“It’s hard to find anyone to underwrite it,” one source said, citing concerns over the availability of the cargoes.
FG says no final decision yet on $5bn loan from Saudi Aramco
The Federal Government, yesterday, said no final decision has been taken on the reported plan to obtain a $5 billion oil-backed loan from Saudi Arabia’s Aramco.
The loan which is said to be part of the $21.5 billion borrowing plan submitted to the National Assembly last month by President Bola Tinubu, was not publicly disclosed.
Reuters reported that negotiations on the facility have been delayed by the low price of oil in the international market.
The government in a statement by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, said the government was focused on deploying a variety of options to finance its plans.
The statement reads: “The Federal Government of Nigeria is aware of recent media reports concerning a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd).
“While market speculation is not uncommon in the context of ongoing economic reforms and transactions, no final decision has been announced by the Government, and commentary suggesting the collapse of any such initiative is unfounded.
“The Government remains focused on deploying a range of innovative, transparent, and fiscally responsible financing strategies to optimise Nigeria’s oil assets, improve external liquidity, and strengthen macroeconomic stability.”
Nigeria has in the past few years obtained about $7 billion loans from Afreximbank ($3.3 billion) and other financial institutions using forward sale of its oil production.
READ ALSO:
The Aramco deal, if it goes through, would be Nigeria’s largest oil-backed loan to date and Saudi Arabia’s first participation of this scale in the country, although the decline in oil price could shrink the size of the deal, the sources said.
Two of the sources said President Bola Tinubu first broached the loan in November when he met with Saudi Crown Prince Mohammed bin Salman in Riyadh at the Saudi-African Summit.
Nigeria-UK Relations in Focus as Tinubu Begins Landmark State Visit
President Bola Tinubu is embarking on a historic state visit to the United Kingdom, following an invitation from the British government and King Charles III feature high-level engagements between Nigerian and British leaders, including meetings with Prime Minister Keir Starmer and other key stakeholders.
One of the main objectives of the trip is to deepen diplomatic relations between Nigeria and the UK. Discussions are expected to focus on governance, policy alignment, and joint international initiatives. Observers note that this visit presents an opportunity to consolidate Nigeria’s position on the global stage and enhance strategic partnerships.
Trade and investment are also top priorities. Nigeria aims to position itself as an attractive destination for foreign investors, with planned discussions on opportunities in energy, infrastructure, technology, and other key sectors. Business leaders and economic analysts anticipate agreements that could expand economic collaboration and create new investment channels.
READ ALSO:
Security cooperation forms a critical part of the agenda. Both countries are expected to explore frameworks for intelligence sharing, counter-terrorism operations, and capacity building, strengthening Nigeria’s efforts to tackle transnational threats and insurgency challenges.
The visit also emphasizes engagement with the Nigerian diaspora, acknowledging their contributions through remittances, expertise, and advocacy for national development. In addition, cultural and educational exchanges are expected to be highlighted to foster people-to-people connections between the two nations.
This visit is particularly significant as it is the first official state visit by a Nigerian president to the UK in 37 years, underscoring the importance of Nigeria-UK relations in diplomacy, trade, and security. Analysts and civil society groups have welcomed the visit, urging for enhanced economic cooperation and strategic agreements that benefit both countries.
The presidency describes the state visit as a renewed momentum in Nigeria-UK engagement, signaling a proactive approach to international relations and investment promotion. The outcomes are expected to strengthen ties, boost Nigeria’s economic profile, and reinforce global partnerships in security and diplomacy.
Maiduguri Bombings: Shocking Trump–Tinubu Claim Goes Viral — Fact or Fabrication?
A viral social media claim alleging that Donald Trump criticised Bola Tinubu over the recent Maiduguri bombings and his planned UK state visit has been debunked as false and misleading.
The claim, widely circulated on X (formerly Twitter), featured a screenshot purportedly showing a March 17, 2026 post from Trump on Truth Social. In the alleged post, the U.S. president was said to have condemned deadly attacks in Maiduguri and accused Tinubu of abandoning leadership responsibilities by proceeding with a scheduled visit to the United Kingdom.
