The Governor of Benue State, Hyacinth Alia, has lamented that despite his tremendous effort to curb insecurity in the state, the situation continues to escalate.

Alia noted that even with the deployment of additional security personnel and visits by security chiefs, not a single terrorist had been apprehended.

He shared his frustration via a statement by his media aide, Kula Tersoo. Alia was responding to criticisms from a faction of the All Progressives Congress (APC) in Benue State, loyal to the Secretary to the Government of the Federation, George Akume.

The APC faction claimed that the governor lacked the capacity to handle the state’s growing insecurity.

However, Alia’s media aide, Tersoo, said, “What more do they expect from the governor? He has worked tirelessly to address the security crisis. His efforts are evident in the visits by the Chief of Army Staff, Chief of Naval Staff, other top security officials, and even the National Security Adviser.

“More security personnel have been deployed, yet, sadly, no terrorist has been arrested. The governor has supported these operations by providing 300 motorcycles to ease the mobility of the security forces.”

The governor also urged Akume’s APC faction to reflect on the security challenges that plagued previous administrations, particularly under Akume and Samuel Ortom, citing communal clashes and armed herder invasions.

“What is happening now is not worse than the crisis during Akume’s tenure when people from Taraba and Nasarawa states invaded Benue or the attacks under Ortom’s administration,” he said.

[NaijaNews]

The bulls sustained dominance on the equities sector of the Nigerian Exchange Limited (NGX), as the overall capitalisation crossed the N70 trillion mark.
The All-Share Index (ASI) gained 1,721.29 points, representing a gain of 1.57 per cent to close at 111,606.22 points. Also, market capitalisation rose by N1.085 trillion to close at N70.377 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, Aradel Holdings, Okomu Oil, Nigerian Aviation Handling Company (NAHCO) and Lafarge Africa.

On market outlook, Afrinvest Limited, said, “We expect the positive momentum to carry into the next trading session, as investors continue to evaluate upside potential in tickers with sturdy earnings performances.”

Investor sentiment, as measured by market breadth, closed positive, as 36 stocks relative to 21 losers. Airtel Africa emerged the highest price gainer of 10 per cent to close at N2,372.50 kobo. Omatek Ventures followed with a gain of 9.23 per cent to close at 71 kobo, while Cornerstone Insurance advanced by 8.63 per cent to close at N3.40 kobo.

NAHCO appreciated by 8.39 per cent to close at N80.75 kobo, while University Press rose by 6.47 per cent to close at N5.10 kobo. On the other side, McNichols led others on the losers’ chart with 9.80 per cent to close at N2.21 kobo. CWG followed with a decline of 9.50 per cent to close at N9.05 kobo, while Champion Breweries shed 7.38 per cent to close at N6.90 kobo.

Red Star Express lost 4.62 per cent to close at N6.40 kobo, while Jaiz Bank depreciated by 4.46 per cent to close at N3.21 kobo.The total volume traded rose by 1.13 per cent to 409.571 million units, valued at N9.870 billion, and exchanged in deals. Transactions in the shares of Custodian Investment led the activity with 37.589 million shares worth N752.119 million. Fidelity Bank followed with an account of 37.589 million shares valued at N752.119 million, while Veritas Kapital Assurance traded 33.005 million shares valued at N34.105 million.

Zenith Bank traded 27.432 million shares worth N1.328 billion, while Access Holdings traded 23.692 million shares worth N519.556 million.

[Guardian]

Senator representing Abia North, Orji Uzor Kalu, has defended the economic policies of President Bola Tinubu, saying Nigerians are reacting negatively because they are used to “getting easy money” without working hard.

Speaking with journalists at the National Assembly complex on Tuesday, May 27, 2025, the former Abia State Governor and Senate Chief Whip acknowledged the current hardship in the country but urged citizens to be patient, insisting that the benefits of the ongoing economic reforms will become evident in the coming years.

“Let me be honest with you. I’m a businessman, not a politician. There are only a few things that are not happening. The indices of Mr. President’s policies might not be working down the line. People are still suffering — yes, I agree with that. But it has started trickling in at the macro level — that is, at the upper level, not the lower level.

“So I’m hoping that in the next two to three years, the President’s policies will trickle down, and Nigerians will appreciate what he’s doing,” he said.

