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
RHI: First Lady Gives N50m Business Grants To Rivers PWDS, Disabled Veterans …As RGS Unveils Free Medical Services For Vulnerable Persons
Nigeria’s First Lady, Senator Oluremi Tinubu, has extended a major financial lifeline to Persons with Disabilities (PWDs) and disabled veterans in Rivers State.
The support comes under the Renewed Hope Initiative (RHI) Social Investment Programme, a nationwide economic empowerment effort.
The event, held on Wednesday at the Banquet Hall of the Government House, Port Harcourt, coincided with the 2025 International Day of Persons with Disabilities, with the theme: “Fostering disability inclusive societies for advancing social progress”.
Wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, who represented the First Lady of Nigeria, presented the small business grants to the beneficiaries.
The RHI empowerment effort covers all 36 states, the Federal Capital Territory (FCT), and the Defence and Police Officers’ Wives Associations (DEPOWA).
Each jurisdiction will have 250 PWDs receive a N200,000 Business Recapitalisation Grant per beneficiary, amounting to N50million. In total, with N1.9 billion being disbursed to 9,500 PWDs across Nigeria.
Expressing delight at unveiling the programme under the RHI Social Investment Framework, Senator Tinubu noted that the launch was intentionally scheduled for the International Day of Persons with Disabilities.
She emphasised the administration’s commitment to inclusive growth, stating that the nation becomes stronger when all citizens are empowered to contribute.
According to the First Lady, “Our commitment to improving lives has also been demonstrated through various interventions in
Agriculture, Economic Empowerment, Education, Health, and Social Welfare, aimed at improving the well-being of families across our country. To all our beneficiaries, I encourage you to make good use of this opportunity.”
Mrs Tinubu said that the programme aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which seeks to promote inclusive growth and shared prosperity by ensuring that no Nigerian is left behind, especially those whose needs are often overlooked.
She announced that the RHI Governing Board has approved making the Economic Empowerment Programme for PWDs an annual event every December 3.
She thanked the Governor of Rivers State, Sir Siminalayi Fubara; and his wife, Lady Valerie Fubara, for their support, and encouraged the beneficiaries to make good use of the opportunity.
In her speech, Wife of Rivers State Governor, Lady Valerie Siminalayi Fubara, assured that the Renewed Hope Initiative in the State will collaborate with the National Commission on Persons with Disabilities to promote an inclusive society where the rights and privileges of persons with disabilities are guaranteed.
She said that the celebration of the 2025 World Disability Day, reaffirms the government’s commitment to create a more just, inclusive, equitable and sustainable State, where no one is left behind.
Lady Fubara also delivered a strong message of empowerment to the beneficiaries, saying “You are not defined by limitations. You are defined by your strength, your creativity, your persistence, your brilliance, and your unique contribution to this State.”
She urged society to champion inclusion, noting that disability is not a tragedy but that discrimination, silence, and exclusion are.
The governor’s wife confirmed that 250 beneficiaries in Rivers State received the N200,000 grant, and urged all the beneficiaries to utilise the funds wisely.
“Let it be a seed that grows into something greater; a business that sustains you and your family,” she said.
Also speaking, Executive Secretary, Rivers State Contributory Health Protection Programme, Dr Vetty Agala, announced the enrollment of the 250 persons with disabilities into the state’s contributory health protection programme, adding that the beneficiaries will now enjoy free medical care and services at primary, secondary and tertiary levels in the State.
“You’re going to not only access primary care, but anytime you require secondary or tertiary services, you will be referred to those levels of care at no extra cost,” in line with the government’s “Health For All Rivers Initiative,” she said.
In her own remarks, Permanent Secretary of the Rivers State Ministry of Social Welfare and Rehabilitation, Mrs. Lorenta Davis-Dimkpa, stated that efforts are underway to establish a South-South office for the Disability Commission.
She also confirmed that there was an ongoing work to domesticate the 2018 Disability Act.
In her goodwill message, former Justice of the Supreme Court, Justice Mary Odili (rtd), commended both the Federal and Rivers State governments for taking bold steps to ensure persons with disabilities are included in governance.
Earlier in her speech, the State Coordinator of the Renewed Hope Initiative, Hon Tonye Briggs Oniyide, had said that the programme was carefully designed to address the needs of persons with disabilities and disabled veterans, helping them upscale their businesses across the State.
Speaking on behalf of the beneficiaries, Kie Obamanu, called for the full implementation of disability laws to eliminate discrimination.
He expressed gratitude to Nigeria’s First Lady and the wife of the Rivers State Governor for their support.
Highlight of the event was the presentation of the Universal Health Coverage Ambassador Award to Lady Valerie Fubara by the Rivers State Ministry of Health, in recognition of her contributions to improving access to healthcare services in the State.
News
Fubara Assures Greater Collaboration With Navy
Rivers State Governor, Sir Siminalayi Fubara, has assured greater collaboration with Navy and other security agencies in combatting crimes and criminality in the State.
