•NASS okays Tinubu’s request for new external borrowing to finance 2025 budget deficit, refinance maturing Eurobonds

Sunday Aborisade and Adedayo Akinwale in Abuja

Senate yesterday confirmed the appointment of Nigeria’s newly appointed Chief of Defence Staff (CDS) and other service chiefs after a two-hour closed-door session.

The red chamber, also yesterday, approved President Bola Tinubu’s request to secure a fresh $2.347 billion loan from the international capital market to part-finance the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.

Similarly, the House of Representatives, yesterday, approved the president’s new external borrowing plan.

Reacting to the confirmation of the service chiefs, the presidency expressed delight over the senate’s prompt legislative action, describing it as a reflection of the growing synergy between the executive and the legislature under the Tinubu administration.

The decision to approve the appointments of the service chiefs was taken when the red chamber resumed open plenary, presided by Senate President Godswill Akpabio.

While addressing the federal lawmakers on their arrival before the executive session, the service chiefs pledged sweeping reforms to tackle insecurity, rebuild troop morale, and advance local defence production, if confirmed by Senate.

The nominees, drawn from the army, navy, and air force, promised to reposition the armed forces to confront the country’s security challenges with fresh strategies, technology, and inter-agency cooperation.

Appearing before the senate for screening were Chief of Defence Staff nominee, Lieutenant General Olufemi Oluyede; Chief of Army Staff, Major-General Waheedi Shaibu; Chief of Naval Staff, Rear Admiral Idi Abbas; and Chief of Air Staff, Air Vice Marshal Kennedy Aneke.

Together, they presented a unified vision: a self-reliant, technology-driven armed forces anchored on synergy, local production, and improved welfare for personnel.

Oluyede, who until recently served as Chief of Army Staff, told senators that Nigeria’s continued dependence on imported weapons was economically unsustainable and strategically risky.

He said one of his priorities as Chief of Defence Staff would be to develop a local military-industrial base to produce critical defence hardware and reduce reliance on foreign suppliers.

He said, “We can’t continue to buy equipment from abroad when our challenges are local. These things are extremely expensive. We must build our own capacity to produce what we need to fight and defend the nation.”

Oluyede, a combat veteran of peacekeeping and counter-insurgency operations in Liberia, Bakassi, and the North-east, said he would drive intelligence-led operations, integrate technology into warfare, and strengthen collaboration among security agencies.

“Our operations will be multi-domain and multi-agency. We’ll improve night-fighting capability, train more special forces, and use real-time intelligence to dominate every terrain,” he added.

He also vowed to make the welfare of troops a central pillar of his leadership, describing morale as “the backbone of fighting power.”

He stated, “I will prioritise improved housing, healthcare, education for families, timely payment of benefits, and the overall living conditions of our men and women in uniform.”

Stating that the armed forces had made significant gains against insurgents, Oluyede insisted that long-term security could only be achieved through a whole-of-society approach.

He said, “The military alone cannot secure Nigeria. Everyone must be involved, including the government, communities, and civil institutions. Security is a collective responsibility.”

He also called for urgent reform of the Nigeria Police to enable it to effectively handle internal security, allowing the military to focus on external defence.

Oluyede said, “We must strengthen the police to handle internal security so the military can focus on external defence.”

Senators from across the country lauded Oluyede’s credentials and experience, describing him as a seasoned commander. Senator Mohammed Monguno (Borno North) said Oluyede had proven leadership in reclaiming territories from Boko Haram.

Senator Adamu Aliero (Kebbi Central) urged him to prioritise troop welfare, while Senator Danjuma Goje (Gombe) called for a more effective de-radicalisation and reintegration programme for ex-insurgents.

Responding, Oluyede pledged to strengthen Operation Safe Corridor, the government’s rehabilitation initiative in Gombe State, and ensure that ex-combatants were reintegrated into society through skills training and community participation.

“We’ll train ex-combatants in trades and work with traditional and community leaders to reintegrate them responsibly,” he said.

Abbas pledged to tackle maritime crimes, oil theft, and piracy through modern surveillance and improved inter-agency collaboration.

Rejecting the idea of establishing a separate coast guard, Abbas said the navy already performed those duties and only required better funding and equipment.

