Headlines
Buhari Resends Request for $29.96bn Loan to Senate
President Muhammadu Buhari on Thursday re-sent the $29.96bn 2016-2018 external borrowing plan to the Senate for its consideration and approval.
Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. The Debt Management Office has said out of Nigeria’s total debt profile of N25.7tn as of June 2019, external borrowing accounts for about 32 per cent while the 68 per cent is domestic.
The President’s financial plan was approved by the Federal Executive Council in August 2016 and sent to the 8th Assembly in September 2016.
The leadership of the federal parliament led by Senator Bukola Saraki and Yakubu Dogara, invariably rejected the request in November 2016.
Buhari had asked the 8th Assembly to approve plans to borrow the amount abroad to fund infrastructure plans from 2016 to 2018.
The President of the Senate, Ahmad Lawan, who read the fresh request sent by Buhari during plenary, did not give details of the executive communication.
In the letter, dated November 26, 2019, Buhari said the 8th National Assembly approved only a part of the External Borrowing request forwarded to it in September 2016.
This, according to him, stalled the Federal Government’s implementation of critical projects spanning across the mining, power, health, agricultural, water and educational sectors.
The letter reads, “Pursuant to Section 21 and 27 of the Debt Management Office (Establishment) Act, I hereby request for Resolutions of the Senate to approve the Federal Government’s 2016 – 2018 External Borrowing plan, as well as relevant projects under this plan.
“Specifically, the Senate is invited to note that: While I had transmitted the 2016-2018 External Borrowing Plan to the 8th National Assembly in September, 2016, this plan was not approved in its entirety by the Legislature.
“Only the Federal Government’s Emergency projects for the North East, (Four (4) States’ projects and one (1) China Exam Bank Assisted Railway Modernisation Projects for Lagos – Ibadan Segment) were approved, out of a total of thirty-nine (39) projects.
“The Outstanding projects in the plan that were not approved by the Legislature are, nevertheless, critical to the delivery of the Government’s policies and programmes relating to power, mining, roads, agriculture, health, water and educational sectors.
“These outstanding projects are well advanced in terms of their preparation, consistent with the 2016 Debt Sustainability Analysis undertaken by the Debt Management Office and were approved by the Federal Executive Council in August 2016 under the 2016 – 2018 External Borrowing Plan.
“Accordingly, I have attached, for your kind consideration, relevant information from the Honourable Minister of Finance, Budget and National Planning the specific outstanding projects under the 2016 – 2018 External Borrowing plan for which legislative approval is currently sought.
“I have also directed the Minister to make herself available to provide any additional information or clarification which you may require to facilitate prompt approval of the outstanding projects under this plan.”
According to the President’s letter, the total cost of implementing the projects is $29.960bn consisting of a Projects and Programme loan of $11.274bn.
Others are, Special National Infrastructure Projects of $10.686bn, Euro Bonds of $4.5bn and Federal Government Budget Support of $3.5bn.
The letter also revealed that the projects and programmes were selected after positive technical economic evaluation and presumed contribution to the socio-economic development of the country.
The projects he said, would be implemented across the 36 States of the Federation and the Federal Capital Territory.
The President explained that it was necessary to resort to external borrowing to fund the financial gap required to address the huge infrastructural deficit in the country such as power, railway, road projects and assured lawmakers of its resolve to implement the projects in a financially sustainable manner.
The President also admitted that the World Bank had provided the sum of $575m for the purpose of reconstructing and rehabilitating the North East.
He said the amount, which was outside the 2016-2018 External Borrowing Plan had been earmarked for urgent implementation in the region.
Some of the areas of intervention according to him are, Polio Eradication support and routine immunization project- ($125m); Community and Social Development Project ($75m).
Others are the Nigeria States Health Programme Investment project ($125m); State Education Programme Investment Project ($100m); Nigeria Youth Employment and Social Support Project ($100m) and the Fadama III Project ($50m).
The President therefore urged the Senate to immediately approve the $575m grant by the World Bank to enable its immediate disbursement before further consideration and authorization of the 2016-2018 borrowing plan.
Headlines
Again, Iran’s Military Closes Strait of Hormuz
Iran’s military, on Saturday, declared the Strait of Hormuz closed again, hours after reopening it and with more than a dozen commercial ships passing through the vital waterway.
The toing and froing over the strait cast doubt on US President Donald Trump’s optimism the day before, that a peace deal to end the US-Israeli war with Iran was “very close”.
Tehran had on Friday declared the strait, which usually carries a fifth of the world’s oil and liquefied natural gas, open on Friday after a ceasefire was agreed in Lebanon to halt Israel’s war with Hezbollah.
That prompted elation in global markets and sent oil prices plunging, but with Trump insisting that a US naval blockade of Iranian ports would continue until a deal was concluded, Tehran threatened to shutter the strait once more.
Then, late on Saturday morning, citing a statement from military central command, Iranian state TV reported that “control of the Strait of Hormuz has returned to its previous status” and “is under strict management and control of the armed forces”, blaming the continued US blockade.
The announcement came as maritime tracking sites showed several ships making a dash through the narrow waterway, hugging close to Iranian territorial waters as instructed by Tehran and, for some, broadcasting their identity as Indian or Chinese in an apparent attempt to show their neutrality.
The same sites showed that late on Friday, a number of ships began heading for the strait before suddenly turning back amid the uncertainty.
By 0900 GMT on Saturday, several ships had fully transited the strait in both directions, but at least two tankers headed eastwards from the Gulf towards India after loading in UAE ports appeared to have turned around and aborted their journeys.
