Hot SOURCE News

Hot Source
All News
July 28, 2025
10 views

Tinubu To Govs: Nigerians Are Complaining At The Grassroots

*Urges them to deepen grassroots engagement

*Admits economic challenges but says nation’s economy has stabilised

*Describes opposition parties as a coalition of confusion

Deji Elumoye in Abuja

President Bola Tinubu on Thursday told the 36 state governors that Nigerians were complaining bitterly of lack of development at the grassroots level.
Speaking during the 14th National Executive Committee (NEC) meeting of the ruling All Progressives Congress at the Banquet Hall of the State House, Abuja, the President stressed the need for increased community engagement and greater responsiveness to citizens’ concerns.
Looking at the 23 APC governors present at the meeting in the face, President Tinubu declared, “Nigerians are still complaining at the grassroots. “To you, the Governors, you must wet the grass more and deliver progressive change to Nigerians. May God bless our democracy and grant us more fertile lands.”
The President further said: “To those working with me to achieve food sovereignty for our country, we will continue to work hard for you, Nigerians, and to listen to everyone to achieve the national goals”.
President Tinubu reiterated the APC’s inclusive posture and affirmed that the party remains open to new members and fresh ideas.
He dismissed the opposition as “a coalition of confusion” and urged progressive-minded Nigerians to join the APC and participate in its developmental agenda.
“Our doors are still open, and we should wholeheartedly embrace those who join us”
The President emphasised that the party’s strength lies in expanding its ranks and encouraged the new National Chairman to establish a committee of National Working Committee members to visit states, ensuring that all new members are seamlessly registered and integrated.
President Tinubu thanked Dr. Abdullahi Ganduje, the former National Chairman of the APC, for his contributions to party development and ideological clarity.
“I gave him an assignment on forming a progressive doctrine and a progressive institute. I believe the National Secretary will help revitalise and coordinate this effort,” the President said.
The President told the APC governors to work collectively to leave behind a lasting legacy, including building a party secretariat in Abuja.
“We should leave a legacy of development. The governors are here—23 of them—to help identify a land, along with the Minister of the Federal Capital Territory. We should establish a committee of progressive governors to identify suitable land and construct the secretariat,” he said.
President Tinubu acknowledged economic challenges but affirmed that progress has been made under his administration. He cited the record N14.9 trillion in revenue collected by the Federal Inland Revenue Service in the first six months of the year, a 43 per cent increase from the amount collected in 2024.
“It is not easy to navigate the stormy waters of economic instability. Now, the economy is stabilised—there is no fear for the country except for continued upward movement and sustained growth. I can assure you,” he stated.
On security, the President noted that significant efforts have been made to restore safety across Nigeria.
“Thousands of terrorists and bandits have been neutralised. You can see that fear is decreasing. However, we must remain vigilant and take the matter seriously. We must invest more in our people, be accommodating, and remain committed to ensuring national security.”
President Tinubu welcomed new entrants into the APC, including Governor Umo Eno of Akwa Ibom State, Governor Sheriff Oborevwori of Delta State, and other key political figures.
The meeting observed a minute’s silence in honour of former President Muhammadu Buhari.
At the President’s request, the meeting also observed a minute of silence in honour of Alhaji Aminu Dantata and Oba Sikiru Adetona (the Awujale of Ijebuland), who both passed away recently.
President Tinubu noted that although the two late statesmen were not party members, “their lives and contributions to national development command our respect.”

Hot Source
All News
July 28, 2025
13 views

Wrestling Icon Hulk Hogan Dies at 71

Vanessa Obioha

Hulk Hogan, the WWE Hall of Famer, who became one of professional wrestling’s most iconic figures in the 1980s, has died at the age of 71.

His death was confirmed Thursday in a post by WWE on X (formerly Twitter): “One of pop culture’s most recognisable figures, Hogan helped WWE achieve global recognition in the 1980s.”

According to the Associated Press (AP), authorities responded to a call on Thursday morning about a cardiac arrest in Clearwater, Florida. Hogan was pronounced dead at a hospital, police said in a Facebook statement.

Born Terry Bollea on August 11, 1953, Hogan was a towering presence in the ring—standing 6-foot-8 and weighing nearly 300 pounds. With his signature blond moustache, colourful bandannas, and bulging biceps, he became the face of “Hulkamania,” a wrestling phenomenon that transcended the sport and made him a household name across the world.

Hogan’s theatrical charisma—ripping off his shirt before matches, cupping his hand to his ear to pump up the crowd—became part of wrestling lore, inspiring generations of performers.

“I am absolutely shocked to hear about the passing of my close friend @HulkHogan!” fellow WWE Hall of Famer Ric Flair wrote on X.

