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Economic experts have raised the alarm over lack of transparency in the federal government’s borrowing plans, warning that the country risks plunging deeper into debt.

In separate interviews, economists Prof. Tajudeen Tella and Prof. Akpan Ekpo, who spoke to BusinessDay, expressed strong reservations about the government’s request for parliamentary approval to raise $2.35 billion in new and refinanced external loans to partly fund the 2025 budget and redeem a maturing Eurobond.

The President had, in a letter read by Godswill Akpabio, Senate president, at the Wednesday plenary requested approval for a fresh borrowing plan.

The federal government is seeking to implement a N9.28 trillion borrowing plan, including N1.84 trillion in foreign loans.

However, both experts questioned the necessity and transparency of the request, especially given the administration’s claim of achieving its revenue targets.

Tella, professor of Economics at Olabisi Onabanjo University, described the new loan proposal as ‘unnecessary.’

‘The 2024 budget is still being executed. So why are they talking about a loan to part-finance the 2025 budget that hasn’t even started?’ he queried.

‘The President said they have been able to generate enough funds to meet the requirements for the budget. If they have done that, it’s not necessary to borrow money again. For what purpose?’

He noted that Nigeria’s rising debt service burden has become unsustainable and is crowding out vital sectors.

‘What we pay presently servicing debt is more than four times the budget for education and six times the budget for health,’ Tella said. ‘So, the money that should have gone into improving schools and hospitals is being used to pay debts. Yet, we don’t even see the effect of those loans.’

Tella lamented that many of the loans are disbursed abroad without clear evidence of impact within the economy.

He urged the National Assembly not to rubber-stamp the President’s request.

‘The National Assembly should not just approve that,’ he warned.

‘Our debt is already more than double our reserves. The debt is over $90 billion, while our reserves are just $41 billion. So when do we stop borrowing to finance our budget?’

Tella further warned that Nigeria’s debt exposure could become catastrophic if global economic conditions worsen.

‘If the world economy goes into recession, we’ll be in serious trouble,’ he cautioned. ‘It’s a big problem for us.’

Echoing similar concerns, Akpan Ekpo, a former director-general of the West African Institute for Financial and Economic Management, accused the Tinubu administration of operating without transparency or accountability in its borrowing practices.

‘There is something they are not telling us,’ Ekpo said.

‘There is no transparency. The president said he is not borrowing from commercial banks, but this external borrowing is becoming disturbing.’

Ekpo noted, ‘While acknowledging that borrowing for ‘hard infrastructure’ is not inherently bad, Ekpo said the government’s debt profile has reached alarming levels. ‘It’s getting too much,’ he said. ‘Recently, the power minister was reported to be borrowing billions from China to finance power projects.

‘This borrowing is getting out of hand. This president and I will not even pay for it, it’s the next generation that will bear the burden.’

He noted that the government’s contradictory fiscal posture is ‘paradoxical.’

‘On one hand, you say we have met and even surpassed revenue targets. On the other hand, you are borrowing. It doesn’t add up,’ Ekpo said.

‘If revenue is increasing, why not use it to finance projects or adopt other models like public-private partnerships (PPP) or build-operate-transfer agreements?’

Ekpo also criticised the lack of clarity about the specific projects being financed.

‘We are not seeing what they are borrowing for,’ he said. ‘Sukuk for what? For which project? The 225 projects you claim to be financing haven’t even started. So, what are you funding exactly, capital or recurrent expenditure?’

Prof. Ekpo expressed deep worry about the intergenerational implications of Nigeria’s debt accumulation.

‘You are putting the future generation into indebtedness,’ he said.

‘When that generation comes and they see that we borrowed recklessly, they will abuse us even in our graves.’

He dismissed the government’s frequent justification that Nigeria’s debt-to-GDP ratio remains low.

‘They keep saying the GDP-debt ratio allows us to borrow more, but GDP does not pay debts, revenue does,’ he insisted. ‘And you claim revenue is rising. So why borrow?’

