News
FG Closes N3.1trn 2021 Domestic Borrowing
With the latest N250billion Sukuk, the Debt Management Office (DMO), has successfully brought to close, the sum of N3.143trillion domestic borrowing contained in 2021 budget.
All of the domestic borrowings had been realised prior to now say for N250billion, whose offer was unveiled to both institutional and private investors at an investors’ forum in Abuja, yesterday.
Addressing investors and media in Abuja, Director-General of DMO, Ms. Patience Oniha noted that unlike previous Sukuk bond offer that had only Federal Ministry of Works and Housing as sole government’s agency to utilise proceeds for road construction, the N250billion Sukuk has two other ministries, Federal Capital Territory (FCT) and the Ministry of Niger Delta Affairs.
Amongst roads listed for construction by Federal Ministry of Works and Housing, include, Abuja-Lokoja road section iv (Koton Karfi-Lokoja); dualisation of Obajana junction to Benin phase 2: section 1 (Obajana junction to Okene); construction of Oju/Loko-Oweto bridge to link Loko and Oweto with approach roads; Makurdi–Naka–Adoka–Ankpa Eoad in Benue State; construction of Baro Port to Gulu town in Niger State and reconstruction of Nasarawa-Loko road in Nasawara State section, amongst others.
The ministry has road projects to construct across the six geo political zones of the country.
For FCT, some of the road projects to be constructed with its share of N37billion Sukuk include, to construct southern parkway from Christian Centre (S8/9) to Ring Road I (RR I); completion of roads B6, B12 &Circular Road, Abuja Central Area, rehabilitation and expansion of outer southern expressway from Villa Roundabout to OSEX/Ring Road 1 and (RR1) junction, among others.
Ministry of Niger Delta Affairs, with N75billion Sukuk proceeds will carry out dualisation Of East-West Road (Section II-I) Port Harcourt-Ahoada, 47Km; dualisation of East-West Road (Section II-II) AhoadaKaiama, 54Km; upgrading of 15km of section III from PortHarcourt-Eleme Junction to Onne, Port Junction, amongst other roads to be constructed.
Giving background to the Sukuk offer in an interview with journalists, Ms. Oniha gave overview of current and previous Sukuk bond issuance by DMO.
“The purpose of today’s event is to achieve two objectives: sensitise the media on issuance of fourth Sukuk as well as to invite investors within and outside Nigeria to tell them about sovereign Sukuk we are about to issue.
“By a way of background, the DMO had issued three Sukuk previously- 2107, 2018 and 2020, raising a total of N362.57billion to finance road projects across the six geo political zones of the country. That has been extremely successful and has both the DMO as the face of government for borrowing and others. The average citizen on the road has been impressed with what the Sukuk has contributed to the economic growth and development.”
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.