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Senate approves fresh $1.5bn, €995m loans

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The Senate, on Wednesday, approved $1.5bn and €995m external borrowings for the Federal Government for economic stimulus and importation of knocked down farm machines from Brazil.

The approval followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia (Edo Central).

The loans were parts of the external borrowings the President Muhammadu Buhari  had, in May 2020, asked the red chamber to approve to finance various priority projects of the Federal Government and to support the state governments facing fiscal challenges.

But economic experts, including a former President of the Association of National Accountants of Nigeria, Dr Sam Nzekewe and a professor of Economics at the Olabisi Onabanjo University, Ago Iwoye, Ogun State, cautioned government against excessive borrowing.

Ordia, while presenting the report, said $1.5bn would be sourced from the World Bank to finance projects of state governments facing fiscal challenges arising from the COVID-19 pandemic.

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The projects, according to Ordia, are States Fiscal Transparency, Accountability and Sustainability programme to provide fiscal support to states and COVID-19 Action recovery and economic stimulus programme to support state-level efforts to protect livelihoods, ensure food security and stimulate economic activity.

He said the €995m to be sourced from the Export-Import Bank of Brazil would finance the Federal Government’s Green Imperative Project to enhance mechanisation of agriculture and agro-processing in Nigeria to improve food security.

Ordia noted that the borrowings were largely concessional loans with low interest rates and a reasonable moratorium and payback period.

He explained that six indigenous assembly plants, one in each geo-political zone, had been identified and would be rehabilitated to assemble completely knocked down farm machinery and equipment to be imported from Brazil.

According to the lawmaker, the CKD machines to be imported would specifically be adapted for local conditions with job creation opportunities for citizens.

He emphasised that the loan was intended to be used to deliver technological package to small holder farmers for a fee through the establishment of service centres in each of the 774 local government areas of the federation to be owned and run by private business entities.

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On providing fiscal support to states across the federation, Ordia disclosed that $750m from the World Bank would be used to finance States Fiscal Transparency, Accountability and Sustainability Programme in all states of the federation and the Federal Capital Territory.

He added, “The committee found that the federal objective of the restructuring is to support states to introduce measures to further mitigate fiscal shocks by introducing COVID-19 responsive disbursement linked indicators at state level, to match the fiscal measures at the federal level.”

“The committee notes that it is based on the above restructuring, that additional financing of $750m is now required for the COVID-19 response of Nigeria.”

Reacting to the loan request, a member of the committee, who is also the Senator representing Osun West, Adelere Oriolowo, an agricultural expert, said the essence of the loan to buy tractors from Brazil would be a waste of funds without experts that would handle the equipment.

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He said, “Right now in the country, we don’t have the expertise. We don’t have those who can effectively handle the equipment.

“We don’t have enough people who were trained in the art of handling tractors, service and field application. As a farmer, I have four tractors on my farm but only one operator who got himself trained out of his own initiative and inquisitiveness.

“I have a lot of farm equipment that the man cannot handle on the field. The manpower to handle the huge number of tractors that we are trying to import is not there.

“The government should ensure that the issue of manpower is part of the memorandum of understanding so that we would not waste money at the end of the day.”

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Ex- Ondo Dep Gov Agboola urges preservation of Ese-Odo political power rotation arrangement

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Former Deputy Governor of Ondo State, Ajayi Agboola Alfred, has called on political leaders and stakeholders in Ese Odo Local Government to uphold the longstanding political power rotation arrangement between the Apoi and Arogbo communities, describing it as a vital foundation for peace, unity, and political stability in the area.

In a statement released amid growing political realignments ahead of the next political season, the former deputy governor emphasized that the existing arrangement, which has been in place since 1999, was established to ensure fairness, mutual trust, and peaceful coexistence among the people of Ese-Odo Local Government.

