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Lawmakers Okay Governments Borrowing Spree

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Aminu Waziri Tambuwal, Speaker of the House of Representatives
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The House of Representatives yesterday approved plans by state governments and the federal government to borrow $7.9 billion from international creditors after what seemed like initial disapproval by the lawmakers on the grounds that it will lead the nation into debt trap.

In a surprising twist, the lawmakers capitulated on their earlier stand and approved the borrowings which will see state governments borrow $3.39 billion and the Federal government $4.8 billion.

States that are benefitting from the borrowing are Kaduna, Kano, Lagos, Borno, Ondo, Adamawa, Nasarawa, Cross River, Abia, Anambra, Ebonyi, Enugu, Imo, Edo, Kebbi, Katsina, Osun, Niger, Kwara, Bauchi, Jigawa, Sokoto, Gombe and Ekiti.

 The House yesterday adopted the report of its Committee on Aids, Loans and Debt Management chaired by Rep. Adeyinka Ajayi which held public hearings on the loans and recommended that the request be okayed.

The committee report recommended the approval of the loans which are for the so-called pipeline projects under the Medium Term External Borrowing Plan of 2012 to 2014.

But the House removed Yobe State and the Federal Capital Territory Authority (FCTA) among the beneficiaries because of their failure to appear before the committee to explain why they needed the funds.

This means the FCT lost its bid to borrow $500 million for the Abuja Light Rail Project from the Exim Bank of China.

The House approval came just a week after the Nigerian Governors Forum decided to press the lawmakers to approve the loans package following indications that the National Assembly was not keen at it.

Lawmakers had expressed skepticism on the borrowing plan, with some of them accusing President Jonathan of leading the nation into debt trap.

Government officials defended the borrowing, saying the loans are tied to specific Federal and state projects, with long-term moratorium and low interest rates.


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INEC Warns of Fake Ad-hoc Staff Recruitment Portal

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Independent National Electoral Commission (INEC) has raised alarm about a fake and unauthorized website falsely claiming to be an “INEC Ad-hoc Staff Recruitment Portal 2026.”

INEC Warns of Fake Ad-hoc Staff Recruitment Portal

The Commission raised the alarm in a statement published on its website late Tuesday.

It identified the fake recruitment website as okripeti.org/Inec-ADhoc-Sta…

The Commission affirmed that the website is fake and not affiliated with the it in any way.

“Members of the public are advised that any information, statistics, or application forms on this website are false, misleading, and intended to deceive unsuspecting applicants.”

It also advised anyone who has already registered on the fake portal to discontinue immediately and reapply only through the official INEC links provided above.

“INEC remains committed to transparency, credibility, and the protection of the public from fraudulent activities,” the Commission said.

The Commission also said it conducts Ad-hoc Staff recruitment ONLY through its official platform known as INECPRES.

It listed the only authentic links for the 2026 FCT Area Council Election Ad-hoc Staff recruitment as: •🌐 Web & iOS: pres.inecnigeria.org •📱 Android (Mobile App): presmobile.inecnigeria.org

It added that any other website or link outside the above is not authorized by INEC.

It thereforfore advised prospective applicants to verify all recruitment information using INEC’s official websites, not to click or register on suspicious or unofficial links
not to submit personal details (BVN, passwords, OTPs, or bank details) on non-INEC platforms and to always check that the URL ends with inecnigeria.org


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NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

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Dr. Zacch Adedeji, Chairman of the Nigeria Revenue Service (NRS), has allayed fears that the new tax reform framework could be weaponised by the Federal Government to target political opponents or individuals based on affiliation.

NRS Boss Dismisses Fears of Political Weaponisation in Tax Reforms

Dr. Zacch Adedeji

Adedeji, responding to concerns over potential selective enforcement or politically motivated tax scrutiny, insisted the reforms prioritise national interest, transparency, due process, and institutional accountability.

Addressing speculations on suppressing opposition voices ahead of elections, he said: “I think the question you will ask is that we need to commend the courage of Mr. President, that despite the fact that there is an election coming, he is courageous enough to continue on this path of statesmanship and not of politicians.”

The NRS boss explained that it would have been politically expedient to shelve the reforms during an election cycle, but President Bola Tinubu opted to strengthen the country’s fiscal foundation and economic governance.

He outlined that the agenda targets structural tax system weaknesses, enhances fairness, and fosters a simplified, predictable compliance environment to boost voluntary participation over coercion.

Adedeji attributed public scepticism to Nigeria’s history of perceived institutional misuse, but stressed the new framework minimises administrative discretion through rule-based processes, automation, accountability, and governance safeguards insulated from political influence.

According to him, the reforms emphasise taxpayer trust, linking taxes to visible public service improvements while expanding growth opportunities and sustainable public finances.

He reaffirmed the focus on economic stability, credible institutions, phased implementation, investment support, vulnerable group protection, and freedom from partisan interference.


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Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

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An Ikeja Special Offences and Domestic Violence Court on Monday sentenced Olawale Faleti, a former Lagos State Education director, to two years and five months’ imprisonment for stealing ₦48.9 million from Access Bank Plc.

Court Sends Faleti, Ex-Lagos Director to Jail for Stealing ₦48.9m from Access Bank

Justice Rahman Oshodi convicted Faleti, 64, on five counts of stealing after finding him guilty of charges filed by the Economic and Financial Crimes Commission (EFCC).

In his judgment, Oshodi said the offence was deliberate and sustained, noting that Faleti carried out repeated withdrawals despite knowing he had no authorisation to access the funds.

The judge added that the convict failed to show genuine remorse or fully accept responsibility for his actions.

“Financial institutions are the lifeblood of our economy and public confidence in them must be preserved,” Oshodi said, adding that “Those who attempt to defraud or steal from banks must understand that severe consequences will follow.”

While acknowledging Faleti as a first-time offender, the court said a custodial sentence was unavoidable.

The judge applied a 20 per cent reduction from the three-year maximum sentence, citing minimal restitution efforts as a mitigating factor.

Faleti was sentenced to two years and five months’ imprisonment on each of the five counts, with the sentences ordered to run concurrently.

The court directed that the sentence take effect from January 5, 2026, and ordered that Faleti’s biometric details and name be entered into the Lagos State Judiciary offenders’ registry.

After deducting ₦3 million already restituted, the court ordered Faleti to pay an outstanding ₦45.9 million to Access Bank Plc, directing the bank to notify the court upon full recovery of the funds.

Earlier, Mr Ahmed Dambuwa, EFCC counsel, told the court that Faleti dishonestly converted ₦48.9 million belonging to the bank by exploiting unauthorised access to an Access Bank credit card.

He said the card permitted withdrawals of not less than ₦43,000 per transaction, but a system glitch enabled Faleti to withdraw about ₦48 million during the COVID-19 pandemic in 2020.

One of the charges stated that between July 2 and July 10, 2020, Faleti converted ₦12.6 million for personal use, while another alleged that between May 22 and July 1, 2020, he converted ₦6.9 million, all property of Access Bank Plc.

The offences were said to contravene Section 287(1)(a) of the Criminal Law of Lagos State, 2015.


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