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BREAKING: Tinubu seeks National Assembly approval for $21.5bn loan, N757.9bn pension bond

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President Bola Tinubu
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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.

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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.

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Police arrest ASP, three inspectors over viral video of ‘ethnic comment’ against motorist

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The Ondo state police command says it has arrested four police officers seen in a viral video making “unprofessional and ethnically insensitive” remarks to a motorist during a roadside stop on the Lagos-Ibadan expressway.

In the viral video, one of the officers appeared to solicit a bribe from the motorist and made an ethnic remark after the driver refused to pay.

The officer is seen repeatedly asking the motorist to leave the scene without stating any traffic offence.

According to a statement on Friday, the arrested officers are: “AP/No. 207454, ASP Elomore Sodayo; AP/No. 332012, Inspector Adefila Adewale; AP/No. 332449, Inspector Olorunfemi Opeyemi; and AP/No. 332369, Inspector Odusola Peter.”

During the exchange, the officer said, “I just see that we are very close. If you were Igbo or another person, I would have just I’d have asked you to park…” before gesturing toward the roadside.

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The police command said the officers involved had been taken into custody while a full investigation had commenced.

Speaking at the command headquarters in Akure on Friday, the state Commissioner of Police, Felix Ohagwu, said the police had zero tolerance for indiscipline and unprofessional conduct.

He added that a comprehensive investigation had been ordered to establish the circumstances surrounding the incident and determine the level of culpability of each officer involved.

Ohagwu said the police remained a disciplined and professional institution that would not condone misconduct, incivility or any action capable of undermining public confidence in the Force.

He added that officers were expected to conduct themselves with the utmost professionalism, respect human dignity and comply strictly with the Force’s Code of Conduct and Standard Operating Procedures.

“The Nigeria Police Force is a disciplined and professional institution that does not condone any form of misconduct, incivility, or actions capable of undermining public confidence, promoting ethnic division, or bringing the Force into disrepute,” the commissioner said.

He assured the public that the investigation would be conducted to determine the facts of the case, adding that any officer found culpable would face appropriate disciplinary action.

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Soldier declared wanted over terrorism

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Private Mohammed Yusuf Amutu
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The Headquarters Nigerian Army Ordnance Corps (NAOC) has declared one of its personnel wanted over his alleged involvement in the illegal sale and supply of military uniforms to terrorists and other criminal elements.

It said that preliminary investigations indicated that the soldier, who was serving at the Nigerian Army Ordnance Kits Factory, absconded from his unit on June 3, 2026.

“The Headquarters Nigerian Army Ordnance Corps (NAOC) has declared one of its personnel, Private Mohammed Yusuf Amutu, wanted over his alleged involvement in the illegal sale and supply of military uniforms to terrorists and other criminal elements,” it said in a statement by Assistant Director, Army Public Relations, Major Oluwatope Aluko, on Thursday.

It said that intensive efforts are underway to locate and apprehend him to face a full investigation and appropriate disciplinary action in accordance with extant military laws.

“The Nigerian Army Ordnance Corps wishes to state unequivocally that it has zero tolerance for misconduct, indiscipline, or any act capable of compromising the operational effectiveness, integrity and reputation of the Nigerian Army or threatening national security,” it added.

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The military authorities said any personnel found to have aided terrorists, criminals or other non-state actors through the unauthorised sale, diversion or distribution of military uniforms, accoutrements or other controlled items would be subjected to the full weight of military and civil laws.

The Corps, therefore, appealed to members of the public to support ongoing efforts by providing credible information that could lead to the arrest of the wanted soldier.

It noted that such information should be reported immediately to the nearest military formation or any security agency.

“The Headquarters Nigerian Army Ordnance Corps reassures Nigerians of its unwavering commitment to accountability, professionalism and the protection of military assets.

“The Corps will continue to strengthen internal control measures and ensure that every allegation of misconduct is thoroughly investigated while those found culpable are held fully accountable,” it added. (Channels TV)

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Mbah reacts to Enugu Air runway incident, declares Safety Non-Negotiable

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The Governor of Enugu State, Dr. Peter Mbah, has reacted to Thursday’s runway incident involving the state-owned airline, Enugu Air, at Benin Airport, empathizing with the passengers and crew members over the traumatic experience.

Mbah, in a statement he personally signed, commended the aviation authorities for immediately initiating an investigation into the incident, saying that, for Enugu Air, safety remained non-negotiable.

In the statement made available to newsmen on Friday, the governor said, “The Enugu State Government is aware of the runway excursion incident affecting Enugu Air, Embraer E170, Flight 4264, operating until the Benin Airport from Lagos on Thursday, July 23, 2026.

“The government empathizes with the 63 passengers and five crew members on board the aircraft over the traumatic experience and is thankful to God that no life was lost and no injuries have so far been reported.

“The government commends the swiftness of the Nigerian Safety Investigation Bureau (NSIB) in embarking on the ongoing investigation to determine the circumstances and factors that may have led to the incident. The government will ensure the full cooperation of its going concern, Enugu Air, with the investigation and regulatory authorities.

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“While the outcome of the investigation is awaited, the government assures the public that the operations of Enugu Air are guided by the highest safety standards. The airline is founded on a corporate culture that places safety above profit and schedule, and its quality assurance and quality control systems stipulate a safety threshold that is considerably higher than the industry benchmark.

“This accounts for the growing confidence and patronage the airline has continued to enjoy from both passengers and industry stakeholders. Enugu Air will therefore continue to serve its teeming customers and abide by its utmost commitment to safety, professionalism, and a sense of hospitality.”

He thanked Nigerians for their support following the incident, as many continued to relive their pleasurable experiences flying the airline.

“The Enugu State Government wishes to express its profound gratitude to Nigerians for the outpouring of solidarity since the unfortunate incident. Quite uncommonly, Nigerians have continued to share their positive experiences with Enugu Air since it was launched a year ago. This matters so much to us as a government at this time,” he concluded.

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