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$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
The diverse range of subscriptions from multiple investors (local and foreign) to Nigeria’s $2.2 billion Eurobonds is a testament of the confidence in President Bola Ahmed Tinubu’s economic reforms, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said yesterday.
The Eurobond had been oversubscribed by 300 per cent by investors from the United Kingdom (UK), North America, Europe, Asia and Middle East as at yesterday.
According to the minister, the peak orderbook of $9.0 billion was an expression of continued investor confidence in Nigeria’s sound macro-economic policy framework and prudent fiscal and monetary management.
The demand for the bonds came from a combination of fund managers, insurance and pension funds, hedge funds, banks and other financial institutions.
Edun said: “The successful issuance signposts increasing confidence in ongoing efforts of President Bola Tinubu administration to stabilise the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians.
“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said the outcome underscored the growing confidence of investors and the resilience of the Nigerian credit.
He described the strong demand as Nigeria’s “improved liquidity position and continued access to international markets to support the financing needs of the government.”
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Director-General, Debt Management Office (DMO), Ms. Patience Oniha said with the successful pricing of the bond notes on intra-day basis, Nigeria has registered a landmark achievement in the international capital market.
According to her, the size of the orderbook at approximately more than four times of the offer amount, and the strong and diverse investor base helped in pricing the new bond notes.
“The DMO remains committed to maintaining transparency and open communication with investors and stakeholders and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing.”
She added that the new notes would be admitted to the official list of the UK Listing Authority and they are available for trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange (NGX)
“The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government budgetary needs,” Ms. Oniha said.
Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners.
FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.
The Eurobond attracted about $9 billion subscriptions in overwhelming show of enthusiasm by the international capital market for long-term investments.
The Eurobond offer, launched yesterday by the Federal Government, is the first in more than two years.
It offers two tenors of a six and half years and 10 years Eurobonds. Both medium-tenor and long-tenor bonds were massively oversubscribed.
$2.2bn Eurobond oversubscription by 300% pass mark for Tinubu’s reforms – Finance minister
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News
Senate Reverses Controversial Standing Rules Amendment
Senate Reverses Controversial Standing Rules Amendment
The Nigerian Senate on Thursday rescinded its earlier amendments to Orders 2(2) and 3(1) of the Senate Standing Orders 2023 (as amended), restoring the previous provisions after lawmakers raised constitutional concerns over the revised rules.
The decision followed growing debate within the Red Chamber over amendments that sought to restrict eligibility for principal leadership positions to senators serving at least a second term in office.
Under the now-reversed amendment, only lawmakers currently serving in the 10th Senate and re-elected in the 2027 elections would have been qualified to contest for principal officer positions in the upper chamber.
The controversial changes had triggered criticism from some senators who argued that the amendment could unfairly exclude first-term lawmakers and limit internal democratic competition within the Senate leadership structure.
The motion for rescission and recommittal of the affected rules was moved during plenary by Senate Leader, Senator Opeyemi Bamidele (Ekiti Central), and seconded by Minority Leader, Senator Abba Moro (Benue South).
Bamidele explained that further legislative and constitutional reviews revealed that aspects of the amendment could conflict with provisions of the 1999 Constitution, particularly Section 52, making immediate correction necessary.
According to him, the Senate retains the constitutional authority to revisit and rescind previous decisions in order to safeguard legislative integrity and parliamentary convention.
He stressed that the upper chamber must ensure that all internal procedures remain consistent with constitutional provisions and democratic legislative practice.
Following deliberations, the Senate formally rescinded the amendments and restored the earlier standing rules governing eligibility for leadership positions.
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Deputy Senate President, Senator Jibrin Barau, who presided over the plenary session, described the motion as straightforward and essential for maintaining constitutional compliance.
“This is a very straightforward motion; it’s just for us to go in conformity with the constitution,” Barau said.
He commended Bamidele for identifying the constitutional issues surrounding the amendment and moving swiftly to correct them.
According to Barau, the matter was clear enough not to require prolonged debate on the Senate floor.
Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, however, criticised the manner in which the original amendments were passed earlier in the week.
According to him, the Senate leadership rushed the process without allowing sufficient debate among lawmakers.
