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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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‘Hands off’: Millions of People Join Protests Against Trump and Elon Musk Across All US States
Millions of people took part in protests against President Donald Trump and Elon Musk across all 50 states and globally on Saturday, organized by a pro-democracy movement over “hostile takeover” and attack on American rights and freedoms.
According to CNN, over 1,400 “Hands Off!” mass-action protests were held at state capitols, federal buildings, congressional offices, Social Security’s headquarters, parks and city halls throughout the entire country – anywhere “we can make sure they hear us,” organizers said.
“Hands Off!” demands “an end to this billionaire power grab.”
“Whether you are mobilized by the attacks on our democracy, the slashing of jobs, the invasion of privacy, or the assault on our services – this moment is for you,” the event flyers state. “We are setting out to build a massive, visible, national rejection of this crisis.”
Nearly 600,000 people had signed up to attend the events, some of which took place in major cities like London and Paris, according to Indivisible, one of the organizations leading the movement in collaboration with a nationwide coalition that includes civil rights organizations, veterans, women’s rights groups, labor unions and LGBTQ+ advocates.
Organizers say they have three demands: “an end to the billionaire takeover and rampant corruption of the Trump administration; an end to slashing federal funds for Medicaid, Social Security, and other programs working people rely on; and an end to the attacks on immigrants, trans people, and other communities.”
Commissioner of Police, CP Olajide Rufus Ibitoye, acting on the orders of the Inspector General of Police, Kayode Egbetokun, through the Deputy Inspector-General of Police in-charge of Force Intelligence Department (FID) Abuja, has extended an invitation to the Emir of Kano, Muhammad Sanusi II, for an “investigative meeting with regards to an incident that occurred during the Sallah celebration within your domain”.
The said incident is in connection with the violence that broke out during the recent Eid-el-Fitr procession in Kano, which resulted in the death of a local vigilante member.
The incident happened as the Emir’s entourage moved from the Eid prayer ground to the palace in a traditional procession. The clash, which marred the otherwise peaceful celebration, led to the tragic loss of life of a vigilante member, Surajo Rabiu, and left one other injured.
The invitation was conveyed in an official letter dated April 4, 2025, and signed by Commissioner of Police, CP Olajide Rufus Ibitoye, on behalf of the Deputy Inspector-General of Police in-charge of Force Intelligence Department (FID) Abuja.
The letter reads: “I have the directives of the Inspector General of Police, through the Deputy Inspector General of Police, Force Intelligence Department (FID), to invite you for an investigative meeting with regards to an incident that occurred during the Sallah celebration within your domain.”
The Emir has been requested to appear before the Force Intelligence Department in Abuja, opposite the Police Headquarters, Area 11, by 10:00am on Tuesday, April 8, 2025.
This development comes amid heightened tensions in Kano State following the earlier decision by the State Police Command to ban the annual Durbar festival due to security concerns. The ban, announced days before the Eid-el-Fitr celebration, was intended to prevent any possible breakdown of law and order during the festive period.
However, despite the suspension of the Durbar, a motorcade procession of Emir Sanusi II still took place on the third day of the Eid-el-Fitr celebrations.
The Kano State Police Commissioner, CP Ibrahim Adamu Bakori, had also inaugurated an eight-member Special Investigation Panel (SIP) to investigate the violence.
As at the time of this report, there has been no official response from the Emir Sanusi II’s palace regarding the Police invitation.
Dr Hakeem Baba-Ahmed, the political adviser to President Bola Tinubu, has resigned his appointment.
Reports say the former spokesman of the Northern Elders Forum (NEF) tendered his resignation about two weeks ago.
Further reports quoting presidency sources did not, however, provide details of the reasons for his decision, but only stated that it was on personal grounds.
Baba-Ahmed was appointed in September 2023 as Special Adviser on Political Matters in the Office of Vice President Kashim Shettima.
Over the past 17 months, he had represented the presidency at several public fora, including a recent national conference themed: “Strengthening Nigeria’s Democracy: Pathway to Good Governance and Political Integrity”, which held from January 28 and 29, 2025 in Abuja.