Kalu praised Tinubu’s bold moves, including the removal of fuel subsidy and the unification of foreign exchange rates, calling them unprecedented since Nigeria’s independence.

“Since 1960, this is the first President — and I have the facts — who stopped the fuel subsidy. This is the first President who merged the dollar rates. That is why we are suffering — because Nigerians are not used to working hard. We’re used to getting easy money.

“People used to sit in their houses, use their phones, get dollars, and sell at very high rates,” he said.

He further criticised the culture of unearned wealth, pointing to practices such as currency speculation and profiteering through tank farms and government papers.

“People sit at home, use their tank farms, collect papers, and make money. This is one President who has said: ‘if you are ready to make money, do it the right way. If you’re not ready, then leave it,'” he added.

[Punch]

US Secretary of State, Marco Rubio, on Tuesday ordered a suspension of student visa processing in the latest swipe at foreign students in the country.

The White House is cracking down on foreign students at US universities, revoking visas and deporting those involved in protests against the war in Gaza, accusing them of supporting Palestinian militant group Hamas.

Rubio earlier rescinded hundreds of visas and President Donald Trump’s administration moved to bar Harvard University from admitting non-Americans.

A cable signed by Rubio and seen by AFP orders embassies and consulates not to allow “any additional student or exchange visa… appointment capacity until further guidance is issued.”

The government also plans to ramp up vetting of the social media profiles of international applicants to US universities, the cable said.

The move came as Harvard students protested after the government said it intends to cancel all remaining financial contracts with the elite school, Trump’s latest attempt to force the institution to submit to unprecedented oversight.

Hundreds of students gathered to oppose Trump’s widening offensive, including Tuesday’s measures estimated to be worth $100 million, against the university that has drawn his ire for refusing to give up control of curriculum, admissions and research.

“Trump = traitor” read one student placard, while the crowd chanted “who belongs in class today, let them stay” in reference to Harvard’s international students whose status Trump has upended by summarily revoking the university’s accreditation to the country’s Student and Exchange Visitor program.

A judge issued a restraining order pending a hearing on the matter scheduled for Thursday, the same day as the university’s commencement graduation ceremony for which thousands of graduating students and their families had gathered in Cambridge, Massachusetts near Boston.

The White House meanwhile, doubled down in its offensive, saying that public money should go to vocational schools that train electricians and plumbers.

“The president is more interested in giving that taxpayer money to trade schools and programs and state schools where they are promoting American values, but most importantly, educating the next generation based on skills that we need in our economy and our society,” Karoline Leavitt said on Fox News Tuesday evening. “We need more of those in our country, and less LGBTQ graduate majors from Harvard University.”

Tuesday’s protest unfolded as news helicopters hovered overhead and graduating students in academic attire and their guests ate finger food at a reception on the lawns of Harvard Square nearby.

“All my international friends and peers and professors and researchers are at risk and (are) threatened with being deported — or their option is to transfer” to another university, said Alice Goyer, who attended the protest wearing a black academic gown.

One history of medicine student from Britain graduating this week who gave his name only as Jack said that the policies pursued by Trump would make US universities less attractive to international students.

“I don’t know if I’d pursue a PhD here, six years is a long time,” he said.

Harvard itself has filed extensive legal challenges against Trump’s measures, which legal experts say are likely to be overturned by the courts.

Separately, alumni plan to file a lawsuit against Trump on June 9, filmmaker Anurima Bhargava told a virtual meeting staged by Crimson Courage, a grassroots alumni group that held a mass webinar to raise awareness and a fighting fund from former students.

– ‘American values’ –

The cutting of contracts announced Tuesday — estimated by US media to be worth $100 million — would mark the slashing of business ties between the government and the country’s oldest university.

Amid a broad campaign against seats of learning that Trump accuses of being hotbeds of liberal bias and anti-Semitism, the president has singled out Harvard.

In the last few weeks, the elite educational and research powerhouse has seen billions of dollars in federal grants frozen and millions of dollars of federal contracts torn up.

The university has sued both to block the revocation of its right to recruit and sponsor foreign students, 27 percent of its total roll, as well as to overturn the withdrawal of federal funding.

