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Buhari wants N’Assembly’s nod to raise N2.3bn to finance 2021 budget deficit

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The Senate on Tuesday received a request from President Muhammadu Buhari to raise the sum of N2,343,387,942,848 from multilateral and bilateral lenders, as well as the International Capital Market (ICM) through the issuance of Eurobonds.

The amount which is equivalent to USD$6,183,081,643.40 at the Budget Exchange Rate of USD$1/N379, is captured as New External Borrowing in the 2021 Appropriation Act (Item No.330), and meant to part-finance this year’s Budget Deficit of N5.602 trillion.

The request was contained in a letter addressed to the Senate President, Ahmad Lawan, and read during plenary.

According to the President, the request was made in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003.

He disclosed that Nigeria may be able to raise USD$3 billion or more, in a combination of tenors between 5 – 30 years.

Buhari explained that the Federal Government’s decision to raise the sum from the International Capital Market was due to the recent monetary policy stance that provides for very low interest rates and ease of moderating debt service cost.

He further disclosed that the proceeds of the USD6.183 billion (N2.343 trillion New External Borrowing in the 2021 Appropriation Act) would be used to fund specific Capital Projects in the Budget.

According to him, such projects are captured in priority sectors of the economy, namely: Power, Transportation, Agriculture and Rural Development, Education, Health, Provision of Counterpart Funding for Multilateral and Bilateral projects, Defence and Water Resources.

President Buhari’s letter, “Request For the Resolution of the National Assembly For: The Implementation of the New External Borrowing of N2.343 trillion (about USD6.183 Billion) In the 2022 Appropriation Act”, reads in part:

“The purpose of this Letter is to request for a Resolution of the National Assembly (NASS) to raise the sum of N2,343,387,942,848.00 (about USD 6,183,081,643.4O at the Budget Exchange Rate of USD1.00/N379) provided as New External Borrowing in the 2021 Appropriation Act (Item No. 330) to part-finance the Budget Deficit of N5.602 trillion.

“This request is in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 (DMO Act). Section 21(1) of the DMO states that “no external loan shall be approved or obtained by the Minister unless its terms and conditions shall have been laid before the National Assembly and approved by its Resolution”; while Section 27(1) states that the National Assembly may by a resolution approve, from time to time, standard terms and conditions for the negotiation and acceptance of external loans and issuance of guarantees”.

Implementation of the New External Borrowing in the 2021 Appropriation Act

“The President of the Senate may wish to recall that the 2021 Appropriation Act provides for N4,686,775,885,696.00 as New Borrowings(Item No. 328) to part-finance the 2021 Fiscal Deficit, of Which 50% or N2,343,387,942,848.00 (about USD 6,183,081,643.40 at the Budget Exchange Rate of USD1.00/N379) is specified as New External Borrowing.

“The President of the Senate may also wish to note that the allocation of #2.343 trillion to New External Borrowing in the 2021 Appropriation Act is consistent with the Nigeria’s Debt Management Strategy, which seeks amongst other objectives, to moderate

debt service costs by accessing relatively cheaper external funds, and to free-up space in the  domestic market for other borrowers.

Funding Plan

“I wish to bring to the attention of the President of the Senate that the plan is to raise the sum of USD 6.183 billion from a combination of sources; namely: multilateral and bilateral lenders, as well as from the International Capital Market (ICM) through the issuance of Eurobonds.

“From recent bends in the ICM, it is now possible for Nigeria to raise funds in the ICM and this explains why we are proposing that the New External Borrowing in the 2021 Appropriation Act, should include issuing Eurobonds in the ICM.

“We estimate that Nigeria may be able to raise USD 3 billion or more, but not more than USD 6.183 billion (the amount provided in the 2021 Appropriation Act) in a combination of tenors between 5 30 years; the outcome would, however, be determined when Nigeria approaches the market.

