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Tinubu seeks NASS approval for N1.77tn fresh external borrowing

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Tinubu won’t resign, Fed Govt replies PDP governors
President Bola Tinubu
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President Bola Tinubu has written to the National Assembly requesting approval for a new external borrowing plan of N1.767 trillion to help finance the N9.7 trillion budget deficit for 2024. If approved, the loan will contribute to covering part of the shortfall in the national budget.

The president’s request was presented to lawmakers by the Speaker during Tuesday’s plenary session.

In addition to the borrowing proposal, President Tinubu has also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027, as well as the National Social Investment Programme Establishment Amendment Bill.

The bill aims to make the national social register the central tool for implementing the federal government’s social welfare initiatives.

Meanwhile, the Central Bank of Nigeria (CBN) has reported that the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

This represents a 39.77% increase compared to the $2.56 billion spent during the same period in 2023.

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The CBN’s international payment statistics show that May 2024 saw the highest monthly debt servicing payment at $854.37 million, a significant rise from the $641.70 million recorded in July 2023.

The data reveals a growing trend in Nigeria’s debt servicing costs, with notable fluctuations over the months.

In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million compared to $112.35 million in January 2023. February saw a slight reduction of 1.84%, with payments dropping from $288.54 million in 2023 to $283.22 million in 2024.

However, March experienced a 31.04% decrease in payments, falling from $400.47 million in 2023 to $276.17 million in 2024. April recorded a sharp increase of 131.77%, with $215.20 million paid in 2024, up from $92.85 million in 2023.

The highest debt servicing amount was recorded in May 2024, reflecting a dramatic 286.52% rise to $854.37 million, compared to $221.05 million in May 2023.

In June, however, there was a slight decrease of 6.51%, with payments dropping to $50.82 million from $54.36 million in 2023. Payments further declined in July by 15.48%, down to $542.50 million from $641.70 million in July 2023.

In August, there was another reduction of 9.69%, with $279.95 million paid, compared to $309.96 million in 2023.

However, September saw a 17.49% increase, with debt servicing rising to $515.81 million, up from $439.06 million in September 2023.

These figures underscore the rising pressure of Nigeria’s foreign debt obligations, especially in the context of fluctuating exchange rates, which could further strain the country’s finances.

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2027: Former Power Minister, Barth Nnaji Endorses Gov Mbah, Tinubu for Reelection

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Prof Barth Nnaji with Gov Peter Mbah during his visit to Enugu Government House on Monday
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Former Minister of Power, Prof. Barth Nnaji, has endorsed Governor Peter Mbah of Enugu State and President Bola Tinubu for a second term in office, saying the governor has done exceedingly well.

Nnaji announced the endorsement while fielding questions from Government House correspondents during a visit to Mbah on Monday, citing several landmark achievements of the governor in just three years.

The former Minister said he was unavoidably absent at the weekend when the people of Enugu East Senatorial District endorsed Mbah and President Tinubu at a massive rally, but maintained that politics was about lineup and he was fully in support of the president’s endorsement and reelection.

Prof Barth Nnaji and Gov Peter Mbah

“It should not be a surprise that I am in support of my younger brother. You may not be aware that during the run-up to the 2023 election, I led a group of key stakeholders in Nkanu East to campaign, going to all the key stakeholders in Enugu State, asking them to, please, consider Nkanu East; that we had not had the opportunity of holding this position. And because of that lack of opportunity, Nkanu East was about the only local government that did not have any real government presence.

“If you are in, say, the Idodo area where the governor and I come from, you had to go through four local governments before you got to the headquarters of our own LGA. This needed to change. And so now all that is changing because of the work of His Excellency, our governor. And you can see that to go from that Idodo area to Amagunze, our local government headquarters, is now a matter of a few minutes. That has totally changed the calculation,” he stated.

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Continuing, he lauded the governor’s strides in the areas of security, infrastructure, and healthcare, which he said were not only critical enablers of economic growth, but also key to reversing brain drain and overseas medical tourism.

“There are so many other reasons why we have to all come and encourage our governor for what he is doing and to do more.