A legal expert suggested Harvard could file a lawsuit to overturn the latest contract cuts as part of existing legal action.

“The case is so strong that the court system is not going to step to the side and allow this… to go forward,” said Albany Law School professor Ray Brescia.

He said the Trump administration’s assault on Harvard was so flawed that a higher court would likely strike down the campaign if the Trump administration were to challenge it on appeal.

On Monday, Trump nonetheless vowed he would prevail in the increasingly public struggle, claiming that foreign students at Harvard include “radicalized lunatics, troublemakers.”

AFP

Starlink, the satellite internet service by Elon Musk’s SpaceX, is rapidly deepening its footprint in Nigeria’s fast-evolving internet market with a strategic expansion of coverage and an enticing free trial offer.
In a bid to widen digital access and attract more users, Starlink has upgraded its regional bandwidth capacity, notably in Rivers, Delta, and Edo states, unlocking more service availability in these regions. This move is part of the company’s aggressive growth push across Nigeria since it launched in the country in early 2023.

Konga, Nigeria’s composite e-commerce giant and authorised reseller of Starlink equipment, is further sweetening the deal by offering free nationwide delivery on all Starlink kits. Shoppers who purchase their Starlink kits at any Konga retail outlet nationwide are eligible for this deal. In addition, customers who purchase their Starlink kit on Konga.com will also enjoy an exclusive 50 percent discount on select products from the world’s number one beauty and cosmetics brand L’Oréal.

The company said the partnership between Starlink and Konga has led to better internet accessibility.
“In just two years, this strategic partnership has grown rapidly, with Starlink now ranking among Nigeria’s top three Internet Service Providers (ISPs) in Nigeria. This milestone reflects the increasing adoption of satellite internet as a viable alternative to traditional broadband services,” it stated.

The Starlink Mini Kit is a more compact and affordable option designed for customers in need of portable, high-speed internet. Its lightweight build, portability and easy setup make it ideal for small households, businesses, travellers, and remote areas where traditional internet infrastructure is limited.

With limited bandwidth slots opening up daily and demand surging, Nigerians are encouraged to secure their kits early before demand increases further. Whether for home, business, or travel, this promo is your chance to enjoy free high-speed internet for one month, guaranteed reliability, and seamless setup, all with nationwide support from Konga. To take advantage of these limited-time benefits, visit www.konga.com or walk into any Konga store nationwide and experience the Starlink difference.

Active service is currently available nationwide except in Lagos State, the Federal Capital Territory (FCT), and parts of Ogun, where capacity has temporarily reached its limit. However, network upgrades are ongoing, with more slots becoming available in these high-demand areas soon. Starlink is also offering a 1-month free subscription on the purchase of any Starlink Standard or Mini Kit from authorized resellers. This offer is available to customers who activate a new Residential service plan. This limited-time promotion runs until June 16, 2025.

[Leadership]

Legislative lawyers, under the aegis of Association of Legislative Drafting and Advocacy Practitioners, ALDRAP, have commenced moves to compel Nigerian senators to refund part of their salaries and allowances collected since 2023 over alleged poor performance.

A set of 40 senators are equally being asked to make total refund of salaries and allowances received during the period for concurrently holding membership of the Nigerian Senate and
the ECOWAS and Pan-African parliaments, in violation of Nigeria’s laws.

The legislative lawyers, who have approached the Federal Competition and Consumer Protection Tribunal as consumers dissatisfied with the services received from the senators, have forwarded a pre-action notice to the Senate, through the Senate President, Godswill Akpabio.

According to the procedure of the Federal Competition and Consumer Protection Tribunal, the respondent in a lawsuit is first served with a pre-action notice, before being summoned before the tribunal.

The pre-action notice was conveyed in a letter dated May 26, 2025, and signed by ALDRAP’s Administrative Secretary, Amuga Jesse Williams. The letter was obtained by DAILY POST on Tuesday.

The letter is titled, ‘Pre-action Notice: Demand made pursuant to the Federal Competition and Consumer Protection Commission Act, 2018, for refund of 78% of the total salaries and allowances obtained by each of the 109 senators from May 2023 to May 2025 for 12% performance and delivery of their statutory duties to constituents (consumers) and refund of all salaries and allowances obtained by the 40 senators who abandoned their duties at the National Assembly to perform duties as legislators of the Parliament of the Economic Community of West African States (ECOWAS) and the Pan-African Parliament, respectively, which is a violation of Section 68 of the Constitution of the Federal Republic of Nigeria, 1999, which prohibits its senators from concurrent membership of the National Assembly and another legislature’.