“The President of the Senate may further wish to note that not only is the ICM now open to issuers like Nigeria and Interest Rate lower than the levels in 2020, given the recent monetary policy stance, as well as, rising levels of inflation, the level of liquidity in the domestic market has decreased while. domestic Interest Rates are beginning to rise.

“Therefore, accessing the ICM will be relatively cheaper thereby moderating debt service cost, and it will also contribute to the level of External Reserves.”

Utilisation of Proceeds of New External Borrowing

“The proceeds of the USD6.183 billion N2.343 trillion New External Borrowing in the 2021 Appropriation Act) will be used  to found specific Capital Projects in the Budget.

“This includes projects from priority sections of the economy, namely: Power, Transportation, Agriculture and Rural Development, Education, Health, Provision of Counterpart Funding for Multilateral and Bilateral projects, Defence and Water Resources.”

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Defence and Security

20 Abducted Corps Members Regain Freedom in Imo After Days in Captivity

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**Rescue Operation Ends Ordeal as NYSC DG, Security Chiefs Visit Victims in Owerri**

Twenty prospective members of the National Youth Service Corps (NYSC), along with another abducted passenger, have regained their freedom after days in captivity following their abduction along the Owerri-Onitsha Road in Imo State.

The victims were rescued from a forest in Amakohia-Ubi, Owerri West Local Government Area of the state, in a coordinated operation involving security agencies.

Their release brings relief to families who had endured days of uncertainty and anxiety following the October 1 abduction.

From Journey to NYSC Camp to Kidnappers’ Den

The victims were travelling from Ibadan, Oyo State, to NYSC orientation camps in Abia and Akwa Ibom states when their journey was abruptly cut short.

The two buses conveying the prospective corps members came under attack around Umunoha in Mbaitoli Local Government Area of Imo State.

The attack sparked a major security operation as authorities moved to locate the abducted corps members and dismantle the kidnappers’ hideout.

For the victims and their families, however, the days that followed were marked by fear, uncertainty and desperate prayers for their safe return.

Reports that the abductors were demanding as much as ₦50 million for each victim further heightened concerns among the families.

Security Forces Close In

As the search intensified, the Imo State Police Command reportedly located the kidnappers’ camp through drone surveillance.

However, security operatives were unable to immediately move into the area after intelligence indicated that the route and the camp had allegedly been fortified with improvised explosive devices.

Additional operational assets, including bulldozers and armoured personnel carriers, were subsequently deployed as security forces worked to gain access to the location.

Police had earlier announced the rescue of 10 victims following the attack, while efforts continued to locate those still being held captive.

The latest operation has now secured the freedom of the remaining 20 prospective corps members and another abducted victim.

Victims Receive Medical Attention

Following their rescue, the victims were taken to the Department of State Services (DSS) Hospital in Owerri for medical attention and comprehensive medical checks.

The Director-General of the NYSC, Brigadier General Olakunle Oluseye Nafiu, visited the rescued victims at the DSS clinic, where he addressed them and assessed their condition.

He was accompanied by the Imo State Commissioner of Police, the Director of the DSS in the state and the Commander of the 34 Artillery Brigade.

The presence of the NYSC leadership and senior security officials underscored the seriousness with which authorities treated the incident and the wellbeing of the rescued corps members.

While the victims have now regained their freedom, details surrounding the operation remain closely guarded.

It is also unclear whether any suspects were arrested during the rescue operation or whether any ransom was paid to secure the victims’ release.

The police, however, said the operation to apprehend those behind the abduction remains ongoing.

According to the Force Public Relations Officer, Ani Iniedu, security agencies would continue coordinated operations to ensure that those responsible are brought to justice.

Uzodimma Commends Security Agencies

Reacting to the development, Imo State Governor, Hope Uzodimma, commended the security agencies for what he described as their quick and coordinated intervention.

The governor expressed particular satisfaction that the corps members were rescued unharmed, praising the collaboration and patriotism demonstrated by the security agencies involved.

