News
Buhari Seeks $5.5bn Foreign Loans
President Muhammadu Buhari has requested the Senate’s approval to borrow the sum of five billion, five hundred million dollars from external financial sources, to fund capital projects in the 2017 budget and to finance local debts as well.
President Buhari in a letter read to the Senate by the President of the Senate, Bukola Saraki yesterday, said the external loan are expected to come in two parts .
First is $3.0 billion for re-financing of maturing domestic debt obligations of the Federal Government, and the second part of $2.5 billion for the financing of the Federal Government’s 2017 Appropriation Act and Capital Expenditure projects in the Act.
According to the letter, the request for the external loan of three billion was based on the resolution arrived at by the Federal Executive Council (FEC) in its meeting held on August 9.
As stated in the letter, the $2.5billion would be borrowed from international capital market, through Eurobonds or a combination of Eurobond and diaspora bonds, while , the $3 billion would be sourced from Eurobond in the international market, and, or through loan syndication by banks.
According to the letter, the $2.5 billion external loan would be used to finance the deficit in the 2017 Appropriation Act and provide funding for the capital projects in the budget, which it listed to include Mambilla Hydropower Project, construction of a second runway at the Nnamdi Azikiwe international Airport.
Other projects to be funded by this loan are: counterpart funding for rail projects and the construction of the Bodo-Bonny Road, with a bridge across the Opobo Channel.
The three billion dollars , President Buhari said would be used for the re-financing of domestic debts would be used to reduce the debt service levels and lengthen the tenure profile of the debt stock, hence the federal government seeks to substitute maturing domestic debt with less expensive long term external debt.
Buhari in the letter also told the Senate that the loan request would not lead to increase in the public debt portfolio of the country,
According to him , the substitution of domestic debt with relatively cheaper and longer term external debt will lead to a significant decrease in debt service cost, adding that the proposed refinancing of domestic debt through external debt will also achieve more stability in the debt stock while also creating more borrowing space in the domestic market for the private sector.
”It is important to note that the proposed sourcing of three billion dollars loan from external sources to refinance maturing domestic debt will not lead to an increase in the public debt portfolio because the debt already exists, albeit in the form of high interest short term domestic debt”.He wrote.
However, terms and conditions of the borrowing as indicated in the letter can only be determined at the point of issuance of finalization based on prevailing market conditions in the International Capital Market.
President Buhari futher urged the Senate to give the request expeditious consideration and ,as he reminded them to note that the external loan terms is a market based transaction specifically determined by the timing and prevailing conditions of the capital market at the time .
Meanwhile, Senate yesterday approved a budget of N152.8 billion for the 2017 expenditure of the Federal Inland Revenue (FIRS).
The approved budget indicates
a total of N31 billion representing 20.33 of the total budget mapped out for capital budget.
Following the report and recommendation of the Senate Finance committee, the Senate approved N75.8 billion as personnel cost which is 49.58 percent, N46 billion for overhead cost also of 30.09 percent.
The personnel cost however increased from N51.8 billion in 2016, to N75.8 billion in 2017 due “to the planned recruitment of 700 additional staff in 2017 and upward review of salary by 30% as approved by Salary, Wages and Income Commission,”
The FIRS has a projection of N4.9 trillion of revenue in its 2017 budget.
The Nigerian Senate also approved the sum of N270.5billion budget for the Nigeria Ports Authority (NPA) for the year 2017.
The NPA also has a revenue projection of N288.7billion in the year 2017
Also N161.9 billion was approved for the Nigerian Maritime Administration and Safety Agency (NIMASA) with a projected revenue of N161.9 billion for 2017.
In his remarks at plenary, the President of the Senate , Bukola Saraki noted that it is necessary for revenue generating agencies to live up to their mandates as this would reduce the need for borrowing by the Federal Government.
Saraki said the Senate would ensure through its oversight functions that the agencies live up to expectations.
Nneka Amaechi-Nnadi
News
Be Patient With Us, Diri Tells Bayelsans … Inspects New 60mw IPP …Expresses Confidence In Technical Partners, BECL MD
News
Akpabio Withdraws All Defamation Suits After Priest’s Sermon
The Senate President, Senator Godswill Akpabio, has directed his lawyers to withdraw all ongoing defamation lawsuits against several individuals, saying he was moved by counsel during a New Year Mass.
Speaking at the Sacred Heart Parish in Uyo, yesterday, Akpabio said he had filed nearly nine lawsuits against individuals he accused of defaming him.
He said, “I had almost nine cases in court against some individuals who defamed me, who lied against me, who slandered my name.
“But I listened to the priest and suddenly realised he was talking to me, so I hereby direct my solicitor to withdraw all lawsuits against them.”
In 2025, Akpabio had filed several high-profile defamation lawsuits, including one against colleague Senator Natasha Akpoti?Uduaghan.
