General
SERAP Urges NASS to Reject Buhari’s Fresh Loan Request
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to reject the fresh loan request of President Muhammadu Buhari.
Last week, at the resumption of plenary on the Senate after a break, Mr Ahmad Lawan, the Senate President, read a letter from Mr Buhari requesting to borrow $4 billion and €710 million.
But in a letter, SERAP said both chambers, the Senate and House of Representatives, should not grant this request until the publication of details of spending of all loans obtained since the Buhari-led administration took office on May 29, 2015.
In the open letter signed by SERAP deputy director, Mr Kolawole Oluwadare, the group expressed “concerns about the growing debt crisis, the lack of transparency and accountability in the spending of loans that have been obtained, and the perceived unwillingness or inability of the National Assembly to vigorously exercise its constitutional duties to check the apparently indiscriminate borrowing by the government.”
SERAP said: “The National Assembly should not allow the government to accumulate unsustainable levels of debt, and use the country’s scarce resources for staggering and crippling debt service payments rather than for improved access of poor and vulnerable Nigerians to basic public services and human rights.”
According to SERAP, “Accumulation of excessive debts and unsustainable debt-servicing are inconsistent with the government’s international obligations to use the country’s maximum available resources to progressively achieve the realisation of economic and social rights, and access of Nigerians to basic public services.”
The letter read in part: “The country’s public debt has mushroomed with no end in sight. The growing national debt is clearly not sustainable. There has been no serious attempt by the government to cut the cost of governance. The leadership of the National Assembly ought to stand up for Nigerians by asserting the body’s constitutional powers to ensure limits on national debt and deficits.
“SERAP urges you to urgently propose a resolution and push for a constitutional amendment on debt limit, with the intent of reducing national debt and deficits. This recommendation is entirely consistent with the constitutional oversight functions and spending powers of the National Assembly, and the country’s international anti-corruption and human rights obligations.
“Indiscriminate borrowing has an effect on the full enjoyment of Nigerians’ economic and social rights. Spending a large portion of the country’s yearly budget to service debts has limited the ability of the government to ensure access of poor and vulnerable Nigerians to minimal health care, education, clean water, and other human needs.
“Should the National Assembly and its leadership fail to rein in government borrowing, and to ensure transparency and accountability in the spending of public loans, SERAP would consider appropriate legal action to compel the National Assembly to discharge its constitutional duties.
“The National Assembly under your leadership has a constitutional responsibility to urgently address the country’s debt crisis, which is exacerbated by overspending on lavish allowances for high-ranking public officials, lack of transparency and accountability, as well as the absence of political will to recover trillions of naira reported to be missing or mismanaged by the Office of the Auditor-General of the Federation.
“The National Assembly should stop the government from borrowing behind the people’s backs. Lack of information about details of specific projects on which loans are spent, and on loan conditions creates incentives for corruption, and limits citizens’ ability to scrutinise the legality and consistency of loans with the Nigerian Constitution of 1999 (as amended), as well as to hold authorities to account.
“SERAP notes that if approved, the country’s debts will exceed N35 trillion. The government is also reportedly pushing the maturity of currently-secured loans to between 10 and 30 years. N11.679 trillion is reportedly committed into debt servicing, while only N8.31 trillion was expended on capital/development expenditure between 2015 and 2020.
“Ensuring transparency and accountability in the spending of loans by the government and cutting the cost of governance would address the onerous debt servicing, and improve the ability of the government to meet the country’s international obligations to use maximum available resources to ensure the enjoyment of basic economic and social rights, such as quality healthcare and education.”
By Adedapo Adesanya
President Bola Tinubu has commended the National Drug Law Enforcement Agency (NDLEA) for dismantling a sophisticated Nigerian-Mexican drug syndicate and uncovering a multi-million-dollar illicit drug production network operating in the country.
The President’s message was contained in a statement issued on Thursday by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.
The NDLEA Chairman, Mr Mohammed Buba Marwa, had on Wednesday announced the breakthrough following a major operation carried out by the agency in collaboration with international partners after weeks of intelligence gathering and strategic planning.
According to President Tinubu, the operation, which led to the arrest of foreign nationals, local drug kingpins, and other collaborators, as well as the seizure of illicit drugs and chemicals valued at over $360 million, reflects the professionalism and commitment of the anti-narcotics agency.
“This successful operation, which led to the arrest of foreign nationals, local kingpins and other collaborators, as well as the seizure of chemicals and illicit drugs valued at over $360 million, demonstrates exceptional professionalism, courage, and unwavering commitment to safeguarding society from the devastating effects of narcotics,” the President said.
