President Bola Ahmed Tinubu has sought the approval of the House of Representatives for new external borrowing and debt refinancing totaling $2.3 billion, alongside the issuance of a $500 million debut sovereign Sukuk in the international capital market.

This was contained in a letter read on the floor of the House by Speaker Tajudeen Abbas.

The letter seeks the National Assembly’s resolution in line with Sections 21(1) and 27(1) of the Debt Management Office, DMO, Establishment Act, 2003.

The president said the new borrowing is aimed at implementing provisions of the 2025 Appropriation Act, refinancing maturing Eurobonds and diversifying Nigeria’s funding sources through Islamic finance instruments.

According to him, the 2025 budget provides for $9.27 billion in total new borrowings to finance the year’s fiscal deficit, out of which $1.84 billion (N1.23 trillion at an exchange rate of N1,500/$) is earmarked for external loans.

The president urged the lawmakers to authorise the Federal Government to source the funds through any of the following options:

Issuance of Eurobonds; Loan syndication; Bridge financing from book runners; or Direct borrowing from international financial institutions

He equally revealed that Nigeria’s $1.118 billion Eurobond, issued in 2018 at 7.625% and maturing in November 2025, will be refinanced to avoid default.

“This is a standard practice in debt capital markets,” the letter noted, adding that refinancing through Eurobonds or syndicated loans would ensure debt sustainability and investor confidence.

He further noted that the decision was inspired by the government’s “considerable success” in domestic Sukuk issuances, which have raised N1.39 trillion since 2017 for critical infrastructure, particularly road projects.

He said that the proposed international Sukuk will help bridge the country’s infrastructure funding gap and deepen its investor base.

“If the ICIEC credit guarantee is utilised, 25% of the proceeds will be used to repay relatively expensive debt obligations, while the balance will finance pre-identified infrastructure projects,” the letter stated.

Tinubu assured the House that the Federal Ministry of Finance and the Debt Management Office, DMO, would work closely with transaction advisers to secure the most favourable terms and pricing for all capital-raising efforts, subject to prevailing market conditions.

The Chairman of the Police Service Commission (PSC), DIG Hashimu Argungu (Rtd) has extended heartfelt congratulations to the newly trained Police Constables graduating from various Police Colleges across the country today.

He described the passing-out ceremony as a proud moment for both the Nigeria Police Force and the nation at large.

In his message, DIG Argungu commended the recruits for their dedication and perseverance throughout their training, noting that their entry into the Force marks a significant milestone in Nigeria’s ongoing efforts to strengthen internal security and professional policing.

He reminded the new officers that the Police Service Commission, which constitutionally oversees recruitment into the Force, will continue to monitor their conduct and performance as they begin active service.

The PSC Chairman also charged the new constables to contribute meaningfully to national security efforts by assisting in the fight against terrorism, banditry, and other crimes threatening communities across the country. He assured them of the Commission’s continuous support through career development opportunities and capacity-building programs designed to enhance their effectiveness and welfare.

“Today marks the beginning of your noble career in service to your fatherland. I urge you to serve with honour, courage, and patriotism. Your success will bring pride to your families, the Police Force, and our great nation,” DIG Argungu stated.

The Police Service Commission remains committed to promoting transparency, accountability, and meritocracy within the Nigeria Police Force to ensure a safer and more just society.

Former President of Nigerian Bar Association (NBA), Chief Onueze Okocha (SAN), has cautioned the Rivers State House of Assembly against probing ex-Sole Administrator, Retired Vice Admiral Ibok-Ete Ibas.

Okocha stated this while speaking with newsmen on Monday in Port Harcourt.

He urged the lawmakers to focus on rebuilding the state through robust legislative commitments.

According to him, the House should channel its energy to accomplishing constitutional duties rather than probing.

He said that plans by the members to review as well as probe the Administrator’s spending during the six-month emergency rule were unnecessary.

Okocha said that if the probe was carried out, it could be misunderstood as a witch-hunt, since he was only deployed to accomplish a task as directed by President Bola Tinubu.

“I think Ibas deserved some honour and respect; it will be unkind if our lawmakers begin to talk about probing him since they did not appoint him, nor was he reporting to them.

“As a concerned citizen of the state, my advice to the Lawmakers is that they should ignore the plan of probing Ibas and allow the state to run peacefully along democratic lines.

“There’s an urgent need for a harmonious relationship amongst the three arms of government, the Executive, the Legislature and the Judiciary if we must move forward,” he said.

The former NBA boss, therefore, appealed to the lawmakers to preoccupy themselves with rebuilding harmonious relationships with the various arms of government to achieve democratic stability in the state.