Tinubu Seeks Approval for Fresh N1.15trn Domestic Loan Despite Rising Debts.

President Bola Tinubu has requested the National Assembly’s approval to borrow a fresh N1.15 trillion from the domestic debt market to help fund the deficit in the 2025 budget.

The request was conveyed in a letter read on the floor of the Senate during plenary on Tuesday.

According to the letter, the proposed borrowing aims to bridge the funding gap and ensure the full implementation of government programmes and projects under the 2025 fiscal plan.

Senate President Godswill Akpabio has referred the request to the Senate Committee on Local and Foreign Debt, instructing it to report back within one week for further legislative action.

President tinubu requests senate approval for new ₦1.15trn domestic loan to bridge 2025 budget gap.

President Bola Tinubu has requested the National Assembly’s approval for a fresh ₦1.15 trillion domestic loan to bridge the deficit in the 2025 national budget. The request, contained in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary, is part of measures to sustain key government programmes and projects.

Tinubu explained that the loan would ensure smooth implementation of the 2025 budget and compliance with the Fiscal Responsibility Act 2007 and relevant executive orders requiring legislative approval for new borrowings. The Senate referred the proposal to the Committee on Local and Foreign Debt, which has one week to submit its report.

The latest borrowing plan comes just days after the Senate approved Tinubu’s request for a $2.847 billion external loan, including a $500 million debut Sovereign Sukuk, aimed at funding the budget deficit and refinancing maturing Eurobonds.

Earlier in May, Tinubu sought approval for a $21.5 billion external loan for infrastructure, health, education, and water projects, as well as a ₦758 billion domestic bond to clear outstanding pension arrears under the Contributory Pension Scheme.

According to the Debt Management Office, Nigeria’s total public debt rose to ₦152.40 trillion as of June 2025, up from ₦149.39 trillion in March — an increase of ₦3.01 trillion within three months. In dollar terms, the debt stands at $99.66 billion, underscoring the country’s growing reliance on borrowing to fund fiscal shortfalls amid ongoing revenue reforms and foreign exchange liberalization.

The House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to finance part of the 2025 budget deficit. It also granted the President’s request to issue a $500 million debut sovereign sukuk in the international capital market to fund infrastructure projects and diversify Nigeria’s financing sources.

Reps Approve Pres. Tinubu’s $2.35bn Loan Request, $500m International Sukuk for 2025 Budget

The House of Representatives has approved President Bola Tinubu’s request to secure $2.35 billion in external loans to help finance part of Nigeria’s 2025 budget deficit. 

The House also approved the issuance of a $500 million sovereign sukuk in the international market to support infrastructure development & diversify government funding sources.

The approvals followed the adoption of a report by the House Committee on Aids, Loans & Debt Management during plenary on Wednesday.

In line with the 2025 Appropriation Act, the House endorsed the implementation of N1.84 trillion in new external borrowing at a budget exchange rate of N1,500/$1, to partly fund the projected N9.28 trillion federal deficit.

President Tinubu had earlier written to the National Assembly requesting approval, citing Sections 21(1) & 27(1) of the Debt Management Office Act, which require legislative consent for external borrowing.

The President stated that the loans may be raised through Eurobonds, syndicated loans, or bridge financing, depending on market conditions. He noted that interest rates would likely align with current yields on Nigeria’s existing international bonds, which range from 6.8% to 9.3%.

On the $500 million international sukuk, Tinubu explained that it would attract new investor groups, deepen Nigeria’s securities market, and fund critical infrastructure. 

He added that Nigeria has already raised over N1.39 trillion through domestic sukuk issuances since 2017 for major road and capital projects, and the international sukuk would complement these efforts. Up to 25% of the funds may be used to refinance existing high-cost debt.

The approvals clear the way for the Federal Government to proceed with the financing plans.

President Bola Tinubu has sought approval from the House of Representatives to borrow $2.35 billion in external capital to finance part of the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds

Pres. Tinubu Seeks Lawmakers’ Approval to Raise $2.8bn for Budget and Infrastructure.

