Sokoto governor signs N758.7bn 2026 budget into law

Sokoto State Governor, Ahmed Aliyu, on Friday signed the N758.7 billion 2026 Appropriation Bill into law.

The budget, tagged the “Budget of Socioeconomic Expansion,” aims to stimulate economic growth and improve living standards across the state.
The governor said implementation of the budget would commence immediately to ensure timely delivery of government projects and programmes.

A breakdown of the budget shows that 41 per cent is allocated to the economic sector, 37 per cent to the social sector, and 16 per cent (N122.73 billion) to health.

Health projects include the completion of the Sokoto State University Teaching Hospital in Kasarawa, Murtala Muhammad Specialist Hospital, and general hospitals in Binji, Tambuwal, and Sabon Birni.

The budget also provides for the procurement of 21 ambulances to strengthen emergency response services.

The education sector received N115.95 billion for the rehabilitation of schools, improvement of teaching and learning conditions, and development of tertiary institutions.

Agriculture was allocated N18.74 billion to support farmers with inputs, equipment, and services aimed at boosting food production and food security.

Governor Aliyu noted that 72 per cent of the budget is for capital expenditure and 28 per cent for recurrent spending.

He added that projects executed in the previous year were funded through the Federation Account and the state’s internally generated revenue, keeping Sokoto State debt-free.

The Speaker of the Sokoto State House of Assembly, Hon. Tukur Bala Bodinga, said the timely passage of the budget reflected coordination between the executive and legislature.

He noted that the House subjected the proposal to scrutiny to ensure it aligns with the state’s development priorities and pledged continued oversight during implementation.

Onitsha Market shutdown: Traders have right to observe sit-at-home – BRGIE counters Soludo

The Biafra Republic Government in Exile (BRGIE), on Friday, condemned the decision of Anambra State Governor, Prof. Chukwuma Soludo, to shut down the Onitsha Main Market and threaten its permanent closure.

DAILY POST recalls that Onitsha Main Market has remained shut throughout the week following Governor Soludo’s order.

He had announced a one-week shutdown of the market over the continued observance of Monday sit-at-home by traders.

The decision sparked protests by traders, which degenerated into chaos in parts of the state.

In a subsequent speech, the governor warned that the market could be closed indefinitely if the situation persisted, a move that has drawn widespread criticism in recent days.

Reacting, the Prime Minister of BRGIE, Ogechukwu Nkere, in a statement, described Soludo’s actions as unjust and targeted at innocent traders.

Nkere, who was recently elected to replace Simon Ekpa following his (Ekpa) sentencing in Finland, faulted what he described as threats against traders, including alleged plans to demolish shops and markets in Onitsha.

According to him, traders in Onitsha have the right to freedom of expression, including the voluntary choice to observe sit-at-home actions in solidarity with Nnamdi Kanu and to express opposition to what he termed Nigeria’s oppression.

Nkere maintained that the sit-at-home actions were undertaken by the traders of their own free will, insisting that neither the BRGIE nor its affiliates coerced or compelled anyone to participate in the protests.

He further drew parallels with historical examples of civil disobedience, citing India’s independence struggle under Mahatma Gandhi, which involved peaceful resistance, economic boycotts, and non-compliance.

“Charles Soludo, whom the Biafra Republic Government in Exile considers an illegitimate governor, should not be targeting innocent Onitsha traders, including threatening to demolish their shops and markets. Onitsha traders have the right to freedom of expression, including the voluntary decision to observe sit-at-home actions in solidarity with Mazi Nnamdi Kanu and to express their displeasure towards Nigeria’s oppression.

“These actions are undertaken entirely of the Onitsha traders’ own volition.

“The BRGIE and its affiliates in the homeland did not coerce or compel traders in any way to engage in sit-at-home protests.

“There is historical precedence where people have achieved independence through civil disobedience, such as when Mahatma Gandhi and the people of India achieved independence from Great Britain through peaceful disobedience, which included social and economic boycotts and non-compliance,” he said.

DAILY POST reports that the market closure has been attracting diverse reactions, with the Indigenous People of Biafra, IPOB, asking the traders to ignore the governor.

To show their displeasure, IPOB has gone ahead to declare sit-at-home across the South-East on Monday February 2.

