ABUJA- PRESIDENT Bola Tinubu has written the Senate, seeking for adjustments to the 2026 Appropriation Bill, proposing an increase of ₦9 trillion to raise the total budget from ₦58.4 trillion to ₦67.4 trillion. The request was conveyed in a letter read during Plenary on Tuesday by the President of the Senate, Godswill Akpabio. In the letter read by Akpabio, President Tinubu is proposing an adjustment that is designed to strengthen fiscal transparency and ensuring the effective implementation of priority national programmes. He outlined three key objectives behind the request, including to regularize and account for outstanding legal commitments carried over from previous appropriation cycles, preventing them from burdening the execution of the 2026 budget. Secondly, the proposal, the President said that it is aimed at consolidating and properly capture existing government indebtedness within the fiscal framework as well as provide for a limited number ...
PRESIDENT Bola Tinubu has written the Senate seeking approval to borrow $5 billion. In a letter to the President of the Senate, Senator Godswill Akpabio, which was read on Tuesday during plenary, the loan will be obtained from Abu Dhabi Bank and it is aimed at covering budget deficit, debt financing, among others. In another letter to the Senate, President Tinubu is seeking approval to borrow $1 billion UK/EF loan facility from London Citi Bank for the rehabilitation of port projects, including Lagos Port complex and Tin Can port. According to the President, the project’s objectives are to address critical deficiencies, improve efficiency, improve safety standards, support non-oil trade diversification and position Nigeria as a trade hub among others. Akpabio then referred the letters to Senator Aliyu Wammakko-led Senate Committee on Local and Foreign Debts to carry out legislative actions on the request and report back immediately. Details later…