News
BREAKING: Tinubu seeks National Assembly approval for $21.5bn loan, N757.9bn pension bond
President Bola Tinubu has written to the National Assembly to seek the approval of a new external borrowing plan to the tune of over $21.5 billion.
The President is also seeking the approval of a domestic bond issuance of ₦757.9 billion to settle outstanding pension liabilities.
In a letter to the Senate and read on Tuesday during plenary by the President of the Senate, Senator Godswill, President Tinubu highlighted the strategic significance of the 2025–2026 borrowing plan, noting that it spans key sectors of the economy.
President Tinubu said, “The 2025–2026 borrowing plan covers all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security and employment generation, as well as financial and monetary reforms, among others.”
The President explained that the total facility sought under the external borrowing plan includes USD 21,543,647,912, EUR 2,193,856,324.54, and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.
President Tinubu, who noted that the proposed borrowing was crucial in light of the removal of fuel subsidy and its economic implications, said: “In light of the significant infrastructure deficit in the country and the paucity of financial resources needed to address this gap amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.”
Tinubu assured lawmakers that the proposed funds would be channelled into critical infrastructure projects, especially in the areas of railways, healthcare and nationwide development programmes across all 36 states and the Federal Capital Territory.
“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as to improve the livelihoods of Nigerians,” he emphasised.
In another letter, President Tinubu is seeking the Senate’s approval for the issuance of Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme (CPS) amounting to ₦757,983,246,572.
Tinubu, who cited the Pension Reform Act 2014, noted that the government had been unable to comply with some statutory pension obligations due to revenue challenges, leading to a buiadup of arrears and increasing hardship for retirees.
He said, “The Senate is invited to note that the federal government has not been compliant with the implementation of the above provisions of the PRA 2014 over the years due to revenue challenges leading to accumulation of pension arrears with the attendant ICU retirees.”
The President, who noted that the proposal to issue bonds for the settlement of the liabilities had received approval from the Federal Executive Council in its meeting of February 4, 2025, said that settling the pension arrears will improve retirees’ welfare, boost confidence in the pension system, and inject liquidity into the economy.
The letter further read, “It will enable the Federal Government of Nigeria to meet obligations under the CPS and restore confidence in the pension industry. “It will also ensure positive welfare even for the retirees, as this will enable them to meet their basic needs… improve health and avoid untimely death.”
President Tinubu, who urged the Senate to give timely approval, assured of his administration’s commitment to transparency and accountability, said: “While I look forward to the progression and timely approval of the House of Representatives, please accept, Your Honourable Speaker, the assurances of my high regards.”
The President of the Senate then referred the requests to the Senate Committee on Local Debts for further legislative action and report at plenary in two weeks.
Earlier, President Tinubu wrote to the House of Representatives, requesting approval for the revised 2025–2026 external borrowing plan.
Under the plan, the President is seeking to borrow $21.5 billion, €2.2 billion, ¥15 billion Japanese yen, and a €65 billion grant.
According to the letter, which was read on the floor of the House by the Speaker, the loans are intended to address the country’s infrastructure deficit and improve employment, among other objectives.
To settle outstanding pension liabilities, the President is also requesting approval to borrow ₦757.98 billion from the domestic market.
Two persons sustained gunshot injuries on Wednesday during an attempted arrest by police officers at the River Niger Head Bridge, Onitsha, Anambra State, causing panic and disrupting vehicular and pedestrian movement in the area.
The incident, which occurred around noon, caused gridlock along the busy Onitsha-Awka Expressway, as a confrontation reportedly broke out between the security operatives and some hoodlums.
Eyewitnesses near the scene said the victims were shot during the confrontation and later became unconscious before they were rushed to a nearby hospital.
One of the sources said, “The incident occurred this afternoon. It arose from a confrontation between the police officers and the victims. They were being stopped by the officers for questioning. In an attempt to arrest them, they resisted the arrest and the police fired some shots at them.
“The incident resulted in heavy skirmishes around the Bridgehead Market as people scampered to safety. The area remained in chaos until the arrival of another batch of police team. The victims were later rushed to a nearby hospital.”
Confirming the incident, the spokesperson for the Anambra State Police Command, SP Tochukwu Ikenga, said the incident occurred when the suspects allegedly resisted arrest, resulting in gunshot injuries.
