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Again, Senate Approves Tinubu’s $21 Billion Foreign Loan

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The Senate on Tuesday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving the way for the full implementation of the 2025 Appropriation Act.

The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, ¥15bn, a $65m grant and domestic borrowing through government bonds totalling approximately ₦757bn.

Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market.

The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debt, Senator Aliyu Wamako,
who noted that the plan was first submitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.

The Chairman of the Senate Committee on Appropriations, Senator Olamilekan Adeola,
said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.

“The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola explained.

While the approval drew broad support, it also raised concerns.

Senator Sani Musa clarified that the loan disbursement would span six years, not just 2025.

He defended the borrowing, saying it aligns with global economic practices.

“There’s no economy that grows without borrowing. What we are doing is in line with global best practices,” he said.

Senator Adetokunbo Abiru, who chairs the Committee on Banking, Insurance and Other Financial Institutions, assured the chamber that the loans are concessional and adhere to the Fiscal Responsibility Act and Debt Management Act.

“These loans are long-term, some with tenors ranging from 20 to 35 years, and they are strictly tied to capital and human development projects,” he said.

However, Senator Abdul Ningi (Bauchi Central) voiced concerns over transparency and equitable distribution, warning that Nigerians deserve to know the specifics of the loans and their intended impact.

“We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose,” he said.

Among the key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity.

A major highlight is the allocation of $3bn for the revitalisation of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri.

Senator Victor Umeh (Anambra Central) hailed the rail project as a milestone, saying, “This is the first time I have seen $3bn allocated to rebuild the eastern rail line. That alone justifies my full support.”

Deputy Senate President, Jibrin Barau, commended the committee’s efforts and stressed that the borrowing plan reflects national inclusiveness.

“This shows that the Renewed Hope Agenda is working. No region is left out,” he said.

Senate leadership maintained that all funds must be deployed strictly for capital and development projects, in line with public finance regulations.

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ICPC Confirms Arrest And Detention Of El-Rufai

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that Nasir El-Rufai, former Governor of Kaduna State, is currently in its custody over an ongoing investigation.

The confirmation was contained in a statement issued just before midnight on Wednesday. The statement was signed by J. Okor Odey, Head of Media and Public Communications and Spokesperson of the Commission.

“The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to state that Malam Nasiru El-Rufai the former Governor of Kaduna state is in our custody. Malam Nasiru El-Rufai is in the custody of the Commission in connection with investigations,” Odey said.

The ICPC did not provide further details about the nature of the investigation or how long the former governor may remain in custody.

 

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50 Kaduna Christians set for pilgrimage after 11-year

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Governor Uba Sani of Kaduna State has approved 50 Christians from the state to embark on a holy pilgrimage, ending an 11-year suspension of the programme.

The Christian pilgrimage scheme was halted during the administration of former Governor Nasir El-Rufai, when the Christian Pilgrims Welfare Agency was scrapped.

The move generated controversy within sections of the Christian community at the time.

Reacting to the development on Wednesday, the Chairman of the Kaduna State chapter of the Christian Association of Nigeria, Rev Ma’aji Bawa, commended the governor for what he described as a bold and inclusive decision.

“We are grateful to Governor Uba Sani for approving 50 Christians to commence pilgrimage after 11 years.

“This decision has restored hope and strengthened the confidence of Christians in the state,” Bawa said.

He described the approval as a significant first step, adding, “Although the number is 50 for now, we believe it is a foundation to build upon. We trust that the government will gradually increase the number so more faithful can participate.”

Bawa emphasised that pilgrimage is a sacred spiritual obligation.

“Pilgrimage is not a jamboree. Those going for pilgrimage are embarking on a spiritual journey to seek God’s face. They will pray for peace, unity and development in Kaduna State and Nigeria at large,” the cleric said.

He noted that the restoration of the programme demonstrated the government’s recognition of the role of faith in society.

“This gesture shows inclusiveness and respect for religious diversity. It strengthens the relationship between the government and the Christian community,” he added.

Bawa called for transparency in the selection process, stressing that only spiritually committed and responsible individuals should be chosen.

“We expect a credible and transparent process. Those selected must understand the purpose of pilgrimage and represent the state with dignity.”

He also urged Christians to remain prayerful, law-abiding, and supportive of government policies:

“As believers, we must continue to obey the laws of the land and support initiatives that promote unity and development. We also have a duty to pray for our leaders and the progress of our state,” he said.

Former lawmaker for Kaduna Central Senatorial District, Shehu Sani, also described the resumption of Christian pilgrims’ activities after 11 years as commendable.

Sani, in a post on his X (formerly Twitter) account, said the development reflected the fair and equitable leadership of the incumbent governor, compared with previous administrations.

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2027: Tinubu Buying Over Institutions, Non-Performing Governors, Says Ex-Minister, Dalung

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A former Minister of Youth and Sports, Solomon Dalung has accused the incumbent government of buying over state institutions as well as those he described as non-performing state governors.

He made the allegation at a protest against the Senate’s approval of both electronic transmission and manual collation of election results at the National Assembly on Tuesday.

Speaking during the protest, he said, “Is there anybody that is sidelined in Tinubu’s government? A government that is going about buying people. It has even bought non-performing governors to its side. Where does that government get the concept to sideline?

“A government that is desperately looking for people for endorsement. It has been endorsed by almost everybody. Bandits have even endorsed it. Bandit Turji has registered as a member of APC.

“The governors are defecting. INEC may defect. The Supreme Court will defect. Police will defect. The Army will defect. Is it a desperate government that can sideline anybody? Not certainly, not at all. Is it a credible government that will set the boundaries for people and sideline? But this one that is already sinking, a sinking ship,” he said.

 

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