In order to pay the 2025 budget deficit, President Bola Tinubu has asked the National Assembly for permission to borrow N1.15 trillion from the domestic debt market.

During Tuesday’s plenary session, Senate President Godswill Akpabio read a letter that included the request.

Tinubu explained that the proposed borrowing would help bridge the funding gap and facilitate the smooth execution of government projects and programs under the 2025 fiscal plan.

The President emphasized that the loan was necessary to sustain the administration’s economic reforms and maintain the momentum of ongoing infrastructure and social investment initiatives.

Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debt for review and recommendations.

The committee is expected to report back within one week for further legislative consideration and approval.

Senate’s recent approval of N2.3 billion

Recall that president Tinubu’s administration had recently been approved to borrow $2.35 billion to help finance the 2025 budget deficit and refinance a maturing Eurobond.

The National Assembly approved this request, which also includes a new $500 million sovereign sukuk bond to fund infrastructure projects.

The Nigerian leader and US President Donald Trump would meet “in the next days,” according to Daniel Bwala, President Bola Tinubu’s senior adviser on policy communication.

The charges of Christian genocide that the West African nation is currently dealing with will be the main topic of discussion. This announcement comes after Trump made a highly controversial statement that has sparked much debate: that the Nigerian government has failed to confront attacks on Christians.

Bwala was keen to emphasize how committed both presidents are to combating terrorism and insurgency. President Trump’s continuous backing for Nigeria, including his approval of arms shipments, was emphasized by the presidential adviser. He claimed that President Tinubu has made good use of this chance in the fight against terrorism, which is currently producing notable progress.

Mr. Bwala addressed the disagreement over whether Nigerian terrorist organizations attack all religions equally or only Christians, saying that any such viewpoint differences would be discussed and settled during the two leaders’ meeting. The White House in Washington or the State House in Abuja might host the meeting, he continued.

He said, “The struggle against insurgency and other forms of terrorism against humanity has been a shared interest of both President Bola Tinubu and President Donald Trump.”

“President Tinubu has effectively used the chance in the war against terrorism, for which we have enormous results to show, and President Trump has greatly aided Nigeria by approving the sale of weapons to Nigeria.”

“As for the disagreements, if there are any, about whether terrorists in Nigeria target only Christians or, in reality, all religions and no faiths, the two leaders will debate and resolve them when they meet in the State House or White House in the coming days,” he concluded.

The Chairman of Owo Local Government Area in Ondo State, Tope Omolayo, has been suspended indefinitely over allegations of financial mismanagement and gross misconduct.

The suspension was declared on Wednesday by the Owo Local Government Legislative Council during a plenary session held in the council chambers. The decision was backed by 11 councillors and led by the House Leader, Doyin Adebayo.

Allegations and council’s decision

In a resolution endorsed by two-thirds of the lawmakers, the council explained that the move was aimed at promoting accountability and transparency in local governance.

According to the resolution, Omolayo was accused of misusing council funds, breaching budgetary and internal revenue regulations, disrespecting traditional rulers, and exhibiting conduct deemed unbecoming of his office. The council noted that the allegations would undergo a detailed investigation.

“The claims against Hon. Omolayo are weighty and will be subjected to a fair and transparent inquiry,” the statement added.

Following the suspension, the council appointed Vice Chairman Hamed Ibrahim as the Acting Chairman pending the outcome of the investigation. The Head of Local Government Administration (HLGA) was instructed to update administrative records, including changing authorised bank signatories to reflect Ibrahim’s new role.

Additionally, Omolayo was instructed to give the HLGA immediate control of all council properties that he possessed.

The Legislative Council reiterated its commitment to due process and good governance while urging Owo people to maintain composure and patience during the probe.