Nigeria News (Standard)
IMF Warns Tinubu Administration Over $5bn Abu Dhabi Loan, Flags Naira Risk
Fund urges government to consider Eurobonds or concessional loans as alternatives, highlights potential fiscal pressures
Fund urges government to consider Eurobonds or concessional loans as alternatives, highlights potential fiscal pressures
The International Monetary Fund (IMF) has advised the administration of President Bola Tinubu in Abuja to proceed with caution regarding Nigeria’s proposed $5 billion financing deal with First Abu Dhabi Bank, expressing concerns about the arrangement’s transparency and possible financial risks. The warning was contained in the IMF’s latest economic assessment released on Monday, following Senate approval of the transaction in April.
According to details made available by the Fund, the deal is structured as a Total Return Swap (TRS) arrangement—a derivative-based financial instrument with terms that are often complex and difficult to scrutinise. The Tinubu administration has stated that proceeds from the loan will be used to refinance existing high-interest debt and finance critical infrastructure projects nationwide.
However, the IMF noted that TRS transactions typically lack full transparency and could expose Nigeria to additional financial pressures if economic conditions worsen. One major concern raised is that the deal may require significant collateral in domestic securities, making the country vulnerable to margin calls if the naira depreciates further or if interest rates climb sharply. Such outcomes could increase fiscal strain at a period when Nigeria is already battling high debt-servicing costs and persistent budget deficits.
In its statement, the IMF commended some recent economic reforms undertaken by the Tinubu government—such as steps to strengthen macroeconomic stability and rebuild external reserves—but maintained that alternative financing options like Eurobonds or concessional loans would offer greater transparency and reduced risk. The Fund also noted that while reforms have improved investor confidence, many Nigerians are yet to feel tangible benefits, citing ongoing poverty and food insecurity. “The authorities are urged to carefully assess all associated risks before proceeding,” the IMF report cautioned.
The opposition could not be immediately reached for comment as at press time. Meanwhile, attention is now focused on whether government will move ahead with the Abu Dhabi arrangement or heed IMF advice by exploring alternative funding sources for Nigeria’s infrastructural needs.
Nigeria News (Standard)
Kano Youths Burn Obi, Kwankwaso Posters as NDC Faces Resistance in North-West
Arewa Consultative Forum says party remains largely unknown; elite, voters question credibility of political alliances
Arewa Consultative Forum says party remains largely unknown; elite, voters question credibility of political alliances
The presidential bid of former Anambra State Governor Peter Obi and his running mate, ex-Kano Governor Rabiu Kwankwaso, is encountering serious opposition from political stakeholders and voters across the North-West region, especially in Kano State. On Tuesday, angry youths in Ungogo Local Government Area reportedly set fire to campaign posters of both candidates amid rising discontent with the Nigeria Democratic Congress (NDC) ahead of the 2027 elections.
Findings indicate that northern leaders have begun warning their supporters against backing the NDC, with some WhatsApp messages circulating in the region labelling Obi and Kwankwaso as ‘haram’ or forbidden. The development comes as some politicians who recently joined the NDC have already decamped back to their former parties. Notably, Kano State House of Assembly member Muhammad Tomas, who left the All Progressives Congress (APC) for NDC, has now returned to APC.
The National Publicity Secretary of the Arewa Consultative Forum (ACF), Prof. Tukur Muhammad-Baba, told journalists on Saturday that NDC lacks visibility among northern voters and remains largely unknown at grassroots level. He noted that while Obi and Kwankwaso attract media attention nationally, their actual support base in the North is now uncertain. “There is even doubt about whether Kwankwaso can still hold on to Kano, where he recorded his most impressive performance in the last election. Apart from Kano, his influence in many parts of the North remains uncertain,” Muhammad-Baba said.
He further explained that frequent movement of politicians across parties has created confusion among voters, while many are now sceptical about alliances between former rivals. “The average northerner is tired of being told that having a northern candidate or a Muslim-Muslim ticket is the solution to Nigeria’s problems. People are becoming more careful because previous expectations have not produced the desired results,” he added.
With rising scrutiny of opposition leaders’ records and shifting alliances, political observers say northern elites and ordinary voters alike are increasingly cautious ahead of 2027. The situation presents a major hurdle for Obi and Kwankwaso as they seek broader acceptance for their joint ticket within key constituencies in the North.
