Akwa Ibom State governor, Umo Eno, has fully settled all outstanding loans amounting to N39.831 billion, which his administration inherited from former governor Udom Emmanuel. The disclosure was made on Tuesday in Uyo by the Commissioner for Finance and Coordinating Commissioner for Special Duties, Emem Bob, during a press briefing. According to him, the total…
The Senate has approved President Bola Tinubu’s proposal to raise ₦1.15 trillion from the domestic debt market to finance the unfunded portion of the 2025 budget deficit. The approval came after the Senate adopted the report of its Committee on Local and Foreign Debt during Wednesday’s plenary session. According to the committee, the 2025 Appropriation…
The House of Representatives on Wednesday resolved to investigate the $460 million Chinese loan obtained by the Goodluck Jonathan administration in 2010 for the installation of Closed-Circuit Television (CCTV) cameras across the Federal Capital Territory (FCT) — a project that was never completed. The decision followed the adoption of a motion of urgent public importance…
President Bola Tinubu has requested the House of Representatives to approve 2.35 billion in external loans to help finance the 2025 budget deficit and refinance maturing Eurobonds. In a letter read by Speaker Tajudeen Abbas on Tuesday, Tinubu also proposed issuing a 500 million debut sovereign Sukuk in the International Capital Market to fund infrastructure…
Vice President Kashim Shettima has instructed the Presidential Food Systems Coordinating Unit (PFSCU) to expedite the release of the Federal Government’s ₦250 billion credit facility for smallholder farmers, offered at a single-digit interest rate. He issued this directive during the sixth meeting of the PFSCU Steering Committee held at the Presidential Villa in Abuja. The…
The World Bank is expected to approve a $250 million loan to Nigeria next month as part of the third phase of its Health Security Programme for Western and Central Africa, aimed at addressing the country’s deepening health and economic crises. A project appraisal document from the global financial institution indicates that the loan, slated…
President Bola Tinubu has formally requested the National Assembly’s approval to secure a $347 million loan as part of the 2025–2026 external borrowing plan. The request was presented during Wednesday’s plenary session when Speaker of the House of Representatives Tajudeen Abbas read the president’s letter to lawmakers. Tinubu explained that the loan is needed to…
The World Bank has disbursed additional funds to Nigeria under the $800m National Social Safety Net Programme-Scale Up, raising the total amount released to $530m The World Bank’s official website revealed that the cumulative disbursement had increased from the earlier reported $315m in 2023 to $530m this year, reflecting fresh inflows into Nigeria’s accounts for…
The World Bank is set to approve fresh loans totaling $632m to Nigeria today (Monday) amid mounting concerns over the country’s rising debt profile The loans are intended to support key areas, including improving nutrition and providing quality basic education. According to information from the World Bank’s website on Sunday, two loans are set to…
The China Development Bank (CDB) has granted a loan of 245 million euros ($254.76 million) for constructing the Kano-Kaduna railway project in Nigeria. A statement by the bank on Tuesday said the move was to provide financial support for the smooth progress of the project. The Kano-Kaduna railway, with a total length of 203 kilometres,…
