Category: The Nation – Nigeria

President Bola Ahmed Tinubu on Wednesday urged the Senate to approve the implementation of the new external borrowing plan in the 2025 Appropriation Act, to refinance maturing Eurobonds.

Tinubu in a letter read by Senate President Godswill Akpabio during plenary, said the action has become necessary to cover part of the budget deficit and ensure Nigeria meets its debt obligations.

The President’s request is titled: ‘Request for the resolution of the National Assembly to implement new external borrowing in the 2025 Appropriation Act, refinance maturing Eurobonds and issue debt sovereign sukuk in the international capital market.’

Tinubu said the purpose of the letter was to seek a resolution of the Senate pursuant to the provisions of Sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 to implement the New External Borrowing of ?1,843,669,786,987.16 (equivalent of USD1,229,113,000.00 at the budget exchange rate of USD1.00/N1,500.00) in the 2025 Appropriation Act for the part-financing of the Budget Deficit.

He also sought a resolution to refinance the USD1,118,352,000.00 Eurobonds (7.625% USD1.118BN NOV 2025) maturing on November 21, 2025; access aggregate external capital of USD2,347,465,000.00 (USD1.229bn and USD1.118bn).

He said that the facility would be accessed through any of the following channels in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from International Financial Institutions.

He also requested a resolution to issue a stand-alone debt Sovereign Sukuk of up to USD500million in the ICM with or without credit enhancement (Guarantee).

The letter reads in part: ‘The Senate may wish to note that the 2025 Appropriation Act provides for N9,276,348,934,935.79 as New Borrowings to part-finance the 2025 Budget Deficit, of which ?1,843,669,786,987.16 (equivalent of about USD1,229,113,000.00 at the Budget Exchange Rate of USD1.00/N1,500.00) is specified as New External Borrowing.

‘The Senate is kindly invited to issue its resolution allowing the Government to raise the amount through any of the following options: Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.’

On refinancing of maturing Eurobonds of USD1.118 billion, the President said: ‘The Senate may wish to note that Eurobonds of USD1,118,352,000.00 (7.625% US$1.118BN NOV 2025) issued in the ICM on November 21, 2018, with an original tenor of 7 years, will mature on November 21, 2025.

‘The plan is to refinance the maturing Eurobonds through issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication, or Direct Borrowing from International Financial Institutions, if necessary to avoid default.

‘This is a standard practice in debt capital markets, including the ICM. The proposal is for the House of Representatives to issue its Resolution authorising the FGN to refinance the Eurobonds, accordingly.

‘Based on the presentations in Paragraphs 2 and 3, the aggregate amount proposed to be raised in the ICM either through Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions or combination of the options for which resolution of the Senate is being sought is USD2,347,465,000.00.

‘Whilst exploring all the options, the plan is to focus on the issuance of Eurobonds, and we believe that Nigeria, being a regular issuer of Eurobonds in the ICM could raise the proposed amount, subject to market conditions.

‘The Senate may wish to note that because Eurobonds Issuance is a market-based transaction, the terms and conditions can only be determined at the time of the transactions, and they will be subject to prevailing market conditions.

‘The Federal Ministry of Finance (FMF) and the Debt Management Office (DMO) will work with the Transaction Advisers to secure the most favourable terms and conditions.

‘Meanwhile, it is expected that the pricing of the new Eurobonds will reflect the Yields on Nigeria’s Eurobonds trading in the ICM at the time of Issuance, while Tenors will be guided by investors’ preferences, price and the DMO’s liability management strategy.’

He equally invited the Senate resolution authorising the issuance of a stand-alone debut Sovereign Sukuk of up to USD500million in the ICM.

‘The FGN has recorded considerable success in the Issuance of Sukuk in the domestic capital market for the development of critical infrastructure projects across the country. Between September 2017 and May 2025, the DMO has raised N1,392.557 trillion through Sukuk in the domestic capital market to fund critical road infrastructure projects.

‘There is the need to pool resources from external sources to complement domestic issuance to help bridge infrastructure funding gaps; and,

‘It is imperative to open new sources of funding for the FGN, and thereby diversify investor base, as well as deepen the FGN Securities market.

‘The proposal is for the House of Representatives to approve the issuance of a stand-alone debut Sovereign Sukuk with or without credit enhancement (Guarantee) from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group.

‘The Policy Premium for the Guarantee proposed by ICIEC is 3.5% of Issue Amount per annum. If the credit enhancement from ICIEC is taken for the proposed Sukuk Issuance, 25% of the Issue Proceeds may be used to repay relatively more expensive debt obligations of the FGN, and the balance will be used to finance the development of pre-identified infrastructure projects,’ the President said.