Uzodimma also acknowledged the cooperation between the Oyo and Imo State Governments, saying their joint efforts contributed to the successful release of all 20 captives.

He explained that because the incident involved the safety of human lives, authorities deliberately avoided releasing sensitive information while the rescue operation was underway.

According to him, the discreet approach was necessary to protect the victims and ensure that security agencies could carry out their operations without compromising their mission.

The governor also praised the parents and relatives of the abducted corps members for their patience and resilience throughout the difficult period.

He urged Nigerians to continue to have faith in the Federal Government and security agencies as efforts continue to address the country’s security challenges.

A Moment of Relief

For the rescued corps members, their release marks the end of a frightening interruption to what was supposed to be the beginning of a new chapter in their lives.

What started as a routine journey to NYSC orientation camps became an ordeal that left families waiting anxiously for news of their loved ones.

Their eventual rescue offers a moment of relief, while also renewing questions about security along major highways and the safety of young Nigerians travelling to serve their country.

For now, the focus remains on the recovery of the rescued victims, while security agencies continue efforts to identify, arrest and prosecute those responsible for the abduction.

 

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Defence and Security

Defence Minister Orders Probe Into Fatal Military Aircraft Crash

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Minister of Defence, General Christopher Musa (retd.)
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The Minister of Defence, General Christopher Musa (retd.), has ordered a comprehensive investigation into the military aircraft crash that claimed the lives of several officers and airmen.

Musa, in a statement on Monday, said the investigation would determine the cause of the crash and ensure that necessary safety measures are strengthened across military aviation units.

The minister described the incident as a painful loss to the Nigerian Armed Forces and the entire country.

He expressed condolences to President Bola Ahmed Tinubu, the leadership of the Armed Forces, and the families, friends and colleagues of the military personnel who lost their lives.

Musa also extended his sympathy to the families of the civilians who were on board the aircraft.

He prayed that God would grant the deceased eternal rest and give their families and the nation the strength to bear the loss.

The development comes as President Tinubu declared three days of national mourning over the crash.

The President also directed that the Nigerian flag be flown at half-mast across the country in honour of the victims.

The aircraft was reportedly on a routine mission from Benin City, Edo State, to Lagos when it crashed at Igbokoda in Ondo State shortly after 9:00 a.m.

President Tinubu described the incident as a painful moment for the Armed Forces and the nation, noting that military personnel continue to risk their lives daily in the service of Nigeria.

He said the sacrifice of the fallen officers and airmen would not be forgotten.

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Defence and Security

Police Rescue 75 Kidnap Victims in Kaduna

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The Kaduna State Police Command has rescued 75 persons abducted by bandits in Birnin Gwari Local Government Area of the state.

The victims, comprising men, women and children, were reportedly travelling in commercial buses when they were attacked and abducted at Folwaya Village, near Birnin Gwari, on Wednesday, August 19, 2026.

The Command’s spokesperson, Mansir Hassan, disclosed in a statement that the rescue operation followed timely information received from the Birnin Gwari branch of the National Union of Road Transport Workers (NURTW).

According to him, the armed kidnappers, who were reportedly carrying AK-47 rifles and other sophisticated weapons, took the victims into a forest and concealed them inside a cave in a mountainous area.

Hassan said operatives from the Birnin Gwari Area Command were immediately deployed to the location following the report.

He explained that the abductors fled into the forest after sighting the heavily armed security operatives, abandoning the captives, who were subsequently rescued unharmed.

The Commissioner of Police in Kaduna State, Rabiu Muhammad, commended the NURTW for providing the timely intelligence that facilitated the operation.

He also praised the Birnin Gwari Area Commander and his personnel for their swift and professional response.

The Commissioner, however, urged residents to remain vigilant and cooperate with security agencies, warning against taking the law into their own hands, as such actions could endanger innocent lives.

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