The President of the Federal Republic of Nigeria, Chief Justice of Nigeria, Executive Vice-Chairman, Federal Competition and Consumer Protection Commission, Accountant-General of the Federation, Governor of the Central Bank of Nigeria, Secretary-General of the ECOWAS Parliament, and Secretary-General of the Pan-African Parliament, were copied in the letter.

According to the legislative lawyers, available records show that the Senate has only performed its task at just 12 per cent since the 10th National Assembly took off in May 2023.

As a result, they want the Federal Competition and Consumer Protection Tribunal to order the senators to return 78 percent of salaries and allowances collected from May 2023 to May 2025 to the national treasury, through the Accountant-General of the Federation, due to poor service delivery.

Parts of the letter read, “The Association of Legislative Drafting and Advocacy Practitioners, ALDRAP, is a professional association of legislative lawyers who promote adherence to the provisions of the Nigerian Constitution by legislators and others within the legislative ecosystem. We use both public education and public interest litigation as methods to compel compliance.

“We have sworn to an affidavit of facts to support our statements in this letter. It is attached/enclosed. We are representatives of the constituents (consumers) of the legislative services provided by the 109 senators of the Senate of the Federal Republic of Nigeria.

“Due to dissatisfaction with the legislative services provided by the said 109 senators, we, the constituents and consumers, write to make the following demands under the Federal Competition and Consumer Protection Commission Act, 2018:

“Refund to the Accountant-General of the Federation 78% of the total salaries and allowances collected by each of the 109 senators of the Senate of the Federal Republic of Nigeria from May 2023 till date (computed at N15,000,000 per month per Senator).

“All salaries and allowances collected by the 40 senators who are members of the ECOWAS Parliament and the Pan-African Parliament, respectively (computed at N15,000,000 per sitting per minimum of 10 sittings per annum).

“Take Notice that in the event of your failure to comply within seven days of the date of this letter, we shall have no other option than to commence legal steps before the Federal Competition and Consumer Protection Tribunal in accordance with the relevant laws.”

In an affidavit in support of the suit, filed on May 27, 2025, deposed to by Jesse Amuga, the lawyers explained that the suit was brought in the public interest, pursuant to sections 6 and 14 of the Nigerian Constitution, Section 130 of the Administration of Criminal Justice Act (ACJA), 2015, and sections 69 and 104 of the Federal Competition and Consumer Protection Act, 2018.

The affidavit stated, “The subject matter of this suit relates to the performance or otherwise of statutory duties imposed on the 109 senators of the Federal Republic of Nigeria by sections 4, 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which include lawmaking, oversight and effective representation.

“From June 2023 to May 2025, the 10th Senate of the Federal Republic of Nigeria has engaged in a legislative pattern and conduct that amounts to failure and neglect of the statutory duties for which they have collected public funds by way of salaries and allowances, thereby unjustly enriching themselves at public expense.

“I rely on the empirical findings and observations made by Dr. Tonye Clinton Jaja, an expert in legislative law and legal drafting with 21 years of professional legal experience, as contained in his Open Letter to the Senate President, Senator Godswill Obot Akpabio, and the Majority Leader, Senator Michael Opeyemi Bamidele, dated 26th May 2025. Dr. Jaja’s letter highlighted, inter alia, the following particulars and factual instances of legislative failure:

“A. The 10th Senate enacted several Executive Bills without public hearings or meaningful scrutiny, including the National Anthem Act, 2024 and the Bill for Extension of the Tenure of the Inspector-General of Police, both passed in less than one week.

“B. The Senate on 20th March 2025 purportedly enacted a law supporting the Proclamation of a State of Emergency in Rivers State without complying with Section 305 of the 1999 Constitution, which requires a valid two-thirds majority vote. C. A study by the Order Paper Parliamentary Monitoring Group, reviewing 475 Bills considered since 2023, revealed that only 5.4% addressed security and only 7.3% concerned agriculture and food security — the two most pressing concerns of the Nigerian public.

