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Development Projects: Senate Clears President Tinubu’s $21.5bn Borrowing Plan

The Nigerian Senate on Tuesday approved President Tinubu’s external borrowing plan of $21.5 billion for the 2025–2026 period, paving the way for funding key national development projects.

The approval followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC-Sokoto), at plenary.

President Tinubu had asked the National Assembly to endorse the borrowing to finance critical sectors including infrastructure, security, education, health, agriculture, and human capital development.

Also approved were a ¥15 billion Japanese loan, a €65 million grant, and additional domestic borrowing of ₦757 billion through federal bonds to offset pension arrears as of December 2023.

The Senate further gave the nod to the President’s request to raise up to $2 billion through foreign-currency denominated instruments in the domestic market.

Senator Wamakko said the loan request aligns with the already approved Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025 budget cycle.

“The committee recommends approval, as the borrowing plan is within the framework passed by the National Assembly,” Senator Wamakko said.

Backing the motion, Senator Solomon Adeola (APC-Ogun) noted that the loans were embedded in the 2025 Appropriation Act, adding, “With this approval, all revenue sources, including loans, are now in place to fund the budget.”

Senator Sani Musa (APC-Niger) stressed that the loans would be disbursed over six years and assured that Nigeria had not defaulted on its debt obligations.

“No economy grows without borrowing. This follows global best practices,” Senator Musa said.

Senator Adetokunbo Abiru (APC-Lagos) said the facilities complied with the Fiscal Responsibility Act and the Debt Management Act, explaining, “These are long-term, concessional loans with favourable terms, some spanning up to 35 years.”

However, Senator Abdul Ningi (PDP-Bauchi) raised concerns over the absence of repayment details and how the loans would directly impact constituents.

“We must tell Nigerians exactly how much is borrowed in their name and for what purpose,” Ningi said.

Senator Victor Umeh (LP-Anambra) threw his weight behind the plan, commending the $3 billion earmarked for the eastern rail corridor.

“For the first time, I’ve seen such allocation for the eastern rail line—this alone justifies my support,” Umeh said.

Deputy Senate President Jibrin Barau (APC-Kano), who presided over the session, praised the committee’s work and assured that the plan reflects national inclusiveness.

“With this approval, implementation of the 2025 budget can begin in full. The funds must be strictly used for capital and development projects,” Barau said.

PIAK

CBN Retains Interest Rate at 27.50 percent

The Central Bank of Nigeria’s Monetary Policy Committee meeting has retained the interest rate at 27.50 percent.

The Governor of CBN, Olayemi Cardoso, disclosed this at the end of the 301st MPC meeting in Abuja on Tuesday.

He noted that all members of the MPC agreed unanimously to maintain the interest rate amid sustained moderation in the inflation rate, which stood at 22.22 percent in July.

MPC also retained the Cash Reserve Ratio (CRR) at 50 percent for Deposit Money Banks and 16 percent for Merchant Banks.

The committee retains the liquidity ratio (LR) at 30 percent and the asymmetric corridor at +500/-100 basis points around the MPR.

This comes after the apex MPC consecutively retained interest at 27.50 percent in February and May.

He predicated his stance on global inflation increasing and decreasing Nigerian inflation.

 

 

 

PR/Dailypost/Hauwa Abu

 

NITDA Launches North Central GITEX 2025 Roadshow In Abuja

The National Information Technology Development Agency, NITDA, has officially launched the North Central edition of the GITEX Nigeria 2025 Roadshow in Abuja, Nigeria’s capital.

The roadshow theme “Bridging Nigeria’s Innovation with Global Opportunities,” aims to mobilize and spotlight innovative startups across Nigeria.

The event championed by the National Information Technology Development Agency (NITDA), through the Office for Nigerian Digital Innovation (ONDI brought together over 16 tech-driven startups and innovation groups to showcase cutting-edge ideas in digital technology and innovation.

Speaking at the event, the Director General of NITDA, Kashifu Inuwa, reiterated NITDA’s commitment to supporting young startups flourish in the tech ecosystem.

