack of finance is over as the $5 billion African Energy Bank (AEB) is about to commence operations.

    According to him, the worst challenge in the upstream operation is access to finance, and the promoters of AEB have met all its obligations for the operations.

    His words: “Let me also, you know, assure Green Energy that the era of perhaps looking elsewhere for finance will soon be over.

     “We have discovered that the biggest challenge we have in Africa is access to, you know, finance. And that was why we’ve come up with the African Energy Bank, which is ready to go. Nigeria, as the host country, has met its obligations.

     “We have met all our obligations, legal, financial. We have met all our obligations. We are waiting, you know, for the bank to take off, which I think will take off, you know, any moment from now.”

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    He commended the management of GEIL, recalling that the indigenous firm started from a marginal field the same time as other awardees who spent their finances on private jets, while GEIL decided to build an export terminal to create value in the industry.

    He assured the company and other operators that are keeping to the terms of their licenses of total support and collaboration.

    Speaking, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief Executive Officer, Engr. Gbenga Komolafe, the terminal is historic on two levels.

    According to him, it expands Nigeria’s crude export infrastructure at a critical time and demonstrates the capacity of Nigerian operators to deliver world-class projects once thought possible only for international major players.

    He further noted that the Otakiko terminal is significant to the present national crude oil production, that is, about 1.8million barrels, because the efficiency of evacuation and export is critical.

    Komolafe also said that by creating an alternative export hub in Rivers State, the Otakikpo terminal reduces over-reliance on existing terminals, many of which are operating at near capacity and are exposed to security and pipeline challenges.

     He said the industry’s indigenous operators have evolved to the stage of accounting for 30 per cent of the national production.

    Meanwhile, the GEIL Chief Executive Officer, Prof. Anthony Adegbulugbe, said the storage capacity of the terminal is 750,000 barrels, which is expandable to 3 million barrels.

    He also said it has a pumping capacity of 360,000 barrels per day. The CEO added that since June 2025, the company has already completed four export operations, totalling 1 million barrels of crude oil.

    He said beyond the numbers, the terminal is a catalyst for national renewal as it opens the door for more than 40 stranded fields in the region, with over 3 million barrels of reserves, long held back by a lack of export infrastructure.

    According to him, the fields alone could contribute more than 200,000 barrels per day to the country’s production.

    Adegbulugbe added that “with this terminal, their potential can finally be unlocked.”

  • 2027: Group mobilises support for Tinubu’s re-election

    2027: Group mobilises support for Tinubu’s re-election

    A political support group, One Nigeria Mandate for Tinubu/Shettima Project, Ekiti chapter, has commenced extensive grassroots mobilisation for President Bola Tinubu’s re-election bid ahead of the 2027 general elections.

    Speaking with journalists on Wednesday in Ado-Ekiti during its inaugural meeting, The Chairman of the group, Olugbenga Kowe, said that the group is determined to strengthen public confidence and trust in President Tinubu’s administration by engaging citizens across communities. 

    Kowe added that the group has begun setting up structures across all 16 local government areas, with plans to appoint ward coordinators in the coming weeks to ensure the gospel of president Tinubu reaches every community.

    Kowe, who is also the Senior Special Assistant to Governor Biodun Oyebanji on Community Development, described the group as a national mobilisation platform committed to strengthening unity, citizen engagement and political awareness across the country.

    He explained that beyond mobilising support for President Tinubu and Vice President Kashim Shettima, the initiative would also work to ensure the re-election of Governor Biodun Oyebanji in Ekiti State.

    He noted that the country has witnessed remarkable improvement in governance, economic management and security under President Tinubu, adding that the Renewed Hope Agenda have started yielding positive results.

    Kowe hailed the President’s decision to remove fuel subsidy, describing it as a bold and strategic economic reform that has expanded fiscal space for states as well as local governments to execute more developmental projects.

    He said: “Every leader before now talked about removing subsidy, but it takes courage and political will to actually do it. The subsidy regime was a necessary monster. a scam that enriched a few Nigerians. President Tinubu took the bold decision, and today there’s more money circulating within the system.”

    Kowe expressed optimism that with continued reforms and sustained public engagement, the President Bola Tinubu-led administration would achieve greater national progress.

    “We are confident in the leadership direction of Mr. President. His decisions are courageous, his focus is clear, and the results are becoming evident nationwide,” he said.