Nigerian newspapers review: Tinubu seeks $20.5bn, €1.04bn foreign loans to fund projects

In today’s Nigerian newspapers review programme, Today in the News, Vanguard leads with President Bola Tinubu writing to the Senate to seek approval for a supplementary external borrowing plan of $20.52 billion and €1.045 billion to finance infrastructure and development projects nationwide. Another headline reports that the Federal Government and the Nigeria Labour Congress (NLC) agreed on a series of measures to ease the economic difficulties facing workers, including a ₦70,000 transport intervention and payment of 19 months’ arrears owed to health workers.

Vanguard also reports that an independent ministerial committee recommended summary dismissal, administrative sanctions and prosecution of some officers of the Nigerian Security and Civil Defence Corps (NSCDC) over the deaths of 33 detainees in the custody of its Niger State command in Minna, along with N1.4 billion in compensation for victims and survivors.

Moving to another newspaper, The Guardian leads with Nigeria’s mounting debt burden coming under heightened scrutiny as President Tinubu seeks legislative approval for fresh external loans of $21.7 billion ($20.52 billion and €1.045 billion), amid rising debt refinancing and little to no savings to liquidate maturing obligations. The Punch reports that Rivers State Governor Siminalayi Fubara asked his supporters to stop referring to him as their leader, declaring that following his reconciliation with his predecessor, Nyesom Wike, he is now a member of the Rainbow Coalition, with the Minister of the Federal Capital Territory as its leader.

Lastly, Daily Trust reports that Kaduna State Governor Uba Sani declared his readiness to defend Tinubu’s re-election bid in 2027, insisting that his support for the president is based on conviction despite public discontent over economic hardship.