Group backs N’Assembly’s move to re-gazette tax laws

A civil society coalition, the Patriots, has pledged its support for the National Assembly’s decision to re-gazette the Tax Acts 2025, amid controversy over alleged alterations between the versions passed by parliament and those said to be in circulation within government agencies.

In a statement issued on Sunday and signed by its National Coordinator, Muhammad Dauda, the group said its independent review showed that the tax laws, as passed by the National Assembly, were intact and free of material discrepancies.

The intervention comes against the backdrop of growing public concern following claims that certain provisions of the newly enacted tax laws were modified after passage by the Senate and the House of Representatives.

The allegations sparked intense debate among stakeholders, including tax professionals, civil society groups and lawmakers, with fears that post-legislative alterations could undermine legislative authority and legal certainty.

In response, the House of Representatives recently resolved to probe the allegations and constituted an Ad-hoc Committee to examine the versions of the Tax Acts as passed by the legislature, the harmonised conference reports and the copies published in the Official Gazette.

The House also directed the Clerk to the National Assembly to make available Certified True Copies of the Acts to the public, as part of efforts to promote transparency and restore confidence in the legislative process.

Reacting to these developments, the Patriots expressed support for the leadership of the National Assembly, insisting that the authoritative versions of the laws remain the Votes and Proceedings of both chambers.

The statement read in part, “We, the Patriots, a coalition of civil society organisations committed to constitutional governance, the rule of law, and legislative accountability, wish to express our firm support for the leadership of the National Assembly regarding the decision to re-gazette the Tax Acts 2025.

“Recent public discourse has highlighted alleged discrepancies between the versions published in the Official Gazette and the Votes and Proceedings of the Senate and the House of Representatives.

“It is important to state clearly that the Votes and Proceedings of May 28, 2025 of the Senate and the House of Representatives constitute the authoritative records of the decisions of the National Assembly on these Acts.

“We are aware that these Votes and Proceedings were published as far back as May 29, 2025, and have been in circulation since then.”

According to the group, a careful comparison of the harmonised copies of the laws with the Votes and Proceedings and the conference reports revealed no substantive differences.

“We have taken our time to carefully go through the harmonised copies of these Acts and the Votes and Proceedings, as well as the Conference Reports.

“Interestingly, we are yet to see any material discrepancies in the records of the National Assembly.”

The Patriots further addressed claims that conflicting versions of the Acts were published in the Official Gazette, stressing that gazetting is an administrative, not legislative, function.

“It is alleged that there are two versions of the Acts published in the Official Gazette. We are yet to ascertain this allegation.

“However, gazetting is a ministerial and administrative function, not a legislative responsibility. It exists to give the public notice of laws already validly enacted; it does not confer authority to alter, amend, or rewrite laws passed by the National Assembly.

“Accordingly, any variance arising from administrative publication cannot override what both Houses of the National Assembly duly approved,” it added.

The group cited several judicial authorities to support its position, including AGF vs Guardian Newspaper Ltd (1989) 1 NWLR (Pt. 99) 1; AG of Lagos State vs AG of the Federation (1986) NWLR (Pt. 17) 244; and AG, Ondo State vs AG of the Federation (2002) 6 NWLR (Pt. 764) 279, all of which affirm the supremacy of parliamentary records over administrative publications.

While acknowledging that allegations of alterations are serious, the Patriots argued that such claims must be proven and addressed through lawful means.

“While allegations of alterations are serious and must be addressed through appropriate internal machinery, it is settled in law that the burden of proof lies on those making such allegations.

“We have carefully studied the allegations, and our findings revealed that there are no material alterations. Pending any judicial determination, Acts duly passed by the National Assembly remain valid and binding,” the statement further read.

The group endorsed the decision to re-gazette the laws as the proper remedy, warning against calls for suspension, repeal or re-enactment.

“We totally agree with the leadership of the National Assembly that re-gazetting the Tax Acts in their correct form – as reflected in the harmonised clean copies, the Votes and Proceedings and the Conference Report – is proper, lawful and appropriate remedy.

“Calls for suspension of implementation or repeal and re-enactment are unnecessary, constitutionally unsound and risk creating avoidable legal and fiscal uncertainty,” it said.

The Patriots also commended the directive to issue Certified True Copies of the Acts to the public, describing it as a step that would enhance transparency and public trust.