“Hulk has been by my side since we started in the wrestling business. An incredible athlete, talent, friend, and father! Our friendship has meant the world to me. He was always there for me even when I didn’t ask for him to be. He was one of the first to visit me when I was in the hospital with a 2% chance of living, and he prayed by my bedside. Hulk also lent me money when Reid was sick,” he continued.

Hogan began his wrestling career in 1977 and adopted the nickname “Hulk” due to his resemblance to the comic book character featured on the CBS series ‘The Incredible Hulk.’ In 1979, he joined what was then known as the World Wrestling Federation (now WWE), adopting the surname “Hogan” to complete the now-famous moniker.

He headlined the first WrestleMania in 1985 and became a mainstay of WWE programming, facing off against legends such as André the Giant, Randy Savage, The Rock, and even WWE Chairman Vince McMahon.

Over the course of his career, Hogan won at least six WWE championships and was inducted into the WWE Hall of Fame in 2005.

Hot Source
All News
July 28, 2025
12 views

WAFCON Final: Tinubu Sends High-powered Delegation To Cheer Super Falcons To Victory

* Prays the team finish strong by His grace

* Says the team has represented Nigeria with pride, honour and strength

Deji Elumoye in Abuja

President Bola Tinubu has sent a high-powered Federal Government delegation to Rabat, Morocco to cheer the Super Falcons to victory in the final of the WAFCON cup later today.

The delegation, according to a message issued on Saturday by President Tinubu, include three female cabinet ministers and Director-General of the National Sports Commission, Alhaji Shehu Dikko, among others.

The president, while wishing the nation’s senior female team victory in the final match against host country, Morocco in Rabat, said the female footballers have in the last three weeks represented Nigeria with pride, honour and strength in the tournament.

The president’s message to the Super Falcons read in part: “My beloved Super Falcons,

“Tonight, you stand at the cusp of history as you face the host nation, Morocco, in the 2024 Women’s Africa Cup of Nations (WAFCON) final at the Olympic Stadium in Rabat.

“Your performance at this tournament over the past three weeks has been awe-inspiring. You have represented our country with pride, honour, and strength.

“In the pitch and off the pitch, you have demonstrated true sportsmanship.

“I was delighted to see photographs of your visit to the injured Gabriela Salgado of South Africa’s Banyana Banyana following the semi-final match. That simple act of compassion reflects our shared humanity, empathy, and sisterly affection, which we Africans hold in high regard.

“If statistics alone win matches, you are already champions. Unbeaten in the group stages, victorious in the knockout rounds, and conceding only a goal in the semi-finals. Apart from this, you have emerged triumphant in all your previous nine finals.

“On behalf of a grateful nation, we are rooting for you and praying for your resounding success tonight, as you strive to achieve the crowning accomplishment of lifting a record tenth continental title.

“I have sent a presidential delegation to attend the final in Rabat to convey the full support of the government and people of the Federal Republic of Nigeria and to cheer you on to victory.

“The delegation comprises the Minister of Arts, Culture, Tourism, and the Creative Economy, Hannatu Musawa; the Minister of State for Finance, Doris Uzoka-Anite; the Minister of Women Affairs, Imaan Suleiman-Ibrahim; and the Chairman of the National Sports Commission, Shehu Dikko, among others.

“I thank the families of the Super Falcons team, coaches, friends, the Nigerian community in Morocco, the Nigeria Football Supporters Club and the Nigerian Mission in Morocco for their steady support throughout this competition.

“You will finish strong by the Grace of God. Go for the tenth! Bring the trophy home. Your fellow countrymen and women, young and old, are rooting for you.

“I look forward to receiving the team, the trophy, and the officials in Abuja.”

Hot Source
All News
July 28, 2025
12 views

Yilwatda’s Emergence Forces APC NEC to Reshuffle Positions Within NWC

I do not take mandate for granted, says Yilwatda
ADC coalition desperate, lacks ideology, Abbas declares

Adedayo Akinwale in Abuja

The emergence of Prof. Nentawe Yilwatda as the National Chairman of All Progressives Congress (APC) has forced the National Executive Committee (NEC) of the party to reshuffle some positions within the National Working Committee (NWC).

To this end, the position of the National Chairman has been zoned back from the North-west to the North Central Geopolitical Zone, while the office of the National Legal Advisor has been zoned from North Central to the North-west.

The ruling party also extended the tenure of Office of the Ward, local government, State and Zonal Executive Committees.

Speaking, the Chairman of Progressives Governors Forum (PGF) and the Governor of Imo state, Senator Hope Uzodinma, said there was a need to collectively condemn the divisive and irresponsible conduct of some elements who claimed to be opposition, whose actions did not reflect the spirit of statesmanship, patriotism, or national unity.

