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Electoral Bill: CSOs Demand Buhari’s Assent In Two Days, To Stage Protest Tuesday

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Following President Muhammadu Buhari’s delay in signing the revised Electoral Act Amendment Bill, no fewer than 26 civil society organizations have decided to stage a demonstration on Tuesday if the bill is not signed by the President within two days.

The group invited its supporters to gather at Abuja’s Unity Fountain for the protest.

Nigeria Civil Society Situation Room, Yiaga Africa, Partners for Electoral Reform, International Press Centre, Institute for Media and Society, Nigerian Women Trust Fund, The Albino Foundation, Centre for Citizens with Disabilities, Premium Times Centre for Investigative Journalism, Labour Civil Society Coalition, Transition Monitoring Group, CLEEN Foundation, and Civil Society Legislative Advocacy Centre are among the organizations that make up the coalition.

Others are Women Advocates Research and Documentation Centre, Nigeria Network of Non-Governmental Organisations, Inclusive Friends Association, Enough is Enough, The Electoral Hub, Centre for Liberty, Take Back Nigeria Movement, International Peace and Civic Responsibility Centre, 100 Women Lobby Group, Women in Politics Forum, Raising New Voices, Millennials Active Citizenship Advocacy Africa and Ready To Lead Africa.

On January 31 2022, the National Assembly transmitted the reworked bill to the President for assent.

Buhari consequently forwarded it to the Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN), for legal advice.

Malami had hinted that he might advise the President to withhold assent if he (Malami) found the reworked bill to contain proposals hinged on personal interests.

The CSOs in a statement on Saturday by the Media Officer of Yiaga Africa, Moshood Isah, after an emergency meeting, urged citizens across the nation to “call on President Muhammadu Buhari to act on this matter of urgent national importance.”

The coalition said the bill allowed electronic transmission of results, strengthened the financial independence of the Independent National Electoral Commission and empowered the commission to reject falsified election results.

The statement read in part, “Further aware, the bill, when signed, requires INEC to issue Notice of Election not later than 360 days before the day appointed for an election. Therefore, the President has to give assent to the bill on or before February 22, 2022, if the dates announced for the 2023 elections are to be maintained.

“We are concerned that the delay in granting presidential assent to the Electoral Bill, 2022 will create legal uncertainties that threaten the integrity of the off-cycle elections in Ekiti, Osun, and the 2023 general election, which is 366 days away.

“The civil society community resolves to declare Tuesday, February 22, 2022, as the national day of protest to demand immediate assent to the bill. Civil society networks will organise peaceful public direct-action activities to further the demand to assent to the bill. We urge citizens across the nation to call on President Muhammadu Buhari to act on this matter of urgent national importance.”

The President has not shown any significant sign of signing the reworked bill 20 days after it was transmitted to him by the National Assembly.

By law, the President is expected to respond to the National Assembly’s proposal not more than 30 days after receiving it.

The bill was transmitted to him on January 31, 2022, meaning he has barely 10 days left to act on it. The President has in the last five years rejected electoral amendment bills five times.

The INEC Chairman, Prof. Mahmood Yakubu, had said last month that the commission would quickly release the timetable and schedule of activities for the 2023 general elections based on the new law once the bill is signed by the President.

However, there are indications that INEC will go ahead with its preparations rather than allow Buhari’s failure to sign the bill to delay its activities.

The National Commissioner for Voter Education and Publicity, Festus Okoye, said on Channels Television that the commission could conduct the 2023 general elections with the current Electoral Act 2010.

Okoye added that Buhari not signing the Electoral Act amendment bill did not affect the FCT council election that took place on Saturday as the poll went smoothly.

He explained that INEC is an agency of the government that works with existing laws and it would continue to do so.

When asked if the President’s refusal to sign the electoral bill affected the conduct of the FCT poll, Okoye said, “Not in any way.”

When asked if the commission would be able to deliver a credible election in 2023 if the President doesn’t sign the electoral bill, Okoye said, “As an electoral management body, our responsibility is to utilise the existing law and conduct our elections very well.”

Also speaking with Sunday PUNCH, the Chief Press Secretary to the INEC Chairman, Rotimi Oyekanmi, said although the commission would be happy if Buhari signs the bill, the commission which is a product of the law would go ahead with its core mandate of organising elections.

On whether INEC would be forced to shift February 18, 2023, due to the controversy surrounding the electoral bill, Oyekanmi said it would be speculative to provide a response.

He added, “When the commission decides on whether or not to postpone the elections, we will come up with a statement but it is not wise to speculate. As a commission, we would like to see the electoral amendment bill signed but let us not forget that there is existing law.

“What that means is that if perchance the bill is not signed by Mr President, INEC will have no option but to fall back on the existing law to conduct the elections because the constitution does not say that you must wait for the amendment of one law or the other before you conduct general elections. General elections must hold every four years.”

Meanwhile, a top government official told Sunday PUNCH that it was unlikely that the President would sign the electoral bill.

The official, who wished to remain anonymous because he was not authorised to speak with the press, said the National Assembly did not comply with the President’s letter which he issued while explaining his reason for rejecting the previous bill last December.