Ekpo urged lawmakers to subject the new loan request to rigorous scrutiny.

‘I hope the National Assembly will look at this very well, scrutinize it, and ask tough questions,’ he said.

Both economists agreed that the National Assembly must act as a check on the executive to prevent further debt mismanagement.

‘This borrowing spree must stop,’ Ekpo said.

‘We need a national dialogue on Nigeria’s debt problem before it gets out of hand.’

Tella concurred, saying, ‘Until the legislature begins to reject unnecessary borrowing, we’ll continue to mortgage the future of this country.’

According to the President’s request to the National Assembly, the federal government plans to raise $2.35 billion through a combination of Eurobonds, syndicated loans, and borrowings from international financial institutions.

The funds are meant to part-finance the 2025 budget deficit and refinance a maturing $1.118 billion Eurobond due in November 2025.

While the government insists the move aligns with ‘global best practices’ and is essential to ‘maintain investor confidence and Nigeria’s credit standing,’ experts like Tella and Ekpo maintain that without transparency, accountability, and fiscal discipline, the loans may only deepen Nigeria’s debt crisis.

Nigeria is emerging from an unfavourable macroeconomic condition toward a more favourable and stable trajectory, but the country remains in a period of fiscal exhaustion with early warning signals of renewed debt pressures, according to the Nigerian Economic Summit Group (NESG).

Presenting the NESG’s Macroeconomic Stability Index and Debt Burden Index during the NES31 on Wednesday, Olusegun Omisakim, NESG’s Chief Economist, said the data reveal that while Nigeria’s economy is gradually improving, the country remains in a phase of fiscal exhaustion with early warning signals already appearing before further debt accumulation.

He explained that historical analysis revealed several phases in Nigeria’s debt trajectory from the 2005-2006 debt forgiveness, which was succeeded by debt acceleration and now fiscal exhaustion.

‘Currently, we are at the apex and descending a little bit. The result shows the early warnings before we even see that manifesting in our debt accumulation’, he said.

The economist said this early-warning framework is critical for policymakers, as it helps identify signals for potential crises ahead of time, rather than relying on traditional indicators that only confirm problems after they appear.

According to him, the NESG’s earlier research across ECOWAS countries found that the most common fiscal ratios, such as debt-to-GDP, often fail to explain what happens before a crisis emerges. He charged governments to be proactive than reactive to strengthen policy implementation, enhance fiscal discipline, and improve forecasting. On the broader economy, he said the Macroeconomic Stability Index shows that Nigeria is emerging from an unfavourable phase and moving towards a more stable and favourable path. ‘We see the latest trend showing that we are coming up from an unfavourable path to a favourable path. Even though we are not yet there, the signal clearly shows that we are moving upward’, he said.

He further informed that the NESG research team began examining the issue of sovereign risk three years ago, prompted by persistent global and regional concerns about debt sustainability and fiscal resilience, particularly in Africa.

The goal, he explained, was to understand the early indicators of sovereign distress and how anticipating such signals could improve policy design and implementation.

‘The world has been struggling with understanding debt burdens and fiscal sustainability. Africa’s case is unique, with persistent and systemic challenges in using debt meaningfully or repaying it sustainably. We asked ourselves: what if we could predict or understand the early signals of sovereign risk? What would change for policy efficiency and intervention?’

The findings show that while macroeconomic indicators can predict potential stress to some extent, the newly developed index provides more refined early-warning signals, he said.

‘Our message is simple, to have a solid foundation for reform, we must strengthen how we detect early signals and respond before challenges escalate. This tool is one of the major steps toward solving some of the problems we are currently experiencing’, he said.

Kemi Badenoch, United Kingdom’s (UK) conservative leader is set to unveil a plan to address ‘debt trap’ degrees by capping university placements for home students to approximately 100,000 annually.

Simultaneously, this move may affect international student placement.

The move is framed as a radical reform of the sector. The proposal targets what the party describes as a ‘rigged system propping up low-quality courses,’ promising to reallocate public funds towards apprenticeships.

