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President Tinubu Seeks Additional $347m Loan For Lagos-Calabar Highway, Telecoms Projects

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Cross River Section Of Coastal Highway 

President Tinubu Seeks Additional $347m Loan For Lagos-Calabar Highway, Telecoms Projects

President Tinubu seeks additional $347m loan for Lagos-Calabar highway, telecoms projects. President Bola Tinubu has asked the national assembly to approve an additional $347 million external loan under the 2025–2026 borrowing plan.

Tajudeen Abbas, speaker of the house of representatives, read a letter containing Tinubu’s request during Wednesday’s plenary.

According to the letter, Tinubu said the loan is necessary due to a rise in the funding needs for the Lagos-Calabar Coastal Highway project, whose cost increased by $47 million, from $700 million to $747 million.

The president said when the borrowing plan was transmitted to the national assembly, the lead arranger for financing only had financing commitments of up to $700 million from lenders.

He said the shortfall in the financing was covered by export credit agencies, adding that it is imperative to increase the project’s financing by $47 million to match the loan size specified in the financing documents.

The president also said $300 million is required for the Nigerian universal communications access project, which aims to bridge the digital divide through the deployment of 7,000 telecommunications towers across underserved and unserved communities.

Tinubu said the project was inadvertently omitted in the computation of the borrowing plan.

THE 2025-2026 BORROWING PLAN

In May, the president asked the national assembly to approve the 2025-2026 borrowing plan of $21,543,647,912, €2,193,856,324.54, and ¥15 billion, in addition to a €65 million grant.

With an additional $47 million allocated to the Lagos-Calabar Road project and $300 million for the universal communication access project, the initial $21,543,647,912—a part of the borrowing plan—has now increased to $21,890,647,912.
THE APPROVAL

Following the consideration of the report on the borrowing plan presented by Abubakar Nalaraba, chairman of the committee on aids, loans, and debt management, the house approved the president’s request.

The senate approved the borrowing plan on Tuesday.
The house said despite the additional borrowings, the federal government’s debt portfolio “remains sustainable”.

Cross River Section Of Coastal Highway 

President Tinubu Seeks Additional $347m Loan For Lagos-Calabar Highway

“At over N145 trillion, debt to GDP ratio of about 50% is within the international threshold (56%),” the parliament said.

“The current administration has succeeded in reducing the high debt service to revenue ratio from over 90% to less than 70 percent.

“The federal government’s capacity to service the new debt is bolstered by the anticipated revenue gains from the Nigerian Tax Act 2025, projected to grow by over 18 percent year-on-year starting from 2026.”

The house added that the anticipated revenue expansion reduces the risk of future debt distress and provides a buffer for debt servicing.

Economy

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

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Terrorists Alternative Government Under Tinubu

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.

He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.

“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”

ADC Is Nigeria’s Only Reliable Political Party

ADC Is Nigeria’s Only Reliable Political Party

 

Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.

He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.

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Akwa Ibom

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

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Maritime Growth

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials

As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.

The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.

He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.

Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.

“The impression is amazing, seeing that we have one of our own trying to pull the world down here.

“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.

“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.

The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.

“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.

“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.

Maritime Growth

Ibom Deep SeaPort

On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.

He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.

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Crime

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.

The EFCC did not disclose the specific allegations for which Mr Malami was invited.

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