President Bola Ahmed Tinubu has written to the House of Representatives seeking approval to raise $2.347 billion from the international capital market to finance part of the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds.

 He also requested authorization to issue a $500 million debut sovereign Sukuk to fund critical infrastructure.

The letter, read by Speaker Abbas Tajudeen during Tuesday’s plenary, stated that the request aligns with Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003.

Tinubu explained that the borrowing would fund provisions in the 2025 Appropriation Act, refinance the $1.118 billion Eurobond due in November 2025, and expand access to diversified external financing. The 2025 budget includes N9.28 trillion in new borrowings to cover the fiscal deficit, with N1.84 trillion ($1.229 billion) set aside for external loans.

The President asked the House to approve raising the funds through options such as Eurobond issuance, bridge financing, loan syndication, or borrowing from international financial institutions. He said the plan would help “avoid default” and align with global best practices.

Tinubu noted that the external capital to be raised—$1.229 billion for new borrowing and $1.118 billion for refinancing—totals $2.347 billion. He added that the government’s primary strategy is to issue Eurobonds, with terms determined by prevailing market conditions.

The Finance Ministry and Debt Management Office would work with transaction advisers to secure favorable terms.
In a separate request, Tinubu sought approval to issue a $500 million international Sukuk, modeled after Nigeria’s domestic Sukuk programme that has raised over N1.39 trillion since 2017 for infrastructure. He said the debut Sukuk would attract new investors, diversify funding sources, and deepen Nigeria’s sovereign securities market.

Kano outperforms Lagos, Oyo, others in 2025 NECO SSCE results.

Kano State has emerged as the best-performing state in the 2025 Senior School Certificate Examination (SSCE Internal) conducted by the National Examinations Council (NECO). 

The state recorded 68,159 candidates (5.02% of the national total) with five credits and above, including Mathematics and English. Lagos followed with 67,007 candidates (4.93%), while Oyo placed third with 48,742.

Governor Abba Kabir Yusuf, through his spokesperson Sunusi Bature Dawakin Tofa, said the feat validates his administration’s education reforms. 

He noted that education received the highest allocation in the 2024 and 2025 budgets, enabling school rehabilitation, free uniforms and materials, recruitment and training of teachers, and expanded access to learning. He highlighted girl-child education, scholarships, and reducing out-of-school children as key drivers of Kano’s success.

“Our reforms are clearly yielding results, and this outstanding performance proves Kano is on the right path. Education remains our top priority, and we will ensure no child is left behind,” Yusuf said.

Observers say the state’s success has drawn national recognition, with newspapers and the Nigeria Union of Teachers naming Yusuf “Education Governor of the Year.” They described the performance as proof of sustained investment in human capital.

Yusuf had declared a state of emergency in education in 2024 and allocated 31% of the 2025 budget to the sector as part of a recovery plan.

Meanwhile, NECO Registrar, Prof. Ibrahim Wushishi, announcing the results in Minna, said 818,492 of 1,358,339 candidates (60.26%) scored five credits and above, including English and Mathematics, while 1,144,496 (84.26%) obtained five credits and above irrespective of the two core subjects.

Pupils Forced To Learn On Bare Floors, Under Trees At Niger State School – Report

Civic accountability group MonITng has raised alarm over the dire state of Nuhu Lafarma Primary School in Agaie LGA, Niger State, where pupils reportedly sit on bare floors, under leaking roofs, and even beneath trees to learn.

The organisation accused the government of neglect, despite Niger State claiming to allocate 70% of its 2025 budget to education and UBEC disbursing ₦121 billion nationwide.

MonITng criticised misplaced priorities, citing the state’s recent spending of ₦3.02 billion to sponsor 357 pilgrims for Hajj instead of renovating schools.

“This is not just about numbers, it is about children’s futures being wasted,” the group said, calling on Governor Umar Bago to act urgently.

#EducationCrisis #NigerState #ChildrenDeserveBetter

FG Secures $25.35m Kuwait Loan to Address Out-of-School Children in Kaduna.

The Federal Government has obtained a $25.35 million concessionary loan from the Kuwait Fund for Arab Economic Development to support efforts aimed at tackling the high number of out-of-school children in Kaduna State.

