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Nigeria’s debt set to hit $115.3 billion as Tinubu seeks fresh $6bn loan
Nigeria’s President Bola Ahmed Tinubu is seeking approval for new external loans totalling $6 billion to fund infrastructure projects, debt servicing, and port rehabilitation.
In a letter addressed to Senate President Godswill Akpabio and read during Tuesday’s plenary, the President sought approval for a $5 billion facility from First Abu Dhabi Bank. If approved, Nigeria’s total public debt would rise from $110.3 billion to $115.3 billion.
Tinubu urged the Senate to grant “urgent approval,” noting that the loan would be backed by naira-denominated securities as collateral.
In a separate letter, the President also requested approval for an additional $1 billion loan to rehabilitate the Lagos Port Complex and Tin Can Island Port.
According to him, the facility—arranged by Citibank London and backed by UK Export Finance—is aimed at modernising the two major ports to improve efficiency, safety, and overall functionality.
He stated that the rehabilitation would address longstanding infrastructural deficiencies, align operations with global best practices, and support economic growth.
The President added that the proposed loan would have a repayment tenure of 14 years, including a 48-month availability period, with a 1.1 percent availability fee and a 1.07 percent UKEF premium.
Both requests have been referred to the Senate Committee on Local and Foreign Loans for further scrutiny, with a directive to report back to plenary as soon as possible.
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SAN reacts to deregistration of ADC, others
A Senior Advocate of Nigeria and policy analyst, Dr. M. O. Ubani, has questioned the legal basis of a recent Federal High Court judgment directing the Independent National Electoral Commission (INEC) to deregister five political parties, arguing that the decision may have extended beyond the position previously established by the Supreme Court.
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Six-yr-single term: SAN speaks on right framework
The opinion piece by legal practitioner and policy analyst, Dr. Monday.O. Ubani (SAN), has reignited discussions over the proposal for a single six-year tenure for Nigeria’s President and state governors, questioning whether the constitutional amendment would address the country’s governance challenges or merely divert attention from more pressing issues.
In a statement titled “Six-Year Single Tenure for the President and Governors: A Solution or a Distraction?”, Ubani examined the renewed advocacy for a non-renewable six-year term for chief executives at both federal and state levels.
The proposal, recently championed by Senator Opeyemi Bamidele and other supporters, is premised on the argument that elected leaders who are not preoccupied with re-election campaigns would devote greater attention to governance and long-term policy implementation.
According to Ubani, the argument possesses a degree of merit, noting that under Nigeria’s current constitutional framework, presidents and governors serve four-year terms with the possibility of one re-election. He observed that political calculations surrounding second-term bids often begin long before the expiration of a first tenure, potentially influencing policy decisions and governance priorities.
“A single tenure could potentially eliminate this concern and encourage long-term policy implementation,” he noted.
However, the Senior Advocate of Nigeria cautioned that the debate should extend beyond considerations of administrative efficiency. He argued that democracy is fundamentally anchored on accountability and good governance, with the prospect of re-election serving as a critical mechanism through which citizens assess the performance of elected officials.
Ubani warned that removing the incentive of electoral appraisal could weaken democratic responsiveness and accountability.
Drawing from comparative constitutional experiences across different regions of the world, he maintained that there is no direct relationship between the length of tenure and the quality of governance. He pointed out that several countries in the Americas and Northern Europe, despite operating relatively short executive tenures, have produced transformative leaders. Conversely, some African nations that allowed extended periods in office have grappled with poor governance, institutional decline and democratic setbacks.
He further argued that Nigeria’s own political experience demonstrates that leadership quality and institutional effectiveness have a greater impact on governance outcomes than tenure duration.
According to him, strong institutions, adherence to constitutional limits, transparency and respect for the rule of law remain the key determinants of successful governance.
From a constitutional standpoint, Ubani stated that the national conversation should not be limited to choosing between a six-year or an eight-year arrangement. Rather, he said, the focus should be on identifying a framework that best promotes accountability, political stability, effective governance and democratic development.
He acknowledged that introducing a six-year single tenure through constitutional amendment is legally feasible, provided the procedures stipulated in the Nigerian Constitution are strictly followed.
Nonetheless, Ubani questioned whether such a reform would address the underlying challenges confronting governance in the country.
“It is possible that tenure reform may alter political incentives, but it cannot substitute for competent leadership, institutional integrity and citizen participation,” he argued.
The legal practitioner stressed that effective leadership is not necessarily dependent on the length of time spent in office, noting that capable leaders can deliver meaningful results within limited tenures, while ineffective leaders may inflict greater damage even with extended periods in power.
He concluded that Nigeria’s central challenge lies not in determining how long presidents and governors should remain in office, but in ensuring that those entrusted with public office govern responsibly, effectively and in accordance with constitutional principles.
“The true measure of democratic success,” Ubani said, “is the ability to ensure that whoever occupies public office delivers the dividends of democracy while remaining accountable to the people and the Constitution.”
News
Monarch’s wife shot as hoodlums abduct husband
Ondo State Police Command has launched an intensive rescue operation following the suspected abduction of a community leader in Ode Oriya Village, Owo Local Government Area of the state.
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