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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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The Burkina Faso junta has said it detained 11 Nigerian military officers and seized a cargo plane belonging to the Air Force following an emergency landing in the country after they crossed into Burkinabe airspace without authorisation.
The statement stated that the Sahel alliance, consisting Burkina Faso, Niger and Mail, headed by military regimes, noted that the transport airplane had two crew members and nine passengers onboard.
The statement said that the individuals were later identified as members of the Nigerian armed forces and are currently being detained in the country.
“The military aircraft had on board two (02) crew members and nine (09) passengers, all military personnel,” the statement noted.
Meanwhile, the regional body condemned the incursion, adding that the Burkinabe authorities had opened an investigation to determine the circumstances behind the incident.
The body also noted that three countries had placed their military forces on high alert and ready to engage external threats.
The AES said, “An investigation was immediately opened by the competent Burkinabe authorities and revealed the absence of authorization for the aircraft to fly over Burkinabe territory. The Confederation of the Sahel States strongly condemns this violation of its airspace and the sovereignty of its member states.
“Faced with this unfriendly act carried out in disregard of international law and international civil and/or military aviation regulations, measures have been taken to guarantee the security of the confederal airspace, the sovereignty and territorial integrity of its member states, as well as the safety of the populations of the AES Confederation.
“In this regard, and upon the instruction of the Heads of State, air defense and anti-aircraft systems of the confederal space have been placed on maximum alert, in accordance with the Declaration of the College of Heads of State dated 22 December 2024, and have been authorized to neutralize any aircraft that violates the confederal airspace.”
National Security Adviser, Nuhu Ribadu, hosted a delegation from the United States Congress in Abuja on Sunday, continuing security discussions between Nigeria and the US.
Ribadu, sharing the update on X, noted that the visit follows prior meetings in Washington, D.C., which focused on areas of mutual security interest and cooperation.
“This morning, I received a US Congressional delegation on a fact-finding mission to Nigeria, following our earlier engagements in Washington, DC, on shared security priorities,” he said.
“The delegation included Rep. @MarioDB Mario Díaz-Balart, Rep. @NormaJTorres Norma Torres, Rep. @RepFranklin Scott Franklin, Rep. @RepCiscomani Juan Ciscomani, and Rep. @RepRileyMoore Riley M. Moore.”
He also noted that US Ambassador to Nigeria, Richard Mills, attended the meeting, highlighting what Ribadu described as “the significance both countries place on this partnership.”
Ribadu said the discussions centred on counter-terrorism collaboration, promoting regional stability, and exploring ways to further strengthen the strategic security partnership between Nigeria and the United States.
“I’m optimistic this engagement will deepen trust, collaboration, and shared commitment to peace and security,” he said.
The meeting took place against the backdrop of heightened diplomatic tensions, following US President Donald Trump’s decision to re-designate Nigeria as a Country of Particular Concern over alleged religious freedom violations, a move that included warnings of potential US military involvement.
The Federal government has consistently rejected allegations of widespread persecution of Christians, emphasising that insecurity impacts citizens across all faiths.
Amid mounting international pressure, the government has continued to seek diplomatic and security assistance from global partners.
On November 20, Ribadu met with US Secretary of War Pete Hegseth at the Pentagon to discuss coordinated strategies aimed at addressing the ongoing security challenges.
On November 27, President Bola Tinubu approved the constitution of the Nigerian side of the US-Nigeria Joint Working Group as part of steps to deepen collaboration in tackling security challenges in the country.
The composition of the group was part of the agreement reached during the recent trip to Washington, DC, by a high-level Nigerian delegation led by the National Security Adviser.
The Presidency, on Sunday night, said acting on the two requests by the authorities of Benin Republic, President Bola Tinubu ordered Nigerian Air Force fighter jets to enter the country and take over the airspace to help dislodge the coup plotters from the National TV and a military camp where they had regrouped.
The Presidency, in a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, said President Tinubu commended the swift response of the gallantry of Nigeria’s military.
The statement read: “President Bola Tinubu has commended the gallantry of Nigeria’s military on Sunday for responding swiftly to the request by the Government of Benin Republic to save its 35-year-old democracy from coup plotters who struck at dawn today.
“Acting on two separate requests from the Government of Benin, President Tinubu first ordered Nigerian Air Force fighter jets to enter the country and take over the airspace to help dislodge the coup plotters from the National TV and a military camp where they had regrouped.
“The Republic of Benin, through its Ministry of Foreign Affairs, in a Note Verbal, requested immediate Nigerian air support “in view of the urgency and seriousness of the situation and to safeguard the constitutional order, protect national institutions and ensure the security of the population.”
“In the second request, the authorities in Benin requested the deployment of Nigerian Air Force assets within Beninoise airspace for surveillance and rapid intervention operations under Benin-led coordination.
“The Benin government also requested Nigerian ground forces, “strictly for missions approved by the Beninese Command authority in support of the protection of constitutional institutions and the containment of armed Groups.”
“Nigeria’s Chief of Defence Staff, General Olufemi Oluyede, said all the requests have been fulfilled, with Nigerian ground forces now in Benin.
“Ours is to comply with the order of the Commander-in-Chief of our armed forces, President Tinubu,” he said.
He further stated: “Constitutional order was upended in the Republic of Benin, Nigeria’s neighbour, when some soldiers led by Colonel Pascal Tigri announced a coup on Sunday morning. The putschists seized the National TV and claimed they had toppled President Patrice Talon and suspended all democratic institutions.
“It took some hours before the government’s loyal forces, assisted by Nigeria, took control and flushed out the coup plotters from the National TV.
“In his remarks after the restoration of the democratic and constitutional order, President Tinubu saluted the Nigerian armed forces for standing firm as a protector and defender of democracy.
“Today, the Nigerian armed forces stood gallantly as a defender and protector of constitutional order in the Republic of Benin on the invitation of the government. Our armed forces acted within the ambit of the ECOWAS Protocol on Democracy and Good Governance.
“They have helped stabilise a neighbouring country and have made us proud of their commitment to sustaining our democratic values and ideals since 1999. Nigeria stands firmly with the government and people of the Republic of Benin.”
