… Seeks Reps’ approval of $2.34bn external borrowing, $500mln sovereign Sukuk
… Confers nat’l honour on Yakubu as INEC tenure ends
BY CAROLINE AMEH with agency report
ABUJA -President Bola Tinubu has declined assent to two bills recently passed by the National Assembly.
The two bills declined are the Nigerian Institute of Transport Technology Establishment Bill 2025, and the National Library Trust Fund Establishment Amendment Bill 2025.
Tinubu conveyed his decline on the bills in two separate letters addressed to President of Senate, Mr Godswill Akpabio and read at plenary on Tuesday.
Tinubu in the letter on the bill seeking to establish the Nigerian Institute of Transport Technology, said it was tainted with fundamental defects.
He said, “I convey to the senate, my decision to decline assent to the Nigerian Institute of Transport Technology Bill 2025.
“The rationale for my decision is that the bill is tainted with fundamental defects.
“Section 18 of the bill expands the source of funding the National Transport Logistics Research to include one percent of freight on every import and every export from Nigeria without their approval.
“In addition, the bill is tainted by the Federal Executive Council, and more so, when the Institute is to be funded by the Federal Government itself.
“Section 21, 2 empowers the institute to borrow by way of loan or overdraft without the consent of the President of the Federal Republic of Nigeria, except where the amount to be borrowed is above N50 million.
“In the extant act, borrowing can be made with the approval of the President, the removal of the approval of the President has not been explained or justified.
“The provision could be abused as the incident could have been a major one, or a financial violation of its responsibility, this will amount to serious financial abuse,” he said.
On section 23, 4, on power to invest surplus funds, the President stated that since the institute is to be funded by the Federal Government and money appropriated by the government for any agency usually projected and accounted for, it is unlikely to have surpluses.
“The issue of investing surplus funds is usually applicable to agencies that have a surplus fund that is not funded by the federal government of Nigeria but generates revenue to spend.
“In addition, section 21 states that it is the surplus fund of the Institute that should be invested, while section 23 states that any of the institute’s funds could be invested.
“This can allow funds other than surpluses to be diverted for investment purposes, from original purposes.
“Section 18 requires money in the form to be applied toward promotion of the objectives and functions of the act,it does not include or recognise the investment of the funds of the institute.
“This seems contradictory to section 23, which proposes to allow the institute to put surplus funds.”
On the National Library Trust Fund (Establishment) Amendment Bill 2025, the President cited ambiguity in the bill with existing laws and policies.
According to the President ,the bill contradicts core government policies on funding of public agencies, taxation, public service remuneration, and age and tenure limits for public servants.
He said that enacting the bill in its current form would create an unsustainable precedent against public interest.
Akpabio thanked President Tinubu for taking time to go through each and every bill passed by the national assembly,
sent to the executive for assent.
“This is very very impressive because it means that the executive took time to go through the bills.
“We will do justice to all the observations in the bill,” he said.
Meanwhile, President Bola Tinubu has written to the House of Representatives seeking the approval of plans by the Federal Government to raise 2.34 billion dollars in external capital.
The fund is aimed at financing part of the 2025 budget deficit and refinancing maturing Eurobonds.
The Speaker, Rep. Abba Tajudeen, read the president’s request on the floor of the house on Tuesday.
Tajudeen said that the president also sought parliamentary approval for the issuance of a 500 million dollar debut sovereign Sukuk in the international capital market.
He said that the request was made in accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act 2003.
According to the president, the total external capital to be raised amounts to 2.347 billion dollars, comprising 1.229 billion dollars in new external borrowing provided for in the 2025 Appropriation Act and 1.118 billion dollar.
He further stated that the money was to refinance maturing Eurobonds due in November.
Tinubu said that the borrowing would be sourced through a mix of Eurobond issuance, loan syndications, bridge financing and direct borrowing from international financial institutions, depending on market conditions.
He said that the new financing was part of the government’s strategy to support infrastructure development, refinance costly debt obligations and sustain investor confidence in Nigeria’s credit market.
The president sought the legislature’s authorisation for the issuance of a stand-alone 500 million dollar sovereign Sukuk in the international capital market the first of its kind for Nigeria.
He said that the Sukuk would diversify Nigeria’s funding sources, attract ethical investors and complement domestic Sukuk issuances that had raised over 1.39 trillion dollars since 2017 for critical road projects across the country.
“The proposed Sukuk may be issued with or without a credit enhancement guarantee from the Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) — member of the Islamic Development Bank Group
“Under the plan, up to 25 percent of the proceeds could be used to refinance high-cost government debts, while the balance will fund pre-identified infrastructure projects,” he said.
Tinubu assured that the refinancing of the maturing 1.118 billion dollar Eurobonds due in November was a standard practice in global debt management, aimed at avoiding default and maintaining market credibility.
He affirmed the willingness of the Federal Ministry of Finance and the Debt Management Office to collaborate with transaction advisers to ensure the most favourable market terms and conditions at the time of issuance.
Also, President Bola Tinubu has accepted Prof. Mahmood Yakubu’s departure as chairman of the Independent National Electoral Commission (INEC) , following the expiration of his second term in office
In recognition of his service, Tinubu yesterday conferred on Yakubu the national honour of Commander of the Order of the Niger (CON).
The announcement was made in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, in Abuja.
Yakubu was first appointed in November 2015 as INEC’s 14th chairman. His initial five-year term was renewed in 2020 and has now officially ended.
The President thanked him for his services to the nation and his efforts to sustain Nigeria’s democracy, particularly through the organisation of free and fair elections throughout his two-term tenure.
Tinubu also directed that Yakubu should hand over to the most senior national commissioner, May Agbamuche-Mbu, who will direct the affairs of the commission until the completion of the process to appoint a successor.
In the letter dated October 3, 2025, Yakubu thanked the President for the opportunity to serve the nation as chairman of the commission since 2015.
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