Trendbrio.com

News and Entertainment Update

Live
Entertainment
Abuja Court Summons Odumodublvck Over Alleged Threats To Chocolate City Executive 01
02
Sports
Over 700 Police Officers Deployed for Aston Villa vs Maccabi Tel Aviv Europa League Match
03
Entertainment
Regina Daniels Says Her Siblings Were Arrested Amid Intense Marital Conflict With Ned Nwoko
04
World
Israeli Military’s Former Top Lawyer Arrested Over Leaked Video — As Bodies of 45 Palestinians Handed Over
05
Sports
Alexander-Arnold Says He Will Always Love Liverpool No Matter the Reception

Tag: Loan

Tinubu Requests House Approval For $2.35 Billion External Loan And $500 Million Sukuk To Fund Budget, Infrastructure

Wale busari03 mins

President Bola Tinubu has officially sought the House of Representatives’ approval to borrow $2.35 billion in external funds to partly finance the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds. The request, contained in a letter to House Speaker Tajudeen Abbas, was read on the floor of the House on Tuesday. Tinubu is also seeking clearance to issue a $500 million debut sovereign sukuk in the International Capital Market (ICM) to support infrastructure projects and broaden Nigeria’s financing options. The borrowing plan complies with Sections 21(1) and 27(1) of the Debt Management Office (Establishment) Act, 2003, which require legislative approval for new loans and refinancing arrangements. The $2.35 billion proposal consists of $1.23 billion (N1.84 trillion) earmarked in the 2025 Appropriation Act to help close the budget gap, and $1.12 billion to refinance a Eurobond maturing on November 21. “The Federal Government has recorded significant success issuing Sukuk in the domestic capital market to fund key infrastructure projects,” the letter stated. “From September 2017 to May 2025, the DMO raised N1.39 trillion through domestic Sukuk for road infrastructure projects. Nevertheless, it is crucial to access external funds to complement domestic resources, bridge infrastructure gaps, diversify the investor base, and deepen the government securities market.” Tinubu explained that the funds could be raised through one or a combination of instruments such as Eurobonds, loan syndications, or bridge financing facilities, depending on market conditions. He added that pricing for the new Eurobonds is expected to mirror current yields on Nigeria’s international bonds, ranging from 6.8 percent to 9.3 percent depending on maturity. On the $500 million sovereign sukuk, the President said it would diversify Nigeria’s investor base, deepen the government securities market, and finance critical infrastructure projects across the country.  

Read More
Nigeria Seeks $2 Billion China Loan to Fund New Electricity Super Grid

Nigeria Seeks $2 Billion China Loan to Fund New Electricity Super Grid

Wale busari03 mins

The Nigerian government is in advanced negotiations with China’s Export-Import Bank for a $2 billion loan to build a new electricity super grid aimed at tackling the country’s persistent power supply challenges. Bloomberg reports that the proposed super grid will boost power transmission across the eastern and western regions, home to most of Nigeria’s industrial consumers. At an economic summit in Abuja on Monday, Minister of Power Adebayo Adelabu said the project is part of efforts to decentralize power generation and encourage large commercial users, who previously disconnected from the unreliable national grid, to return. “It’s part of plans to decentralise power generation in Nigeria and get the heavy commercial users that left the power grid because of its unreliability to return,” Adelabu said. Negotiations with China’s Exim Bank are reportedly progressing, and cabinet approval for financing the project has already been granted, according to Bloomberg. Currently, Nigeria generates about 13 gigawatts of electricity, but only a third reaches consumers due to frequent grid collapses. By comparison, South Africa, with a quarter of Nigeria’s population, has an installed capacity of roughly 70 gigawatts. The unreliable power supply has pushed many businesses to rely on self-generated electricity, which now makes up nearly half of national consumption. The super grid is expected to improve power delivery to industrial zones, stimulate manufacturing, and support economic growth. Since taking office in 2023, President Bola Tinubu’s administration has implemented economic reforms, including removing fuel subsidies, overhauling the tax system, and improving security in oil-producing regions to attract investment. The government also approved higher tariffs for some urban electricity consumers to strengthen the financial viability of the power sector. According to Bloomberg, these measures helped electricity distribution companies raise revenue by 70 per cent in 2024, with further growth projected to reach ₦2.4 trillion ($1.6 billion) in 2025.  

Read More

World Bank approves $1.57bn loan for Nigeria

Fola Badmus02 mins

The World Bank has approved a $1.57 billion financing package for Nigeria under a new programme to support its health and education sectors and help provide sustainable power, the bank said on Monday. The World Bank is the largest lender to Nigeria, with more than $15 billion in loans at the end of March, data from the Debt Management Office showed. The bank said in a statement that the money would help increase availability and effectiveness of financing for basic education and primary healthcare service delivery. “The new financing includes $500 million for addressing governance issues that constrain the delivery of education and health, $570 million for the Primary Healthcare Provision Strengthening Program and $500 million for the Sustainable Power and Irrigation for Nigeria Project,” the bank said. Nigeria is among countries with the highest number of out of school children mainly due to insecurity, especially in the north of the country where a long-running Islamist insurgency and armed kidnapping gangs have caused havoc. The World Bank said part of the money would be used to improve dam safety to protect people from floods. Nigeria faces frequent flooding and this year up to a million people were affected after a dam in northeastern Borno state burst. More floods are expected in Nigeria after authorities in Cameroon started releasing water from a large dam to prevent it from overflowing.

Read More

Sporting Lagos goalie joins Danish club on loan

Fola Badmus01 mins

Sporting Lagos FC goalkeeper Christian Nwoke has joined Danish second division side, Aarhus Fremad on a loan deal.  The Lagos-based club posted this on its social media fields on Friday.  The posted stated; Sporting Lagos and Aarhus Fremad are excited to announce the loan of goalkeeper Christian Nwoke. “This move is a significant milestone in our partnership and a glimpse of what’s to come, as we stay committed to being a pathway for nurturing talent.  “And we couldn’t be prouder that Christian, with his standout performances — from season-defining penalty saves to game-changing moments — is leading the way. “Have a great one, Spiderman!” Aarhus Fremad plays in the Danish 2nd Division, the third tier of the Danish football league system.  The club competed in the lower divisions of Danish football until 1997, when the club miraculously reached the Danish Superliga after nine promotions in 13 seasons.

Read More

Osimhen pens Galatasaray loan deal

Fola Badmus01 mins

Super Eagles forward Victor Osimhen has officially signed with Turkish giants Galatasaray.  The deal, finalized today, sees Osimhen joining the club on a loan from Napoli. Osimhen’s transfer to Galatasaray comes after a challenging summer, during which negotiations with other clubs, including Al-Ahli and Chelsea, fell through.  The 25-year-old forward will wear the number 45 jersey for Galatasaray and is set to play in the Turkish Süper Lig until June 2025. The Turkish club has agreed to cover his annual salary of €11 million for the duration of the loan. This move reunites Osimhen with former Napoli teammate Dries Mertens, who played a role in encouraging the transfer.  Upon his arrival in Istanbul, Osimhen was warmly welcomed by Galatasaray fans, expressing his excitement about joining the club and his eagerness to contribute on the field.

Read More