Senate lowers oil benchmark, approves N54.46tn budget

SenateThe Senate on Tuesday approved a revised Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2026–2028, slashing Nigeria’s crude oil benchmark to $60 per barrel for 2026 and endorsing a N54.46tn federal spending framework designed to shield the economy from global uncertainties.

The upper chamber adopted the recommendations of its Committee on Finance following the presentation of the report by the committee’s chairman, Senator Sani Musa, at plenary presided over by Senate President Godswill Akpabio.

The approval comes amid heightened geopolitical tensions in Europe and the Middle East, persistent volatility in the global energy market, and concerns over the vulnerability of oil-dependent economies such as Nigeria to external shocks.

In a key adjustment, the Senate reduced the crude oil benchmark earlier proposed at $64.85 for 2026, $64.30 for 2027, and $65.50 for 2028 to $60, $65, and $70 per barrel for the respective years. The committee explained that the downward review was informed by global uncertainties and the sensitivity of oil prices to geopolitical developments.

Despite the conservative oil price outlook, lawmakers sustained domestic crude oil production projections at 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028, expressing confidence in ongoing sectoral reforms and efforts to stabilise output.

On macroeconomic assumptions, the Senate endorsed projected exchange rates of N1,512 to the dollar in 2026, N1,432.15 in 2027, and N1,383.18 in 2028, aligning with the Central Bank of Nigeria’s outlook and its drive to stabilise the naira through coordinated fiscal and monetary policies.

Inflation is projected to ease gradually over the medium term, moderating to 16.5 per cent in 2026, 13 per cent in 2027, and nine per cent in 2028. The committee anchored the projections on sustained monetary tightening and reforms aimed at addressing structural drivers of inflation.

Similarly, the Senate sustained real GDP growth projections of 4.68 per cent for 2026, 5.96 per cent for 2027, and 7.9 per cent for 2028, citing the expected impact of economic reforms, improved revenue mobilisation, and gains from recently enacted tax reforms expected to take firmer effect from 2026.

A major plank of the report was the emphasis on the effective implementation of newly enacted Tax Acts as critical tools for economic growth and fiscal sustainability.

In this regard, the committee recommended the adoption of a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to enhance revenue assurance, reduce leakages, improve trade facilitation, strengthen transparency, and bolster national security.

On fiscal operations, the Senate approved a total proposed expenditure of N54.46tn for the 2026 financial year.

Of this amount, Federal Government retained revenue is estimated at N34.33tn, while new borrowings—both domestic and foreign—are projected at N17.88tn. Debt service obligations were put at N15.52tn.

The framework also provides N1.376tn for pensions, gratuities, and retirees’ benefits, while the fiscal deficit is pegged at N20.13tn.

Capital expenditure, exclusive of transfers, was sustained at N20.131tn, alongside statutory transfers of N3.152tn and a Sinking Fund provision of N388.54bn.

Total recurrent (non-debt) expenditure was approved at N15.265tn, while special intervention funds for recurrent and capital spending were fixed at N200bn and N14bn, respectively.

In concluding remarks, the committee expressed appreciation to the Senate for what it described as its commitment to a critical national assignment, expressing optimism that faithful implementation of the approved framework would help stabilise the economy and promote sustainable growth.

Why Buhari refused to name successor — Ex-DSS DG, Yusuf Bichi

Fresh revelation has emerged on why former President Muhammadu Buhari declined to publicly support a successor ahead of the 2022 presidential election.

The explanation is contained in a newly released book that explores Buhari’s leadership approach, security mindset, and management of power within the All Progressives Congress (APC).

Titled “From Soldier to Statesman: The Legacy of Muhammadu Buhari”, the book was unveiled in Abuja and provides behind-the-scenes accounts of critical decisions taken during Buhari’s presidency.

Authored by Dr Charles Omole, Director General of the Institute for Police and Security Policy Research (IPSPR), the 600-page work compiles reflections from senior officials who closely worked with the former president.

A key revelation came from the former Director General of the Department of State Services (DSS), Yusuf Bichi, who addressed the long-running debate over Buhari’s refusal to anoint a preferred candidate during the APC presidential primary.

According to Bichi, Buhari intentionally avoided endorsing any aspirant to safeguard lives and maintain internal party cohesion.

He disclosed that intelligence reports at the time indicated that openly backing a candidate could expose such an individual to grave security risks amid an intense and highly competitive political atmosphere.

