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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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JUST IN: President Tinubu departs Lagos for Abuja after Sallah break

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President Bola Ahmed Tinubu has departed Lagos for Abuja today, after a two-week break in the nation’s economic centre where he celebrated Eid al-Adha.

Tinubu was accompanied to the Murtala Mohammed International Airport by Lagos State Governor Babajide Sanwo-Olu and other government officials.

The president had during his stay received a retinue of top dignitaries in his residence and commissioned some projects among other activities.

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BREAKING: President Tinubu’s ally and APC chieftain, Jesutega Onokpasa is dead

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A prominent chieftain of the All Progressives Congress (APC) in Delta State, Jesutega Onokpasa, is dead.

His death was announced on X formerly Twitter on Tuesday afternoon by another APC chieftain, Pastor Okezie Atani.

Onokpasa was a staunch ally of President Bola Tinubu and was actively involved in the 2023 presidential campaign as part of the APC’s Presidential Campaign Council.

He became widely recognized for his strong support of President Bola Tinubu, regularly defending the government’s policies during media appearances.

However recently, Onokpasa changed his position and withdrew his support, saying he would not back Tinubu for the 2027 elections.

He pointed to rising insecurity, economic problems, and what he believed was the President’s neglect of long-time supporters as reasons for his decision to pull back from active support.

Though no official report has confirmed the cause of his death, some people close to him said that he had been dealing with health issues for a while.

Tributes have been pouring in online since the news broke, as many recall his active role in politics and media discussions.

He is survived by his wife and children.

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Falana Warns Sealing Embassies Over Ground Rent is Diplomatically Dangerous

“As far as the Vienna Convention on Diplomatic Relations is concerned, the premises of any embassy in Abuja are inviolable,” he said.

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*Human Rights lawyer, Femi Fala

Senior Advocate of Nigeria, Femi Falana, has faulted the Federal Capital Territory Administration (FCTA) over threats to seal embassies and other properties in Abuja over unpaid ground rent.

He described the move as illegal and diplomatically dangerous.

Falana, during an appearance on Channels, said that any attempt to close embassies violates the Vienna Convention on Diplomatic Relations, which guarantees the inviolability of diplomatic premises.

“As far as the Vienna Convention on Diplomatic Relations is concerned, the premises of any embassy in Abuja are inviolable,” he said.

“By virtue of Article 22 of that convention, the premises of an embassy, their furnishings, and even their vehicles shall be immune from such requisition, attachment, or execution. No court of law can order that execution be levied on any embassy.”

The human rights lawyer said Nigeria, as a signatory to the Convention, must not violate international law, stressing that any such action by the FCTA could result in serious diplomatic consequences.

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