The viral post further claimed Trump urged Tinubu to immediately return to Nigeria and called on Keir Starmer to pressure the Nigerian leader to act.
However, investigations show that this claim is false.
While the Maiduguri bombings did occur on March 16, 2026—leaving at least 23 people dead and over 100 injured after explosions hit areas including a hospital, a market, and a post office—there is no evidence linking any statement on the incident to Trump.
READ ALSO:
Security analysts note that the nature of the attack is consistent with previous operations by extremist groups such as Boko Haram and Islamic State West Africa Province, both of which have carried out similar coordinated assaults in Borno State.
At the same time, President Tinubu’s UK state visit, scheduled for March 18–19, 2026 and hosted by King Charles III, remains officially listed, with no confirmed cancellation tied to the attacks.
A thorough review of Trump’s verified Truth Social account shows no post matching the viral screenshot, either on March 17 or in surrounding days. His recent activity instead focuses on unrelated domestic and international issues.
Additionally, no credible Nigerian or international news organisation has reported such a statement, and no verified Trump-affiliated accounts have referenced it.
Experts say the screenshot bears hallmarks of fabricated content, including imitation of Trump’s rhetorical style without verifiable origin. Such misinformation often emerges during crises to amplify public anger, influence political narratives, or mislead audiences.
The Maiduguri attacks and Tinubu’s UK visit are real events. However, the claim that Donald Trump publicly criticised Tinubu over the situation is entirely false.
The viral screenshot is fabricated misinformation designed to exploit public sentiment during a national tragedy.
Tinubu Swears in Taiwo Oyedele as Minister of State for Finance
President Bola Tinubu has formally sworn in Mr. Taiwo Oyedele as the new Minister of State for Finance, a move expected to bolster the federal government’s fiscal reform and economic governance efforts. The brief ceremony, held at the State House, Abuja, followed Oyedele’s confirmation by the Senate and officially welcomed him into the Federal Executive Council (FEC).
Oyedele replaces Dr. Doris Uzoka‑Anite, who was redeployed to the Ministry of Budget and National Planning, marking her third portfolio in the current administration. The appointment is seen as part of President Tinubu’s broader strategy to reinforce the government’s economic team and accelerate the implementation of tax and revenue reforms.
A seasoned economist, accountant, and public policy expert, Oyedele previously served as Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, where he spearheaded proposals to simplify Nigeria’s tax system, increase compliance, broaden the tax base, and improve government revenue collection. The committee also explored reforms for public revenue management and extractive sector taxation, aiming to strengthen transparency and accountability.
READ ALSO:
At 50, Oyedele brings decades of experience in finance, taxation, and economic policy. He hails from Ikaram in the Akoko area of Ondo State and holds a Higher National Diploma in accountancy and finance from Yaba College of Technology, a BSc in applied accounting from Oxford Brookes University, and executive training at institutions including the London School of Economics, Yale University, and Harvard Kennedy School.
During the swearing-in, President Tinubu emphasised the importance of sound fiscal management, economic discipline, and efficient revenue mobilisation to drive Nigeria’s economic growth and development. Analysts note that Oyedele’s elevation from policy design to ministerial implementation signals a shift toward executing critical fiscal reforms and tackling challenges such as inflation, revenue volatility, and budget shortfalls.
As Minister of State for Finance, Oyedele will work closely with the Finance Minister to oversee budget implementation, revenue generation, and fiscal policy coordination, helping Nigeria achieve greater economic stability. Observers also highlight the political significance of the appointment, which strengthens the administration’s economic team ahead of the 2027 general elections.
BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision
Popular Pastor Agbala Gabriel Faces Fraud, Sexual Allegations
Iranian Missile Strike Damages Five US Refueling Tanks at Saudi Air Base
Court Screens Video Showing NDLEA Allegedly Helping Cocaine Smugglers at Enugu Airport
Tonto Dikeh Admits Past Mistakes Amid ₦200M Schoolgirl Deliverance Lawsuit
Iran–Israel Conflict Escalates As IRGC Threatens To Kill Netanyahu
Old Dominion University Shooting: Terrorism Suspect Had Links to Nigeria-Based ISIS
Tinubu Orders Nationwide Free Rice Distribution for Ramadan, Lent Support