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Buhari Seeks $5.5bn Foreign Loans

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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

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Senate Holds Emergency Meeting ‘Morrow

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The Senate has announced that it will hold an emergency plenary sitting tomorrow (Tuesday).

The announcement was made yesterday in a statement signed by the Clerk of the Senate, Emmanuel Odo, who said all senators have been requested to attend.

“The President of the Senate, Godswill Akpabio, has directed the reconvening of plenary for an emergency sitting on Tuesday, February 10th, 2026,” the statement read.

The session is scheduled to commence at 12 noon.

This comes just days after the Senate passed the amendment bill on February 4, but voted down Clause 60(3), which would have required presiding officers to electronically transmit results from polling units directly to the Independent National Electoral Commission’s Result Viewing portal in real time.

The rejected clause aimed to make the process mandatory.

The lawmaker replaced it with the current discretionary “transfer” of results, which allows electronic transmission only after votes are counted and publicly announced at polling units.

Civil society groups and opposition figures in the country have condemned the Senate’s decision, labelling it a setback for Nigeria’s democratic progress.

Senate President Akpabio has, however, defended the Senate’s actions, insisting during a public event that the Senate did not reject electronic transmission and vowing not to be intimidated.

Tomorrow’s emergency sitting could see the Senate reconsider the rejected amendment amid public outcry and potential legal challenges from figures such as lawyer Femi Falana, with possible implications for Nigeria’s democratic processes and the balance between incumbency protections and verifiable voting technology.

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Probe Senate Over Electoral Act, Tax Laws, SERAP Tells CCB

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The Socio-Economic Rights and Accountability Project (SERAP) has petitioned the Code of Conduct Bureau (CCB) to investigate members of the Senate and other public officers over alleged irregularities in the passage of the Electoral Act Amendment Bill and the Tax Reform Laws.

According to a statement issued yesterday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation is seeking a prompt, thorough, and effective probe into claims that some senators removed provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary, despite a majority having voted for their inclusion and without any debate on the proposed removal.

“According to our information, certain members of the Senate allegedly removed the provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary after the majority of the senators had voted for the inclusion of the provisions and without any debate on the proposed removal of the said provisions,” SERAP said.

The organisation also requested the CCB to investigate alterations in the Tax Reform Bills, which reportedly led to discrepancies between the harmonised versions passed by the National Assembly and the copies signed into law and gazetted by the Federal Government.

“Similarly, the National Assembly recently alleged that there are unlawful alterations and some material differences between the tax reform bills passed by the legislative body and the tax reform laws gazetted by the Federal Government.

“A Sokoto lawmaker, Abdussamad Dasuki, raised the issue under a matter of privilege, drawing the attention of the House to the alleged discrepancies between the harmonised versions of the tax reform bills passed by both chambers of the National Assembly and the copies gazetted by the Federal Government.

“The lawmakers said the alterations contained in the gazetted copies did not receive legislative approval. These alleged unlawful alterations raise questions over the legality and legitimacy of both the law-making processes and the versions of the tax laws circulated by the Federal Ministry of Information,” the petition added.

The Senate had denied removing the provisions on electronic transmission of election results, saying it only removed the term “real time” from the sentence, citing judicial concerns.

Similarly, the National Assembly had initiated investigations into the alleged discrepancies in the tax bill and released a “certified” version of the Acts to address the contradictions. The law took effect on January 1, 2026.

SERAP said the petition is submitted under paragraphs 1 and 9 of the Code of Conduct for Public Officers contained in the Fifth Schedule, Part 1 of the 1999 Constitution (as amended), and sections 5 and 13 of the Code of Conduct Bureau and Tribunal Act.

It alleged that the processes leading to the passage of the Electoral Act Amendment Bill and the signing of the Tax Reform Laws were marked by alterations to bill provisions without debate and due process of law, as well as alterations to the Tax Reform Bill without the approval of the National Assembly.

“The petition raises issues of conflict of interest, abuse of office, non-disclosure of interests, lack of due process, and erosion of the Code of Conduct for Public Officers in the exercise of legislative power.

“There are also allegations that certain amendments may have been removed or introduced to the Electoral Act Amendment Bill and the Tax Reform Laws to serve private or political interests rather than the public interest,” the petition reads.

Citing the Constitution, SERAP noted that public officers must not place themselves in situations where personal interests conflict with official duties.

Specifically, the organisation asked the Bureau to formally register the petition and “promptly, thoroughly, transparently, and effectively investigate the conduct of the lawmakers and officers of the executive branch allegedly involved;

“Examine whether inducements, benefits, or promises were offered or received in connection with those acts;

“Examine whether the alleged cumulative conduct of lawmakers and officers of the executive branch amounted to abuse of legislative power, conflict of interest, and breach of due process, contrary to the Code of Conduct for Public Officers;

“Refer any substantiated violations to the Code of Conduct Tribunal; and

“Take all necessary steps to uphold the principle that public office is a public trust.”

The petition requested that the Bureau consider the complaint within seven days, warning that legal action could follow if there is no response.

Dated February 7, 2026, the petition was signed by Oluwadare and sent to the Chairman of the Code of Conduct Bureau, Mr Abdullahi Bello.

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Red Cross Unveils New Generation Of Humanitarians In PH

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The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.

The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.

The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.

In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.

With the flag raised, CCS was formally declared a member institution of the NRCS.

As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.

Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.

Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.

Also speaking,  the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.

The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.

Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.

“It was awesome. We thought it would not be possible, but today it was glorious,” she said.

Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.

“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.

Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.

The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.

She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.

“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.

She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.

Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),

Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.

Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.

The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.

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