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With Tinubu’s N34trillion new loans, Nigeria’s debt heads for N180trillion
Nigeria’s public debt is set to exceed N180 trillion, following President Bola Tinubu’s request to the National Assembly, seeking approval for additional external and domestic loans totalling N34.15 trillion, Vanguard is reporting.
President Tinubu in letters to federal lawmakers at the Senate and House of Representatives on Tuesday, sought approval for a new external borrowing plan of over $21.5 billion, which translates to N33.39 trillion at the official exchange rate of N1,590 per dollar as well as domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.
The letters read separately in both chambers, by Godswill Akpabio, President of the Senate, and Tajudeen Abbas Speaker of the House, quoted Tinubu as highlighting the strategic significance of the 2025–2026 borrowing plan, noting that it spanned key sectors of the economy.
Tinubu said: “The 2025–2026 borrowing plan covers all sectors, with specific emphasis on infrastructure, agriculture, health, education, water supply, growth, security, and employment generation, as well as financial and monetary reforms, among others.”
He explained that the total facility sought under the external borrowing plan includes USD 21,543,647,912; EUR 2,193,856,324.54; and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.
Tinubu, who noted that the proposed borrowing is crucial, in light of removal of fuel subsidy and its economic implications, said: “In light of the significant infrastructure deficit in the country and paucity of financial resources needed to address this gap, amid declining domestic demand, it has become essential to pursue prudent economic borrowing to close the financial shortfall.”
He assured lawmakers that the proposed funds will be channeled into critical infrastructure projects, especially in the areas of railways, healthcare, and nationwide development programmes across all 36 states and the Federal Capital Territory, FCT.
“This initiative aims to generate employment, promote skill acquisition, foster entrepreneurship, reduce poverty, and enhance food security, as well as improve the livelihoods of Nigerians,” he emphasized.
In another letter, President Tinubu sought NASS’ approval for the issuance of Federal Government bonds in the domestic market to settle accrued pension liabilities under the Contributory Pension Scheme, CPS, amounting to N757,983,246,572.
The President, who cited the Pension Reform Act 2014, noted that the government had been unable to comply with some statutory pension obligations due to revenue challenges, leading to a buildup of arrears and increasing hardship for retirees.
He said: “The Senate, House of Representatives are invited to note that the Federal Government has not been compliant with the implementation of the above provisions of the PRA 2014 over the years due to revenue challenges leading to the accumulation of pension arrears with the attendant suffering of retirees.”
Tinubu noted that the proposal to issue bonds for the settlement of the liabilities had received approval from the Federal Executive Council, FEC, in its meeting of February 4, 2025.
According to him, settling the pension arrears will improve retirees’ welfare, boost confidence in the pension system and inject liquidity into the economy.
The letters read further: “It will enable the Federal Government of Nigeria meet obligations under the CPS and restore confidence in the pension industry.
“It will also ensure positive welfare, even for the retirees, as this will enable them to meet their basic needs, improve health and avoid untimely death.”
President Tinubu, who urged the National Assembly to give timely approval, assured of his administration’s commitment to transparency and accountability.
While the Senate President referred the request to the committee on local debts for further legislative action, Speaker of the House of Representatives referred same to the committees on national planning and economic development, as well as pensions for further action, both of which are to report to both arms of the NASS for further legislative action.
Nigeria’s total public debt rose by 48.6 per cent to N144.66 trillion in 2024, from N97.34 trillion in 2023, with the Federal Government accounting for 95 per cent or N137.28 trillion.
Consequently, the additional borrowing, when combined with the N10.85 trillion borrowed from domestic investors from January to April this year, indicates an increase in total public debt to over N180 trillion.
Meanwhile, the Federal Government’s debt service-to-revenue ratio, a critical measure of ability to repay loans, deteriorated to 131 per cent in the first two months of the year, January to February (2M’25), from 118 per cent in the corresponding period of 2024.
Vanguard’s analysis of data on fiscal activities of the Federal Government in the monthly economic report of the Central Bank of Nigeria, CBN, for January and February, showed that the FG spent N1.399 trillion on debt service in 2M’25, up by 25 per cent YoY from N1.117 trillion in 2M’24.
It also recorded a 13 per cent YoY increase in revenue to N1.067 trillion in 2M’25, from N943.4 billion in 2M’24.
Consequently, the FG’s debt service-to-revenue rose to 131 per cent in the 2M’25, from 118 per cent in 2M’24.
The deterioration in the debt service-to-revenue will persist, given the additional borrowing sought by the President.
Consequently, economy stakeholders expressed concern over the implication of the additional borrowing for the FG’s debt service-to-revenue ratio.
