News
Chinese bank rejects FG’s $22bn loan request
The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal.
The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’
Moving the motion, Fulata said, “The House notes that the 2016–2018 Federal Government External Borrowing (Rolling) Plan was approved by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively.
“The House recalls that the National Assembly approved the sum of $22,798,446,773 only under the 2016–2018 Medium Term External Borrowing (Rolling) plan. The House is aware of the communications from the Federal Ministry of Finance requesting approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project (Kaduna–Kano segment) occasioned by the COVID–19 pandemic, whereof China Exim Bank withdrew its support to finance the project.”
He added, “The House is also aware that to secure funds for the project, the contractor (CCECC Nigeria Limited), in collaboration with the Federal Ministry of Transportation, engaged China Development Bank as the new financier in the sum of $973,474,971.38 only.”
Fulata, therefore, prayed the House to “rescind its decision on the financier and harmonised terms and approve the change of financier from China Exim Bank to China Development Bank.”
The lawmakers unanimously granted the prayer.
The House also approved the conditions provided in the harmonised term sheet: Segment – Kaduna–Zaria–Kano; financier – China Development Bank; type of loan – commercial loan; maturity – 15years; currency – euro; interest rate – 2.7% + 6 months Euribor; commitment fee – 0.4%; and upfront fee – 0.5%.
The Chairman of the House Committee on Treaties, Protocols and Agreements, Nicholas Ossai, who commented after Fulata moved the motion, stated that the Executive arm of the government failed to present details of Nigeria’s commercial agreements with other countries to the National Assembly.
Ossai added, “Secondly, we are now changing from China Exim Bank to China Development Bank, it then means an addition of another agreement. And if we are going to pass this resolution, it then means that members of this honourable House will not see those agreements.
“It is incumbent and important for the Minister of Finance (Budget and National Planning, Zainab Ahmed), when you are coming (to the National Assembly) on these issues to come with the agreements as agreed with the China Development Bank, so that members can be guided when approving such conditions for this loan. Mr Speaker, I believe that this motion should be stepped down while we ask the relevant authorities to forward all the agreements as agreed with China Development Bank.”
Ossai, however, insisted that it was an external loan with an international commercial agreement, which falls under the jurisdiction of his committee.
“I have also written to the Chairman (of the Committee on) Aids and Loans on this matter. I have also written to the Minister of Finance on this matter,” he stated.
While Gbajabiamila asked Chairmen of the Committees on Transport as well as Aids and Loans to see him immediately after the session, he went ahead to put the motion to voice vote and it was nanimously adopted.
The House has kept mum on the alleged abandonment of an investigation of commercial agreements and external borrowings by the Federal Government, which the Ossai-led committee carrying out the probe had said contained “dangerous” clauses.
The committee has yet to lay its report on the botched probe which began in 2020.
Meanwhile, the Senate, also on Tuesday, approved the request to extend the implementation of the capital component of the 2022 Appropriation Act from March 31 to June 30, 2023.
The Executive had requested extension of the lifespan of the Federal Government budget from December 31 to March 31, which the National Assembly approved in December 2022.
This came as the Senate also extended the implementation of the capital component of the 2022 budget from 31st March, to 30th June, 2023.
The extension followed a lead debate by the Senate Leader, Gobir Ibrahim (Sokoto East), requesting the upper chamber for the amendment of the Appropriation Act 2022.
The lawmakers relaxed their standing rules to grant accelerated consideration and approval to enable him to read the Bill for the first, second and third time before its passage.
The senate later dissolved into the “Committee of Supply” to consider the report before it eventually approved and passed the request to extend the life of the 2022 budget till June 30th, 2023.
The warning comes as the scheme continues preparations for the mobilisation of a fresh batch of prospective corps members, while also intensifying efforts to ensure their safety during orientation camp journeys.
In a public notice shared on its official X account on Monday, the NYSC declared that NERD clearance is now compulsory for all prospective corps members.