However , he said as progressives, they must remain focused, united and responsive to the yearnings of the Nigerian people who have placed their hope in the ruling party.

The governor acknowledged the recent resignation of Dr. Abdullahi Ganduje, as national chairman of the party, expressed appreciation for his service to the party and to the nation.

Uzondinma stated: “As we turn this page, it is imperative that we quickly move to nominate a capable and unifying replacement, someone who can build on the foundation laid and help reposition the party to its rightful place of pride in Nigeria’s democratic history.”

He commended the notable progress made on the party’s membership e-registration exercise, saying this is very vital to step in the deepening of internal democracy, ensuring credible data-driven planning, and opening new channels of inclusion for millions of Nigerians who wish to identify with APC.

Uzodinma added that the advantages of this innovation were far-reaching and timely, as it modernises its operations and prepares for future engagements.

He said while the future of APC was bright, the leadership of President Bola Tinubu continues to inspire a renewed confidence in governance.

Uzondinma stated: “It will be a thing of joy for me to take advantage of this moment to drive this composite motion that I, Senator Hope Uzodima, governor of Imo state, and Chairman of the Progressive Governance Forum, want to humbly move the motion that the National Executive Committee approve the office of the National Chairman of APC to be zoned back from the northwest where it is now to the North Central Geopolitical Zone.

“That the office of the National Legal Advisor of the APC be zoned back from North Central where it is now back to the Northwest Geopolitical Zone.

“That the office of the Deputy National Secretary of APC already zoned to North Central be zoned back to North Central Zone. That Professor Nantawe Goshwe from Plateau State North Central Geopolitical Zone be nominated and be elected as the National Chairman of All Progressive Congress.

“That the current National Legal Advisor Professor Abdulkarim Kana shall now be the Deputy National Secretary of our great party.

“That Barrister Murtala Kogiya from Kasina State Northwest Zone be nominated and elected as the National Legal Advisor of our great party.

“That the review of the compressed political activities going on in our great party, that the tenure of Office of the Ward Executives, local government executives, be extended to 31st day of December 2025.

“The consequential adjustment as a result of the election of the new National Chairman of the party will be made wise, properly and implemented by the National Working Committee in proper consultation with the National Leader of the party. I so move.

“I will therefore invite the Rt Honorable Speaker of the House of Representatives to second the motion.”

Abbas said: “I, Abbas Tajudeen, Member of the All Progressive Congress from Kwarbe Zaria Local Government of Kaduna State, hereby second the following motions.”

“One, on zoning of enumerated national offices in accordance with the terms of the motion. Nomination of Professor Nentawe as the National Chairman of APC.

“Filling of offices of the Deputy National Secretary and the National Legal Advisor in accordance with the new zoning arrangements in accordance with the terms of the motion.

“Extension of the tenure of Office of the World Executives, local government executives and the State Executives and Zonal Executive Committees of APC in accordance with the terms of the motion moved by Senator Hope Uzodima, Governor of Imo State. I do hereby second.

On his part, Abbas described the coalition against the ruling party under the platform of African Democratic Congress (ADC) ahead of the 2027 general election as a desperate attempt that lacks ideology.

He, however, said the ruling party must strengthen internal cohesion by addressing grievances and rewarding loyalty, while ensuring no faction feels sidelined.

Speaking at the National Executive Committee meeting of the APC at the Presidential Villa in Abuja on Thursday, the Speaker said the coalition, which has now adopted ADC as its platform for the election, only wants to replicate the merger of political parties to form the APC ahead of the 2023 election.

He noted: “Since our last (APC NEC) meeting, the opposition has undergone seismic shifts. The PDP is fracturing due to leadership tussles and defections, with many members joining either the APC or a new opposition coalition under the African Democratic Congress (ADC).

“This coalition, cobbled from former PDP, APC, and Labour Party players, plots to challenge us in 2027.

“While this poses a challenge, it is a desperate coalition attempting to replicate our 2013 APC merger. Their unity appears opportunistic, and their lack of a clear ideology weakens their appeal compared to our proven and tested governance.”

Abass stressed that smaller parties, such as the Labour Party and the New Nigeria Peoples Party (NNPP) are clearly in decline.

He added: “The Labour Party’s momentum has drastically diminished. The NNPP buckles beneath bitter bickering and internal conflicts. The ADC is desperately courting other parties, such as the SDP and PRP.

“Amidst all these, the APC must remain vigilant, preparing for a potentially united opposition in 2027. The APC’s dominance is clear, but complacency is not an option. The formation of the ADC coalition necessitates a proactive response. We must strengthen internal cohesion by addressing grievances and rewarding loyalty, ensuring no faction feels sidelined.”