He praised the courage, resilience, and dedication displayed by NDLEA operatives during the operation and urged the agency not to relent in the fight against drug trafficking.
He warned that West Africa has increasingly become a major transit hub for cocaine, synthetic drugs, and unregulated pharmaceuticals being trafficked to Europe and North America.
According to him, beyond posing serious security threats, the drug trade is also destroying the future of many young people across the region.
The President also called on Nigerians to support the fight against illicit drugs by remaining vigilant and reporting suspicious activities to security agencies.
“I call on all Nigerians to see the fight against illicit drugs not NDLEA’s alone. Everyone has a role to play. We must remain vigilant and promptly report suspicious activities within our communities to assist security agencies in combating criminal networks,” he stated.
President Tinubu added that the successful operation sends a strong warning to criminal networks that organised crime and other threats to public safety will not be tolerated anywhere in the country.
“This landmark success is a strong message that our security agencies will not tolerate organised crime and criminality anywhere in the country, and that those who threaten public safety and national security will face the wrath of the law,” he said.
By Adedapo Adesanya
The Minister of Solid Minerals Development, Mr Dele Alake, says Nigeria’s local value addition policy attracted over $2.6 billion in mining investments within two years.
Mr Alake spoke during a joint stakeholders’ sensitisation meeting organised by the Nigeria Revenue Service and the Ministry of Solid Minerals Development in Abuja.
A statement issued by the minister’s Special Assistant on Media, Ms Lara Wise, said ongoing reforms extended beyond enforcement and revenue generation towards building a sustainable mining ecosystem capable of creating jobs and boosting exports.
He explained that reforms were also designed to increase government revenue and accelerate industrialisation across the country through responsible mining activities and local value addition initiatives.
According to him, the solid minerals sector has become central to the economic diversification agenda of President Bola Tinubu. Alake said reforms introduced by the administration were already producing visible outcomes through increased investments and expanding mineral processing activities nationwide.
“We now have a $600 million lithium processing factory awaiting commissioning in Nasarawa State and another 200 million dollars lithium facility near Abuja,” he said.
He added that gold processing plants and other mineral beneficiation factories were emerging across Nigeria, creating employment opportunities for citizens in mining communities and industrial centres.
The minister stressed that the Federal Government was no longer interested in exporting raw minerals without domestic processing and industrial value addition. He said the ministry introduced reforms to improve the ease of doing business and strengthen licensing processes within the solid minerals sector.
Mr Alake stated that the government had also expanded geoscience data generation, formalised artisanal miners and sanitised the sector to attract responsible investors.
According to him, more than 300 illegal mining operators, including foreign nationals, have been arrested during ongoing enforcement operations across the country.
He disclosed that over 150 prosecutions involving illegal mining activities were currently ongoing in different courts nationwide. “Over 100 illegal mining sites have been recovered and returned to legitimate owners as part of efforts to restore investor confidence,” he said.
The minister observed that Nigeria struggled economically for years because previous administrations lacked the courage to implement difficult but necessary reforms. “Nigeria was borrowing to pay salaries before 2023. Resources were used mainly for recurrent expenditure and unsustainable fuel subsidy payments,” he stated.
Mr Alake said President Tinubu immediately moved to block leakages and reform critical sectors of the economy after assuming office.
By Adedapo Adesanya
Around 241,590 electricity customers were metered by the 11 Electricity Distribution Companies (DisCos) in Nigeria between January and February 2026.
According to a document published by the Nigerian Electricity Regulatory Commission (NERC) on Thursday, while 119,792 customers were metered in January 2026, 121,798 were metered in February 2026, indicating a metering rate of 57.93 per cent and 58.57 per cent, respectively.
Cumulatively, NERC revealed that the total number of new customers metered increased from 7.1 million in January 2026 to 7.2 million in February 2026.
The document also showed that the total number of active electricity customers increased from over 12.2 million in January 2026 to over 12.3 million in February 2026.
There was a commendable improvement in metering rate from Port Harcourt DisCo (65.47 per cent to 66.36 per cent) and consistent gains from Abuja, Eko, Ikeja, and Ibadan. However, Eko and Ikeja remain the top performers with metering rates above 84 per cent.
NERC further said that DisCos with metering rates below 50 per cent, including Jos, Kaduna, Kano, and Yola, continue to meter new customers, noting that accelerated rollout is still required to close the gap.
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