He stated, “The navy’s statutory responsibilities already cover coast guard functions. Instead of duplicating agencies, the government should strengthen the navy. Even half of the funds meant for a coast guard would significantly enhance our capacity.”

Abbas revealed plans to deploy drones to monitor difficult terrain and prevent oil theft in remote creeks while securing inland waterways increasingly exploited by criminal networks.

“We have established a Special Operations Command in Makurdi to strengthen operations between Benue and Lokoja. This will cover inland waterways and block escape routes used by criminal elements,” he said.

On the reintegration of repentant militants, Abbas said he supported rehabilitation efforts, but warned against overlooking the emotional trauma suffered by victims.

“De-radicalisation is noble, but communities that have lost loved ones must be consulted. Their pain must not be ignored in our quest for peace,” he cautioned.

He pledged stronger coordination among the army, navy, and air force through the navy’s Total Spectrum Maritime Strategy, aimed at synchronising Nigeria’s maritime, land, and air defence operations.

“We must work together. It’s the only way to defeat the complex security threats confronting our nation,” he stated.

Equally speaking, Aneke said his vision was to build a “combat-ready, disciplined, and intelligent” air force that would rely more on drones, precision targeting, and rapid-response capabilities.

He said, “If confirmed, I will dedicate myself to building a combat-ready air force — operationally versatile, disciplined, and lethal. Our operations will be smart, precise, and intelligence-driven.”

Aneke underscored the importance of technology in modern warfare, stating that unmanned systems are now replacing conventional aircraft for many missions.

“Some of the things a Super Tucano can do, a drone can now do better, faster, and without risking lives. We will invest in unmanned aerial systems, research, and innovation,” he explained.

Addressing concerns about the state of Nigeria’s $1.2 billion Super Tucano fleet, Aneke assured senators that the aircraft were fully operational and delivering results in counter-insurgency operations.

He said, “The Super Tucanos are flying every night in the North-east and North-west. We just can’t publicise everything due to operational security.”

He also emphasised the high cost of sustaining air operations, describing defence spending as an investment in peace.

“Each missile we fire costs about $100,000. But that’s the price of peace. You must spend on defence to deter aggression,” he stated.

Aneke promised to prioritise pilot training, aircraft safety, and personnel welfare, urging lawmakers to support adequate funding for fleet maintenance and modernisation.

Aneke added, “We are here to serve. We will give Nigerians the best, to ensure that every naira spent on us delivers value in peace, safety, and pride.”

Across their presentations, the three nominees projected a shared commitment to synergy, innovation, and welfare as cornerstones of Nigeria’s new security architecture.

All three reaffirmed their loyalty to Tinubu’s vision of security sector reform and national stability.

The trio, following their confirmation, will anchor Tinubu’s new defence strategy, focused on restoring peace in the North-east, ending banditry in the North-west, and protecting Nigeria’s territorial integrity across land, sea, and air.

Reacting to the confirmation, Special Adviser to the President on Senate Matters, Senator Basheer Lado, in a personally signed statement, commended the upper chamber for conducting a smooth and coordinated screening process that culminated in the confirmation of the nominees.

Lado said his office played a facilitating role in ensuring effective engagement between both arms of government during the confirmation exercise, which he described as “a demonstration of the administration’s commitment to effective governance and national security”.

According to him, “As the Special Adviser to the President on Senate Matters, I facilitated this crucial interface to ensure a smooth and coordinated engagement between the Executive and the Legislature, in line with President Bola Ahmed Tinubu’s unwavering commitment to effective governance and national security.”

He lauded Tinubu for appointing what he called “a strong and competent defence leadership team”, comprising Lt. Gen. Olufemi Oluyede as Chief of Defence Staff, Major Gen. Waidi Shaibu as Chief of Army Staff, Air Vice Marshal Sunday K. Aneke as Chief of Air Staff, and Rear Admiral Idi Abbas as Chief of Naval Staff.

“The appointment of these distinguished officers represents a strategic step towards strengthening Nigeria’s security architecture and fostering synergy among the armed forces for the protection of our nation’s sovereignty and citizens,” the statement read.

Lado further expressed gratitude to President of the Senate, the senate leadership, and all senators for their “prompt and thorough consideration” of the nominations.

