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
Operatives of the National Drug Law Enforcement Agency (NDLEA) have foiled attempts by drug trafficking syndicates to smuggle illicit substances concealed in carton walls, winter jackets, and body cream containers through Murtala Muhammed International Airport and a Lagos-based courier firm.
The agency said two consignments bound for Italy were intercepted at the Lagos airport, leading to the arrest of suspects linked to the shipments.
In a statement released yesterday, the agency’s spokesman, Femi Babafemi, said one of the suspects, 37-year-old Friday Ehianuka, was intercepted on Friday, March 20, 2026, while attempting to board an Ethiopian Airlines flight to Rome, Italy.
The statement partly read, “Two of the consignments heading to Italy were to be moved through the Lagos airport where two suspects linked to the shipments were promptly arrested.
“One of them, 37-year-old Friday Ehianuka, was going to Rome, Italy on Friday, March 20, 2026, when he was intercepted while attempting to board an Ethiopian Airlines flight with 2,698 pills of tramadol 225mg concealed in containers of skin-lightening body cream, all packed in the suspect’s luggage.
“In his statement, Ehianuka, who is a resident of Milan, confirmed that he was to be paid a negotiated fee in Euros if he had succeeded in trafficking the consignment to Italy.”
In another operation on Wednesday, March 18, Babafemi said NDLEA officers at the departure hall intercepted another passenger, Christian Agbonhese, attempting to board a Lufthansa flight to Milan.
A search of his luggage uncovered 23,150 pills of tramadol 225mg, 4,000 tablets of tapentadol 250mg, and 1,320 pills of tramadol 100mg concealed in two large winter jackets.
“No fewer than 23,150 pills of tramadol 225mg; 4,000 tablets of tapentadol 250mg; and 1,320 pills of tramadol 100mg, all concealed in two large winter jackets, bringing the total number of opioids recovered from him to 28,470 pills. The 38-year-old Agbonhese is also a resident of Milan,” the statement added.
In a separate operation at a courier firm in Lagos, Babafemi said NDLEA officers on Monday, March 16, intercepted two parcels of Loud, a strong strain of cannabis weighing 1kg, hidden in a carton shipped from the United States.
“Also thwarted was an attempt to export 158 grams of methamphetamine concealed in the walls of a carton to New Zealand,” he said.
In Kano State, operatives arrested Abdulkadir Mamuda, 35, with 102.5kg of skunk at Dan-Tsalle, while another suspect, Uche Johnson Festus, 47, was nabbed at Naibawa Gabas with 95.5kg of the same substance.
Babafemi said the agency also recovered 21,737 bottles of codeine-based syrup during a raid at Otto, Ijora area of Lagos on Wednesday, March 18, adding that two suspects, Chidiebere Anigbogu and Paul Nwagbara, were arrested the same day on the Third Mainland Bridge while conveying 8,380 bottles of the syrup.
In Edo State, operatives recovered 97.5kg of skunk from the residence of Akeem Idde, 37, in Ojah, Akoko-Edo Local Government Area on March 16.
In the FCT, officers intercepted a commercial bus along the Gwagwalada Expressway on March 18, recovering 91,840 pills of tramadol hidden in body compartments of the vehicle. The driver, Aminu Ali, 27, was arrested.
In Oyo State, a suspect, Bankole Bari, was on Tuesday, March 17, arrested at Oke-Oyan, Ibarapa LGA, with 71.2kg of skunk, which he smuggled into Nigeria from Benin Republic through the Oyan River.
In a similar development, “Not less than 586,000 pills of tramadol and Exol-5 were recovered by NDLEA operatives from Lawal Anas, 28, along Kaduna-Zaria Highway, Kaduna, on Tuesday, March 17, while 7,290 tablets of tramadol 225mg were seized from Musa Shuaibu, 22, at the same location on Friday, March 20,” Babafemi said.
In Taraba State, officers intercepted Aliyu Adamu, 26, along the Takum-Jalingo Highway with 77,660 capsules of tramadol, while in Adamawa State, six suspects were arrested in connection with the seizure of 82.8kg of tramadol in a truck in Yola.
The suspects include Ramatu Aliyu, Jungudo Abdullahi, Najid Abdullahi, Musa Mohammed, Usman Abdulrahim, and Musa Mohammed.