“We urge all aggrieved persons and the general public to respect parliamentary records, support prompt re-gazetting of the Acts, and refrain from narratives that undermine the authority of democratic institutions.

“We make the above submissions in the best interest of our country, the citizens and for good governance to prevail in our dear nation,” it stressed.

SERAP sues govs over N14tn subsidy savings’ spending

Human rights advocacy group, Socio-Economic Rights and Accountability Project, has filed a lawsuit against the 36 state governors and the Minister of the Federal Capital Territory, Nyesom Wike, over their alleged failure to account for the spending of N14tn fuel subsidy savings collected from Federation Account Allocation Committee allocations.

The suit, filed last Friday at the Federal High Court, Lagos, with number FHC/L/MSC/1424/2025, seeks to compel the governors and Wike to disclose details of projects executed with the money, including completion reports and locations of the projects.

SERAP argued that Nigerians have the right to know how public funds, including fuel subsidy savings, are being spent.

According to SERAP, since the removal of the fuel subsidy in May 2023, the 36 governors and the FCT minister have collected trillions of naira as savings from FAAC allocations, yet increased allocations have not translated into improved access to healthcare and education for poor and vulnerable Nigerians.

“There is a legitimate public interest for the governors and the FCT minister to urgently explain how they have spent the money they have so far collected from the subsidy savings,” the organisation stated.

SERAP further contended that opacity in spending these allocations negatively impacts citizens and deprives the poor and vulnerable—who bear the brunt of subsidy removal—of much-needed benefits.

“Transparency in the spending of the money would help to avoid a morally repugnant result of double jeopardy on these Nigerians,” it added.

Filing on behalf of SERAP, lawyers Oluwakemi Agunbiade and Valentina Adegoke argued: “There is a significant risk of mismanagement or diversion of funds linked to the increased FAAC allocations collected by the states and FCT. Millions of poor and vulnerable Nigerians have not benefited from the trillions of naira collected, while some states reportedly spend public funds on unnecessary travel, luxury vehicles, and the lavish lifestyles of politicians.”

The group noted that, despite a 45.5 per cent increase in state allocations to N5.22tn  and monthly distributions exceeding N1.6tn in 2025, many states still owe salaries and pensions, continue to borrow to pay workers, and fail to provide basic services.

SERAP cited constitutional provisions, including Sections 13, 15(5), and 16(2) of the 1999 Constitution (as amended), mandating public institutions to manage resources for the common good and eliminate corruption.

The group also referenced Nigeria’s obligations under the UN Convention against Corruption and a Supreme Court ruling affirming that the Freedom of Information Act applies to public records, including subsidy savings.

“Directing and compelling states and FCT to disclose the details of the spending would allow Nigerians to scrutinise them and hold public officials accountable,” SERAP said.

No date has yet been fixed for the hearing of the suit.

Fuel price competition good for consumers – NNPC

GCEO NNPC Ltd, Mr Bashir Bayo Ojulari addresses the staff of the company during his inaugural town hall meeting held at the NNPC Towers, on Thursday. CREDIT: NNPCLThe Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, on Sunday, assured Nigerians that ongoing price competition in the downstream petroleum sector will ultimately benefit consumers.

He described current market tensions as a natural consequence of Nigeria’s transition from total import dependence to domestic refining. “Where there is healthy competition, the buyers are the ultimate beneficiaries.

And I think for us, we need to keep in mind that the market will stabilise. After a while, there’ll be some tension, because we’re going through a major transition,” Ojulari told journalists after briefing President Bola Tinubu in Lagos.

The NNPC boss made the remarks against the backdrop of an intense price war that has seen petrol prices crash from over N1,200 per litre in November 2024 to as low as N739 per litre at some retail outlets in December 2025, driven primarily by competition between Dangote Refinery, NNPC, and independent marketers.

“At the end of the day, I can tell you that Nigerians on the street are going to be the beneficiaries,” Ojulari declared. Clarifying NNPC’s role in the deregulated market, Ojulari emphasised that the company is no longer responsible for petroleum product pricing or regulation under the Petroleum Industry Act.

“The first thing you have to know is that the PIA did something fundamental. Before the PIA in 2021, which rolled in 2022, everything was under NNPC, including some regulations. The PIA divided the roles of regulation from what I will call the business,” he explained.

