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$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.
The Honourable Minister of State for the Federal Ministry of Works, Muhammad Bello Goronyo, has appointed Comrade Salihu Dandata Mahmud as his Special Assistant on Media and Publicity.
The appointment, which takes effect from 1 May 2025, was announced on Thursday in a statement signed by the Minister’s Chief of Staff, Nafiu Hussaini Gobir.
“I am pleased to inform you of your appointment as Special Assistant (Media and Publicity) to the Honourable Minister of State, Federal Ministry of Works,” the statement read, highlighting Mahmud’s “competence, experience, and commitment to media and public service” as the basis for his selection.
The statement read, “ will be responsible for managing and coordinating media relations for the Minister of State, developing and implementing publicity strategies, crafting official press statements and speeches, and liaising with media stakeholders to ensure accurate and positive coverage of the Ministry’s activities.
“You will also provide strategic advice on media and public engagement, aimed at boosting the Ministry’s visibility and public perception.
“Your appointment is tied to the tenure of the Honourable Minister of State and may be subject to termination at the discretion of the appointing authority.
“You are expected to demonstrate the highest standards of professionalism, confidentiality, and integrity in line with the Public Service Rules of the Federal Republic of Nigeria.”
The internal leadership dispute within Nigeria’s Labour Party has taken a dramatic turn. Alhaji Bashiru Lamidi Apapa has boldly stepped forward to proclaim himself the Acting National Chairman of the party. This declaration, made during a press conference in Abuja, comes in the wake of a crucial Supreme Court judgement, which Apapa believes reinforces his authority to lead.
On Wednesday, Apapa addressed the media, stating that a Supreme Court verdict delivered on April 4, 2025, under Appeal No: CA/ABJ/CV/1217/2024 and Suit No: FHC/ABJ/CS/1271/2024, has fundamentally changed the party’s leadership structure. He argued that the ruling invalidates all actions and leadership decisions taken by Barrister Julius Abure since April 2023.
Apapa didn’t mince words as he dissected the implications of the Supreme Court’s decision. According to him, the court firmly criticised the lower courts for meddling in matters beyond their jurisdiction, particularly issues related to the internal leadership of political parties. He claimed the apex court’s conclusion reinforced the long-standing principle that such matters are non-justiciable meaning they should not be decided by the judiciary.
Apapa interpreted this legal victory as a green light for his assumption of leadership. Referring to Article 14(2)(a)(b) of the Labour Party’s Constitution, he asserted that, as the most senior Deputy National Chairman, he has the constitutional right to take over as Acting National Chairman.
In his statement, Apapa also named Alhaji Farouk Umar Ibrahim as the Acting National Secretary, further solidifying the leadership changes within the party. He assured party members and the public that these appointments are in strict alignment with constitutional provisions and party regulations.
As part of this transition, Apapa revealed that the National Working Committee (NWC), reconstituted in 2022, will meet on Monday, April 14, 2025. This session will focus on outlining a fresh strategic direction for the party. One of the pivotal proposals includes the zoning of the National Chairmanship to the Northern region and the Secretary position to the Southern region.
Apapa emphasised that this new phase will prioritise genuine internal democracy. In what appears to be a direct critique of the previous leadership, he called for the immediate revival of the Board of Trustees (BoT), which he described as dormant for far too long. According to Apapa, reactivating the BoT is a vital step towards strengthening party governance and transparency.
Additionally, he announced a roadmap for conducting fresh congresses at every level from wards to the national tier. In an effort to uphold accountability, he clarified that only financial members will have the right to vote or be voted for in the forthcoming party elections.
On the same day as Apapa’s press conference, a rival faction aligned with the party’s 2023 presidential candidate, Peter Obi, and Abia State Governor Alex Otti, held a National Executive Council meeting.
Jubilation erupted among the Esther Nenadi Usman-led National Caretaker Committee on Wednesday, when Governor Alex Otti announced that they had officially received the Certified True Copy of last Friday’s Supreme Court judgment on the Labour Party’s leadership crisis.
While presenting the 48-page CTC before the Labour Party Stakeholders Engagement in Abuja, Otti emphasised that the document has put an end to the debate of misinterpretation of the verdict.
He said, “I want to say that we welcome the Supreme Court judgment of last Friday, which Certified True Copy just arrived a few minutes ago. The 48-page document was very clear in saying that it is all of you seated here that constitute the leadership of the party. I also want to make a point that we are law-abiding people.
“We sat on the 4th of September 2024 in Umuahia, where we unanimously elected a 29-man caretaker committee. Shortly after that exercise, our brothers, on the other side, went to court and got a judgment that pronounced them the leaders of the party.
“If we are not law-abiding, we would have started dragging the office. But we all said, since there was a court judgment, let us follow the process which ended last Friday.
“We expected that everybody who wants the survival of democracy and the progress of this country would have accepted that judgment. So you may not like the judgment, but you must obey it.”
In attendance were the LP presidential candidate in the 2023 election, Peter Obi; the lawmaker representing Anambra Central Senatorial District, Senator Victor Umeh; the Nigeria Labour Congress Political Commission, Prof Theophilus Ndubuaku; and the National Secretary of the Caretaker Committee, Senator Darlington Nwokocha.
Others include former LP chieftain Kenneth Okonkwo, members of the National Assembly, Abia State Assembly and chieftains of the Obidient Movement Worldwide, among others.
As Otti read out the excerpts of the document, the audience went into a rapturous applause.
He said, “The same issue submitted for determination is hereby jointly in favour of the appellants. And the appellants are Distinguished Senator Esther Nenadi Usman and Senator Darlington Nwokocha. In summary, both the trial courts and the one below have no jurisdiction to entertain the first respondent, Julius Abure.
“Consequent upon the foregoing, the decisions of both trial courts and the one below in recognising Julius Abure as the national chairman of the party is hereby set aside and struck out for want of jurisdiction. In the vein, the first respondent’s cross-appeal, being an offshoot of the same judgment of the courts below, is hereby dismissed.”
When he finished reading the CTC, the governor recalled how he tried to pacify Abure to step down and accept the role of the chairman of the LP Board of Trustees.
But Abure allegedly turned down the prospect, saying he wanted nothing.
“But I gave Abure some piece of advice, saying if I were you, I wouldn’t want to lead people who don’t want me as a leader. So we are still extending the olive branch to him and his former National Working Committee. The leadership of every party should be humble enough to leave at the expiration of their tenure.
“Before I am done, may I appeal to political parties and their members to endeavour to always allow their constitutions, regulations and rules to guide them in choosing their officers and candidates.
“That way, the incessant internal wrangling which always finds its way to court will be reduced. The leadership of every party should be humble enough to leave at the expiration of their tenure,” he said.
On his part, Obi applauded his supporters and Nigerians for being patient and standing solidly behind them.
The former Anambra governor announced that they would move straight to the headquarters of the Independent National Electoral Commission to update them about the presence of the CTC and have them replace Abure’s NWC.
He said, “As leaders and elected members of this great party, we are going to leave from here to INEC to submit this document (CTC) so that we can start the process.
“We will go there now and say, here are the documents from the court. This is our resolution. So can we now start the process of rebuilding with your cooperation.”