The President stated further that ‘based on the foregoing, I respectfully request the House of Representatives to pass a resolution to raise external capital in the sum of USD2,347,465,000.00 comprised of New External Borrowing in the 2025 Appropriation Act (USD1,229,113,000.00) and refinancing of maturing Eurobonds (USD1,118,352,000.00), through any of the following option(s): Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

‘To issue a debt stand-alone Sovereign Sukuk of up to USD500 million, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit.’

Nigeria’s Flamingos have arrived safely in Casablanca, Morocco, ahead of the 2025 FIFA U-17 Women’s World Cup.

The team, comprising players and officials, departed Abuja at 7:18 a.m. on Wednesday and landed in Casablanca at 11:28 a.m. after a smooth four-hour, 20-minute flight. They are now lodged at the Ibis Hotel, Casablanca, and are scheduled to hold a light training session later this evening.

Head coach Bankole Olowookere’s side head into the tournament brimming with confidence after an impressive run in their build-up matches-winning all 10 friendlies, scoring 44 goals, and conceding none.

The Flamingos will play New Zealand in a friendly on Friday before facing Paraguay next Tuesday in another preparatory match.

At the World Cup, Nigeria have been drawn in Group C alongside France, Canada, and Samoa.

Newly elected board member of the Nigeria Volleyball Federation, Mrs. Chinedu Odozor-Onikeku, has commended the organization and competitiveness of the just-concluded first phase of the Nigerian Customs Volleyball League, describing it as impressive and a step in the right direction.

Speaking after the event, Odozor-Onikeku rated the league high but noted that there is still room for improvement. She called for the inclusion of Nigerian players who have gone professional abroad, stressing that their experience would raise the technical level and overall quality of the domestic league.

‘So far, so good. We are gradually getting there. This first phase has shown promise, and I believe by the second phase, things will get even better. All the teams have improved, but allowing our professionals abroad to participate will further enhance the game with their exposure and experience,’ she said.

Beyond the on-court performances, Odozor-Onikeku, who is also an AFFAN elected member, took time to advise players on the importance of planning for life after sports.

‘There is life after sport. Athletes must realize that retirement or injury can come at any time. As they earn, they should save and invest wisely to have something to fall back on in the future,’ she cautioned.

The first phase of the Comptroller General of Customs Volleyball League ended with Nigeria Customs Ladies leading the women’s standings, while the Chief of Naval Staff team topped the men’s category.

Nigeria and Argentina will, once again, set the global football stage alight as the Round of 16 of this year’s FIFA U20 World Cup finals commence in Chile this evening.

Both countries have fought memorable battles in the FIFA World Cup finals, FIFA U20 World Cup finals and at the Men’s Olympic Football Tournament, but the most recent remains Nigeria’s spectacular 2-0 defeat of the Albiceleste in a Round of 16 encounter when Argentina hosted the FIFA U20 World Cup finals two years ago.

Ibrahim Muhammad and Haliru Sarki got the goals that stunned the hosts and upturned the prediction of most pundits, with the Flying Eagles marching ahead to the quarter-finals where they lost in extra time to the Republic of Korea.

Two decades ago, the Flying Eagles narrowly lost 1-2 to the Argies in the FIFA U20 World Cup Final in The Netherlands, both Argentine goals coming through penalty kicks converted by Lionel Messi, while Chinedu Ogbuke Obasi scored a brilliant goal for Nigeria.

Argentina have won the FIFA U20 World Cup six times, while Nigeria have finished with the silver medals twice (1989 and 2005) and the bronze once (1985), but there will be no inferiority complex on the part of the seven-time African champions when they take the pitch of the Estadio Nacional Julio Martinez Pradanos in Santiago from 8.30pm Nigerian time tonight.

Self-belief, sense of purpose and pride, and resilience got the wards of Aliyu Zubair through the group stage, with four points off Saudi Arabia and Colombia, and the Colombians are unlikely to forget how the West Africans dominated a game they (Colombia) were tipped to easily win.

Thrice, the Flying Eagles struck the bar in the encounter at the Estadio Fiscal de Talca, and earned a deserved point at the end when captain Daniel Bameyi coolly converted a penalty kick conceded in desperation by the South Americans as the tireless Nigerian attack went on the rampage once more.

Coach Zubair must pick a new man to team up with Tahir Maigana and Kparobo Arierhi in the fore, with Suleman Sani suspended after accumulating two yellow cards in the group stage.