According to him, “We are here not just to celebrate ideas but to pitch, to build a conduit. Nigeria’s brightest innovators and vast global opportunities await them. Over the next few months, from July through August, our roadshow will traverse all six geopolitical zones.

“The theme of the roadshow, Leaping Nigeria’s Innovation with Global Opportunities, is not astronational; it reflects strategic action.”

He said, “Today, your innovation has the chance to stand alongside the world’s best. Team innovators and ecosystem partners, come, explore this pool of talent. Connect, form and scale ideas that can solve real problems globally.”

“I charge each one of you to use this stage to build your ambition with opportunity, your startups with success and Nigeria’s digital future with global promise. Let’s build, collaborate and soar together,” He added.

Earlier in her remarks, the National Coordinator of the Office for Nigerian Digital Innovation, ONDI, Victoria Fabunmi, disclosed the initiative’s efforts in coordinating the growth of the Nigerian digital innovation ecosystem, with a specific focus on supporting startups across the country.

“Our mandate is clear. We want to help indigenous technology enterprises to move from idea to impact, and from local relevance to global relevance. And we do that through the process of shaping policies.

“We do that through the process of strengthening stakeholder collaboration and ensuring that we’re galvanising the right resources that will ensure the growth of the ecosystem.  And that’s one of the things that we’re partnering with the Dubai World Trade Centre to do, to ensure that GITEX is in Nigeria this year. At the heart of today’s gathering is our guiding theme, building Nigeria’s innovation with global opportunity.”

“And we’re very excited to be collaborating with innovators today and working with them to showcase the solutions and the products that they have developed.” She added.

The Director IT Infrastructure solutions represented the Director General of NITDA, Kashifu Inuwa, Oladejo Olawunmi

GITEX Nigeria main event is expected to take place from September 1-4, 2025, in Lagos and Abuja, signalling a significant boost for Nigeria’s technology ecosystem and Africa’s entire digital economy. 

House Moves to Resolve Crisis Facing UNICAL Dentistry Students

The House of Representatives has moved to resolve the crisis affecting dentistry students at the University Of Calabar, Cross River State.

This was sequel to a adoption of a motion on Urgent Public Importance on ” Urgent Need Resolve The Crisis Affecting Dentistry Students At The University Of Calabar”, moved by the House Minority Leader Mr. Kingsley Chinda and others.

The House urged the Federal Ministry of Education, in collaboration with the National Universities Commission (NUC) and the Medical and Dental Council of Nigeria (MDCN), to conduct a thorough audit of the University of Calabar’s Faculty of Dentistry, including admission records, infrastructure, and staffing, with a view to ameliorating the plight of students of Dentistry in the University,

It also called on the University of Calabar to immediately halt all punitive measures affecting students, and work collaboratively with stakeholders to implement equitable remedial solutions such as, phased induction plans, catch-up modules or facilitated transfers to accredited faculties-in consultation with affected students.

The House also urged the Medical and Dental Council of Nigeria to consider a temporary induction framework for eligible students, based on competency and clinical exposure, while structural issues are being resolved.

While leading the debate on the motion, one the sponsors of the motion,r. Ahmed Jaha, said that the House notes with grave concern the ongoing academic crisis affecting over 300 Dentistry students at the University of Calabar, Cross River State, following the refusal of the Medical and Dental Council of Nigeria (MDCN) to induct graduates from the university’s Faculty of Dentistry due to persistent over-admission beyond the Council’s approved annual quota of only ten (10) students as a result of provisional accreditation of the Faculty:

” Further Notes that this situation has resulted in a complete academic standstill, with the university authorities recently directing all students in the Faculty of Dentistry across all levels-to vacate campus indefinitely, pending a resolution of the impasse.

” Aware that the students, some in their final year of training, have invested significant time, resources, psychological and emotional energy toward earning their Bachelor of Dental Surgery (BDS) degree, but now face devastating uncertainty, loss of career prospects, and psychological distress through no fault of theirs.

” Also Aware that the Vice Chancellor of the University has publicly acknowledged administrative failures in the over-enrolment process and has proposed non-consensual remedies including the redirection of students to other faculties or institutions, which many affected students strongly oppose.