The Speaker, who noted that the APC NEC meeting took place “at this critical moment for our party and nation,” said that since the last meeting in February, Nigeria’s political landscape has undergone significant shifts, necessitating a strategic response.

Abbas also noted that the APC has navigated a smooth leadership transition following the resignation of its National Chairman, Abdullahi Ganduje, on June 27, 2025, and the election of his successor, Prof. Nentawe Goshwe Yilwatda, the Minister of Humanitarian Affairs, Disaster Management and Social Development under the guidance of President Bola Tinubu.

While stating that the APC’s maturity in managing this transition without rancour underscores members’ unity and discipline, he said their strength continues to grow, bolstered by defections from opposition parties.

“These defections affirm the APC’s credibility as the party of choice for progressive Nigerians. I warmly welcome our new members and assure them of our commitment to good governance,” he said.

Speaking, APC chairman, Prof. Nentawe Yilwatda expressed his gratitude to the leadership of the party, from the President, to the Governors, and the National Assembly members, all members of NEC, for reposing the big burden and trust also in him to lead the party at this juncture.

He said: “Let me thank you also for picking me among millions of members of this party, and that the party will see me good enough and responsible enough to take this party to the next level. I do not take this mandate for granted.

“I want to accept it with gratitude and with my full heart and with my full mind to work together with you, to build the party knowing that all of us here are the mechanics of the party and the party is our vehicle and we will fix it and move it to our destination of choice.”

Yilwatda pledged that he would work with everybody in the party, unite, build and expand the party with members as the focus, the building block and the support he would require to drive the party so that they can fulfil the dream of Nigerians who have reposed their hope in the renewed hope agenda.

Hot Source
All News
July 28, 2025
12 views

Wike to Nigerians: Resist Political Coalition Seeking to Destroy Our Country

*ADC: Fear of intimidation preventing governors from joining opposition coalition

*David Mark: North is bleeding, only ADC can tackle challenges bedeviling the region

*Votes must count in 2027, says Babachir Lawal

Chuks Okocha in Abuja and Blessing Ibunge in Port Harcourt

The Minister of Federal Capital Territory (FCT), Mr Nyesom Wike, has urged Nigerians to reject the new opposition coalition, alleging that the political party, the African Democratic Congress (ADC), is seeking to destroy the country.
Wike’s allegation is coming as the Interim National Publicity Secretary of the ADC, Mallam Bolaji Abdullahi, stated that the fear of intimidation by the administration of President Bola Tinubu prevented state governors from joining the coalition.
Also, the Interim National Chairman of the party, Senator David Mark, has raised the alarm that Northern Nigeria is bleeding, pointing out that his party is the only platform that can address the avalanche of challenges bedeviling the region if voted into power.

Meanwhile, a chieftain of the ADC and former Secretary to the Government of the Federation (SGF), Babachir Lawal, has said that votes will decide the winners of the next elections.
Wike spoke yesterday at the 50th anniversary and 35th convocation of the University of Port Harcourt, Rivers State.
At the convocation, the minister was conferred with an honorary Doctor of Science degree in Political Science, alongside Nigeria’s First Lady, Senator Oluremi Tinubu; former Governor of Katsina State, Aminu Bello Masari, and Governor of Adamawa State, Ahmadu Fintri, who were also honoured at the event.

Speaking immediately after the conferment, the former governor of Rivers State mocked the political coalition, stressing that they are aggrieved and have nothing to offer the country.
He described them as ‘mafias’ who move around political parties without a clue of what they want or can offer to the nation.
Wike recalled that on assumption of office, President Bola Tinubu’s administration met a decaying system, assuring that the government is working tirelessly to restore the system.

“We must admit that the President met a dire socio-economic situation upon assumption of office. This challenging situation requires painful decisions if the country must survive, recover, and make progress again.
“These decisions have been taken as expected of a genuinely bold and visionary leader. The resultant consequences may not in some instances be immediately palatable, but be assured that joy is inevitably coming.”
Wike argued that “these men and women who co-live under the banner of the so-called coalition are propelling, seeking political relevance. If you interrogate their profiles, you will see that they have been in office for almost all their lives, but they have nothing concrete to show as achievements in building an enduring nation.

“In only two years of this administration, they are aggregating to destroy rather than build, rather than reconstruct our hitherto battered country, which most of them contributed to the willful destruction of our politics and our economy, which they orchestrated in their respective tenure in office,” Wike explained.
Wike, however, stated: “We know these Mafias and you are enjoined to reject them and their patriotic drumbeat of division and propaganda”.