The Flying Eagles arrived in Santiago from Talca on Monday evening, and will conduct a training session on Tuesday evening ahead of the clash with the Argies.

The tragic death of 29-year-old Somtochukwu Maduagwu in the early hours of September 29 seemed to have dampened the joyous ambience that normally heralds the country’s independence anniversary on October 1. There has been national outrage across the country not because she wasn’t mortal but just due to the circumstances that led to her tragic death.

Reports from neighbours, and later by the police authorities, allege that Somtochukwu had jumped from her third floor apartment balcony in panic to flee from some marauding armed robbers that attacked their Katampe area building on the fateful day in Abuja, the Federal Capital Territory (FCT).

Her death has sparked national outrage because insecurity for many years has been of serious national concern. Many concerned Nigerians, including political leaders, past and present, have registered their condolences with her family, friends and her employer, The Arise Media Group.

While we appreciate such outpouring of grief and condolences, we believe that more attention must be paid to security, given that insecurity impacts everyone and governments at all levels are charged by the constitution to ensure the safety and welfare of citizens.

Many Nigerians daily lose their lives to the high insecurity in the country. There is food insecurity because many farming communities have been scared off by attacks from Boko Haram, bandits, murderous herders and other types of insurgents that are making life difficult for Nigerians.

The people seem helpless in the face of the impunity of the social misfits who attack people at every turn. All sectors of the economy are impacted by insecurity and the socio-economic life of the country takes a huge hit.

We are bothered that Nigerians continually live in fear as travelling, especially by road, has become dangerous due to attacks by armed bandits and kidnappers. In the case under reference, residents were in their houses which, by the way, were supposed to be safe.

If the accounts of how a Somtochukwu died is anything to go by, she was desperate and her alleged attempt to jump down from her apartment was clear evidence of her lack of trust in the system. If she had trusted the system, she might have called a reliable Emergency number, believing the security agencies would have rushed to her help. Her alleged attempt to jump down was not a deliberate suicidal attempt; it was desperation in self-help.

It is disappointing that the police allegedly arrived minutes after the robbers left. Even after the incident, it took them a while to give an update, given that much of the information in the crime scene was by residents whose accounts might not be very credible due to trauma and fear.

It surprises Nigerians that the FCT does not have readily available CCTV footages to refer to in such cases. If these had been in place, a lot of assumptions and hear-says would have been eliminated and may be the robbers apprehended.

Security in the nation’s capital should be a priority. What this singular issue has done is sending wrong signals to the world about our sense of security.

We are not expecting perfection as no nation has a crime-free environment, but there must be maximum attempt to make cities and villages secure. There must be urgent investment in digital security equipment, including drones, which many Nigerian start-ups are producing and even exporting. The police must improve their attitude to emergency calls and learn how to swing into action to protect crime scenes to assist investigations. Security is a specialised field and agencies must act as professionals who ought to serve and protect lives. Seeming post-mortem analysis is an ill-wind that blows no one any good.

We appeal to the police to carry out thorough investigations into this incident to give justice to the dead and closure to the family. The government on its part must scale up security across the country.

Xiaomi has once again raised the bar for flagship smartphones with the official launch of the Xiaomi 15T, a device that blends world-class design, professional-grade photography, and cutting-edge performance. Positioned as the brand’s innovation powerhouse, the Xiaomi 15T is built for professionals, creators, and everyday users who demand the very best from their mobile devices.

The Xiaomi 15T is available in three elegant color options-Black, Gray, and Rose Gold-giving consumers a choice between sleek sophistication and modern flair. To simplify the experience, Xiaomi has introduced a single high-end variant: 12GB RAM + 512GB storage, ensuring users enjoy abundant performance capacity and storage space without compromise. Priced at ?715,800, the Xiaomi 15T represents a new benchmark for premium smartphones in Nigeria.

Photography Powered by Leica

One of the standout features of the Xiaomi 15T is its Leica Summilux Optical Lens. Xiaomi’s continued partnership with Leica has redefined smartphone photography, bringing professional imaging standards to users’ fingertips.

Whether it’s capturing a Lagos street scene in vibrant daylight, taking a portrait during a wedding ceremony, or shooting atmospheric photos in low light, the Leica optics provide unmatched clarity, color accuracy, and depth. For content creators, influencers, and photography enthusiasts, this camera system offers the tools to tell stories with stunning visuals.