The scheme urged prospective corps members to complete the process early to avoid delays in mobilisation.
“This is to inform PCMs (Prospective Corps Members) that without NERD clearance, no NYSC. Get your NERD clearance early. Avoid delays in your mobilisation.”
Reiterating the mandatory nature of the requirement, the NYSC stated, “NERD clearance is compulsory for all PCMs. No NERD clearance, No NYSC!!!”
The latest advisory comes barely hours after the NYSC announced the mobilisation of another batch of prospective corps members for the 2026 Batch ‘B’ service year, urging institutions and eligible graduates to complete all necessary documentation ahead of the orientation exercise.
It also follows another recent safety advisory by the scheme in which prospective corps members were warned against travelling at night to orientation camps.
The NYSC advised them to break their journeys whenever necessary and lodge in safe locations or designated military and security formations where available, rather than risk travelling after dark.
The renewed advisories reflect the scheme’s efforts to improve both the integrity of its mobilisation process and the safety of prospective corps members, amid growing security concerns on Nigerian highways.
With mobilisation activities gathering pace, prospective corps members are expected to complete all required registration and verification procedures, including the newly emphasised NERD clearance, before reporting for orientation camp.
The development follows public concern over a viral video showing the girls in detention, which prompted calls for the Nigerian government to intervene.
On Instagram, #Queenbethia had posted the video on Sunday: “Pls tag every relevant authority because this is nonsense !!!! This cannot keep happening!! Mauritius is notorious for this !!!”
They have been held at the Mauritius airport since July 31, 2026, she lamented.
“They are currently on their way back to Nairobi,” the commission stated.
The commission reiterated its commitment to the welfare and protection of Nigerians living or travelling abroad, saying the intervention aligns with the Federal Government’s renewed focus on citizens’ welfare.
“NiDCOM, in line with Mr President’s Renewed Hope Agenda, remains committed to the welfare and protection of all Nigerians home and abroad,” it added.
NiDCOM did not disclose the identities of the girls, the country where they were detained, or the circumstances that led to their arrest.
The commission also did not indicate when they are expected to arrive in Nairobi or Nigeria.
Similarly, neither the Mauritius government nor the airport have spoken officially about the reasons behind their delay at the airport.
By Chinedu Sabastine
ENUGU — Tension is mounting in Umuchigbo Iji Nike Autonomous Community in Enugu East Local Government Area of Enugu State as hundreds of indigenes have rejected the alleged appointment of a traditional ruler, insisting that only a transparent election can produce their Igwe.
The residents, who gathered at the community square on weekend, declared that the autonomous community has no recognised traditional ruler and appealed to Governor Peter Mbah to direct the Ministry of Chieftaincy Affairs to conduct an election in line with the community’s constitution.
The protest followed reports that Jude Agu had been presented as the community’s traditional ruler, a move the indigenes described as unconstitutional and capable of causing unrest.
The protesters also cited a subsisting interlocutory injunction of the Enugu State High Court restraining Jude Agu from parading himself as Igwe or Igwe-elect of the community pending the determination of the substantive suit.
The order, delivered on July 25, 2025, by Justice A.A. Onovo in a suit No E/491/2023 filed by Chief Maurice Nonyelum Ekete against Jude Agu and Hon. Kenneth Mbah, directed all parties to maintain the status quo until the case is determined.
The indigenes argued that recognising any monarch without an election amounted to disregarding both the community’s constitution and a valid court order.
Addressing journalists, community elder Chief Gabriel Okoh accused former Town Union Chairman, Hon. Kenneth Mbah, of frustrating an earlier election process.
“Umuchigbo people are against imposition. All we want is election. If Jude Agu wants to be Igwe, he should come to the village square and contest like every other aspirant,” he said.
Youth leader Anthony Ikechukwu Anike warned that imposing a monarch without the consent of the people could trigger avoidable tension.
“The matter is still in court, yet we are hearing that someone has received a staff of office. We will pursue every legal means to protect our rights. The government should come and conduct a transparent election,” he said.