” Disturbed that unless urgent and coordinated action is taken, the education and professionals aspirations of hundreds of young Nigerians will be unjustly truncated, potentially trigerving broader unrest, legal battles, and reputational damage to the Nigerian Higher Education education system,” the motion said.

The House there resolved to mandate the House Committees on Tertiary Education and Services, Health, and Youth Development to investigate the circumstances surrounding the over-enrolment, the role of university officials, and the actions taken thus far, and to report back within four [4] weeks for further legislative action.

 

Confidence Okwuchi

Minister Commends Edo Governor’s Leadership

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The Minister of the Federal Capital Territory, Mr Nyesom Wike, has praised Governor Monday Okpebholo of Edo State for staying focused on delivering democratic dividends despite political distractions.

Speaking at the launch of modern mass transit buses in Benin City, Wike said Governor Okpebholo had shown uncommon commitment to governance even while facing electoral litigations.

“A man who passed from the tribunal to the court of appeal, to the Supreme Court — he was focused on making sure he delivers the dividends of democracy to the people of Edo State.

“So many people would have used that as an excuse — you know we are in court, I’m distracted. But this Governor refused to be distracted, and in eight months, see where we are today. He took the bull by the horn, just like Mr President did when he hit the ground running after inauguration,” Wike stated.

The Minister commended the revitalisation of the moribund Edo Line, saying it would ease transportation, enhance security, and improve the living standard of Edo people.

“You have reduced the burden on students, market women, and men. You have touched the lives of the people. This is not 3D — this is reality. Seeing is believing,” he added.

On the controversy surrounding Governor Okpebholo’s comments on the visit of former Labour Party presidential candidate, Peter Obi, Wike backed the Governor’s stance, saying it was a matter of security, not politics.

“When I was Governor, whenever Peter Obi visited my State, he informed me, and I provided logistics. At that level, if anything happens, the Governor is held responsible. So, Governor, you are right — if the man says he won’t listen to you, it’s okay. You have done your job,” Wike declared.

He criticised politicians who play to the gallery, saying presidential hopefuls should not engage in populist stunts like serving food for publicity.

Wike also apologised to Senator Adams Oshiomhole and the people of Edo State for supporting the re-election of former Governor Godwin Obaseki in 2020, accusing Obaseki of non-performance.

In his remarks, Governor Okpebholo insisted his call for Peter Obi to notify him before visiting Edo was a responsible advisory, not a threat.

“I only advised him — do not come to Edo without telling me. I am here to protect Edo people and visitors. Is that a crime?” Okpebholo asked.

The Governor recalled a past attack at the Benin Airport, which claimed the life of his security aide, saying such experiences informed his advice to Obi.

Okpebholo also thanked President Bola Ahmed Tinubu for his support to Edo State and assured the President of 2.5 million votes in the 2027 elections.

Former Edo Governor and Senator representing Edo North, Comrade Adams Oshiomhole, alongside other dignitaries, witnessed the commissioning of the New Edo Line Transport Service.

PIAK

Nigeria To Host Major Africa Housing Show 2025

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The 19th edition of the Africa International Housing Show (AIHS) is set to convene housing experts, investors, and policymakers from around the world in Abuja, with a focus on innovation, collaboration, and policy reforms to transform the housing sector across Nigeria and Africa.

Founder of AIHS, Festus Adebayo, made this known during an interview on Voice of Nigeria’s flagship programme “In The News” with Margaret Ebeshi.

According to Adebayo, AIHS 2025 will focus on driving real change in housing policies, promoting collaboration between public and private sectors, and showcasing both local and international solutions to accelerate sustainable urban development.

“Our theme this year is ‘Reimagining Housing Through Innovation, Collaboration, and Policy,’” Adebayo said. “Innovation and collaboration are top priorities for us, given the rapid technological advancements in housing construction, financing, and system improvements.”

AIHS 2025 is expected to be the largest in its history, with about 40,000 participants and 200 exhibitors from 21 countries. The six-day event will take place from July 27 to August 1, 2025, at the Transcorp Hilton Hotel, Abuja.

