Fola Badmus

FG Exceeds Borrowing Limit by N6trn in 10 Months, Raises Debt to N17.36trn

The Federal Government (FG) has borrowed a total of N17.36 trillion from domestic and foreign sources between January and October 2025, surpassing the ten-month borrowing limit set in the 2025 Appropriation Act by N6.06 trillion, or 55.6 percent. According to data from the Debt Management Office (DMO) and the Central Bank of Nigeria (CBN), the government secured N15.8 trillion from domestic investors and N1.56 trillion from external sources within the period under review. This borrowing level already exceeds the prorated target of N10.9 trillion set for the first ten months of the year. The 2025 national budget had projected a total borrowing of N13.08 trillion for the entire fiscal year to finance a N13.08 trillion deficit, based on projected revenue of N41.91 trillion and total expenditure of N54.99 trillion. Meanwhile, the Federal Government recently initiated moves to raise an additional $2.35 billion (N3.38 trillion) through a Eurobond issuance, which could push total borrowings to around N20.74 trillion. Analysts estimate that if the current borrowing trend continues, total government debt for the year could approach N23 trillion—about N10 trillion higher than budget projections. Fiscal Indiscipline, Rising Debt Concerns Financial experts have expressed concern that the government’s persistent overshooting of its borrowing plan amid weak revenue growth could trap the country in a cycle of unsustainable debt. Andrew Uviase, Managing Partner at Ecovis OUC, described the trend as “a clear reflection of fiscal indiscipline and poor expenditure control,” urging government to cut waste and improve governance efficiency. Similarly, David Adonri, Vice Executive Chairman of Highcap Securities, said the excessive borrowing stems from “aggressive and unrealistic revenue assumptions,” especially oil-related projections. “The 2025 budget was based on an oil output of 2.06 million barrels per day at $75 per barrel — both overly optimistic,” he said. “Actual output has averaged around 1.6 to 1.7 million barrels, while prices have fallen below $70.” Adonri warned that government’s “addiction to debt” risks eroding fiscal credibility, despite claims of increased revenue from the removal of fuel and FX subsidies. Tunde Abidoye, Head of Research at FBNQuest Merchant Bank, echoed the sentiment, warning that the government’s borrowing spree “is crowding out private sector access to credit” and driving up interest rates. Breakdown of Borrowing The FG borrowed N11.43 trillion through Treasury Bills as of October, a 4.6 percent year-on-year increase from N10.93 trillion in 2024. Borrowing through FGN Bonds dropped by 22 percent to N4.04 trillion, while FGN Savings Bonds rose by 5.6 percent to N40.19 billion. The government also reintroduced Sukuk Bonds, raising N300 billion this year. Threats to Private Sector and Growth Analysts warn that the surge in government borrowing is pushing up yields on government securities — now above 20 percent — discouraging lending to private businesses. Adonri noted that “excessive borrowing by the government escalates the cost of funds and crowds out the production sector,” while Uviase warned that “banks naturally prefer lending to the government over businesses,” stifling industrial growth. IMF, Fiscal Framework at Odds The borrowing overshoot also contradicts Nigeria’s Medium-Term Fiscal Framework (2025–2027), which targets a budget deficit below 3% of GDP. The IMF and World Bank have repeatedly warned about Nigeria’s rising debt-service-to-revenue ratio, estimated at 83 percent in 2024. Analyst Clifford Egbomeade cautioned that “the government’s excessive domestic borrowing undermines the IMF-backed fiscal consolidation agenda,” adding that even with GDP growth of 4.23 percent in Q2 2025 and inflation moderating to 18 percent, the fiscal gap continues to widen. Calls for Reform Experts urge the Federal Government to strengthen tax reforms, cut recurrent expenditure, and boost non-oil revenue to reduce debt reliance. Abidoye advised government to “reduce the debt ceiling from 60% of GDP and benchmark borrowing against revenue,” while Egbomeade urged “rebalancing borrowing toward longer-term, concessional external loans” to ease refinancing risks. Uviase summed up the concern succinctly: “Without strict expenditure control and honest fiscal management, Nigeria risks borrowing to service debt rather than to finance growth.”

