In a significant move aimed at boosting infrastructure, President Bola Tinubu has formally requested the Senate's approval to secure a $516.3 million loan from Deutsche Bank AG. This lending initiative is backed by insurance from the Islamic Corporation for the Insurance of Investment and Export Credit, part of the Islamic Development Bank. Tinubu emphasized that the funding would be directed towards the construction of the Sokoto-Badagry Superhighway, a centerpiece project within his Renewed Hope Agenda. The ambitious…

The European Union signalled fresh financial backing for Ukraine, with foreign policy chief Kaja Kallas saying she expects "positive decisions" tomorrow on a €90 billion loan package. "We expect some positive decisions tomorrow on the €90bn loan," she said ahead of a meeting of EU foreign ministers in Luxembourg, where ministers are also set to hear a renewed call to suspend trade relations with Israel. "Ukraine really needs this loan and it's also a sign that Russia cannot outlast Ukraine," Ms Kallas said. Her remarks came…

For years, Viktor Orban was the European Union’s perennial blocker. His decisive election defeat in Hungary has now prompted a wave of relief across the bloc. Mr Orban, Hungary’s nationalist prime minister, conceded defeat yesterday after parliamentary elections delivered victory to conservative Peter Magyar, a former government insider turned political newcomer who campaigned on a promise of “system change”. Whether the issue was support for Ukraine or sanctions on Russia, Mr Orban repeatedly slowed or stopped some of the…

In a decisive move, the House of Representatives has greenlit President Bola Tinubu's proposal for a substantial external loan totaling $6 billion, primarily designed to address fiscal deficits and support critical infrastructure initiatives. This approval facilitates the federal government’s ability to secure financing from international lenders based in the United Arab Emirates and the United Kingdom. The comprehensive financial package encompasses a significant $5 billion Total Return Swap arrangement with First Abu…

A high-stakes push by European Union leaders at a Brussels summit fell short, leaving Hungarian Prime Minister Viktor Orban’s veto on a €90 billion EU loan for Ukraine firmly in place, officials said. "They tried. They failed," one European official said of the efforts by other EU leaders to convince Mr Orban at a summit in Brussels. The loan was signed off by EU leaders in December, but Mr Orban — who keeps cordial ties with Russia and has clashed with Ukrainian President Volodymyr Zelensky — has stalled its rollout, citing…

BRUSSELS — President Volodymyr Zelensky warned Thursday that Ukraine will have to significantly cut drone production next year — and halt long-range strikes on Russian energy infrastructure — if European Union leaders fail to unlock a first loan backed by frozen Russian assets at a summit in Brussels. Ukraine faces a foreign aid shortfall of €45–50 billion in 2025 and is due to run out of money early next year, Zelensky said. “Without it, there will be a big problem for Ukraine,” he told reporters, adding he would press EU…

EU leaders agreed to provide Ukraine a €90 billion loan to cover looming budget shortfalls after more than a day of talks in Brussels, but they failed to unite behind a plan to tap frozen Russian assets to finance the support. The deal offers Kyiv a financial lifeline as the government braces for a cash crunch expected to hit by April and as U.S. President Donald Trump urges a quick settlement to end Russia’s war. EU chief Antonio Costa announced the outcome on X, saying, “We have a deal. Decision to provide 90 billion euros…

Britain steps in to shore up Jaguar Land Rover — but the fix poses bigger questions After nearly a month of halted production following a crippling cyberattack, Britain is turning to a familiar — if politically sensitive — tool: a government-backed guarantee to unlock private lending for Jaguar Land Rover’s supply chain. The move, announced by the business ministry, aims to steady suppliers and protect jobs in the wake of an industrial shock that has rippled through communities from the West Midlands to Merseyside. What…

 The Somali administration has greenlit a federal budget of $1.34 billion for 2025. This represents a hefty 24.4% uptick from last year’s allocation of $1.079 billion. This financial boost stems from an uptick in local earnings and the need to tackle ongoing expenses, with homegrown revenue expected to hit $429.4 million, up 24% from $346.2 million in 2024.Taking a gander at the 2025 budgets of East African Community (EAC) nations:Kenya: $31.9 billion (up by 3.1% from 2024/25) Uganda: $19.61 billion (a whopping 36% increase)…

A glimpse of the International Monetary Fund's HQ in D.C., U.S., captured on April 8, 2019. Photo credits © REUTERS/Yuri Gripas/File Photo. Inquiries for rights, contact us. Good news from the IMF! The Ethiopian government gets a green light for the $3.4 billion aid package, with $340.7 million unlocked. The folks at the IMF board gave a thumbs-up last Friday for the initial review of the deal. This backing stems from Ethiopia's summer deal, culminating in a four-year financial arrangement. The country's journey towards…