While noting that the magnitude of the new loan is too large, representing almost half of the total external debt of $45.8 billion as at December 2024, while total external debt currently accounts for roughly 49% of public debt, and a sizable proportion of debt service, Tunde Abidoye, Head of Equity Research, FBNQuest Merchant Bank, said: “I believe some caution is warranted, given the potential rise in debt service cost, and the inherent exchange rate risks associated with foreign denominated borrowings. This also has implications for the fiscal space.”
Capacity to repay should be a major concern — EX-CIS President
On his part, Olatunde Amolegbe, former President, Chartered Institute of Stockbroker, CIS, said: “ It is well known that the budget deficit projected for 2025 needed to be covered primarily through a combination of external and domestic borrowing, so this new request is probably in fulfillment of that.
“Borrowings from multilateral bodies typically come at relatively variable terms relative to commercial borrowing and this is expected to be the case for this new $21.5 billion loan.
‘’The N757.9 million in domestic pension bond, to used to fulfill government’s obligation regarding pension liabilities and should ensure that pensioners are able to get their entitlements immediately, while government covers the repayment and interest obligations over time.
“This is not the first pension bond that will be issued as some had been issued by the previous administration and I figure it won’t be the last. For me, borrowing in itself is not a problem as long as the capacity to meet up with repayment obligations, as at when due is there. It is, however, important that we pay particular attention to application and usage of the loans.”
Reacting to the proposed borrowings, Clifford Egbomeade, Economic analyst and communications expert said: “President Tinubu’s request to borrow $21.5 billion externally and issue a domestic bond of N757.9 billion to settle pension liabilities is a significant move that could have both short and long-term implications.
‘’On one hand, settling outstanding pension obligations can provide immediate relief for retirees and help stimulate domestic consumption, which supports economic activity. Similarly, if the external loans are concessional and targeted at productive sectors like agriculture, job creation, and infrastructure, they could contribute to broader economic development.
“That said, Nigeria’s current debt profile is already high, with total public debt at N144.7 trillion (about $94.2 billion) as of December 2024. Debt servicing costs remain a major concern, taking up a large share of government revenue.
“So, while these measures could help address urgent social and economic needs, their success will largely depend on how efficiently the funds are used and whether they are tied to reforms that boost revenue and reduce waste.
‘’Careful planning and transparency will be key to ensuring these efforts strengthen the economy, rather than deepen fiscal strain”.
Hours after Justice Mohammed Umar of the Federal High Court, Abuja, ordered issued a bench warrant for the arrest Adeniyi Adeyemi, the controversial Director General of the Presidential Foreign Intervention Promotion Council (PFIPC), is currently in the custody police authorities.
Pictures and videos of embattled PFIPC boss being questioned in what appeared an interrogation session, surfaced on social media on Tuesday evening, with few details still sketchy on whether the police actually hunted him down or he surrendered himself.
Latest information, indicate that he is currently in the custody of the Osun State Police Command, according to a report by Channels Television, who confirmed that he has been taken in.
The order came on the prompting of Wisdom Madaki, the police lawyer after Adeyemi failed to appear in court to take his plea before on an eight-count charge marked FHC/ABJ/CR/562/2025, which relates to forgery, fraud and impersonation.
The court took the decision despite the spirited efforts by Genesis Francis, Adeyemi’s lawyer to mitigate the situation when he told Umar: “The defendant is afraid for his life. He has to be alive to be able to face trial. They have been looking for him even without an order of court.”
Regardless, the judge, while brushing aside the defence, said he was minded to accede to the application for the issuance of a warrant of arrest against the defendant, noting since case was filed on November 27, 2025, with proceedings not commencing until December 4, 2025, Adeyemi did not appear before the court more than once.
“Since then, he has failed to appear before this court on four consecutive dates,” he said, while mandating security agencies to arrest and produce the embattled PFIPC boss before the court on September 30 for arraignment.
During trial, witnesses including Femi Gbajabiamila, Chief of Staff (CoS) to the President; Paul Emmanuel; Jeremiah Imoukhede; and Ituah Sylvester, are billed to testify for the prosecution alongside the Office of the Accountant General of the Federation (OAGF), Akimbo Shola and Adamu Balongu, as well as a Deputy Superintendent of Police.
The order is coming on the heels of Adeyemi’s outcry that his life was in danger, while debunking the allegation that he was a fugitive running away from the law, saying he would appear in court once he had assurance that he would be protected from those tracking him in attempts to take his life.
A guest of Politics Today, a public affairs programme on Channels Television, Adeyemi, had told his host on Monday: “I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life,” Adeyemi added.
He also maintained his allegation that he paid N400 million through a proxy to President Tinubu’s Chief of Staff, Gbajabiamila, to secure his appointment as DG of the disputed council. I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life.”
