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Senate Approves Tinubu’s ₦1.77trn Loan Request
The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.
The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.
The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.
Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.
The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.
The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.
Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.
March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.
The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.
July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.
Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.
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Madagascar’s army has taken over power and dissolved all institutions, while President Andry Rajoelina fled the country for safety.
Mr Randrianirina also added that the military has dissolved all institutions except the lower house of parliament, which voted to impeach Mr Rajoelina a few minutes before his announcement.
Enugu State Governor, Peter Mbah, has officially defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Mbah announced his decision on Tuesday during a press conference in Enugu, saying the move was aimed at advancing the state’s interests through a stronger partnership with the ruling party at the centre.
He said his defection followed “a long period of reflection,” adding that the APC’s vision under President Bola Tinubu aligns with his own goal of driving sustainable development in Enugu and across the South-East.
“Today, after a long period of reflection, we have decided to leave the PDP and join the APC. We share a vision that transformation must be disruptive,” Mbah stated.
“I have found in His Excellency, President Bola Ahmed Tinubu, a partner in purpose, a man with the courage to look beyond today and make the tough choices that secure lasting prosperity for tomorrow.”
The governor, who was accompanied by his predecessor Ifeanyi Ugwuanyi, federal and state lawmakers, and top political figures in Enugu, said the decision was a collective one made by his political family.
According to him, “This is no whimsical decision. It is a collective move by the political family in Enugu State, comprising members of the National Assembly, members of the State House of Assembly, the State Executive Council, all local government chairmen, councillors, political appointees, and over 80% of party executives.”
Mbah also expressed optimism that the defection would ensure that “the voice of Enugu people and indeed that of the South-East would now be heard in Abuja.”
While thanking the PDP for its past support, Mbah lamented that the South-East had often been sidelined in national politics despite its loyalty to the party.
“To the Peoples Democratic Party which provided us the platform on which we campaigned and won, I extend deep gratitude,” he said. “But despite our loyalty, our voices were too often disregarded.
Former Vice President Atiku Abubakar has condemned President Bola Tinubu’s recent grant of presidential pardon, describing it as a reckless abuse of executive power that weakens the justice system and emboldens criminality in the country.
In a statement issued at the weekend, Atiku said the decision to extend clemency to individuals convicted of serious crimes such as drug trafficking, kidnapping, murder, and corruption was both “shocking and indefensible.”
He argued that the essence of a presidential pardon — a constitutional prerogative meant to temper justice with mercy — had been grossly misused by the Tinubu administration. According to him, the act has diminished the sanctity of justice and sent the wrong message to Nigerians and the international community about the government’s moral values.
“At a time when Nigeria continues to reel under insecurity, moral decay, and rising drug-related offences, it is deeply troubling that the presidency would prioritize clemency for those whose actions have undermined national stability and social order,” the statement read.
Atiku cited reports indicating that nearly 30 percent of those pardoned were convicted for drug-related crimes, describing the move as particularly insensitive given the country’s ongoing struggle with narcotics abuse and its tarnished global image on drug issues.
The former vice president also drew attention to what he called “the moral irony” of the decision, referencing past controversies surrounding President Tinubu’s alleged links to drug-related investigations in the United States.
“It is, therefore, no surprise that this administration continues to demonstrate a worrying tolerance for individuals associated with criminal enterprise,” he stated.
Atiku warned that the pardon had made a “mockery of the criminal justice system,” discouraged law enforcement agencies, and dishonoured victims of serious crimes.
“Clemency must never be confused with complicity,” he said. “When a government begins to absolve offenders of the very crimes it claims to be fighting, it erodes the moral authority of leadership and emboldens lawlessness.”
The former vice president concluded by urging Nigerians to demand a leadership that upholds justice and integrity.
“Nigeria deserves a leadership that strengthens justice, not one that trivializes it,” Atiku said.
