- Targets single-digit inflation by finish of 2027, finances prepared December
•Okays East, West tremendous grids to lift transmission capability to 19,000MW - Moves to fortify airports towards Ebola, different pathogens
•Approves N594.49bn for eight highway initiatives nationwide
•Makinde: Tinubu, APC mortgaging Nigeria’s future
Deji Elumoye and Chuks Okocha in Abuja
The federal authorities yesterday defended its proposed $21.7 billion exterior borrowing plan, insisting that the funds would finance productive investments in infrastructure and different vital sectors to stimulate financial progress, strengthen nationwide productiveness and enhance residing requirements.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, mentioned the proposed financing ought to be assessed primarily based on the belongings to be created and the financial returns anticipated, moderately than merely as an addition to the nation’s debt burden.
Oyedele spoke after the Federal Executive Council (FEC) assembly presided over by President Bola Tinubu on the State House, Abuja, amid criticism of the borrowing plan by former Vice President, Atiku Abubakar, in addition to the presidential candidate of the Nigeria Democratic Congress (NDC) within the 2027 election, Peter Obi.
Oyedele maintained that the proposal was a financing plan and didn’t imply the federal authorities had already borrowed the cash or would essentially draw down the complete quantity.
“Altogether, if you convert the euro amount and add it to the dollar amount, it will come up to $21.7 billion. First and foremost, this is a plan. It doesn’t mean that we have borrowed. It doesn’t even mean that we borrow all of it. So it’s a plan. The average lifespan of the projects under this plan is five years. This qualifies as investment. This is investment, not borrowing,” Oyedele identified.
The proposed financing includes $20.52 billion and €1.045 billion for initiatives and programmes masking transportation, safety, healthcare, agriculture, power, digital infrastructure, training and social safety.
The authorities mentioned transportation infrastructure accounts for roughly $10.6 billion, together with main initiatives such because the Sokoto-Badagry and Lagos-Calabar highways and the Kano-Kaduna rail mission.
Oyedele mentioned the federal government was pursuing financing from multilateral and bilateral improvement companions, alongside different sources, to implement the initiatives.
Besides, about $7.9 billion is anticipated from multilateral and bilateral companions, with the World Bank among the many main establishments offering assist. Oyedele mentioned a $5 billion World Bank element would entice concessional financing at a median rate of interest of about 2.1 per cent, whereas some social-sector loans would carry rates of interest of round 2 per cent.
He mentioned the federal government was prioritising beneficial financing phrases to scale back borrowing prices and be certain that the initiatives delivered lasting financial advantages.
Government Targets Single-digit Inflation Rate
The minister additionally disclosed that the federal authorities was concentrating on single-digit inflation by the top of 2027, because it intensifies efforts to stabilise costs and maintain financial progress.
He mentioned inflation had declined to 14.63 per cent in September from 20.98 per cent within the corresponding interval of the earlier 12 months, after peaking at about 34 per cent.
According to him, FEC resolved to accentuate efforts to carry down costs, notably meals costs, whereas sustaining investments in infrastructure, human capital improvement and job creation.
Oyedele disclosed that Nigeria’s overseas reserves had risen above $55 billion, the very best stage in 18 years, whereas web reserves had elevated to greater than $45 billion from lower than $1 billion three years in the past. He put financial progress at 4.43 per cent within the second quarter, in contrast with 2.74 per cent in May 2023.
The minister added that the tax-to-GDP ratio had risen from about seven per cent in 2023 to 12.5 per cent by the top of 2025, whereas the debt-service-to-revenue ratio had declined from 97 per cent to beneath 60 per cent.
Oyedele additionally defended the elimination of petrol subsidy, arguing that the earlier association positioned an unsustainable burden on public funds and constrained the federal government’s means to spend money on infrastructure and important providers.
He mentioned Nigeria had elevated petrol costs about 3,050 instances in 50 years with out resolving the underlying subsidy downside, including that the federal government had launched interventions to cushion the affect of financial reforms on susceptible Nigerians.
According to him, greater than 10 million households had acquired over N600 billion in money transfers, whereas the Nigerian Education Loan Fund had disbursed N372.6 billion to greater than 1.5 million college students.
He added that greater than 800,000 micro, small and medium-sized enterprises had benefited from subsidised loans at single-digit rates of interest.
The minister additional mentioned low-income earners making as much as N100,000 month-to-month have been exempt from private revenue tax, whereas companies with annual turnover of as much as N100 million have been exempt from company revenue tax, value-added tax and withholding tax underneath the related tax reforms.
He additionally disclosed that the Nigerian capital market had grown from about N30 trillion to greater than N160 trillion, expressing optimism in regards to the naira’s outlook on the energy of improved overseas reserves and different financial fundamentals.