Speaking further, Wike gave reasons for supporting the University of Port Harcourt as a governor and a minister.
In his remarks, the Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas(rtd), reiterated the state government’s unwavering commitment to delivering quality education at all levels, emphasising that no child will be left behind or denied the opportunity for academic advancement.
Also speaking, the Vice Chancellor of the university, Prof Owunari Georgewill, expressed his joy in the institution’s 50-year journey of academic excellence and service to the nation since its establishment in 1975.
He announced that, as part of the anniversary celebration, the university is conducting its 35th combined convocation ceremony, conferring a total of 13,861 degrees.
This includes 9,788 Bachelor’s degrees, 2,131 master’s degrees, 208 postgraduate diplomas, and 934 Doctor of Philosophy (PhD).

ADC: Fear of Intimidation Preventing Governors from Joining Opposition Coalition

The Interim National Publicity Secretary of the ADC, Abdullahi, who spoke yesterday during the third Expanded Meeting of the National Political Consultative Group (North), held in Abuja, described the alleged act of intimidation of governors as a conspiracy against the Nigerian people.
He stated, “We don’t need to particularly target any serving governor. We know that no serving governor will want to come to us now because of the kind of intimidation that they are facing.
“We know what they are doing to them. Some of them who cannot jump to their party (APC) are saying we are endorsing their presidential candidate (President Tinubu). No problem.
“But what you are seeing is a conspiracy against the Nigerian people. The ADC welcomes everybody, but we are convinced that we are a movement that has the backing of the majority of Nigerians who are not happy with the direction this country is going.

The ADC’s interim National Publicity Secretary stated that the party was not established to serve anyone’s ambition and emphasized that it remains free from any form of hijack.
Former president, Senator Mark, who also spoke at the event, which was attended by ADC members and supporters across the country, while delivering a keynote address on the theme, “Unity, and social cohesion as panacea to the challenges facing Northern Nigeria”, said the North was confronted with deep-seated challenges of insecurity, poverty, ethnic, religious tensions, political fragmentation, social and economic stagnation.

He said, “These challenges did not develop overnight nor will they disappear until we resolve to take deliberate, collective, and decisive action. We must first admit that we are the architects of our problems; we must stop the blame game if we truly and genuinely want to find a lasting solution.
“Division has cost us progress, while indifference and inaction have continued to deepen our division. If we are to overcome our present travails, we must return to the principles of justice, equity, mutual respect, and shared purpose that once made Northern Nigeria a beacon of hope, peace, unity, and development.

“The time for lamentation is over. The North is bleeding profusely, and we are the only ones who can heal it. Let us commit today to reject hate speech and divisive politics, invest in unifying projects—education, healthcare, and infrastructure, hold each other accountable for our actions and inactions, and shake hands across the divide and restore our bond of brotherhood.”

Votes Must Count in 2027, Babachir Lawal Insists

Also speaking on the sidelines of the event, the former SGF, Lawal, insisted that votes must count in the 2027 general election.
”Votes will count. And we are going to make sure that votes do count. In this election, votes will count.
”I tell you, forget about this fear that votes will not count. APC is a party of Nigerians. ADC is one. Whatever techniques, whatever malicious activity they throw at us, we’ll counter them effectively. And we’ll counter and defeat them at it,” he explained.

On the purpose and objectives of the Northern Political Consultative Group has started preparing solutions for the 2027 general election, adding, ”we will elect only somebody who has the interest of the North at heart and who will address the challenges facing the North because as it is, we believe that this government has no interest in solving problems confronting the North—be it infrastructure, be it peace, be it security.

On the resolutions of the meeting, he said: ”Well, the resolution is that we should go out and continue to organise northerners, continue to pass on the messages that we have spoken here today so that our people from top to bottom will be united and take a single position in the coming election.”

Hot Source
All News
July 28, 2025
12 views

Super Falcons Beat Hosts Morocco to Win 10th WAFCON Title

Duro Ikhazuagbe

Nigeria’s Super Falcons won a record-extending 10th Women’s Africa Cup of Nations (WAFCON) title Saturday night, coming back from two goals down to beat hosts Morocco 3-2 inside the 21,000-capacity Olympic Stadium in Rabat.

It was a dramatic turnaround never witnessed before in the final of Africa’s women’s football showpiece.

Until Saturday night, Super Falcons were unbeaten from the group stage to the final. And they deservedly won the $1 million prize money and the brand new WAFCON trophy for the winning team.

Jennifer Echegini scurried Esther Okoronkwo’s set-piece from outside the box into the Moroccan net for Nigeria’s winning goal.

Before that winner, the hosts raced into the lead in the first 25 minutes through Ghizlane Chebbak in the 13th minute and Sanaa Mssoudy.

