President Bola Tinubu has asked the Senate to approve fresh external borrowing of $7.7 billion to help finance the 2026 budget.

The request

The request was contained in a letter read by Senate President Godswill Akpabio during plenary on Wednesday, 4 November 2026. At the budget exchange rate of ₦1,400 to the dollar, the amount is equal to about ₦10.79 trillion. According to the letter, the money would be raised mainly through Eurobond issuance, as well as loans from multilateral and bilateral lenders, international financial institutions and syndicated loans. The President said the borrowing would help finance the budget, strengthen foreign reserves and support the stability of the naira. He also asked the Senate to authorise the Minister of Finance and the Debt Management Office to carry out the plan.

What the Senate did

Akpabio said the new request appeared to replace an earlier borrowing proposal and gave more detail on where the money would come from. He referred it to the Senate Committee on Local and Foreign Debts for consideration and a report.

Background

Nigeria's public debt has risen sharply in recent years, and borrowing has become a major political issue ahead of the 2027 elections. Last week, former President Olusegun Obasanjo described the government's borrowing as 'absolute nonsense', while opposition candidates have warned that debt servicing is taking up too much of government revenue. The government says borrowing is needed to fund infrastructure and that its reforms have improved Nigeria's credit rating and ability to raise money abroad.

What happens next

The Senate committee is expected to review the request before the full Senate votes on it.

Senate President Godswill Akpabio has sparked reactions after saying that politicians are struggling to find private jets to hire as campaigning for the 2027 elections gathers pace.

What he said

Speaking during a Senate debate on Tuesday, 3 November 2026, Akpabio reportedly said there were not enough private jets available for hire, and linked the problem to the failure of domestic airlines to keep up with rising demand for air travel. He pointed to the December festive season as a time when the country's aviation capacity is badly stretched, and urged the federal government to take urgent steps to address the problems facing local airlines.

The debate

The comments came during debate on a motion sponsored by Senator Tahir Monguno of Borno North, which urged the government to renegotiate the Bilateral Air Services Agreement between Nigeria and China so that Nigerian airlines can fly directly to China.

How people reacted

Many social media users criticised the remark, saying it showed how far some politicians are from the everyday struggles of Nigerians facing high costs of food and transport. Others said Akpabio was making a broader point about the poor state of domestic aviation, which often leaves ordinary passengers stranded by delays and cancellations.

Background

Nigeria's domestic airlines have long faced problems including ageing fleets, high fuel costs, foreign exchange shortages and frequent flight disruptions. The government has promised reforms to strengthen the sector. Akpabio has been Senate President since 2023 and is a leading member of the APC.

The Director-General of the Department of State Services (DSS), Oluwatosin Adeola Ajayi, has ordered the release of four men who had been accused of belonging to the proscribed Indigenous People of Biafra (IPOB).

Who they are

The four men, Emele Uduma Ibe, Berefgagha Appah, Ondokeyilemi Aggry and Oyeinmokebebeton Aggry, were arrested in May 2022 in the Sampou and Akeddei communities of Kolokuma/Opokuma and Sagbama Local Government Areas of Bayelsa State. That means they spent about four and a half years in custody before their release.

₦5 million each

After they were cleared of the allegations, the DG approved an initial compensation package of ₦20 million, with each man receiving ₦5 million. The men are also expected to receive psychological and medical support and help returning to normal life.

Security sources said investigations showed the men had been lured by people claiming to be IPOB members, who promised them ₦100,000 a month under the Federal Government's Amnesty Programme.

"Where we admit our mistakes, we offer compensation, and seek ways to improve operations in tandem with the rule of law," Ajayi said. One of the freed men, Emele Uduma Ibe, described the day as the happiest of his life.

Not the first time

This is not the first such case under Ajayi. After he took office in 2024, he ordered a review of more than 300 inherited terrorism cases. Others who have since been compensated include a Jos businessman shot in error by DSS personnel, who received ₦20 million, and several people cleared of IPOB ties who received between ₦5 million and ₦10 million.

Can money repair the damage?

For anyone who has spent years in detention over an allegation they did not commit, freedom alone may not be enough to repair the damage. There is the emotional suffering, the disruption of family life, the loss of income and the stigma that often follows such accusations.

The ₦5 million payment may provide some financial relief, but it cannot replace the time lost.

Still, the decision sends an important message about accountability within Nigeria's security system. Security agencies have a duty to investigate threats to national security and protect citizens, but that duty must be carried out within the law and with respect for the rights of people who have not been convicted of any offence.

Many Nigerians will be watching to see whether similar attention is given to other people who may have been wrongly accused or detained, especially given the controversies around IPOB-linked arrests in the South-East and South-South.

The bigger question remains: if someone is arrested, detained and later cleared of wrongdoing, should compensation automatically follow? What do you think about the DSS Director-General's decision?

Nigeria's political arguments have taken another interesting turn after the Minister of Works, David Umahi, questioned why former Anambra State Governor Peter Obi should be considered politically superior to other prominent leaders in the country.

What Umahi said

In remarks attributed to him, Umahi reportedly asked a direct question: "Who is Peter Obi better than? Is he better than me? Is he better than Anyim Pius Anyim?"

The comments have brought an old political argument back into focus, particularly in the South-East, where debates about leadership, political experience and who deserves national support continue to divide opinion.

The three men

Umahi is a former governor of Ebonyi State and now serves as Minister of Works. Anyim Pius Anyim is a former Senate President and former Secretary to the Government of the Federation. Both have held important positions in Nigeria.

Peter Obi, a former governor of Anambra State who contested for president under the Labour Party in 2023 and is now a member of the NDC, has built a strong following, particularly among young Nigerians who see him as an alternative to the traditional political establishment.

What makes one politician better than another?

Umahi's reported remarks raise a fair question. Is it the number of offices someone has held? The projects completed while in government? Or should Nigerians judge leaders by their integrity, performance, accountability and ability to improve ordinary people's lives?

All three men have political records that Nigerians can examine, and perhaps that is where the real argument should begin.

Rather than letting politicians decide who is superior through public arguments, Nigerians should be the ones examining their achievements and deciding who deserves their confidence.

Over to you

Between Peter Obi, David Umahi and Pius Anyim, who has shown the kind of leadership Nigeria needs today? Share your thoughts on their records, achievements and political contributions.