Badenoch plans to appeal to the government to abolish the higher education ‘status quo’ and provide more funding for apprenticeship and reduce debt trap university degrees.

This increased budget would be sourced from the public money currently being spent on what she labels ‘debt trap degrees’.

According to reports, thousands of young people leave university each year with crippling loans and no real prospects. UKs international education has been described as a rigged system that is propping up low-quality courses, even as people can’t get high-quality apprenticeships that will lead to real jobs.

£3 billion saving predicted from course cuts

The party’s strategy involves placing caps on funded university courses that consistently lead to poor graduate outcomes.

According to Conservative estimates, the reintroduction of number controls across all subject groups would reduce annual university places by roughly 100,000, saving over £3 billion in lost loan repayments for the taxpayer.

The remaining funding would be channelled to support high-quality courses at the UK’s research-intensive universities, alongside an investment push for an apprenticeship revolution. The plans have already drawn criticism from the opposition. Laura Trott, the shadow education secretary, highlighted that the last Conservative government oversaw a collapse in apprenticeship starts, but agreed that too many university courses leave students with little face-time, poor job prospects, and saddled with debts they can never repay.

Meanwhile, David Willetts, a former Conservative universities minister, offered a more nuanced view of the focus on vocational routes.

He acknowledged the nostalgia and endless popularity for apprenticeships, but suggested the push reflected a desire for a different economic structure, one with more stable, long-term careers in manufacturing and industry.

Bobby Duffy, director of the Policy Institute at King’s College London, cautioned that the public is putting an lot of hope on the idea of apprenticeships partly because the UK has been historically poor at delivering them, suggesting that the reality of the new system may ‘slightly dash’ those high hopes.

What this means for prospective Nigerian students

The proposed plan to cap domestic university places to 100,000 to eliminate ‘debt trap’ degrees will intensify competition and reshape the landscape for prospective international students.

As institutions seek to offset lost domestic fee revenue, there may be a strong drive to increase international student intake on profitable and research-intensive courses, likely raising entry standards.

Concurrently, the policy’s focus on shutting down ‘low-quality’ courses means international applicants may find fewer options, while government funding will prioritise top-tier universities and skills-based degrees.

This shift, alongside reported plans to extend the residency requirement, suggests a more selective and difficult environment for international students, especially those aiming for long-term settlement.

Governor Dikko Umaru Radda of Katsina State has restated his administration’s commitment to rebuilding lives and restoring livelihoods devastated by insecurity.

He made the pledge on Tuesday in Abuja while receiving the management team of the World Bank-supported Solutions for the Internally Displaced and Host Communities (SOLID) project.

He described the project as ‘timely and strategic intervention that will fast track lasting peace and the resettlement of the communities displaced by the ongoing banditry activities in the state.’

Radda commended the World Bank for its enduring partnership, noting that the state has faced severe challenges due to banditry and rural displacement but has continued to make remarkable progress through peace-driven initiatives.

He explained that in recent months, several armed groups had voluntarily approached affected communities to seek peace accords and coexistence arrangements, marking a positive shift toward local stability.

‘Today, I can confidently say criminality has drastically reduced across our major flashpoints. We are now concentrating on rebuilding schools, hospitals, and water facilities that were destroyed during the crisis,’ he stated. The governor disclosed that his administration is implementing a rehabilitation and reintegration programme for repentant bandits who have voluntarily laid down their arms. The initiative, he explained, provides livestock and vocational support to help them rebuild their lives and reintegrate into society.

He further highlighted Katsina’s ongoing partnership with the United Nations Development Programme (UNDP) in Jibia, where 152 housing units, vocational centres, and livelihood support programmes are being developed for displaced families.

Radda emphasised that lasting peace can only be achieved by addressing the root causes of insecurity such as poverty, unemployment, and lack of opportunity.

‘If we strengthen rural productivity and empower our farmers, who make up more than 90 percent of our population, peace will naturally take hold,’ he added.