He said, “The National Assembly was only expected to remove the mandatory direct primary and add all options which include: direct, indirect and consensus. However, they have now inserted a clause that says that in the event that consensus is adopted, all aspirants who choose to step down must put it into writing.

“This last clause is a recipe for disaster. The President has been advised against signing this bill. I will be surprised if he appends his signature to it. But nothing is impossible in politics.”

BIG STORY

Nigeria Secures $747m Syndicated Loan For Lagos-Calabar Coastal Highway

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Nigeria has obtained a $747 million syndicated loan to fund phase 1, section 1 of the Lagos-Calabar coastal highway.

In a statement issued on Wednesday, Mohammed Manga, director of information and public relations at the ministry of finance, said the loan will finance the 47.47-kilometre stretch from Victoria Island to Eleko Village in Lagos.

Manga described the financing as the largest syndicated road infrastructure loan of its kind in Nigeria, reflecting strong international investor confidence in the country’s reform path and infrastructure agenda.

Deutsche Bank served as global coordinator, initial mandated lead arranger, and bookrunner, and participated in the syndicate alongside other regional and global financial institutions.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) offered partial political and commercial risk insurance.

According to Manga, the syndicate includes development finance institutions, export credit agencies, and international commercial banks. Notably, First Abu Dhabi Bank acted as Agent across all facilities and Intercreditor Agent. Other participating institutions included the African Export-Import Bank, the Abu Dhabi Exports Office (ADEX), the ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V. (formerly Credit Europe Bank N.V.), and Zenith Bank via its UK, Paris, and Nigeria offices.

The project is structured as an “EPC+F” contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm.

The arrangement reflects a public-private partnership, integrating technical delivery with financing to expedite implementation and attract further private investment in priority infrastructure.

Construction on phase 1, section 1 is already over 70 percent complete.

The highway is being built using “Continuously Reinforced Concrete Pavement (CRCP)”, designed for a lifespan of at least 50 years with minimal maintenance, ensuring durability and cost-efficiency.

The project has undergone comprehensive technical, legal, environmental, and social assessments to meet high international standards.

The Lagos-Calabar Coastal Highway is expected to serve as a vital logistics and trade corridor, improving regional integration, promoting tourism, lowering transport costs, and creating jobs. A tolling framework is being finalised to support long-term operations and financial sustainability.

Funding for subsequent phases is in progress, with considerable interest from both regional and international investors.

Manga said this significant development reflects renewed engagement from global financial institutions with Nigeria, driven by bold economic reforms and a focus on delivering viable, transformative projects.

‘Transaction signals to investors maturity of Nigerian market’

Wale Edun, minister of finance and coordinating minister of the economy, said the loan agreement reflects the progress of Nigeria’s macroeconomic reforms and the return of international capital to support development.

He said the government remains committed to funding infrastructure through “sustainable, transparent, and transformative” methods, calling the transaction a practical example of this vision.

Edun said, “The closing of this market-defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.”

He added that the deal confirms Nigeria’s readiness for full adoption of public-private partnerships in infrastructure development and operations.

David Umahi, minister of works, called the deal a strong endorsement of Nigeria’s reform agenda and emphasized the national importance of the Lagos-Calabar highway.

Dany Abboud, managing director of Hitech Construction Company Limited, said, “With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards.”

Abboud highlighted the benefits of using “CRCP technology” for its superior durability and cost-effectiveness.

Khalid Khalafalla, chief executive officer of ICIEC, also expressed satisfaction in partnering with the Nigerian government and other financiers to deliver the project.

Khalafalla said, “Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth.”

He added that the project would generate employment, enhance local expertise, and support small and medium-sized enterprises, demonstrating ICIEC’s commitment to sustainable development and shared prosperity across West Africa.

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BIG STORY

Nigeria’s FX Reserves To Hit $41bn As Naira Seen Sustaining Gains

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Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.

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BIG STORY

“JAPA”: Canada Increases Minimum Proof Of Funds To N17m For Immigrants

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Foreign nationals aiming to migrate to Canada through the Express Entry system will now need to meet a higher minimum financial requirement, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC).

Based on the new guidelines effective from July 7, 2025, a single applicant is now required to show access to at least CAD $15,263 (about N17 million), an increase from the previous CAD $14,690. For a family of two, the new minimum required amount rises to CAD $19,001 (N21.2m).

This update in the financial threshold is part of IRCC’s annual review of settlement fund requirements, calculated at 50% of the low-income cut-off figures determined by Statistics Canada.

These funds are meant to prove that applicants can financially support themselves and their families after arriving in Canada.

Applicants must provide official letters from their financial institutions, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts may be combined.

To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. This update will not affect the original submission date and time of the profile, meaning it will not impact tie-breaker situations.

Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required for applicants under the Canadian Experience Class or for those already authorized to work in Canada with a valid job offer, even under other Express Entry categories.

Submitting an Express Entry profile is only the initial step and does not guarantee permanent residency. IRCC continues to invite the highest-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to assess and rank applications.

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