News
$2.2 Billion Loan: CSOs back FG’s request for funds as a necessity for development
The Centre for Social Justice, Equity, and Transparency (CESJET) has backed Federal Government’s request to borrow $2.2 billion to capital projects.
The Convener of the Group, Emeka Theodore while addressing journalists on Thursday in Abuja, said the funds are essential to the advancement of revenue-generating plans and institutional improvements.
He said rejecting this proposal is not a sincere concern for the national interest; rather, it is populist posturing that goes against logic and same reasoning.
“We are gathered here today, to discuss a matter of vital importance to the development and prosperity of our country: the Federal Government’s planned loan request of $2.2 billion. This initiative has seen a lot of pushback in recent weeks, most of it being misguided and uninformed.
“Evidently, it is important to understand that the oppositions to the borrowing plan is obviously unwarranted and counterproductive to Nigeria’s development. In Setting the record straight, it requires us to address the baseless complaints made of this loan while emphasizing its benefits and justification it would do to our great country”, he said.
Theodore noted that Nigeria is one of the few countries that have continuously fulfilled its financial commitments to foreign creditors.
“Through a strategic and structural plan in executing loan servicing, the President Tinubu led-administration has maintained repayment schedules and built confidence with foreign lenders.
“For example, income generating reforms have been used to carefully control the 2023 debt service-to-revenue ratio, despite the fact that it is still worrisome.
“It is noteworthy stating that fulfilling these responsibilities has not only maintained Nigeria’s reputation, but it has also increased foreign financial institutions’ trust in our capacity to carefully manage borrowed money. Nigeria continues to benefit from favorable rates on development funding and concessional loans because of this confidence”, he stated.
He reminded critics of the loan that the money collected in the past have been used for important development initiatives, infrastructure growth, and institutional changes.
CESJET further noted that the judicious use of borrowed monies to promote economic growth and address infrastructure deficiencies is demonstrated in projects like the Second Niger Bridge, the Lagos-Ibadan railway, and the ongoing Mambilla Hydropower Project.
“ This proposed $2.2 billion loan is no unusual; its goal is to fund vital industries that would help Nigerians in the long run”, the group said.
“In dispelling the myth on the borrowing-to-federal budget ratio, we wish to state categorically that, Nigeria’s borrowing plans are clearly in line with international best practices and do not impose an excessive cost.
“For example, a fiscal deficit of about ₦8 trillion is expected in the 2025 budget, which is estimated to be around ₦34 trillion. A manageable portion of current budget, the $2.2 billion loan fits the government’s fiscal policy to strike a balance between development requirements and long-term financial viability.
“Comparatively, the International Monetary Fund (IMF) recommends that developing economies have a debt-to-GDP ratio of not more than 55%. Nigeria’s debt ratio of about 35% puts the country in a better situation than that of other African peers, such as Ghana and Kenya, whose debt ratios are more than 60%. Nigeria has the financial capacity to borrow responsibly, as these numbers demonstrate.
“However, some critics have attempted to sabotage this important project. It is depressing to observe that their ideas frequently lack basic economic reasoning and instead rely on populist hyperbole. To propagate false information, some organizations have been enlisted to paint Nigeria’s borrowing as irresponsible and unsustainable.
“These organizations lack a thorough grasp of the economic forces at work and are frequently supported by anti-progress elements. 9. Opposing politicians should give up their populist stance and accept the realities of government for the benefit of the country.
“It will be in the good interest of the Nation for opposing lawmakers to abandon their populist approach and embrace the realities of governance. Clearly, their opposition runs the risk of sabotaging Nigeria’s growth, delaying the country’s advancement and leaving important projects underfunded.
“It is crucial to emphasize that denying the loan request will have disastrous effects on ongoing programs and projects. If the necessary funding is not obtained, infrastructure development, healthcare expansion, and educational changes might all be shelved. In addition to being a waste of money, abandoned projects often represent missed chances for economic diversification, job growth, and higher living standards.
“For example, lowering transportation costs and boosting regional trade depend on the completion of ongoing rail projects. The provision of sufficient money is critical to the viability of these projects. Therefore, the $2.2 billion loan is essential to securing Nigeria’s future and advancing its economic program, and not to be seen as a luxury, which a misguided thought and speculations occupying the mind of many.
“Cases just like the Investments in digital technologies and infrastructure, would increase the effectiveness of tax collection, diversifying Nigeria’s revenue streams and lowering its need on oil earnings. Likewise, financing agricultural changes will increase output, guaranteeing food security and boosting exports. The government intends to use a portion of the loan for mechanized farming and irrigation projects, which will greatly increase agricultural productivity, provide employment, and promote rural development.
“This said loan is an additional source to strengthen diverse empowerment, and further upgrade many of our sectors in maintaining their global reputation amongst other nations. It is clear that the loan is more than just a financial tool; it is a driving force behind revolutionary change in several important economic sectors.
“Additionally, President Tinubu led-administration continuous initiatives to increase non-oil earnings and diversify the economy would strengthen Nigeria’s ability to service its debt in no time unlike when the country was solely dependent on revenues from oil for its mega operations. These actions demonstrate the government’s dedication to fiscal restraint and judicious borrowing.
“Evidently, public support is crucial for the successful implementation of development projects. By highlighting the benefits of the proposed loan and addressing concerns transparently, we can build consensus and ensure the smooth passage of the loan request by the National Assembly (NASS).