In his remarks, Christopher Mays Johnson, the World Bank task team leader, commended Katsina State for its proactive readiness toward the project’s implementation. He revealed that the SOLID project was approved by the World Bank Board on August 7, 2025, while the loan signing process through the federal ministry of finance was already underway.

Johnson also announced plans for an initial coordination mission in mid-November 2025, during which all participating states will formally commence project implementation. ‘Katsina has demonstrated strong readiness and commitment, and the Bank is fully prepared to support both the State and the Federal Government in delivering this vital programme,’ he said. He explained that each participating state would establish a Project Coordinating Unit (PCU) focusing on infrastructure, livelihoods, and social development, while a third component of the programme would be managed at the federal level.

He assured that the minor pending readiness issues would not delay the project’s start.

In her remarks, Zarah Goni Imam, senior social development specialist at the World Bank, lauded Katsina’s strong leadership and ownership of the SOLID initiative.

She urged continued collaboration to ensure the project’s timely delivery within its 20-month implementation window, noting that ‘Katsina has shown remarkable commitment, and we are determined to ensure this phase achieves tangible results.’

The World Bank team pledged to sustain its partnership with the Katsina State Government to ensure that the project delivers lasting social and economic recovery for displaced persons and their host communities.

According to the World Bank team, the visit formed part of the preparatory activities for the full commencement of the SOLID Project, which aims to enhance resilience and provide sustainable support for internally displaced persons (IDPs) and their host communities across Northern Nigeria.

The National Orthopaedic Hospital, Jos, has officially commenced full orthopaedic services, marking a significant milestone in healthcare delivery for the North Central Zone of Nigeria.

Icha Inalegwu Onche, the medical director of the hospital, announced during a press briefing held on Wednesday in Jos.

Onche described the journey as challenging but rewarding, noting key milestones such as the hospital’s establishment law signed in July 2021, his appointment in 2023, and eventual confirmation as substantive Medical Director in November 2024.

He commended the support from the Federal Government, Plateau State Government, and stakeholders who made the project a reality.

‘We currently have 736 registered patients, and about 150 of them are awaiting surgery,’ Onche revealed. He emphasised the hospital’s readiness to provide specialised musculoskeletal and plastic surgery services, adding that all clinical departments are now fully staffed and operational. He expressed optimism that the facility would not only treat patients but also serve as a training and research hub for future orthopaedic specialists.

David Wujika Ngwan, director of clinical outlined the range of services available, including outpatient care, trauma management, joint replacement, paediatric orthopaedics, sports medicine, spine surgery, and prosthetics.

‘This marks a new chapter in our commitment to restoring mobility and improving quality of life,’ he said.

In his address, Pokop Bupwatda, chief medical director of Jos University Teaching Hospital (JUTH), commended Onche’s leadership and pledged continued collaboration.

He said the hospital was poised to become a national model, noting that Jos had earned a reputation for excellence in healthcare and training.

BusinessDay reports that the hospital, which serves Plateau, Nasarawa, Benue, Kogi, Niger, and the FCT, now stands as the only regional orthopaedic centre in the zone.

When Tu Youyou set out to find a cure for malaria more than half a century ago, she had no modern laboratories, no advanced funding, and no international training. Yet her perseverance – guided by centuries-old Chinese medical wisdom – led to the discovery of artemisinin, a compound that has saved millions of lives and earned her the 2015 Nobel Prize in Physiology or Medicine.

Tu, then 84, was one of three scientists honoured for their work on treatments for parasitic diseases. The prize totalled eight million Swedish kronor (about $920,000), with Tu receiving half. The remaining half went to Irish biochemist William C. Campbell and Japanese microbiologist Satoshi Omura. Tu’s share of the prize symbolised something far larger – the triumph of perseverance, curiosity, and the fusion of traditional Chinese medicine with modern science. A discovery born from crisis

The story began decades earlier. In the late 1960s, during the Vietnam War, malaria was killing thousands of soldiers in the jungles of Southeast Asia. The parasite had grown resistant to chloroquine, then the most widely used drug. In 1967, China’s Chairman Mao Zedong launched a secret military project – known as Project 523 – to find a new cure.

