Bola Ahmad Tinubu Archives

Nigerian Senate Approves Additional $21 Billion in External Loans, Pushing Public Debt Toward N200 Trillion

Fola Badmus2 months ago2 months ago04 mins

The Nigerian Senate has approved an additional external borrowing package of $21 billion, €2.2 billion, and ¥15 billion for the 2025–2026 fiscal cycle, further raising concerns over the nation’s rising debt profile. In addition, a domestic bond issuance of N750.98 billion and a €65 million grant were also approved. This latest approval could push Nigeria’s total public debt to approximately N187 trillion, up from N149.39 trillion as recorded in the first quarter of 2025. With this trend, experts warn that the country’s total debt may exceed N200 trillion by the end of the year. Before the recent GDP rebasing, Nigeria’s gross domestic product was estimated at N269.2 trillion (approximately $180 billion), meaning the approved loans represent nearly 70% of the country’s GDP. Even with the rebased GDP of N372.8 trillion ($243.7 billion), Nigeria’s debt-to-GDP ratio would still stand at 50.16%—the highest in the nation’s history. Despite the significant increase in borrowing—N27.72 trillion year-on-year and N4.72 trillion quarter-on-quarter—critics argue that these debts have yet to yield tangible improvements in key sectors such as education, healthcare, power, and national security. Nigeria continues to rank low on major human development indicators. Education remains underfunded, healthcare is largely inaccessible to the poor, and insecurity persists. Between May 29, 2023, and May 29, 2025, over 10,217 Nigerians were killed and 672 villages sacked, even as security spending rose from N2.98 trillion in 2023 to N4.91 trillion in 2025. Infrastructure development has also lagged, with 135,000km out of the country’s 195,000km road network remaining unpaved, making transportation across many regions nearly impossible. The power sector remains in crisis, supplying less than 5,000 megawatts of electricity to over 200 million citizens. Meanwhile, poverty and hunger are deepening. Over 133 million Nigerians (63%) are now classified as multi-dimensionally poor, and a worsening malnutrition crisis has claimed the lives of 652 children in Northern Nigeria, according to Médecins Sans Frontières (MSF). Katsina State has been identified as one of the worst-hit regions. Despite the country’s abundant natural and human resources, critics say a persistent leadership failure has exacerbated Nigeria’s socio-economic challenges. There are growing calls for greater transparency and accountability in how public funds and loans are utilized. “Borrowing is not inherently bad,” one policy analyst noted, “but it must be tied to productive investments with measurable outcomes. Unfortunately, what we see is reckless borrowing without accountability, mortgaging the future of young and unborn Nigerians.” Analysts are urging the government to adopt a more disciplined economic strategy—cutting the cost of governance, plugging financial leakages, and prioritizing investments in human capital and productivity. “It’s time to end fiscal indiscipline and build a New Nigeria,” the analyst added. “One where leadership is responsible, development is people-centered, and every kobo borrowed delivers measurable impact for sustainable and inclusive growth.”

Dangote Refinery Targets 100% Nigerian Crude Supply by End of 2025 — Bloomberg

Fola Badmus2 months ago2 months ago23 mins

Africa’s largest oil refinery, the 650,000-barrel-per-day Dangote Refinery, is poised to fully transition to sourcing its crude oil exclusively from Nigerian producers by the end of 2025, according to a report by Bloomberg. The refinery, which is already processing 550,000 barrels daily, received 53% of its crude from local sources in June, while the remaining 47% came from international suppliers including the U.S., Brazil, Angola, Ghana, and Equatorial Guinea. Devakumar Edwin, Vice President of Dangote Industries Ltd., told Bloomberg that the transition to 100% local sourcing is underway as several long-term foreign contracts are set to expire. “Personally, and as a company, we expect that before the end of the year we can transition 100% to local crude,” Edwin said during a recent interview at the Lagos-based facility. The $19 billion refinery, inaugurated in May 2023, is seen as a strategic solution to Nigeria’s long-standing reliance on fuel imports. Although Africa’s largest oil producer, Nigeria has historically exported crude for refining abroad and re-imported the finished products—a costly and corruption-prone cycle that the Dangote refinery aims to break. In July and August, Dangote is scheduled to receive five crude oil cargoes each month from the Nigerian National Petroleum Company (NNPC), with each shipment containing nearly one million barrels. Challenges and Outlook The road to full local sourcing has not been without obstacles. Nigeria’s oil sector has been hampered by crude theft, pipeline vandalism in the Niger Delta, and a shift in ownership of oil assets from international oil companies to under-resourced local firms. Despite these challenges, Edwin expressed confidence that improved cooperation between Dangote, local oil traders, and the Nigerian government will stabilize domestic supply chains. A Regional Beacon of Hope During a recent visit to the refinery, ECOWAS Commission President, Dr. Omar Alieu Touray, hailed the project as a “beacon of hope” for Africa, underscoring its significance in driving regional industrialisation and economic independence. The Dangote Refinery, when fully operational, is expected to drastically reduce Nigeria’s import bill, generate jobs, and cement Nigeria’s status as a net exporter of refined petroleum products.

2027 Showdown: Tinubu Camp Dismisses Atiku-Led ADC Coalition as Dead on Arrival

Fola Badmus3 months ago3 months ago03 mins

The political atmosphere ahead of the 2027 general election is heating up as former Vice President Atiku Abubakar and ex-Senate President David Mark spearhead a new coalition under the African Democratic Congress (ADC), aiming to unseat President Bola Ahmed Tinubu. David Mark was announced earlier this week as the interim national chairman of the ADC, signaling the group’s readiness to rally opposition forces under a common platform. Reacting to the development, loyalists within the All Progressives Congress (APC) dismissed the coalition’s relevance, describing it as “dead on arrival.” According to party insiders, the opposition’s latest move is a recycled attempt lacking cohesion and credible leadership. They argue that the coalition is made up of familiar faces who have failed to present a viable alternative to President Tinubu’s Renewed Hope Agenda. Supporters of the opposition, however, maintain that the country is in desperate need of new direction. The ADC-led coalition, they say, represents a fresh opportunity to build a broad-based, inclusive movement capable of addressing insecurity, economic hardship, and what they describe as increasing authoritarianism under the APC government. They also highlight growing discontent among Nigerians as a rallying point for regime change. Despite internal wrangling in the PDP and defections across major parties, the opposition coalition appears determined to capitalize on widespread dissatisfaction. Yet, questions remain about whether the coalition can maintain unity and translate its ambitions into electoral success. With the 2027 race beginning to take shape, the battle lines are being drawn for what could be one of Nigeria’s most fiercely contested elections since 1999.