It is left to be seen if the people would obey the directive.

Sanwo-Olu defends Makoko demolition, cites public safety concerns

Governor Babajide Sanwo-Olu of Lagos State has defended his administration’s demolition of waterfront shanties in parts of Makoko, saying the action was taken solely to protect lives and prevent what he described as an impending humanitarian disaster.

The governor spoke on Friday during a closed-door breakfast meeting with selected Managing Directors and Chief Executive Officers in Ikoyi.

The meeting was organised by the Lagos State Security Trust Fund, LSSTF, as part of efforts to mobilise resources for the state’s security needs in 2026.

Responding to public criticism and protests that followed the demolition of structures around the Third Mainland Bridge corridor, Sanwo-Olu said the settlement had expanded at an alarming pace and had encroached dangerously close to critical infrastructure.

“I have been accused of destroying Makoko. But the challenge is that the settlement was growing at an incredible speed and moving dangerously close to the bridge.

“There are high-tension power lines underneath. I am not going to sit down and allow a situation where, in one day, 100 to 500 people could die,” he said.

He stressed that the exercise was not politically motivated and was not intended to displace residents permanently, but to push them away from areas considered unsafe.

“Of what benefit would it be for the government to dislocate people?” Sanwo-Olu asked, adding: “It can only be for their own safety. We will not sit back, allow disaster to happen, and then be blamed for inaction.”

The governor disclosed that the state government had explored partnerships with international development agencies to redevelop Makoko in a sustainable manner, but said such efforts had yielded little progress.

“For six years, a United Nations agency said if I brought money, they would support development. I told them I already had my own money. Till today, they have not returned. Only last week they said they had no funds,” he said.

Sanwo-Olu also criticised some non-governmental organisations, accusing them of exploiting the Makoko situation to attract donor funding rather than offering lasting solutions.

Beyond the Makoko issue, the governor used the forum to call on the private sector to deepen its support for Lagos’ security architecture through the LSSTF.

He outlined priority security needs to include multipurpose helicopters and drones, armoured personnel carriers, water cannons, smart CCTV cameras, digital communication systems, patrol vehicles, tactical training and upgrades to police infrastructure.

According to him, the Lagos State Government currently shoulders more than half of the state’s annual security expenditure, adding that the LSSTF has continued to enjoy credibility due to transparency and accountability.

“We want to ensure Lagos remains secure. We are rebuilding the Command and Control Centre with state-of-the-art equipment and scaling up our Safe City CCTV initiative. Improving emergency response capacity remains a top priority,” Sanwo-Olu said.

The governor also announced plans to commission 35 junior and senior secondary schools in Tolu, Ajegunle, next month, noting that the facilities would accommodate about 22,000 students and help address education gaps in densely populated communities.

Drawing a comparison with the long-standing Okobaba sawmill challenge, Sanwo-Olu said his administration successfully relocated operators to Agbowa, ending years of recurrent fire incidents after investing billions of naira and providing over 500 housing units.

He emphasised that urban safety, security and social infrastructure must advance together if Lagos is to remain attractive to investors.

“We need to keep our people safe, secure the future and assure investors that Lagos remains the right environment for growth,” the governor added.

NCAA mandates special needs options on flight ticket platforms

NCAA NigeriaThe Nigeria Civil Aviation Authority has given a seven-day ultimatum to all domestic airlines to integrate a mandatory special needs assistance option on their ticket reservation platforms to improve access for passengers with disabilities and persons with reduced mobility.

The directive was contained in a statement signed by the Director of Public Affairs and Consumer Protection, NCAA, Michael Achimugu, on Friday.

According to Achimugu, the directive requires airlines to provide passengers with the opportunity to request assistance at the point of booking across all ticket sales channels, including online platforms and telephone reservations.

The statement reads partly, “The Nigeria Civil Aviation Authority has reiterated its directive to all domestic airlines operating in Nigeria to ensure full compliance with provisions for Persons with Reduced Mobility and passengers with disabilities by incorporating a mandatory Special Needs/Assistance request feature on their ticket reservation systems.”

The NCAA recalled that a similar directive was issued to airlines in April 2022, mandating operators to “conspicuously place a designated field, box, or column on their booking platforms” to allow passengers to give advance notice of special needs before purchasing tickets.