In late 2025, Akpabio filed a N200 billion defamation lawsuit against her over allegations of sexual harassment, which he denied and urged her to substantiate in court.
Earlier in the year, Akpabio’s wife also filed defamation suits against Akpoti?Uduaghan over claims she said had harmed her family’s reputation.
Relations between the two lawmakers soured after Akpoti?Uduaghan accused Akpabio of influencing her suspension from the Senate in March 2025, following her public allegations of misconduct.
The Senator had previously challenged actions taken against her in court, including a N100 billion defamation suit she filed against Akpabio and other defendants over alleged remarks that she said damaged her reputation.
With yesterday’s announcement, Akpabio has formally ended all pending legal disputes arising from defamation claims, signalling closure to the publicised litigations as the year begins.
News
‘Best Way To Show Gratitude Is To Deliver Tinubu in 2027’
Rivers State Governor, Sir Siminalayi Fubara, has declared that the best form of gratitude Rivers people owe President Bola Ahmed Tinubu for protecting the interest of the State is to galvanize massive support for the President in 2027.
Fubara disclosed this last Monday during the commissioning of Permanent Secretaries Quarters built by his administration at Elimgbu in Obio Akpor Local Government Area of the State.
He said that the State has what it takes to deliver the President during the 2027 general elections.
“We’ve taken a decision,our decision is for the good of Rivers State, our decision is to say thank you for the protection we have from Mr President, our decision is to prove that we have what it takes to deliver Mr President.”
Fubara expressed delight over the completion of the project, stating that the initiative was to provide accommodation, a basic need of life for public servants in the state to improve their productivity.
He explained that lack of effective social welfare was at the root of some incriminating actions that undermine the purpose of governance, noting that the commissioning of the newly built Permanent Secretaries Quarters marks a significant milestone in civil service welfare and institutional development.
“Insecurity begins when individuals are uncertain of what the next hour holds. This situation is especially challenging for family men and women, affecting confidence and decision-making,” he observed.
Fubara emphasized the need for proper maintenance of the facility and urged the beneficiaries to protect the project like a personal property, while directing the State Head of Service to appoint a facility manager to ensure long-term maintenance.
In her remarks, the Special Guest of Honour and Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, who unveiled the project, expressed appreciation to the governor and Rivers State for inviting her to commission the project.
She commended Fubara for prioritizing the welfare of Permanent Secretaries who are senior public servants and accounting officers, noting that the project reflects purposeful and visionary leadership, and urged other states to borrow a cue from the Rivers State Governor.
Walson-Jack described the initiative as a strategic investment in staff welfare and institutional continuity which she noted is in line with Renewed Hope Initiative on provision of mass housing and social stability.
“The commissioning of these houses reflect a deliberate commitment to the dignity, welfare, and productivity of senior public servants responsible for policy coordination and service delivery,” she said.
In his goodwill message, the National Secretary of the All Progressives Congress (APC), Senator Ajibode Bashiru, who led a high powered delegation on a visit to the governor, congratulated Rivers people for aligning with the Pan Nigerian political party, assuring that the interest of Rivers State will be duly protected in the APC.
He described President Bola Tinubu as a detribalised Nigerian who anchors his leadership on equity, fairness and justice, adding that the APC will provide a level playing ground for all.
The APC chief scribe also commended Fubara for providing good accommodation for public servants, stating that it will address issues of sabotage, compromise and disloyalty on the part of public servants.
Giving the project description, Permanent Secretary, Rivers State Ministry of Works, Dr. Austin Ezekiel-Hart, said the estate comprises 29 units, including nine standalone duplexes and 20 terrace buildings.
Facilities feature a water treatment plant, synchronized power generators, CCTV and alarm systems, a gym, recreational areas, and green spaces—designed to enhance comfort, performance, and productivity.
Earlier, the Head of the Rivers State Civil Service, Dr Mrs Inyingi Brown, had thanked the governor for his visionary initiative and unwavering commitment to the welfare of Rivers State Civil Servants, and restated the commitment of the State civil servants to the success of Fubara’s administration.
By: Taneh Beemene
-
Sports3 days agoAFCON ’25: Osimhen Not Worried By Yekini Comparison, Pressure
-
Politics3 days agoYou Have No Power To Drop Me, Ekiti PDP Candidate Tells INEC
-
Sports3 days agoOgoni Nation Cup : Coach Praise Players In spite 2-0 Loss
-
Sports3 days agoRemo Stars set for Ikenne return
-
Sports3 days agoSoname Calls For NPFL referees demotion
-
Sports3 days agoChelsea Set To Part Ways With Maresca?
-
Sports3 days agoTackling age falsification among athletes In Nigeria
-
Business3 days agoKALCCIMA PROMISES KALABARI ECONOMIC GROWTH, INAUGURATES NEW EXECUTIVES
