Economy
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 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”.

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
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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