According to the regulator, the requirement is further reinforced by the Nigeria Civil Aviation Regulations (Nig. CARs) 2023, Part 19.12.3.1, which places obligations on airlines, travel agents, and tour operators to make adequate provisions for passengers who may require assistance during airport and in-flight operations.

The regulations mandate airlines to include a clearly identifiable section on ticket portals through which persons with disabilities or their assistants may request special needs assistance while booking or purchasing flight tickets, while also requiring operators to actively enquire if any passenger within a booking party may require assistance.

“In view of the foregoing, the NCAA has directed all affected airlines to conspicuously integrate a mandatory special needs assistance request option into their ticket reservation systems, ensuring that passengers are able to request such assistance before completing the ticket purchase process,” the authority said.

The aviation regulator, however, warned that failure to adhere to the instruction within the seven-day window would attract regulatory enforcement in line with applicable aviation regulations.

Alternative Bank urges stable policies to unlock private capital

Alternative BankThe Executive Director, Commercial and Institutional Banking for Lagos and the South-West at The Alternative Bank, Korede Demola-Adeniyi, has called for stronger public-private collaboration and predictable policies to accelerate blended finance and mobilise private capital for inclusive growth.

According to a press statement on Thursday, Demola-Adeniyi made the call at the Africa Social Impact Summit High-Level Policy Engagement held at the State House Conference Centre, Abuja.

The session was hosted by the Office of the Vice President in partnership with Sterling One Foundation and the United Nations Nigeria, under the theme Scaling Action Driving Inclusive Growth Through Policy and Innovation.

She said blended finance could deliver commercially sound outcomes while advancing development priorities when transactions are properly structured, and risks are transparently shared among government, development finance institutions, banks, and other stakeholders.

According to her, DFI-supported blended finance structures often record stronger repayment performance than conventional lending when risks are clearly allocated and execution is actively monitored.

“Blended finance works when the structure is clear, and the risk-sharing is real,” she said. “However, private capital will not be committed at scale when the rules can change halfway through execution. If we want investors to show up, policy has to be predictable.”

Demola-Adeniyi explained that the bank approaches transactions as partnerships rather than conventional interest-based lending, assessing viability through profitability, agreed profit-sharing structures, and the responsibilities of each party.

“If a project is viable, we evaluate how it makes money, how profit is shared, and what each party is responsible for,” she said. “Our model is that of a partnership built to deliver results.”

She cited the bank’s impact collaborations as proof that blended finance can move from policy conversations to measurable outcomes when execution is properly supported.

In Kano, she said the bank delivered an electric mobility initiative through the UK government’s FCDO-funded LINKS programme, while also working with women’s cooperatives and transport stakeholders to train about 100 women, certify 30 mechanics, and support operations with tools, a service centre arrangement, and battery recharging infrastructure.

She said the project showed how coordinated capital and implementation could expand economic participation. Demola-Adeniyi identified policy inconsistency as a major barrier that weakens investor confidence and can threaten transactions after capital has been mobilised.

“When a policy is introduced, stakeholders structure and fund projects around it, and then it changes midstream, the project is put at risk,” she said. “That is how capital gets stranded on the table.”

She urged policymakers to adopt a multi-year blended finance framework that protects already approved transactions from midstream policy changes through clear stabilisation provisions, noting that predictability is critical for long-term capital planning. “If the goal is a $1tn economy, then we need rules that investors can trust long enough to build,” she said.

The Vice President, Kashim Shettima, also called for a shift in development thinking beyond public spending to long-term investments in human capital, productive systems, climate resilience, digital infrastructure, and inclusive markets. He was represented by Hauwa Liman, Technical Adviser on Women, Youth Engagement and Impact.

“The future of this continent will not be financed by aid alone. It will be driven by patient capital, catalytic capital, blended finance, and private enterprise deployed with discipline and guided by impact,” Shettima said.

He reaffirmed the administration’s commitment to expanding opportunities for young people and women, warning that fragmentation among stakeholders could undermine progress. “The stakes are too high for disunity. Development is not done to people; it is built with them. Progress demands coalition,” he said.

Shettima urged African leaders and partners to close the gap between promise and performance, noting that leadership would ultimately be judged by systems built, institutions strengthened, and futures secured.

