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Nigerians Oppose Further Borrowings as Tinubu Seeks fresh N1.8trn Foreign Loan

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Civil Society Organisations (CSOs) in Nigeria and experts have opposed President Bola Ahmed Tinubu’s plans to borrow an additional N1.767 trillion.

The CSOs have questioned the Tinubu-led government’s continuous borrowing even as the president has written to the National Assembly, seeking approval to borrow the said amount.

Tinubu is seeking approval for a N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Budget (Appropriation Act).

Tinubu’s request was contained in a letter entitled “Request for a Resolution of the National Assembly for the Implementation of the New External Borrowing of N1.767 trillion (About $2.209 billion) in the 2024 Appropriation Act” and addressed separately to the

Senate President, Godswill Akpabio and the Speaker of the House, Rt Hon Abbas Tajudeen. The President said the borrowing was to part-finance the 2024 budget deficit of N9.179 trillion.

Tinubu said that the 2024 Appropriation Act approved N7.828 trillion in new borrowings, of which domestic borrowing stood at N6.061 trillion and new external borrowing was pegged at N1.767 trillion, to part-finance the N9.179 trillion budget deficit.

The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as new borrowings to part-finance the 2024 budget deficit of N9.179 trillion.

The total new borrowings of N7.828 trillion was further subdivided into new domestic borrowing of N6.061 trillion and new external borrowing of N1.767 trillion,” part of the letter read.

Tinubu explained that the external borrowing funds were needed to give more impetus to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilise the economy and put it on the path of sustainable growth and development.

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Sanwo-Olu: Opebi-Ojota Link Bridge Will Open Before Christmas

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Lagos State Governor Babajide Sanwo-Olu has assured residents that the Opebi-Mende-Ojota Link Bridge will be opened to the public before Christmas, despite missing its earlier September completion target.

The governor gave the assurance on Sunday, October 25, 2026, during an inspection of the project to assess progress and determine the reasons for the delay. He said the distinctive steel superstructure on the bridge is about 80 per cent complete.

Sanwo-Olu explained that the complex architectural design — inspired by the area’s traditional cane-weaving heritage — involves installing more than 300 tonnes of steel at heights of up to 25 metres.

Three of the four major steel components have been completed, with work ongoing on the remaining one. LED lighting featuring the colours of Lagos State will also be installed to give the structure an iconic appearance.

He emphasised that the state government prioritises engineering quality and public safety over speed. Additional finishing works, including site cleaning, kerb repainting, restoration of affected areas and landscaping, will be carried out before the bridge opens.

The link bridge, which connects Opebi, Mende and Ojota, is expected to ease traffic congestion and provide an alternative route for motorists in the Ikeja, Maryland and surrounding corridors.

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BREAKING: Former Arise News Anchor, Constance Ikokwu Appointed NDC National Campaign Council Spokesperson

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Former Arise News Anchor, Dr. Chiogo Constance Ikokwu has been appointed Campaign Spokesperson for the Obi/Kwankwaso National Campaign Council. Her appointment is contained in the list of appointments released by the Nigeria Democratic Congress (NDC)

Ikokwu brings over two decades of experience in journalism across print, radio and television, alongside expertise in political communication, media strategy and international affairs. Her career includes Washington, DC Bureau Chief and Deputy Editor at THISDAY Newspapers, political analyst and anchor at Arise News, and academic work in journalism and communications. She holds a PhD in Journalism and Communications, with research focused on the intersection of media and politics. Ikokwu was also Strategic Communications Adviser to former Minister of Finance Dr. Ngozi Okonjo-Iweala and former Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah.

She recently participated in the NDC’s nomination process for the House of Representatives seat for Idemili North and South Federal Constituency, Anambra State, and continues to pursue her commitment to public service.

In her new role, Ikokwu will serve as a Spokesperson for the National Campaign Council, helping to communicate Obi/Kwankwaso positions, articulate campaign messages and engage the media on issues relating to the party’s programmes and priorities. Her appointment comes as the party prepares to strengthen its public communications and engagement with Nigerians ahead of the 2027 general elections.

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JUST IN: 1 Dead, 3 Rescued in Fadeyi Building Collapse, Lagos

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A two-storey building has collapsed in the Fadeyi area of Lagos, resulting in one fatality and the rescue of three people, emergency officials confirmed on Friday morning.

The incident occurred in the early hours, sending residents and nearby traders into panic as the structure suddenly gave way. Rescue teams from the Lagos State Emergency Management Agency (LASEMA) and other first responders quickly arrived at the scene and began extracting victims from the rubble.

According to preliminary reports, one person was confirmed dead at the site, while three others were pulled out alive and rushed to a nearby hospital for treatment. Their conditions have not yet been disclosed.

Security personnel have cordoned off the area to allow rescue operations to continue and to prevent further access by onlookers. Officials are still assessing whether any other persons remain trapped under the debris.

The cause of the collapse has not been established. Authorities have not ruled out structural failure, but investigations are ongoing.

Further updates are expected as the rescue operation progresses and more details become available from emergency services.

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