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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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BREAKING: Aiyedatiwa, Adelami sworn in as governor, deputy in Ondo

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Governor Lucky Aiyedatiwa of Ondo State and his deputy, Olayide Adelami, have been sworn in for a fresh four year term.

The Chief Justice of the state, Olusegun Odusola administered the oath to Aiyedatiwa and Adelami amid the presence of the people of the state and dignitaries who witnessed the event.

While taking the oath of office, the number one and number two citizens vowed to uphold the constitution, work within its dictates, and ensure the well-being of the people of the state.

The inauguration marks the takeoff of a new administration in Ondo State.

Present at the oath-taking event were the Governor of Lagos State, Babajide Sanwo-Olu, Governor of Ekiti, Abiodun Oyebanji, Minister of Interior, Olubunmi Tunji-Ojo, Minister of Youth Development, Ayo Olawande, among others.

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JUST IN: NCDC reports 80 deaths from lassa fever as fatality rate rises to 19.4% across 11 states

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The Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed 80 deaths from 413 Lassa fever cases across 11 states during Epidemiological Week 6 (Feb. 3–9, 2025).

According to the latest Lassa Fever Situation Report, the case fatality rate (CFR) has surged to 19.4%, up from 17.5% in the same period last year.

Ondo, Edo, and Bauchi states accounted for 73% of confirmed cases, with Ondo recording the highest at 34%, followed by Edo (21%) and Bauchi (18%).

A total of 63 local government areas across 11 states have recorded confirmed cases, according to the NCDC.

“Despite a decline in new cases from 68 in Week 5 to 54 in Week 6, the agency remains concerned about the high fatality rate.

“The most affected age group is 21 to 30 years, with a male-to-female ratio of 1:0.8.”

While no new healthcare worker infections were reported this week, the NCDC noted that delayed case presentations have contributed to the rising fatality rate.

Key challenges in containing the outbreak NCDC has identified poor health-seeking behavior, high treatment costs, and limited awareness in high-burden communities as major challenges in tackling the ongoing Lassa fever outbreak.

To address the outbreak, the NCDC had activated the National Lassa Fever Multi-Sectoral Incident Management System (IMS) to coordinate efforts.

“The key interventions include deployment of National Rapid Response Teams (NRRT) to Gombe, Nasarawa, and Benue.

“The interventions also involve training healthcare workers in Lassa fever case management in Bauchi, Ebonyi, and Benue, enhanced surveillance, and contact tracing in affected states.

“Additionally, there will be distribution of response commodities such as personal protective equipment (PPEs), Ribavirin, thermometers, and body bags, along with community sensitization and risk communication campaigns in hotspot areas.”

The NCDC has reiterated its collaboration with the World Health Organisation (WHO), Médecins Sans Frontières (MSF), and the International Research Centre of Excellence (IRCE) to strengthen diagnosis, treatment, and outbreak response for Lassa fever.

“As the Lassa fever season peaks, we are intensifying case management training, enhancing rapid response coordination, and reinforcing infection prevention measures to curb the outbreak’s spread,” the agency stated.

It further disclosed plans for a nationwide rodent control and community awareness campaign in partnership with Breakthrough Action Nigeria (BA-N) and other stakeholders.

Preventive measures and public advisory

The agency also urged Nigerians to take preventive measures, including maintaining proper hygiene, avoiding contact with rodent droppings, and seeking medical attention early if they experience symptoms such as fever, sore throat, or unexplained bleeding.

“For real-time updates and safety guidelines, the NCDC advises Nigerians to visit www.ncdc.gov.ng or call the toll-free line: 6232,” it added.

The NCDC has reiterated that Lassa fever is preventable and urged Nigerians to take proactive steps to minimize their risk of infection.

One of the key preventive measures, according to the agency, is proper food storage.

“Store food in sealed containers to prevent contamination by rats,” the NCDC advised. Keeping homes clean and eliminating rodent hiding places is also essential in reducing exposure.

The agency further emphasized the importance of good hygiene practices.

“Regular handwashing with soap and water helps prevent the spread of infection,” it stated.

Additionally, it warned against bush burning, which forces rats into homes and increases the likelihood of transmission.

Early detection remains critical in managing Lassa fever. “If you experience symptoms such as fever, weakness, or bleeding, seek medical attention immediately at a health facility,” the NCDC advised.

It encouraged Nigerians to stay informed and take necessary precautions to protect themselves and their loved ones.

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At Heirs Energies Leadership Forum, Oil and Gas Leaders Unite to Drive Nigeria’s Oil Production  Growth 

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

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▪︎HEIRS ENERGIES LEADERSHIP FORUM 2025

L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerateNigeria’s production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023.

The speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.

Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.

Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.

As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event.

Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

“Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”

The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025.

He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives,

“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.”

He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s apt.

It’s early in the year and it’s about how we grow production.

That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.

“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.

“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.

“The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.

With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, , whose objective is to ensure Africans benefit directly from their continent’s resources.

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