According to him, the rotational understanding has over the years helped to prevent political tension and promote inclusiveness across the two blocs. He noted that the arrangement has remained respected by political actors and leaders across party lines and should not be altered for personal or selfish interests.

Agboola, who stated that he was among the leaders involved in initiating the agreement, recalled how political stakeholders in the past resisted attempts to disrupt the arrangement, particularly during the period when late Dr. Francis Ajih served as Chairman of Ese-Odo Local Government Council.

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He explained that despite efforts by some political interests at the time to alter the zoning structure, leaders and residents across party affiliations stood firmly in support of maintaining the agreed political balance, leading to the emergence of Late Hon. Earnest Anifowose from Apoi as a member of the Ondo State House of Assembly.

The former deputy governor warned against any move capable of creating division or mistrust between the Apoi and Arogbo communities, stressing that the House of Assembly seat should, according to the established understanding, remain the turn of Arogbo to produce the next representative.

He also appealed to political figures, including Hon. Toyin Allen, not to allow themselves to be drawn into actions that could threaten the existing harmony within the local government.

While reaffirming his commitment to protecting the arrangement alongside other leaders, Agboola urged all political stakeholders in Ese-Odo to place peace, unity, and collective interest above personal ambition.

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He further cautioned that any attempt to undermine the established political understanding could trigger avoidable tension and disrupt the longstanding brotherhood between both communities.

The former deputy governor concluded by calling on politicians and community leaders to continue to play politics with fairness, respect for agreements, and commitment to peaceful coexistence for the progress and stability of Ese-Odo Local Government and future generations.

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Army recovers suspected remains of soldier couple killed by IPOB/ESN

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The Nigerian Army says it has located the suspected remains of two soldiers who were “brutally abducted and murdered” by suspected members of the proscribed Indigenous People of Biafra and the Eastern Security Network in May 2022 while en route to their traditional wedding.

According to the army, the remains of the couple, identified as Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, were discovered when its troops dismantled a notorious camp belonging to the IPOB and the ESN in Imo State.

“The Nigerian Army has recorded another significant operational success in its sustained efforts to rid the South East of criminal elements, as troops of 82 Division, in conjunction with sister services and other security agencies, successfully dismantled a notorious camp belonging to the proscribed Indigenous People of Biafra (IPOB) and its armed affiliate, the Eastern Security Network (ESN), in Imo State.

“Acting on intelligence information, the operation, conducted on 24 April 2026 along the Ubaha Orsu axis of Orsu Local Government Area, was part of a deliberate clearance and search mission aimed at dismantling IPOB/ESN hideout within the region and locating the remains of two personnel of the Nigerian Army, Master Warrant Officer Linus Musa Audu and Private Gloria Mathew, who were brutally abducted and murdered by IPOB/ESN terrorists in May 2022 while en route for their traditional wedding,” the army said in a statement on its X handle.

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The army explained that the troops, acting on credible intelligence, advanced towards a suspected IPOB/ESN hideout when they came under heavy attack by armed criminals.

It, however, said that the troops demonstrated resilience and decisively engaged the terrorists, successfully repelling multiple ambushes and forcing the criminals to flee in disarray.

“The encounter further exposed the desperation and criminal nature of the group, which continues to target innocent citizens and security personnel alike.

“Following the successful clearance of the camp, troops conducted a thorough search of the area and made a grim but important discovery: shallow graves suspected to contain the remains of the slain personnel. The graves were carefully excavated and suspected remains were recovered,” it stated.

The military authorities further disclosed that the recovered remains had since been secured for detailed forensic analysis, including DNA testing, to conclusively establish their identities.

It also said that efforts were also ongoing to liaise with the families of the fallen soldiers to ensure proper identification and facilitate befitting burial arrangements in honour of their sacrifice.

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The army further noted that the operation not only underscored its unwavering commitment to ensuring justice for fallen heroes but also highlighted the continued degradation of IPOB/ESN criminal networks and infrastructure across the South East.