Speaking on behalf of other aspirants, retired Permanent Secretary Chief Maurice Nonyelum Ekete said the community’s constitution clearly prescribes election as the only legitimate process for selecting an Igwe.
“Our demand is simple. Let the Ministry of Chieftaincy Affairs conduct an election as it has done in other communities. Whoever wins should become the Igwe. We are not against anybody; we are against imposition. We are not against anybody becoming Igwe. We are only saying that whoever wants the throne should submit to a transparent election.” Chief Ekete said.
Other aspirants, Chief Joseph Iloka and Chief Josephat Ezeoha, also backed the call for a transparent election, insisting that the people should be allowed to freely choose their traditional ruler.
As of the time of filing this report, efforts to obtain the reaction of the Enugu State Ministry of Chieftaincy Affairs were unsuccessful.
Umuchigbo community rejects ‘appointed’ monarch, insists on election
By Chinedu Adonu
ENUGU — Tension is mounting in Umuchigbo Iji Nike Autonomous Community in Enugu East Local Government Area of Enugu State as hundreds of indigenes have rejected the alleged appointment of a traditional ruler, insisting that only a transparent election can produce their Igwe.
The residents, who gathered at the community square on weekend, declared that the autonomous community has no recognised traditional ruler and appealed to Governor Peter Mbah to direct the Ministry of Chieftaincy Affairs to conduct an election in line with the community’s constitution.
The protest followed reports that Jude Agu had been presented as the community’s traditional ruler, a move the indigenes described as unconstitutional and capable of causing unrest.
The protesters also cited a subsisting interlocutory injunction of the Enugu State High Court restraining Jude Agu from parading himself as Igwe or Igwe-elect of the community pending the determination of the substantive suit.
The order, delivered on July 25, 2025, by Justice A.A. Onovo in a suit No E/491/2023 filed by Chief Maurice Nonyelum Ekete against Jude Agu and Hon. Kenneth Mbah, directed all parties to maintain the status quo until the case is determined.
The indigenes argued that recognising any monarch without an election amounted to disregarding both the community’s constitution and a valid court order.
Addressing journalists, community elder Chief Gabriel Okoh accused former Town Union Chairman, Hon. Kenneth Mbah, of frustrating an earlier election process.
“Umuchigbo people are against imposition. All we want is election. If Jude Agu wants to be Igwe, he should come to the village square and contest like every other aspirant,” he said.
Youth leader Anthony Ikechukwu Anike warned that imposing a monarch without the consent of the people could trigger avoidable tension.
“The matter is still in court, yet we are hearing that someone has received a staff of office. We will pursue every legal means to protect our rights. The government should come and conduct a transparent election,” he said.
Speaking on behalf of other aspirants, retired Permanent Secretary Chief Maurice Nonyelum Ekete said the community’s constitution clearly prescribes election as the only legitimate process for selecting an Igwe.
“Our demand is simple. Let the Ministry of Chieftaincy Affairs conduct an election as it has done in other communities. Whoever wins should become the Igwe. We are not against anybody; we are against imposition. We are not against anybody becoming Igwe. We are only saying that whoever wants the throne should submit to a transparent election.” Chief Ekete said.
Other aspirants, Chief Joseph Iloka and Chief Josephat Ezeoha, also backed the call for a transparent election, insisting that the people should be allowed to freely choose their traditional ruler.
As of the time of filing this report, efforts to obtain the reaction of the Enugu State Ministry of Chieftaincy Affairs were unsuccessful.
Umuchigbo community rejects ‘appointed’ monarch, insists on election
By Chinedu Adonu
ENUGU — Tension is mounting in Umuchigbo Iji Nike Autonomous Community in Enugu East Local Government Area of Enugu State as hundreds of indigenes have rejected the alleged appointment of a traditional ruler, insisting that only a transparent election can produce their Igwe.
