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Senate approves Buhari’s $16.2bn, €1.02bn loan request

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President Muhammad Buhari
President Muhammad Buhari
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The Senate has approved President Muhammadu Buhari’s loan request for the sum of $16,230,077,718 (USD) billion, €1,020,000,000 billion (Euros), under the 2018-2020 External Borrowing plan.

Also approved was a grant component of $125 million (USD), and the request to the Bank of Industries for the issuance of €500 million (Euros) but no more than €750 million Eurobond in the International Capital Market.

The chamber’s approval to the loan requests was, however, accompanied by a resolution that the terms and conditions of the loan from the funding agencies, be forwarded to the National Assembly prior to its execution for approval and proper documentation.

The approval followed the consideration of a report by the Committee on Local and Foreign Debt on the proposed 2018-2020 External Borrowing (Rolling) Plan.

Chairman of the Committee, Senator Clifford Ordia (PDP, Edo Central), in his presentation, said President Buhari’s request was in compliance with the provisions of the Debt Management Office (Establishment) Act 2003 and the Fiscal Responsibility Act 2007.

According to the lawmaker, the provisions of the statutes enjoins the President to seek and obtain the approval of the National Assembly in respect of the External Borrowing Programme of the Federation and States.

He explained that out of the total amount approved by the National Assembly, the sum of $3,529,300,000 billion would be sourced from the World Bank; $5,078,441,252 billion from China EximBank; $3,902,267,260 billion from Industrial & Commercial Bank of China; $2,893,693,930 billion from China Development Bank; and $698,500,000 billion from the Africa Development Bank (AfDB).

In addition, he stated that €345,000,000 million euros is expected to be sourced from the French Development Agency (AFD); €175,000,000 million euros from the European Investment Bank; $190,255,276 million USD from European ECA/KfW/IPEX/AFC; €500,000,000 euros from the International Capital Market; and $62,120,000 USD from Standard Chartered Bank/SINOCURE.

Senator Ordia explained that the Committee in reaching its resolutions, noted the serious concerns of Nigerians about the level and sustainability of the country’s borrowing in the last decade.

Ordia said Nigeria’s debt figures which continue to increase, reached an all-time high of around 95 percent of retained revenue and 35 percent of its annual expenditure.

He expressed concern that the development constitutes a drain on the nation’s economy and limits 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.”

He disclosed that out of the sum of over $22.8 billion approved by the National Assembly under the 2016-2018 External Borrowing Plan, only $2.8 billion – an amount representing ten percent – has been disbursed to Nigeria.

The lawmaker stressed that the projects, which require additional financing, would have great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, healthcare and improve the nation’s security architecture.

He emphasized that tax revenues accruable to Government would increase as a result of the impact of commercial and engineering activities.

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FG Begins ₦50,000 Monthly Cash Relief for Vulnerable Nigerians

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The Federal Government has commenced a monthly cash relief programme offering ₦50,000 to vulnerable Nigerians to cushion the effects of rising living costs and economic hardship.

The Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, disclosed this in a statement issued on Friday in Abuja, announcing the National Emergency Relief and Stabilisation Intervention (NERSI), a presidential initiative aimed at providing direct financial support to millions of vulnerable households.

Doro said the intervention was introduced in response to global food inflation and rising prices of essential goods, which continue to put pressure on household finances.

Under the programme, eligible beneficiaries will receive ₦50,000 monthly to help meet essential needs and ease the burden of the rising cost of living.

The minister explained that the intervention would be reviewed periodically in line with prevailing economic conditions, with beneficiaries notified directly before any adjustment.

He said the ministry was working with licensed digital financial service providers to ensure secure, transparent and timely disbursement of the funds.

According to him, beneficiaries will receive text messages from the providers seeking their consent before payments are made directly into their bank accounts or mobile wallets.

Doro clarified that beneficiaries are not required to apply, pay any fee or register through agents to access the programme.

