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Senate approves Tinubu’s $6bn loan request

The Senate has approved the request of President Bola Tinubu to go for external loans totalling $6 billion.

The approval came after the President of the Senate, Senator Godswill Akpabio, read the letter from the president, seeking the approval.

The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, APC, Sokoto North, Chairman, Senate Committee on Local and Foreign Debts.

Earlier, President Tinubu’s request to borrow was contained in two separate letters addressed to the President of the Senate, Senator Godswill Akpabio, that were read during plenary on Tuesday.

In the first letter read by Akpabio, President Tinubu requested the approval to establish a structured total return swap (TRS) external financing programme of up to $5 billion with First Abu Dhabi Bank of the United Arab Emirates.

In the letter, President Tinubu, who noted that the facility would be made available to Nigeria in tranches, said, “The purpose of this letter is to request the approval and resolution of the National Assembly pursuant to the provisions of section 21(1) and 27(1) of the Debt Management Office Establishment Act 2003 to establish a structured total return swap (TRS) derivative external financing programme from First Abu Dhabi Bank of the United Arab Emirates of up to $5 billion, which will be made available to the Federal Republic of Nigeria in tranches.”

According to Tinubu, the proceeds would be used for budget implementation, development of priority infrastructure projects and repayment of relatively expensive domestic and external debts, adding that the facility would also help the federal government meet urgent financial obligations when necessary.

The president said that Nigeria’s total public debt currently stands at $110.3 billion, equivalent to about N159.2 trillion as of December 31, 2025.

According to him, the loan would be drawn in phases to reduce pressure on the country’s debt stock and servicing obligations.

In the second letter, Tinubu also asked the Senate to approve the issuance of naira-denominated federal government securities as collateral for the facility and the payment of margining obligations in US dollars.

In the letter, the president, who sought approval for a $1 billion UK export finance loan facility arranged by Citibank, London branch, said that the loan would be used for the reconstruction and rehabilitation of the Lagos Port Complex and Tin Can Island Port.

𝗜𝗞𝗢𝗡𝗢-𝗜𝗡𝗜 𝗘𝗡𝗗𝗢𝗥𝗦𝗘𝗦 𝗧𝗜𝗡𝗨𝗕𝗨, 𝗔𝗞𝗣𝗔𝗕𝗜𝗢 𝗔𝗡𝗗 𝗨𝗠𝗢 𝗘𝗡𝗢 𝗙𝗢𝗥 2027 𝗔𝗦 𝗨𝗞𝗣𝗢𝗡𝗚-𝗨𝗗𝗢 𝗦𝗣𝗟𝗔𝗦𝗛𝗘𝗦 250𝗠 𝗜𝗡 𝗖𝗔𝗦𝗛 𝗔𝗡𝗗 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦 𝗚𝗥𝗔𝗡𝗧𝗦 𝗧𝗢 𝗖𝗢𝗡𝗦𝗧𝗜𝗧𝗨𝗘𝗡𝗧𝗦

𝙐𝙉𝙑𝙀𝙄𝙇𝙎 𝙉1.5𝘽𝙣 𝙀𝙈𝙋𝙊𝙒𝙀𝙍𝙈𝙀𝙉𝙏 𝙋𝙇𝘼𝙉 𝙄𝙉 𝙁𝙀𝘽𝙍𝙐𝘼𝙍𝙔 2026

The people of Ikono–Ini Federal Constituency have unanimously adopted President Bola Ahmed Tinubu, Senate President Godswill Akpabio and Akwa Ibom State Governor, Pastor Umo Bassey Eno, PhD, as their preferred candidates for the 2027 general elections.

The adoption was formally declared today, Monday 29th December 2025, at the constituency’s annual Yuletide Meeting, which also featured a massive 50,000-man solidarity march across Ikono and Ini Local Government Areas. The event attracted political leaders, party stakeholders, traditional rulers, community representatives and supporters from across the federal constituency.

Setting the tone for the gathering, Sir Victor Etefia commended President Tinubu’s economic reforms, describing them as bold and necessary steps toward stabilising the economy and positioning the country for sustainable growth. He urged constituents to remain patient and supportive, expressing confidence in the long-term benefits of the reforms.

Also speaking, Obonganwan Lovina Umoefah emphasised the importance of unity and continuity in governance, noting that the endorsement reflected the people’s confidence in leaders who have shown capacity, consistency and commitment to development at the national and state levels.

Chairmen of the All Progressives Congress (APC) in Ikono and Ini LGAs declared the party’s full alignment with the adoption, assuring that grassroots party structures were firmly behind the decision. The council chairmen of both local governments also pledged sustained mobilisation and engagement in support of the endorsed leaders.