“D. The 10th Senate focused primarily on passing Executive-sponsored Bills to the neglect of private member bills and issues of public concern, constituting a failure of their oversight and representative roles.”

The affidavit added, “Since the year 2011, the National Assembly Committees on Constitutional Review have always been allocated the sum of N5 billion. Some persons have asked them to refund this money after Senator Ike Ekweremadu, then Chairman of the Senate Committee on Constitutional Review, was alleged to have expended over N8 billion of the said funds. Senator Michael Opeyemi Bamidele’s justification that 39 meetings were held with the Executive before passing the Tax Reform Bills and that due diligence was applied to the 2025 Budget is both selective and inconsistent with the Senate’s actual legislative record.

“The Senate President, Senator Godswill Akpabio, publicly stated that senators were not elected to “fight” the Executive, implying that the Senate is not expected to check the Executive arm of government — a fundamental violation of the doctrine of separation of powers and legislative oversight duty. This same Senate has, however, engaged in intense and excessive confrontational action against a single member, Senator Natasha Akpoti-Uduaghan, including: (a) An illegal six-month suspension exceeding what is permitted by Senate Rules and judicial precedent. (b) A series of litigations, media campaigns, and alleged criminal prosecution initiated against her.

“This inconsistent application of legislative powers — docility toward the Executive but aggression toward a fellow legislator — is a clear dereliction of the institutional responsibility imposed on the Senate as an independent arm of government. By failing to effectively carry out lawmaking, oversight and constituent representation duties as required by the Constitution, while collecting salaries and allowances, the senators of the 10th Assembly have violated the principle of value-for-money and are liable to refund 78% of their salaries and allowances collected for the period June 2023 to May 2025.

“In addition to the above, several members of the National Assembly have accepted appointments and were inaugurated as members of the ECOWAS Parliament and Pan-African Parliament in April 2024 while still serving as lawmakers in Nigeria, in violation of Section 68(1)(a) of the Constitution, which prohibits sitting legislators from holding any other office of profit or emolument.”

The legislative lawyers, in the affidavit, noted further that the concerned senators have been participating in legislative business within ECOWAS or Pan-African institutions while simultaneously receiving salaries, allowances, and privileges as members of Nigeria’s National Assembly. “This dual occupancy and remuneration from both offices is contrary to the Constitution and offends the principle of legislative integrity and accountability,” the affidavit observed.

The association argued that unless the court compelled the appropriate bodies to investigate and order recovery of the received salaries and allowances, and as well order disqualification of ineligible legislators, continued abuse of legislative authority would persist to the detriment of Nigerian citizens.

They argued that it is in the overriding interest of justice and public trust that the court “grants the reliefs sought in this suit”.

An October 2024 report by OrderPaper, Nigeria’s foremost independent parliamentary monitoring organisation, had revealed that more than half of the Bills sponsored in the Senate between June 2023 and May 2024 were recycled from previous assemblies, especially the immediate past 9th Assembly.

The report also found that nearly one-third of the Bills processed in the House of Representatives within the same period were resurrected from the past assembly.

The report revealed a significant gap between sponsorship and progression of Bills. Analysis by OrderPaper showed that from June 2023 to May 2024, the Senate introduced 475 Bills, of which only 19 were passed during the period.

The performance report equally highlighted a lack of focus on critical issues of national importance as Bills related to agriculture and food security made up only 5.8 percent of the House Bills and 7.3 percent of Senate Bills. Security-related Bills account for 7.2 percent of House and 5.4 percent of Senate Bills.

“Despite the significant challenges faced by citizens in these sectors in recent years, Bills addressing these issues remain few, with many not progressing past the first reading,” the report observed.

Overall, available records show that the 10th Senate, in its first year – May 2023 to May 2024, introduced 464 Bills and passed only 19.

In the second year, May 2024 to May 2025, 341 Bills were introduced but only seven were passed. In the House of Representatives, out of 1,727 Bills filed by December 2024, only 114 were passed.

[DailyPost]

The authorities of the Kingdom of Saudi Arabia have announced sightings of the Dhul Hijjah crescent, which means, pilgrimage will start on June 4, while the day of Arafah will fall on June 5.