The residents, who gathered at the community square on weekend, declared that the autonomous community has no recognised traditional ruler and appealed to Governor Peter Mbah to direct the Ministry of Chieftaincy Affairs to conduct an election in line with the community’s constitution.
The protest followed reports that Jude Agu had been presented as the community’s traditional ruler, a move the indigenes described as unconstitutional and capable of causing unrest.
The protesters also cited a subsisting interlocutory injunction of the Enugu State High Court restraining Jude Agu from parading himself as Igwe or Igwe-elect of the community pending the determination of the substantive suit.
The order, delivered on July 25, 2025, by Justice A.A. Onovo in a suit No E/491/2023 filed by Chief Maurice Nonyelum Ekete against Jude Agu and Hon. Kenneth Mbah, directed all parties to maintain the status quo until the case is determined.
The indigenes argued that recognising any monarch without an election amounted to disregarding both the community’s constitution and a valid court order.
Addressing journalists, community elder Chief Gabriel Okoh accused former Town Union Chairman, Hon. Kenneth Mbah, of frustrating an earlier election process.
“Umuchigbo people are against imposition. All we want is election. If Jude Agu wants to be Igwe, he should come to the village square and contest like every other aspirant,” he said.
Youth leader Anthony Ikechukwu Anike warned that imposing a monarch without the consent of the people could trigger avoidable tension.
“The matter is still in court, yet we are hearing that someone has received a staff of office. We will pursue every legal means to protect our rights. The government should come and conduct a transparent election,” he said.
Speaking on behalf of other aspirants, retired Permanent Secretary Chief Maurice Nonyelum Ekete said the community’s constitution clearly prescribes election as the only legitimate process for selecting an Igwe.
“Our demand is simple. Let the Ministry of Chieftaincy Affairs conduct an election as it has done in other communities. Whoever wins should become the Igwe. We are not against anybody; we are against imposition. We are not against anybody becoming Igwe. We are only saying that whoever wants the throne should submit to a transparent election.” Chief Ekete said.
Other aspirants, Chief Joseph Iloka and Chief Josephat Ezeoha, also backed the call for a transparent election, insisting that the people should be allowed to freely choose their traditional ruler.
As of the time of filing this report, efforts to obtain the reaction of the Enugu State Ministry of Chieftaincy Affairs were unsuccessful.
News
The Great Recalibration: How President Bola Ahmed Tinubu Is Restructuring Nigeria for a Stronger Tomorrow
By RT HON
CHINEDUM ENYINNAYA ORJI
“You cannot build a house for tomorrow on the weak foundation of yesterday. We must lay new blocks, even when the rain is falling.”— Adapted from President Bola Ahmed Tinubu
Three years into his presidency, President Bola Ahmed Tinubu has embarked on what may be the most deliberate economic and governance recalibration Nigeria has seen in a generation.
He came into office on May 29, 2023 with a clear declaration: “Fuel subsidy is gone.” In that single sentence, he signaled that the era of deferring hard choices had ended.
Restructuring, at its core, is about rearranging the house so it can stand longer and serve more people. For Nigeria, that meant confronting distortions that had weakened public finances, scared investors, and made planning impossible.
The first pillar of this restructuring is fiscal discipline. By removing the costly petrol subsidy and cutting electricity subsidies, the administration stopped the bleeding of trillions of naira that once vanished into opaque payments.
The results are already visible in the numbers. The fiscal deficit narrowed from 5.4 percent of GDP in 2023 to approximately 3 percent in 2024, while federation revenue rose from ₦16.8 trillion to ₦31.9 trillion.
That new revenue is not sitting idle. It is being channeled into roads, rails, power, and social programs that touch ordinary citizens directly. More than 2,700 kilometers of roads are under construction or rehabilitation nationwide.
The second pillar is monetary credibility. The unification of exchange rates and clearing of a $4 billion FX backlog restored confidence in the naira and in Nigeria’s commitment to market-based policies.
That credibility has produced tangible dividends. The stock market surged nearly fivefold to a record 250,000 points, market capitalization grew, and international rating agency Fitch upgraded Nigeria from B- to B in April 2025.