He stated that the senate’s cooperation underscored the deepening partnership between the executive and legislature, particularly in addressing national challenges.

“Their commitment underscores the strong collaboration between the executive and the legislature in advancing the national interest and ensuring the security and stability of our dear nation,” Lado added.

National Assembly Okays Tinubu’s $2.8bn Foreign Loan to Fund 2025 Budget, Refinance Maturing Debts

Meanwhile, Senate and House of Representatives, yesterday, approved Tinubu’s request to secure a fresh $2.347 billion loan from the international capital market to part-finance the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.

In addition, the upper chamber granted approval for the issuance of a $500 million debut Sovereign Sukuk in the International Capital Market (ICM) to fund key infrastructural projects across the country.

The approvals followed the adoption of a report presented by Chairman of Senate Committee on Local and Foreign Debts, Senator Wamakko Magatarkada Aliyu, on “New External Borrowing and Refinancing,” during plenary.

Tinubu’s request, first read in the chamber on October 8, sought legislative endorsement for new external borrowing and debt refinancing to bridge financing gaps in the upcoming fiscal year.

Presenting his committee’s report, Aliyu explained that the borrowing was necessary to sustain critical government projects and maintain Nigeria’s creditworthiness in the international financial system.

In his contribution, Chairman of the Senate Committee on Finance, Senator Sani Musa, urged his colleagues to approve the request, describing it as essential to ensure smooth implementation of the 2025 Appropriation Bill.

Musa said, “It is very necessary that we give approval to this request so that the 2025 appropriation will be given the necessary funding.”

He stressed that the borrowing was already embedded in the federal government’s fiscal projections.

Similarly, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, clarified that the request was not an addition to Nigeria’s debt burden but a compliance measure with the already approved revenue and expenditure framework.

Abiru said, “This is more of a compliance issue because the 2025 Appropriation Act, as it is, has already captured it as part of the deficit financing.

“The second request is a refinancing arrangement to ensure that the country does not default in Eurobond servicing.”

Senator Adams Oshiomhole (Edo North) defended the decision to back additional borrowing, arguing that loans targeted at productive sectors can stimulate economic growth and create jobs.

“We have consistently maintained that there’s nothing wrong with borrowing if it is properly structured and used to address critical issues like unemployment and infrastructural decay,” Oshiomhole said.

The senate’s approval came amid sustained debate over Nigeria’s rising debt profile, which stood at over N97 trillion as of mid-2025, according to Debt Management Office (DMO).

Additionally, the House of Representatives approved the president’s request to implement the new external borrowing plan.

The report of the Committee on Loans and Debt was presented to the House at the plenary session yesterday for consideration by the chairman of the committee, Hassan Nalaraba.

But there was a mild drama when Deputy House Leader, Hon. Abdullahi Halims, who earlier moved for the consideration of the report, said the report should be stepped down for further consultation.

Speaker, Hon. Tajudeen Abbas, wondered why Halims should be moving a motion to step down the consideration of the report when he was not fully abreast of the content of the report.

Subsequently, the House considered and approved the Implementation of the New External Borrowing of N1,843,669,786,987.16 (equivalent of USD 1,229,113,000.00 at the Budget Exchange rate of USD1.00/N1,500) provided as New External Borrowing in the 2025 Appropriation Act, to part-finance the Budget Deficit of N9,276,348,934,935.79

The green chamber further approved the request to refinance the $1,118,352,000.00 Eurobonds (7.625 per cent $1.118bn Nov 2025) maturing on November 21, 2025.

The House also approved the request by the president to access aggregate external capital of USD2,347,465,000.00 ($1.229 billion and $1.118bn), through any of the following option(s) in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from international Financial Institutions.

The lawmakers also approved the request to issue a stand-alone debut Sovereign Sukuk of up to $500 million in the ICM with or without credit enhancement (Guarantee).

While critics warn of potential fiscal risks, government officials insist that new borrowings are essential for bridging the nation’s infrastructure and revenue shortfalls.

With yesterday’s approval, the federal government is expected to proceed with arrangements for the new Eurobond issuance and the debut $500 million Sukuk offering in the global market, moves officials say will enhance Nigeria’s fiscal resilience and investor confidence.

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