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Nigeria to Borrow Big! Reps Approve $347m for Lagos–Calabar Coastal Highway Development
The House of Representatives on Wednesday approved President Bola Tinubu’s request to secure a $347 million loan under the 2025–2026 borrowing plan.....KINDLY READ THE FULL STORY HERE▶
The President’s letter was read on the floor of the Green Chamber by the Speaker, Tajudeen Abbas, during plenary.
According to the correspondence, the additional loan became necessary to meet rising funding demands for the Lagos–Calabar Coastal Highway project, whose cost has increased by $47 million—from $700 million to $747 million.
President Tinubu explained that when the borrowing plan was initially sent to the National Assembly, the lead arranger for the financing had only secured commitments of $700 million. The shortfall, he noted, is to be bridged through export credit agencies, necessitating the $47 million upward adjustment to align with the financing agreements.
Beyond the highway project, the President also highlighted a separate need for $300 million to fund the Nigerian Universal Communications Access Project, a flagship telecommunications initiative aimed at deploying 7,000 towers to expand network coverage in underserved rural areas.
Recall that in May, President Tinubu had sought parliamentary approval for a $21.54 billion, €2.19 billion, and ¥15 billion borrowing plan, alongside a €65 million grant. With the additional $47 million for the coastal highway and $300 million for the communications project, the total borrowing plan now rises slightly to $21.89 billion.
On Wednesday, lawmakers adopted the report of the House Committee on Aids, Loans and Debt Management, presented by its chairman, Abubakar Nalaraba of Nasarawa State.
Nalaraba assured that despite the increased borrowing, Nigeria’s debt profile remains within acceptable limits:
“At over N145 trillion, the debt‑to‑GDP ratio of about 50 percent is still within the international threshold of 56 percent.
The current administration has reduced the high debt service‑to‑revenue ratio from over 90 percent to below 70 percent. The government’s ability to service new debt is further strengthened by anticipated revenue gains from the Nigerian Tax Act 2025, which is projected to grow by over 18 percent year‑on‑year starting in 2026.”
Following the deliberation, Deputy Speaker Benjamin Kalu, who presided after Speaker Abbas exited midway through the session, formally gave approval for the request.
Latest News
Tears For A Titan: Family Unveils Emotional Three-Day Funeral Plan For Iconic Actor Kola Oyewo!.
The funeral arrangements for the celebrated Nigerian actor, theatre scholar, and traditional ruler, Chief Dr. Adekola Gabriel Oyewo (Kola Oyewo), have been finalized by his family, with interment scheduled for Friday, August 7, 2026, in Osun State. The veteran actor passed away at age 80, leaving behind a legacy as a prominent figure in stage, television, and academia.....KINDLY READ THE FULL STORY HERE▶
The three-day farewell, organized by the Balogun Oyekola Oyewo Memorial Committee, follows this schedule:
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Wednesday, August 5, 2026: A wake-keep and service of songs will be held at St. Mary’s Catholic Church, Igboya, Ile-Ife.
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Thursday, August 6, 2026: A commendation mass is scheduled at St. Mary’s Catholic Church, followed by an artistes’ night at the Obafemi Awolowo University (OAU) Oduduwa Hall. An exhibition celebrating his works and photographs will also open at the Pit Theatre, African Studies Building, OAU, running through Friday.
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Friday, August 7, 2026: After a morning departure from his residence, a requiem mass will take place at St. Joseph Catholic Church, Oba-Ile. He will be laid to rest in a private ceremony at 12:45 p.m. at Labaluyegbe Villa, followed by a reception at Aderonmu Grammar School Field.
The Bangbola Oyewo family of the Ese-Ola Royal House remembered him as a beloved family man, traditional leader, and an inspiration to generations of theatre practitioners. His passing is regarded as the end of an era for the Nigerian theatre community, where he served as an Associate Professor of Drama and a long-standing mentor.
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Nation In Shock! Herders’ King Brutally Murdered: Cops Race Against Time To Catch Killers!.
Authorities have initiated a comprehensive investigation into the murder of Risku Mohammed, the Benue State Chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), and his associate, Yakubu Isa. The two men were reportedly ambushed by unidentified attackers near Ahimeni in the Okodu area while traveling back from a peace summit in Otukpo.....KINDLY READ THE FULL STORY HERE▶
Benue State Commissioner of Police, Cletus Nwadiogbu, condemned the act as a “senseless and criminal” effort to destabilize local peace and security. Through PPRO DSP Udeme Edet, the Commissioner announced that tactical and intelligence teams have been mobilized to hunt down the perpetrators. CP Nwadiogbu has urged the public to avoid spreading rumors or pursuing vigilante justice, instead appealing for any useful information to be shared with the police to assist in the swift arrest and prosecution of those responsible.
Option 2: Concise News Style
Police in Benue State are hunting for the gunmen who killed MACBAN State Chairman Risku Mohammed and Yakubu Isa. The victims were attacked near Ahimeni in the Okodu area while returning from a peace meeting in Otukpo.
State Commissioner of Police Cletus Nwadiogbu denounced the killings and vowed that the command would “leave no stone unturned” in bringing the culprits to justice. Tactical units have been deployed to the area to track down the assailants. The Commissioner extended his condolences to the bereaved families and called on residents to remain calm, law-abiding, and to report any leads to the nearest police station. He reiterated the command’s firm commitment to ensuring the safety of all citizens and holding the criminals accountable.
Option 3: Action-Oriented
Following the tragic assassination of Benue MACBAN Chairman Risku Mohammed and Yakubu Isa, the State Police Command has launched a full-scale investigation. The victims were killed by unknown assailants near Ahimeni, Okodu, following a peace engagement in Otukpo.
Commissioner of Police Cletus Nwadiogbu has directed tactical and intelligence units to track down and arrest the attackers immediately. In a public statement, the command emphasized that such criminal acts will not be tolerated and that every effort is being made to secure justice for the victims. The public is encouraged to assist the investigation by reporting any relevant information through official channels and is cautioned against fueling tensions by sharing unverified reports.
On June 26, 2026, the dollar-to-naira exchange rate at the Lagos parallel market, commonly referred to as the black market, saw sellers offering the dollar at ₦1402, while buyers were purchasing it at ₦1391, according to Bureau De Change (BDC) sources. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize this market and advises individuals to conduct foreign exchange transactions through their respective banks.....KINDLY READ THE FULL STORY HERE▶
Additionally, the CBN’s official rates for the same period ranged from a high of ₦1385 to a low of ₦1376. Please be aware that actual transaction prices may vary and might differ from the figures provided in this report.
Exchange Rate Summary (June 26, 2026)
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Parallel Market (Selling): ₦1402
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Parallel Market (Buying): ₦1391
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CBN Official Rates: ₦1376 – ₦1385
What specific aspect of the current foreign exchange market or its impact on consumer trends would you like to discuss further?
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