The loan forms part of a larger $62.8 million blended financing package involving multiple international development partners. The funds will be used to implement the Reaching Out-of-School Children programme, an ambitious initiative targeting vulnerable groups including girls, children with disabilities, and internally displaced persons.

This was disclosed in a statement on Tuesday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga. The project aims to enrol over 100,000 children, construct or rehabilitate more than 200 schools, and boost teacher capacity and learning conditions in underserved communities across Kaduna State.

The loan agreement, signed by the Federal Government on behalf of the Kaduna State Government, reflects a broader strategy to enhance inclusive and quality education in one of Nigeria’s most education-challenged regions.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun—represented by Minister of State for Finance, Dr Doris Uzoka-Anite—emphasised the government’s focus on transparency, accountability, and tangible impact in education investment.

He stressed the need for every dollar spent to deliver measurable results, especially in regions with high out-of-school populations. Edun also praised Kaduna State for its proactive approach and collaboration with development partners. He expressed optimism that the initiative could serve as a model for other states.

Governor Uba Sani, in his remarks, reiterated Kaduna’s commitment to education and revealed that the state had already met its $1 million counterpart funding obligation. He added that Kaduna had raised its education sector allocation to 26% in the 2025 budget, underscoring its focus on human capital development.

News Brief: Tinubu Must Lead on Social Welfare, Not Delegate to Governors — Falana.

Prominent human rights lawyer Femi Falana (SAN) has urged President Bola Tinubu to take direct responsibility for combating poverty in Nigeria, rather than deferring social welfare duties to state governors.

In a statement on Sunday, Falana reacted to Tinubu’s recent plea to APC governors to “wet the grass” by addressing grassroots economic hardship. While acknowledging the President’s concern, Falana insisted the Federal Government must move beyond appeals and fully fund existing national welfare programmes.

He criticised the 2025 budget allocation of ₦32.7 billion to the National Social Investment Programme (NSIP), comparing it unfavorably to the ₦39 billion reportedly spent on the International Conference Centre renovation. “This government cannot justify underfunding welfare while indulging in expensive renovations,” Falana said.

He called for a ₦5 trillion investment in the NSIP, which supports youth employment, school feeding, soft loans, and cash transfers for vulnerable households. Falana also called out wasteful spending in the 2025 budget, citing ₦6.93 trillion in padded projects exposed by BudgIT.

With ₦11.195 trillion disbursed to states via FAAC in the last year, Falana said resources are available—what’s lacking is political will and prioritization.

He also demanded multi-stakeholder oversight for NSIP funds, including civil society and trade unions, to ensure transparency and real impact.

#FemiFalana #TinubuAdministration #SocialWelfare #NSIP #NigerianPovertyCrisis #Budget2025

Senate Approves Tinubu’s $21bn External Loan Request.

The Nigerian Senate has approved President Bola Tinubu’s foreign loan request totaling over $21 billion for the 2025–2026 fiscal period. This approval clears the path for the full implementation of the 2025 Appropriation Act.

The approved borrowing plan includes $21.19 billion in external loans, €4 billion, ¥15 billion, and a $65 million grant. It also allows for domestic borrowing through government bonds amounting to about ₦757 billion.

Additionally, there is a provision to raise up to $2 billion through foreign-currency-denominated instruments within the domestic market.

The Senate gave the nod after considering a report by the Chairman of the Committee on Local and Foreign Debt, Senator Aliyu Wamako.

He noted that the proposal was initially submitted on May 27 but faced delays due to the National Assembly’s recess and documentation issues from the Debt Management Office.

Senator Olamilekan Adeola, Chairman of the Appropriations Committee, explained that most of the borrowing plan was already incorporated into the Medium-Term Expenditure Framework and the 2025 budget. He added that the approval now ensures all projected revenue sources, including loans, are secured to fully fund the national budget.

“BREAKING: The Nigerian Senate passes second reading of a bill approving N1.48 trillion from the Consolidated Revenue Fund for Rivers State’s 2025 budget,”
— According to Nigeria Stories