Ojulari added, “The NMDPRA is responsible for all downstream regulation and midstream, as you know, and the NUPRC is responsible for all upstream regulations. So it’s very important that Nigerians understand that post-PIA, we as NNPC, we are not regulators.”

He stressed that NNPC has been instituted by the PIA to become “a commercial company, which means a company that needs to compete profitably and be successful profitably.”

Ojulari disclosed that NNPCL no longer receives federation allocations and must raise finance independently “like any other business.”

Nigeria’s downstream petroleum sector has been gripped by fierce competition since September 2024, when Dangote Refinery, Africa’s largest single-train refinery with 650,000 barrels per day capacity, began producing petrol locally.

According to the National Bureau of Statistics, the average retail price of Premium Motor Spirit fell by N153 per litre between November 2024 and November 2025—from N1,214.17 to N1,061.35, driven by supply improvements and stronger competition.

The price war intensified dramatically in December 2025 when Dangote slashed its ex-depot price from N970 to N699 per litre, forcing other players to follow suit or risk losing market share.

MRS filling stations, Dangote’s retail partner, began selling at N739 per litre nationwide, while NNPC retail outlets dropped prices from N875 to between N825 and N840 per litre depending on location. Independent marketers followed, with some selling as low as N865 per litre.

Data from Petroleumprice.ng showed that Dangote Refinery made over 20 price adjustments in 2025 alone. The rapid price reductions created significant challenges for petroleum marketers who purchased products at higher prices and now must sell at a loss or lose customers entirely.

IPMAN confirmed that “price competition now determines customer loyalty,” with its spokesperson, Chinedu Ukadike, noting that “any marketer unwilling to adjust prices risks losing patronage and facing mounting bank interest costs.”

Ojulari described NNPCL as “the supplier of last resort,” working closely with all key downstream players, including Dangote Refinery, in which we have an interest, to ensure product availability.

“For us as NNPC, our focus is to generate more production. As we generate more production, we believe there’ll be more production to feed the refineries as much as possible. We also believe the additional production will create more flexibility in terms of the ability for downstream players to be able to participate effectively,” he stated.

Ojulari acknowledged that having major refineries like Dangote and NNPC’s rehabilitated facilities operating simultaneously has disrupted market equilibrium.

“To be honest with you, by the time you have a refinery like Dangote in-country, which has not been there before, with NNPC refinery now under a major review, such a huge refinery in the country, you can expect the market will be impacted right now.

“All we need to do together is to walk through that reality,” he said. “Reality is a great thing to have a major refinery in Nigeria, supplying West Africa and other parts of the world. The question now is, how do we then ensure that the market forces stabilise so that everyone can be okay?”

He emphasised that NNPCL would “let the NMDPRA manage the issue of competitiveness,” noting that “competitiveness is not easy, and I think in these early stages, we are seeing a lot of tension with willing buyer, willing market.”

Before Dangote’s entry, Nigeria’s petroleum sector was characterised by near-total import dependence despite being Africa’s largest oil producer. NNPC held a virtual monopoly on imports and distribution under a heavily subsidized regime.

The removal of fuel subsidies by President Tinubu in May 2023 led to pump prices skyrocketing from around N195 per litre to over N1,030 per litre by October 2024, worsening economic challenges for Nigerians facing inflation exceeding 30 per cent.

The Federal Government attempted to restart the Port Harcourt refinery in November 2024, but imports remained essential until Dangote’s production ramped up significantly in late 2024 and early 2025.

Ojulari said he briefed President Tinubu on NNPC’s production achievements in 2025, revealing that oil production has risen from 1.5 million barrels per day last year to over 1.7 million barrels per day currently. “Some of those are underpinned by very structural changes within the organization,” he explained.

Gas production also increased from 6.5 billion standard cubic feet to over seven billion standard cubic feet daily. The GCEO said NNPC aims to achieve at least 1.8 million barrels per day in 2026, stepping toward President Tinubu’s target of two million barrels per day by 2027 and attracting over $30bn in additional investment by 2030.

Ojulari also disclosed that NNPCL has successfully completed welding of the main line of the Ajaokuta-Kaduna-Kano gas pipeline, including crossing the River Niger. “You remember sometimes in summer, we were able to cross the River Niger, which has been a struggle for many years.