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Troops Rescue 86 Kidnapped Victims, Arrest 29 Logistics Suppliers in Borno — Nigerian Army

The Nigerian Army has announced the rescue of 86 kidnapped victims and the arrest of 29 terrorist logistics suppliers during coordinated counter-terrorism operations in Borno State. According to a statement issued by Operation HADIN KAI (OPHK) on Sunday, troops of the 135 Special Forces Battalion under Sector 2 OPHK encountered Boko Haram and ISWAP terrorists at Dutse Kura on November 9, 2025, while responding to reports of abductions along the Buratai–Kamuya Road. The troops reportedly foiled the attack, pursued the insurgents toward Mangari, and overpowered them in a follow-up clash near their camp, forcing the terrorists to flee in disarray. During the operation, 86 abducted civilians, including men, women, and children, were rescued. Troops also discovered and destroyed 11 makeshift terrorist structures within the area. Recovered items included one AK-47 rifle, five magazines containing 73 rounds, four PKT ammunition belts, five civilian vehicles, five motorcycles, eight bicycles, and two logistics tricycles. In a separate operation, troops deployed at Mangada intercepted 29 suspected terrorist logistics suppliers heading to Chilaria. Recovered from them were two pickup vans, a tricycle loaded with 1,000 litres of petrol, four gallons of engine oil, two gun truck tyres, a large cache of medical supplies, and significant quantities of foodstuffs and provisions. The military confirmed that no casualties were recorded among troops during the operations. The Military High Command commended the troops for their gallantry and professionalism, urging them to sustain efforts to deny terrorists freedom of action across the North East. SANI UBAMedia Information OfficerJoint Task Force North East, Operation HADIN KAI

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Can Liverpool Stop Erling Haaland? City Striker in Messi-Like Form Faces Van Dijk Test

Manchester City striker Erling Haaland will face Virgil van Dijk and Liverpool at the Etihad Stadium on Sunday in one of the Premier League’s most anticipated fixtures of the season. Haaland, who has scored 27 goals in 17 games for club and country, is in devastating form — and even Pep Guardiola has compared his impact to that of Lionel Messi. The Norwegian striker has averaged nearly two goals per 90 minutes this season, with 13 goals in the Premier League alone — accounting for 65% of City’s total. Guardiola admitted City’s reliance on Haaland is a concern but praised his evolution, saying the 24-year-old is now “performing at Messi and Ronaldo levels.” However, Liverpool may have reason for optimism. Haaland has scored just three times in eight meetings against the Reds, and only once in four Premier League games. Van Dijk, who has often neutralized the striker in past encounters, will once again be tasked with leading the defensive line against one of football’s most lethal forwards. Liverpool’s strategy could take inspiration from Aston Villa’s 1-0 victory over City earlier this season, where Unai Emery’s men limited Haaland to minimal touches and denied him space in the box. Ezri Konsa’s tight marking and Villa’s compact defensive structure forced Haaland into one of his least effective games of the campaign. Van Dijk emphasized after a previous win over City that stopping Haaland requires collective effort rather than individual battles. “It’s all about doing it together and stopping the service,” he said. That service has evolved — with Phil Foden now supplying Haaland most frequently, and Rayan Cherki adding creativity in midfield since Kevin De Bruyne’s departure. Still, few defenders in world football command the same presence as Van Dijk, whose recent form has silenced critics after helping Liverpool secure back-to-back clean sheets. As Jamie Carragher noted, Haaland remains Liverpool’s biggest threat, but Van Dijk could be the key to containing him. Manchester City vs Liverpool kicks off at 4:30 PM (UK) at the Etihad Stadium on Sunday, November 9, in a clash that could have major implications for the Premier League title race.

