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Tinubu seeks extra $347m loan for Coastal Highway

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President Bola Tinubu has requested approval from the House of Representatives for an additional $347 million loan to finance the Lagos-Calabar Coastal Highway project.

The loan request, part of Nigeria’s revised 2025–2026 borrowing plan, was contained in a letter read by Speaker Abbas Tajudeen during Wednesday’s plenary session.

According to Tinubu, the cost of the coastal highway project has risen from $700 million to $747 million — prompting the need for extra financing.

He said the loan would help close funding gaps and keep the project on track. The president also noted that the projects in the updated borrowing plan were carefully selected for their potential to create jobs, support local businesses, enhance skills, and reduce poverty.

The House has referred the request to its Joint Committee on Finance, Aids, Loans, and Debt Management for scrutiny. The panel is expected to examine the loan details and make recommendations to the full chamber.

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However, the request has sparked new concerns about Nigeria’s rising debt levels under the Tinubu administration.

Figures from the Debt Management Office (DMO) show that the country’s total public debt rose to N144.67 trillion ($94.23 billion) by the end of December 2024 — up by 48.58 percent from N97.34 trillion ($108.23 billion) a year earlier.

Between September and December 2024 alone, the DMO recorded a 1.65 percent increase in debt stock, fuelled by both local and external borrowing.

External debt rose sharply by 83.89 percent, jumping from N38.22 trillion ($42.5 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024.

The spike was linked to fresh loan inflows and the weakening of the naira, which inflated the naira value of dollar-denominated debt.

Domestic debt also climbed by 25.77 percent, moving from ₦59.12 trillion ($65.73 billion) to ₦74.38 trillion ($48.44 billion) over the same period.

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.

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Enugu begins commercial production of Palm Oil, targets product refining

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The Enugu United Palm Products Limited (UPPL), a public-private partnership between Pragmatic Palms Limited and the Enugu State Government, has commenced commercial production of palm oil for the Nigerian market, with plans to expand into refined products and establish a new industrial complex.

The development was disclosed on Monday by the Managing Director of the company, Prof. George Nwangwu, when he led other directors of the firm to Government House, Enugu, to brief Governor Peter Mbah on the progress of the company since the commencement of its operations two years ago.

Nwangwu said the company had restored its plantations in Ibite-Olo, Umulokpa and Ugwu-Oba, located in Ezeagu, Uzo-Uwani and Oji River Local Government Areas of the state, respectively, to productive use.

According to him, the company has so far replanted over 1,000 hectares and is gradually replacing old palm trees, some of which are more than 50 years old.

“When we took over, the place was thick forest and nothing but a dead place. We came in and turned the place from being a forest into a plantation.

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“We have cleared the whole place, pruned the trees that were there and started replanting. The trees we met were very old, over 50 years old, and so they needed to be replaced. Gradually, we are replacing them. So far, we’ve planted over 1,000 hectares. The idea is to keep planting until we replant the entire plantation and renew all the trees that are there,” he said.

The UPPL boss said the company was moving beyond primary agricultural production by investing in processing and value addition, noting that it had installed mills and improved the quality and volume of palm oil production.

He disclosed that the company was also investing $2.2 million in a refinery that would process Crude Palm Oil (CPO) into olein and stearin, while refining palm kernel oil.

“We also understand that this is a business and not just planting. Agriculture has moved beyond planting alone. We need to process because value addition is important. So, we’re milling our oil now. We’ve improved the quality and quantity of the oil that we’re producing.

“We have installed mills and also invested heavily in refining the products further down the line. We’re investing about $2.2 million to install a refinery. The refinery will not only refine our Crude Palm Oil (CPO) into olein and stearin, it will also refine our palm kernel oil,” Nwangwu said.

He added that the company was developing a new industrial complex to consolidate its production and processing operations.

Nwangwu further disclosed that the company’s palm oil brand, EVOP, had been launched and was already available in open markets and supermarkets across Nigeria, with sachet packaging expected to hit the market within two weeks.

He explained that the EVOP name was chosen to connect the product with the region’s agricultural and industrial heritage, particularly the former AVOP vegetable oil brand produced in Nachi, Udi LGA.

“We chose the name EVOP to make sure that we keep in touch with our historical foundation. Some of us who are old enough would remember AVOP vegetable oil being bottled in Nachi, Udi. We feel that this is the product of our people and we had to connect with our historical beginnings.

“That’s why we called it EVOP, to connect with and remind people of our historical AVOP,” he said.

According to him, the company’s objective is to make the product accessible to households across Nigeria while maintaining strict standards of quality, natural production and traceability.

“The important takeaway about this palm oil is that it’s natural. Our plantations are in Ibite-Olo, Umulokpa and Ugwu-Oba. You can see the trees there. If you go there, you can see where we harvest the fruit bunches, how we mill the fresh fruit bunches and how we package them.

“Everything is done in-house. Nothing is contracted. We are end-to-end, and we also have certification from NAFDAC, SON and all the relevant agencies.

