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Nigeria’s debt stock hits N42.7tn, Senate okays fresh $16bn loans
Nigeria’s debt stock of N35.5tn will rise to N42.7tn following the Senate’s approval of the Federal Government’s request for $16bn and €1.02bn fresh loans.
The $16.2bn loan is equivalent to N6.7tn using the Importers and Exporters’ Window exchange rate of N411.24/$1, while the €1.02bn is equal to N485.5bn using the Central Bank of Nigeria’s exchange rate f N476/ €1. These bring the value of the loans to be acquired to N7.2tn.
The Senate had on Wednesday approved the foreign loan plans of the President, Major General Muhammadu Buhari (retd.), in which he sought to borrow the sum of $16.2bn, €1,02bn and a grant component of $125m to fund some “legacy projects.”
The Senate also approved the request of the Bank of Industries for the issuance of €500m, but not more than €750m Eurobond in the international capital market.
The red chamber’s approval of the loan requests was, however, accompanied by a resolution that the terms and conditions of the loans from the funding agencies be forwarded to the National Assembly prior to their execution for approval and proper documentation.
The approval followed the consideration of a report by the Senate Committee on Local and Foreign Debt on the proposed 2018-2020 External Borrowing (Rolling) Plan.
The Chairman of the committee, Senator Clifford Ordia, in his presentation, said Buhari’s request was in compliance with the provisions of the Debt Management Office (Establishment) Act, 2003 and the Fiscal Responsibility Act, 2007.
Ordia said the provisions of the statutes enjoined the President to seek and obtain the approval of the National Assembly in respect of the external borrowing programme of the federation and states.
The senator explained that out of the total amount approved by the National Assembly, $3,529,300,000 would be sourced from the World Bank.
He said $5.07bn would be sourced from the China Exim Bank; and $3.9bn from the Industrial and Commercial Bank of China.
Ordia stated that $2.8bn was being expected from the China Development Bank; and $698m from the Africa Development Bank.
He added that €345m was being expected from the French Development Agency; €175m from the European Investment Bank; and $190m from the European ECA/KfW/IPEX/AFC.
The lawmaker also said €500m would be sourced from the international capital market; and $62.1m from Standard Chartered Bank/SINOCURE.
Ordia explained that the committee noted the serious concerns of Nigerians about the level and sustainability of the country’s borrowing in the last decade.
He, however, said Nigeria’s debt figures, which continue to increase, reached an all-time high of around 95 per cent of retained revenue and 35 per cent of its annual expenditure.
The senator said the development constituted a drain on the nation’s economy and limited resources available for national development.
Underscoring the need for a more proactive approach to revenue enhancement, the lawmaker observed that “there are noticeable improvements in our revenues, but the growth is not sufficient or rapid enough to catch up with the pace of development required for our nation.”
Ordia also stated that out of the sum of over $22.8bn approved by the National Assembly under the 2016-2018 External Borrowing Plan, only $2.8bn, which represented 10 per cent, had been disbursed to Nigeria.
The lawmaker said the projects, which required additional financing, would have great multiplier effects on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care, and improve the nation’s security architecture.
He emphasised that tax revenues accruable to the government would increase as a result of the impact of commercial and engineering activities.
The President’s loan requests also include $450m for the Ministry of Health and the National Centre for Disease Control to accelerate nutrition immunisation and malaria progress by accelerating the coverage and transforming service project from the World Bank.
They also include the Nigeria COVID-19 preparedness and response project.
The Deputy Senate President, Ovie Omo-Agege, said the executive arm of government must furnish the National Assembly with details of the loans as well as the terms and conditions.
He said, “The approval we are giving today is to enable the executive to commence negotiations.
“We have not given approval to the terms and conditions. We have not seen that. I don’t know what that is. We are now saying that the terms and conditions should be brought back to us for approval.”
The Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Opeyemi Bamidele, said, “What is before us is the issue of the request for approval. What they have come to seek is approval not a concurrence.”
