Tinubu Pursues Re-election with Significant Funding Request
President Bola Tinubu is making a notable move to secure his re-election within the All Progressives Congress (APC) by acquiring an N100 million nomination form.
House Approves External Loan for Infrastructure Development
In a significant step for infrastructure improvement, the House of Representatives has approved President Tinubu’s proposal for external borrowing amounting to $516.33 million. This funding is earmarked for the construction of vital segments of the Sokoto-Badagry Expressway.
Legislative Backing for Loan Request
The approval came after a thorough evaluation of a report from the House Committee on Aid, Loans, and Debt Management, led by Mr. Abubakar Nararaba. Last week, the president submitted a request for swift consideration of the loan to Congress.
Funding Structure and Terms
During a session with the Supply Committee, a request for a syndicated financing facility from Deutsche Bank AG was endorsed to support the initial phases of the 120km highway project. The House specifically sanctioned a total of $516,333,007 for the initiative, incorporating it into the federal government’s phased borrowing strategy, thereby embedding it into Nigeria’s comprehensive debt framework.
Loan Details and Risk Management
The financing will be structured over a nine-year period, including a grace period of up to three years. Interest rates are tied to the CME SOFR plus 5.35% annually, reflecting current global borrowing trends. To enhance lender confidence, the facility will benefit from partial guarantees by Islamic investment and export credit insurance companies, potentially improving the terms of financing.
Conditions Imposed by Lawmakers
However, the House imposed several conditions with its approval. Lawmakers mandated rigorous oversight of the project, requiring quarterly progress reports from the Federal Treasury, Debt Management Office, and Labor Department regarding implementation and funding disbursements. Additionally, all finalized loan agreements must be submitted to the National Assembly within 30 days of closure, with continuous monitoring by relevant committees.
Advocating for Accountability and Efficiency
To ensure cost efficiency and transparent governance, the House called for competitive procurement processes, independent audits, and regular assessments of project milestones. These measures aim to guarantee value for money in the execution of the Sokoto-Badagry Expressway project, which is a cornerstone of the federal government’s initiative to link Nigeria’s north-west and south-west regions, ultimately enhancing logistics and stimulating trade.
Tinubu Officially Launches Re-election Campaign
In parallel developments, President Tinubu has publicly declared his intention to run for a second term, obtaining the APC’s expression of interest and nomination form in preparation for the 2027 presidential election. James Faleke, the representative for Ikeja Federal Constituency and a prominent supporter, secured the form on Tinubu’s behalf at the Abuja Continental Hotel. This act marks the formal commencement of Tinubu’s re-election campaign, coinciding with the APC’s primary elections scheduled for May 23, 2026.
Party Preparations Underway
APC National Organizing Secretary Suleiman Argungu officially opened the process by submitting the nomination form. He emphasized the importance of this step for the party’s preparations ahead of the upcoming elections. Furthermore, Argungu indicated that additional forms will be made available for other aspirants interested in contesting for presidential candidacy. Earlier, President Tinubu garnered endorsements from significant stakeholders and party institutions during a summit held in Abuja, solidifying his status as the APC’s preferred candidate.