Arab News said the announcement was made by the Supreme Court on Tuesday, adding that Muslims who are not performing the pilgrimage this year will celebrate Eid Al-Adha on June 6.

The Supreme Court urged Muslims across the Kingdom to look out for the crescent moon on Tuesday — Dhu Al-Qa’dah 29 — and report any sightings as soon as possible to their nearest court.

The Kingdom has also announced a weeklong Eid holiday for both public and private sector workers.

Meanwhile, the Saudi Arabian authorities have said over 1.1 million pilgrims have so far arrived in the Holy Land to perform the 2025 Hajj.

The General Directorate of Passports made the announcement on Tuesday.

It said a total of 1,102,469 pilgrims arrived in Saudi Arabia from different countries through the Kingdom’s air, land and sea entry points as of Monday, May 26.

It further stated that, of this total, 1,044,341 pilgrims arrived through airports, 53,850 via land border crossings, and 4,278 through sea ports.

The directorate also reaffirmed its unwavering commitment to facilitating entry procedures for pilgrims by equipping all international ports with advanced technologies operated by highly trained, multilingual personnel.

Saudi Arabia has completed elaborate preparations and flawless arrangements for a hassle-free Hajj, featuring seamless pilgrim experience and digital integration, it is reported.

The Saudi Gazette reports that the kingdom’s authorities have reiterated the country‘s unwavering commitment to leveraging all capabilities to serve pilgrims within an integrated system.

It also stated that these efforts reflect the wise leadership’s directives and align with the Saudi Vision 2030’s goals to facilitate Hajj rituals and enhance the quality of services so that pilgrims can perform their rituals with ease and comfort.

[DailyTrust]

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.

According to the letters, President Tinubu is seeking 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.

The President is also seeking approval of a domestic bond issuance of N757.9 billion to settle outstanding pension liabilities.

In the separate letters to the Senate and House of Representatives, read at yesterday’s plenary by the President of the Senate, Senator Godswill Akpabio, and Speaker of the House, Tajudeen Abbas, President Tinubu highlighted 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.

The committees are to report to both arms of the National Assembly for further legislative action.

Rising public debt

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.

Debt Service-to-Revenue deteriorates to 131%

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.

Rising debt service spending

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.”

Borrowing could be fruitful if tied to reforms, projects —Egbomeade

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”.

[Vanguard]

President Bola Tinubu has approved the appointment of new governing council members for three federal universities.

The institutions include the University of Abuja (UniAbuja), University of Nigeria, Nsukka (UNN), and Nnamdi Azikiwe University, Awka (NAU).

In February, Tinubu had dissolved the governing council of UniAbuja and removed Aisha Maikudi as vice-chancellor over concerns about her eligibility for the position.

In a statement on Tuesday, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu named four new members for UniAbuja’s governing council.

They are Rosemary Iriowen Egonmwan (south-south), Adedeji Adefuye (south-west), Sarki Abba Abdulkadir (north-west), and Aminu Mohammed Dukku (north-east).

At the University of Nigeria, Nsukka, the newly appointed council members are Ogbonna Eugene Odo (south-east) and Muhammad Inuwa Tahir, mni (north-west).

For Nnamdi Azikiwe University, Awka, the new members are Nkem Okeke (south-east), Ofoke Chukwuma Charles Ugbala (south-east), Dame Amina Patrick Yakowa (north-west), and Nojeeb Oriola Agunbiade (south-west).

The appointments, Onanuga said, are part of ongoing efforts by the Tinubu administration to reposition the nation’s tertiary education sector.

[TheCable]

Media personality Toke Makinwa has revealed that at this stage in her life, financial concerns affect her more deeply than matters of the heart.

“Only money makes me sad at my age, not love or heartbreak,” she said, highlighting a shift in priorities with maturity and experience.

Toke also showcased her sleek high ponytail and sparkling jewelry, crediting her hairstylist and jeweler.

This post comes months after she expressed openness to remarrying, even as a second or third wife, on her podcast “Toke Moments”.

“In all honesty, at this point in my life, if I have the opportunity to be the second, third, fourth, or fifth wife, I will take it,” Toke said during the podcast. 

Toke’s past marriage to Maje Ayida ended in divorce in 2017 due to infidelity allegations. 

[TheNation]