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.
By Okey Maduforo Awka
The Police Service Commission (PSC) has approved the promotion of the Commissioner of Police in Anambra State, Livingstein Ikioye Orutugu, alongside 12 other Commissioners of Police, to the rank of Assistant Inspector-General of Police (AIG).
The Commission also approved the promotion of 17 Deputy Commissioners of Police (DCPs) to the substantive rank of Commissioner of Police (CP).
In addition, the PSC approved the promotion of 93 senior police officers to their next ranks following their successful performance in the recently concluded written examination and oral interview conducted at the Commission’s Corporate Headquarters in Abuja.
The approvals were granted on July 1, 2026, at the PSC Corporate Headquarters in Abuja as one of the major resolutions reached during the Commission’s plenary meeting held the previous Wednesday.
Recall that CP Orutugu was appointed Police Commissioner and posted to Anambra state from the Zone 13 Police Command more than a year ago.
The Chairman of the Commission, DIG Hashimu Salihu Argungu (Rtd.), mni, while congratulating the promoted officers, urged them to remain truthful, transparent, and accountable in the discharge of their new responsibilities.
He further advised the officers to maintain the highest level of professionalism in the course of their duties, avoid involvement in civil disputes, particularly land-related matters, and remain mindful that there is life after retirement.
“Guard your reputation and integrity. Let your actions speak for you and not against you,” he said.
A founding member of the All Progressives Congress (APC), Mr Osita Okechukwu, has commended President Bola Tinubu for retaining His Excellency Kashim Shettima as Vice President for his second term.
Okechukwu, who is the former Director-General of Voice of Nigeria (VON), gave the commendation in a statement issued on Saturday in Enugu.
The APC Chieftain also advocated for the delegation of greater responsibilities to Shettima in overseeing the nation’s economic affairs.
Okechukwu said he was delighted that after all the speculation, rigmarole and political maneuvering surrounding the issue, President Tinubu graciously retained Vice President Shettima.
“May I commend President Bola Ahmed Tinubu, GCFR, for graciously retaining His Excellency Kashim Shettima as Vice President and humbly request that more powers be delegated to him to oversee economic affairs.
“I am making this humble appeal based on the fact that the economic reforms of President Tinubu have yielded significant gains at the macroeconomic stability level.
“However, hunger and poverty remain pressing challenges, which invariably require the urgent delegation of greater economic responsibilities to the Vice President, given his background in rural development and economic management,” Okechukwu said
The APC Chieftain recalled that the International Monetary Fund (IMF), godfather of neoliberalism and leading advocate of neoliberal economic policies, noted in its 2026 Article IV Consultation on Nigeria that the country requires more inclusive growth.
He quoted IMF as saying “approximately 63 per cent of Nigerians now live below the national poverty line”.
Okechukwu stressed that while the President’s economic reforms had improved key macroeconomic indicators, greater attention must be directed toward translating those gains into tangible improvements in the living standards of ordinary Nigerians.
“Shettima’s academic background in Agricultural Economics, experience in banking, and record in public service place him in a strong position to support efforts aimed at reducing poverty, promoting rural development, and ensuring that economic growth becomes more inclusive,” he added.
A Catholic priest from Nigeria who was on a pastoral mission to the United States of America has taken his own life after the expiration of his visa and following prevailing new visa policy of the USA.
Reverend Father Benjamin Okwy Madu (Father Ben) as he was fondly called by his parishioners, aged 54, took his own life Thursday evening, July 2, 2026 after he reportedly expressed unwillingness to go back to Nigeria because he had fallen in love with the community of Cape Ann, the city of North Shore including the parishioners.
Boston Archbishop Richard G. Henning sent a message to fellow priests confirming that Father Ben took his own life.
Local law enforcement and the Essex County District Attorney’s Office investigated the scene and noted that no foul play was suspected.
“Sincerely, it is not my wish to return home right now, but circumstances beyond my control have warranted that my time in the United States come to an end,” Father Ben wrote.
“My heart is broken, yet my joy remains. I will miss the home I found away from home… I will deeply miss the seaside, where I often drive to after Mass to call my family and hear about their Sundays.” he was reported to have posted a farewell message on the parish newsletter.
Father Ben, a 54-year-old Nigerian national from the Diocese of Abakaliki, had been serving as a beloved hospital chaplain and parish priest on the North Shore of Massachusetts since 2021.
His R-1 religious worker visa was expiring, and he was ordered to return to Nigeria. Just days before his death.
The Boston Globe reported that he had expressed deep fears about what would happen to him upon returning to Nigeria, where clergy frequently face severe perils, including violence and kidnapping
The outbreak is said to have spread across several ISWAP enclaves, exposing worsening sanitary conditions and the dwindling availability of medical care within the insurgents’ camps.
Security analyst Zagazola Makama disclosed the development in a post on X, citing intelligence sources familiar with the situation.
According to the sources, two other ISWAP fighters who contracted the highly infectious disease were allegedly executed by members of the group after efforts to treat them in Kimba village proved unsuccessful.
The incident is believed to reflect the increasingly difficult conditions inside the terrorist camps, where sustained military offensives have disrupted supply routes and severely limited access to medicines, healthcare and other essential resources.
Intelligence sources said the combination of poor hygiene, inadequate medical facilities and mounting operational pressure has left many of the insurgents vulnerable to disease outbreaks.
The sources further disclosed that military commanders have been advised to intensify efforts to intercept medical supplies and pharmaceutical products suspected of being destined for terrorist hideouts. Security officials believe cutting off access to healthcare supplies could further weaken ISWAP’s ability to treat injured or sick fighters and reduce the group’s operational capacity.
While the reports have not been independently verified, the development is seen as another indication of the mounting challenges facing the insurgent group as security forces continue sustained operations across the North-East.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.
“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.
As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.
The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.
During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.
Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
-
News4 days agoPolice Inspector Dies in Alleged Police Convoy Accident in Enugu
-
Entertainment4 days agoI have cancer,’ Nollywood actress Cynthia Anijekwu cries, calls for support
-
Crime4 days agoEx-Minister Uche Nnaji Set for Arraignment as ICPC Files Six Criminal Charges Over Alleged Certificate Forgery
-
News4 days agoGovernor Mbah’s Compassionate Gesture Brings Relief to Enugu Fire Victims
-
Politics4 days ago2027: Nwifuru Plays Safe as Cold War Brews, Denies Rift with Wike
-
Politics4 days agoSenate: Odoh Unveils Vision to Make Ebonyi Central Globally Competitive
-
Crime4 days agoEnugu Police Impound 195 Vehicles Over Registration, Number Plate Violations
-
News3 days ago
OYC Warns ICPC Chairman Against Alleged Bias in Uche Nnaji Case