Uzoka-Anite: 2027 Budget Ready by December
The federal authorities additionally mentioned it was working in direction of presenting the 2027 finances earlier than the top of the 12 months to permit the National Assembly ample time to think about the proposed fiscal framework forward of the following monetary 12 months.
The Minister of State for Budget, Doris Uzoka-Anite, disclosed this whereas briefing journalists after the FEC assembly.
“We are working on the 2027 budget, and our intention is to present it before the end of the year,” she mentioned.
Further particulars of the proposed finances, together with its total dimension, income projections, deficit estimates and allocations to key sectors, are anticipated to emerge as preparations progress.
FG Begins Procurement for East, West Super Grids
Similarly, the federal authorities has accredited the graduation of procurement for the proposed East and West Super Grids as a part of efforts to develop electrical energy transmission capability from about 5,000 megawatts to 19,000MW inside two years.
The Minister of Power, Joseph Tegbe, who disclosed this after the FEC assembly, mentioned the initiatives would strengthen the nationwide grid and allow extra electrical energy to be transmitted to customers.
He mentioned the federal government had additionally accredited three main interventions to bolster transmission infrastructure round Abuja and Lagos, whereas accelerating efforts to clear greater than 300 containers of electrical energy gear stranded on the nation’s ports.
The first approval covers the development of a 33kV double-circuit underground and overhead line linked to the Katampe Transmission Substation, which serves the North-Central area.
The second entails the design, manufacture and provide of three 300MVA, 330/132/33kV energy transformers for the Ikeja West Transmission Substation, a vital facility supplying the Lagos axis.
The third mission entails the reconstruction and improve of the 35.6-kilometre Itumola-Mapasin-Shagamu 132kV single-circuit transmission line to a double-circuit line to accommodate rising electrical energy demand alongside the Lagos-Shagamu hall.
Tegbe mentioned the initiatives fashioned a part of the federal government’s broader technique to enhance transmission infrastructure, stabilise electrical energy provide and maximise using present power-sector belongings.
He disclosed that the ministry had commenced a nationwide technical audit of electrical energy infrastructure, dividing the nation into three main power zones: Lagos and its surrounding industrial hall; the Abuja-Kaduna-Kano axis; and the Enugu-Onitsha-Benin axis.
According to him, the audit, which started 4 weeks in the past, would determine ageing and weak infrastructure requiring alternative or rehabilitation to enhance the reliability of the nationwide grid.
The minister additionally restated that the federal government had paid N1.23 trillion out of the N3.3 trillion owed to fuel suppliers and different stakeholders, including that the excellent liabilities had contributed to difficulties in making certain ample fuel provide to energy technology corporations.
He mentioned the federal government was working to enhance the operational effectivity of the Transmission Company of Nigeria (TCN) and the Nigerian Independent System Operator (NISO) notably in coordinating grid administration and infrastructure improvement.
Tegbe defined that separating system operations from transmission infrastructure administration was supposed to enhance effectivity, response instances and coordination throughout the electrical energy community.
He added that the federal government was reviewing choices for better private-sector participation in electrical energy asset administration to enhance efficiency and guarantee higher utilisation of present infrastructure.
On the tremendous grids, Tegbe mentioned the initiatives would strengthen transmission hyperlinks throughout the northern and southern components of the nation, connecting Sokoto by way of Abuja and different areas to components of the South.
He mentioned Tinubu had accredited the graduation of the procurement course of, describing the initiative as a major step in direction of constructing a extra resilient electrical energy community able to supporting future demand.
Tegbe additionally introduced that development had commenced on a brand new National Control Centre (NCC) in Osogbo to switch the prevailing facility, which he mentioned was constructed 64 years in the past. The new centre is anticipated to strengthen the monitoring and administration of the nationwide grid.
He additional disclosed that the federal government was energising accomplished transmission substations in Kano, Katsina, Bauchi and Gombe, amongst different areas, to carry idle infrastructure into service.
The minister mentioned the federal government was additionally increasing entry to electrical energy by way of photo voltaic mini-grids, notably in establishments and areas going through transmission constraints.
According to him, at the very least 14 federal universities had acquired put in and energised photo voltaic mini-grids, with capacities starting from one megawatt to 5 megawatts. Another 11 universities have been being supported by way of the Tertiary Education Trust Fund, bringing the variety of establishments lined by the programme to almost 30.
He acknowledged that 5 educating hospitals have been additionally benefiting from solar energy installations being carried out in collaboration with the Federal Ministry of Health.