Transcorp hotels posts record revenue of N97.04bn

Transcorp HotelsTranscorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has reported a historic revenue worth N97.04bn in 2025, which is 38 per cent higher than N70.13bn in the previous year.

This was indicated in the audited financial reports of the company filed with the Nigerian Exchange Limited on Friday.

The PUNCH reports that the hospitality business is one of the companies on the NGX with a market capitalisation in excess of N1tn.

In the period under review, the company’s record revenue of N97.04bn was driven by robust demand in room bookings, conferencing, food and beverage services, and other ancillary services offerings.

It’s Gross Profit margin expanded to 77 per cent, from 71 per cent in FY 2024, driven by increased volumes, effective cost management, and operational efficiencies.

Operating Profit hit N35.24bn, up 35 per cent from N26.03bn in 2024. Profit Before Tax rose by 45 per cent to N32.82bn, from N22.61bn in FY 2024.

Similarly, Profit After Tax rose to N21.85bn from N14.90bn, marking a 47 per cent appreciation year-on-year.

In a statement accompanying the report, the Board Chair, Transcorp Hotels Plc, Dr Awele Elumelu, said, “I am delighted with the FY 2025 performance of Transcorp Hotels Plc, led by Mrs Uzoamaka Oshogwe.

“We have continued to strengthen the foundation of our company, with our growing asset base and equity–increasing by 14 per cent & 18 per cent, respectively, positioning us for the future.

“We will continue to be focused on driving operational excellence and business growth, whilst exploring new avenues for sustainable long-term value creation for all.”

Managing Director/Chief Executive Officer, Transcorp Hotels Plc, Uzoamaka Oshogwe, added, “Our full-year 2025 performance represents a major milestone, with record revenue of N97.04bn and retained earnings rising sharply from N63.23bn in FY 2024 to N77.53bn, further enhancing our financial resilience and long-term growth capacity. Our success results from disciplined operational efficiency, strong cost management, and most importantly, our exceptional team’s commitment to service excellence.

“Guided by a bold, future-focused vision, we continue to invest in transformative infrastructure, notably the 5,000-seat world-class Transcorp Centre, positioning Nigeria as a premier global convening destination for high-profile events, including the Afreximbank Annual Meetings, ECOWAS Summits and many more. Looking ahead, we will continue to innovate and leverage cutting-edge technology to strengthen our brand and redefine hospitality standards across Africa.”

On its balance sheet, the total assets of Transcorp Hotels hit N159.91bn, representing a 14 per cent increase from N140.70bn in 2024, reflecting substantial investments in physical
facilities, supporting our future growth trajectory.

Its total equity increased to N95.23bn from N80.52bn.

Petrol to hit N1,000/litre as crude crosses $70 — Marketers

Petrol

The pump price of Premium Motor Spirit (petrol) may rise to N1,000 per litre in the coming days due to the surge in crude oil prices on the international market.

Fuel marketers told Saturday PUNCH that the sudden surge in the global crude prices to over $70 per barrel could trigger another increase in the pump prices of both imported and locally-produced petroleum products.

The increase in petrol prices came at a time when the Dangote Petroleum Refinery raised petrol prices from N739 to N839. Also, oil prices rose above $70 per barrel on Thursday, the highest in the past five months.

The commodity rose by three per cent on Thursday on rising concerns that global supplies could be disrupted if the United States attacks Iran, one of the biggest crude producers of the Organisation of Petroleum Exporting Countries.

According to Reuters, Brent futures rose $2.31, or 3.4 per cent, to settle at $70.71 a barrel, while US West Texas Intermediate gained $2.21, or 3.5 per cent, to trade at $65.42. As of Friday afternoon, oilprice.com reports that Brent settled at $70.89 while WTI was $65.80 a barrel, indicating a further rise in price.

It is worth stating that Brent crude is the global benchmark for crude oil, and a rise in its price affects the pricing dynamics of refined petroleum products globally.

Reuters reports that the US-Iran tension pushed both crude benchmarks ‌into technically overbought territory, with Brent closing at its highest since July 31 and WTI closing at its highest since September 26.

