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Senate Approves Tinubu’s ₦1.77trn Loan Request

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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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US Lawmaker Seeks More Airstrikes in Nigeria, Insists Christian Lives Matter

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United States Representative Riley Moors has said further military strikes against Islamic State-linked militants in Nigeria could follow recent operations ordered by President Donald Trump, describing the actions as aimed at improving security and protecting Christian communities facing violence.

Moore made the remarks during a televised interview in which he addressed U.S. military strikes carried out on Christmas Day against militant targets in North-west Nigeria.

The strikes were conducted in coordination with the Nigerian government, according to U.S. and Nigerian officials.

“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death,” Moore said.

He said the Christmas Day strikes against Islamic State affiliates had provided hope to Christians in Nigeria, particularly in areas affected by repeated attacks during past festive periods.

According to U.S. authorities, the strikes targeted camps used by Islamic State-linked groups operating in parts of north-west Nigeria.

Nigerian officials confirmed that the operation was carried out with intelligence support from Nigerian security agencies as part of ongoing counter-terrorism cooperation between both countries.

The United States Africa Command said the operation was intended to degrade the operational capacity of extremist groups responsible for attacks on civilians and security forces.

Nigerian authorities have described the targeted groups as a threat to national security, noting their involvement in killings, kidnappings and raids on rural communities.

Moore said the strikes marked a shift from previous years in which attacks were carried out against civilians during the Christmas period. He said the U.S. administration was focused on preventing further violence by targeting militant groups before they could launch attacks.

U.S. officials have said the military action was carried out with the consent of the Nigerian government and formed part of broader security cooperation between the two countries. Nigeria has received intelligence, training and logistical support from international partners as it seeks to contain militant activity.

Moore had previously called for stronger international attention to attacks on Christian communities in Nigeria and has urged continued U.S. engagement in addressing extremist violence. He said further action would depend on developments on the ground and continued coordination with Nigerian authorities.

Nigerian officials have maintained that counter-terrorism operations are directed at armed groups threatening civilians, regardless of religion, and have reiterated their commitment to restoring security across affected regions.

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Renowned Boxer Anthony Joshua Survives Ghastly Road Accident

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World-renowned boxer Anthony Joshua on Monday survived a ghastly road accident in Makun, Ogun State.

Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.

The vehicle carrying Joshua, a Lexus Jeep with the number plate, KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.

Joshua reportedly sustained minor injuries, while two persons were said to have died on the spot.

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Atiku Warns Against Hasty Re‑gazetting of New Tax Laws

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Former Vice President Atiku Abubakar has cautioned that any attempt to hurriedly re‑gazette Nigeria’s new tax laws could undermine parliamentary oversight and set a dangerous constitutional precedent.

Atiku’s warning follows public scrutiny over reports that the Tax Reform Acts signed by President Bola Tinubu differ from the versions passed by the National Assembly. Lawmakers, including Abdussamad Dasuki, raised concerns that the alterations could pose serious legal and constitutional risks, noting that they were not backed by any constitutional framework.

In a statement on X, Atiku said the directive to re-gazette the Acts effectively confirms “that the gazetted version of the Tinubu Tax Act does not reflect what was duly passed by the National Assembly,” calling it “a grave constitutional issue.”

He emphasized that under Section 58 of the 1999 Constitution, a bill only becomes law after passage by both chambers, presidential assent, and gazetting.

“Gazetting is merely an administrative act of publication. It does not create, amend, or validate a law,” Atiku said, adding that any post-passage insertion, deletion, or modification without legislative approval constitutes forgery rather than a clerical error.

Atiku further warned that rushing a re-gazetting while legislative investigations are ongoing “undermines parliamentary oversight and sets a dangerous precedent,” stressing that the only lawful approach is “fresh legislative consideration, re-passage by both chambers, fresh presidential assent, and proper gazetting.”

The former vice president clarified that his position is not opposition to tax reform but a defence of constitutional order.

“This is a defence of the integrity of the legislative process and a rejection of any attempt to normalise constitutional breaches through procedural shortcuts,” he said.

The Federal government has denied wrongdoing, insisting the laws will take effect as scheduled on January 1, 2026, while the National Assembly has directed the issuance of Certified True Copies of the Acts to ensure clarity and accuracy.

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