At the heart of the Xiaomi 15T lies the MediaTek Dimensity 8400-Ultra processor. This advanced chipset delivers flagship-level performance that makes multitasking seamless and mobile gaming smoother than ever. Users can switch between demanding apps, stream high-quality video, and enjoy console-like graphics performance-all without lag or overheating.

This powerful processor also supports 5G connectivity, enabling faster downloads, smoother streaming, and stronger connections even in Nigeria’s busiest urban centers.

The Xiaomi 15T features a 6.83-inch 120Hz Eye-care Display, designed to deliver both beauty and comfort. The large display provides an immersive experience for watching movies, gaming, or scrolling through social media.

More importantly, Xiaomi’s eye-care technology ensures reduced eye strain during extended use-a critical feature in a market where smartphones are used heavily for work, study, and entertainment. The high refresh rate also ensures that every swipe, tap, and scroll feels smooth and responsive.

Battery life remains one of the most important considerations for Nigerian consumers, and the Xiaomi 15T rises to the challenge with a massive 5500mAh battery. Designed to power users through long workdays, extended study sessions, and heavy entertainment use, the battery makes the device a reliable daily driver.

When it’s time to recharge, 67W HyperCharge technology ensures that users spend less time plugged in and more time enjoying life. With just a short charge, the device is ready to go again-an especially useful feature in a country where electricity supply can be unpredictable.

The Xiaomi 15T runs on Xiaomi HyperOS, the company’s next-generation operating system. HyperOS is designed for speed, security, and fluidity, giving users a smarter and more intuitive mobile experience.

From intelligent app management to enhanced system efficiency, HyperOS ensures that the Xiaomi 15T feels fast, responsive, and reliable in every scenario. Combined with the hardware power of the device, this software ensures a flagship experience from day one.

Who Is the Xiaomi 15T For?

The Xiaomi 15T is crafted for users who want more than just a phone. It is ideal for:

Professionals who need performance, security, and reliability to power through their day.

Creators and Influencers who rely on top-notch cameras and fast processors to create and share content instantly.

Tech Enthusiasts who appreciate the combination of advanced hardware and software innovation.

Everyday Users who want a phone that is stylish, durable, and capable of handling anything they throw at it.

Xiaomi’s Commitment to Nigeria

The launch of the Xiaomi 15T is more than just a product release-it is a demonstration of Xiaomi’s commitment to delivering ‘innovation for everyone’ in the Nigerian market. By introducing a flagship that competes globally while addressing the needs of Nigerian consumers, Xiaomi continues to strengthen its presence in one of Africa’s most important smartphone markets.

Availability and Where to Buy?

The Xiaomi 15T is now available in Nigeria through all authorized Xiaomi stores, including Finet, Raya, 3C Hub, Slot, and more.

Xiaomi 15T (12GB + 512GB) – ?715,800

Prefer online shopping? Visit Jumia.com to purchase your favorite Xiaomi products with just a few clicks! Stay tuned for more exciting updates and promotions by following Xiaomi Nigeria on Facebook, Instagram, X, and TikTok.

Senator Natasha Akpoti-Uduaghan attended plenary for the first time yesterday after the expiration of her six-month suspension for misconduct.

On September 23, the Sergeant-at-Arms, Alabi Adedeji, unsealed her office to paved the way for her return after the suspension.

Yesterday, Akpoti-Uduaghan entered the Senate chamber around noon and proceeded straight to her designated seat in the minority aisle without any fuss.

That was shortly after Senate President Godswill Akpabio took over proceedings from his deputy, Barau Jibrin, who had begun the session at about 11:15 a.m.

Dressed in white attire with matching headgear and covered with a white veil and black sunglasses, the Senator who represents Kogi Central, was warmly received by some senators, including Seriake Dickson Ogoshi Onawo, Gbenga Daniel and Samaila Dahuwa. They exchanged handshakes with her.

The Senate, however, made no mention of her resumption during plenary.

After the session, Akpoti-Uduaghan spoke with reporters, saying she had no apology to tender to the Senate.

Sounding resolute, the lawmaker said she believes the courts would ”be fair and swift in handling the matters.”

She said: ‘My attendance at plenary today(yesterday) is a testament of resilience by the good people of Kogi Central and Nigerians, especially their courage to resist every unscrupulous intimidation.

‘Our victory is the people’s and God’s. I recommit myself to continued service to my constituents and country while trusting the courts to be fair and swift in adjudicating the matters before them.’

The Senator was suspended in March 2025 following her outburst over the reassignment of her seat on February 20.

Advans La Fayette Microfinance Bank has won with the prestigious title of ‘Microfinance Bank of the Decade’ at the Edge Awards held in Lagos.