Ikenga said the Commissioner of Police, Nnanna Oji Ama, had visited the scene and addressed the crowd, adding that an investigation had commenced to ascertain the circumstances surrounding the incident.
According to him, the CP subsequently visited the victims at the hospital, where he assured them of the command’s support and pledged to personally ensure that their medical expenses were covered.
He said, “The Commissioner of Police, Anambra State Command, CP Nnanna Oji, while addressing the crowd in Onitsha over the incident arising from a confrontation during an attempted arrest, stated that the immediate priority of the Command is to ensure that the victims recover fully.
“The incident occurred when suspects allegedly resisted arrest, resulting in gunshot injuries. The Commissioner of Police subsequently visited the victims at the hospital, where he assured them of the Command’s support and pledged to personally ensure that their medical expenses are covered.
“The CP further ordered a thorough and impartial investigation into the circumstances surrounding the incident, particularly the events leading to the discharge of the firearm.
“He stressed that the investigation will establish the facts and ensure that appropriate action is taken based on its findings.
“The Commissioner of Police appealed for calm and urged members of the public to remain peaceful and allow the investigation to run its course.”
Ikenga reiterated the command’s commitment to professionalism, accountability, respect for human life and the rule of law.
“Meanwhile, traffic and human movement around the Head Bridge area have been de-escalated, with free flow of vehicular and human movement now restored,” he added.
Three churches in Lagos State have been shut down by the Lagos State Environmental Protection Agency (LASEPA) over noise pollution as part of an enforcement exercise targeting 11 establishments in Agege and Mushin.
The affected churches are Holy Temple of Christ on Ayetoro Street, behind NIPCO Filling Station, Mushin; Christ Covenant Gospel Church, Western District, along Ikorodu Road, Fadeyi, Mushin; and Christ Apostolic Church, Oye Iyanu, located at Mushin Road, Church Bus Stop, Itire.
LASEPA carried out the enforcement operation on Tuesday after the affected establishments had received warnings and notices over environmental violations.
The agency said the establishments were given opportunities to correct the problems but failed to meet the required standards.
The shutdown of the three churches was linked to noise pollution, with the agency maintaining that religious activities and other operations must comply with environmental regulations to protect residents and maintain peace within communities.
LASEPA also sealed Akorohunfayo Central Mosque on Akorohunfayo Street, Fadeyi, Mushin, over noise pollution.
Other establishments affected included Biolarique Bakery Academy on Mushin Road, Mushin, which was sealed for failing to comply with the agency’s directives.
Tiles & Marbles on Silver Street, Olorunsogo, Mushin, was also shut over air pollution.
Five scrap yards operating in Agege and Mushin were equally sealed.
The facilities were accused of various environmental offences, including failure to provide evidence of an E-Waste Permit, environmental pollution and non-compliance with directives issued by LASEPA.
The affected scrap yards are Abubakar Scrap at Pipeline, Ifako-Ijaiye, Agege; Benjamin Scrap Yard on Ladoje Street, Oko Oba, Agege; Starlas and Sons Scrap Yard, also on Ladoje Street, Oko Oba, Agege; Jamin Scrap Yard at Jungle Bus Stop, Iju Road, Agege; and a Scrap Yard on Olu Aina Street, Daleko, Mushin.
LASEPA General Manager, Dr Babatunde Ajayi, said the agency would continue to monitor establishments across Lagos and enforce environmental regulations where operators fail to comply.
He urged religious organisations, business owners, facility operators, scrap dealers and other residents to obtain the necessary permits, follow environmental rules and take steps to prevent activities that could affect public health or the wellbeing of people living around their facilities.
The agency said further monitoring and enforcement exercises would continue across Lagos as part of efforts to maintain a cleaner and safer environment.
Governor Peter Mbah of Enugu State has approved the appointment of 23 Special Advisers and Senior Special Assistants to support his administration in various areas of governance.
The appointments, contained in a Public Service Announcement signed by the Secretary to the Enugu State Government, Prof. Chidiebere Onyia, on Wednesday, August 19, 2026, take effect immediately.
Nine of the appointees were appointed Special Advisers, while 14 were appointed Senior Special Assistants.