Addressing the gathering, the Member representing Ikono/Ini Federal Constituency in the House of Representatives, Rt. Hon. Emmanuel Ukpong-Udo (PhD), described the endorsement as a reflection of the people’s appreciation of purposeful leadership.

“We are encouraging continuity because of visible results. From the economic reforms of President Bola Ahmed Tinubu, the stabilising leadership of the Senate President, to the inclusive and unifying governance of Pastor Umo Eno, our people have made it clear that performance matters,” Ukpong-Udo said.

The lawmaker also announced a N1.5 billion empowerment package scheduled for rollout in February 2026, aimed at boosting livelihoods, supporting small businesses, and empowering youths and women across the constituency. He disclosed plans for a ward-by-ward tour to personally identify beneficiaries, assuring that the process would be transparent and free from external influence.

In the spirit of the season, Rep. Ukpong-udo further gifted a total of N250 million Christmas support package for constituents, a declaration that was met with loud applause and appreciation from attendees.

Celebrating 1 Year of Excellence at Ambassadors Place!

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365 days of unwavering consistency.
12 months of exceptional service.
1 incredible year of serving you with excellence.

From day one, our mission has been to provide the best—and your trust has fueled our passion every step of the way. Through every smile, every service, and every shared moment, we’ve grown into more than just a place—we’ve become a community.

As we mark this beautiful milestone, we say thank you! Thank you for believing in us, for standing by us, and for choosing Ambassadors Place as your preferred destination.

With even greater love and renewed passion, we step into the future—committed to serving you better than ever before.

Here’s to many more years of excellence!

With love,
The Ambassadors Place Team

Join the Founder of Talent Bank Nigeria, Mr Nelson NseAbasi by 11pm as he speaks to Mighty George Mighty George on "Artiste Management Challenges and Opportunities" during the Guinness World Record Talk show Marathon!

REP. EMMANUEL UKPONG-UDO HOSTS END-OF-YEAR EMPOWERMENT PROGRAM..Doles Out N250 Million in Business Grants and Christmas Support to over 2,500 Constituents

In a historic display of commitment and generosity, Rt. Hon. Emmanuel Ukpong-Udo, (Ph.D), the member representing Ikono/Ini Federal Constituency in the House of Representatives, hosted a grand end-of-year empowerment event on Tuesday, December 31, 2024. This event marked the official commencement of his N600 million empowerment program for the fourth quarter of 2024, aimed at uplifting constituents and celebrating the yuletide season.
The event, held at Ikot Odu, Ndiya, attracted dignitaries, traditional rulers, and over 2,500 beneficiaries from Ikono and Ini Local Government Areas. The centrepiece of the ceremony was the disbursement of N250 million in business grants and Christmas financial support, benefiting a broad spectrum of constituents.

In his opening remarks, Rep. Ukpong-Udo expressed heartfelt gratitude to his constituents for their unwavering support throughout his political journey. Rep. Ukpong-Udo outlined the categories of beneficiaries, with grants ranging from N300,000 to N2 million. A total of 392 beneficiaries received business grants amounting to N250 million, designed to empower small-scale entrepreneurs and support families during the festive season.

Looking ahead, the lawmaker unveiled plans for 2025 under initiatives such as "Macaire in His Presence" and "Macaire in Your Community," which are set to empower over 6,000 constituents with an estimated N1 billion in grants and various start-up kits. These programs further underline his commitment to delivering impactful and sustainable development to Ikono/Ini Federal Constituency.
He further praised the Senate President, Senator Godswill Akpabio, and the Governor of Akwa Ibom State, Pastor Umo Eno, for their dedication to fostering peace and development in the region.

The Director-General of the Mkpoikana-Abasi Campaign Organization, Barr. Edet Inyangidim, delivered a goodwill message, lauding Rep. Ukpong-Udo for his transparency and fulfilment of campaign promises. He expressed confidence in the lawmaker’s ability to sustain his developmental strides and endorsed him for future leadership roles. Other notable speakers included Mr. Wilson James, an indigene of Odoro Ikono in Ini LGA, who pledged his unwavering support for Rep. Ukpong-Udo, and Hon. Etetim Awatim, a former council helmsman of Ini LGA. Awatim commended the lawmaker's focus on human capacity development, youth empowerment, and infrastructure growth while urging constituents to pray for his continued success.

The event renewed trust between the lawmaker and his constituents, reinforcing his reputation for financial integrity and dedication to community development. Beneficiaries and supporters left the venue with renewed hope, inspired by Rep. Ukpong-Udo’s vision for a prosperous and empowered constituency. As the festive season comes to a close, the people of Ikono and Ini LGAs are poised for a brighter future under the impactful leadership of Hon. Emmanuel Ukpong-Udo.