₦airaland Forum

The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.

The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.

The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.

Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act


The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.

The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

The election that brought a political loyalist of President Bola Tinubu, Musiliu Akinsanya, popularly known as MC Oluomo to emerge the National President of National Union of Road Transport Workers (NURTW) is invalid, SaharaReporters has learnt.

This is because the Court of Appeal in Abuja already affirmed Tajudeen Baruwa as the re-elected NURTW president, according to a court document seen by SaharaReporters.
On Saturday, it was reported that MC Oluomo had been elected as the president of NURTW after being the only candidate to run for the position.

He had secured unanimous votes from all of the delegates in the Union's Quadrennial Delegate Conference for Zone 2 Council of the Union, which was held in Osogbo, the capital of Osun State.

Meanwhile, the appellate court in a unanimous judgement delivered on Friday, November 8, affirmed the March 11, 2024 ruling of the National Industrial Court, Abuja, affirming the re-election of Tajudeen Baruwa as the National President of the NURTW

The ruling was delivered by the trio of Justice Hamma Akawu Barka, Justice Nnamdi Okwy Dimgba and Justice Asmau Ojuolape Akanbi.

In the Appeal numbered CA/ABJ/CV/293/2024 between Alh. Najeem Usman Yasin, Alh. Tajudeen Badru Agbede, Alh. Aliyu Isa Ore, Kayode Agbeyangi, Alh. Alhasan Haruna 313, Aliyu Tanimu, Alh. Hakeem Adeosun as 1st to 7th Appellants and Tajudeen Ibikunle Baruwa, Bello Adamu, Eugene Eze Job, Danjuma Saidu, Prince Isah Dahiru Uman, Suleiman Adamu, Odion Olaye J.P and Chief Herbert C. Iwuji as the 1st to 8th Respondents, the three Appeal Court judges dismissed the Appellants appeal and awarded a cost of N100,000 against them.

The enrolled order of the judgement obtained by SaharaReporters on Friday evening, shows it was signed by Deputy Chief Registrar, Judith M. Jabbe, and read by Justice Hamma Akawu Barka. The Appeal Court declared that "this Appeal is devoid of merit and the same is hereby dismissed".

The judgement reads, "This is an appeal against the judgment/decision of the National Industrial Court Sitting in Abuja, in Suit No. NICN/ABJ/263/2023 delivered on the 11th March, 2024 by Justice O. O. Oyewumi. Upon Reading the Record of Appeal compiled and transmitted before this court together with the respective briefs of argument;

"And After Hearing, O. I. Olorundare, SAN with F.T Sotikare, esq) Jimoh Balogun, Esq O. D. Emole, Esq I. Yunanah Esq) for the Appellants. Tolu Babaleye Esq with Adeniyi Adejoke Esq, Maku Oluwatoyin Esq, B. T Ataine Esq for the Respondents; it is hereby ordered that: This Appeal is devoid of merit and the same is hereby dismissed.

"I affirm the Judgment of the Trial Court delivered on the 11th day of March, 2024 in respect of Suit No. NICN/ABJ/263/2023. I award the cost of N100,000 against the Appellant and in favour of the Respondents," it adds.

The National Industrial Court in its judgement on Monday, March 11, 2024, sacked the Tajudeen Agbede-led Caretaker Committee of the NURTW.

While delivering her judgment on the leadership crisis rocking the union, Justice O. O. Oyewumi held that the delegates’ conference across the six zonal councils held on May 24, 2023, where Baruwa emerged as President for a second term in office was valid.

The presiding judge also restrained the former President of the Union, Najeem Yasin, who was the Board of Trustees chairman, from interfering in the day-to-day running of union affairs.

She held that Najeem could only act as chairman of the board.

The court also validated the Quadrennial National Delegates Conference held on August 23, 2023, at Ta’al Hotels in Lafia, Nasarawa State where the president and other national officers were inaugurated.

Oyewumi declared illegal, null, and unconstitutional the national delegates’ conference held on October 25, 2023, where the then Acting President, Isa Ore, and his National Administrative Council were said to have emerged.

According to the judge, there was no evidence of a crisis in the union.

Consequently, she held that there was no basis for the invocation of the ‘doctrine of necessity’ that led to the constitution of the caretaker committee.

“The National Delegates conference held on October 25, 2024 cannot stand and therefore declare null and void.

“Alhaji Najeem Usman Yasin is also restrained from interfering in the day-to-day running of the affairs of the union. Though he can act as Chairman of the board of trustees of the union,” the judge ruled.

The election that took place on November 9, 2024, which saw MC Oluomo emerge as the National President of the NURTW, is, therefore, null and void. Notably, the election was overseen by Aliyu Issa-Ore, the acting National President, whose own election was nullified by the National Industrial Court in March 2023. The Appeal Court has upheld this verdict. This means that the election that brought MC Oluomo to power is not legitimate, considering the Appeal Court's judgment.

MC Oluomo – President Tinubu’s Loyalist
SaharaReporters earlier reported that MC Oluomo's rise to power as the sole candidate for NURTW National President might be linked to his strong ties with President Bola Tinubu's administration. This connection is particularly concerning, given his history of controversy.

In March 2023, MC Oluomo sparked outrage when he threatened Igbo people in Lagos, warning them to stay home during the governorship election unless they planned to vote for the All Progressives Congress (APC) candidates. He was caught on video threatening Igbo people in Lagos, warning them not to vote for candidates outside the ruling party. This incident sparked widespread concern, as it undermined Nigeria's democratic process and unity.

The video, which went viral, showed MC Oluomo addressing a gathering and issuing the threatening statement during the 2023 general election. The Nigerian Police Force promptly denounced MC Oluomo's actions, but despite this, he has yet to face punishment for his conduct.

MC Oluomo's history of controversy is well-documented. As the former chairman of the Lagos State branch of the National Union of Road Transport Workers, he has been accused of using thugs to disrupt elections and intimidate opponents. His influence and wealth, accumulated during his six-year tenure, have made him a formidable figure in Lagos politics.

Meanwhile, MC Oluomo has publicly described himself as being owned by Tinubu. In October 2018, MC Oluomo, in an Instagram post, said Tinubu owned him and that whatever he (Tinubu) wanted was what he (MC Oluomo) would support.

He wrote on his Instagram page, “I am an Asiwaju Bola Ahmend Tinubu Jagaban loyalist, I wear the Jagaban jersey, I've been a loyalist since 1999, the first mecca i went is through his execellence in the year 2000, moreso, he as done alot for me, he made me who i am today our relationship has been was very cordial and strong in the area that I grew up in.

“So I'm one of his loyalist that have strong believe in him, he own the party and any where his interest belong I Musiliu Ayinde Akinsanya Mc oloumo belong. I and my people in Oshodi formerly endorse HE Akinwunmi Ambode for 2nd term because his government is still working in the shadow of the party national leader, but now the case is vice-visa i have to follow the interest of Bola Ahmend Tinubu and the party decision. If Asiwaju Bola Ahmend Tinubu again says is no more Babajide Sanwoolu but someone else, so shall it be.”