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Tinubu seeks additional $347m loan for Lagos-Calabar highway, telecoms projects

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President Bola Tinubu has asked the national assembly to approve an additional $347 million external loan under the 2025–2026 borrowing plan.

Speaker of the House of Representatives, Tajudeen Abbas, read a letter containing Tinubu’s request during Wednesday’s plenary.

According to the letter, Tinubu said the loan is necessary due to a rise in the funding needs for the Lagos-Calabar Coastal Highway project, whose cost increased by $47 million, from $700 million to $747 million.

The president said when the borrowing plan was transmitted to the national assembly, the lead arranger for financing only had financing commitments of up to $700 million from lenders.

He said the shortfall in the financing was covered by export credit agencies, adding that it is imperative to increase the project’s financing by $47 million to match the loan size specified in the financing documents.

The president also said $300 million is required for the Nigerian universal communications access project, which aims to bridge the digital divide through the deployment of 7,000 telecommunications towers across underserved and unserved communities.

Tinubu said the project was inadvertently omitted in the computation of the borrowing plan. Recall that in May, the president asked the national assembly to approve the 2025-2026 borrowing plan of $21,543,647,912, N2,193, 856,324.54 and ¥15 billion, in addition to a €65 million grant.

With an additional $47 million allocated to the Lagos-Calabar Road project and $300 million for the universal communication access project, the initial $21,543, 647,912 — a part of the borrowing plan — has now increased to $21,890, 647,912.

Following the consideration of the report on the borrowing plan presented by Abubakar Nalaraba, chairman of the committee on aids, loans, and debt management, the House approved the president’s request.
The senate approved the borrowing plan on Tuesday.

The house said despite the additional borrowings, the federal government’s debt portfolio “remains sustainable”.

“At over N145 trillion, debt to GDP ratio of about 50% is within the international threshold (56%),” the parliament said. “The current administration has succeeded in reducing the high debt service to revenue ratio from over 90% to less than 70 percent.

“The federal government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 percent year-on-year starting from 2026.”
The House added that the anticipated revenue expansion reduces the risk of future debt distress and provides a buffer for debt servicing.

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Abia APC denies alleged planned protest against Otti administration

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The All Progressives Congress, APC, Abia State chapter has denied plans to sponsor a protest against the Governor Alex Otti led administration in the state.

The State government, in a statement by the Special Adviser to the Governor on Media and Publicity,Mr. Ferdinand Ekeoma, alleged that the opposition is planning to stage a protest under the tag; ‘Tinubu Dey Work, Otti Dey Chop’ in the state.

However, the APC while reacting to the accusation through its state publicity secretary,Uche Aguoru, reminded the Otti led administration that it has the duty of maintaining law and order in the state.

The APC said; “However, given the Abia State Government’s well-established reputation for propaganda, misinformation, and calculated public deception, it is both reasonable and necessary to question the intent behind this claim.

“There is a strong possibility that this narrative is a deliberate ploy to divert public attention from the mounting concerns over governance failures, financial opacity, and the apparent mismanagement of public resources under the current administration.

“In recent months, citizens of Abia State have become increasingly vocal, demanding transparency and accountability regarding the management of state finances.

“Available records shows that over one trillion naira has accrued to the state with little to no corresponding improvement in infrastructure or the welfare of the people. These concerns remain largely unanswered, fueling public distrust and deepening suspicion of systemic mismanagement and possible financial impropriety.”

The APC stated that it is not aware of any planned protest,as it has never been known for orchestrating protests in the state.

“The APC is a responsible and law-abiding political party that does not engage in actions capable of disrupting public peace or undermining the security and wellbeing of citizens.

“Our party, both within Abia State and nationally, is not known for orchestrating protests or encouraging civil unrest. On the contrary, our track record reflects a commitment to lawful engagement, constructive opposition, and responsible political conduct. It is instructive, however, that those attempting to attribute such actions to the opposition belong to a political tradition that has, on multiple occasions, resorted to protests and confrontational tactics, accompanied by violence and disregard for rule of law.

“Given this context, it is not far fetched to consider that the present alarm raised by the Abia State Government may itself be part of a staged narrative designed to manufacture a crisis, shift blame to the opposition, and ultimately distract from legitimate public scrutiny over governance issues.”

The party called on law enforcement agencies to remain vigilant and impartial in the discharge of their duties to ensure that the peace and security of citizens are not compromised.

“Any credible intelligence regarding threats to public order should be acted upon decisively. However, it is equally important to guard against the misuse of state apparatus in advancing politically motivated narratives or suppressing legitimate opposition.”

Source: Vanguard.

 

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EASTER: NKWONTA ENJOINS CONSTITUENTS AND NIGERIANS TO IMBIBE CHRIST-LIKE VIRTUES

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The Member, representing Ukwa East/West Federal Constituency and Chairman, House Committee on South East Development Commission (SEDC), Hon. Chris Nkwonta, has enjoined his Constituents and Nigerians, to imbibe the virtues of sacrifice, forgiveness, hope, patience, humility and love for humanity as exemplified by Our Lord Jesus Christ, which is the real essence of Easter Celebration.

In a statement personally signed by the Legislator, he called on his Constituents and the Christian Community in Nigeria to demonstrate Christ-like virtues of love for humanity, hope for a better future, peaceful and harmonious disposition in their dealings with one another for a United Ukwa Federal Constituency and indeed Nigeria, where brotherly love reigns amongst Citizens.

He maintained that despite the prevailing temporary economic difficulties; there is light at the end of the tunnel and strong hope for a better, improved and secured economy within a short period of time.

Hon. Nkwonta, wished everyone a hitch free and joyous Easter Celebration.

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Rep. Nkwonta Facilitates With Constituents, Nigerians On Easter

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 ……

Enjons Them  To Imbibe Christ -Like  Virtues

The Member, representing Ukwa East/West Federal Constituency and Chairman, House Committee on South East Development Commission (SEDC), Hon. Chris Nkwonta, has enjoined his Constituents and Nigerians, to imbibe the virtues of sacrifice, forgiveness, hope, patience, humility and love for humanity as exemplified by Our Lord Jesus Christ, which is the real essence of Easter Celebration.

In a statement personally signed by the Legislator, he called on his Constituents and the Christian Community in Nigeria to demonstrate Christ-like virtues of love for humanity, hope for a better future, peaceful and harmonious disposition in their dealings with one another for a United Ukwa Federal Constituency and indeed Nigeria, where brotherly love reigns amongst Citizens.

He maintained that despite the prevailing temporary economic difficulties; there is light at the end of the tunnel and strong hope for a better, improved and secured economy within a short period of time.

Hon. Nkwonta, wished everyone a hitch free and joyous Easter Celebration!

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