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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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Former President Goodluck Jonathan has returned to Abuja after being evacuated from Guinea-Bissau in the wake of a military coup in the West African country.
He arrived at the Nnamdi Azikiwe International Airport, Abuja, on Thursday.
A video shared by ARISE News captured his arrival, showing Jonathan stepping down from a Guinea-Bissau government aircraft at night as supporters and officials received him.
Jonathan had travelled to the country as the head of the West African Elders Forum Election Observation Mission to monitor last Sunday’s presidential and legislative elections.
His delegation was still on the assignment when the military announced it had taken over the government.
Reports later said that Jonathan was trapped, prompting the House of Representatives, during Thursday’s plenary, to urge the Federal government to use every diplomatic channel to ensure his safe return.
The Federal government subsequently issued a statement confirming that he was safe and had left the country.
“Former President Goodluck Ebele Jonathan is very safe and out of Guinea-Bissau. He left with a special flight with members of his delegation, including Mohamed Chambas,” the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, said in an interview with journalists.
Former Nigerian President Goodluck Jonathan is among dozens of African leaders stranded in Guinea-Bissau after the military seized power and suspended the country’s electoral process on Wednesday.
Jonathan is part of a 36-member joint election observation mission of the African Union (AU), ECOWAS and the West African Elders Forum (WAEF) deployed to monitor Sunday’s presidential election.
The coup unfolded after both incumbent President Umaro Embaló and his main challenger, Fernando Dias, separately claimed victory even though the electoral commission had not released official results. Soldiers subsequently took control of state institutions, closed all borders and shut down airports.
In a joint statement, the observer mission said it was “deeply concerned” about the military intervention, calling it “regrettable” that the takeover came shortly after meeting the two top candidates, who had assured them they would respect the will of the voters.
The mission urged the AU and ECOWAS to take urgent steps to restore constitutional order and demanded the immediate release of all detained officials.
The delegation is scheduled to depart Guinea-Bissau on November 29, though it is unclear whether the airport shutdown will affect their exit.
Amid rising attacks and abductions by gunmen and suspected terrorists, President Bola Tinubu, on Wednesday, declared a nationwide security emergency.
In a statement he personally issued, President Tinubu said: “Today, in view of the emerging security situation, I have decided to declare a nationwide security emergency and order additional recruitment into the Armed Forces.”
By this order, he said both the police and the army have been authorised to recruit more operatives, saying: “The police will recruit an additional 20,000 officers, bringing the total to 50,000.”
The president also directed that the police could now use National Youth Service Corps (NYSC) camps as training depots, noting that although he had previously approved the upgrade of police training institutions, the new security reality required immediate expansion of capacity.
He further ordered that officers being withdrawn from VIP guard duties must undergo crash retraining.
According to him, the exercise is to “debrief them and deliver more efficient police services when deployed to security-challenged areas of the country.”
Tinubu also empowered the Department of State Services (DSS) to activate fully the forest security architecture.
“The DSS also has my authority to immediately deploy all the forest guards already trained to flush out the terrorists and bandits lurking in our forests,” he said, adding that the agency had his directive to recruit additional personnel.
“There will be no more hiding places for agents of evil,” the President said.
Calling the situation “a national emergency,” the President said the federal government was responding by “deploying more boots on the ground, especially in security-challenged areas”.
He appealed to citizens to play their part, saying “the times require all hands on deck. As Nigerians, we should all get involved in securing our nation.”
President Tinubu commended security forces for recent breakthroughs, including the rescue of abducted schoolgirls in Kebbi and the 38 worshippers seized in Kwara State.
“We will continue to sustain the efforts to rescue the remaining students of Catholic School in Niger State and other Nigerians still being held hostage,” he assured.
To military personnel across the country, he delivered a firm charge, saying “I commend your courage and your sacrifice… I charge you to remain resolute, to restore peace across all theatres of operation, and to uphold the highest standards of discipline and integrity. There must be no compromise, no collusion, and no negligence.”
He added that his administration would support them fully to succeed.
Tinubu also pledged federal support to states with existing security outfits and urged the National Assembly to begin a legislative review to allow states that require state police to establish them.
He cautioned state governments against operating boarding schools in remote, unsecured areas, and advised religious institutions to “constantly seek police and other security protection when they gather for prayers, especially in vulnerable areas.”
The President reiterated his administration’s stance on resolving farmer-herder clashes, pointing to the establishment of the Ministry of Livestock Development.
He urged herder groups to abandon open grazing and embrace ranching, saying: “I call on all herder associations to take advantage of it, end open grazing and surrender illegal weapons. Ranching is now the path forward.”
Tinubu expressed sympathy to families affected by recent attacks in Kebbi, Borno, Zamfara, Niger, Yobe and Kwara States.
He also paid tribute to fallen soldiers, including Brigadier-General Musa Uba.
“Those who want to test our resolve should never mistake our restraint for weakness. This administration has the courage and determination to keep the country safe and ensure our citizens live in peace,” he warned.
In a rallying call to Nigerians, the President urged unity and vigilance, saying “I urge you not to give in to fear and never succumb to despair… Report suspicious activities. Cooperate with security agencies. We are in this fight together, and together we shall win.”