“The way we rushed the rules, because certain people wanted certain things concluded, is one flaw to this process,” Oshiomhole stated.
“Next time, we should allow for robust debates,” he added.
His comments reflected concerns among some lawmakers over transparency and inclusiveness in handling major procedural decisions within the Senate.
Responding to Oshiomhole’s remarks, Bamidele raised a point of order under Rule 52(6), cautioning senators against reopening concluded matters without first presenting substantive rescission motions.
According to him, lawmakers dissatisfied with previous decisions should follow established parliamentary procedures rather than creating avoidable tension during plenary.
“If Distinguished Senator Oshiomhole had any problem with the decisions that were taken with respect to the amendment two days ago, what he was expected to do was to bring a substantive motion for rescission,” Bamidele said.
He also lamented that events during the previous plenary session had diverted public attention away from substantive legislative work.
“What became the news out of this hallowed chamber was that unnecessary drama, and we are not going to allow this to continue,” he added.
In a related development, the Senate also rescinded its earlier decision on the National Identity Management Commission (NIMC) Establishment Bill, 2026, and recommitted the bill to the Committee of the Whole for reconsideration.
Bamidele explained that a further review of the legislation revealed drafting inconsistencies and substantive issues affecting several clauses of the bill.
He specifically cited concerns relating to clauses 4(6), 8(j), 35–40, as well as portions of the explanatory memorandum accompanying the legislation.
After reconsideration, the Senate subsequently passed the revised bill.
Political analysts say the Senate’s reversal of the controversial standing rules highlights growing sensitivity around internal leadership arrangements ahead of the 2027 elections.
Observers also note that the swift reversal demonstrates increasing caution within the National Assembly over actions that could trigger constitutional disputes or internal division within the ruling political establishment.
The latest development further underscores ongoing power dynamics within the Senate, especially as lawmakers begin positioning for future leadership contests and political realignments ahead of the next electoral cycle.
Senate Reverses Controversial Standing Rules Amendment
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News
FG Begins Construction Plans for Modern Carter Bridge in Lagos
FG Begins Construction Plans for Modern Carter Bridge in Lagos
The Federal Government under President Bola Tinubu has officially handed over the construction of a new Carter Bridge in Lagos to the China Civil Engineering Construction Corporation (CCECC) as part of efforts to strengthen critical infrastructure and improve transportation safety in the state.
Minister of Works, Engr. David Umahi, disclosed this during the handover ceremony held at Carter Bridge, Lagos Island, on Wednesday.
Umahi said the project followed extensive structural investigations which uncovered serious defects beneath both Carter Bridge and the Third Mainland Bridge.
According to the minister, an initial underwater structural assessment carried out in 2013 under a previous administration revealed disturbing defects affecting the bridges’ foundation systems.
“The past administration commissioned investigation of what was happening with the structural elements below the water, and that was in 2013. Very disturbing defects were noticed in Carter Bridge and Third Mainland Bridge,” Umahi said.
He explained that another investigation conducted in 2019 showed that the structural defects had deteriorated further, prompting the Tinubu administration to engage geologists, marine engineers and specialist divers after assuming office.
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Umahi revealed that findings from the latest assessment confirmed that some piles supporting the bridges had shifted from their pile caps, raising concerns over the long-term safety and stability of the structures.
According to him, consultations were subsequently held with bridge engineers, lawmakers and international infrastructure experts before the Federal Government concluded that constructing a new bridge would be more economical and sustainable than attempting extensive repairs.
The minister stated that experts advised that rehabilitating the existing structure could cost nearly twice the amount required to build a new bridge entirely.
Umahi disclosed that part of the proposed structure would be designed as a modern cable-stayed bridge to improve aesthetics and support maritime navigation activities around Lagos waterways.
“We decided that a section of this Carter Bridge will be a cable bridge. You see the cable bridge we see overseas, very beautiful, and that is to enhance our navigational activities,” he stated.
He praised President Bola Tinubu for prioritising infrastructure development, describing him as a “president of infrastructure.”
According to Umahi, the Federal Government will provide 30 per cent counterpart funding for the project, while the remaining 70 per cent will be sourced through external financing arrangements.
The minister explained that seven construction firms were invited to bid for the project, while six companies eventually submitted bids, including Julius Berger Nigeria.