“The discovery of shallow graves within their camp further exposes the group’s heinous atrocities and disregard for human life.

“The Nigerian Army reassures the general public that ongoing operations will continue until all criminal elements are neutralised and lasting peace is restored across the region. We appreciate the Law-abiding citizens for the information and urge you to remain vigilant and continue to support security agencies with timely and credible information.

“The Nigerian Army remains resolute, professional, and committed to defending the sovereignty and territorial integrity of Nigeria,” the statement added.

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Good morning! Nigerian Newspapers Headlines: Kidnap terror: 30 Kwara kings flee palaces

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1. No fewer than 30 traditional rulers across the southern area of Kwara State have fled their palaces following a sustained wave of kidnappings, killings and violent attacks, Saturday PUNCH has learnt.

Our correspondents gathered from two credible community leaders that the affected monarchs were seeking refuge in urban centres, including Ilorin, Osogbo, Offa, and Lagos.

2. The Emir of Kano, Muhammadu Sanusi II, on Friday raised concerns over the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy. Speaking during an interview on TV, the former governor of the Central Bank of Nigeria (CBN) warned that weak fiscal discipline could undermine the gains expected from recent economic reforms.

3. President Bola Tinubu on Friday administered the oath of office to Dr Muttaqha Rabe Darma from Katsina State as the new minister of housing and urban development, following his Senate clearance. President Tinubu, at the short ceremony at the State House, congratulated Dr Darma for coming on board at this “very challenging time of national development.

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4. Taiwo Oyedele has officially taken over as Minister of Finance and Coordinating Minister of the Economy following the completion of the handover process by his predecessor, Wale Edun. According to a statement issued on Friday by the Head of Information and Public Relations Unit, Efe Ovuakporie, the handover took place on Thursday, April 23, 2026, in line with a directive from President Bola Ahmed Tinubu.

5. Gunmen have reportedly killed five people, including a traditional ruler, his wife, son and two other residents in Olegabulu community of Agatu Local Government Area of Benue State. Residents said the attack occurred on Thursday night when the assailants, who arrived on two motorcycles, stormed the monarch’s residence and opened fire on him and his family members.

6. A former chairman of the defunct Skye Bank Plc, Tunde Ayeni, has been arrested by the Economic and Financial Crimes Commission over alleged money laundering, misappropriation and diversion of funds amounting to N36.54bn and $30m. It was gathered that Ayeni, who was arrested in Abuja on Thursday, is currently being detained at the commission’s facility.

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7. The Minister of Power, Adebayo Adelabu, resigned from President Bola Tinubu’s cabinet against the wishes of the President who had dissuaded him from quitting, Saturday PUNCH has learnt. Insiders familiar with the back and forth that preceded the resignation told our correspondents on Friday that Adelabu insisted on quitting the cabinet to pursue his governorship ambition in Oyo State.


8. A Kogi State High Court sitting in Lokoja has awarded N1 billion in damages against Senator Natasha Akpoti-Uduaghan in a defamation suit filed by former Kogi State Governor, Yahaya Adoza Bello. Akpoti-Uduaghan has, however, rejected the judgment, declaring her intention to challenge the ruling at the Court of Appeal.

9. President Bola Tinubu on Friday held a closed-door meeting with the Speaker of the House of Representatives, Tajudeen Abbas, and some members of the House at the Presidential Villa, Abuja. It was learnt that the Friday’s meeting, which was not on the President’s official schedule, took place shortly after the lawmakers joined him for Jummah prayers at the State House Mosque.

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10. Benue State Police Command has arrested two suspects in connection with the killing of a National Youth Service Corps member, Ben Agir, who was allegedly mobbed to death by a vigilante group over a motorcycle he reportedly owned. Agir was killed last Sunday night at Major Settlement, near Buruku Local Government Secretariat, in Buruku Local Government Area of the state. He was accused of stealing a motorcycle before being attacked.

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