THISDAY Ranked Among 2025 Nigeria’s Top 50 Brands

Sunday Ehigiator

For the first time, THISDAY Newspaper has been listed among the Top 50 Brands in Nigeria, as released in the 2025 edition of the annual Top 50 Brands Nigeria report.

The recognition marks a major milestone for the media organisation, which joins other leading corporate brands celebrated for excellence, consistency, and consumer trust.

Speaking during the formal presentation of the award certificate to THISDAY, at the newspaper’s corporate office yesterday, the Chief Executive Officer and Co-founder, Top 50 Brands Nigeria, Taiwo Oluboyede, said the ranking was based on a scientific model known as Brand Strength Measurement (BSM), a composite evaluation system that assesses brands’ popularity, consumer sentiment, online engagement, and nationwide presence.

Oluboyede, explained that the 2025 edition celebrates, “the most admired and resilient brands powering Nigeria’s economy,” noting that the inclusion of THISDAY reflects its strong brand perception, credibility, and influence in shaping national discourse.

“This year, we are delighted to have THISDAY among the top 50 brands in Nigeria for the first time. We measure how well brands meet their promise to consumers, and THISDAY has shown exceptional consistency and relevance in media performance and public trust,” he added.

The award presentation followed the official unveiling of the 2025 rankings, held earlier in October at Eko Atlantic City, Lagos, where Dangote Group retained its number-one position for the eighth consecutive year.

Receiving the award on behalf of the THISDAY management and staff, THISDAY’s Sunday Editor, Davidson Iriekpen, expressed gratitude to the organisers for the recognition.

“We are grateful for this honour, and we are not taking it for granted. I mean, it’s a good development that this year you found us very worthy to be part of those to receive this award. We are very grateful.

“And there’s a saying that, when you are bestowed awards like this, it will spur you to do much more. Being recognised among Nigeria’s top brands will further spur us to do more and keep upholding the standards THISDAY is known for.”

Also speaking, THISDAY’s Saturday Editor, Obinna Chima, commended the organisers for making efforts to visit THISDAY’s office and present the award personally, while also thanking them for recognising THISDAY amongst the top 50 brands in Nigeria for the year 2025.

 Also present at the award presentation event were THISDAY’s Deputy Saturday Editor, Ahamefuna Ogbu, and THISDAY’s Deputy Sunday Editor, Festus Akanbi, who both commended and appreciated the organisers for their recognition of the THISDAY brand.

Speaking further, Oluboyede, who was accompanied by the Logistics Manager, Top 50 Brands, Mr. David Ogunba; Technical Consultant, Top 50 Brands, Mr. Shankar Prabakaran and Brand Advisor, Shamunga Priya, also disclosed that the Top 50 Brands Nigeria initiative, through its Brand Engagement Forum, continues to advocate for a stronger, more credible Nigerian brand identity, encouraging both corporate and national rebranding efforts that reflect resilience, innovation, and trustworthiness.

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    NNPC Shops for Equity Partners to ‘High-grade’ Its Comatose Refineries

    NNPC Shops for Equity Partners to ‘High-grade’ Its Comatose Refineries

    • Port Harcourt, Warri, Kaduna facilities will work, says Ojulari

    •Prices to rise further as FG approves 15% tariff on imported fuel

    •Official letter indicates it will trigger N99.72 per litre increase in Lagos

    •But argues it will  allow domestic refiners to cover costs

    Emmanuel Addeh in Abuja

    The Nigerian National Petroleum Company Limited (NNPC) yesterday announced that it had begun a detailed review of Nigeria’s three petroleum refineries, with a view to bringing them back online.

    In a post on his verified personal X handle last night, the Group Chief Executive Officer of the national oil company, Bayo Ojulari, stated that one of the options being explored by the NNPC is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

    Tagged: “Update on Our Refineries”, Ojulari stated that the NNPC continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.

    In spite of spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up. The Warri refinery remained comatose weeks after it was gleefully announced to have returned to production, while the Kaduna facility never took off at all.

    Africa’s richest man, Aliko Dangote, in July, estimated that the federal government may have spent over $18 billion over the years to revamp the three refineries without results.

    Despite the deployment of these huge resources without commensurate output, nobody has been punished for any infraction by the Nigerian government.

    “As of today (July), they have spent about $18 billion on those refineries, and they are still not working. And I don’t think, and I doubt very much if they will work,” he said.

    Dangote emphasised that the turnaround maintenance of the refineries was like trying to modernise a car built 40 years ago, when technology has advanced.

    But sounding a note of optimism, Ojulari, who posted the message with a hashtag #Nigerian refineries will work, explained that the NNPC has developed a strategy to ensure that this aspiration comes to fruition.

