Tag: tinubu

President Bola Ahmed Tinubu has asked the House of Representatives to approve a plan to borrow $2.34 billion from external sources to fund part of the 2025 budget and refinance Nigeria’s maturing Eurobonds.

In a letter dated September 22, 2025, and read by Speaker Abbas Tajudeen during Tuesday’s plenary, the President said the borrowing is needed to cover part of the budget deficit and ensure Nigeria meets its debt obligations.

According to him, the request is in line with sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003. The plan includes a new external loan of about $1.23 billion (N1.84 trillion) provided in the 2025 Appropriation Act and another $1.12 billion to refinance Eurobonds maturing in November 2025.

Read Also: Tinubu commends Yakubu as INEC chairman bows out after two terms

President Tinubu said the funds would be sourced through Eurobond issuance, loan syndications, bridge financing, or direct borrowing from international financial institutions.

He explained that refinancing the Eurobond, originally issued in 2018, would help Nigeria avoid default when it matures later this year.

The President also sought approval to issue a $500 million debut Sovereign Sukuk (an Islamic bond) in the international market. He said Nigeria has successfully raised over N1.39 trillion from domestic Sukuk issues since 2017 to fund road and infrastructure projects and now wants to explore international opportunities.

Tinubu added that the international Sukuk would help Nigeria attract new investors, access cheaper funding, and support major infrastructure projects. The facility may come with a credit guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group.

He assured lawmakers that the Ministry of Finance and the Debt Management Office will work with financial advisers to secure the best terms for the borrowings, which will depend on market conditions at the time of issuance.

President Bola Ahmed Tinubu has assented to the Nigeria Police Training Institute (Establishment) Bill and the Nigeria Police Trust Fund (Amendment) Bill.

This was announced in a letter to the National Assembly and read by Senate President Godswill Akpabio at the resumption of plenary yesterday.

The two Bills are aimed at addressing the lingering funding and training deficits of the police force.

First enacted in 2019, the Nigeria Police Trust Fund Act seeks to provide a dedicated source of funding for training, equipment, operations, and welfare of the police to ensure public safety.

The Police Training Institute (Establishment) Bill also underscores a significant step to modernizing and professionalising the law enforcement training framework in the country.

Read Also: Tinubu commends Yakubu as INEC chairman bows out after two terms

In the letter, the President also communicated his refusal to assent to two Bills, which he said were “tainted with fundamental defects”.

The Bills are: the Nigerian Institute of Transport Technology (Establishment) Bill 2025 and the National Assembly Library Trust Fund (Establishment) Bill, 2025.

“Pursuant to Section 58(4) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), I hereby convey to the Senate, my decision to decline assent to the Nigerian Institute of Transport Technology (Establishment) Bill 2025.

“The rationale for my decision is that the Bill is tainted with fundamental defects, such as Section 18, subsection 4(a).

“The Bill expands the source of funding of the National Transport Logistics Research to include one per cent of freight on every import and every export, from Nigeria, without the approval of the Federal Executive Council. Moreso, when the Institute is to be funded by the same Federal Government.

“Section 21(2) empowers the institute to borrow by way of loan or overdraft without the consent of the President of the Federal Republic of Nigeria, except where the amount to be borrowed is above N50 million.

“In the extant Act, borrowing can be made with the approval of the President. The removal of the approval of the President has not been explained or justified.

“The provision could be abused as the institute may request to borrow an amount equal to N50 million or less to avoid Presidential approval. This will amount to serious financial abuse

“Section 23(4) is on the power to invest surplus funds. Since the institute is to be funded by the Federal Government and money appropriated by the government for any agency is usually projected and accounted for, it is unlikely to have surpluses.

“The issue of investing surplus funds is usually applicable to agencies that are not funded by the federal government of Nigeria, but generate revenue to spend.

“In addition, Section 21 states that it is the surplus fund of the Institute that should be invested, while Section 23 states that any of the institute’s funds could be invested. This can allow funds other than surpluses to be diverted for investment purposes from their original purpose.

“Section 18(2) requires money in the fund to be applied towards the promotion of the objectives and functions of the Act.

“It does not include or recognise the investment of the funds of the Institute. This seems contradictory to Section 23, which proposes to allow the Institute to invest its funds on securities as approved by the Minister. On the above reasons, I withhold my assent to the Bill.”

Akpabio thanked the President for taking the time to go through the Bill and pointing out anomalies that need to be rectified.

He said: “I want to thank the President for taking the time to go through every Bill that we sent to the Executive.

“This is very impressive because it means that the Executive took time to go through, clause by clause. And so, we will do justice to all the observations put forward by the President.”

Commenting on the reason for rejecting the proposed National Assembly Library Trust Fund (Establishment) Amendment Bill, 2025, President Tinubu said: “Notwithstanding the laudable objectives of the legislation, certain provisions contained therein go against the settled law and policies of the Federal Government of Nigeria as it relates to funding of agencies under the National Assembly, taxation of national entities, public service remuneration, as well as age and year of service, among others.

“If this Bill becomes law, these provisions will establish an unsustainable precedent against the public interest.