Among those appointed as Special Advisers are Hon. Chukwudi Ezinwa, Labour Union and Association Matters; Hon. Sunday Nnamani (Orlando), Special Duties; Mr. Williams Chukwu, Agriculture; Prince Afam Agana, Infrastructure Compliance; and Humphrey Onyima, Investment Strategy and Public Relations.
Others are Hon. Tony Ugwu, Rural Development; Chief Ernest Nweze, Party Coordination and Mobilisation; Hon. Emeka Onunze, Monitoring and Evaluation; and Mr. Robinson Odo (mni), Labour and Productivity.
Those appointed as Senior Special Assistants include Pastor Kenneth Asogwa (Ebube Muonso), Heritage and Community Relations; Pastor Tochukwu Ogbodo, Social Engagement; Barr. Lucky Chukwu, Public Affairs; Belonwu Nnaji, Cultural Orientation; and Hon. Steve Odo, Tourism.
Also appointed are Hon. Francis Ikewette Ede, Public Communication; Mr. Sunny Okafor, General Duties; Hon. Chinedu Okwu Otaka, Social Orientation and Mobilisation; Otaba Cosmas Ikechukwu, Protection of Public Utilities; Pius Okeagu, Assets Management; and Rt. Hon. Innocent Emeka Ugwu, Inter-Party Affairs.
The remaining appointees are Mrs. Eucharia Offor, Human Resource Management; Mr. Kenneth Oforma, Policy and Communication; and Kelvin Ede, Research and Strategy.
The state government said the appointments are effective immediately.
The new appointments are expected to strengthen the administration’s capacity across key sectors, including agriculture, infrastructure, investment, labour, rural development, public communication, tourism, human resources and community relations.
The full statement:
ENUGU STATE GOVERNMENT
OFFICE OF THE SECRETARY TO THE STATE GOVERNMENT
PUBLIC SERVICE ANNOUNCEMENT
The Governor of Enugu State, His Excellency, Dr. Peter Ndubuisi Mbah, has approved the appointment of the following persons as Special Advisers (SPAs) and Senior Special Assistants (SSAs):
1. *Hon. Chukwudi Ezinwa* — Special Adviser on Labour Union and Association Matters
2. *Hon. Sunday Nnamani (Orlando)* — Special Adviser on Special Duties
3. *Mr. Williams Chukwu* — Special Adviser on Agriculture
4. *Prince Afam Agana* — Special Adviser on Infrastructure Compliance
5. *Humphrey Onyima* — Special Adviser on Investment Strategy and Public Relations
6. *Hon. Tony Ugwu* — Special Adviser on Rural Development
7. *Chief Ernest Nweze* — Special Adviser on Party Coordination and Mobilisation
8. *Hon. Emeka Onunze* — Special Adviser on Monitoring and Evaluation
9. *Mr. Robinson Odo (mni) — Special Adviser on Labour and Productivity*
10. *Pastor Kenneth Asogwa (Ebube Muonso)* — Senior Special Assistant on Heritage and Community Relations
11. *Pastor Tochukwu Ogbodo* — Senior Special Assistant on Social Engagement
12. *Barr. Lucky Chukwu* — Senior Special Assistant on Public Affairs
13. *Belonwu Nnaji* — Senior Special Assistant on Cultural Orientation
14. *Hon. Steve Odo* — Senior Special Assistant on Tourism
15. *Hon. Francis Ikewette Ede* — Senior Special Assistant on Public Communication
16. *Mr. Sunny Okafor* — Senior Special Assistant on General Duties
17. *Hon. Chinedu Okwu Otaka* — Senior Special Assistant on Social Orientation and Mobilisation
18. *Otaba Cosmas Ikechukwu* — Senior Special Assistant on Protection of Public Utilities
19. *Pius Okeagu* — Senior Special Assistant on Assets Management
20. *Rt. Hon. Innocent Emeka Ugwu* — Senior Special Assistant on Inter-Party Affairs
21. *Mrs. Eucharia Offor* — Senior Special Assistant on Human Resource Management
22. *Mr. Kenneth Oforma* — Senior Special Assistant on Policy and Communication
23. *Kelvin Ede — Senior Special Assistant on Research and Strategy*
The appointments take effect immediately.
Signed:
Prof. Chidiebere Onyia
Secretary to the Enugu State Government
Wednesday, 19th August, 2026
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