• Hot Source
• Uncategorized
• October 7, 2025
• 16 views

Again, Tinubu seeks NASS approval for $2.3bn, $500m borrowing, debt refinancing

President Bola Ahmed Tinubu has sought the approval of the House of Representatives for new external borrowing and debt refinancing totaling $2.3 billion, alongside the issuance of a $500 million debut sovereign Sukuk in the international capital market. This was contained in a letter read on the floor of the House by Speaker Tajudeen Abbas.
Again, Tinubu seeks NASS approval for $2.3bn, $500m borrowing, debt refinancing

President Bola Ahmed Tinubu has sought the approval of the House of Representatives for new external borrowing and debt refinancing totaling $2.3 billion, alongside the issuance of a $500 million debut sovereign Sukuk in the international capital market.

This was contained in a letter read on the floor of the House by Speaker Tajudeen Abbas.

The letter seeks the National Assembly’s resolution in line with Sections 21(1) and 27(1) of the Debt Management Office, DMO, Establishment Act, 2003.

The president said the new borrowing is aimed at implementing provisions of the 2025 Appropriation Act, refinancing maturing Eurobonds and diversifying Nigeria’s funding sources through Islamic finance instruments.

According to him, the 2025 budget provides for $9.27 billion in total new borrowings to finance the year’s fiscal deficit, out of which $1.84 billion (N1.23 trillion at an exchange rate of N1,500/$) is earmarked for external loans.

The president urged the lawmakers to authorise the Federal Government to source the funds through any of the following options:

Issuance of Eurobonds; Loan syndication; Bridge financing from book runners; or Direct borrowing from international financial institutions.

He equally revealed that Nigeria’s $1.118 billion Eurobond, issued in 2018 at 7.625% and maturing in November 2025, will be refinanced to avoid default.

“This is a standard practice in debt capital markets,” the letter noted, adding that refinancing through Eurobonds or syndicated loans would ensure debt sustainability and investor confidence.

He further noted that the decision was inspired by the government’s “considerable success” in domestic Sukuk issuances, which have raised N1.39 trillion since 2017 for critical infrastructure, particularly road projects.

He said that the proposed international Sukuk will help bridge the country’s infrastructure funding gap and deepen its investor base.

“If the ICIEC credit guarantee is utilised, 25% of the proceeds will be used to repay relatively expensive debt obligations, while the balance will finance pre-identified infrastructure projects,” the letter stated.

Tinubu assured the House that the Federal Ministry of Finance and the Debt Management Office, DMO, would work closely with transaction advisers to secure the most favourable terms and pricing for all capital-raising efforts, subject to prevailing market conditions.

Again, Tinubu seeks NASS approval for $2.3bn, $500m borrowing, debt refinancing

• Hot Source
• Uncategorized
• October 7, 2025
• 11 views

I’ll never go to Arise TV until he’s removed – Igbokwe on clash between Minister Umahi, Rufai

A Chieftain of the All Progressives Congress, APC, Joe Igbokwe has vowed to steer clear of Arise Television until one of the TV’s presenters and show host, Rufai Oseni, is sacked. Igbokwe’s remark followed a drama that ensued between the Minister of Works, David Umahi and Rufai during an interview on The Morning Show on
I’ll never go to Arise TV until he’s removed – Igbokwe on clash between Minister Umahi, Rufai

A Chieftain of the All Progressives Congress, APC, Joe Igbokwe has vowed to steer clear of Arise Television until one of the TV’s presenters and show host, Rufai Oseni, is sacked.

Igbokwe’s remark followed a drama that ensued between the Minister of Works, David Umahi and Rufai during an interview on The Morning Show on Monday.

According to a trending video, the minister, who was furious over some questions that were put out to him by Rufai regarding the Lagos-Calabar Coastal Road, asked the show host to keep quiet.

Umahi claimed he is a professor in the field of engineering and has vast knowledge regarding the federal government projects.

But Rufai became inquisitive and demanded to know the year the minister became a professor.

Reacting to the drama, Igbokwe in a Facebook post, said until Rufai is sacked, he will not appear on the TV station, stating that the station has “become a TV Station of anything goes.

“I will never go there again until Rufai Oseni is removed.

“The Animal Science graduate is making a mockery of Journalism. Televion Station is not a place for mediocres and noise makers”, the APC chieftain posted.

I’ll never go to Arise TV until he’s removed – Igbokwe on clash between Minister Umahi, Rufai

• Hot Source
• Uncategorized
• October 7, 2025
• 11 views

Coastal Highway: We won’t let Winhomes damage govt, diaspora investors-Umahi

The Minister of Works, David Umahi, has warned that the ongoing legal disputes surrounding the Winhomes development must not undermine the Tinubu administration’s relationship with diaspora investors. Umahi stated this on Tuesday in an interview on Arise Television, emphasising that the federal government remains committed to protecting legitimate investments while ensuring transparency and accountability in
Coastal Highway: We won’t let Winhomes damage govt, diaspora investors-Umahi

The Minister of Works, David Umahi, has warned that the ongoing legal disputes surrounding the Winhomes development must not undermine the Tinubu administration’s relationship with diaspora investors.

Umahi stated this on Tuesday in an interview on Arise Television, emphasising that the federal government remains committed to protecting legitimate investments while ensuring transparency and accountability in infrastructure projects.

He addressed concerns regarding the Lagos-Calabar Coastal Highway and the controversial Winhomes project, responding to allegations made against him and the government and what he criticised and called damaging information, being circulated.

The former Ebonyi State Governor argued that misinformation about infrastructure costs and property disputes could create unwarranted fear among investors.

He recounted the background of the Winhomes issue in detail, citing land transactions and alleged discrepancies in the CEO’s dealings.

“We will not allow Winhomes to damage the Tinubu administration’s relations with diaspora investors.”

“The woman that is in charge of Winhomes development, from available facts before me, bought 12 hectares of land from the villagers, the natives, according to her, in 2022, and bought it, 12 hectares, for 50 million naira, not dollars, 50 million naira.

“And these investors, from what I have, because they have contacted me, two brothers bought five hectares. One person bought five hectares, that is 10 hectares already, and they are all based in Nigeria. And as of 2021, she has started selling, but the document I have says she bought this land in 2022, and only 12 hectares,” he said.

Coastal Highway: We won’t let Winhomes damage govt, diaspora investors-Umahi