US President Donald Trump is weighing options against Iran that include targeted strikes on security forces and leaders to inspire protesters, multiple sources said, even as Israeli and Arab officials said air power alone would not topple Tehran’s clerical rulers.

In Iran, it was said that plainclothes security forces rounded up thousands of people in a campaign of mass arrests and intimidation to deter further protests.

“The immediate (market) concern is the collateral damage done if Iran takes a swing at its neighbours or, possibly even more tellingly, it closes the Strait of Hormuz to the 20 million barrels per day of oil that navigates it,” PVM analyst John Evans was quoted as saying.

Iran was the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq, in 2025, according to US Energy Information Administration data.

Speaking with our correspondent, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, expressed worries that unless crude oil prices reduce, the pump price of petrol would be affected.

According to him, crude oil and condensate exchange rates are the major determinants of fuel prices, saying a change in either would affect how petroleum products would be sold in the domestic market.

Ukadike mentioned that petrol could hit N1,000 per litre if the crude price surge continues, especially in locations far from fuel depots.

“As an independent marketer, we don’t normally want the price of petroleum products to go up; any increase you see now will be because of this international manoeuvre and everything happening in the international community in terms of crude oil price.

“The crude surge will definitely affect our local market. The price of petroleum products will come down if the crude price goes down, that’s the common principle of the market,” Ukadike said, admitting that the price of petrol may rise to N1,000, especially “in some other places that are not closer to the refinery or depots. That’s the speculation”.

While emphasising the importance of the price of crude to that of PMS, Ukadike stressed that the increase in petrol prices is putting pressure on marketers, limiting their purchasing power.

“Crude oil is important in refining petroleum products; once it goes up, the prices of petroleum products will also go up. We are gearing towards that. The only problem is that it is also giving us pressure in terms of our purchasing power because too much naira is now pursuing a few litres of petroleum products,” he added.

With the increase in petrol prices, Ukadike said sales are becoming slow compared to the December festive period. According to him, many consumers are becoming conservative now, reducing their fuel consumption because of the price.

“The market is becoming slow now, unlike in the festive season when the prices were low. People were filling their tanks then, but now, people are becoming conservative because of the price increase,” the IPMAN spokesman stated.

Another dealer, a major oil marketer and PMS importer, confirmed that the cost of petrol was bound to rise, stressing that the landing cost of the commodity could cross N900/litre if the global prices of crude sustain a northward swing.

2027 election not APC against Nigerians – Gov Sule knocks ADC

Nasarawa State Governor, Abdullahi Sule, has slammed the African Democratic Congress (ADC) for claiming that the 2027 election is about the All Progressives Congress, APC, against the people of Nigeria.

In an interview on Politics Today, a programme on Channels Television monitored by DAILY POST on Thursday, Sule said that elections in Nigeria are candidate-based rather than party-based.

According to him, “The 2027 election is about Bola Tinubu/Kashim Shettima on the platform of the APC against candidates from other parties.

“It is a wrong impression to say the election is about APC against Nigerians. For us here in Nasarawa State, we actually vote for candidates.

“The people of Nigeria are going to vote for the best candidates that they know and who can make an impact in their lives, whether it’s Governorship, Senatorial, House of Representatives, or House of Assembly elections. That is the way it is. That’s the way it has always been.”

Osun APC Ward suspends ex-lawmaker, Oyintiloye

Members of the All Progressives Congress, APCC, in Ward 01, Ibokun, Obokun Local Government Area of Osun State have announced the indefinite suspension of a former member of the State House of Assembly, Olatunbosun Oyintiloye, over alleged misconduct.

The decision was contained in a letter addressed to the Osun State Chairman of the party, Tajudeen Lawal, and dated Thursday, January 29, 2026.

According to the document, “the suspension followed a meeting of ward executives, leaders and members who reportedly deliberated on issues said to be affecting unity and cohesion within the ward.”

The letter, jointly signed by 18 ward executives and five leaders, accused Oyintiloye of allegedly taking over an Executive Assistant, EA, slot and funds amounting to N5.6 million without authorisation.

The signatories claimed “the funds were originally allocated for ward leaders, alleging that Oyintiloye had already secured a personal EA slot through a third party while holding a federal appointment.”

They also alleged that the former lawmaker was “involved in activities capable of causing division within the ward, including the organisation of parallel meetings.”