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Chukwuma Soludo Wins Anambra Governorship Election — INEC

The Independent National Electoral Commission (INEC) has declared Charles Chukwuma Soludo, the incumbent governor of Anambra State, as the winner of the November 8 governorship election. According to results announced by INEC, Governor Soludo won in all 21 local government areas of the state, defeating 15 other candidates to secure a second term in office. Soludo, who ran on the platform of the All Progressives Grand Alliance (APGA), polled a total of 422,664 votes, defeating his closest rival Nicholas Ukachukwu of the All Progressives Congress (APC), who garnered 99,445 votes. Other results include: Labour Party (LP): 10,576 votes People’s Democratic Party (PDP): 1,401 votes Young Progressives Party (YPP): 37,753 votes The final announcement was made by the Returning Officer, Professor Edoba Bright Omoregie, Vice-Chancellor of the University of Benin and a Senior Advocate of Nigeria (SAN). Soludo, a former Governor of the Central Bank of Nigeria (CBN) and ex-Chief Economic Adviser to former President Olusegun Obasanjo, becomes the third APGA governor to lead Anambra State, following Peter Obi and Willie Obiano. Anambra, home to the late Chukwuemeka Odumegwu Ojukwu, the Biafran leader and founder of APGA, has once again reaffirmed its loyalty to the party by re-electing Soludo for another four-year term.

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UK and Germany Accuse Russia of Threatening Their Satellites

The United Kingdom and Germany have accused Russia of threatening and interfering with Western satellites, warning that Moscow’s increasingly aggressive space activities pose a growing danger to global security. German Defence Minister Boris Pistorius and senior British defence officials have sounded the alarm over reports of Russian and Chinese satellites “stalking” or “jamming” Western assets in orbit — critical systems used for military communications, navigation, and broadband internet. “Russia’s actions, especially in space, pose a fundamental threat to us all — a threat we can no longer ignore,” Pistorius said during the BDI Space Congress in Berlin. According to Germany’s Defence Ministry, Russian reconnaissance satellites were recently detected tracking two IntelSat spacecraft used by the German Armed Forces and allied militaries. IntelSat operates a fleet of commercial satellites providing communications for governments and private companies across Europe and the United States. Pistorius announced a multibillion-euro boost for Germany’s space defence program, citing the growing capacity of both Russia and China to jam, blind, or destroy satellites. The UK’s Space Command raised similar concerns. Major General Paul Tedman told the BBC that Russian satellites have been “stalking and jamming British assets on a weekly basis,” adding that Moscow has developed advanced electronic warfare systems capable of disrupting orbital communications from the ground. Meanwhile, NATO Secretary General Mark Rutte reiterated warnings that Russia may be developing nuclear weapons for space deployment — devices capable of disabling or destroying multiple satellites. Moscow has denied the accusation but vetoed a 2024 UN resolution aimed at banning space-based nuclear arms. China abstained from the vote. How Russia’s Space Threat Works Experts say Russian satellites can approach and shadow Western spacecraft, potentially to intercept data or conduct reconnaissance. These satellites often linger near commercial or military communication systems — a pattern that signals espionage. According to Clayton Swope, deputy director of the Aerospace Security Project at the Center for Strategic and International Studies (CSIS), Russian satellites have previously tested projectiles in orbit, suggesting the capability to physically target other satellites. “It’s very hard to distinguish between a satellite designed for intelligence collection and one capable of attack,” Swope explained. “Sometimes you’re guessing both the intent and capability of the operator.” A Longstanding Concern The US and France first raised concerns about Russian space espionage over a decade ago. In 2015, a Russian military satellite positioned itself close to two IntelSat spacecraft, prompting Washington to demand explanations. Similar incidents occurred in 2017 when Russian satellites approached Franco-Italian intelligence satellites. Analysts say the current tensions must be viewed in the wider context of Russia’s war in Ukraine and its growing strategic alignment with China, including alleged Chinese satellite reconnaissance over Ukrainian territory. China’s Expanding Space Power Experts warn that China’s growing sophistication in space technology presents an equal — if not greater — threat. Chinese satellites have reportedly conducted high-speed, high-precision maneuvers near Western assets and tested spacecraft equipped with robotic arms capable of repositioning others in orbit. “China is the much bigger space power,” said Juliana Suess of the German Institute for International and Security Affairs. “They have far more funding and ambition in space compared to Russia, whose resources are stretched thin.” Europe’s Response Germany has pledged up to €35 billion ($40 billion) over five years to strengthen its space defence infrastructure. The UK has also increased military spending and begun testing laser threat detection systems for satellite protection. However, a recent Chatham House analysis warned that Britain and Europe may still be underprepared for the scale and urgency of space threats. France has called for “bodyguard satellites” — orbital systems designed to defend other satellites — while NATO has formally designated space as an operational domain since 2019. Despite Western efforts, experts say Russia remains less integrated and technologically advanced in space warfare than the United States or China. Still, the threat of interference, espionage, or direct attacks in orbit underscores the growing militarization of space.

