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BREAKING: Why We Need N9.61 Trillion Loan – FG Speaks

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– The federal government has explained why it needs N9.61 trillion loan

– President Buhari said the loan will fund a number of key projects in the country

– Kemi Adeosun, also said it was part of an external borrowing plan

Speaking on why the federal government wants to take a loan of about N9.61 trillion, President Buhari said it was needed to fund key projects in the country.

On Tuesday, October 25, when the President requested the National Assembly’s accelerated approval of the borrowing plan, it was shocking because it is the biggest single external loan request by any government in recent history.

The loan which would include a $575 million World Bank loan, would according to the President fund projects cut across key sectors of the economy, with special emphasis on infrastructure development, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes and governance and financial management reforms.

The president said the proposed programmes would receive about $11.274 billion of the total loan, while special infrastructure projects would take $10.69 billion. Euro bonds will take $4.4 billion and federal budget support, $3.5 billion.

The World Bank loan would be used to finance polio eradication support and routine immunization project ($125 million); community and social development project ($75 million), and Nigerian states health programme investment project ($125 million).

The state education programme investment project ($100 million), Nigerian youth employment and social support project ($100 million), and Fadama II project ($50 million) will also be funded out of the loan, with the hope that it would help the economy out of recession.

Speaking on the loan, the minister of finance, Kemi Adeosun, had also said as part of an external borrowing plan approved by the Executive Council of the Federation, the government would borrow cheapest available monies to fund key ongoing projects.

Abraham Nwankwo, the Director-General, Debt Management Office (DMO), said on Tuesday, October 25 that conventional public borrowing was necessary for Nigeria to pull the economy out of recession.

He also explained that with the huge “structural financing gap (SFG),” the country needs to tap capital from all available sources, including short, term and long-term borrowing with tenors of 15 years and above, to survive.

However, Eze Onyekpere the lead director at Centre for Social Justice (CENSOJ), has described government decision to take more loan as “fiscal irresponsibility”.

Criticizing the plan to borrow, he said: “We are paying about $61 billion in external debt already. If we add another $29.96 billion to be borrowed, we will be talking about $90.96 billion. What kind of projects are they going to use the loan on?”

The PDP has also criticized the plan to borrow, saying that the request for almost $30billion loan by President Muhammadu Buhari is totally out of place when it has recovered loots and a N6trillion budget that it is yet to account for.

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From Studio to Spotlight: Meet Espago, the 2025 Breakout Artist Shaping Afro‑Fusion

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At 31, Lagos-born Espago is redefining what it means to be a late bloomer in the Nigerian music
space. After spending years as a chef, designer, and farmer, Espago turned to music just a year
ago on a journey sparked by deep loss, life experience, and self-discovery.
What makes him different? It’s not just his sound, it’s his story. Espago brings a calm but
confident energy that mirrors his Lagos upbringing: a blend of vibrant Fuji rhythms and soulful
Afrobeat traditions like King Sunny Ade, shaped by global legends like Michael Jackson and
Celine Dion. His voice? Professionally trained. His brand? Stylish, grounded, and intentional.
Espago didn’t wait for the industry to find him; he found his own way in, teaching himself,
searching out producers, and building his identity from scratch. With no major label backing and
no big-name features, he has still built a brand marked by boldness, emotion, and Lagos street
authenticity.
He’s not just making music; he’s building a lifestyle brand. His creative roots are in food,
fashion, and music fused into something richer than just a “sound.” It’s a full experience. While
he hasn’t performed live yet, he’s putting in the work behind the scenes, mentoring new artists,
recording regularly to sharpen his voice and brand for bigger stages ahead.
In a scene dominated by speed, Espago’s journey is about intentional growth, honest
expression, and emotional connection.
As the new class of Afro‑HipHop begins to take shape, Espago stands out not just for what he’s
making, but for who he is becoming.

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Edo Phenom Derriq Wants to Put Benin City on the Global Map

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Rising artist Derriq isn’t just making music for entertainment; he’s building a legacy rooted in culture, resilience, and pride. The Lagos-based Afro-soul and Afrobeats singer has his eyes set on something bigger than streaming numbers: putting his hometown of Benin City on the global creative map is his dream.
A native of Edo State, Derriq’s musical journey began as a child organizing school parties just for the chance to perform. Since then, he’s gone from studio assistant to full-fledged artist, releasing impactful tracks like “Position,” “Vibration,” and “Confidence.” His sound, described as smooth, calm, and party-ready, reflects the duality of his personality: laid-back yet determined, quiet but powerful.
Derriq is more than just a promising name on Nigeria’s growing music roster; he’s a symbol of the next generation of artists who blend regional identity with global appeal using his distinctive voice, a strong sense of direction, and his signature slang “Yehboo! Yezaiii!” making waves among fans, Derriq is proving that cultural authenticity still cuts through the noise.
His next single, “Omo n’ Ogie,” is a tribute to his heritage and a signal that he’s just getting started. Keep your eyes on Derriq, he’s not just singing for the moment, he’s singing for a movement.
Follow @DerriqMusic on all social platforms
For interviews and press: derriqmusic@gmail.com

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The Newspapers – Things You Need To Know This Sunday

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Good morning! Here is today’s summary from Nigerian Newspapers:

1. President Bola Tinubu will address the nation in a broadcast today, Sunday, August 4, 2024. Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday, saying the broadcast would hold at 7am.

2. The Commissioner of Police in Borno State, Yusuf Lawal, on Saturday confirmed the killing of four persons along Baga Road in Maiduguri, Borno State during the nationwide #EndBadGoverment protest. He said Boko Haram elements infiltrated the protesters and killed four persons on Thursday with explosives at a filling station.

3. Many persons have been feared killed while others sustained injuries as hoodlums clashed with security operatives in Kano. It was gathered that Rijiyar Lemo, Kurna to Bachirawa areas in Fagge Local Government, Kofar Nassarawa in Kano municipal and Unguwa Uku area of Tarauni Local Government are the worst hit areas.

4. The leadership of the organised labour, on Saturday, warned the Nigeria Police Force and other security forces to stop what it described as a “massacre” of protesters carrying out nationwide demonstrations against hunger in the land.

5. Leading Human Rights group, Amnesty International Nigeria, has said over 50 protesters were arrested in Abuja on the third day of the demonstration against hardship in the land.

6. Former Vice-President Atiku Abubakar has urged the police and other security agencies to stop shooting and killing protesters demanding good governance in Nigeria. Atiku in a statement on Saturday, questioned the professionalism of the security agencies in the handling of the ongoing demonstrations.

7. Some of the organisers and supporters of the ongoing protest have set up pages to raise over N4bn through GoFundMe, a popular online crowdfunding platform. A check on Saturday showed that a total of N4.1bn had been benchmarked to be donated through accounts created by three GoFundMe users.

8. Tragedy struck again in Imo State on Saturday evening when some gunmen reportedly shot dead the President-General of Umucheke Okwe autonomous community in Onuimo Local Government Area of Imo State, Hyginus Ohazurike. Six village heads from the autonomous community were also allegedly killed by the gunmen.

9. The Federal Capital Territory Commissioner of Police, Bennett Igweh has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT. In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.

10. The Minister of Budget and Economic Planning, Atiku Bagudu has said President Bola Tinubu is keeping an eye on the ongoing #EndBadGovernance demonstrations across the country.

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