By Yusuf Danjuma Yunusa

President Bola Tinubu has asked the Senate to approve an external borrowing plan of $20.52 billion and €1.05 billion to bridge funding gaps under the Federal Government’s 2026–2027 supplementary borrowing plan.

Senate President Godswill Akpabio read the President’s request during plenary on Tuesday, stating that the proposed loans would help address Nigeria’s infrastructure deficit and fund critical sectors of the economy.

In the letter, Tinubu requested approval for $20,517,755,901 and €1,045,083,643, with investments planned for power, transportation, healthcare, education, agriculture, water supply, security, job creation and financial management reforms.

“I submit the attached Federal Government 2026–2027 Supplementary External Borrowing Plan for consideration and early approval of the National Assembly to ensure prompt implementation of our projects,” the President wrote.

Tinubu said the proposed projects had undergone technical and economic assessments to ensure they contribute to poverty reduction, skills development, entrepreneurship and national food security.

He added that external borrowing had become necessary to meet the country’s substantial infrastructure financing needs.

Following the presentation, Akpabio referred the request to the Senate Committee on Local and Foreign Debts, chaired by Senator Haruna Manu, for detailed review, with support from the Committees on Appropriations and Finance.

Akpabio noted that aspects of the borrowing framework had featured in earlier government borrowing plans approved for 2025–2027. However, he said the committee would examine the scope of the latest request before further legislative action.

The committee’s review is expected to clarify the proposed borrowing arrangements, disbursement timeline and alignment with Nigeria’s existing debt management framework.

President Bola Ahmed Tinubu has commended the Dangote Group for its significant contribution to Nigeria’s economic growth, citing the conglomerate’s strategic investments in key sectors as instrumental in boosting domestic production, creating jobs, reducing dependence on imports, conserving foreign exchange and strengthening the country’s industrial capacity.

The President gave the commendation during a visit to the Dangote Group pavilion at the ongoing 32nd Nigeria Economic Summit at the Transcorp Hilton, Abuja, on Monday. He was represented at the event by Vice President Kashim Shettima.

Tinubu praised the Group’s performance across its business operations, highlighting the critical role of private-sector investments in expanding productive capacity, stimulating economic activities and supporting national development.

The Dangote Group has investments spanning cement manufacturing, fertiliser production, sugar refining, salt processing and petroleum refining.

These investments contribute to local value addition, employment generation and the development of domestic supply chains, while supporting efforts to reduce Nigeria’s dependence on imported products.

He said his administration is creating conditions for public and private sectors to invest, expand and generate productive employment.

Dangote Group is the second biggest employer of labour after the federal government.

The 2026 Nigeria Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” was declared open by the President, who used the occasion to defend the Federal Government’s ongoing economic reforms and emphasise the importance of industrial harmony and private-sector-led growth.

The summit brings together policymakers, business leaders, investors and other stakeholders to discuss practical strategies for accelerating economic growth, improving productivity, generating employment and ensuring that the benefits of economic expansion reach more Nigerians.

The President’s commendation underscores the importance of sustained collaboration between government and the private sector in building a more productive, competitive and resilient Nigerian economy.

He said Nigeria has performed below its potentials for far too long, but “there is no shortcut for economic development.”

We came to rewrite the story of a nation that has performed below its potentials for far too long,” he said.

Through its investments in strategic industries, the Dangote Group remains a major private-sector participant in Nigeria’s industrialisation drive, with the potential to deepen local manufacturing, strengthen supply chains and support the country’s broader economic development objectives.

Through the Dangote Group’s diversified operations, the conglomerate has established a substantial presence across critical sectors of the economy, providing products and services that support construction, agriculture, manufacturing, energy and other productive activities.

One of its investments is the Dangote Petroleum Refinery and Petrochemicals complex in Lagos, which has the potential to transform Nigeria’s downstream petroleum industry by increasing domestic refining capacity and reducing the country’s reliance on imported refined petroleum products.

By Yusuf Danjuma Yunusa

The Federal High Court in Abuja on Monday dismissed a no-case submission filed by former Gov. Nasir El-Rufai of Kaduna State in his ongoing trial over alleged unlawful interception of the telephone communications of the National Security Adviser, NSA, Nuhu Ribadu.

Justice Joyce Abdulmalik, in a ruling, held that the State Security Service, SSS, had placed before the court sufficient evidence to warrant the court to call on the ex-governor to enter his defence if he so desires.

The judge, therefore, ordered El-Rufai, the sole defendant in the charge, to enter his defence.

The defendant had opted for a no-case submission after the SSS closed its case by calling two witnesses.

Mr El-Rufai, through his counsel, Akinyemi Aremu, had urged the court to hold that the prosecution had failed to establish a case requiring the former governor to enter a defence.

In response, the SSS lawyer, Oluwole Aladedoye, SAN, adopted their counter affidavit in opposition to the no-case submission.

Mr Aladedoye argued that the defence failed to address Exhibit “B”, which the prosecution said contained El-Rufai’s alleged admission concerning the tapping of Ribadu’s phone.

He submitted that since the prosecution had established a prima facie case against El-Rufai, the defendant was required by law to enter his defence.