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Nigeria’s debt set to hit $115.3 billion as Tinubu seeks fresh $6bn loan

Published

2 months ago

March 31, 2026

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.

News

Bullet sounds boom as election approaches

Published

2 days ago

June 11, 2026

News Diggers

Tension gripped Osogbo, Osun State capital, on Tuesday following violent clashes between supporters of the ruling Accord Party and the opposition All Progressives Congress (APC), which left one person dead and two others injured.

The incident, which occurred in several parts of the city, also triggered heavy gunfire that sent residents fleeing for safety in panic as security operatives and political supporters allegedly exchanged shots in different locations.

The injured victims were rushed to the UNIOSUN Teaching Hospital and other private medical facilities in the state capital for treatment.

Eyewitnesses said the violence began around 1:30pm when a convoy allegedly conveying APC supporters moved through parts of the city, including Akoda and Aisu junction. The movement was said to have sparked a confrontation with some Accord Party supporters, escalating into shooting.

Gunshots were later reported in areas including Owode, Aisu, Olaiya, Oke-Fia, Government House axis, and Old Garage, throwing the state capital into confusion as residents scampered for safety.

It was further gathered that security operatives attached to the convoy allegedly fired shots sporadically in an attempt to disperse attackers at Aisu junction and other flashpoints, further heightening tension across the city.

Reacting to the violence, Governor Ademola Adeleke described the attacks as “unprovoked and outrageous,” alleging attempts to destabilise the state. He called on the National Security Adviser, Inspector General of Police, Department of State Services (DSS), and other security heads to intervene urgently, especially after visiting victims at the UNIOSUN Teaching Hospital and other health facilities.

Adeleke also accused unnamed political actors of sponsoring violence, claiming that recent months had seen repeated attacks targeting members of the Accord Party across the state. He further alleged that security agencies had not acted decisively to arrest perpetrators.

According to him, earlier reports of violence also emerged from Ile-Ife, particularly the Sabo area, before spreading to Osogbo and Ede.

“The attackers in a 15-vehicle convoy branded with AMBO pictures further launched attacks at Owode. They then proceeded to Olaiya, Old Garage, Oke-Fia and even around Government House,” the governor alleged.

He appealed to President Bola Tinubu to intervene and caution political actors allegedly linked to the unrest, insisting that elections must be conducted in a peaceful atmosphere.

Meanwhile, the Accord Party chairman, Pastor Victor Akande, also condemned the violence, calling on the Inspector General of Police, Kayode Egbetokun, to investigate the incident and alleging the involvement of the APC governorship candidate, Asiwaju Bola Oyebamiji.

Security agencies had yet to issue an official statement on the incident at the time of filing this report.

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Criminals, not bandit killed army officer- Police

Published

2 days ago

June 11, 2026

News Diggers

The Ogun State Police Command has confirmed that five persons, including a soldier and a local hunter, died during a violent attack in Magbon Etido, Mowe, in Obafemi Owode Local Government Area of the state.

In a statement issued in Abeokuta on Wednesday, the Police Public Relations Officer, Oluseyi Babaseyi, said the incident was an “isolated criminal attack” and not a bandit operation as speculated in some quarters.

According to the command, the attackers struck the community, killing a soldier who was on security duty and injuring another military personnel, who is currently receiving treatment.

The assailants also abducted four residents during the raid. Babaseyi said police operatives, working alongside the military and other security agencies, immediately launched a coordinated search-and-rescue operation.

He added that one of the abducted victims was rescued alive, while the remains of the other three were later recovered during the operation.

During the subsequent bush-combing exercise, a local hunter assisting security operatives was reportedly killed in an encounter with the fleeing suspects.

“The Command extends its condolences to his family,” the statement said, while assuring that efforts were ongoing to track down the perpetrators and prevent further attacks.

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2027: North rules out Tinubu, says policies on economy highly disappointing

Published

3 days ago

June 10, 2026

News Diggers

The National Publicity Secretary of the Arewa Consultative Forum (ACF), Prof. Tukur Mohammed-Baba, has said President Bola Tinubu has lost considerable political goodwill in Northern Nigeria since the 2023 general election, citing worsening economic conditions and insecurity.

Mohammed-Baba made the remarks during an interview on PrimeTime on Arise Television on Monday, where he criticised the country’s political leadership and expressed disappointment over the lack of clear policy direction from major political actors ahead of the 2027 presidential election.

According to him, the North has become increasingly disillusioned with the political class, which he accused of prioritising personal ambitions over the welfare of citizens.

“I have not seen a party that articulates a clear policy ambition or an ideological standard. The average northern voter is disillusioned and has been for a long time,” he said.

“We have tried all kinds of permutations—northern candidates, Muslim-Muslim tickets, and so on. It seems to the average northerner that all this politics is about personalities and personal interests. It is not about people.”

Assessing Tinubu’s administration, Mohammed-Baba said the impact of government policies had been difficult for many Nigerians.

“The impact of his policies on the economy and especially on individual lives has been highly disappointing, if not disturbing,” he said.

He also expressed concern over the security situation across parts of the country, arguing that the government’s response had fallen short of expectations.

“Furthermore, the insecurity thing, no matter what the government says, is getting worse,” he said, noting that discussions around the deployment of forest guards had come only after renewed attacks in parts of the country.

Mohammed-Baba warned that communities increasingly resorting to self-help in the face of insecurity posed a threat to the authority of the state.

“We are gradually normalising self-help—that unless you do something, the government will not be there to protect you. That undermines the essence of the role of the state,” he stated.

The ACF spokesman also criticised former Vice President Atiku Abubakar, describing him as a “recurring decimal” in Nigeria’s presidential politics.

“I don’t see anything from him that presents an alternative apart from saying this government has failed,” Mohammed-Baba said. “Where is the beef?”

On Peter Obi, he argued that the former Anambra State governor had failed to sustain whatever political goodwill he enjoyed in the North before the 2023 elections.

“He has moved to two or three parties. The question we ask is: what does he want?” he said.

Mohammed-Baba further criticised Obi’s running mate, Rabiu Kwankwaso, over comments he said appeared to compare himself with revered northern figures such as Ahmadu Bello and Aminu Kano.

“In the North, that is very irreverent. It would be highly delusional for him to go that far and say he presents an alternative,” he said.

“An alternative in terms of what? Has he articulated anything on the economy, security, or infrastructure? When you keep talking about things in abstract terms that run counter-intuitive to what the people have held on to, you will run into trouble.”

Asked to identify a potential presidential aspirant capable of winning northern support ahead of 2027, Mohammed-Baba declined to endorse anyone.

“We are waiting to see,” he said.

He also cautioned the ruling All Progressives Congress (APC) against complacency, warning that attempts to weaken opposition parties through defections and legal battles could backfire.

“Nothing fails like success. Be very careful, because sometimes complacency can spring surprises,” he said.

Mohammed-Baba rejected suggestions that the North remained a unified voting bloc capable of determining election outcomes on its own.

“No one region can determine on its own the outcome of a presidential election, and the North has never been able to do so alone, outside of military rule,” he said.

With rising fuel prices, increasing numbers of out-of-school children and persistent attacks by bandits in parts of the North-West, Mohammed-Baba maintained that Nigerians were searching for leaders with practical solutions to the country’s challenges.

“Is there anybody offering an alternative now?” he asked. “I don’t see anything.”