The House of Representatives on Wednesday approved President Bola Tinubu’s request to secure a total of $2.347bn from the international capital market to part-finance the 2025 budget deficit and refinance maturing Eurobonds.

The approval followed the consideration and adoption of a report presented by the House Committee on Aids, Loans, and Debt Management, chaired by Hon. Abubakar Hassan Nalaraba, during plenary presided over by Speaker Tajudeen Abbas.

Since assuming office in May 2023, President Bola Tinubu’s administration has secured substantial external financing to support government programmes and fiscal operations.

Between May 2023 and May 2025, Nigeria obtained approximately $7.2bn in external loans from the World Bank, aimed at bolstering key economic reforms and development initiatives. In addition, the government received approval for a $1 billion facility from the African Development Bank, expected to be disbursed between 2024 and 2025.

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Further strengthening its external financing portfolio, the House of Representatives in October 2025 approved a new borrowing plan, including $1.23bn to part-finance the 2025 budget and a $500m debut Sovereign Sukuk to be issued in the international capital market.

These financing initiatives form part of the administration’s broader strategy to bridge budget deficits, refinance maturing debts, and stimulate economic growth through targeted investments.

According to the committee’s report, “The new borrowing plan comprises $1.23bn to fund the 2025 budget deficit and $1.12bn to refinance Nigeria’s Eurobond maturing in November 2025.”

The Deputy Speaker, Benjamin Kalu, who presided over the Committee on Supply where the report was considered, put the request before the House at plenary.

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“The Committee on Supply considered the request of Mr President and made these recommendations. Do we accept these recommendations,” he asked, to which members replied in the affirmative.

Adopting the recommendations of the committee, the House authorised the Federal Government to “Implement the external borrowing component of the 2025 Appropriation Act amounting to ₦1.84tn (approximately $1.23bn) at the budget exchange rate of ₦1,500 to $1.”

Lawmakers also approved for the government to access the loans through Eurobond issuance, loan syndication, bridge financing facilities, or direct borrowing from international financial institutions.

In addition, the House endorsed President Tinubu’s proposal to issue Nigeria’s first-ever Sovereign Sukuk bond of up to $500m in the international capital market, with or without a credit guarantee.

Recall that President Tinubu, in his earlier correspondence to the National Assembly, explained that the borrowing plan was necessary to bridge the gap between projected revenue and expenditure in the 2025 fiscal year and to enable the government to meet its debt obligations as they fall due.

A tense encounter unfolded at the National Assembly on Wednesday as officials of the Joint Admissions and Matriculation Board walked out of a session convened by the House of Representatives Committee on Basic Education and Examination Bodies.

The Committee, led by Bayelsa lawmaker, Oboku Oforji, had summoned the examination body to account for its 2023–2024 budget performance, internally generated revenue remittances, and other financial operations, including bank statements and evidence of transfers to the Consolidated Revenue Fund.

In Nigeria, it is not uncommon for public agencies to ignore invitations from National Assembly committees, a development that often leads to conflicts between the legislature and executive branches. This pattern of non-compliance undermines the parliament’s oversight role, weakens accountability, and signals a troubling disregard for the legislature’s constitutional authority.

Often, agency heads treat summonses as optional, behaving as if they are not answerable to lawmakers. Many appear to rely on political connections or affiliations with the ruling party, assuming that little will be done if they fail to comply.

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Executive officials sometimes push back, arguing that repeated or seemingly unnecessary summonses disrupt their work.

A common workaround is for agency heads to send junior representatives in their place. However, lawmakers frequently reject this, insisting on direct engagement with the leaders themselves to ensure transparency and accountability.

Ultimately, these recurring clashes highlight a broader struggle: balancing the legislature’s constitutional duty to oversee public institutions with the practical challenges faced by agencies and private-sector actors.

At the hearing on Wednesday, the Committee noted that JAMB was formally invited in three separate letters dated October 6, 17, and 23, 2025, requesting the personal appearance of Registrar Prof Ishaq Oloyede and submission of the relevant documents. Instead of attending in person, Prof. Oloyede sent a representative, Director Mufutau Bello.

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Tension escalated when Bello demanded that National Assembly-accredited journalists leave the room, arguing that the documents contained sensitive financial information. The lawmakers refused, stating that the proceedings were public and that the Committee, not JAMB, had the authority to set the terms of the session.

Agitated by the insistence, Bello ordered his team to exit, leaving the lawmakers shocked. The Committee immediately instructed the Sergeant-at-Arms to detain the JAMB officials, only to find that they had already left the premises.

Describing the walkout as “Unacceptable and disrespectful,” Oforji emphasised that the Committee’s mandate is to ensure transparency and accountability, not to embarrass any agency.

“We sent three formal requests to the Registrar. Instead of complying, he sent a representative who accused us of trying to embarrass JAMB. That is unfortunate and cannot be tolerated,” he said.

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Consequently, the Committee gave Prof Oloyede until Tuesday, November 4, 2025, to appear in person with his management team and provide all requested documents. Failure to comply, the Committee warned, could trigger enforcement actions under Sections 88 and 89 of the 1999 Constitution (as amended).

Several lawmakers condemned JAMB’s action as a contemptuous disregard for parliamentary oversight.

Abiante said the walkout demonstrated a troubling lack of accountability.

“Oversight is not a favour; it is a constitutional responsibility. If JAMB can ignore the National Assembly, it raises serious concerns about how public funds are managed,” Abiante said, alluding wryly to past controversies involving missing public money.

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On his part, Rodney Ambaiowei criticised the agency’s attempt to exclude the press, stressing that the public has a right to know how government funds are spent.

“No agency can dictate how parliament operates. Transparency is not optional when it comes to public resources,” he said.

Also speaking, Rivers lawmaker, Marie Ebikake, expressed surprise that the Registrar did not attend the hearing, noting that the identity of the representative was unclear.

“We do not even know who led the delegation. The Registrar must appear on Tuesday to clarify JAMB’s management of public funds,” she said.

The Committee adjourned the session until next Tuesday, warning that any further defiance by the examination body would invite strict parliamentary sanctions.

After backlash for granting a presidential pardon to Maryam Sanda, sentenced to death in 2020 for the killing of her husband, Bilyaminu Bello, President Bola Tinubu has revoked the pardon and reversed her sentence to 12 years.

This was revealed in an official gazette released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Wednesday.

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According to the gazette, Sanda, who had already spent six years and eight months at the Suleja Medium Security Custodial Centre, got the new approved term on compassionate grounds.

Details later…