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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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Supreme Court to Rule on ADC, PDP Leadership Crises Today

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Attention has shifted to the Supreme Court, which has fixed April 30 (today) for judgment in the leadership tussle within the African Democratic Congress (ADC).

A five-member panel led by Justice Mohammed Garba will resolve the appeal filed by the David Mark-led faction concerning the authentic leadership of the party.

Also on Thursday, the court is expected to determine the leadership dispute rocking the Peoples Democratic Party (PDP).

Two PDP factions—one led by Kabir Turaki and the other by the Minister of the Federal Capital Territory, Nyesom Wike—are laying claim to the leadership of the party.

The Supreme Court had on April 22 reserved judgment in the ADC crisis to a date to be communicated to the parties involved in the tussle.

However, on Tuesday, the ADC formally wrote to the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, pleading for the quick delivery of judgment in the leadership tussle at the national level.

The party claimed it would suffer irreparable harm if judgment in the protracted battle was not delivered within the period allowed by the Electoral Act for fielding candidates for the 2027 general elections.

It stated in part: “Without the delivery of judgment within the next three days from the date of this letter, the ADC stands the grave and irreversible risk of being excluded from participating in the 2027 general elections.

“This would disenfranchise millions of Nigerians who have subscribed to the ideals of the ADC and deny them their constitutional right to freely associate and contest elections through a political party of their choice.”

At the April 22 hearing, Jibrin Okutepa, SAN, who represented David Mark, urged the Supreme Court to allow the appeal, arguing that the apex court had earlier, on March 21, 2025, held that “no court has jurisdiction to entertain matters bordering on the internal affairs of political parties.”

During the hearing, Okutepa urged the apex court to hold that the Federal High Court in Abuja lacked jurisdiction to entertain the suit.

However, Robert Emukperu, SAN, who represented the first respondent, Nafiu Gombe, urged the court to dismiss the appeal and affirm the judgment of the lower court, which held that the suit was premature.

It will be recalled that a three-member panel of the Court of Appeal dismissed Mark’s appeal, ruling that it was premature and filed without leave of the trial court.

In the PDP matter, the first appeal, marked SC/CV/164/2026, stems from a decision of Justice Peter Lifu of the Federal High Court in Abuja, who restrained the party from proceeding with its planned convention pending the determination of a suit filed by former Jigawa State Governor Sule Lamido.

On November 14, the court issued a final order restraining the PDP from conducting its national convention.

Justice Lifu held that Lamido was “unjustly denied” the opportunity to obtain a nomination form to contest for national chairman, in violation of the PDP constitution and internal regulations.

The Court of Appeal later upheld the decision on March 9, prompting the PDP to appeal.

The second appeal, SC/CV/166/2026, was filed by the PDP, its National Working Committee (NWC), and National Executive Committee (NEC).

It arose from a judgment delivered by Justice James Omotosho, which stopped the party from holding its Ibadan national convention.

The Court of Appeal upheld that decision, agreeing that INEC should not validate the outcome of the convention.

After hearing all arguments, the Supreme Court reserved judgment, stating that the date would be communicated to the parties.

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Obasanjo Knocks Tinubu’s Govt over Inability to Protect Lives, Property

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Former President Olusegun Obasanjo has lambasted the administration of President Bola Tinubu over insecurity bedeviling the country.

In an interview with News Central, Obasanjo said any government that cannot protect lives and property of its citizens has no basis to exist.

The former leader was reacting to the recent wave of insecurity, which has confronted Nigeria, resulting in the killing of several citizens and abduction of others.

“Let me tell you, the government that cannot give security of life and property of its citizen has no right of existence.

“The elected members of our National Assembly have no right to fix their own salary and their own emolument.

“It’s not in our constitution for them to do that. It’s the revenue mobilization and allocation commission that should do it,” he said.

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2027: NDC Woos Obi, Kwankwaso with Presidential Ticket

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The Nigeria Democratic Congress (NDC) has offered its presidential ticket to Peter Obi and Rabiu Kwankwaso ahead of the 2027 elections, signaling intensifying efforts to forge a united opposition as key political deadlines approach.

In a post on X on Sunday, the party indicated a two-week window for both politicians, currently linked to the African Democratic Congress (ADC), to defect and secure its platform’s presidential ticket.

“All we need right now. Just all we need. Two weeks to deadline,” the NDC said, accompanying the message with an image of Obi and Kwankwaso and the caption: “Nigeria will be OK.”

The development comes amid renewed calls for opposition consolidation ahead of the next general elections. Supporters of both men recently launched the “OK Movement”, aimed at mobilising support for a possible joint ticket.

Organisers of the movement have begun setting up national, zonal and State structures, suggesting early groundwork for a broader political alliance.

However, the ADC is currently grappling with internal divisions that could affect its participation in the elections. The party is facing a leadership crisis, with competing factions contesting control of its structure.

The dispute is now before the Supreme Court of Nigeria, which has reserved judgment in an appeal arising from the leadership tussle.

The uncertainty comes as the Independent National Electoral Commission (INEC) maintains its timetable for the 2027 polls, setting May 30, 2026, as the deadline for political parties to submit membership registers and nominate candidates.

Opposition parties, including factions of the Peoples’ Democratic Party (PDP) and the New Nigeria Peoples Party (NNPP), have called for an extension of the timeline, arguing that the schedule is too tight given ongoing internal restructuring and legal disputes.

The NDC’s offer highlights the shifting dynamics within Nigeria’s opposition landscape, where alliances remain fluid and negotiations are ongoing.

Both Obi and Kwankwaso are influential political figures with significant regional support bases, and any alignment between them could reshape the balance of power ahead of the elections.

INEC has yet to indicate whether it will adjust its timetable, as preparations for the 2027 general elections continue to gather momentum.

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