But Okoronkwo pulled back from the penalty spot in the 64th minute, while Folashade Ijamilusi levelled scores in the 71st minute.

Super Falcons thereafter gained momentum, dominating the game.

It was not the first time that Falcons won the final in front of partisan home crowd.

In 2016, Nigeria played against the host nation Cameroon and won in front of 40,000 capacity partisan fans.

Until Saturday night, Falcons, who have long been the dominant force in African women’s football, have not been shy in expressing their intentions of reclaiming the title they last won in 2018.

The country’s football federation’s Mission X was fulfilled as

Okoronkwo was picked as the player of the match, while Chiamaka Nnadozie emerged best goalkeeper of the tournament.

Rasheedat Ajibade was the player of the tournament.

Earlier on Friday night, Ghana’s Black Queens claimed the WAFCON 2024 bronze medal defeating reigning champions, South Africa, 4-3 on penalties after a tense 1-1 draw in regulation time at the Stade Larbi Zaouli in Casablanca.

The Black Queens started the stronger of the two and should have taken the lead when Doris Boaduwaa skied her effort from the six-yard box.

South Africa grew into the game and regained the ascendancy as they took the lead just before half-time.

Nonhlanhla Mthandi broke the deadlock in the 45th minute with a crisp right-footed strike from outside the box, capitalising on a lapse in concentration in Ghana’s defence to give Banyana Banyana a deserved advantage.

Ghana took control in the second half and responded with renewed energy.

Their efforts were rewarded in the 68th minute after a chaotic sequence in the box.

Alice Kusi’s header was mishandled and deflected by South African goalkeeper Andile Dlamini into her own net, levelling the score at 1-1.

The decisive shootout was full of nerves and drama with a bronze medal at stake.

Ghana held their nerve, converting four of their five spot-kicks. Black Queens’ keeper Cynthia Konlan was the hero once again, saving vital penalties from Hildah Magaia and Sibulele Holweni.

Hot Source
All News
July 23, 2025
15 views

Senate Approves Tinubu’s $21.5 Billion Global Loan Request

•Okays N757bn bond to clear pension backlog, fund infrastructure

Sunday Aborisade in Abuja

In a major move to tackle Nigeria’s growing infrastructure deficit and pension liabilities, the Senate on Tuesday approved President Bola Tinubu’s comprehensive borrowing plan for the 2025-2026 fiscal period.

The plan included a combined external loan package of $21.5 billion, €2.2 billion, and 15 billion Japanese Yen, as well as a €65 million grant.

Additionally, the Senate endorsed a N757.98 billion domestic bond issuance to settle outstanding liabilities under the Contributory Pension Scheme (CPS), some of which date back to December 2023.

The red chamber said the approval was to bring relief to thousands of retirees affected by payment delays.

The Senate maintained that the foreign borrowing plan and domestic bond issuance were key components of the 2025–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), documents that outline Nigeria’s fiscal direction for the coming years.

Chairman of Senate Committee on Local and Foreign Debts, Senator AliyuWamakko, presented the report that underpinned the approval.

Wamakko confirmed that the proposed external loans were mostly concessional, offered at low interest rates and long repayment terms, designed to support the country’s critical sectors without overly burdening public finances.

Tinubu, in his correspondence to the National Assembly, described the loans as essential for driving growth across vital sectors, including power, transport, health, education, water, and agriculture.

He highlighted the urgency of addressing the country’s massive infrastructure shortfall, especially following the removal of fuel subsidies, which had strained government revenues and increased pressure on citizens.

“In light of the significant infrastructure deficit in the country and the paucity of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall,” Tinubu stated.

A standout element of the approved measures is the new $2 billion Foreign Currency Denominated Issuance Programme in the domestic debt market.

Enabled by Presidential Executive Order No. 16 of 2023, the programme is designed to allow the government to raise foreign currency from within Nigeria rather than from international creditors.

According to the Senate, this initiative can deepen the domestic capital market, attract foreign investors, and reduce pressure on Nigeria’s foreign reserves.

The funds from the programme will be ring-fenced and invested in strategic projects, such as energy, transportation, and digital infrastructure.

The initiative aims to tap into the vast foreign currency liquidity within the country, from private sector players, diaspora remittances, and foreign businesses operating in Nigeria, while offering a return on investment to participants.

“The initiative provides an alternative to external borrowing, reduces pressure on foreign reserves, and allows investors to earn returns on their dollar holdings while contributing to national development,” the senate committee stated.

Equally critical is the Senate’s approval of Tinubu’s request to issue nearly N758 billion in bonds to clear pension arrears under the CPS.

