President Bola Tinubu is requesting the approval of the House of Representatives to obtain over $2,847,465,000 in external loans to finance the 2025 budget deficit and infrastructure. Tinubuās request was contained in a letter titled: āRequest for the Resolution of the National Assembly to Implement New External Borrowing in the 2025 Appropriation Act, Refinance Maturity…
The World Bank is set to approve two loans totalling $750m for Nigeria on Tuesday, September 30, 2025, according to documents published on the bankās official website. The funding is directed toward strengthening health security and expanding climate-resilient digital infrastructure. The package includes $500m for the Building Resilient Digital Infrastructure for Growth in Nigeria (BRIDGE)…
The Speaker of the House of Representatives, Tajudeen Abbas, has denied reports that he condemned government borrowing, saying that his words were misquoted and taken out of context. While speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, Speaker Abbas had raised concerns over Nigeriaās rising…
Former Kogi West lawmaker, Senator Dino Melaye, has criticised President Bola Tinubuās administration over a reckless borrowing spree and extravagant spending. Speaking on Arise Television, Melaye raised concerns that if the current trend continues, Tinubuās government might soon resort to borrowing from leading fintech companies in the country. Melayeās comments come in the wake of…
Ministry of Finance Incorporated (MOFI) says Nigerians have started accessing affordable long-term mortgage facilities at 9.75 per cent. The mortgage facilities extend as long as 20 years, a radical initiative aimed at bridging the countryās estimated 20 million units housing gap. Chief Executive Officer, (MOFI), Dr. Armstrong Takang, said several beneficiaries across geopolitical zones have…
Peter Obi, former Anambra governor and 2023 presidential candidate of the Labour Party (LP), has raised alarm over Nigeriaās growing debt profile, warning that the government is mortgaging the future of unborn generations through unsustainable and unaccountable borrowing. In a statement issued on Monday, Obi described as worrisome the Senateās recent approval of additional external…
The Senate has approved President Bola Tinubuās request for a comprehensive external borrowing plan totaling over $21 billion for the 2025ā2026 fiscal years. According to the Senate, the funds are earmarked to support key national development projects across sectors such as infrastructure, security, agriculture and human capital development. During plenary on Tuesday in Abuja, Chairman…
The Federal Government is set to roll out a landmark reform linking Nigeriansā credit scores to their National Identification Numbers (NIN), in a move designed to establish a unified and transparent credit system across the country. Announcing the development at a State House media briefing in Abuja, Tuesday, Managing Director of the Nigerian Consumer Credit…