“By completing this main line, what that means now is that we can begin to connect, make all the connections to the main line, which we will do in the earlier parts of next year,” he said.

The 614-kilometer AKK pipeline will bring gas to northern Nigeria for industrialisation, fertilizer plants, and power generation when commissioned in early 2026. “We believe that we are in a good state to be able to commence the implementation,” Ojulari stated.

FirstBank introduces premium seating at Carnival Calabar 2025

First-Bank logoFirstBank has officially announced the introduction of the first-ever private premium seating area at the Carnival Calabar & Festival 2025, which it is sponsoring.

According to the bank, the highlight of its sponsorship is the construction of a 500-seater premium bleacher, designed to provide comfort, safety, and an elevated viewing experience for carnival enthusiasts.

Speaking on the sponsorship, Acting Group Head, Marketing and Corporate Communications, FirstBank, Olayinka Ijabiyi, noted that the carnival aligns with the bank’s First@Arts initiative, a platform dedicated to supporting the creative arts value chain across Nigeria.

He said, “We recognise the transformative power of the arts, including carnivals, in inspiring people and strengthening national unity. For more than 131 years, we have supported platforms that promote self-expression, social reflection, and cultural exchange. Our investment in the Carnival Calabar & Festival demonstrates our commitment to preserving the nation’s rich cultural heritage through First@Arts.

“As part of our sponsorship this year, we are introducing the first-ever private 500-seater premium bleacher to further elevate the carnival experience. This exclusive seating is designed to provide exceptional comfort and an unforgettable viewing experience for attendees.”

The Chairman of the Cross River State Carnival Calabar Commission, Gabe Onah, also commented on FirstBank’s sponsorship, saying, “FirstBank’s involvement is a strong demonstration of private-sector support for culture and tourism. This partnership not only enhances the overall quality of the carnival but also strengthens its global appeal.”

The Carnival Calabar & Festival 2025 is officially marketed by Okhma Global Limited, which is responsible for brand partnerships, promotional engagements, and ticket sales.

FX reserves add $4.39bn in one year

CBN headquartersNigeria’s external reserves grew by $4.39bn between December 23, 2024, and December 23, 2025, according to data sourced from the Central Bank of Nigeria.

As of Tuesday, December 23, the FX reserves stood at $45.24bn, higher than $40.85bn on the same day last year. The reserves have maintained an upward trajectory in the last few months of the year, although there were periods of decline.

The external reserves closed 2024 at $40.87bn and dipped to $39.72bn in January 2025. They fell further to $38.41bn in February, continued the downward trend in March to $38.30bn, and declined to $37.93bn in April. The drop in reserves during this period was attributed to increased debt-servicing commitments.

In a statement during this period, the CBN said, “Reserves have continued to strengthen in 2025. While the first-quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of the year.”

Data from the CBN revealed that Nigeria’s total debt service payments amounted to $540m in January 2025 and $276m in February 2025. This means that a total of $816m was spent on foreign debt servicing in the first two months of the year, The PUNCH reported.

In May, the reserves clawed back some gains to settle at $38.45bn, but those gains were erased in June as the reserves closed at $37.21bn. This wrapped up a first half in which external reserves shed $3.67bn due to debt servicing and the CBN’s interventions in the foreign exchange market.

In the second half of the year, the reserves maintained steady appreciation, rising to $39.35bn in July and crossing the $40bn mark in August to close at $41.30bn. They appreciated by about two per cent in September to close at $42.35bn.

The upward movement continued in October to $43.19bn, while in November the reserves closed at $44.66bn. The accretion continued into December until the 15th day of the month, when the first decline in over two months was recorded.

The reserves dropped to $45.32bn from $45.47bn. Thereafter, they fell to $45.27bn before a day-on-day decline of $57.05m brought them to $45.21bn as of December 17, 2025. Some of the losses have since been recovered, with the reserves standing at $45.24bn as of Tuesday.

Providing insight into the growth in the FX reserves in October, the CBN Governor, Olayemi Cardoso, said the clearing of the foreign exchange backlog and sustained efforts to improve transparency in the FX market were instrumental.

The PUNCH reported that Cardoso made the remarks at the inaugural CBN Governor Annual Lecture Series held at the Lagos Business School under the theme, ‘Next Generation Leadership in Monetary Policy and Nation Building.’