“In conclusion, the $2.2 billion loan proposal is clearly a necessity for Nigeria’s progress. Rejecting this proposal would be self-defeating, compromising current initiatives and endangering the future of the country. In light of this, we urge National Assembly members to put the interests of the country above populist digressions. A better future for all Nigerians is at stake when the loan is approved; it is not just an economic choice, but a mission to save generations”, the group added.
By Our Reporter
The Management of Federal Housing Authority FHA, under the leadership of Hon Oyetunde Oladimeji Ojo has asked residents of its estates in Abuja to provide approvals and approved documents and building plans for commercial purposes to the office of the Managing Director and Chief Executive Officer, Federal Housing Authority FHA, Abuja forthwith.
A Press statement issued by the management and signed by the Public Relations Officer, Kenneth Chigelu on behalf of the authority directed the submission to be carried out at the Authority’s Head office, Julius Nyerere Crescent, Asokoro , Abuja beginning from Wednesday , 3rd April , 2025.
The directives covers all buildings irrespective of the approval dates , that became expedient , following management discovery of sharp practices by commercial outlets ,as most of this buildings are built either without approval and or in contravention to the granted approval.
Chigelu stated that management discovered that some commercial buildings are in contravention of approval granted them, through alterations in total contravention to the development control regulations of the Authority.
Following the danger posed , management will not allow such negative consequences that will pave way for indiscriminate building collapse, therefore, a controlled demolition was carried out by the authority, with a building with structural defects in March , 2025, on 5th Avenue, Gwarimpa Estate.
Consequently, owners of commercial apartments, which included Hotels , Supermarkets, Hospitals, Schools and Banks including shopping malls through this announcement are expected to submit their approved plans for revalidation.
Management expect strict compliance to this directive, as violators will attract heavy sanctions with authority’s non negotiable stance .
The release further said ..
SPECIAL PUBLIC ANNOUNCEMENT
“The Management of Federal Housing Authority, FHA hereby calls on all owners of commercial properties in FHA Estates in Abuja, Federal Capital Territory to submit their approved building plans to the office of the Managing Director and Chief Executive, at the Authority’s head office, No 26 Julius Nyerere Crescent, Asokoro Abuja from Wednesday, April 3rd, 2025.
“This directive which covers all buildings irrespective of when the approval was given, has become expedient following Management’s discovery that most commercial outlets in these Estates are built without approvals, or developed outside the granted approval.”
” Management has also discovered that some commercial buildings are in contravention of the approval granted them for alteration, in total contravention and disregard to Development Control regulations. ”
“Following the dangers posed by this development, the Management of FHA would not fold its hand to allow this looming disaster to happen. It is to avert the ugly incidence of building collapse that the Authority carried out a controlled demolition exercise of one of its buildings with structural defect on Monday, 24th March. 2025 in 5th Avenue. Gwarinpa estate.”
“Consequently, all owners of commercial outlets: hotels, supermarkets, hospitals, schools, banks, shopping malls etc through this announcement are requested to submit their building approved plans for revalidation. All such buildings must undergo an integrity test.
Strict compliance to this directive is not negotiable as severe sanctions await defaulters. “
By Nahum Sule, Jalingo
The Taraba State Government, in partnership with the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), has successfully intercepted eight trafficked children who were en route to the South East and Cameroon.
In a statement to journalists in Jalingo, the capital of Taraba State, Mrs. Mary Sinjen, the Commissioner for Women Affairs and Child Development, revealed that the children had been deceived and transported to various southeastern states in Nigeria.
According to her, the children were trafficked to locations such as Aba, Onitsha, and Imo State under the false pretence that they were orphans.
The interception took place in Gembu, the headquarters of the Sardauna Local Government Area, where it was reported that the traffickers were seeking additional children to abduct.
Mrs. Sinjen affirmed, “Thanks to the prompt response from the Ministry and NAPTIP, eight of the children have been safely returned to Taraba State.
“The primary suspect, Mrs. Patience, along with several of her accomplices, has been apprehended and is currently in custody as legal proceedings commence.
“Search and rescue operations for other trafficked children are ongoing.”
She further emphasised that the state government will not tolerate any unscrupulous individuals who exploit children’s rights for illicit gain.
“This administration is wholly committed to ensuring justice, rehabilitating victims, and enhancing inter-agency collaboration to combat child trafficking,” she stated.
“We urge all residents to be vigilant and report any suspicious activities, as the welfare and protection of our children is a collective responsibility.”
In the meantime, authorities in Taraba have reiterated the importance of community vigilance and reporting any suspicious activities, stressing that safeguarding children requires a unified effort.
General Christopher Musa, the Chief of Defence Staff, has assured that all security challenges facing the nation will be effectively addressed by the year’s end.
This statement was made during the launch of attack drones and the demonstration of locally produced bombs, developed by a homegrown technology firm.
The event was attended by security specialists and senior government officials, as General Musa showcased the indigenous Unmanned Aerial Vehicles (UAVs) to the audience.
Accompanied by Ajao Adewale, the Federal Capital Territory Commissioner of Police, and Caleb Mutfwang, the Governor of Plateau State, General Musa emphasized the ongoing bureaucratic obstacles in acquiring military equipment from abroad.
Governor Mutfwang stressed the urgency for decisive measures against insecurity, calling on leaders to prevent any entity within the nation from possessing military capabilities.
The operational features of the UAVs were also demonstrated, with General Musa expressing satisfaction with this advancement, labeling it a pivotal step in combating insecurity in the country.