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NDLEA Dismantles Colos Laboratory, Arrests Saudi-Bound Wanted Drug Lord in Lagos

After months of intelligence gathering and surveillance, operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a notorious wanted drug lord, Yussuf Abayomi Azeez, at the Murtala Muhammed International Airport (MMIA) in Lagos. Azeez was apprehended while attempting to travel to Saudi Arabia to perform Umrah, the lesser Hajj. According to a statement issued on Sunday by NDLEA spokesperson Femi Babafemi, the 40-year-old suspect had previously been arrested and charged with drug offences in the United Kingdom before jumping bail and fleeing to Nigeria. Upon his return, he allegedly established a large-scale drug production laboratory in the Lekki area of Lagos, specializing in the manufacture of Colorado, a potent synthetic strain of cannabis. “At about 6:30 a.m. on Thursday, November 6, 2025, Yussuf walked into the waiting hands of NDLEA operatives at the Lagos airport while attempting to board his flight to Saudi Arabia for Umrah,” the statement said. “He was swiftly taken to his clandestine laboratory located at 17 Vincent Eku Street, Ogombo, Lekki, which had been under surveillance for some time.” During the operation, NDLEA officers from the Directorate of Forensic and Chemical Monitoring dismantled the facility and seized laboratory equipment, precursor chemicals, and already processed substances, including Colorado, weighing 148.3 kilograms. Azeez was arrested alongside Abideen Kekere-Ekun, 43, who was present at the laboratory during the raid. The NDLEA says the arrest marks a major breakthrough in its ongoing crackdown on synthetic drug production networks operating within Nigeria.

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Premier League Predictions: Sunderland Tipped to End Arsenal’s Winning Run

Football betting expert Lewis Jones (Jones Knows) has delivered his latest round of Premier League predictions, tipping Sunderland to halt Arsenal’s 10-match winning streak this weekend. The weekend’s fixtures feature blockbuster encounters including Sunderland vs Arsenal, Chelsea vs Wolves, Aston Villa vs Bournemouth, Brentford vs Newcastle, Crystal Palace vs Brighton, and Manchester City vs Liverpool. Tottenham vs Manchester United (Saturday, 12:30 PM) Tottenham Hotspur’s home form continues to disappoint, with the club registering the fewest home points and most defeats among ever-present Premier League sides over the past year. Manchester United, meanwhile, remain unpredictable but entertaining. Jones tips goals rather than results here.Best Bet: Man Utd to score over 1.5 goals (10/11)Score Prediction: 2-2 Everton vs Fulham (Saturday, 3:00 PM) Jack Grealish continues to be the most fouled player in the league, creating value in card-based markets.Best Bet: Both Kenny Tete and Jack Grealish to be carded (12/1)Score Prediction: 1-1 West Ham vs Burnley (Saturday, 3:00 PM) Under Nuno Espirito Santo, West Ham’s counter-attacking style could bring Crysencio Summerville to prominence in attacking props markets.Best Bet: Summerville to score (3/1)Score Prediction: 2-1 (West Ham win) Sunderland vs Arsenal (Saturday, 5:30 PM) Arsenal’s stunning run of 10 wins and eight clean sheets in a row could finally come to an end, according to Jones. He argues that Sunderland’s defensive organisation and resilience from set pieces make them perfectly equipped to frustrate Mikel Arteta’s side.“This is the time to be brave and sail against the market,” Jones writes. “Sunderland are well-drilled, defensively sound, and have the tools to disrupt Arsenal’s rhythm.”Best Bets: Both Teams to Score (6/5), Sunderland to win (7/1), Sunderland to win to nil (12/1)Score Prediction: 2-1 (Sunderland win) Chelsea vs Wolves (Saturday, 8:00 PM) Referee Andrew Kitchen takes charge of only his fourth Premier League match, and Jones predicts a card-heavy clash.Best Bet: Over 4.5 cards (11/10)Score Prediction: 2-1 (Chelsea win) Aston Villa vs Bournemouth (Sunday, 2:00 PM) Fatigue from European commitments could make Aston Villa vulnerable to a fresh and organised Bournemouth side under Andoni Iraola.Best Bet: Bournemouth – Draw No Bet (11/8)Score Prediction: 2-1 (Bournemouth win) Brentford vs Newcastle (Sunday, 2:00 PM) Newcastle’s struggles away from home continue, with no league wins in eight away matches and just four goals scored in that run.Best Bet: Brentford – Draw No Bet (Evens)Score Prediction: 2-1 (Brentford win) Crystal Palace vs Brighton (Sunday, 2:00 PM) Danny Welbeck’s resurgence under Fabian Hürzeler continues, with six goal involvements in his last six games.Best Bet: Welbeck to score or assist (7/4)Score Prediction: 2-2 Nottingham Forest vs Leeds (Sunday, 2:00 PM) Sean Dyche’s influence at Forest is already visible, tightening up a previously leaky defence.Best Bet: Both Teams to Score – No (10/11)Score Prediction: 1-0 (Forest win) Manchester City vs Liverpool (Sunday, 4:30 PM) Jones cautions punters against short odds on Erling Haaland (3/1) to score first, noting his muted record against Virgil van Dijk — just two goals in seven meetings.Score Prediction: 2-2