Tu Youyou with one of her mentors, pharmacologist Lou Zhicen, in the 1950s. Lou Zhicen trained her to identify medicinal plants based on their botanical descriptions. Photo: Public domain

Tu, a 39-year-old researcher at the Academy of Traditional Chinese Medicine in Beijing, was appointed to lead one of the research teams. The assignment came with great personal sacrifice. She left her two young daughters in the care of her parents for several years while she travelled to Hainan Island, then battling its own malaria outbreak, to study the disease in real conditions.

‘The work was the top priority,’ she later said. ‘I was certainly willing to sacrifice my personal life.’

learning from the ancients

Faced with limited resources and growing frustration, Tu turned to an unlikely source: classical Chinese medical texts. Among them was A Handbook of Prescriptions for Emergencies, written in the fourth century. It mentioned that the herb qinghao (sweet wormwood) could ease symptoms of ‘intermittent fevers’ – a hallmark of malaria.

Ge Hong’s A handbook of prescriptions for emergencies (East Jin Dynasty, around 317-420 A.D.). Tu Youyou searched ancient compendia of traditional Chinese medicine to find a cure for malaria. Photo: © Nobel Prize Museum

Her initial extractions failed, until she noticed that the ancient recipe called for soaking the plant rather than boiling it. High heat, she reasoned, might destroy the active ingredient. She tried again, using a lower-temperature ether-based solvent. This time, it worked. Tests on mice and monkeys showed 100 per cent effectiveness. In 1971, Tu and two colleagues volunteered to take the first doses themselves. When the compound was later tested on malaria patients in Hainan, every one of them recovered.

The active substance – artemisinin – had been found. From local experiment to global cure

It took years for the international community to recognise the breakthrough. Tu’s findings were first published in Chinese, and it was not until 1979 that they appeared in English. But by the 1980s, the World Health Organisation (WHO), the World Bank, and the United Nations were inviting Tu to present her results.

By the early 2000s, artemisinin-based combination therapies had become the global standard for malaria treatment. The WHO lists artemisinin and related drugs among its essential medicines, and the compound is credited with saving millions of lives across Africa and Asia.

Scientist Tu Youyou, a 2015 Nobel Prize laureate, does research in her lab in Beijing. [Photo/Xinhua]

Jan Andersson, a member of the Nobel Committee, said at the time that Tu’s work ‘opened a new window for researchers’ by uniting traditional knowledge and modern science. ‘She combined Eastern and Western medicine to achieve an effect where one plus one is greater than two,’ he said.

Humble scientist, historic legacy

Tu ‘s journey was anything but conventional. Born in 1930 in Ningbo, eastern China, she studied pharmacology at Beijing Medical College and later trained in traditional medicine. She never earned a doctorate, nor did she study abroad – a rarity among Nobel laureates. But her ability to bridge two worlds made her stand out.

In 2011, she received the prestigious Lasker Clinical Medical Research Award, often called ‘America’s Nobel’, for what the Lasker Foundation described as ‘arguably the most important pharmaceutical intervention in the last half-century’. Despite the accolades, Tu has remained modest. ‘I do not want fame,’ she once said, choosing instead to share credit with her colleagues and the generations of scholars who built China’s medical tradition. When she delivered her Nobel lecture, titled Discovery of Artemisinin: A Gift from Traditional Chinese Medicine to the World, she described her work not as a personal triumph but as a contribution from China to humanity.

Still leading at 95

Now aged 95, Tu continues her research as head and chief professor at the Artemisinin Research Centre of the Chinese Academy of Chinese Medical Sciences. In 2025, she was elected an international member of the US National Academy of Sciences – another rare honour for a mainland Chinese scientist.

Tu remains convinced that ancient Chinese medicine still holds untapped potential. ‘Chinese medicine will help us conquer life-threatening diseases worldwide,’ she once said. ‘People across the globe will enjoy its benefits for health promotion.’