Bichi noted that Buhari’s silence was often misinterpreted as a lack of interest, but it was actually a deliberate, security-driven strategy aimed at preventing internal crisis and possible disintegration within the ruling party.

He noted that the former president believed that publicly naming a successor would heighten rivalries, increase hostility, and potentially place the endorsed individual in physical danger.

“In those months, knives were out; politically and, as security professionals know too well, sometimes literally,” Bichi stated in the book.

He added that Buhari chose to absorb criticism rather than risk destabilising the party or endangering human life.

The former DSS chief said Buhari felt that allowing the primary process to play out freely helped distribute political risk among aspirants and prevented the concentration of hostility on one individual.

The book presentation which attracted a high-profile audience at the Presidential Villa, including President Bola Ahmed Tinubu, Gambian President Adama Barrow, governors, ministers, diplomats, traditional rulers, and members of Buhari’s family.

AMAC Poll: SDP chairmanship candidate to stop double taxation

The Igbo Community Association said the Social Democratic Party (SDP) candidate, Obinna Simon, popularly known as MC Tagwaye, has vowed to stop double taxation in part of Abuja if elected as Chairman of the Ambuja Municipal Area Council in the 2026 polls.

The association’s President-General, Ikenna Ellis-Ezenekwe, disclosed this during a conference in Abuja on Monday.

According to him, MC Tagwaye has also pledged to curb what he described as needless demolition in AMAC upon his election during the polls.

“We studied his manifestos. Among other things is his desire to stop double taxation in AMAC.

‘Needless demolition will be curbed legally with a human face. These two affect common residents in the FCT. This is sufficient for us not just because we are Igbo but because we are residents in the FCT,” he said.

Ellis-Ezenekwe called on AMAC residents to rally behind Simon’s candidacy come 21st February, 2026.

Gov Mbah swears in 13 new Permanent Secretaries

Governor Peter Mbah of Enugu State on Monday sworn in 13 newly appointed permanent secretaries, charging them to align with his administration’s delivery-oriented governance model.

The new Permanent Secretaries are Mr Chigbogu Nnaji, Mrs Phoebe Edeh, Mr Philip Arum, Mr Jeremiah Egbonwonu and Mrs Ifeoma Igwe.

Others were Mrs Ngozi Egbo, Mrs Nkiru Ede-Ogunnaike, Mrs Pamela Ikpa, Mr Canice Ngene, Mr Anyaora Okereke, Mrs Adaobi Nwodo, Mr Ikechukwu Ezenwukwa, and Paul Nwabuisi.

According to the governor, there would be no honeymoon period for them in office.

He noted that the appointments were strictly merit-based, having emerged from a rigorous and transparent selection process, while also filling existing vacancies in the civil service to promote equality, inclusion and fairness.

Governor Mbah also reminded them that so much responsibility accompanied their elevation, pointing out that the reward for hard work was more work.

“I believe you worked very hard to get to this level in your career, and you went through a very rigorous process to be selected.

“So, it is well deserved. But let me also remind you that the honeymoon is over. To whom much is given, much is expected,” he said.

Alleged bandit ties: Remove Matawalle or face nationwide protest — NANS issues ultimatum

The National Association of Nigerian Students, NANS, has demanded the immediate removal of the Minister of State for Defence, Bello Matawalle, following allegations linking him to banditry, describing the claims as “shocking and deeply troubling.”

In a statement signed by the President of the NANS Headquarters Senate, Usman Adamu Nagwaza, on Monday, the student body said Nigerians deserved transparency and accountability in the handling of the matter.

The association said it was committed to fighting corruption and ensuring government officials were held responsible for their actions, stressing that the public must be protected from abuse of power.

NANS expressed concern over Matawalle’s alleged relationship with bandits, calling it a “serious breach of trust” that questioned his integrity and suitability to remain in office.

The statement highlighted that the allegations were particularly disturbing given the minister’s role in defending the nation against security threats.

“His alleged relationship with bandits is a betrayal of the trust reposed in him by the Nigerian people and undermines the government’s efforts to combat insecurity,” the association said.

NANS demanded Matawalle’s removal pending a full investigation, insisting such action was necessary to ensure a fair and unhindered inquiry, prevent further damage to national security, and restore public confidence.

The student body warned that the minister’s alleged ties to criminals could embolden banditry and worsen the displacement of innocent Nigerians.

