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Senate approves Tinubu’s ₦1.77trn loan request

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The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.

The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.

The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.

The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.

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The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

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The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

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Eight bandits killed by bombs planted for troops in Niger state

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No fewer than eight suspected bandits have been killed by an improvised explosive device (IED) along Lukope road in Shiroro LGA of Niger state.

The incident, according to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, occurred at about 8:30pm on Friday along the Kurebe–Kushaka axis, a known corridor for armed groups operating within the forest belt.

Citing sources, the publication said the IED, suspected to have been planted by the bandits to target advancing troops, detonated when members of the group accidentally rode over it while moving on motorcycles.

“The explosion occurred as the bandits were transiting the route, leading to the instant death of about eight of them and injuries to several others,” Makama quoted a source as saying.

The publication said the bandits were said to be loyal to Dogo Gide, a notorious bandit leader, and were reportedly heading towards the Lukope area.

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Makama noted that troops of operation Fansan Yamma, sector 1, responded swiftly to the scene and intensified patrols to prevent further security breaches.

The publication added that the incident has heightened tension among residents of Kushaka, Kurebe, Gbato and neighbouring communities over fears of possible reprisal attacks.

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Good morning! Nigerian Newspapers Headlines: ADC crisis: Faction presses INEC to drop Mark, Aregbesola

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1. The rival factions in the African Democratic Congress have taken the tussle for the leadership of the party to the Independent National Electoral Commission, as the Nafiu Bala-led camp seeks to take over the party.

Sunday PUNCH learnt that Bala wrote to INEC, urging the commission to remove former Senate President David Mark and ex-Minister Ogbeni Rauf Aregbesola as Chairman and Secretary of the party, respectively

2. Fresh from his inauguration for a second term in office,Anambra State Governor Chukwuma Soludo has pledged to work for the reelection of President Bola Tinubu next year. The governor declared that he has no apology to tender to anyone for his decision.

3. U.S. Central Command has said American forces have struck more than 8,000 military targets in Iran, deploying heavy 5,000-pound bombs in a sustained campaign aimed at crippling Tehran’s military capabilities and securing key international shipping routes. Commander of U.S. Central Command, Admiral Brad Cooper, disclosed this in his latest operational update on Operation Epic Fury on Saturday, stating that the strikes were part of an intensified offensive designed to dismantle Iran’s ability to project power beyond its borders.

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4. Former Presidential Aide, Laolu Akande, has said while the directive for the military high command to relocate to Borno State over last week’s attacks was commendable, President Bola Tinubu missed the opportunity of prioritizing empathy and showing sympathy at a time of renewed terrorist attacks in the North-East. He said Tinubu should have visited Borno before traveling.


5. Former Senate President Bukola Saraki, former Kaduna State Governor Ahmed Makarfi and former Information Minister Jerry Gana are among influential members of the Peoples Democratic Party currently locked in extensive meetings and consultations with other stakeholders to reconcile the party’s two factions ahead of next year’s elections. Their immediate task is to build a consensus before the March 29-30 PDP national convention in Abuja.

6. US military trainers deployed to Nigeria are using high-powered drones for surveillance and intelligence gathering, the Nigerian military said on Saturday. The troops, operating the drones from an air base in Bauchi state, are part of a deployment sent by the United States to train their Nigerian counterparts, who are battling jihadist militants.


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7. The All Progressives Congress has announced plans to screen aspirants seeking to contest for national offices at its 2026 national convention. In a notice issued by the Aspirants’ Screening Committee, the party invited all aspirants who have successfully purchased and submitted their Expression of Interest and Nomination Forms to attend the exercise

8. Vice President Kashim Shettima is set to formally welcome Governor Dauda Lawal of Zamfara State into the All Progressives Congress. The state APC Chairman, Tukur Maikatako, said Shettima would visit Gusau, the state capital, on Tuesday.


9. The All Progressives Congress has said it will not prevent any interested member from contesting its 2027 presidential ticket, despite the party’s adoption of President Bola Tinubu for a second term. Speaking on Saturday, the Deputy National Organising Secretary of the APC, Chidi Duru, said while the party might lean towards consensus, it remains open to aspirants willing to test their popularity.


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10. The Police Command in Delta State has confirmed the arrest of 11 additional suspects linked to Thursday’s alleged sexual assault in Ozoro community. Spokesperson, SP Bright Edafe, disclosed this in a statement issued on Saturday in Asaba, following a crackdown on those allegedly involved.

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US deploys drones, troops for Nigeria’s anti-terror war

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The United States has reportedly deployed multiple MQ-9 drones alongside 200 troops to Nigeria to provide training and intelligence support to the country’s military in its fight against Islamist militants, according to Reuters.

The report quoted officials of both countries as saying that the troops are not integrated within Nigerian units on the frontline, adding that the drones are also collecting intelligence and not carrying out air strikes.

“We see this as a ​shared security threat,” a US defence official was quoted as having said.

It was earlier reported that a drone refuelling station was part of the demands made by the US in the security partnership formed with Africa’s largest democracy following President Donald Trump’s redesignation of Nigeria as a country of particular concern.

According to report by TheCable, Nigeria had agreed to the demand and designated a north-eastern state to host the facility.

The defence headquarters (DHQ) subsequently said 100 US military personnel and associated equipment arrived at Bauchi airfield.

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Samaila Uba, DHQ director of defence information, said the deployment followed the security agreement between Nigeria and the US.

Uba told Reuters in the Saturday report that the US was operating its ​assets from the north-east state.

“This support builds on the newly established US-Nigeria intelligence fusion cell, which continues to deliver actionable intelligence to our ‌field commanders,” ⁠he said.

“Our US partners remain in a strictly non-combat role, enabling operations led by Nigerian authorities.”

Uba said the timeline for the US deployment in Nigeria would be determined in agreement by both sides.

MQ-9 drones, which are sometimes known as ‘Reaper drones’ and can loiter at high altitude for more than 27 hours, can be used for both intelligence gathering and air strikes.

However, officials from both sides did not disclose instances where US intelligence had ⁠aided Nigerian troops targeting militants, but Uba said that US forces are helping Nigeria “identify, track and respond to terrorist threats”.

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Advanced drones can fire precision shots using mounted weapons like rifles, missiles, or guided munitions, achieving high accuracy in tests and operations.

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