    “We are filled with determination! We are looking ahead with optimism to ensure our refineries operate effectively. We are dedicating significant time to a detailed review and are eager to implement our insights.

    “What fuels our drive is the understanding that the prosperity of the Nigerian states and the future success of Nigeria will always take precedence over any individual interests.

    “This very commitment inspires us as we anticipate creating sustainable solutions for our refineries in the near future. #Nigerianrefineries #willwork”, he wrote .

    Outlining the fresh plan under several subheadings including Technical & Commercial Review; Advanced Technical Partnerships as well as Energy Security & Asset Optimisation, the NNPC GCEO stressed that the technical equity partners to be selected, must have a track record of operating refineries to international standards.

    “He wrote: “Ongoing technical and commercial review for comprehensive assessment of all three refineries. To high-grade or repurpose as may be required to ensure optimal performance and sustainability.

    “Advanced Technical Partnerships. Select Technical Equity Partners who have a track record of operating refineries to international standards. Complete requisite agreements to mobilise towards implementing high-grade or repairs as required.”

    As for Energy Security & Asset Optimisation, Ojulari pointed out that this is to  assure NNPC’s capacity to meet Petroleum Industry Act (PIA) requirements as the supplier of last resort for petroleum products as well as to ensure efficient and profitable operation of the refineries.

    “We’re repositioning as a commercially driven, transparent energy company serving Nigerians,” Ojulari added.

    During his tenure, erstwhile GCEO, Mele Kyari, oversaw the award of rehabilitation contracts for Nigeria’s three main state-owned refineries at amounts running into the billions of US dollars.

    For the Port Harcourt Refining Company (PHRC) in Port Harcourt, the Federal Executive Council (FEC) approved a contract of roughly $1.50 billion.  For the Kaduna Refining & Petrochemical Company (KRPC) in Kaduna and the Warri Refining & Petrochemical Company in Warri, a combined contract sum of about $1.48 billion was approved.

    In total, therefore, the rehabilitation of the three refineries was budgeted at approximately $3 billion, prompting the Economic and Financial Crimes Commission (EFCC) to have recently begun an investigation.

    Meanwhile, Nigerians are about to pay as much as N150 higher per litre of petrol and higher than that on diesel, after the Bola Tinubu-led administration approved a 15 per cent tariff on imported fuels, implementation of which will commence immediately. However the document stated that the impact will not exceed N100 addition per litre.

    The document seen by THISDAY yesterday copied to the Attorney General of the Federation, Lateef Fagbemi; Executive Chairman Federal Inland Revenue Service (FIRS), Zacch Adedeji and the Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, confirmed the development.

    The request approved by the President stated that the proposal to introduce a ‘measured import tariff’ on Premium Motor Spirit (PMS) and Diesel, was aimed at reinforcing national energy security, safeguarding local refining capacity, stabilising the downstream market, and ensuring a fair and competitive pricing environment aligned with the the President’s agenda.

    “Your Excellency may wish to recall that on 29th July 2024, via Federal Executive Council Memo EC 9 (2024) 4, you graciously approved the settlement of crude oil dedicated to domestic consumption in Naira, alongside the sale of the refined products therefrom in Naira.

    “The core objective of this initíative is to operationalise crude transactions in local currency, strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria – aligning with Your Excellency’s Renewed Hope Agenda for energy security and fiscal sustainability.

    “However, Your Excellency may wish to additionally note that while domestic refining of PMS has begun to increase, and local sufficiency in Diesel production has been achieved, price instability persists, partly due to misalignment between local refiners and marketers.

    “Import parity remains the benchmark for pricing but often sits below the cost recovery point of local producers, particularly during currency and freight fluctuations. Left unchecked, these risks undermine our nascent refining sector at the very point of recovery. The Government’s responsibility is therefore twofold: to protect consumers and domestic producers from unfair pricing practices and collusion, while simultaneously ensuring a level playing field that allows domestic refiners to cover costs and attract continued investment,” the official communication stated.

    Pursuant to the above, and with the goal of driving a sustainable, fair, and equitable ecosystem, the letter detailed by a personal aide of the President proposed that the tariff framework be introduced.

    This framework, the official communication said, is designed to prevent duty-free imports from undercutting local refineries, while maintaining healthy competition and protecting consumers.

    “In line with the objectives of Your Excellency’s earlier approval, it strengthens the local value chain, stabilises prices, and incentivises investment into refining and logistics infrastructure. In alignment with the updated technical proposal, it is recommended that an ad-valorem import duty of 15 per cent be introduced on PMS and Diesel, applied to the Cost, Insurance, and Freight (CIF) value at discharge.