There are just four days remaining before the end of the two-week ceasefire in the US-Israeli war with Iran, launched by Washington and its ally on February 28.
Nevertheless, President Trump appeared convinced that a deal could be finished shortly.
He declared Friday “GREAT AND BRILLIANT,” and made a series of social media posts praising talks mediator Pakistan.
Islamabad’s powerful military chief, Field Marshal Asim Munir, on Saturday finished a three-day visit to Iran aimed at securing the peace deal, during which he met Iran’s top leadership.
While Munir was in Iran, Pakistani Prime Minister Shehbaz Sharif visited Saudi Arabia, Qatar and Turkey to push the peace process.
Islamabad has emerged as the lead mediator during the conflict, hosting a marathon round of direct peace talks last weekend attended by US Vice President JD Vance.
A second round of talks is expected in the Pakistani capital this coming week, with envoys hoping to end the war that was started by the US and Israel on February 28.
The allies launched a massive wave of surprise attacks on Iran, despite Washington and Tehran being engaged in diplomatic talks, that killed Iranian supreme leader Ali Khamenei and numerous senior leaders.
The war rapidly spread across the region, with Iran targeting US interests in the Gulf and Hezbollah dragging Lebanon into the conflict by launching rockets at Israel.
In a sign that the two-week ceasefire remained stable, Iran’s civil aviation agency declared its airspace was open again, with international flights able to transit Iran via the east of the country.
Nevertheless, two major sticking points in the peace talks — Iran’s stockpile of near-weapons-grade enriched uranium and the future of the Strait of Hormuz — appeared up in the air.
Speaking by phone with AFP on Friday, Trump said “we’re very close to having a deal,” adding that there were “no sticking points at all” left with Tehran.
Later the same day, at an event in Arizona, the president declared that Iran had agreed to hand over its 440 or so kilogrammes of uranium enriched to 60 percent — close to that needed for a bomb.
“We’re going to get it by going in with Iran, with lots of excavators,” he said.
But hours before, Iran’s foreign ministry had said its stockpile, thought to be buried deep under rubble by US bombing in last June’s 12-day war, was not going anywhere.
“Iran’s enriched uranium is not going to be transferred anywhere,” Iranian foreign ministry spokesman Esmaeil Baqaei told state TV.
“Transfer of Iran’s enriched uranium to the US has never been raised in negotiations.”
Ordinary Iranians, meanwhile, remained cut off from the international internet, with monitor netblocks announcing on Saturday that the blackout implemented at the start of the war had reached its 50th day.
AFP
Headlines
Dele Momodu Proposes Atiku/Obi Ticket As ‘Best Bet’ to Unseat Tinubu in 2027
Veteran journalist and chieftain of the African Democratic Congress (ADC), Chief Dele Momodu, has declared that a joint presidential ticket between Atiku Abubakar and Peter Obi represents the strongest strategy for the opposition to defeat the ruling All Progressives Congress in the 2027 general elections.
Speaking on Politics Today on Channels Television, Momodu said the emerging ADC coalition is gaining momentum as a credible alternative to President Bola Tinubu’s administration, which he accused of promoting “one-man rule” and weakening democratic institutions.
Momodu argued that an Atiku–Obi ticket offers both experience and electoral appeal, noting that both politicians already command significant national followings from previous elections. He recalled their collaboration in 2019, adding that Obi’s performance in the 2023 presidential election provides a ready base of supporters that can be consolidated.
According to him, the coalition is further strengthened by the involvement of political heavyweights such as Rabiu Kwankwaso and Rotimi Amaechi, making it a formidable opposition alliance.
“The candidates who placed second, third, and even fourth are aligning. That naturally builds a strong challenge,” Momodu said, suggesting that this development could unsettle the APC ahead of 2027.
He also accused the Tinubu administration of centralising power and undermining democratic processes, claiming that key institutions—including the legislature and electoral system—are increasingly influenced by the executive arm of government. He warned that such a trend poses risks to Nigeria’s democracy.
Momodu further alleged that opposition parties face systemic obstacles, including difficulties in accessing venues, legal pressures, and institutional interference. He argued that these challenges have made opposition unity not just strategic, but necessary.
Dismissing concerns about possible cracks within the ADC coalition, Momodu described such fears as speculative, insisting that current political realities have effectively forced major opposition figures to work together.
Headlines
Supreme Court Fixes April 22 for Hearing in ADC Leadership Crisis
The Supreme Court has scheduled hearing for April 22 in the appeal filed by the National Chairman of the African Democratic Congress (ADC), Senator David Mark, in relation to the leadership dispute in the party.
Mark’s appeal is against the March 12 judgment of the Court of Appeal, which dismissed his appeal against the September 4, 2025 ruling by Justice Emeka Nwite of the Federal High Court in Abuja refusing to grant some injunctive reliefs contained in an ex-parte application filed by a chieftain of the party, Nafiu Bala Gombe.
A five-member panel of the Supreme Court, led by Justice Mohammed Garba chose the date on Tuesday after granting accelerated hearing in the appeal marked: SC/CV/180/2026.
The court ordered Mark’s lawyer, Jibril Okutepa (SAN) to file the appellant’s brief and serve on Wednesday.
It ordered the respondents to each file and serve on the appellant, a respondent’s brief within three days of being served with the appellant’s brief.
The appellant, according to the court, is to file a reply brief, if needs be, within one day of being served with the respondents’ briefs.