Foreign investors, who had stayed on the sidelines, are returning. New oil and gas investments are being announced, domestic refining capacity is rising, and fuel imports are falling, easing pressure on our foreign exchange.
The third pillar is sectoral transformation. Recognizing that oil alone cannot carry Nigeria’s future, President Tinubu approved a Presidential Petroleum Reform and Value Optimisation Taskforce to design the next phase of structural reforms in that sector.
The Taskforce is not another talking shop. It is a time-bound technical body charged with delivering execution-ready blueprints to unlock capital, improve transparency, and position Nigeria as a leading global energy investment destination.
Beyond oil, the February 2026 launch of the Nigeria Industrial Policy marks a decisive shift toward manufacturing, value addition, and job creation. The goal is a $1 trillion economy in five years, driven by inclusive and decentralized growth.
This is restructuring with a human face. Through NELFUND, millions of Nigerian students now have access to loans to stay in school. The CNG program is reducing transport costs and easing the burden of subsidy removal on households.
Governance itself is being rewired. The Renewed Hope Ward Development Plan is mapping economic potential across all 8,809 wards, ensuring that planning starts from the grassroots and moves upward to the state and federal levels.
Such decentralization matters. When wards have data, they have a voice. When local governments have more resources, service delivery improves. That is how accountability becomes real, not theoretical.
On security, the administration has intensified operations against banditry, insurgency, and criminal gangs. The link is clear: no investor builds factories where there is no peace, and no farmer feeds the nation where there is no safety.
A good example is the renewed engagement with Ogoni communities. By addressing historical grievances, the government is creating the conditions to restart oil exploration in a way that benefits both the people and the treasury.
Critics are right to point out the hardship. The cost-of-living squeeze has been severe, and inflation remains a challenge. But restructuring is not magic. It is medicine, and medicine often tastes bitter before it heals.
What distinguishes this moment is political will. Previous administrations discussed these reforms for decades. President Tinubu chose to act in the first week, knowing the political cost, because the economic cost of delay was higher.
The international community has noticed. The World Bank’s April 2026 Nigeria Development Update and the IMF’s 2025 Article IV Consultation both acknowledge significant progress in restoring macroeconomic stability.
More importantly, Nigerians are beginning to see the logic. A stable currency means businesses can plan. More revenue to states means more projects in communities. More transparency means fewer excuses.
The central test ahead is jobs. With 3.5 million Nigerians entering the labor force each year, the restructuring must now translate into employment-intensive growth. The industrial policy and infrastructure push are designed for exactly that.
This is not about one man or one party. It is about laying a foundation that no future government can afford to ignore. Institutions, rules, and incentives are being reset.
History will judge this period not by the pain of the transition, but by whether we used the pain to build something durable. The early signs suggest we are.
President Tinubu’s restructuring is far from complete, but it has already changed the trajectory. Nigeria is no longer drifting. It is recalibrating, with purpose, toward a future where our resources work for our people, and where governance finally matches our potential.
RT HON
Chinedum Enyinnaya orji
APC House of Representatives Candidate for Ikwuano Umuahia Fed. Constituency writes from Amaokwe Ugba Ibeku, Abia State.
The Federal Road Safety Corps (FRSC) has announced the demise of its Enugu State Sector Commander, Corps Commander Franklin O Agbakoba.
This is contained in a statement issued by FRSC Deputy Corps Commander in-charge of Enugu State Operations, DCC Kyrian C Okolo, on Friday in Enugu.
“FRSC Enugu State Sector Command received the sad news of the demise of CC Franklin Agbakoba on Thursday, July 30,2026.
“The late Sector Commander died at Niger Foundation Hospital, Enugu where he was receiving treatment.
“His corpse have been deposited at the Eastern Medical Center, Enugu,” he said.
Until his death,CC Franklin Agbakoba made inter-agency collaboration and partnership his legacy and promoted safer roads within Enugu State.
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