The federal government had struggled to fulfil its pension obligations due to persistent revenue shortfalls, leading to widespread hardship among retirees.

The move, which aligns with the provisions of the Pension Reform Act (PRA) of 2014, is intended to restore public trust in Nigeria’s pension system.

According to Tinubu’s letter to the Senate, the Federal Executive Council (FEC) had already approved the bond issuance in February 2025.

“The bond issuance will cushion the hardship of retirees, restore trust in the pension system, and stimulate liquidity in the domestic market,” the senate committee report stated.

The president stressed that the measure would significantly improve the welfare of retirees by enabling them to meet basic needs, access healthcare, and avoid unnecessary hardship or premature deaths due to delayed entitlements.

Despite concerns about rising public debt, lawmakers supporting the plan argued that the long-term economic benefits, such as increased infrastructure, job creation, and macroeconomic stability, outweighed the immediate costs.

The combined funding strategies were expected to generate jobs, improve access to education and healthcare, bolster food and water security, and enhance public service delivery across Nigeria.

While critics may raise concerns about growing debt, the Senate insisted that the approved loans, grants, and bonds represented a strategic response to the country’s pressing fiscal and development challenges.

The Senate stated that its endorsement of Tinubu’s borrowing plan marked a significant fiscal shift, one aimed at stabilising the economy, funding vital infrastructure, and delivering overdue justice to pensioners across the country.

Hot Source
All News
July 23, 2025
10 views

Amid Efforts to Contain Price Pressures, CBN Retains All Monetary Policy Parameters

•Keeps MPR at 27.50%, CRR at 50% for deposit money banks, 16% for merchant banks, liquidity ratio at 30%, external reserves hit $40 billion

•Cardoso confirms 8 banks have fully scaled recapitalisation hurdles, others doubling efforts

James Emejo in Abuja and NumeEkeghe in Lagos

Central Bank of Nigeria (CBN) yesterday resolved to leave the monetary policy parameters, including the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at current levels.

The Monetary Policy Committee (MPC) of CBN, after its two-day meeting, unanimously voted to hold policy, retaining the MPR, the rate at which commercial banks borrow from the central bank, at 27.50 per cent.

The bank also retained the asymmetric corridor around the MPR at +500/-100 basis points, Cash Reserve Ratio of Deposit Money Banks at 50 per cent, and Merchant Banks at 16 per cent, and left the Liquidity Ratio unchanged at 30 per cent.

Addressing journalists after the MPC meeting in Abuja, Governor of CBN, Mr. Olayemi Cardoso, said the decision to hold policy rate was premised on the need to sustain the momentum of disinflation and sufficiently contain price pressures.

Cardoso said maintaining the current policy stance will continue to address the existing and emerging inflationary pressure. He added that MPC will continue to undertake rigorous assessment of economic conditions, price development, and outlook to inform future policy decisions.

He stressed that given the persistent uncertainty in the policy environment and underlying price pressures, monetary policy will need to maintain its current stance until risks to inflation receded sufficiently.

The central bank governor reaffirmed the bank’s commitment to price stability mandate, stating that it would take appropriate measures to foster stability and confidence in the economy.

He said the apex bank will continue to assess developments to guide informed monetary policy decisions.

Cardoso also disclosed that the country’s external reserved had increased to about $40 billion as of July 18, 2025, representing about 9.5 months of import cover for goods.

Cardoso, who read the committee’s communique, acknowledged the decline in headline inflation in June, the third consecutive month of deceleration. He stated that this was largely driven by the moderation in energy prices and stability in the foreign exchange market.

Cardoso said despite the positive developments, the committee observed the uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures.

The CBN governor pointed out that the continued global uncertainties associated with the tariff wars and geopolitical tensions could further exacerbate supply chain disruption and exert pressure on the prices of imported items.

He observed the continued stability in the banking system, evidenced by the stable Financial Soundness Indicators (FSIs), which would further be supported by the on-going banking recapitalisation exercise.

He affirmed that eight banks had fully met the current recapitalisation requirements, while others were making progress towards meeting the March 31, 2026 deadline.

Cardoso said a lot of international investors had continued to show interest in investing in the Nigerian banking sector as confidence continued to grow in the economy.

However, the MPC urged the CBN to sustain its oversight of the banking system to ensure continued resilience, safety, and soundness of the financial system.

Cardoso said the committee acknowledged the efforts of the federal government in improving security and its impact on food production, and further urged the government to continue its support towards timely provision of high-yield seedlings, fertilisers, and other critical inputs for the current farming season.

The MPC also observed the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports, and significant reduction in aggregate imports.

