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Senate, Reps Approve Tinubu’s $2.3bn Borrowing Request To Fund 2025 Budget.

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According to Nivo News, the National Assembly has given approval to President Bola Tinubu’s request for the implementation of a new external borrowing plan as contained in the 2025 Appropriation Act. The plan includes borrowing up to $2.347 billion, part of which will be used to refinance maturing Eurobonds and to fund key national projects.....KINDLY READ THE FULL STORY HERE▶

The approval, granted by both the Senate and House of Representatives, also covers the issuance of a debut $500 million sovereign Sukuk in the international capital market, marking Nigeria’s first venture into global Islamic bond financing. The proceeds from this Sukuk are expected to fund major infrastructural projects across the country.

The Senate’s decision followed the presentation of a report by the Committee on Local and Foreign Debts chaired by Senator Aliyu Wamakko, while the House of Representatives acted on the report of its Committee on Loans and Debt, presented by Chairman Hassan Nalaraba. Lawmakers emphasized the necessity of the borrowing plan to support the 2025 budget implementation and avert potential default on existing obligations.

Senator Mohammed Sani Musa, Chairman of the Senate Committee on Finance, noted that the approval was essential for effective fiscal operations, as the borrowings were already captured in the 2025 budget framework. Similarly, Senator Adetokunbo Abiru clarified that the request aligned with compliance measures to ensure proper deficit financing and refinancing of existing Eurobonds.

Senator Adams Oshiomhole supported the move, stating that borrowing for the purpose of solving national challenges such as unemployment and infrastructure decay was justifiable.

A breakdown of the approved plan shows that the House of Representatives authorized the implementation of new external borrowing amounting to ₦1.84 trillion (approximately $1.229 billion) to part-finance the ₦9.27 trillion budget deficit. Lawmakers also approved refinancing of the $1.118 billion Eurobonds maturing in November 2025 through suitable financial instruments, including Eurobond issuance, loan syndication, or direct borrowing from international financial institutions.

President Tinubu, in his letter to the National Assembly dated September 22, 2025, emphasized that the borrowing plan seeks to strengthen fiscal stability, refinance maturing debts, and support infrastructure development. He noted that between 2017 and 2025, Nigeria successfully raised over ₦1.39 trillion through domestic Sukuk to fund road infrastructure, adding that extending this initiative to the international market would diversify the nation’s funding sources and investor base.

The President further explained that the government plans to work with the Debt Management Office (DMO) and transaction advisers to secure favorable terms and ensure compliance with market conditions. The debut international Sukuk, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), is expected to enhance Nigeria’s financial profile and attract global investors.

The Federal Government, through the Finance Ministry and DMO, is expected to begin implementation once market conditions are deemed favorable, focusing on strategic borrowing aimed at stimulating growth while maintaining fiscal responsibility.


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INEC Breaks Silence On Amupitan’s Alleged Resignation Amid Growing Pressure.

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The Independent National Electoral Commission (INEC) has dismissed reports alleging that its Chairman, Prof. Joash Amupitan, is planning to resign from office.....KINDLY READ THE FULL STORY HERE▶

The commission described the claim as false, urging Nigerians to ignore the report, which circulated on social media alongside an image, saying it was fabricated to mislead the public.

INEC clarified its position on Saturday in a statement published on its official X account.

“The claim is FALSE, FABRICATED AND MISLEADING,” the commission stated.

It also urged Nigerians to verify information through its official communication channels before sharing unconfirmed reports.

The denial comes amid mounting criticism of Amupitan over controversies surrounding the preliminary voters’ register ahead of the 2027 general elections.

On November 9, the INEC chairman disclosed that the commission had removed 1,608,660 invalid registrations from the preliminary voters’ register following a review of entries recorded during the 2025 and 2026 Continuous Voter Registration exercises.

Amupitan further revealed that 54 individuals from 10 states had been identified over alleged registration irregularities and could face disciplinary measures, including prosecution.

The commission had received complaints involving suspected multiple registrations, questionable photographs and other irregularities in the voters’ register.

The controversy also followed the INEC chairman to the United Kingdom, where protesters confronted his vehicle outside Chatham House in London on Thursday.

The demonstrators, who demanded his resignation over alleged problems with the voters’ register, surrounded his vehicle as he departed a discussion on Nigeria’s preparations for the 2027 general elections.

Some protesters also called on him to step out of the vehicle and address their concerns.

During the Chatham House engagement, Amupitan acknowledged that controversies surrounding the 2023 general elections had significantly affected public confidence in INEC.

He, however, appealed to Nigerians to trust his leadership, assuring them that the commission was working to address previous challenges and improve the conduct of future elections.

The INEC chairman also announced plans to conduct a nationwide mock accreditation and voting exercise on November 28.

According to him, the exercise would test improvements to the Bimodal Voter Accreditation System (BVAS) and the electronic transmission of election results ahead of the 2027 polls.

Amupitan further disclosed that INEC had introduced technical measures to prevent incorrect polling unit results and figures indicating over-voting from being uploaded to its Result Viewing Portal.