“Further to the above, I will not be granting presidential assent to the Bill. I hope that the Senate will take necessary steps to fix the identified issues with this legislation.”

President Bola Ahmed Tinubu has accepted the departure of Professor Mahmood Yakubu as Chairman of the Independent National Electoral Commission (INEC), following the completion of his second and final term in office.

Yakubu, appointed in November 2015 as the 14th chairman of the commission, served two consecutive five-year terms, with his second term beginning in 2020. His tenure formally ended in October 2025, marking the conclusion of a decade-long leadership of Nigeria’s electoral body.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu commended Professor Yakubu for his dedicated service and contributions to strengthening Nigeria’s democracy through the conduct of credible, free, and fair elections.

 “President Tinubu thanked Professor Yakubu for his services to the nation and his efforts to sustain Nigeria’s democracy,” the statement read, highlighting his pivotal role in modernizing electoral administration during a period of significant political evolution.

READ ALSO: Dangote vs PENGASSAN: Critical lessons for Nigeria’s economic future by Emir Sanusi, Kukah, Atedo, others

As a mark of national appreciation, the President has conferred on Professor Yakubu the honour of Commander of the Order of the Niger (CON), one of Nigeria’s highest national distinctions.

The President further directed that May Agbamuche-Mbu, the most senior National Commissioner at INEC, should immediately assume leadership of the commission in acting capacity, pending the conclusion of the process to appoint a substantive successor.

In a letter dated October 3, 2025, Professor Yakubu had expressed gratitude to President Tinubu for the opportunity to serve the nation for ten years.

“In the letter dated October 3, 2025, Professor Yakubu thanked the President for the opportunity to serve the nation as chairman of the commission since 2015”, the statement said.

President Bola Ahmed Tinubu has written the House of Representatives for approval to implement the new external borrowing planning the 2025 appropriation act and to refinance maturing eurobond and issue debut sovereign sukuk in the international market. 

The President’s letter dated 22nd September, 2025 was read at Tuesday’s plenary by Speaker of the House, Abbas Tajudeen. 

The President’s request is titled “request for the resolution of the National Assembly to implement new extern borrowing in the 2025 appropriation act, refinance maturing Euro bonds and issue debt sovereign sukuk in the international capital market. 

He said the purpose of the letter is to seek a resolution of the House of Representatives 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. 

READ ALSO; Nigeria’s non-interest capital market hits N1.6tr

He is also seeking 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), through any of the fofflowing in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from International Financial Institutions. 

Also, the request is also for a resolution to issue a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM with or without credit enhancement (Guarantee).

NEW EXTERNAL BORROWING AND REFINANCING

A. Implementation of New External Borrowing in the 2025 Appropriation Act

He said “the House of Representatives may wish to note that 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 House of Representatives 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, he said “the House of Representatives 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.

He stressed that “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 House of Representatives is being sought is USD2,347,465,000.00. 

“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 House of Representatives 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. 

On the issuance of a stand alone 500 million dollars debut sovereign sukuk, the President said “the House of Representatives is invited to issue its Resolution authorising the Issuance of a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM 

He said “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”.

President Tinubu also said 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 debut 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”.

President Bola Ahmed Tinubu has declined assent to two bills passed by the National Assembly.

Tinubu who disclosed this in a letter read by the Senate President, Senator Godswill Akpabio, during plenary, said the two bills were “tainted with fundamental defects.”

The Bills include the Nigerian Institute of Transport Technology (Establishment) Bill 2025 and the National Assembly Library Trust Fund (Establishment) Bill, 2025.

READ ALSO; Nigeria’s non-interest capital market hits N1.6tr

The President however assented to two bills, namely: The Nigeria Police Training Institute (Establishment) Bill and the Nigeria Police Trustfund (Establishment) Bill.

Also, the president nominated candidates to be considered and approved by the Senate for appointment into various federal government agencies.

Details shortly…

President Bola Tinubu has explained why his administration established the N200 billion intervention fund to support micro, small, and medium enterprises (MSMEs) and manufacturers.

Tinubu, represented by the Vice-President Kashim Shettima, stated this in Abuja on Monday at the 31st Nigerian Economic Summit, organised by the Nigerian Economic Summit Group.

The president said it had become necessary to assist them in boosting competitiveness and addressing structural challenges.

He said beyond the Gross Domestic Product (GDP) growth of 4.23 per cent recorded in September 2025, the economic reforms spearheaded by his administration had started yielding tangible results across sectors.

According to him, it has surpassed projections from multilateral agencies and indigenous economic experts.

The president maintained that all the decisions taken by his administration had been “guided by the pursuit of balance between economic logic and public expectation.”

Tinubu restated his administration’s resolve to rekindle hope for poor, vulnerable and jobless Nigerians by creating corridors for them, especially the youth, to access loans, grants and equity investments.

He said, ” As a people-oriented government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable.

” We have created pathways for young Nigerians to access grants, loans, and equity investments of up to 100,000 dollars to scale their enterprises, innovate, and build sustainable livelihoods.