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Ondo State Signs $50bn Investment Deal for Mega Refinery and Free Trade Zone

The Ondo State Government has signed a landmark $50 billion investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture (JV) to establish a 500,000-barrels-per-day refinery and a 1,471-hectare Free Trade Zone in Ilaje Local Government Area of the state. Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, announced the development in a statement on Wednesday, describing it as a “strategic milestone toward sustainable industrialisation and long-term economic stability.” According to the statement, the Sunshine Infrastructure JV comprises Backbone Infrastructure, MJ Care Investment Finance, China Harbour Engineering Company (CHEC), and Honeywell OUP. “This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people,” Governor Aiyedatiwa said. He assured the investors of his administration’s commitment to transparency, a business-friendly environment, and the protection of their investments, adding that his government’s policies were deliberately structured to promote ease of doing business. Project Overview The Ondo refinery project, to be located within the proposed Sunshine Free Trade Zone, will include large-scale storage, transport, and export infrastructure designed to position Ondo as a regional refining and logistics hub. The funding package, reportedly valued at NGN71.8 trillion ($50bn), follows the successful execution of a Memorandum of Understanding (MoU) between the state government and the consortium through the Ondo State Investment Promotion Agency (ONDIPA). Backbone Infrastructure Nigeria Limited, the lead Nigerian partner, said the project had evolved from an earlier 100,000-barrel-per-day concept—estimated at $15 billion—to the current 500,000-bpd integrated development, reflecting its expanded capacity and infrastructure scope. Global Partners and Scale China Harbour Engineering Company (CHEC), a subsidiary of China Communications Construction Company, is expected to serve as the engineering, procurement, and construction (EPC) partner, while Honeywell OUP, a private real estate and industrial arm of the Honeywell Group, will contribute expertise in industrial estate development. NEFEX Holding Limited, a Canadian strategic partner, will also participate in financing and project coordination across the energy and logistics value chain. From Vision to Execution Managing Director of the Sunshine Infrastructure JV, Mr. Henry Owonka, said the initiative had moved “from conception to execution” through consistent collaboration with ONDIPA and other state agencies. “The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka stated. He noted that the project’s initial valuation of $30 billion was increased to $50 billion to accommodate expanded infrastructure and community-driven programmes, including education, local employment, and rural development. When completed, the refinery is expected to supply petroleum products both domestically and internationally, boosting Nigeria’s refining capacity and reducing dependence on imports.

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