He stressed that credibility and trust were essential to attracting long-term investment, saying, “If we are a going concern, and if we expect people to trust and invest in our economy, we must keep our promises. That action contributed in no small way to the rise in our reserves. People invest when they see credibility and transparency.”

In November, The PUNCH reported that the CBN governor said Nigeria’s foreign reserves had surged to their strongest level in seven years, hitting $46.7bn as of November 14, 2025. Cardoso, who was represented by the Deputy Governor in charge of Economic Policy, Dr Muhammad Abdullahi, said the reserves had reached a new high for the first time since 2018, attributing the resurgence to renewed investor confidence, improved oil receipts, and stronger balance-of-payments inflows.

While not entirely enthusiastic about the sources of accretion to the FX reserves, the Managing Director of Financial Derivatives, Bismarck Rewane, said robust reserves would support FX supply and reduce pressure on the naira.

Speaking at the annual Parthian Economic Discourse 2025 held in late November, Rewane said, “External reserves must be viewed in the context of debt. The recent rise in reserves was due to the Eurobond issuance.”

He added that while diaspora remittances had become an important support for the FX reserves, they were being threatened by AI-induced job losses among Nigerians abroad.

In their macroeconomic review, analysts at Afrinvest Research commended the Cardoso-led CBN for its innovations in the FX market, which they said had supported the external reserves.

“With a net addition of roughly $4.4bn between January and November 2025, foreign reserves hit a multi-year high of $45.4bn on December 9, 2025, implying nearly 11 months of import cover versus an eight-month comfort-level floor for low-income countries,” they said, while cautioning that the pre-election year could prompt investors to adopt a more cautious stance toward the Nigerian market.

Nigeria not at war, Edun tells investors

Olawale EdunThe Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has assured investors that the country’s recent joint security operation with the United States in Sokoto will not destabilise markets, but rather reinforce economic confidence.

Speaking in a statement on Sunday, Edun emphasised that the operation, conducted on Christmas Day, was intelligence-led and targeted solely at terrorist elements threatening national stability and communities.

The PUNCH reports that US President Donald Trump had made good on his threat of military action against terrorists in Nigeria — a threat he made in November that financial markets reacted to negatively.

Trump, on his Truth Social platform, had said, “Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist scum in northwest Nigeria, who have been targeting and viciously killing, primarily, innocent Christians, at levels not seen for many years, and even centuries.

‘I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was. The Department of War executed numerous perfect strikes, as only the United States is capable of doing.

“Under my leadership, our country will not allow radical Islamic terrorism to prosper. May God bless our military, and Merry Christmas to all, including the dead terrorists, of which there will be many more if their slaughter of Christians continues.”

The military strikes have since been framed as an operation approved by the Federal Government, with more strikes likely.

In his statement on Sunday, Edun stressed that Nigeria is not at war with itself or any other country, and that the action is part of ongoing efforts to safeguard citizens and protect economic activity.

“The operation in question was precise, intelligence-led, and focused exclusively on terrorist elements that threaten innocent lives, national stability, and economic activity. Far from destabilising markets or weakening confidence, such actions strengthen the foundations of peace, protect productive communities, and reinforce the conditions required for sustainable growth. Security and economic stability are inseparable; every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment,” he said.

The finance minister also underscored Nigeria’s solid macroeconomic performance, noting GDP growth of 3.98 per cent in the third quarter of 2025, following a 4.23 per cent expansion in Q2. Inflation has continued its downward trend for the seventh consecutive period, falling below 15 per cent reflecting improving price stability.

He maintained, “Our financial markets remain resilient. Domestic and international debt markets are stable and functioning efficiently, supported by prudent fiscal management. Over the past year, Nigeria has received credit rating upgrades from Moody’s, Fitch, and Standard & Poor’s—clear, independent endorsements of the strength of our reforms and the credibility of our economic direction. We have maintained fiscal discipline, prioritised efficiency, and protected macroeconomic stability—demonstrating resilience in the face of external shocks.

“As President Bola Tinubu noted in his address last week, our overarching objective for 2026 is to consolidate the gains of 2025, strengthen Nigeria’s economic resilience, and continue building a sustainable, inclusive, and growth-oriented economy.