Tu’s discovery was more than a medical milestone; it was a cultural and scientific bridge between past and present, East and West. From yellowed pages of a fourth-century text, she uncovered a molecule that would reshape modern medicine.

Every scientist dreams of doing something that can help the world. Tu, against all odds, did exactly that.

VFD Group Plc has said that its N50.67 billion Rights Issue will strengthen its capital base, fund expansion plans and increase investments in key subsidiaries.

Olatunde Busari, chairman of the Board of Directors, VFD Group while speaking on Wednesday at the signing cermony for the Rights Issues described the capital raise as a pivotal step in strengthening the Group’s capital base and advancing strategic growth agenda.

‘Following careful deliberations and engagement with our advisers, the Board approved this Rights Issue – comprising 5,067,396,400 ordinary shares of 50 kobo each, offered at N10 per share, on the basis of 2 new shares for every 3 existing shares held.

‘The proceeds of this offer, estimated at N49.55billion net of costs, will be strategically deployed to deleverage the Company’s balance sheet, fund our geographical expansion across the United Kingdom and Southern Africa, and increase investments in key subsidiaries,’ Busari said. According to him, the capital raise reflects a continued commitment to building a stronger, more resilient, and diversified investment group which will enhance liquidity, improve leverage ratios, and position VFD Group to capture emerging opportunities across multiple sectors and regions.

The chairman extended appreciation to shareholders and advisors and regulators for their unwavering trust, professionalism, dedication and steadfast guidance and partnership throughout the process, adding that the Rights Issue marks the beginning of a new phase of growth, innovation, and value creation for our stakeholders.

The shareholders at the company’s 8th Annual General Meeting approved a capital raise of up to N30 billion, of which N12.5 billion has been successfully raised. Building on that momentum, the chairman said the shareholders during the 9th Annual General Meeting held on May 8, once again demonstrated their confidence in the vision by authorising the Board to raise additional capital of up to N50 billion through various instruments. Nonso Okpala, General Managing Director, VFD Group Plc said that the company’s confidence in the current economy informed the decision to raise the fund, explaining that the economy has gained positive growth from where it was a few years ago.

‘We think that the economic atmosphere of the country has positioned us to raise this amount. If you look at this time three years ago, you find out that it will not be more comfortable to raise such an outage today.

‘We think that the economy is opening up, we think opportunities are leveraging. We know that respective sectors are raising funds and the formation of their capital is stable and the opportunities abound. We will take advantage of the opportunities that lie in the country,’ Okpala said. He praised the federal government for the reforms and policies that have been put in place since the commencement of the administration

Okpala further said, ‘We look forward to getting the best of it. The economy is in the right direction. There are short term pain that we must deal with and I think the government is sensitive to those pains but for an economic and opportunity stand point there is a lot we can take advantage of.

‘If you look at the insurance sector, the capital market and banking the sectors are being revitalised and you can see their level of profitability,’ adding that VFD Group is positioning itself to drive most of the developmental reforms and leverage some of the reforms leading in the area of investment company sectors.

The Nigerian Communications Commission (NCC) reported that Nigeria experienced 19,384 fibre optic cable cuts between January and August 2025.

Aminu Maida, Executive Vice Chairman (EVC) of the NCC, disclosed during the Business Roundtable on Broadband Investment and Infrastructure Protection on Wednesday in Abuja.

Maida also revealed that within the same period, there were over 3,200 cases of telecom equipment theft and more than 19,000 instances where telecom operators were denied access to their sites.

Highlighting the risks of ongoing damage to telecom infrastructure, Maida explained that vandalism and fibre cuts disrupt digital services across sectors such as commerce, healthcare, and security.

‘These interruptions slow services, reduce productivity, limit access to opportunities, and, in some cases, endanger lives,’ he said.

With over 140 million internet users and a national broadband penetration rate of 48.81%, Maida stressed that broadband connectivity is no longer just a technical issue but a development priority.