On the backlog of electrical energy gear stranded on the ports, Tegbe described the scenario as unacceptable, saying some containers had reportedly remained uncleared for between 14 and 20 years.
He mentioned the president had directed the ministry to work with the Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS) to clear greater than 300 containers containing electrical energy gear.
Tegbe attributed the extended delay to the failure of earlier administrations to settle excellent costs and full the required clearance processes.
FEC Approves N45.8bn Disease Surveillance System
In the identical vein, FEC has accredited N45.8 billion for a biosecurity and illness surveillance system at 5 worldwide airports to strengthen Nigeria’s capability to detect Ebola and different harmful pathogens at its borders.
The Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, disclosed this after the assembly, saying the mission could be carried out underneath a 20-year public-private partnership concession awarded to BioHealth Consortium following the council’s approval of its full enterprise case.
Pate described the initiative as a serious funding in Nigeria’s well being and financial safety, warning that infectious illness outbreaks might disrupt financial actions and threaten public security.
“Over the last two weeks, I think you realise the significance of enhancing biosecurity at our points of entry. Since COVID, we have known that there are significant vulnerabilities in terms of public health threats crossing borders and the need for coordinated, technology-driven systems for early warning, detection and response to emerging infectious disease threats,” he careworn.
The surveillance system will probably be deployed on the Murtala Muhammed International Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja; Mallam Aminu Kano International Airport, Kano; Port Harcourt International Airport; and Akanu Ibiam International Airport, Enugu.
According to Pate, greater than 18 million passengers go by way of Nigeria’s airports yearly, making efficient surveillance at factors of entry vital to nationwide well being safety.
Under the concession association, the private-sector associate will design, finance, construct, function and keep the amenities all through the concession interval, whereas the federal authorities will present coverage, institutional and regulatory oversight.
The belongings will revert to the federal authorities on the finish of the concession in step with the settlement reviewed and endorsed by the Infrastructure Concession Regulatory Commission (ICRC).
He mentioned the mission will incorporate wastewater surveillance to detect pathogens related to plane, air and floor sampling gear, and applied sciences for monitoring cargo and baggage.
It may also set up a National Surveillance Operations Centre to coordinate real-time monitoring, combine knowledge, monitor incidents and assist speedy responses to suspected outbreaks.
The amenities will embody trendy laboratories for speedy diagnostics at factors of entry, with their operations built-in with these of the Nigeria Centre for Disease Control and Prevention, Port Health Services, the Nigeria Customs Service (BCS), the Nigeria Immigration Service (NIS) and the National Agency for Food and Drug Administration and Control (NAFDAC).
Pate mentioned the mission was partly knowledgeable by classes from Nigeria’s latest response to the Ebola menace.
He disclosed that Nigeria had maintained surveillance and containment measures earlier than confirming an imported Ebola case in October. The affected person had recovered after receiving remedy in Nigeria and was persevering with to enhance in her house nation, he added.
The minister, nonetheless, warned that the menace remained, given the continued unfold of Ebola within the Democratic Republic of Congo and the potential of different infectious ailments coming into Nigeria.
Umahi: Eight Road Projects Worth N594.49bn Get Nod
FEC has additionally accredited eight highway initiatives value N594.49 billion throughout the nation, whereas Nigeria and 4 different West African international locations are pursuing financing from the African Development Bank (AfDB) for their respective sections of the proposed 1,028-kilometre Lagos-Abidjan freeway.
The Minister of Works, Dave Umahi, disclosed this after the assembly, saying the accredited initiatives had contract sums starting from N11.33 billion to N209 billion, alongside remedial works on deteriorated sections of the East-West Road.
He listed the initiatives to incorporate the 18-kilometre Amaseri Road, from Ishagu to Otakot on the Enugu Expressway, awarded at N20.257 billion.
The council additionally accredited N11.33 billion for the third section of the Umuahia-Bende-Afikpo Road in Abia State, with about 5 kilometres remaining underneath the federal authorities’s scope.
Umahi defined that the mission had beforehand been funded underneath the NNPC tax-credit scheme, however work stalled after the funding association was discontinued.
The mission was subsequently rescoped, whereas the Abia State Government undertook to assemble the remaining 43 kilometres, he mentioned.
In Kogi State, the council accredited N160 billion for the reconstruction of the 95-kilometre E2K-Okey-Ampa-Otopa Road. It additionally accredited N209 billion for the 81.1-kilometre Ado-Ekiti-Ijan-Ilumoba-Ikole Road in Ekiti State, together with a bridge. The contract was awarded to CBC.
Other approvals embody N28.218 billion for the 17-kilometre Sokoto-Illela Road, Route A1, awarded to Kespeko Global Limited, and N62 billion for a 30-kilometre highway linking Adamawa and Taraba states, with 5 bridges. The latter contract was awarded to WeChina Nigeria Limited.