In addition, the ward officials accused him of “prolonged absence from ward meetings and political activities for over three years.”

The letter further alleged a lack of financial or material contributions to ward activities despite benefiting from several political appointments.

It stated, “In view of the foregoing and his consistent lack of engagement and contributions to ward affairs, it has become necessary to take decisive disciplinary action.”

The ward leaders declared that, “Consequently, Hon. Bosun Oyintiloye is hereby suspended indefinitely from Ward One, Ibokun, and shall cease to represent the interests of the ward at any level.”

They, however, added that they remained open to intervention from party leaders, stressing that their priority was the unity and success of the APC ahead of future elections.

Reacting to the development in a phone chat with DAILY POST, Oyintiloye dismissed the suspension as invalid, describing it as a ruse by disgruntled and suspended party members.

He alleged that those who signed the letter were not recognised party executives, claiming they were working for opposition interests in the state.

Oyintiloye denied all allegations against him, saying he neither controlled the EA slot nor had access to the N5.6 million mentioned in the letter.

“The allegations are lies aimed solely at discrediting me. I have reported the matter to the state party leadership.

“If they truly have the power to suspend me, why can’t they wait to do so through the proper party executive channels before going to the press?

“The same Gbenga Fagbamila, who was suspended from the party for embezzling N7.5 million meant for the 2022 election, is signing my alleged suspension letter alongside other disgruntled members.

“It is a real shame. If they are truly bona fide members of the party, let them appear before the party executives at the state level to defend the allegations leveled against me.

“Their action is a joke of the century because I remain a loyal and respected member of the APC.

“I also urge members of the public to disregard the purported suspension,” he stated.

Lagos Assembly seeks urgent rescue of abducted corps member in Kogi

Lawmakers in the Lagos State House of Assembly have urged relevant authorities to take immediate action to secure the release of a prospective corps member, Miss Lateefah Binuyo, who was abducted in Kogi State on January 22.

Binuyo, a graduate of Mass Communication from Kwara State Polytechnic, was reportedly travelling to Taraba State for the National Youth Service Corps, NYSC, orientation programme when she was kidnapped. She is said to be the only child of her mother.

The call for urgent intervention followed a motion of urgent public importance raised during Thursday’s plenary by the Chairman of the House Committee on Women Affairs, Mrs Omolara Olumegbon.

Presenting the motion, Olumegbon disclosed that the abductors had demanded a ransom of N30 million for Binuyo’s release. She urged the Assembly to formally write to the Federal Government, calling for enhanced security arrangements for prospective corps members travelling to their states of deployment.

She further appealed to the House to engage Lagos State Governor, Babajide Sanwo-Olu, to intervene by liaising with the Kogi State Government to ensure the safe and speedy rescue of the victim.

Contributing to the debate, the Majority Leader of the House, Mr Noheem Adams, commended President Bola Tinubu for what he described as sustained efforts to improve security across the country. He noted that the current security framework had shown noticeable improvement when compared with previous administrations.

Also speaking, Mr Stephen Ogundipe praised the Nigerian military for its continued role in safeguarding national security and echoed calls for the Lagos State Government to engage its Kogi counterpart to facilitate urgent action.

In his contribution, Mr Abiodun Tobun suggested that the Assembly, through the National Assembly, should write to the Director-General of the NYSC to review existing deployment procedures. He stressed the need to reconsider the posting of prospective corps members to distant or high-risk areas in order to reduce exposure to unnecessary dangers.

Addressing the House, Speaker Mudashiru Obasa described the incident as deeply troubling, noting that at a time when some individuals were reluctant to pursue education, it was painful that young Nigerians who had completed their studies and were ready to serve the nation were being exposed to threats such as kidnapping.

Obasa emphasised the responsibility of the NYSC leadership to ensure the safety and security of corps members, from the point of departure to their places of deployment and eventual return to their families.

The Speaker added that while he was confident that the Sanwo-Olu-led administration had already taken steps to address the situation, efforts should be intensified through direct engagement with the Kogi State Government, as suggested by members of the House.

He also disclosed that the Assembly would write to the Inspector-General of Police, urging immediate intervention in the case and the implementation of measures to prevent similar incidents in the future