It also issued a one-week ultimatum for his removal, threatening to mobilise students nationwide to block major highways if the government failed to act.

The association further urged President Bola Tinubu to act decisively, warning that Nigerians would not tolerate corruption or complicity with terrorists.

“It is essential that the government takes decisive action to address these allegations. The rule of law must be upheld, and all wrongdoing punished,” NANS stated.

Fire guts Gombe timber market, gov orders probe, pledges support

486636Gombe State Governor, Muhammadu Inuwa Yahaya, has ordered an immediate investigation and emergency relief measures following a fire outbreak that destroyed parts of the popular Gombe timber market, known as Kasuwar Katako, along the Railway Station area of the state capital.

The inferno, which occurred on Monday night after traders had closed for the day, razed several shops and goods, leaving many traders counting heavy losses.

In a statement issued by the Director-General, Press Affairs, Gombe Government House, Ismaila Misilli, the governor described the incident as painful and distressing, noting that it had disrupted the livelihoods of many hardworking residents who depend on the market for survival.

Yahaya expressed sympathy with affected traders and business owners, assuring them of the state government’s support at what he described as a difficult moment

“We assure them that the government stands firmly with them at this difficult moment,” the governor said.

He directed the Gombe State Emergency Management Agency and other relevant agencies to immediately assess the extent of the damage, investigate the cause of the fire and provide urgent relief to victims to cushion the impact of their losses.

The governor commended the Gombe State Fire Service, personnel from Gombe State University, the Federal Fire Service, private tanker operators, security agencies and the Nigerian Red Cross Society for their swift intervention, which he said helped to prevent the fire from spreading further.

While urging victims to remain calm, Yahaya reaffirmed his administration’s commitment to strengthening fire prevention and response mechanisms across the state, including plans to establish a fully equipped, state-of-the-art fire service office.

The statement also noted that the governor was briefed on an accident involving one of the firefighting trucks during the operation, expressing concern for those affected and praying for their quick recovery.

PSC opens portal for 50,000 constables recruitment

Police-Service-Commission

The Police Service Commission has launched a nationwide recruitment drive for 50,000 constables into the Nigeria Police Force, aimed at strengthening community policing and enhancing internal security across the country.

In a statement on Monday, the Sokoto State Police Command announced that the online application portal opened on Monday, December 15, 2025, in line with a Presidential directive to expand the Force’s manpower.

The commission stressed that the recruitment exercise is entirely free of charge and cautioned applicants against using unauthorized individuals or websites.

Prospective candidates must be Nigerian citizens by birth, possess a valid National Identification Number, and be medically, physically, and psychologically fit. Applicants must also be free from criminal convictions or financial embarrassment and meet all other requirements outlined on the official recruitment portal

The recruitment covers two cadres: General Duty and Specialists. For the General Duty cadre, applicants must be aged 18 to 25, possess a minimum of five credits in WAEC, SSCE, or NECO (in not more than two sittings), including English Language and Mathematics, and meet the minimum height of 1.67 metres for males and 1.64 metres for females.

Specialists must be aged 18 to 28, hold at least four relevant credits, and possess recognised qualifications or trade test certificates with a minimum of three years’ practical experience in fields such as medical services, ICT, engineering, driving, and motor mechanics.

The PSC noted that the application portal will remain open for six weeks, closing at 11:59 pm on Sunday, January 25, 2026. Applications must be submitted exclusively via the official portal at npfapplication.psc.gov.ng. Multiple applications or attempts to influence the process will result in immediate disqualification.

The Sokoto State Police Command urged eligible Nigerians to seize the opportunity to serve the nation and contribute to improved security, assuring that the recruitment process will be transparent and merit-based.

Lagos PDP governorship aspirant faults Sanwo-Olu’s N4.237tn 2026 budget proposal

A governorship aspirant of the Peoples Democratic Party, PDP, in Lagos State, Funso Doherty, has criticised the N4.237 trillion 2026 budget proposal presented by Governor Babajide Sanwo-Olu, alleging inaccuracies in the figures, weak fiscal transparency, and questionable spending priorities.

In an open letter dated Thursday, December 11, 2025, and addressed to the Speaker of the Lagos State House of Assembly, Doherty described the budget estimates submitted to lawmakers on November 25, 2025, as flawed and in need of urgent clarification before legislative approval.

The Lagos State House of Assembly has since passed the appropriation bill through second reading and referred it to the House Committee on Economic Planning and Budget for detailed scrutiny, with a mandate to report back within five weeks.