The governor also hailed the appointment of Vice Admiral Idi Abbas as the Chief of Naval Staff, saying he will deliver on his mandate based on his track record of excellence and meritorious service.
Fubara gave this assurance when Abbas and his team paid the governor a courtesy call at the Government House, Port Harcourt, yesterday.
The governor also commended the efforts of the Nigeria Navy in tackling criminality on Rivers waterways and protecting critical national assets.
He emphasized the need for more security surveillance on Rivers State coastal environments to safeguard lives and properties.
According to him, the Navy’s superior technology, manpower, and tactical competence are vital to protecting the state’s vast waterways.
“We need to work together for us to succeed,” he said, stressing that collaboration remains the most effective way to keep residents, assets, and the environment safe.
Pointing out the strategic significance of Rivers State as the hub of Nigeria’s crude oil and coastal infrastructure, Fubara commended the Navy for its continuous efforts in preventing losses to lives, livelihoods, and the ecosystem, and assured the service of the government’s sustained cooperation and support.
On his part, Abbas said his visit was part of a nationwide tour aimed at assessing operational readiness across naval formations since assuming command on October 30, 2025,
The new Naval Chief noted that Rivers State hosts several critical energy installations that fall under the Navy’s mandate to protect, adding that the state also remains central to the Navy’s training operations, with several key units located within its territory.
Abbas commended Governor Fubara for the State’s consistent support, citing the provision of six gunboats and the donation of a school building as significant contributions that have boosted the Navy’s operational efficiency.
He appealed for continued collaboration as the Navy intensifies efforts to secure the maritime domain.
Taneh Beemene
News
Fubara Tasks Traditional Rulers On Peace, Security …Says Education, Job Creation ‘ll Receive Boost In 2026 Budget
Rivers State Governor Sir Siminalayi Fubara has declared that amidst glaring challenges, his administration has remained determined and focused to dispense good governance and put in place the needed development in the State.
The governor disclosed this while addressing the 123rd and 124th combined quarterly general meeting of the Rivers State Council of Traditional Rulers at the Council Secretariat on Monday.
Fubara who commended the traditional rulers for their supports and efforts in promoting peace and development in the State, urged them to live up to their roles as custodians of peace by becoming alert and more vigilant in their domains to tackle the menace of insecurity especially in boundary communities.
He advised the traditional rulers to work with local government chairmen and security agencies to safeguard lives and properties in their domains.
“Let me thank everyone of you from the bottom of my heart, I met you in Government House to say a big thank you, because the royal fathers stood as fathers in our most trying moments.
“I say thank you again for your support, for understanding that your role is fatherly role, and one of the reasons you were elected or selected to be head is to bridge the gap in terms of crisis, and to play fatherly role when called upon. Thank you for ensuring that peace reigns in Rivers State,” he said.
The governor reaffirmed his commitment towards the protection of lives and property in the State.
“Our vision is to ensure that Rivers State is safe, our vision includes the provision of good health care services, which we are doing, the records are there, people from the south east are witnessing what is happening in the Zonal Hospital in Bori, presently. I’m sure that before the end of this year, the Omoku and Ahoada Zonal Hospitals will be commissioned while Degema is 80% completed, we’re not just talking, we’re doing it,” he said.
Fubara, however, dismissed speculations making the rounds on the issue of 10,000 jobs, urging the public to discountenance the false information.
He assured that employment will be carried out in the state based on needs, and not on political considerations.
He disclosed that the 2026 budget will make provision for job creation and the refurbishment of schools in the State which, he noted, are currently in deplorable conditions, having given due consideration to roads and the health sector.
“Let me use this medium to address an issue, I saw some people sending messages to my WhatsApp, they want to protest against 10,000 jobs, they claim was included in the budget, which budget? We are going to employ based on the needs of the state, I’m not going to employ politically to please anybody,” he assured.
The governor promised to address the requests of the traditional rulers, and charged them to ensure that their meeting brings out a strong position that will make the State stronger.
Earlier in his welcome address, the Chairman of the Rivers State Council of Traditional Rulers, and Eze Oha Apara 1V, of Apara Kingdom, HRM Eze Chike Amadi Worlu-Wodo, thanked the governor for personally attending the meeting.
The royal father restated the support of the traditional rulers to the State Government, and presented some requests of the Council to the governor.
“Your Excellency, the news that we have received all over the State is quite cheering and symbolic of the peaceful life and developments that Rivers people yearn for in the State. You have brought back those glorious old days of harmonious living and peaceful coexistence the way it was. May the Almighty God bless you and help you to sustain this laudable feat,” the royal father prayed.
In his remarks, the State Commissioner for Chieftaincy Affairs , Egnr.Charles Amadi, expressed gratitude to the governor for his developmental strides in the State, and also commended the traditional rulers for their unwavering commitment towards promoting peace in the State.
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