An interim police investigation report had exposed how the defendant allegedly forged appointment letters and official documents to create the impression that the PFIPC was a legitimate federal government agency.
Police disclosed that the investigation was initiated after the Office of the Chief of Staff to the President petitioned the Inspector-General of Police (IGP) on October 17, 2025, over the activities of individuals allegedly forging official appointment letters purportedly issued from the office.
The petition added that preliminary findings showed the forged documents contained falsified signatures, reference numbers, official seals, and the Nigerian Coat of Arms, and that they were allegedly used to appoint individuals into the non-existent PFIPC.
Adeyemi, who was identified as the principal suspect, allegedly presented himself as the DG of the council and operated from an office within the Federal Secretariat Complex, Phase III, Abuja.
One of those allegedly linked to the fraud, Dolapo Babatunde Tanimola, was said to have died in a fire incident at a hotel in Abuja.
Justice Mohammed Umar of the Federal High Court, Abuja, on Tuesday, issued a bench warrant for the arrest of Adeniyi Adeyemi, controversial Director-General (DG) of an alleged “non-existent,” Presidential Foreign Investment Promotion Council (PFIPC).
The order came on the prompting of Wisdom Madaki, the police lawyer after Adeyemi failed to appear in court to take his plea before on an eight-count charge marked FHC/ABJ/CR/562/2025, which relates to forgery, fraud and impersonation.
The court took the decision despite the spirited efforts by Genesis Francis, Adeyemi’s lawyer to mitigate the situation when he told Umar: “The defendant is afraid for his life. He has to be alive to be able to face trial. They have been looking for him even without an order of court.”
Regardless, the judge, while brushing aside the defence, said he was minded to accede to the application for the issuance of a warrant of arrest against the defendant, noting since case was filed on November 27, 2025, with proceedings not commencing until December 4, 2025, Adeyemi did not appear before the court more than once.
“Since then, he has failed to appear before this court on four consecutive dates,” he said, while mandating security agencies to arrest and produce the embattled PFIPC boss before the court on September 30 for arraignment.
During trial, witnesses including Femi Gbajabiamila, Chief of Staff (CoS) to the President; Paul Emmanuel; Jeremiah Imoukhede; and Ituah Sylvester, are billed to testify for the prosecution alongside the Office of the Accountant General of the Federation (OAGF), Akimbo Shola and Adamu Balongu, as well as a Deputy Superintendent of Police.
The order is coming on the heels of Adeyemi’s outcry that his life was in danger, while debunking the allegation that he was a fugitive running away from the law, saying he would appear in court once he had assurance that he would be protected from those tracking him in attempts to take his life.
A guest of Politics Today, a public affairs programme on Channels Television, Adeyemi, had told his host on Monday: “I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life,” Adeyemi added.
He also maintained his allegation that he paid N400 million through a proxy to President Tinubu’s Chief of Staff, Gbajabiamila, to secure his appointment as DG of the disputed council. I’m ready to show my face. I’m not hiding. I’m only fearing for my life because I have it on good authority that my life is in danger. There have been several attempts on my life.”
An interim police investigation report had exposed how the defendant allegedly forged appointment letters and official documents to create the impression that the PFIPC was a legitimate federal government agency.
Police disclosed that the investigation was initiated after the Office of the Chief of Staff to the President petitioned the Inspector-General of Police (IGP) on October 17, 2025, over the activities of individuals allegedly forging official appointment letters purportedly issued from the office.
The petition added that preliminary findings showed the forged documents contained falsified signatures, reference numbers, official seals, and the Nigerian Coat of Arms, and that they were allegedly used to appoint individuals into the non-existent PFIPC.
Adeyemi, who was identified as the principal suspect, allegedly presented himself as the DG of the council and operated from an office within the Federal Secretariat Complex, Phase III, Abuja.
One of those allegedly linked to the fraud, Dolapo Babatunde Tanimola, was said to have died in a fire incident at a hotel in Abuja.
Meanwhile, Adeyemi, who has since denied that the PFIPC was non-existent, demanded an independent, multi-stakeholder investigative panel to probe the controversy surrounding the alleged N1.3 billion budget insertion for the Council in the 2026 Appropriation Bill.
In an open letter to President Tinubu, Adeyemi said he was prepared to provide documentary evidence and fully cooperate with investigators once an independent panel was constituted.
He recommended the inclusion of representatives of civil society organisations, the Nigerian Bar Association (NBA), independent media organisations, international financial institutions, human rights groups, and diplomatic missions, as well as the ICPC and the EFCC, on the independent investigative panel.
Meanwhile, Adeyemi, who has since denied that the PFIPC was non-existent, demanded an independent, multi-stakeholder investigative panel to probe the controversy surrounding the alleged N1.3 billion budget insertion for the Council in the 2026 Appropriation Bill.