The Chief Executive Officer, SD&D Capital Management, Idakolo Gbolade, noted that although borrowing was not bad, the projects for which the loans were being sought should be able to pay back the debts.
“The government borrowing to fund infrastructure is not bad, but the problem is that the projects should be made to repay the loans. The government needs to look into this. For example, projects like roads should be tolled and proceeds used for repayment as well as railways, etc,” he said.
Gbolade added that although the country was still within the appropriate debt ratio, more borrowings would put the country in unfavourable conditions, which would jeopardise the future of unborn generations.
“Presently, Nigeria is still within the debt ratio, according to World Bank standards, but further borrowings with conditions that are not favourable to our sovereignty should be adequately examined in order not to put generations yet unborn in perpetual debt,” he added.
The Chief Executive Officer, Economic Associates, Dr Ayo Teriba, urged the government to restructure its debt portfolio.
He said, “Nigeria should aggressively restructure its debt portfolio by replacing interest-paying commercial bonds with interest-free commercial bonds on a wholesale basis to drastically reduce or eliminate the N4.9tn annual average interest payments that are projected in the 2022-2024 MTEF.
“Rather than issue interest-paying bonds to fund infrastructure, we should create special purpose vehicles for packaging infrastructure assets for interest-free financing through asset-linked non-convertible or convertible bonds. Ideally, this should happen in a rule-based fiscal regime with an independent advisory fiscal commission as a watchdog.”
PUNCH
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
Renowned Nigerian novelist, journalist, and academic, Okey Ndibe, was reportedly detained by operatives of the Department of State Services (DSS) upon his arrival at the Murtala Muhammed International Airport, Lagos, on Monday morning.
Ndibe disclosed his situation in a message sent while in custody, stating: “I’ve been with the SSS now for more than an hour. They’re waiting for clearance from some oga before they let me go.”
According to sources close to the writer, his detention follows a pattern that dates back to previous administrations, including that of former President Goodluck Jonathan, during which he was frequently stopped and questioned over his critical commentaries on Nigerian governance and public affairs.
However, associates noted that Ndibe has largely stepped away from active commentary in Nigerian media over the past two years, focusing instead on writing books and his academic responsibilities at University of Massachusetts Amherst, where he teaches.
A close friend of the author and former Anambra State Commissioner for Information and Public Enlightenment, C. Don Adinuba, said similar incidents had occurred several times in the past. He explained that airport DSS officials typically contacted their superiors in Abuja before eventually releasing Ndibe.
“It is a pity that this agency doesn’t update its database to enable officers on duty at the airport to know that the agency no longer regards Prof. Ndibe as a security threat to the administration,” Adinuba said.
He added that on previous occasions, the DSS had apologized to the respected author after determining that his detention was unwarranted.
As of the time of filing this report, there was no official statement from the DSS regarding the circumstances surrounding Ndibe’s latest detention. The development has raised renewed concerns about the treatment of government critics and the continued use of security watchlists affecting returning Nigerians.
Hegseth made the disclosure during a press conference at the White House on Wednesday, where he said the directive was issued about a year ago after Trump became aware of attacks against Christians in Nigeria.
He explained that the operation involved behind-the-scenes coordination and deployment of military assets, adding that intelligence gathered during the mission contributed to the killing of Abu-Bilal al-Minuki, identified as ISIS’s second-in-command, during a joint operation involving U.S. and Nigerian forces in the Lake Chad Basin.
“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth said.
According to him, the operation yielded significant results in the fight against terrorism in the region.
“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the U.S. homeland,” he stated.
Hegseth added that working on the Intel gathered, they have killed hundreds of ISIS members who were targeting and killing Christians in Nigeria.
The U.S. defence chief described the operation as part of the Trump administration’s broader commitment to counterterrorism efforts and the protection of vulnerable communities.
“So there are a lot of things we do that the media pays attention to, and a lot of things that the President empowers the Department to do on behalf of the American people that he deserves great credit for,” Hegseth stated.
ISIS second in command, Abu-Bilal al-Minuki was killed in a coordinated U.S.-Nigeria military operation in northeast Nigeria earlier this month.
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