General
ADC Lawmakers Oppose Tinubu’s $516m Loan Request for Highway
By Adedapo Adesanya
The African Democratic Congress (ADC) Legislators’ Forum has condemned the latest move by President Bola Tinubu to secure Senate approval for an additional external loan of $516,333,070 for the Sokoto–Badagry Super Highway project.
Mr Tinubu requested Senate approval for a $516.3 million syndicated loan to finance key sections of the Sokoto–Badagry Superhighway, a major infrastructure project under his administration’s Renewed Hope Agenda from Deutsche Bank.
The request, contained in a letter read during plenary on Thursday by the Senate President, Mr Godswill Akpabio, seeks legislative authorisation in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011.
However, the opposition lawmakers said it is not only alarming but becoming of the Tinubu administration to make borrowing its default economic policy, with little regard for sustainability, accountability, or the well-being of future generations.
The forum, in a statement jointly signed by its chairman, Mr Uko Ndukwe Nkole, as well as leaders from each geopolitical zone, noted that while no responsible opposition undermines the importance of infrastructure development, the cost and conditions of such projects must be queried.
According to the ADC lawmakers, Mr Tinubu’s government has failed to convincingly demonstrate that its endless appetite for loans is guided by a coherent, transparent and economically viable repayment strategy.
“Instead, Nigerians are witnessing a troubling pattern; one where debt accumulation is prioritised over prudent fiscal management, innovation, and domestic resource mobilisation.
“Nigeria is already weighed down by a crushing debt burden, with debt servicing swallowing a staggering proportion of national revenue. Yet, rather than confronting this reality with discipline and reform, the Tinubu administration continues to plunge the country deeper into what can only be described as a looming debt catastrophe.
“Each new loan tightens the noose around the nation’s economic sovereignty, leaving future generations to pay for today’s lack of foresight.
“Even more disturbing is the timing of this request. As the nation inches closer to a major general election cycle, Nigerians are right to question the motives behind this borrowing spree.
“Is this truly about development, or is it another attempt to create avenues for political patronage and electoral advantage? History has taught us to be wary of last-minute, large-scale financial commitments made under the guise of national interest,” the statement read in part.
The ADC Legislators’ Forum insisted that the National Assembly must not act as a rubber stamp or a pro-group of President Tinubu in this matter.
It said the Senate, in particular, must rise to its constitutional responsibility by demanding full disclosure of the project’s financial details, procurement processes, cost-benefit analysis, and a credible repayment plan, as anything short of this would amount to a betrayal of public trust.
The lawmakers called on the administration to redirect its focus toward policies that can genuinely strengthen Nigeria’s economy; policies that promote productivity, industrial growth, job creation, and the plugging of revenue leakages.
“We must clearly state that governance is not a free ride without consequences. Those who make decisions today that endanger the economic future of millions of Nigerians must understand that a day of reckoning will inevitably come.
“The Nigerian people will demand answers, accountability, and justice for policies that have deepened hardship and mortgaged the nation’s destiny. Nigeria stands at a critical crossroads.
“We can either choose the path of responsibility, discipline, and sustainable growth, or continue down this perilous road of debt dependency and economic vulnerability,” the statement added.
By Modupe Gbadeyanka
Salary increases of between 30 and 80 per cent have been approved for Nigeria’s armed forces personnel by President Bola Tinubu.
This was confirmed by a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
About 250,000 personnel are to benefit from the new deal, which takes effect on September 1, according to the statement. Officers above the rank of colonel will enjoy a 30 per cent salary increase. This applies to Brigadier-Generals, Major-Generals, Lieutenant Generals and Generals.
Personnel from colonel down to warrant officer will have a 50 per cent increase, while Private to Staff Sergeant will have an 80 per cent increase.
The President’s spokesman stated that the pay package will increase the yearly salary bill for the country’s armed forces personnel from N660 billion to N924 billion.
President Tinubu has always praised the courage and sacrifices of members of the armed forces as they confront the scourge of banditry, kidnapping and terrorism in some parts of the country.
“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties.
“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Mr Tinubu was quoted as saying.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