The agency said its commands across the country also intensified War Against Drug Abuse sensitisation campaigns in schools, worship centres, and communities during the week.
Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), commended officers of the MMIA, DOGI, Lagos, Kano, Kaduna, Edo, Oyo, FCT, Taraba, and Adamawa commands for the arrests and seizures, urging them to sustain the balanced approach to drug control efforts.
News
RSG Applauds FRSC, NDLEA For Enhancing Security In Rivers …As NDLEA Pushes For Drug Tests In Schools, NYSC Camps
The Rivers State Government has commended the dedication and collaboration of federal government agencies in sustaining security in the State.
Speaking during a courtesy visit by the State Commander of the Nigerian Drug Law Enforcement Agency (NDLEA), CN Bature Dawa, in Port Harcourt, last week, the Secretary to the State Government, Dr. Dagogo Wokoma, said Governor Siminalayi Fubara appreciates the strong synergy between the agencies in promoting his administration’s vision of peace, prosperity and progress in the State.
Wokoma urged residents to remain law-abiding, noting that respect for the law is essential for good governance and sustainable development in all parts of the state.
He stated that the governor has remained committed to initiatives that promote peace and social order, stressing that the administration will continue to support programmes of federal agencies aimed at strengthening security and public safety.
“Our governor is committed to peace, progress and prosperity in Rivers State. I therefore encourage all residents, especially young people who are often targeted by those involved in drug abuse, to stay away from drugs, crime and reckless driving,” he said.
In his remarks, the State NDLEA boss, Dawa, disclosed that the agency has arrested 39 suspects in the state from December 2025 to date, including 16 new cases currently under investigation.
He explained that the NDLEA, through its Drug Demand Reduction and Drug Supply Control Units, has intensified efforts to curb the spread of illicit drugs and ensure offenders are brought to justice.
Dawa also called on parents and guardians to closely monitor their children, while urging hotel owners and managers to remain vigilant and prevent their facilities from being used for drug-related activities.
He further advocated the introduction of drug integrity tests in schools and within the National Youth Service Corps (NYSC) scheme as part of measures to discourage drug abuse among young people.
In a related development, Dr Wokoma received the Sector Commander of the Federal Road Safety Corps (FRSC), CC Inyang Umoh, during a courtesy visit, and urged residents to abide by road safety laws and drive in consideration of other road users.
In his remarks, the FRSC boss expressed appreciation to Governor Fubara for the continuous support to the Corps.
Muslims in Rivers State have commended Governor Siminialayi Fubara for his dedication and commitment to the development of the state.
They also lauded the governor for promoting peaceful co-existence among various religious groups in the state.
Vice President General of the Nigerian Supreme Council for Islamic Affairs ,Alhaji Nasil Awhelegbe Uhor, gave the commendation last Friday during the Eid-el Fitri prayer to mark the end of Ramadan fasting period, at the Port Harcourt Central Mosque, Niger Street, Port Harcourt.
Speaking to newsmen shortly after the prayer, Alhaji Uhor said Governor Fubara has shown exemplary leadership in the affairs of the state.
Uhor who is the leader of the South South Muslim Ummah of Nigeria, called on Muslims to remain committed to the ideal of peace and fear of the Almighty Allah.
According to the Rivers State Islamic leader, the message is for Muslims to imbibe and allow the lessons of Ramadan to sink into their lives and shape their ways of doing things.
He urged Muslims to imbibe the culture of love and respect for one another.
“My message is that all Muslims should imbibe and allow the lessons of Ramadan to sink with them,” he advised.
Uhor stressed the need for Muslims and all Nigerians to remain patriotic, while avoiding all forms of anti-social behaviours.
He also called on the political leaders to put the country first, stressing that there is no need for Nigerians to continue to wallow in abject poverty when the country is so rich with natural resources.
Also speaking, the Chief Imam of Rivers State, Alhaji Ibrahim S Yalo, urged Muslims to fear God, and speak the truth always.
According to him, time has come for Nigerians to cultivate the habit of peaceful coexistence, speak the truth and be each others keeper.
“Nigerians own a duty to ensure peace, live together in fear of God and speak the truth always,” he said.
By: John Bibor