The event will feature exhibitions from local and international developers, innovators, and investors, with a special focus on start-ups. In addition, there will be seminars and expos on affordable building technology, construction equipment, mortgage services, and housing projects. The event will conclude with a dinner gala.

Security Blocks Suspended Senator Natasha at National Assembly Gate

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Security operatives on Tuesday stopped suspended Senator Natasha Akpoti-Uduaghan from entering the National Assembly complex, despite her claim that a court judgment had ordered her recall.

The Kogi Central lawmaker, accompanied by supporters and rights activist Aisha Yesufu, arrived at the main gate in a convoy but was denied access by security personnel. The situation led to heated exchanges between her group and security agents stationed at the entrance.

Senator Natasha, who is serving a six-month suspension by the Senate, had vowed to resume legislative duties after obtaining a judgment from the Federal High Court in Abuja, which she said invalidated her suspension.

Addressing journalists at the scene, she said she would consult her legal team and possibly approach the appellate court for clarification on the judgment.

“My suspension is wrong. The recommendation itself is faulty. I’m a law-abiding citizen. I’ll meet with my legal team and most likely proceed to the appellate court to seek interpretation,” she said.

The Senate, however, insists that no valid court order mandates her immediate recall.

Chairman of the Senate Committee on Media and Public Affairs, Senator Yemi Adaramodu, said on Sunday that the chamber remains committed to due process and warned the suspended senator against resuming before her suspension elapses.

“The Senate of the Federal Republic of Nigeria wishes to reaffirm, for the third time, that there is no subsisting court order mandating the Senate to recall Senator Natasha Akpoti-Uduaghan before the expiration of her suspension,” he said.

Senator Adaramodu clarified that the court ruling offered a non-binding advisory urging the Senate to review the suspension and amend its Standing Orders, but did not find the Senate in breach of the law.

He also noted that the court found Senator Natasha guilty of contempt, imposed a ₦5 million fine, and ordered her to publish a public apology — directives he said have not been complied with.

“It is legally untenable that Senator Akpoti-Uduaghan, while on appeal and having filed a motion for stay against valid court orders, is acting on an imaginary order of recall that does not exist,” he said.

Senator Akpoti-Uduaghan was suspended on March 6 for alleged misconduct and refusal to comply with the Senate’s seating arrangement during a plenary on February 20. Senate President Godswill Akpabio announced the suspension following a majority vote by senators.

The Senate had said the suspension could be reconsidered if she submitted a written apology — a step yet to be taken.

PIAK

House Advocates Accountability, Global Best Practices in Aviation Sector

The Speaker of the House of Representatives, Mr. Abbas Tajudeen has urged practitioners in the aviation sector to make deliberate efforts to meet up with global best practices.

He made call at the Public Hearing of the House Committee on Aviation Technology on a Bill to amend the Nigerian Meteorological Agency Establishment Act No29, 2022 and for Related Matters, in Abuja.

He described the public hearing as a reaffirmation of the House of Representatives commitment to efficiency, accountability and transparency.

The Speaker who was represented by the House Deputy Chief Whip, Mr. Ibrahim Isiaka, said that prioritization of the Citizens’ needs was imperative.

He said that the House of Representatives would continue to provide legislative support in enhancing Nigeria’s safety and economic growth.

Mr. Abbas therefore urged the relevant stakeholders and participants to make crucial contributions aimed at improving the services of NIMET .

The chairman House committee on Aviation technology, Mr. Tajudeen Abisodun, reaffirmed the committee’s commitment to improving and strengthening the services of the Nigerian Meteorological Agency (NIMET) for national safety.

He said that the amendment was imperative in enhancing the effectiveness and efficiency of the country’s Meteorological Agency.

“This Bill is crucial for enhancing the effectiveness and efficiency of our Meteorological Agency. Which plays a vital role in ensuring the safety of lives and property, particularly in the aviation sector,” Mr. Abisodun  said.

The lawmaker also said that the proposed amendments were focused on key sections that require urgent  attention specifically to amend section 13 sub-section 2.

According to him, the amendments are designed to strengthen the agency’s capacity to provide accurate and timely weather forecasts, warnings and advisories.