“The actions we take today—on security, reforms, and fiscal discipline—are aligned with that goal. As markets reopen on Monday, 29 December 2025, investors can be confident that Nigeria remains focused, reform-driven, and committed to stability. The fundamentals are strengthening, the policy direction is clear, and the resolve of this administration—to protect lives, secure prosperity, and grow the economy—is unwavering.”

As markets reopen on Monday, Edun reassured investors that Nigeria remains open for business, anchored in peace, and firmly focused on the future.

The PUNCH reports that when Trump issued the threat of a military strike in early November, both the naira and the Nigerian Exchange reacted bearishly. The naira slid from its 2025 peak of N1,421.73/$ to N1,436.34/$ — a sharp 1.03 per cent decline, or N14.61, on November 3, 2025. At the parallel market, the naira also weakened to N1,455.00/$.

On the same day, the Nigerian Exchange Limited’s All-Share Index contracted by 0.25 per cent to settle at 153,739.11 points, bringing year-to-date gains to 49.37 per cent. The trading trend also led to a loss of N245.88bn in market capitalisation.

At the bond market, Cowry Assets Management indicated that appetite for Nigerian Eurobonds weakened, with average yields expanding by five basis points to 7.70 per cent. This was indicative of bearish sentiment and defensive positioning in the offshore debt space, driven by prevailing macroeconomic headwinds and heightened geopolitical risk aversion across emerging market credit.

Osun 2026: APC accuses Adeleke Government of intimidation over billboard restrictions

The Osun State chapter of the All Progressives Congress, APC, has accused the state government of imposing restrictions on the use of billboards by the opposition ahead of the 2026 governorship election.

The party, in a statement by the chairman, Tajudeen Lawal on Friday, alleged that the administration of Governor Ademola Adeleke had created an uneven playing field for political activities by directing the state’s signage regulatory agency to halt approval for APC campaign billboards in parts of the capital, Osogbo.

Lawal said the directive was targeted at the party and its governorship candidate, Bola Oyebamiji.

According to the statement, “the state government allegedly instructed O’ Signage Agency not to approve the erection or pasting of APC billboards within Osogbo, particularly along the Akoda axis to the Osogbo City Stadium corridor, for a specified period leading to the election.”

The Osun APC chairman, while claiming that the decision amounted to a misuse of incumbency power, added that it was intended to restrict the campaign visibility of the APC candidate.

“The directive is oppressive, unlawful and aimed at stifling opposition activities,” he said.

The APC alleged that the state government had ordered the signage agency to identify owners of existing billboards across Osogbo and compensate them for up to three years per billboard, a move the party described as unusual and politically motivated.

Describing the development as undemocratic, the APC chairman said the party would resist the directive through lawful means.

He stated that the party believed the action was inconsistent with democratic principles and the right of political parties to campaign freely.

Referencing the Advertising Regulatory Council of Nigeria, ARCON, formerly known as APCON, the APC noted that the alleged directive was not in line with national advertising regulations governing political communication.

“We want to put all statutory security agencies on notice, including the Police, the Department of State Services and the Nigeria Security and Civil Defence Corps, to be aware of this development,” Lawal said in the statement.

The APC leadership called on the Adeleke administration to reconsider the alleged policy, urging the government to allow all political parties to operate on equal terms ahead of the election.

The party maintained that its governorship candidate would continue preparations for the poll, insisting that no administrative action would prevent participation in lawful campaign activities across the state.

Efforts to get the spokesperson of the Osun State Governor, Olawale Rasheed, to react to the allegation proved abortive as he was not responding to calls made to his phone number.

Wike, G-5 governors vindicated by PDP defections – Fayose

Former Ekiti State Governor Ayodele Fayose has said the recent wave of defections from the Peoples Democratic Party, PDP, has vindicated former Rivers State Governor Nyesom Wike and the G-5 governors who were previously labelled as traitors.

Speaking during an interview on TVC, Fayose said, “Most of the governors that jumped did so in their own interest, what they felt would secure their future and their people. I wouldn’t blame them.”

He disclosed that he had earlier warned PDP leaders about looming challenges within the party.

“When the roof started sinking, I came out and spoke. I told Sẹ́un Okinbaloye that the PDP would face a lot of challenges,” he stated.

Fayose said Wike was open about grievances within the party, particularly regarding agreements reached with the party’s presidential candidate, Atiku Abubakar, which he claimed were not honoured.

