Author: Vardiafrica

The Senate has passed the 2025 FCT Statutory Appropriation Bill, authorising a total expenditure of about ₦1.81 trillion for the Federal Capital Territory for the 2025 fiscal year after a third reading. The passage followed the presentation of the joint committee report by Senator Mohammed Ibrahim, which reviewed and harmonised input from both chambers in accordance with sections 62, 80, 88, 89, and 299 of the 1999 Constitution (as amended). According to the report, the total statutory budget will be sourced from projected revenues for the year. The budget structure comprises personnel costs, ₦150.35 billion (8.29 per cent); overhead costs, ₦352.03 billion (19.41 per cent); and capital expenditure, ₦1.31 trillion (72.31 per cent). The…

Delegates from across West Africa have convened in Lagos, Nigeria, to commemorate the 50th anniversary of the Economic Community of West African States (ECOWAS), marking a significant milestone in regional integration and cooperation. The celebrations, held under the theme “Stronger Together for a Brighter Future,” began with a symbolic reenactment of the 1975 Treaty of Lagos at the Nigerian Institute of International Affairs (NIIA) in Victoria Island. This event honored the original signing that established ECOWAS as a regional bloc aimed at fostering economic collaboration and unity among West African nations. President Bola Ahmed Tinubu, serving as the current Chairman…

Akinwumi Adesina, President of the African Development Bank (AfDB) Group, on Tuesday, May 27, reflected on his decade-long tenure, declaring that he gave his “heart, mind, and all” to Africa while leading the institution. Speaking at the opening ceremony of the AfDB’s annual meetings in Abidjan, Côte d’Ivoire, his final meetings as president, Adesina said his stewardship had been guided by a singular mission to fight for what he believed were the best interests of the continent. “I earnestly gave Africa my heart, my mind and my all,” he said. “I fought for what I believed were in Africa’s best…

The federal ministry of finance has clarified that President Bola Tinubu’s recent $21.5 billion external borrowing request does not translate to an automatic increase in Nigeria’s debt profile. On May 27, President Tinubu wrote to the National Assembly seeking approval for a borrowing plan totalling $21.5 billion, alongside a request to issue federal government bonds worth N757.9 billion to offset outstanding pension liabilities under the contributory pension scheme (CPS). In a statement on Tuesday, May 27, Mohammed Manga, director of information and public relations at the ministry, said the proposal is part of a broader debt rolling plan designed to…

Senator Opeyemi Bamidele (APC, Ekiti Central), Senate Leader and Chair of the Ad Hoc Committee, disclosed this during the committee’s inaugural meeting held at the National Assembly in Abuja. The development was confirmed in a statement issued by the Senate on Tuesday. The Senate assured Nigerians that the federal legislature remains committed to ensuring that the people of Rivers State are not deprived of essential services despite the state of emergency declared by President Bola Tinubu on March 18, 2025. Last week, President Tinubu requested the Senate and House of Representatives to approve a ₦1.48 trillion appropriation for Rivers State…

The African Development Bank (AfDB) on Tuesday began its annual meetings due to culminate in the election of a new president later this week, as the lender faces a reduction in the US’s financial commitment. The bank, founded in 1964, is a major lender to economic development projects on the continent, with 81 member countries, 54 of which are in Africa. It has helped build Africa’s largest wastewater treatment plant at Gabal el-Asfar in Egypt, contributed to the construction of a bridge between Senegal and Gambia and extended the port of Lome in Togo.0 The bank has also supported projects for sanitation…

The United States has temporarily halted the scheduling of new student visa interviews at embassies and consulates worldwide, as part of a broader move to introduce stricter social media screening for foreign applicants. In a diplomatic cable issued Tuesday, Secretary of State Marco Rubio instructed U.S. missions globally to pause all new appointments for F, M, and J category visas, which cover international students and exchange visitors, pending further guidance from Washington. “Effective immediately… consular sections should not add any additional student or exchange visitor visa appointment capacity until further guidance is issued,” the cable read. Tighter screening process This latest…

The Niger Delta Development Commission, NDDC, has restated its commitment to prioritising the well-being of children in the Niger Delta region, focusing on social bonding and inclusion. The NDDC Managing Director, Dr Samuel Ogbuku, stated this during the commemoration of the International Children’s Day at the NDDC Event Centre in Port Harcourt. Ogbuku, who was represented by the NDDC Deputy Director of Education, Health, and Social Services, Mrs. Chioma Nwakwue, stated that beyond infrastructural development, the Commission emphasises human capital development. He stressed: “We, at the NDDC, are passionate about our children in the region, and we are committed to…

Leading construction company, Julius Berger Nigeria PLC, has begun withdrawing its services from some project sites in Rivers State, following shortfalls in the periodical project cost payments by the state government. This was according to an online report, which quoted an insider at Julius Berger Nigeria as saying that the company has “reportedly withdrawn from several major project sites across Rivers State.” He linked the development to the failure of the state’s Sole Administrator to continue funding ongoing projects despite receiving regular federal allocations and substantial Internally Generated Revenue (IGR). The report further disclosed that many of the company’s workers have been…

President Bola Tinubu has written to the senate, requesting approval for a new external borrowing plan totalling over $21.5 billion. Tinubu is also seeking the red chamber’s green light to issue federal government bonds worth N757.9 billion to settle outstanding pension liabilities under the contributory pension scheme (CPS). The request was contained in two separate letters read during plenary on Tuesday by Senate President Godswill Akpabio. Tinubu said the proposed external borrowing is part of the federal government’s 2025–2026 borrowing plan, which focuses on key sectors of the economy. “The 2025–2026 borrowing plan covers all sectors, with specific emphasis on…