Gov Peter Mbah and Prof Barth Nnaji

“I was just talking with him about the two major criteria for people to come back to Nigeria instead of the ‘Japa’ syndrome of running away. Those two would be security, and the second is high-quality healthcare. So, the development of the Enugu International Hospital, which will have the sort of equipment that people run elsewhere to access, is something that is quite innovative for Nigeria.

“We are not lacking in high-quality doctors because we have them, except that many of them have run away. So, this hospital here will bring them back and begin to reverse healthcare tourism.

“Then there are all the infrastructure projects, the roads of standard quality that have been built or are ongoing across the state, and so on.

“Therefore, my presence here is to encourage him and support him so that by the next term, we should be able to see a lot more. That is the point,” he added.

Nnaji urged other people jostling for the office of governor in 2027 to join hands with the governor to consolidate on his achievements and actualise his lofty vision for the state.

Citing his personal experiences, he described Mbah as a listening leader and called on other stakeholders in the state to offer their advice where necessary.

“The whole idea is for all of us to join together to support the governor for the next term. It is okay for people to run for office, but you have to look at the future. What are we really trying to gain?

“If we are doing well, then the thing is to encourage the governor and his government to do more for the people.

“The other thing is that key stakeholders in the state should be able to come and be part of advising for the better. I mean, a governor is not God. A governor is a person of excellence who should be able to move the state forward. But in doing so, wherever there are things that are not going the way people want, we should be able to tell him. And he will listen. I believe he absolutely listens. From all the discussions that we have been having, I know he listens,” he concluded.

On Tinubu’s reelection, he asserted, “On the support for the President, there is a lineup for the office. And that lineup is very important – both the up-ballot and down-ballot candidates usually have to be supported by clear-thinking people. That is what we are doing.”

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Terror attack rumour: UNN beefs up security on Nsukka Campus, bans okada riders

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The management of the University of Nigeria, Nsukka (UNN), has assured staff, students and parents of adequate security on campus, dismissing as false and unsubstantiated reports circulating on social media about an alleged impending terrorist attack and mass abduction of students.

In a statement issued on Saturday by the Acting Public Relations Officer of the university, Mr. Inya Agha Egwu, the institution said there was no credible security intelligence or verified threat supporting the claims contained in the viral social media post.

The university, however, disclosed that it had adopted additional precautionary measures to further strengthen security across the Nsukka campus.

According to the statement, personnel of the Nigerian Police Force and the Nigerian Army have been deployed to strategic entry points within the university to complement the efforts of the institution’s security unit.

Management also announced the temporary closure of some access gates to the campus to enhance monitoring and regulation of movement into and out of the university.

As part of the new security measures, motorcycle operations within the campus have been suspended with immediate effect. Only motorcycles belonging to authorised security personnel will be allowed beyond the university gates.

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Staff members who use motorcycles for transportation have been advised to park them at designated locations outside the campus before proceeding to their offices.

The university urged members of the academic community to remain calm and continue their normal activities without fear, stressing that there was no known security threat to the institution.

It also cautioned against the spread of unverified information capable of causing unnecessary panic and anxiety among students, staff and the general public.
While reiterating its commitment to maintaining a safe environment for teaching, learning and research, the management encouraged students and staff to remain vigilant and promptly report any suspicious movement or activity to the University Security Department or relevant security agencies.

“Security is a collective responsibility, and the cooperation of all staff, students and stakeholders is essential in maintaining the peaceful and secure environment for which the University of Nigeria is known,” the statement said.

The university further advised the public to treat anonymous social media posts and unverified online messages with caution, particularly those containing sensational claims intended to generate fear and uncertainty.

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How police rescued Adelabu’s sister and her twin sons in kidnappers’ den (Video)

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The rescued victims
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A video circulating online has shown the moment operatives of the Nigeria Police Force (NPF) rescued the abducted sister of the Minister of Power, Chief Adebayo Adelabu, Mrs. Olaide Busayo Adegoke John-Paul, and her 12-year-old twin sons, Peter and Paul, from suspected kidnappers in Oyo State.