In his letter, Doherty argued that the headline figures in the budget were incorrectly presented.

He noted that the proposal outlined a total expenditure of N4.237 trillion, made up of N2.052 trillion in recurrent spending and N2.185 trillion in capital expenditure.

However, he pointed out that the recurrent component reportedly includes about N383 billion earmarked for debt servicing, which he argued should be classified as capital expenditure.

According to him, this misclassification distorts the true size of both the recurrent and capital budgets, potentially rendering the overall figures inaccurate.

Doherty also questioned the internal coherence of the proposal, stating that when sectoral allocations were added together, they amounted to roughly N3.4 trillion, significantly below the total budget figure presented.

“One or both sets of figures cannot be correct,” he said.

Beyond numerical discrepancies, the PDP aspirant criticised what he described as the Lagos State Government’s lack of transparency in the budgeting process.

He argued that the public is routinely denied access to detailed budget proposals until after the Appropriation Act has been passed, limiting opportunities for independent review and public input.

He raised concerns over the scale of spending on consultancy and professional services, noting that such costs allegedly account for nearly 15 per cent of the state’s total recurrent expenditure.

“At that scale, it is unclear what services justify these recurring costs and why such a large proportion of public funds is being devoted to them,” he said.

Doherty also accused the state government of backsliding on transparency despite increased revenues following the removal of fuel subsidies and currency devaluation.

He claimed that information on contract awards was no longer being routinely published by the Lagos State Public Procurement Agency, as required by law.

On spending priorities, Doherty argued that Lagos State has consistently underfunded key social sectors essential for human development.

He said that over a five-year period, combined spending on education, health, housing, and water supply accounted for only 17 per cent of total government expenditure.

According to him, in a state with a youthful population such as Lagos, education and health should each receive allocations of close to 15 per cent.

He described it as disturbing that the 2025 capital allocation to the Lagos State House of Assembly alone reportedly exceeded the combined allocations for health and education.

Doherty said the consequences of what he termed prolonged underinvestment were visible in poor public school outcomes, persistent housing shortages, and under-five mortality rates.

He also criticised what he called a pattern of overly optimistic revenue forecasts in Lagos budgets.

He noted that while the 2026 budget projects total revenue of N4.237 trillion, actual revenues as of September 2025 stood at N2.07 trillion, against a full-year projection of N3.37 trillion.

“Persistent overestimation of revenue undermines effective planning, prioritisation, and execution of government programmes,” he said.

While acknowledging some marginal improvements in budget preparation, Doherty urged the House of Assembly to demand greater openness from the executive.

He called on lawmakers to ensure that detailed budget proposals for 2026 and subsequent fiscal years are made publicly available during the legislative process, before passage into law.

Efforts to obtain a response from the Lagos State Government were unsuccessful, as the Special Adviser to the Governor on Media and Publicity, Gboyega Akosile, could not be reached for comment as of the time of filing this report.

Osun 2026: APC, Adeleke trade words over Oyebamiji candidacy

Osun State chapter of the All Progressives Congress, APC, and Governor Ademola Adeleke have exchanged words following the emergence of Bola Oyebamiji as the APC governorship candidate for the 2026 election.

In a statement issued on Sunday, the APC accused Governor Adeleke of being jittery and restless over Oyebamiji’s emergence through a seamless consensus primary held in Osogbo on Saturday, December 13, 2025.

The party’s Director of Media and Information, Kola Olabisi, said the governor’s reaction, conveyed through his spokesman, to comments credited to the APC National Chairman, Professor Nentawe Yilwatda, reflected unease within the governor’s camp.

Professor Yilwatda had reportedly said the APC could not afford to lose additional states after the recent governorship election in Anambra State, a remark that drew criticism from the Osun State Government.

The APC also alleged that Governor Adeleke’s administration had performed poorly in governance, citing the dismissal of teachers and health workers employed by the previous administration of former Governor Adegboyega Oyetola, now Minister of Marine and Blue Economy.

“The people of Osun State are tired of mere edifices without adequate manpower in schools and hospitals. The APC’s candidate is prepared to contest and win the August 8, 2026 election,” he said

The party while challenging Governor Adeleke to a televised debate with Oyebamiji, who is tested and experienced, advised the governor to prepare for a transition of power.