He said the Bureau of Public Procurement, BPP, recommended China Civil Engineering Construction Corporation (CCECC) after emerging as the most technically and commercially viable bidder.
“The CECC was technically and commercially most viable. That’s why the BPP recommended them and the Federal Executive Council approved the project award,” Umahi added.
The minister directed CCECC to immediately mobilise to the project site, stressing that the government would closely monitor the pace and quality of execution.
He also announced that one carriageway of Eko Bridge would be temporarily shut down from Sunday to allow ongoing infrastructure rehabilitation works in Lagos.
The planned new Carter Bridge project is expected to complement existing transport infrastructure in Lagos and reduce pressure on key routes linking Lagos Island to the Mainland.
Carter Bridge remains one of Lagos’ busiest transport corridors, connecting Iddo, Ebute Metta and Lagos Island while serving thousands of commuters daily.
The development comes amid several major federal infrastructure projects currently ongoing in Lagos, including the Lagos-Calabar Coastal Highway, rehabilitation of the Third Mainland Bridge and expansion of key road networks across the state.
FG Begins Construction Plans for Modern Carter Bridge in Lagos
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News
Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments
Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments
The Nigerian Senate crisis deepened on Wednesday after a heated confrontation between Senate President Godswill Akpabio and Senator Adams Oshiomhole disrupted plenary proceedings for over 15 minutes.
The tense exchange occurred during the routine consideration of the Votes and Proceedings from Tuesday’s sitting. Trouble began when Oshiomhole (APC, Edo North) abruptly raised a point of order while Akpabio was reading the official record.
Citing the Senate Standing Orders 2023 (as amended), Akpabio ruled him out of order, explaining that such interruptions are not permitted at that stage of proceedings. However, Oshiomhole insisted on being heard, challenging the interpretation of the rules and triggering a Senate plenary disruption.
In a bid to restore order, Akpabio called on former Chief Whip Orji Uzor Kalu to clarify the procedural position. Kalu backed the Senate President, stating that the rules clearly prohibit such interruptions.
The situation escalated further when Chief Whip Tahir Monguno warned that disciplinary measures could be invoked if the disruption continued. Despite this, Oshiomhole remained defiant, citing Order 20(f) and stressing that lawmakers must fully understand the rules guiding legislative business.
A visibly displeased Akpabio issued a stern warning, stating, “We should not just go home, buy forms and come here without knowing the rules,” before cautioning that the Senate would not hesitate to enforce discipline if necessary.
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Calm was eventually restored, allowing the Senate President to complete the reading. Senator Adamu Aliero subsequently moved a motion for adoption, seconded by Senate Minority Leader Abba Moro.
The confrontation is widely linked to the controversial Senate rule amendment adopted a day earlier, which has sparked intense debate within Nigeria’s political space ahead of the 2027 elections. During a closed-door session lasting nearly three hours, lawmakers amended key provisions—Orders 4 and 5—effectively tightening eligibility criteria for leadership positions in the National Assembly.
Under the revised rules, only senators who have served at least two consecutive terms immediately before nomination will be eligible to contest for positions such as Senate President and Deputy Senate President. This new Senate eligibility rule significantly narrows the pool of contenders.
The amendment also reinforces the principle of ranking, prioritising former presiding officers and experienced lawmakers over first-time entrants. Additionally, Order 5 now requires that any senator seeking a principal office must have completed two consecutive terms prior to nomination.
The implication is clear: only returning members of the current Senate who secure re-election into the next Assembly will qualify for top leadership roles, effectively excluding many new and returning political heavyweights.
The Nigeria Senate controversy has raised concerns about inclusiveness and internal democracy. While Senate leadership argues the changes will strengthen institutional memory and ensure stability, critics believe the move could consolidate power among a select group of ranking lawmakers.
Oshiomhole is reported to have been among the few senators who openly resisted the amendments, making Wednesday’s clash a continuation of deeper disagreements within the chamber.
Observers say the incident signals early 2027 election power struggle dynamics, with growing tensions over succession, leadership control, and legislative procedure already playing out in the Red Chamber. As debates continue, the episode underscores broader concerns about transparency, fairness, and the balance of power in Nigeria’s legislative process.
Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments
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