The footage captured heavily armed operatives storming a suspected hideout where the victims were allegedly being held after spending several days in captivity.

In the video, a suspected kidnapper was seen attempting to evade arrest by hiding inside the ceiling of the building.

However, police operatives discovered his location during the raid and brought him down before securing the premises.

It was gathered that during the operation, two suspected kidnappers were fatally wounded during a gun battle with security personnel, while several others escaped with gunshot

The victims were subsequently rescued unharmed and evacuated from the scene.

Police confirm rescue operation

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Confirming the development, the Force Public Relations Officer, DSP Anthony Placid, said the victims were rescued during a coordinated operation by the Force Intelligence Department–Intelligence Response Team (FID-IRT).

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In a statement issued late Saturday, Placid said the rescue followed days of intensive intelligence gathering and surveillance.

“The Nigeria Police Force announces the successful rescue of Mrs. Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, who were abducted on June 3, 2026, in Ibadan, Oyo State,” he said.

According to the police spokesperson, the operation took place at about 7:30 p.m. on Saturday, June 6.

“The hostages were rescued during a coordinated operation by the Force Intelligence Department Intelligence Response Team (FID-IRT) in Ibadan at approximately 7:30 p.m. on Saturday, June 6, 2026.”

Placid explained that the victims were kidnapped while Mrs. Adegoke was driving her children to school on the morning of June 3.

“Mrs. Adegoke and her children were abducted while she was driving them to school at about 7:30 a.m. on June 3, 2026.”

Two suspects killed, Rifles recovered

The police said intelligence-driven operations enabled investigators to track the movements of the kidnappers and locate their hideout.

“The rescue was achieved through sustained intelligence gathering, surveillance, and tactical operations. These efforts enabled investigators to track the kidnappers’ movements, resulting in a confrontation with FID-IRT operatives.”

During the confrontation, two suspected kidnappers were fatally wounded.

“During the confrontation, two suspected kidnappers were fatally wounded and two rifles were recovered. The victims were rescued unharmed and are now in safe custody, receiving medical care and support.”

The police added that efforts were ongoing to apprehend other members of the kidnapping syndicate who fled during the operation.

“Security operatives have intensified efforts in the area to apprehend fleeing members of the kidnapping syndicate. Preliminary intelligence indicates that some suspects escaped with gunshot injuries. Operations are ongoing to track, arrest, and bring all involved to justice.”

Family Thanks Tinubu, Makinde, Security Agencies

Meanwhile, the family of Chief Adebayo Adelabu confirmed the safe rescue of the victims and expressed gratitude to Nigerians, security agencies, and government officials for their support throughout the ordeal.

In a statement signed by Adelabu’s media aide, Comrade Femi Awogboro, the family described the rescue as a testament to the effectiveness of coordinated security efforts.

“We are delighted to announce that the victims have been rescued safely and are in good condition.”

“This outcome is a testament to the power of collective action, unwavering commitment, and the resilience of our security institutions when adequately supported by citizens and government at all levels.”

The family also thanked President Bola Tinubu, Governor Seyi Makinde, the Inspector-General of Police, the Department of State Services (DSS), the Oyo State Police Command, and other stakeholders for their intervention.

Rescue Comes Amid Security Concerns in Oyo

The successful operation comes at a time of heightened security concerns in Oyo State following the abduction of dozens of schoolchildren and teachers in Oriire Local Government Area.

About 39 pupils and seven teachers were kidnapped during attacks on schools in the area on May 15, sparking public outrage and protests by education stakeholders and civil society groups.

While celebrating the release of Adelabu’s sister and her children, the family said its thoughts remained with other victims still being held captive across the country.

“This experience has once again demonstrated that insecurity is a challenge that transcends partisan politics, ethnicity, religion and social status. Together, we can build a nation where every citizen feels safe, protected and free to pursue legitimate aspirations without fear.”

The police have assured residents that operations are continuing to dismantle the remaining members of the kidnapping network and bring all those involved to justice.

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