Mr. Abisodun who reiterated the imperative of NIMET ‘s  quality service delivery, said that the bill would enable Pilots and air traffic controllers to access reliable and accurate weather information for informed decisions.

The sponsor of the bill, Mr. Abdulrazak Adewale,  said that aim of the Bill was to reposition NiMET for citizenry safety and economic growth.

He said that NiMET was the only agency mandated by law to give Meteorological data for national safety.

In his presentation, the Director General, Nigerian Meteorological Agency (NIMET), Prof Charles Anosike said that the purpose of the presentation was to justify the proposed amendments.

He particularly supported the proposal for a cost recovery framework to ensure sustainable delivery of critical Meteorological services to sectors such as marine, construction and telecommunications.

The NIMET DG expressed the need for users of specialized Meteorological services to pay costs associated with the provision of such services.

He said that there were inherent gaps in the current Act that limits NIMET ‘s optimal service delivery especially in cost recovery.

“While in the current Act, (sections 7(1)(i) and 7(2) empowers NiMET to issue Meteorological information and to impose cost and sustainability recovery charges.

“There is currently no equivalent mechanism for non-aeronautical sectors, resulting in unrecovered operational costs, increased pressure on funding, poor Infrastructural development and limited service coverage.”

Mr. Anosike said that it imperative to improve the services of NIMET in line with global best services particularly cost recovery from specialized services.

Other stakeholders at the hearing threw their weight behind the amendment.

 

Confidence Okwuchi

Ward Chairman Drags Nasarawa APC Leader to Court

 Chairman of the All Progressives Congress (APC), Gayam Electoral Ward of Lafia, Ibrahim Illiyasu, has dragged the Nasarawa state APC Chairman Aliyu Bello, to Federal High Court 1, Lafia, to restrain him from parading himself as the state chairman.
The Gayam Ward Chairman dragged APC as the first respondent, the Chairman, Bello, as the second respondent and Independent National Electoral Commission (INEC) as the third respondent.
It would be recall that the Gayam Ward Chairman alongside 13 officials, on Tuesday, July 3, in a press conference, suspended the state chairman for alleged anti-party activities.
Addressing the Court on Tuesday, Counsel to the plaintiff, Isa Hassan-Nalaraba, urged the court to restrain Bello from parading himself as a member or Chairman of the party pending the determination of the matter.
Hassan-Nalaraba said that the embattled state Chairman was still planning to expel the Chairman of his ward, Gayam from the party and urged the court to restrain him from the illegal action.
Counsel to the respondents,  Thomas Ogboshi, said that the plaintiff’s Counsel was being speculative and expressed their determination to respond to the service in writing within the stipulated time allowed by the rules of the court.
After listening to counsels, Justice Mubolaju Olajiwon said that the court would rather hear the substantive case than grant a restraining order against the defendants.
She, however, directed the parties involved to refrain from any action that could affect the case and adjourned to September 25 for hearing.
Confidence Okwuchi

South African President Removes Higher Education Minister

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South African President Cyril Ramaphosa has removed the higher education minister from her position, his office said, after his party’s key coalition partner accused her of misconduct.

The removal of Nobuhle Nkabane from her post could help defuse tensions between Ramaphosa’s African National Congress (ANC) and the Democratic Alliance (DA), the two biggest parties in the coalition government, ahead of a budget vote this week.

The DA alleges that Nkabane helped engineer the appointment of ANC-connected individuals to the boards of skills development organizations and lied to parliament to cover that up.

Nkabane has denied the allegations against her, saying that it had been a privilege to serve in her position.

The DA welcomed Nkabane’s dismissal, the party stepped up its criticism of the minister after Ramaphosa fired its deputy trade minister for not receiving presidential permission for an overseas trip, in the latest spat between the two main governing parties.

The DA threatened to vote against the budgets of departments led by ANC ministers it has accused of wrongdoing, including Nkabane, potentially disrupting the national budget.

Lawmakers are due to consider the last major piece of budget legislation, the Appropriation Bill, on Wednesday.

Reuters/Hauwa M.