The Edge Awards, renowned for celebrating excellence and innovation across Nigeria’s business landscape, recognized Advans Nigeria for its decade-long commitment to delivering customer-focused financial services and driving financial inclusion nationwide.

Speaking on the recognition, Acting Managing Director/CEO of Advans La Fayette Microfinance Bank, Elvis Kwabena Oheneba said the award reflects their ongoing commitment to pioneering financial solutions and putting customers at the heart of everything they do.

This recognition is an acknowledgment of our efforts to deepen financial inclusion in Nigeria over the past decade.

Echoing this sentiment, Kayode Abraham, Head of Marketing and Communications at Advans La Fayette Microfinance Bank, added: ‘The ‘Microfinance Bank of the Decade’ award underscores our innovative approach to microfinancing, leveraging digital technology and forward-thinking strategies to meet the evolving needs of our diverse client base.

‘This achievement reaffirms our dedication to providing exceptional customer experiences while strengthening financial access for underserved communities.

Advans Nigeria provides a wide range of financial services including savings, current and fixed deposit accounts, loans, insurance, mobile and agency banking, USSD, and debit cards. Through the adoption of digital innovation and strategic partnerships, the bank continues to enhance its service delivery and empower individuals, micro, small, and medium-sized enterprises across Nigeria.

‘As part of the Advans Group, which operates in six African countries, Advans Nigeria contributes to serving over one million clients with the support of more than 7,000 employees globally. The group’s mission is to expand access to formal financial services for underserved and unbanked populations while fosterin

BBNaija Season 10 first runner-up Dede has cleared the air on her stance in the house, saying her refusal to hug was a matter of personal preference and not hostility.

The reality star, in a post show interview with Ebuka Obi-Uchendu explained how her decision defined many of her relationships in the house, especially with the male housemates.

Bright Morgan had earlier described it as ‘weird,’ but Dede disagreed.

‘I think what was actually weird was how they took it. I found it really weird. I’m like, okay, so what if I don’t want to hug, what if I don’t like hugs or what if I have to build a particular thing with you for me to want to hug you? That is really weird. The world will keep spinning even if I’m here or not so how is it a big deal? Even till today I still don’t get why I don’t like hugs,’ she said.

On the claim by Mide that she ‘asked for the friendship,’ Dede disagreed, saying she never demanded it.

‘First thing first, we really do appreciate the fact that we had something in the house. It made my life easier for the most part of it but we never had that conversation. I never said ‘we have to be friends,” she clarified.

She recalled only joking early in the show that their closeness might eventually lead to fights, but stressed it was not a demand.

What truly hurt, she added, was that Mide failed to show up when she was expected to.

‘At that particular time I just needed her to really show up like she said she would. So when she didn’t, I was like, you know what, I’ll just let it go,’ Dede said.

Perrypays Services Limited, organizers of the Perrypays Superstars Cup and founders of the Perrypays Football Academy, has announced the signing of one of its outstanding young players, Wisdom Igiebor, to Mgarr United FC, a Maltese First Division team.

The announcement was officially confirmed via the social media handles of Mgarr United FC, marking another milestone achievement for the Perrypays Football Academy and the vision behind the Perrypays Superstars Cup – a grassroots talent development initiative designed to nurture and showcase young Nigerian footballers to the global stage.

Speaking on the development, the Founder and Project Director of Perrypays Services Limited, Mr. Precious Dotty, expressed immense pride in the progress of the academy’s players.

He emphasised that the signing of Wisdom Igiebor is a clear testament to the mission of Perrypays to create opportunities, empower youth, and contribute meaningfully to the development of sports and talent in Nigeria.

‘We believe that the purpose of a company is not just to make money but to try and develop the country, state, or city in which it renders services,’ said Mr. Dotty.

‘This achievement reaffirms our dedication to discovering, training, and projecting the next generation of football superstars from Africa to the world.’

The Perrypays Superstars Cup, organized annually by Perrypays Services Limited, serves as one of the most vibrant youth football tournaments in Nigeria. It has successfully drawn attention from scouts, clubs, and sports organizations across Europe and beyond.

The 2025 edition of the tournament recorded remarkable participation, and the organizers have already commenced preparations for the 2026 edition, which promises to be even more exciting, with a newly scouted team and extended partnership opportunities.

Perrypays Football Academy, a flagship initiative of Perrypays Services Limited, continues to serve as a breeding ground for young and aspiring footballers. The academy offers mentorship, international exposure, and technical training designed to meet global standards, bridging the gap between raw talent and professional football success.