Reacting, Governor Adeleke dismissed the APC’s claims and reaffirmed his determination to seek re-election, declaring that he would defeat Oyebamiji by the might of God and the people.

In a statement signed by his spokesman, Olawale Rasheed, the governor described comments attributed to Oyetola at the APC primary as wishful thinking and illusory grandstanding.

Governor Adeleke characterised the previous APC administration as an anti-people era and alleged that Osun State faced economic and social challenges when he assumed office in 2022.

He said his government enjoyed the backing of the people through people-oriented policies in workers’ welfare, infrastructure, healthcare, education, and inclusive development.

“The people of the State are fully satisfied with the responsive governance being delivered by the present administration,” he stated.

Governor Adeleke also accused the APC of resorting to anti-democratic practices, questioning the party’s confidence in its popularity ahead of the 2026 polls.

He maintained that his administration was reversing past challenges and restoring dignity to governance.

NDLEA dismantles bandit drug network, seizes tonnes of narcotics nationwide

The National Drug Law Enforcement Agency, NDLEA, has scored significant breakthroughs in its nationwide fight against illicit drugs, arresting a notorious supplier to bandits in Niger and Zamfara states and intercepting large consignments of cannabis, opioids, and other controlled substances across Nigeria.

In a statement issued on Sunday, NDLEA spokesman Femi Babafemi said 33-year-old Mohammed Sani, known as Gamboli, was arrested three weeks after narrowly escaping a previous raid on his residence in Anguwan Makera, Kuta, Shiroro Local Government Area, Niger State.

NDLEA operatives acting on credible intelligence had raided Gamboli’s house on November 20, recovering 471.8 kilograms of skunk, a potent strain of cannabis. Gamboli escaped at the time and went into hiding.

“Intelligence reports revealed that Gamboli was a major supplier of illicit drugs to bandits terrorising Shiroro Local Government Area,” Babafemi said.

He was eventually arrested on December 11 at one of his drug joints in Anguwan Fadama, Kuta.

In another operation, NDLEA intercepted 907 pills of tramadol, tapentadol, cocodamol, amitriptyline, and bromazepam concealed in containers of black soap and designer clothing.

The consignments, bound for the United States, Canada, and Sweden, were seized at two courier companies in Lagos between December 9 and 10.

At the Apapa seaport, Lagos, NDLEA officers, working with the Nigeria Customs Service, intercepted 170,000 bottles of codeine syrup weighing 23,579 kilograms on December 13.

In Abia State, operatives uncovered a clandestine codeine syrup factory at Amapu Igbengwo village, Umuakpara, Osisioma Local Government Area, recovering 9,015 bottles weighing 1,152.2 kilograms.

In Enugu State, Ossai Emeka, 45, was arrested along the Onitsha–Enugu Ezike Road with 7.2 kilograms of skunk, while Enoje Agada, 40, was apprehended along the Enugu Ezike–Ette Road with 94.6 kilograms of the same substance.

Other seizures included:

Oyo State: 3.4 kg of skunk, 1.6 kg of Colorado (synthetic cannabis), and 400 g of methamphetamine at a joint known as Beere the California; Ajibade Faruk arrested, owner escaped.

Ibadan, Oyo: Olusanya Abosede, 35, arrested with 238.4 kg of skunk.

Badagry, Lagos: Bashiru Babalola, 43, and Ugunwale Ranti, 50, arrested with 50,000 tramadol pills.

Ogun State: Akinwale Makanjuola and Joseph Owolabi arrested with 73 kg of skunk; Wasiu Lateef nabbed with 25 kg.

Ondo State: Veronica Obi, 55, and her son Bright Obi, 29, arrested with 1,187 kg of skunk and cannabis seeds.

Edo State: Ohiomah Igbafe, 44, arrested with 461 kg of skunk and seeds.

Gombe State: Muhammed Sani, alias Sha-Mu-Sha, 50, arrested with 40,000 tramadol capsules; Muhammad Abdullahi, 52, and Muhammed Hamza, 32, arrested with 56 kg of skunk.

Meanwhile, NDLEA commands nationwide intensified War Against Drug Abuse, WADA, sensitisation campaigns in schools, workplaces, worship centres, and communities, including Katsina, Kano, Benue, and Enugu states.

Chairman and CEO of NDLEA, Brig.-Gen. Mohamed Buba Marwa (retd), commended the officers involved, urging them to sustain the agency’s balanced approach to drug control nationwide.