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House Of Reps Gives Green Light To Tinubu’s $516m Borrowing Plan.

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4 months ago

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The House of Representatives has approved President Bola Tinubu’s request to secure a $516,333,007 foreign loan to finance sections of the Sokoto-Badagry Superhighway project.....KINDLY READ THE FULL STORY HERE▶

The approval was granted during Tuesday’s plenary in Abuja after lawmakers considered and adopted a report presented by Abdullahi Rasheed, deputy chairman of the House Committee on Aids, Loans and Debt Management.

According to the report, the loan will be used to fund critical portions of the federal government’s flagship Sokoto-Badagry road project, a major infrastructure initiative designed to improve connectivity across several states.

Following deliberations, members of the House endorsed the borrowing plan in support of the highway’s construction.

Meanwhile, former Vice President Atiku Abubakar has faulted President Tinubu’s move to seek legislative approval for the fresh external borrowing, warning against what he described as excessive dependence on loans.

Tinubu had earlier written to the Senate requesting approval for a $516.3 million syndicated loan from Deutsche Bank AG.

The facility, which is supported by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit, is expected to finance the ambitious superhighway project.

In addition to the external loan, the Federal Government is also expected to provide more than ₦265.5 billion as counterpart funding for land acquisition, compensation, and related infrastructure needs.

The proposed 1,000-kilometre Sokoto-Badagry Superhighway is designed to link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, creating a major economic corridor stretching from Illela to Badagry.

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THE ASSEMBLY SHOWDOWN: Explosive Details Emerge As Ondo Lawmakers Push Forward With Speaker’s Ouster!.

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3 minutes ago

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August 28, 2026

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The leadership crisis surrounding Ondo State House of Assembly Speaker Olamide Oladiji persists, with Assembly spokesperson Olatunji Ifabiyi confirming that lawmakers are actively continuing impeachment proceedings. Speaking in an interview with NAN, Ifabiyi dismissed rumors that the push to remove the Speaker had been dropped, labeling such reports as misinformation.....KINDLY READ THE FULL STORY HERE▶

Despite mediation efforts by Ondo State Governor Lucky Aiyedatiwa and other political stakeholders aimed at resolving the rift, Ifabiyi emphasized that the intervention has not halted the removal process, as a faction of legislators remains resolute in replacing Oladiji.

“We have been hearing reports that we have stopped the process; that is not correct. It is misinformation. We are still on it. He cannot continue as our Speaker.

“Although Gov. Lucky Aiyedatiwa has been speaking with some of us, that does not stop the impeachment process. There is no going back.”

This political deadlock follows a volatile incident on Thursday when suspected thugs from the embattled Speaker’s home constituency of Ondo town invaded the Assembly complex.

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THE FOOTBALL TSUNAMI: Emmanuel Ikpeme Takes Over NFF Helm In Shocking Leadership Shake-Up!.

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7 minutes ago

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August 28, 2026

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The National Sports Commission (NSC) has approved Dr. Emmanuel Ikpeme—previously the NFF’s Deputy General Secretary—to step in as the interim General Secretary of the Nigeria Football Federation (NFF). This transition follows the resignations on Thursday of FA President Ibrahim Gusau, General Secretary Dr. Mohammed Sanusi, and all members of the Executive Committee. Additionally, Dr. Ademola Olajire, formerly the Director of Media and Communications, has been named the interim Deputy General Secretary.....KINDLY READ THE FULL STORY HERE▶

Key structural shifts and directives issued by the NSC include:

  • Suspension of Elections: All electoral procedures for the NFF Elective Congress, originally set for September 27, are currently on hold. A fresh electoral roadmap will be established following comprehensive football reforms conducted alongside FIFA, CAF, the Federal Government, and key stakeholders.

  • League Management Shake-Up: Chairmen, appointed directors, and CEOs across the Nigeria Premier Football League (NPFL), Nigeria National League (NNL), Nigeria Women Football League, and Nationwide League One must hand over administrative control to their respective Chief Operating Officers (COOs).

  • Staff Deployment: If any current league COO is not an official NFF staff member, the Acting General Secretary is mandated to deploy an NFF staffer to fill the role.

According to the NSC, these temporary interventions are designed to maintain administrative stability within Nigerian football while ongoing discussions with FIFA, CAF, and government bodies shape the roadmap for future reforms.

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THE CURRENCY TSUNAMI: Naira Surges To Massive New Highs As Dollar Liquidity Floods The Market!.

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10 minutes ago

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August 28, 2026

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Parallel market traders in Lagos (Bureau De Change sources) traded the US dollar on Thursday, August 27, 2026, with a selling rate of ₦1407 and a buying rate of ₦1395.....KINDLY READ THE FULL STORY HERE▶

For those looking to exchange currency, a clear breakdown of the parallel and official rates for the day is outlined below:

  • Black Market Selling Rate: ₦1407 per US Dollar.

  • Black Market Buying Rate: ₦1395 per US Dollar.

  • CBN Official Rate Range: Ranging between a highest rate of ₦1345 and a lowest rate of ₦1335.

It is essential to keep in mind that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, advising anyone wishing to conduct foreign exchange transactions to utilize their authorized commercial banks instead. Furthermore, actual transaction rates negotiated in the open market may fluctuate and differ from the figures cited here due to continuous price variations.

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