Tag: Loan Requests

IMF warns Nigeria on debt prudence, amid $6bn infrastructure loan approval

Aminu Imam
IMF warns FG on debt

The International Monetary Fund (IMF) has urged caution in managing external loans, as the Tinubu administration secures a $6 billion facility to accelerate infrastructure development in transport and energy sectors. Approved from a consortium of international lenders, the funding aligns with global trends from Asia and aims to modernize roads, railways, power grids, and more—boosting economic growth, job creation, and regional trade. Analysts highlight potential for enhanced manufacturing and FDI, but stress fiscal sustainability through concessional terms, transparent monitoring, and revenue-linked projects. Analysts suggest that this injection of capital will…

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Senate approves Tinubu’s $6bn loan request, $1bn Lagos Port rehabilitation

Aminu Imam
Senate approves loan request

…As FG deepens borrowing strategy amid fiscal pressures The 10th Senate has approved President Bola Tinubu’s request to secure external loans amounting to $6 billion, a move that underscores the Federal Government’s increasing reliance on foreign financing to sustain public spending, infrastructure development and debt management. The approval was granted within three and a half hours after the President of the Senate, Senator Godswill Akpabio, read the President’s request letter during plenary. The decision followed the consideration and adoption of a report presented by Senator Aliyu Wamakko (APC, Sokoto-North), who…

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FG seeks fresh ₦1.15tr loan to plug widening 2025 Budget gap

Aminu Imam
FG seeks fresh loan

President Bola Tinubu has asked the National Assembly to approve a new ₦1.15 trillion domestic loan to help fund the deficit in the 2025 national budget. The request was contained in a letter to the Senate, which was read by Senate President Godswill Akpabio during yesterday’s plenary session. Tinubu explained that the additional borrowing is necessary to bridge the fiscal shortfall and sustain the implementation of key government programmes and projects outlined in the 2025 budget. “This request is made pursuant to Section 44 (1) and (2) of the Fiscal…

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H’Reps. approves Tinubu’s $2.35bn loan request for 2025 Budget

Aminu Imam
H'Reps approves loan

The 10th House of Representatives has approved President Bola Tinubu’s request to borrow $2.35 billion to help finance part of the 2025 Budget deficit. In addition, the green chamber yesterday endorsed the President’s proposal to issue a $500 million debut sovereign sukuk in the international capital market (ICM) to support key infrastructure projects and diversify Nigeria’s financing sources. The approvals followed the consideration and adoption of the report of the House Committee on Aids, Loans, and Debt Management, which reviewed the borrowing plan and recommended its implementation. According to the…

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700,000 manufacturers, MSMEs apply for FG’s N150bn loan – Minister

Aminu Imam
MSME's loan

About 700,000 manufacturers and micro, small and medium enterprises (MSMEs) have expressed intention to become beneficiaries of the Federal Governments N150bn loan to help businesses in Nigeria navigate the current economic crunch. Minister of Industry, Trade and Investment, Doris Aniete, who revealed this on Friday, disclosed that the Ministry was working tirelessly to ensure prompt release of the fund to eligible businesses. It was gathered that 630,797 citizens have benefitted from the Presidential Conditional Grant Scheme Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme,…

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55% of Nigerias crude oil used as collateral for loans Report

Aminu Imam
Nigeria's crude oil

Says FG gets only 320,000bpd from 1.4m output Successive administrations have mortgaged the country’s crude oil reserves to secure foreign loans, thereby plaguing Nigeria’s economy, according to a published investigative report. The investigation revealed how past administrations penchant for taking foreign loans backed by natural resources, especially crude oil, was identified as the major cause of Nigerias present revenue crisis. It showed hiw for close to twenty years, administration after administration, working hand in hand with the management of the Nigerian National Petroleum Corporation Limited (NNPCL), had resorted to taking…

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2024 N26tr Budget: Federal Govt. targets N7.8tr loan

Aminu Imam

The Senate yesterday passed the 2024 2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP). This followed the Senates consideration and adoption of the report of the Joint Committees on Finance, Appropriations, National Planning and Economic Affairs and Local and Foreign Debts on the MTEF/FSP. The report was presented by the Committee Chairman on Finance and Chairman of the Joint Committee, Senator Sani Musa. The Senate approved N26 trillion aggregate expenditure for 2024. The sum comprises N10.2trillion for recurrent expenditure, including personnel costs for ministries, departments and agencies (MDAs)…

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H/Reps approve Buharis N1tr loan request

Aminu Imam

…Defers decision on N22.7tr extra-budgetary spending The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria, (CBN). The loan will be used to fund the 2022 supplementary Budget. The lawmakers approved the request yesterday, following the consideration and adoption of the Committees on Finance, Banking and currency, and Aids, Loans and Debt management. The House, however, deferred the request to securitise the N22.7 trillion Ways and Means loans, pending further engagement with the executive by…

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Nigeria to sign $3.3bn loan agreement for 10 projects
? Minister

Aminu Imam

’FG building 958 bridges, road projects’ ? Fashola The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, has said that the country is currently awaiting consensus for it to sign a $3.387 billion loan Agreement to execute 10 projects across the country. The Minister said this at a Town Hall Meeting on the achievements of the Federal Government in Infrastructure Development, organised by the Ministry of Information and Culture. She said the present administration has successfully implemented a range of infrastructure programmes that have had a positive impact…

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House of Reps. give President Buhari nod to borrow $5.8bn

Aminu Imam

The House of Representatives has approved President Muhammadu Buharis loan request of 5.8 billion dollars. The approval followed the adoption of the report of the House Committee on Aids, Loans and Debt Management yesterday, in Abuja. Presenting the report, the Chairman of the Committee, Rep. Ahmed Safana, said that the loan was part of the Federal Governments 2018-2020 external borrowing plan. According to him, “The loan would be sourced from financial institutions like the World Bank, the Islamic Development Bank, China Exim bank, Chinese Africa Development Fund and International Fund…

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