In an open letter to President Tinubu, Adeyemi said he was prepared to provide documentary evidence and fully cooperate with investigators once an independent panel was constituted.
He recommended the inclusion of representatives of civil society organisations, the Nigerian Bar Association (NBA), independent media organisations, international financial institutions, human rights groups, and diplomatic missions, as well as the ICPC and the EFCC, on the independent investigative panel.
Abdulrahman Bello, must die for the murder, Hafsoh Yetunde Lawal, a final-year student of the Kwara State College of Education, Ilorin, the Court of Appeal has insisted, rebuffing the attempt of the self-acclaimed Islamic cleric, to upturn the verdict of an Ilorin High Court.
Affirming the earlier death sentence imposed on cleric for the murder of the female student, said to be his lover, on February 10, 2025, at the Olunlade area of Ilorin, which attracted widespread public outrage across Kwara State and beyond, the appellate court said it found no reason to upturn the earlier verdict of the lower court.
Bello, who was one of the five people arraigned on charges bordering on conspiracy, murder, unlawful removal and possession of human parts and blood, also faced a rape charge, of which he was eventually acquitted by the trial court.
Justice Gabriel Omoniyi Kolawole, who led a three-man panel of the appellate court, while dismissing his appeal, held that the prosecution proved beyond reasonable doubt that he murdered the victim and was unlawfully in possession of human parts.
The appellate court consequently upheld the judgment of the Kwara State High Court, which sentenced Bello to death by hanging and imposed an additional 10-year jail term over his conviction for unlawful possession of human parts.
The court held that there was no merit in the appeal and consequently affirmed both the conviction and the sentence imposed by the trial court.
According to the appellate court, the trial court properly evaluated the evidence before it and rightly concluded that the prosecution established the offences beyond reasonable doubt.
The appellate court said it believed the position of Ibrahim Sulyman, Kwara State Attorney General and Commissioner for Justice, Issa Zakari, Chief State Counsel, and B.L. Abdulsalam, Assistant Chief State Counsel, who led the prosecution.
Hailing the judgment as another significant milestone in the state’s criminal justice administration, Sulyman, said in a statement: “The judgment underscores the commitment of the Kwara State Ministry of Justice and the judiciary to ensuring that criminal cases are determined strictly in accordance with the law and the evidence presented before the courts.
“It also reaffirms the principle that persons found guilty of grave offences, after a fair trial, will be held accountable under the law. The appellate court’s decision would strengthen public confidence in the justice system.
“The affirmation of the conviction and sentence represents another milestone in the administration of criminal justice and reinforces public confidence in the rule of law and the appellate process. The convict still retains any further rights of appeal available to him under the Constitution and other applicable laws.
Justice Hannah Ajayi of the Kwara State High Court, sitting at Ilorin, hand on July 2025 sentenced Bello to death after finding him guilty of murdering and dismembering Lawal, after describing his act as “the highest degree of human wickedness, and a premeditated and cold-blooded act.”
Dismissing Bello’s claims that he loved the deceased and intended to marry her as merely an afterthought designed to deceive the court, Ajayi, also ruled the convict’s conduct after committing the crime and before his arrest suggested that it might not have been his first involvement in such an act, while a book on money-making charms recovered from his apartment further strengthened the prosecution’s case.
Justice Ajayi further held that the video and written confessional statements obtained by operatives of the Department of State Services and the police were lawfully admitted in evidence, dismissing Bello’s allegation that he was tortured into making the confessions.
While acquitting Bello of the rape charge, the trial court convicted him of murder and unlawful possession of human parts, sentencing him to death by hanging for the murder and imposing a 10-year prison term, with an option of a N100,000 fine, for the human parts offence.
The court also discharged and acquitted the four other defendants in the case — Ahmed Abdulwasiu, Suleiman Muhydeen, Jamiu Uthman and Abdulrahman Jamiu — after holding that the prosecution failed to establish their involvement in the offences.
Reacting to the High Court judgment at the time, the Emir of Ilorin and Chairman of the Kwara State Traditional Rulers Council, Ibrahim Sulu-Gambari, described the killing as tragic and commended the judiciary for ensuring justice.
“The gruesome murder of Hafsoh Yetunde Lawal was pathetic, unfortunate, regrettable and worrisome,” the monarch said in a statement issued by his Press Secretary, Abdulazeez Arowona.
“The judgment has further brightened the hope and trust of the people in the judiciary and security agencies. May Almighty Allah repose the soul of the late Hafsoh Lawal and comfort her family members.”
The monarch also urged parents and guardians to be vigilant and closely monitor the activities and movements of their children and wards to prevent a recurrence of such incidents.
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