The CBN governor pointed out that recent data on the Purchasing Managers Index (PMI) indicated that the Nigerian economy remained on an expansionary path. He said the external sector also remained stable and resilient, despite persisting uncertainties in the global macroeconomic environment.

He stated, “However, recent developments, especially the persistent tariff war and geopolitical tensions, may continue to disrupt supply chains and exert upward pressure on the prices of imports.

“Disinflation in the advanced economies has slowed, prompting major central banks to be cautious of upside risks to inflation. In the emerging markets, central banks continue to calibrate monetary policy to their domestic conditions, noting the persisting risks to inflationary pressures.”

Cardoso said CBN staff projections indicated a further decline in inflation in the coming months, underpinned by the current tight monetary policy stance, stable exchange rate, declining PMS prices, and moderation in food prices as the harvest season approached.

Addressing questions from journalists about the temporary regulatory forbearance granted some banks as well as the recapitalisation demands, Cardoso said, “With respect to forbearances that you refer to, they are all temporary ones, and really and truly are in line with Basel requirements all over the world. It’s nothing that is unique to Nigeria, absolutely not unique to Nigeria; that we’ve asked some of the banks to ensure that the provisioning strategies are in line with what should help them to create the buffers to ensure that dividends are not paid and that investments are kept in appearance for a certain period of time.

“This is normal. There’s nothing new about that. It is very normal and is a well in line with our oversight functions. And as I said, the numbers should, not only with us, but even with the banking system, begin to speak for themselves. The capital adequacy ratio is 13 per cent and, of course, liquidity levels are 50 per cent, and NPLs at the five per cent threshold.”

He added, “And let me also say that in addition to that, we have one bank that has raised a significant amount of money on the London Stock Exchange.

“That clearly is a reflection of the way that the international investors view the banking system, and I was again very privileged to have a conversation with a good number of them about three or four weeks before this listing took place.

“And really and truly, a lot of interest, I must say, a lot of interest internationally, on putting money on the Nigerian financial system.

“The key thing is that we, as regulators, will continue to play our part to ensure that the system and the players and the actors continue to do what we are doing, creating resilience, creating buffer, and, of course, playing by the rules, because that is so important for those who are looking to invest that they can believe and they trust in you.”

Hot Source
All News
July 22, 2025
14 views

Super Falcons Beat South Africa to Qualify for WAFCON Final

Duro Ikhazuagbe

A last-gasp winner by Michelle Alozie handed Nigeria’s Super Falcons a 2-1 victory over South Africa’s Banyana Banyana and qualification into the final of the ongoing 2024 Women’s Africa Cup of Nations in Casablanca, Morocco.

The victory also kept alive Nigeria’s ‘Mission X’, the dream of winning the country’s 10th WAFCON title here in Morocco.

Skipper Fantastic Rasheedat Ajibade converted the penalty awarded Nigeria in the added minutes of the first half after a South African defender handled the ball inside the box.

South Africa who are the defending champions however drew level in the 59th minute also from the penalty spot after Osinachi Ohale was ruled to have fouled a South African player inside the box on her way to goal.

In the 73rd minute, Ohale turned from zero to hero when she cleared the ball on the goalline after goalkeeper Chiamaka Nnadozie was beaten to the ball.

The match heading to extra time with most of Nigerians girl’s fatigued already, Alozie then pulled the magic wand from the hat, firing a last-ditch long ball that beat tournament’s best goalkeeper, Andile Dlamini in goal for the Banyana Banyana.

That goal effectively ended South Africa’s quest to defend the trophy they won here in Morocco in 2023.

Super Falcons will now wait for the winner of the second semifinal between hosts Morocco and Ghana’s Black Queens.

Hot Source
All News
July 22, 2025
8 views

CBN Retains MPR at 27.50%

James Emejo in Abuja

The Central Bank of Nigeria (CBN) Tuesday resolved to leave the monetary policy parameters, including the Monetary Policy Rate (MPR), the benchmark interest rate, unchanged at current levels.
The Monetary Policy Committee (MPC) of the apex bank unanimously voted to hold policy, retaining the MPR, the rate at which commercial banks borrow from the central bank, at 27.50 per cent.
The committee also retain the asymmetric corridor around the MPR at +500/-100 basis points, Cash Reserve Ratio of Deposit Money Banks at 50 per cent and Merchant Banks at 16 per cent, and left the Liquidity Ratio unchanged at 30 per cent.
Addressing journalists after the MPC meeting in Abuja, CBN Governor, Mr. Olayemi Cardoso,,said the move aimed to sustain the momentum of disinflation.
He said the decision further aimed to address inflationary pressures in the economy.
He said the apex bank will continue to assess developments to guide informed monetary policy decisions.

Details later…