    “At current CIF levels, this represents an increment at approximately N99.72 per litre, which nudges imported landed costs toward local cost-recovery without choking supply or inflating consumer prices beyond sustainable thresholds.

    “Even with this adjustment, estimated Lagos pump prices would remain in the range of N964.72 per litre ($0.62), still significantly below regional averages such as Senegal ($1.76 per litre), Cote d’Ivoire ($1.52 per litre), and Ghana ($1.37 per litre),” the request acceded to by the President stated.

    The proponents argued that the tariff is not revenue-driven but corrective, aimed at aligning import costs with domestic realities while preserving affordability.

    According to the document, payments would be made into a designated Federal Government of Nigeria (FGN) revenue account under the Nigeria Revenue Service (NRS), with verification by the NMDPRA before discharge clearance.

    While the document suggested that implementation would commence after a 30-day transition window, allowing importers to adjust cargoes already in transit and ensuring a smooth rollout without market disruption, however it indicated that the President minuted that it should begin immediately. “Approved as Prayed for Implementation Immediately,” the Nigerian leader wrote.

    The letter continued: “Sections 71 and 72 of the Petroleum Industry Act (PIA) provide the legal basis for the proposed import tariff. Section 71 (a) and (b) empowers the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to issue Regulations imposing public service obligations on licensees in relation to matters which include security of supply, economic development, and the achievement of wider economic policy objectives.

    “Section 72 went further to authorise NMDPRA to provide for the recovery of any additional costs incurred in complying with the public service obligations through a public service levy, which may be imposed on customers, provided that it would be in the wider public interest.

    “Public service obligations’” are defined under section 318 of the PIA to mean: specific obligations imposed by the Authority on licensees in relation to security of supply, social service, economic development, environmental protection or the use of indigenous materiais.

    “Accordingly, Your Excellency can achieve this by giving policy directives to NMDPRA under section 3(4) of the PIA the 15 per cent  import tariff on PMS and Diesel, which shall be published in the Federal Government gazette,” it added.

    In line with the above, the letter stated that operationalisation will be straightforward and transparent as tariffs will be collected into a designated federal government revenue account issued by the FIRS, now NRS.

    In addition, it stated that end-to-end digital verification will be linked to NMDPRA discharge clearance, ensuring no cargo is released without proof of payment, while Customs and NMDPRA will update import templates, supported by a public compliance notice to minimise speculation and rumour-driven volatility.

    “A 30-day transition period will be observed to allow market participants to adjust cargoes already in transit.  In conclusion, this reform will accelerate Nigeria’s path toward fuel self-sufficiency, protect consumers and investors alike, and stabilise the downstream petroleum market. It represents another bold step in Your Excellency’s legacy of reforms that continually strengthen the sustainability and competitiveness of our energy ecosystem.

    “In view of the foregoing, Your Excellency is respectfully invited to consider and, if deemed appropriate: Approve the introduction of a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Diesel, to be assessed on the Cost, Insurance, and Freight (CIF) value at discharge, with all payments made into a designated Federal Government of Nigeria (FGN) revenue account and verified by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) prior to discharge clearance.

    “Direct the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigeria Customs Service (NCS) to implement a 15 per cent import duty on Premium Motor Spirit & Diesel, with effect after a 30-day transition period from the date of official notification.

    “Direct the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the regulator, to issue appropriate Regulations in this regard and take local production into account first before the issuance of import licenses.

    “Direct a periodic review of the tariff rate and its continued necessity, including provisions for scaling or sunset measures, as domestic Premium Motor Spirit (PMS) refining capacity expands, under the oversight of the Implementation Committee on Crude and Refined Products Sales in Naira,” the letter stated.

    However, THISDAY learnt that the development has led to apprehension in the downstream sector of the petroleum industry, as many argue that the country does not have enough refining capacity to add a 15 per cent tariff on imported fuel.

    Nigeria currently imports over 60 per cent of its refined petroleum products, while less than 40 per cent is sourced locally, almost solely from the Dangote refinery.

    ​  

    • Port Harcourt, Warri, Kaduna facilities will work, says Ojulari •Prices to rise further as FG approves 15% tariff on imported fuel •Official letter indicates it will trigger N99.72 per

    New Service Chiefs Get Senate Confirmation, Vow Reforms to Tackle Insecurity, Boost Troops’ Welfare

    New Service Chiefs Get Senate Confirmation, Vow Reforms to Tackle Insecurity, Boost Troops’ Welfare

    •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.

    ​  

    •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

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