He cited research indicating that a 10% increase in broadband penetration can lead to a 1.38% increase in GDP for developing countries, highlighting the losses Nigeria risks if its digital infrastructure remains vulnerable.

Maida acknowledged the June 2024 Presidential Order designating telecom infrastructure as Critical National Information Infrastructure (CNII), which gives security agencies greater authority to tackle vandalism.

Despite this, attacks on telecom facilities continue, causing service disruptions and raising operational costs.

He called for stricter protection measures, stronger enforcement, and better collaboration across government levels to safeguard telecom assets.

Addressing the inconsistent application of Right of Way (RoW) fees across states, Maida noted that while the Nigerian Governors Forum agreed on a uniform fee of N145 per metre to facilitate broadband rollout, only 11 states have fully waived these charges. Other states still impose higher fees or lack clear policies, hindering network expansion. He urged state governments to adopt the agreed rate or waive the fees entirely, saying this would speed up the rollout of the 90,000-kilometre fibre network outlined in Nigeria’s National Broadband Plan (2020-2025).

To improve transparency and streamline infrastructure deployment, Maida announced two new initiatives aimed at speeding up telecom infrastructure development nationwide: the Ease of Doing Business Portal and the Nigeria Digital Connectivity Index (NDCI).

Both tools address challenges in the sector.

The Ease of Doing Business Portal is a digital platform designed to simplify the permit and approval process for telecom infrastructure projects. It allows operators to submit, track, and manage applications in a centralized system, reducing delays and inconsistencies between states. Maida said the portal would promote uniformity and eliminate bottlenecks that have slowed broadband expansion.

The Nigeria Digital Connectivity Index (NDCI) is a benchmarking framework that will assess and rank states based on digital infrastructure, broadband coverage, policy environment, and digital inclusion.

The index aims to identify gaps, encourage competition among states, and guide investment and policy decisions.

These initiatives target two major issues: slow and inconsistent approval processes across states, and the lack of reliable, comparable data on digital progress nationwide.

Despite the national agreement on a uniform RoW rate of N145 per metre, many states still impose high fees or lack clear frameworks, with only 11 states implementing the agreed rate so far.

Maida revealed that telecom operators have committed over $1 billion in new broadband investments, driven by recent regulatory reforms and growing investor confidence.

He emphasized the importance of cooperation between federal and state governments to secure Nigeria’s digital infrastructure.

‘Pipelines of oil are giving way to pipelines of fibre,’ he said. ‘In today’s world, a community without digital connectivity is cut off from education, markets, and opportunity.’

As Nigeria aims to reach 70% broadband penetration by the end of 2025, the roundtable highlighted the need for sustained and unified action to protect and expand broadband infrastructure.

Wale Edun, minister of finance and coordinating minister of the economy, called on the private sector to increase investments in the telecom industry.

Edun, represented by Ali Mohammed, director at the ministry of finance, said the sector is vulnerable and compact. ‘We call on local and international investors to invest. Government alone cannot handle this challenge. We need private sector collaboration,’ he said.

He acknowledged challenges including weak frameworks and excessive taxation but expressed confidence they could be addressed through stakeholder collaboration.

Abdulateef Shittu, director general of the Nigerian Governors Forum (NGF), and Abdulrahman Abdulrazaq, chairman of the NGF, reaffirmed the governors’ commitment to supporting Nigeria’s digital transformation.

‘We fully support the national goal to raise broadband penetration to 80% by 2027. Achieving this will require an additional 95,000 kilometres of fibre-optic cable across Nigeria. It’s an ambitious target that demands collaboration among all stakeholders,’ he said.

The event brought together government officials, industry leaders, and investors to discuss threats to broadband infrastructure and their implications for Nigeria’s digital economy.

Head Coach Eric Chelle will have a total of 20 players available for the Super Eagles’ second training session on Wednesday in Polokwane, ahead of Friday’s crucial 2026 FIFA World Cup qualifying clash against the Crocodiles of Lesotho.