He warned Nigerians against fraudsters, urging them not to disclose their Personal Identification Numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.

The minister advised those uncertain about any message or facing demands for payment to contact the official NERSI helpline on 0700-022-2222.

He said the intervention complements existing Federal Government social protection and economic support programmes, while strengthening household resilience and economic stability.

Doro added that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores the ministry’s commitment to delivering social support with dignity, transparency and accountability.

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Ekiti Bureau Congratulates Oyebanji, Prioritises Curbing Capital Flight

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The Ekiti State Bureau of Local Content has congratulated Governor Biodun Oyebanji on his inauguration for a second term in office, pledging to prioritise efforts to address capital flight and strengthen the state’s economy.

The Bureau, in a congratulatory message issued by its management, and signed by the director of Admin Mr Tope Fasoyin, described the governor’s second-term inauguration as an opportunity to consolidate the achievements of his first tenure and advance policies aimed at promoting sustainable economic development in the state.

 

The agency reaffirmed its commitment to supporting the governor’s vision of retaining more economic resources within Ekiti State through effective implementation of local content policies.

 

It said efforts would be intensified to promote the participation of indigenous businesses in government projects, encourage patronage of locally produced goods and services, and create more opportunities for local contractors, suppliers, and service providers.

 

According to the Bureau, prioritising local content would help reduce capital flight, stimulate indigenous enterprise, create employment opportunities, and ensure that more economic benefits accrue to the people of Ekiti State.

 

The management also pledged to collaborate with relevant stakeholders to ensure that the governor’s economic development agenda is translated into tangible benefits for residents.

 

It expressed confidence that Governor Oyebanji’s second term would bring renewed opportunities for economic growth, investment, and sustainable development across the state.

 

The Bureau wished the governor a successful and impactful second term in office.

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Ekiti Assembly Confirms Apata, Oyebode as Commissioner-Designates, Approves 10 Special Advisers

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The Ekiti State House of Assembly has confirmed the nominations of Mr. Dayo Apata, SAN, and Mr. Akintunde Oyebode as commissioner-designates following their screening during plenary on Wednesday, October 28, 2026.

 

The Assembly also approved the appointment of 10 Special Advisers to support governance across key sectors of the state.

 

The Speaker of the House, Rt. Hon. Adeoye Aribasoye, presided over the plenary, during which the House considered nominations and other legislative matters forwarded by Governor Biodun Oyebanji.

 

According to a statement by the Chairman of the House Committee on Media and Public Affairs, Hon. Babatunde Oke, the two commissioner nominees were allowed to take a bow and leave after the Speaker acknowledged their previous service as commissioners and their familiarity with the legislative process.

 

Aribasoye noted that Apata and Oyebode had appeared before the House on several occasions, either for screening or to present their stewardship accounts, adding that their records were already known to lawmakers.

 

Following the Speaker’s remarks, members unanimously agreed to allow the nominees to take a bow and leave without further questioning. The House subsequently considered and confirmed their nominations.

 

Meanwhile, the screening of another commissioner nominee, Dr. Oyebanji Filani, has been rescheduled to Monday, November 2, 2026.

 

Filani had written to the Assembly to explain his inability to attend the screening scheduled for Wednesday and requested a new date, a request which the House granted.

 

In another development, the Assembly commenced consideration of the 2026 Supplementary Appropriation Bill, with the Leader of the House, Hon. Tolu Ige, leading the debate.

 

After the bill was read for the second time by the Clerk, the Speaker referred it to the House Committee on Finance and Appropriation for further legislative scrutiny. Other relevant committees were also designated to serve as sub-committees in the consideration of the bill.

 

The Assembly said it remained committed to expediting legislative business, including confirmation processes and consideration of bills, in the interest of good governance and service delivery to the people of Ekiti State.

 

The statement was signed by Hon. Babatunde Oke, Chairman of the House Committee on M

edia and Public Affairs.

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