NEWS
IMF Warns Nigeria against N7trn Loan Deal with First Abu Dhabi Bank
By Tony Obiechina, Abuja
The International Monetary Fund (IMF) has warned Nigeria that its planned $5bn (approximately N7tn) financing deal with First Abu Dhabi Bank carries transparency and refinancing risks, saying derivative-based transactions are often opaque and complex.
“Our view is that the transaction in these types of structures carry risks.
Usually they are opaque so the terms are not always very transparent when we reviewed these instruments across countries,” Christian Ebeke, IMF Mission Chief for Nigeria, told reporters on Tuesday.He said Nigeria could instead issue Eurobonds or seek concessional financing as more transparent and stable alternatives.
Nigeria’s Senate approved the total return swap agreement with the UAE lender in April, joining other African borrowers, including Senegal and Angola that have tapped similar arrangements over the past year.
The deal would allow Nigeria to raise funds through a structured financing arrangement rather than a conventional sovereign bond issuance. The Federal Government intends to use the proceeds to refinance costly debt and fund infrastructure projects.
The warning came alongside the IMF’s 2026 Article IV Consultation Report on Nigeria, in which the Fund praised the sweeping reforms undertaken by President Bola Tinubu since 2023, including the removal of fuel subsidies, exchange rate liberalisation and tighter monetary policy.
According to the IMF, the reforms have helped rebuild economic buffers, restore investor confidence and improve Nigeria’s access to international capital markets. The Central Bank of Nigeria’s gross reserves now stand at $50bn, their highest level in 17 years.
However, the Fund cautioned that the gains had yet to translate into meaningful improvements in living conditions for many Nigerians.
“Conditions remain difficult for many Nigerians, with poverty and food insecurity likely to worsen in the current external environment,” the IMF Executive Board stated.
The Fund said poverty currently affects 63 per cent of the population, while an estimated 27 million people face food insecurity. It added that rising global fuel, food and fertiliser prices, partly linked to the ongoing Middle East conflict, were worsening economic hardship despite stronger headline economic indicators.
The IMF also warned that Nigeria’s reliance on volatile foreign portfolio investment poses rollover risks and urged policymakers to attract more stable, long-term capital, particularly foreign direct investment.
NEWS
Gunmen Kill Civil Defence Officer, Abduct Daughter in Fresh Attack in Kogi
From Joseph Amedu, Lokoja
Odo-Ere, the headquarters of Yagba West Local Government Area of Kogi State, came under attack from armed bandits, resulting in the death of a Civil Defence officer and the abduction of his daughter.
According to sources, the victim, identified as Ayo, a member of the Nigeria Security and Civil Defence Corps (NSCDC), was shot in the head during the attack.
A source confirmed that Mr. Ayo was rushed to a medical facility but was declared dead on arrival.
His remains have since been deposited in a mortuary as a “Brought-In-Dead” case.The attackers reportedly abducted his first daughter before fleeing the area, further deepening fears among residents following the latest security breach in the community.
As of the time of filing this report, security agencies have yet to issue an official statement on the incident.
The attack has heightened concerns over the growing insecurity in Yagba West and surrounding communities, with residents calling for urgent intervention by security authorities.
NEWS
Sea Drone Rescues US Army Helicopter Crew near Strait of Hormuz
Two crew members of a US army helicopter that crashed near the Strait of Hormuz on Monday were rescued by an American sea drone, US officials have said.
It was the first such operation carried out by US forces, the officials added.
US Central Command (Centcom) earlier said the two “soldiers were safely rescued within approximately two hours and are in stable condition” after their AH-64 Apache helicopter went down “near the coast of Oman while patrolling regional waters”.
It was not immediately clear whether the aircraft had developed a mechanical or any other technical problem, or had been downed by Iranian fire. The incident is being investigated.
In its statement on Tuesday, Centcom said the two crew members had been rescued at 19:33 EDT (23:33 GMT) on Monday.
“Rescue efforts were led by US Naval Forces Central Command and the 82nd Airborne Division, with support from US Air Force and Navy units including US 5th Fleet’s Task Force 59,” the statement added.
The military officials said the pair had been rescued by an uncrewed surface drone that was operated by Task Force 59.
In 2024, Task Force 59 launched a new unit focusing on “the operational deployment of unmanned systems teamed with manned operators to bolster maritime security across the Middle East region”.
It was not immediately clear what type of drone was used in the rescue operation, but a US official said that it had a speed boat-like design.
US President Donald Trump earlier told reporters the two crew members were “fine”, and that a report into the incident would be issued later.
NEWS
Benue Assembly Extends Suspension of Former Speaker, Majority Leader by Three Months
From Attah Ede, Makurdi
The Benue State House of Assembly has extended the suspension of former Speaker, Aondona Dajoh, and former Majority Leader, Saater Tiseer, by an additional three months pending the determination of separate court cases instituted by the duo against the legislature or the withdrawal of the suits.
The resolution was reached during plenary on Tuesday, presided over by the speaker, Berger Alfred Emberga, following a motion of urgent public importance moved by the Majority Leader of the House and member representing Kwande West State Constituency, Thomas Dugeri, and seconded by the Deputy Chief Whip, Simon Gabo, representing Mata State Constituency.
The House subsequently adopted the motion and resolved that the suspension of the two lawmakers should remain in force for another three months pending the outcome of the judicial process or the withdrawal of their respective cases against the Assembly in line with the law governing the institution.
Also during Tuesday’s plenary, the Benue State Sports Marketing, Gaming and Lotteries Bill, 2026 scaled through second reading on the floor of the House.
Following its consideration, the Speaker, Alfred Emberga referred the bill to the Joint House Committees on Finance, Youth and Sports for further legislative scrutiny.
In his opening remarks marking the commencement of the First Sitting of the Fourth Legislative Session, the Speaker of the Benue State House of Assembly, Emberga welcomed members back from recess and urged them to remain committed to their legislative responsibilities.
He noted that the recess afforded lawmakers the opportunity to engage with their constituents and participate in political activities, including party primaries ahead of the 2027 general elections.
The Speaker described the Fourth Legislative Session as a defining phase in the Assembly’s tenure and charged members to focus on issues that directly impact the welfare of the people. He identified security and peace-building, economic resilience, infrastructure development, enhanced revenue generation, effective oversight of Ministries, Departments and Agencies (MDAs), and greater citizen participation in the legislative process as key priorities for the session.
He further urged members to sustain harmonious collaboration with other arms of government while remaining steadfast in making laws that reflect the aspirations and yearnings of the Benue State people.