The council additional accredited N89.2 billion for the 47-kilometre Bichi Ring Road, together with a flyover, and N14.486 billion for the eight-kilometre Dikko-Maje hyperlink highway connecting to the Suleja-Minna Road. The respective contractors are Lara Lake and MW Resources Limited.
On the East-West Road, Umahi mentioned the council thought-about remedial works on sections that had deteriorated partly as a result of the highway was constructed years in the past and now lies beneath flood stage.
He mentioned ministers from Nigeria, Benin Republic, Togo, Ghana and Côte d’Ivoire would meet on Friday to debate financing preparations for the regional freeway, with him chairing the assembly.
Under the proposed association, the AfDB would offer funding to taking part international locations to develop their respective sections of the transnational hall, though the financing stays topic to the end result of the discussions and the financial institution’s preparations.
Nigeria’s part, stretching from Tincan Island in Lagos to the Seme border with Benin Republic, covers 79 kilometres. The different sections comprise 89 kilometres in Togo, 576 kilometres in Ghana, 155 kilometres in Côte d’Ivoire and 128 kilometres in Benin Republic.
Makinde: Tinubu, APC Mortgaging Nigeria’s Future
Meanwhile, the Makinde-Daura Presidential Campaign Organisation has condemned the continued resort to overseas borrowing by Tinubu, cautioning that he’s intentionally mortgaging the sovereignty and way forward for the nation.
In an announcement by the Director Strategic Communications, Richard Ihediuwa, the group vehemently rejected the most recent mortgage 80 days to an important election that it mentioned will in the end take away him from workplace in May, 2027.
‘’We are deeply involved that these loans are repeatedly justified underneath the omnibus of funding infrastructure, vital initiatives and finances deficits, but Nigerians can’t level to commensurate initiatives or has this successive borrowing been in a position to adequately fund Tinubu’s three overlapping finances cycles, elevating the query as to the place monies have gone.
‘’This malignant debt most cancers and insatiable urge for food for overseas loans have reached alarming proportions that each well-meaning Nigerian ought to concern for the nation’s future as Tinubu’s authorities relentlessly accumulates home and exterior money owed with neither commensurate improvement, clear utilisation nor a reputable compensation plan,’’ the marketing campaign workplace mentioned.
Ihediuwa mentioned that this new request has bolstered the concern that Tinubu is burying Nigeria by installment.
‘’In June 2023, President Tinubu secured a $750 million World Bank mortgage underneath the Power Sector Recovery Performance programme to enhance electrical energy provide nationwide. Ironically, Nigerians proceed to endure crippling darkness, to the extent that the Aso Rock Villa is powered by a photo voltaic plant.
‘’That similar month, one other $500 million was borrowed for institutional strengthening and girls’s empowerment. Where is the cash, what number of girls have benefited, and the place is the affect?
‘’In July 2023, the President secured one other $800 million for Conditional Cash Transfers, adopted by an additional $700 million in September.
‘’In June 2024 President Tinubu borrowed $2.25 Billion for “Reforms for Economic Stabilization to Enable Transformation and Accelerating Stabilisation and Resilient Growth”. Today, the economic system shouldn’t be solely atrophied, it is usually neither remodeled nor stabilised.
‘’In 2025, President Tinubu borrowed one other $1.57 billion for healthcare, training and human-capital improvement, alongside one other $500 million from the African Development Bank later that 12 months.
‘’In 2025, the Senate accredited an intensive borrowing plan involving $21.19 billion, €4 billion and ¥15 billion. Included was $3 billion earmarked for the Eastern Railway Corridor linking Port Harcourt to Maiduguri. Yet the hall stays a query mark for Nigerians awaiting tangible progress because it stays as moribund as ever.
‘’In April 2026, the Senate accredited $6 billion for modernizing our ports alongside one other $1.5 billion for early-childhood improvement and family prosperity. What a bitter irony of a phenomenal caption in Nigeria the place tens of millions of households battle to afford meals, whereas battling a devastating out-of-school-children disaster. And now comes one other colossal borrowing request of $20.52 billion and €1.045 billion,’’ the group recalled.
The Makinde/Daura marketing campaign cautioned that Tinubu is steering Nigeria in direction of the destiny of Egypt underneath Khedive Isma’il (1863-1880) whose dependence on overseas loans and lavish spending drove Egypt into chapter 11 with devastating penalties on the sovereignty of that nation.
He mentioned that it was unlucky that at his age, Tinubu is leaving a legacy of ‘debt and enslavement’ moderately than productive investments, prosperity, and financial stability.