Meanwhile, INEC has fixed January 16, 2027, for the presidential and National Assembly elections, while governorship and State Houses of Assembly elections are scheduled for February 6, 2027.

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Another International Honour For Fela Kuti As Afrobeat Icon Gets Global Recognition.

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Nigerian music icon Fela Anikulapo-Kuti is set to receive another major international honour as the Rock and Roll Hall of Fame prepares to recognise him at its 2026 induction ceremony in Los Angeles, United States.....KINDLY READ THE FULL STORY HERE▶

The late Afrobeat pioneer is among five entertainers selected for the Hall of Fame’s Early Influence category, alongside American rapper Queen Latifah, Cuban singer Celia Cruz, rapper MC Lyte and American singer-songwriter Gram Parsons.

The ceremony, scheduled for Saturday, November 14, will attract music stars, industry executives and other notable personalities to the Peacock Theater in Los Angeles.

Other musicians selected for induction in the 2026 Performer category include Sade, Oasis, Billy Idol, Wu-Tang Clan, Phil Collins, Iron Maiden, Joy Division/New Order and the late Luther Vandross.

The Rock and Roll Hall of Fame, headquartered in Cleveland, selected the inductees through a voting process involving more than 1,000 musicians, historians and music industry professionals.

However, not all the honourees are expected to attend the ceremony, as some have already confirmed their absence.

British-Nigerian singer Sade Adu’s group, Sade, announced that its members would not be present, despite expressing appreciation for the recognition.

In a statement published on the group’s website, they said, “Sorry we can’t be there in person to celebrate with the other artists. Please know that our absence takes nothing away from how much this recognition means to us.”

Oasis brothers Liam and Noel Gallagher have also ruled out attending the event.

While Noel Gallagher is expected to perform in London, Liam had previously criticised the institution and later told a fan on X that travelling to Los Angeles for the ceremony was too much trouble.

Heavy metal band Iron Maiden will also miss the event because of its ongoing tour in Australia.

Phil Collins, renowned for hit songs such as In the Air Tonight and Sussudio, is equally expected to be absent due to health challenges that have affected his ability to perform.

Meanwhile, the joint induction of Joy Division and New Order is expected to be one of the major highlights of the ceremony.

New Order was formed following the death of Joy Division’s lead singer, Ian Curtis, in 1980.

The group subsequently became a major force in alternative dance music, releasing popular tracks including Blue Monday, True Faith and Bizarre Love Triangle.

However, it remains uncertain which members of the two bands will attend the ceremony or whether New Order will perform.

American hip-hop group Wu-Tang Clan, known for songs such as C.R.E.A.M. and Protect Ya Neck, could also use the occasion to reunite.

The group recently concluded a tour it described as its final one, although its members do not always appear together at public events.

British singer Billy Idol, on the other hand, is widely expected to attend the ceremony.

In recognition of his induction, Los Angeles declared Friday, November 13, as Billy Idol Day. The musician rose to prominence through the British punk music scene before releasing hit songs such as Dancing With Myself.

Reacting to his selection, Idol described the recognition as “a tremendous honour.”

The Rock and Roll Hall of Fame requires artists to have released their first commercial recording at least 25 years before they become eligible for nomination.

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‘I Can Never Insult Peter Obi’ – Tanko Breaks Silence After Dumping NDC.

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The National Coordinator of the Social Democratic Party (SDP) Presidential Campaign Council, Yunusa Tanko, has denied reports claiming that he insulted the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi.....KINDLY READ THE FULL STORY HERE▶

Tanko described the reports circulating on social media as fabricated stories allegedly spread by individuals seeking to damage his reputation and create tension between him and his former principal.

His position was contained in a statement issued on Saturday by Mark Adebayo, Chief Media and Communications Adviser to the Adebayo-Bugaje Presidential Campaign Council.

Tanko, who previously served as Obi’s political adviser and National Coordinator of the Obidient Movement, maintained that those familiar with him know he does not engage in personal attacks or insults.

“I can never insult His Excellency, Mr Peter Obi. We parted ways peacefully and with absolute mutual understanding. Politics is about vision and service, never about bitterness or personal attacks,” he said.

He expressed confidence that Obi would disregard the reports, given the mutual respect between them.

Tanko also reiterated his appreciation to the former Anambra State governor for the opportunities he received while working with him.

“I remain forever grateful to His Excellency, Mr Peter Obi, for the wonderful opportunities he gave me to serve alongside him and lead the Obidient Movement worldwide. I thank Mr Obi, and I stand proudly by the records of my service with him,” he said.

He further insisted that efforts by purveyors of fake news to create hostility between them would not succeed, stressing that he and Obi remained friends.

The campaign council urged members of the public and the media to disregard the publications and rely on verified information from the organisation.

Tanko recently defected from the NDC to the SDP, where he now coordinates the presidential campaign of Adewole Adebayo and his running mate, Dr Usman Bugaje, ahead of the January 16, 2027, election.

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