Source: https://punchng.com/2027-obi-kwankwaso-bid-faces-northern-resistance/
Nigeria News (Standard)
Lagos Court Declares National Assembly’s ₦110bn Vehicle and Allowance Spending Unlawful
Justice Bogoro orders Senate President Akpabio, Speaker Abbas to ensure future expenditures comply with due process, transparency
Justice Bogoro orders Senate President Akpabio, Speaker Abbas to ensure future expenditures comply with due process, transparency
A Federal High Court in Lagos has ruled that the National Assembly’s expenditure of ₦110 billion on vehicles and allowances for lawmakers is unlawful, citing breaches of procurement laws and constitutional obligations. The judgement, delivered by Justice Yellim Bogoro on Wednesday, May 6, 2026, followed a suit filed by the Socio-Economic Rights and Accountability Project (SERAP) against the legislative leadership.
The court found that the allocation of ₦40 billion for the purchase of 465 vehicles and ₦70 billion in support allowances for newly elected members did not meet statutory standards for transparency or value for money. Justice Bogoro stated that these expenditures were arbitrary and constituted self-dealing, as the beneficiaries were also responsible for approving the funds.
This decision comes amid growing public scrutiny over government spending during a period of economic hardship across Nigeria. SERAP’s case highlighted concerns about the prioritisation of lawmakers’ benefits at a time when many Nigerians are experiencing widespread financial difficulty. The court noted that such spending demonstrated a failure to place national interest above personal gain.
In her ruling, Justice Bogoro ordered Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to ensure all future procurements or expenditures by the National Assembly comply strictly with due process requirements and uphold principles of accountability. She further rejected arguments from the defendants regarding legislative autonomy, affirming that separation of powers does not shield public officials from judicial oversight when public funds are involved.
Following the judgement, SERAP deputy director Kolawole Oluwadare described it as a significant step towards enforcing fiscal discipline within Nigeria’s federal legislature. The National Assembly leadership has yet to issue an official response as at press time.
Source: https://punchng.com/court-declares-national-assemblys-n110bn-suv-allowance-spending-unlawful/
Nigeria News (Standard)
Oyo Governor Deploys Air Force Surveillance Aircraft After Abduction of Teachers, Pupils in Oriire LGA
Makinde confirms NAF aerial operations as state’s new assets remain in Lagos; urges residents to support rescue efforts
Makinde confirms NAF aerial operations as state’s new assets remain in Lagos; urges residents to support rescue efforts
The Oyo State Government, in collaboration with the Nigerian Air Force, has deployed a surveillance aircraft to boost the search for teachers and pupils abducted from Yawota and Ahoro-Esinele communities in Oriire Local Government Area. Governor Seyi Makinde disclosed the development on Friday during a visit by top Air Force officials to Ibadan.
The deployment came shortly after the abduction was reported, with the Air Force responding by sending an aerial surveillance platform to provide real-time intelligence for ongoing search-and-rescue operations. According to Governor Makinde, the intelligence gathered from these missions has played a crucial role in tracking developments and helping security agencies coordinate their efforts to secure the victims’ release.
The incident has heightened concerns about safety in Oyo State, particularly as insecurity continues to affect schools and rural communities across the South-West. The abduction of students and teachers is part of a wider pattern that has drawn national attention, prompting state authorities to intensify collaboration with federal security agencies.
Makinde, while addressing residents, urged affected communities and the wider public to remain patient and support ongoing security operations. He assured that all necessary resources were being mobilised for a successful resolution. The governor also commended Chief of Air Staff, Air Marshal Sunday Aneke, and the Air Officer Commanding Logistics Command, Air Vice Marshal Abubakar Suleh, for their swift action and sustained support. He noted that while Oyo State’s own newly acquired aerial assets were still being assembled at the NAF Base in Lagos, the Nigerian Air Force stepped in to provide vital surveillance capacity.
“The NAF promptly deployed an aerial surveillance platform immediately after the abduction was reported, providing critical intelligence to support search-and-rescue operations,” Makinde said during the meeting. “Intelligence generated from the surveillance missions has continued to assist security agencies in tracking developments and coordinating efforts towards securing the safe release of the victims.”
He further appealed for calm among residents and reiterated his administration’s commitment to ensuring security within Oyo State. As at Sunday evening, security operations were still ongoing while stakeholders awaited further updates from authorities.
Source: https://punchng.com/naf-deploys-surveillance-aircraft-to-track-abducted-oyo-teachers-pupils/