“If you look at our product, you’ll see a barcode there, and you’ll also see a code that you can scan to tell you where the product is from. For us, traceability matters, and that is the fundamental advantage of our palm oil,” Nwangwu added.

He said the company’s expansion was expected to contribute to employment generation, local economic activity and the development of the state’s agricultural value chain.

Responding, Governor Mbah described the partnership between the Enugu State Government and Pragmatic Palms Limited as a model worthy of emulation, saying it demonstrated the administration’s commitment to reactivating dormant government assets for the benefit of Ndi Enugu.

He assured the company that the state government would fulfil all its obligations under the partnership and provide the necessary support to enable UPPL achieve its full potential.

Mbah also expressed support for the company’s plan to list on the Nigerian stock market within four years, saying Enugu needed companies capable of attracting public investment and creating greater value for the state.

“This is consistent with the state’s ambition, to optimise these assets and to grow them and make them big. We are talking about an investment outlay of over N100 billion, and if in four years you are targeting going to the market, we are with you on that. We will give you all support,” he said.

The governor disclosed that the state government was at the verge of awarding two major road projects to improve access to the company’s plantations, including the road from Umumba Ndiagu to Ebenebe, adding that the projects would be fast-tracked.

He also said he had directed that the headquarters of the state’s Forest Guards be located at Ibite-Olo to strengthen security around the plantation, while assuring the company that the government would address any encroachment on its acquired land.

Mbah further assured UPPL that the government would
provide the 6,700 hectares committed under the partnership and work with the company and the host communities to secure additional land if it decides to expand its target to 10,000 hectares.

He stressed the importance of maintaining transparent and credible financial records ahead of the proposed listing and said the government would hold regular briefings with the company to identify and swiftly resolve challenges.

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FCC boss, Omidiran set to lead Youth-Focused Conversation at Peter Eze Youth Connect 2026

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The Executive Chairman of the Federal Character Commission (FCC), Hon. Hulayat Motunrayo Omidiran, is expected to deliver the keynote address at the maiden edition of Peter Eze Youth Connect 2026 in Enugu.

Omidiran, popularly known as Ayo Omidiran, will be the keynote speaker at the youth-focused gathering, which is expected to provide a platform for discussions on expanding opportunities, promoting inclusion and unlocking the potential of young people in Enugu State.

The programme, themed “Beyond Quotas: Unlocking Opportunities for Enugu Youths Through the Federal Character Commission,” will hold at the International Conference Centre (ICC), Enugu.

Her participation is expected to bring a strong institutional perspective to the event, particularly on the role of the Federal Character Commission in promoting equitable representation and ensuring that young Nigerians have access to opportunities within the public sector and other areas of national development.

Omidiran assumed office as Executive Chairman of the FCC in January 2026 following her appointment by President Bola Ahmed Tinubu. She succeeded Dr. Muheeba Dankaka and became the first person from Southern Nigeria to lead the Commission.

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She is expected to speak to young people on how they can better understand and take advantage of opportunities available through government institutions, while also addressing the broader question of inclusion and representation in Nigeria.

The FCC chairman’s participation comes at a time when youth unemployment, access to opportunities and equitable representation remain important issues in the country.

The event is being hosted by Hon. Peter Ogbonna Eze, the FCC Commissioner representing Enugu State and Chairman of the Commission’s Committee on Works, Transport and Aviation.

Eze, an economist and public administrator, was appointed by President Tinubu and inaugurated on January 22, 2026. At 35, he is the youngest Federal Character Commissioner in Nigeria.

The Peter Eze Youth Connect 2026 will also feature a programme on “Connecting Youths in Enugu State to the European Union Market for Apiculture Products,” aimed at exposing young people to opportunities in honey production, beekeeping and access to the European Union market.

The organisers said the initiative is designed to move beyond conventional discussions on youth empowerment by connecting young people with practical opportunities for economic participation, inclusion and growth.

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Obi ignored protocol, courting trouble – Benue commissioner

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Peter Obi and Benue Gov, Fr Alia
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Benue State Commissioner for Information, Solomon Iorpev, has stated that the presidential candidate of the Nigeria Democratic Congress, Peter Obi, is courting trouble with the state government.

Iorpev, who was reacting to the blockage of Obi by some youths on Tuesday, said this was not the first time Obi had ignored protocol by failing to officially inform the state government about his visit to the state, considering his status.

The commissioner described Obi as a high-profile person and a former governor whose security should be provided by the host state.

He said, “A high-profile person who has been a former governor of a state is coming into the state; he should have written a letter to the State Government.

“We are supposed to guarantee his safety and protection, but in an instance where no letter was written, we could not guarantee his safety.

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“This is not the first time he is doing this. He is just looking for our trouble. We are peace loving and hospitable people.”

The commissioner, who said he did not know those behind the attack on Obi, however, said that Obi’s visit regrettably coincided with the meeting of youths from the 23 local government areas of the state.

“So, if they were coming from either Tarka, Gboko, Buruku, Ushongo, Konshisha or Vandeikya at the same time of his visit and blocked the road, it is unfortunate. I do not know the youths who did that,” the commissioner said. (PUNCH)

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