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The Big Story
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Tinubu Withdraws $20.5 Billion Loan Request, Asks Senate for New $7.7 Billion Plan
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President Bola Tinubu has withdrawn his earlier request to the National Assembly to approve external loans of $20.5 billion and €1.05 billion under the 2026 to 2027 Supplementary External Borrowing Plan. In a letter read by Senate President Godswill Akpabio on Wednesday, he instead asked for approval to borrow $7.7 billion, about NGN10.9 trillion at NGN1,400 to the dollar, to part-finance the 2026 budget deficit. He said the money would fund projects in infrastructure, defence, agriculture, healthcare, power and education. The 2026 budget approved NGN29.2 trillion in new borrowing, NGN18.4 trillion at home and NGN10.79 trillion abroad, and the new request covers part of the foreign share. Tinubu said the focus would be Eurobonds, bonds sold to foreign investors, because they are faster to arrange and can raise larger sums at lower cost, but final interest rates and repayment periods will only be known when they are priced. Akpabio referred the request to the Senate committees on Local and Foreign Debts and on Appropriations. [Premium Times]
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What Else Is Happening
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Dozens Injured as Clash Disrupts APC Presidential Rally in Nasarawa
At least 40 people were reportedly injured and several are missing after a clash at the All Progressives Congress (APC) presidential rally in Lafia on Wednesday, which Vice President Kashim Shettima attended. Youths in APC clothing began chanting for the Social Democratic Party governorship candidate, former police chief Adamu Abubakar, and clashed with security officers and supporters of the APC candidate. Officers fired tear gas. The state government blamed opposition figures and ordered an investigation. [Premium Times]
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Senate Bill Would Jail Hospitals That Refuse Emergency Care
The Senate has advanced a bill that would jail those who refuse emergency treatment for up to six months, fine them up to NGN300,000, or both. Sponsored by Senator Abdulaziz Musa Yar’Adua, it would amend the National Health Act 2014 to set emergency treatment standards, though he admitted many hospitals lack doctors and oxygen cylinders to meet its timelines. [Vanguard] A House of Representatives bill proposes fines and licence withdrawal for hospitals that delay emergency care. [Premium Times]
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Senate Rejects Nigeria Air Revival, Seeks Direct Flights to China
The Senate rejected a proposal to revive the failed Nigeria Air project on Tuesday, but Senate President Godswill Akpabio then urged senators to bring a new motion for a national carrier. The vote came during debate on a motion by Senator Tahir Monguno asking the Aviation Ministry to renegotiate Nigeria’s air services agreement with China so Nigerian airlines can fly there directly. Monguno noted that more than one million Nigerians live in China. [Nairametrics]
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Gambia Orders Banks to Replace Foreign Staff, Putting 57 Nigerians at Risk
The Central Bank of The Gambia has ordered commercial banks to replace non-Gambian staff with qualified Gambians by 31 December 2026, which could affect 57 Nigerian professionals at four Nigerian-owned banks there, the Nigerians in Diaspora Commission says. The banks are Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank. Commission chairman Abike Dabiri-Erewa urged that existing work permits be respected, while the Gambian regulator says banks must arrange skills transfer. [Nairametrics]
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Market Watch
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Weakened 0.06%, with the official rate at NGN1,347.80 per US dollar on 4 November against NGN1,346.93 on 3 November, a rise of NGN0.87, though still 8.62% stronger than the NGN1,475.00 on 31 December 2025. [CBN] Nairametrics says a weaker US dollar after the Democrats’ win in Congress could help the naira. [Nairametrics]
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Rose 0.19%, with the All-Share Index at 254,762.81 on 4 November against 254,289.35 on 3 November, a gain of 473.46 points and a second straight daily rise, and up 63.72% from 155,613.03 on 31 December 2025. [NGX Group]
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The Nigerian National Petroleum Company (NNPC) Limited reported NGN4.61 trillion in revenue and NGN509 billion in profit after tax for September. Crude oil and condensate output was 1.70 million barrels a day, and petrol availability at its stations stood at 54%. Total oil and gas output rose slightly to 3.04 million barrels of oil equivalent a day. [Nairametrics]
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Quick Hits
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| → The Police Service Commission has approved the dismissal of three senior police officers and the demotion of 16 others over misconduct. It also approved severe reprimands for 21 officers and reprimands for two, while three officers were cleared and some suspended officers were reinstated. [Premium Times] |
| → The federal government says it has disbursed NGN372.62 billion in student loans and trained 156,446 people in technical and vocational education and training under President Tinubu’s education reforms, Premium Times reports. [Premium Times] |
| → A coalition has threatened mass action over Lagos State’s planned crackdown on unlicensed boreholes, Premium Times reports. [Premium Times] The state water regulator warned last week that it will seal and prosecute operators who drill or extract groundwater without a permit. [Nairametrics] |
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On a Lighter Note
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Nigeria’s Flamingos are into their first-ever U-17 Women’s World Cup final. They beat Brazil 3-1 in Rabat on Wednesday, with Queen Joseph scoring in the 56th minute and Awawu Bashiru adding two. [Vanguard] They are the first African team to reach the final, and they play Japan on Saturday, 7 November, at 7.30pm Nigerian time. [ThisDay] [NaijaNews]
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Why It Matters
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The Senate is being asked to approve $7.7 billion in new foreign borrowing, about NGN10.9 trillion, with the focus on Eurobonds whose interest rates will only be known when they are sold. Meanwhile, NNPC reported NGN509 billion in profit for September, yet petrol availability at its stations stood at 54%. If you or a relative ever needs emergency care, a Senate bill would jail those who refuse treatment for up to six months, though its sponsor admits many hospitals lack the doctors and oxygen to meet its rules. If you drill or use a borehole in Lagos, the state says it will seal and prosecute those without a permit. If you work in a Nigerian-owned bank in The Gambia, you could lose your job by 31 December. If you are a student, the government says it has disbursed NGN372.62 billion in student loans. And if you plan to attend an election rally, the Lafia clash left at least 40 people injured, with several still missing. Please be careful out there, and look out for each other.
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Elsewhere Today
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On this day in 1940, Franklin D. Roosevelt won an unprecedented third term as president of the United States, beating Wendell Willkie while World War II raged in Europe and America was still climbing out of the Great Depression. He had already served two terms, breaking a tradition set by George Washington, and went on to win a fourth term and die in office. The 22nd Amendment, ratified in 1951, then wrote the two-term limit into law, so no president since has done what he did, a debate that still echoes wherever leaders test term limits, including across Africa. [USA Today]
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Produced with AI assistance using open-source web content. Edited by Tomiwa Afolabi. Sources have not been independently verified by Frontier Brief Media. Readers are encouraged to consult original sources before acting on any information herein.
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