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Akpabio set to approve another loan request by Tinubu
Nigeria’s debt burden is set to worsen as President Bola Tinubu has formally written to the Senate, seeking approval for a $516.3 million foreign syndicated loan to support the construction of the Sokoto–Badagry highway.
This was contained in a communication read by the President of the Senate, Godswill Akpabio, on Thursday.
The message said President Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and 1B of the project. The loan facility is to be arranged through Deutsche Bank AG.
President Tinubu explained that the superhighway project is a flagship initiative under his administration’s Renewed Hope Agenda, designed to enhance national connectivity, reduce travel time, and improve the movement of goods across key economic corridors.
The proposed 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela to Badagry.
He noted that the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), while the Federal Government will provide counterpart funding of over 265 billion naira for land acquisition, compensation, and related infrastructure.
According to the president, the loan is structured for nine years, including a three-year grace period, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum. The Federal Executive Council has already approved the financing plan.
Following the presentation of the request at plenary, Akpabio referred the matter to the Senate Committee on Local and Foreign Debts, directing it to report back within one week.
Endorsing the move, the Senate President said that it is better to borrow for projects to improve road safety and foster national integration.
News
Two APC states reschedule governorship primaries
PRESS STATEMENT
The All Progressives Congress (APC) has announced the rescheduling of its Governorship Primary Elections in Bauchi State and Kwara State to Friday, May 22, 2026.
In the same vein, the party has approved a new date for the State House of Assembly Primary Elections in Maradun I and Maradun II constituencies of Zamfara State, which will now hold on Sunday, May 24, 2026.
The decision was ratified by the National Working Committee (NWC) after consultations with critical stakeholders as part of efforts to guarantee a transparent, peaceful, orderly, and credible primary election process.
The party reiterated its commitment to upholding internal democracy and ensuring the successful conduct of all primary elections ahead of the forthcoming polls.
Signed:
Felix Morka
National Publicity Secretary
All Progressives Congress (APC)
News
Abia moves closer to energy independence
The Governor of Abia State has reaffirmed his administration’s commitment to achieving energy independence and expanding access to reliable electricity across the state following a high-level meeting with the leadership of the Niger Delta Power Holding Company (NDPHC).
The governor disclosed this after receiving the Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, alongside members of her management team during a courtesy visit to his office.
During the meeting, the governor praised the successful revival of the Alaoji Power Plant in Aba, describing the development as a major breakthrough in ongoing efforts to guarantee stable and uninterrupted electricity supply in the state.
According to him, the restoration of operations at the plant represents a critical milestone in strengthening power generation and supporting industrial growth, particularly within the Aba economic corridor.
He revealed that the Alaoji Power Plant currently dispatches approximately 375 megawatts of electricity to the national grid, while expansion plans are already underway to increase output capacity to nearly 800 megawatts, with long-term projections targeting up to 1,100 megawatts.
The governor noted that electricity remains central to his administration’s broader economic transformation agenda, stressing that sustainable power supply is essential for industrialization, job creation, healthcare delivery, education, and overall social development.
He explained that since assuming office, his government has implemented strategic reforms aimed at repositioning the power sector within the state. These reforms include the ring-fencing of the Aba industrial cluster to ensure more efficient electricity management and the ongoing process to acquire the Umuahia electricity axis of the Enugu Electricity Distribution Company (EEDC).
According to the governor, the measures are designed to place electricity generation, regulation, and distribution substantially under the control of the state government, thereby enabling faster decision-making and improved service delivery.
He expressed optimism that deeper collaboration between Abia State and NDPHC would make it possible to wheel electricity directly from the Alaoji facility to the remaining eight local government areas outside the Aba corridor.
The planned expansion, he said, would ensure that homes, schools, hospitals, and industries across the state gain access to reliable and affordable power supply.
The governor further emphasized that improved electricity infrastructure would significantly boost economic productivity, attract investors, strengthen small and medium-scale enterprises, and enhance the quality of life for residents.
Reaffirming his administration’s vision, he declared that Abia State is prepared to lead Nigeria’s push toward subnational energy independence through strategic partnerships, infrastructure investments, and sector reforms.
He added that the state government remains committed to building a power ecosystem capable of driving industrial production, supporting innovation, and sustaining long-term prosperity for the people of Abia.
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