As of Tuesday night, 19 players were already in camp at The Ranch Hotel, with Portugal-based defender Zaidu Sanusi and Spain-based forward Jerome Akor Adams expected to join the group on Wednesday. Alhassan Yusuf Abdullahi, who plays in the United States, is scheduled to arrive in South Africa on Thursday. Chelle has made adjustments to his squad following injuries to Bright Osayi-Samuel and Cyriel Dessers, prompting the inclusion of Zaidu Sanusi and Christantus Uche of Crystal Palace. An earlier injury to Felix Agu had already reduced the original 23-man list to 22.

Meanwhile, Russia-based winger Olakunle Olusegun is yet to receive his South African entry visa, meaning the Super Eagles could face Lesotho with just 21 players available for selection.

The Matchday 9 encounter will take place at the New Peter Mokaba Stadium in Polokwane, South Africa, on Friday, October 10, 2025, with kickoff scheduled for 5 p.m. Nigeria time.

President Bola Tinubu has asked the National Assembly to approve plans to raise $2.35 billion in external loans to part-finance the 2025 budget deficit and refinance Nigeria’s maturing Eurobonds, as well as issue a $500 million sovereign Sukuk to fund infrastructure.

The request, read at plenary on Tuesday by Abbas Tajudeen, Speaker of the House of Representatives is part of the government’s plan to bridge funding gaps, manage debt obligations, and attract new investors to the country’s capital markets.

According to the President, the $2.35 billion borrowing comprises new external loans of N1.843 trillion (about $1.229 billion at ?1,500/$) to help finance the 2025 Appropriation Act and $1.118 billion to refinance Eurobonds issued in 2018, which are due to mature in November 2025.

Tinubu explained that the funds would be accessed through any of the following options in the International Capital Market (ICM): issuance of Eurobonds, syndicated loans, bridge finance facilities from bookrunners, or direct borrowing from international financial institutions.

‘The House may wish to note that the 2025 Appropriation Act provides for N9.276 trillion as new borrowings to part-finance the 2025 budget deficit, of which N1.843 trillion (equivalent of about $1.229 billion at the budget exchange rate of $1.00/N1,500.00) is to be raised externally,’ the President wrote.

He said the plan to refinance the maturing Eurobonds is a standard practice in global debt markets and will prevent any risk of default.

‘The plan is to refinance the maturing Eurobonds through the issuance of Eurobonds, bridge finance facilities, syndicated loans, or direct borrowing from international financial institutions, as necessary, to avoid default,’ Tinubu said.

The President added that Nigeria, as a regular participant in the ICM, is well-positioned to raise the proposed amount, subject to market conditions.

‘Because Eurobond issuance is a market-based transaction, the terms and conditions can only be determined at the time of the transaction and will be subject to prevailing market dynamics,’ Tinubu said, adding that the Federal Ministry of Finance and the Debt Management Office (DMO) would work with transaction advisers to secure the most favourable terms. He said the pricing of the new Eurobonds would reflect yields on Nigeria’s outstanding instruments trading in the ICM at the time of issuance, while the tenor would depend on investor preference, market price, and the DMO’s liability management strategy.

In a related development, Tinubu also sought approval to issue a debut stand-alone sovereign Sukuk of up to $500 million in the international capital market, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group.

He noted that Nigeria has recorded considerable success with domestic Sukuk issuances, which have raised N1.392 trillion since 2017 for road and infrastructure projects across the country.

Extending Sukuk issuance to the international market, he said, would allow Nigeria to mobilise additional funds for infrastructure, diversify its investor base, and deepen the sovereign debt market.

‘There is the need to pool resources from external sources to complement domestic issuance to help bridge infrastructure funding gaps,’ Tinubu said. ‘It is also imperative to open new sources of funding for the Federal Government and thereby diversify the investor base, as well as deepen the Federal Government securities market.’

Tinubu therefore urged the House to approve the external borrowing of $2.35 billion and the issuance of the $500 million Sukuk to ensure fiscal stability, sustain investor confidence, and support Nigeria’s infrastructure and economic growth plans.