“We established a N200 billion intervention fund to support micro, small, and medium enterprises and manufacturers, helping them overcome structural challenges and enhance competitiveness.

“Our expansion of digital micro-loan access has improved financial inclusion, empowering small businesses and stimulating community-level productivity.

“These efforts underline our commitment to an economy that works for all Nigerians.”

Read Also: Tinubu returns to Abuja after 10-day working visit to Lagos

The Nigerian leader attributed the significant progress his administration has made so far in stabilising Nigeria’s economy and rescuing public finance to the patience and sacrifices made by Nigerians.

“As experts in the economy, you know more than the average citizen that the stability in our foreign exchange market is not accidental.

”  It reflects deliberate choices guided by the same economic wisdom that gatherings such as this embody.

“Along with subsidy removal, these decisions have rescued our public finances, stabilised the economy, and reassured investors at home and abroad.

” We owe this progress to the sacrifices of Nigerians, whose patience and understanding have been the bedrock of our endurance.

“To them, I say: the better days we promised are already within sight,” he stated.

Tinubu acknowledged what he described as a “resounding consensus” that ongoing reforms by his administration had stabilised the nation’s macroeconomic environment, with the economy “expanding to N372.8 trillion in 2024, up from N309.5 trillion in 2023.”

Tinubu said, “Our total revenue collection also rose from N19.9 trillion in 2023 to N25.2 trillion in 2024, and as of August 2025, it had reached N27.8 trillion, surpassing the revenue target of N18.32 trillion.

“These triumphs and projections are guided by the promise we have made to the nation — to grow Nigeria’s debt service-to-revenue ratio from 97 per cent, where we met it, to a sustainable level.

“Aside from the good news that this ratio has now reduced to less than 50 per cent, I am proud to share that this performance, in our early days in office, inspired Fitch to upgrade Nigeria’s sovereign rating to B, with a stable outlook, and Moody’s to lift our issuer rating to B3 with a stable outlook.

“Both praised our improved economic foresight and clearer policy direction as their barometers.”

For non-oil revenues, the president said it grew by 411 per cent year on year in August this year, with tax-to-GDP ratio now nudging 13.5 per cent, up from barely seven per cent a few years ago.

The president assured that the four Tax Reform Acts he recently signed into law would boost domestic revenue mobilisation, reduce dependence on oil, and simplify compliance.

“These reforms protect low-income earners, ensure fairness in corporate taxation, and strengthen digital innovation in tax administration.

” By promoting transparency and coordination among all tiers of government, we are laying the foundation for a fairer and more prosperous Nigeria,” Tinubu added.

The Chairman of the NESG, Mr Olaniyi Yusuf, advised the relevant stakeholders and authorities to address security as an enabler of reforms.

He said that without peace, reforms cannot take root, investors cannot take risks, and Nigerian youths cannot find opportunities for prosperity.

“Tackling insecurity in rural and urban areas alike is vital to unlock productivity and restore confidence,” he added.

(NAN)

President Bola Ahmed Tinubu has returned to Abuja after a 10-day working visit to Lagos.

During the period, he engaged with investors, industry leaders, and national stakeholders on key economic and governance matters.

A statement yesterday in Abuja by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, said the President arrived in Lagos on September 26 after attending the coronation of His Imperial Majesty, Oba Rashidi Adewolu Ladoja, the 44th Olubadan of Ibadan in the Oyo State capital.

While in Lagos, President Tinubu met with major investors, including the Chief Executive Officer of Global Infrastructure Partners, Mr. Bayo Ogunlesi,  and a former Chairman of United Bank for Africa and Etisalat, currently the Chairman of Metis Capital Partners, Mr. Hakeem Belo-Osagie.

The discussions, according to the Presidency, focused on deepening private sector partnerships and boosting investor confidence in the economy.

The President also received the Secretary-General of the International Maritime Organisation (IMO), Mr. Arsenio Dominguez, alongside the Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, as well as other key stakeholders in the maritime sector.

He reaffirmed his administration’s resolve to position the maritime industry as a viable alternative source of national revenue beyond fossil energy.

Read Also: President to oil workers: avoid strike that undermines economy

On the eve of Nigeria’s 65th Independence anniversary, President Tinubu travelled to Imo State, where he inaugurated several projects executed by Governor Hope Uzodimma and unveiled a book authored by the governor, chronicling 10 years of All Progressives Congress (APC) governance in Nigeria.

He delivered his Independence Day national broadcast from the State House at Dodan Barracks in Lagos, urging Nigerians to speak positively about their country and remain united in hope.

Later that day, President Tinubu inaugurated the newly renovated National Theatre, now renamed the Wole Soyinka Centre for Culture and the Creative Arts.

On October 4, the President visited Jos, the Plateau State capital, for the burial of Mama Lydia Yilwatda, mother of the APC National Chairman, Prof. Nentawe Yilwatda.

At the funeral, President Tinubu paid a glowing tribute to the late matriarch and reassured Christian communities in Northern Nigeria of his administration’s unwavering commitment to fairness and equity among all faiths.