COVER
Tinubu Seeks Fresh Senate Approval for N1.150trn Loan
By Eze Okechukwu, Abuja
Six days after the National Assembly approved President Bola Tinubu’s request to secure a $2.3 billion external loan, he has gone further to ask the Senate to approve a fresh N1.150 trillion loan programme, saying it’s part of the resources to fund Nigeria’s 2025 budget.
The request, which was contained in a letter read by the Senate President, Godswill Akpabio, during plenary yesterday maintained that the facility would be sourced from the domestic debt market. Tinubu in the letter also said the borrowing had become necessary due to the increased size of the 2025 budget, pointing out that his request was made in accordance with Section 44 (1) and (2) of the Fiscal Responsibility Act.After reading the letter, the Senate President, Godswill Akpabio however, referred the proposal to the Senate Committee on Local and Foreign Debt for further consideration and directed the committee to report back within one week.The external loan is expected to be sourced through one or a combination of the following instruments: Eurobond issuance, loan syndications, bridge-finance facilities arranged by book-runners, or direct borrowing from international financial institutions.Recall that just four months ago, President Tinubu also sought and obtained approval for $21.5 million and ¥15 billion in loans, alongside a €65 million grant, as part of the federal government’s proposed 2025–2026 external borrowing plan.These successive loans have contributed to a steady increase in Nigeria’s public debt. The Nigerian government relied on borrowing to finance the nation’s budget. Although the Tinubu administration has repeatedly claimed that revenue generation has increased since the president assumed office, the practice of borrowing has nonetheless persisted.According to Nigeria’s Debt Management Office (DMO), as of 31 December 2024, Nigeria’s total public debt stood at N144.7 trillion (approximately $94.2 billion). About 51.4 per cent of the total (N74.4 trillion) is domestic debt, while 48.6 per cent (N70.3 trillion) is external debt.The rising debt has resulted in increased debt servicing costs. In 2023, Nigeria spent N7.8 trillion on debt servicing, a 121 per cent increase compared to N3.52 trillion in the previous year. The amount spent on debt servicing rose to N13.12 trillion.In 2024, there was a 68 per cent increase from the 2023 figure. These high debt servicing costs mean less funds for important sectors such as infrastructure and social services, potentially hindering economic growth and development.Despite these fiscal pressures, the Tinubu administration maintains that borrowing remains an essential instrument for development financing, especially as domestic funding sources continue to dwindle.Borrowing is not limited to this administration, as successive governments in Nigeria borrowed to finance projects, even while struggling to settle the existing debts.Tinubu, in a media chat last December, defended his borrowing strategy, claiming that he took the decision not to inflict pain on Nigerians, but because of his commitment to infrastructural development.The president said borrowing is not a crime and that many decayed infrastructures need funding. Nigeria is currently operating two budgets within a single fiscal year. The first is the capital component of the 2024 budget, which was initially meant to end in December 2024 but has since been extended twice — first to June 2025 and later to December 2025.Simultaneously, the 2025 budget of N54.2 trillion, increased by N7 billion from the president’s initial proposal, is also in effect.Despite the dual budget operations, several Ministries, Departments, and Agencies (MDAs) have complained of inadequate fund releases for project execution.There are speculations that only about 40 per cent of the capital component of the 2024 budget has been implemented, while work on the 2025 capital component is yet to commence. This has fueled speculation that the 2025 capital budget, which ordinarily should conclude by December, may also be extended to 2026.Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
COVER
NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