“Governor Wike did not hide anything. He openly said that what Atiku agreed with them was not done. He fought that cause and he did not fight alone,” Fayose said.

He added that Oyo State Governor Seyi Makinde and other members of the G-5 alliance stood firm, noting that they engaged the president on several occasions.

According to Fayose, although many Nigerians initially branded the G-5 governors as traitors, recent events have changed perceptions.

“Many people saw the G-5 governors as traitors. But if you sit back now, the presidential candidate of the PDP has left, the vice-presidential candidate has left, governors and senators have left,” he said.

Fayose concluded that the mass defections show that Wike had foreseen the crisis earlier than others.

“That means Wike has been vindicated. What they never saw, Wike saw earlier on,” he said.

Nigerian govt to run one budget from March 2026 – Rep Agbese

Deputy Spokesperson of the House of Representatives, Philip Agbese, has said the Federal Government will operate a single budget from March 2026.

Agbese disclosed this on Friday in an interview with journalists in Abuja, stating that the repeal and re-enactment of both budgets would ensure a coherent and predictable funding structure.

He said the repeal and re-enactment of the budget is intended to align the nation’s budgeting system with global and international best practices.

According to him, it would also ensure transparency and accountability at all levels and lessen the burden of oversight during implementation.

“By adopting a single budget after 31 March 2026, the executive will be able to execute the budget without much hassle. When there is a single funding system, it becomes easier to manage cash flow and ensure timely releases,” he said.

The deputy spokesperson of the Green Chamber also praised President Tinubu for promising budget discipline and economic stability.

Agbese added that the parliament is committed to reforms that would strengthen public finance management, improve service delivery, and restore public confidence in the budgeting process.

DAILY POST reports that the Federal Government has faced significant challenges in executing the 2024 and 2025 budgets, resulting in the operation of multiple appropriations within a single fiscal year.

It is recalled that on Tuesday, the National Assembly, at the request of President Tinubu, repealed and re-enacted the 2024 and 2025 budgets.

It also extended the implementation timeline of the 2025 budget through March 2026 to ensure fiscal alignment and continuity of public expenditure.

Nigerian government reveals targets of US strikes, launch sites, related details

The Federal Government of Nigeria has stated that, in close coordination with the Government of the United States of America, it successfully conducted precision strike operations against two major Islamic State ISIS terrorist enclaves located within the Bauni Forest axis of Tangaza Local Government Area, Sokoto State.

A statement signed by Mohammed Idris, the Minister of Information and National Orientation, said intelligence confirmed that these locations were being used as assembly and staging grounds by foreign ISIS elements infiltrating Nigeria from the Sahel region, in collaboration with local affiliates, to plan and execute large-scale terrorist attacks within Nigerian territory.

The minister stated that the precision strike operations were executed between 00:12 hours and 01:30 hours on Friday, 26 December 2025, following explicit approval by the President of the Federal Republic of Nigeria, His Excellency President Bola Ahmed Tinubu, and that the operation was carried out under established command and control structures, with the full involvement of the Armed Forces of Nigeria and under the supervision of the Honourable Ministers of Defence and Foreign Affairs, as well as the Chief of Defence Staff.

“The strikes were launched from maritime platforms domiciled in the Gulf of Guinea, after extensive intelligence gathering, operational planning, and reconnaissance,” the statement said.

“A total of 16 GPS-guided precision munitions were deployed using MQ-9 Reaper unmanned aerial platforms, successfully neutralising the targeted ISIS elements attempting to penetrate Nigeria from the Sahel corridor.

“During the course of the operation, debris from expended munitions fell in Jabo, Tambuwal Local Government Area of Sokoto State, and in Offa, Kwara State, near the premises of a hotel. No civilian casualties were recorded in either location, and relevant authorities promptly secured the affected areas.”

The Federal Government of Nigeria reiterated its unwavering resolve to confront, degrade, and eliminate terrorist threats, particularly those posed by transnational extremist networks seeking to undermine Nigeria’s sovereignty and security. Nigeria remains fully aligned with its strategic partners and Friends of Nigeria in executing coordinated actions aimed at ensuring lasting peace, border security, and regional stability.

The Federal Government assured all Nigerians that it remains firmly in control of the national security architecture and is fully committed to the protection of lives and property. Citizens are urged to remain calm and vigilant as decisive actions continue against all terrorist groups threatening the nation.