NIGERIA NEWS
Senate Passes MTEF/FSP; Tinubu To Present 2026 Budget This Week
The Nigerian Senate has passed the 2026 – 2028 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), projecting a massive aggregate expenditure for the upcoming fiscal year.
The document, which serves as the statutory blueprint for the 2026 Appropriation Bill, was approved on Tuesday following the consideration of the report presented by the Chairman of the Senate Committees on Finance, Senator Mohammed Sani Musa (APC – Niger East).
The passage clears the way for President Bola Tinubu to present the formal 2026 budget proposal to the National Assembly, which is expected to happen between now and Thursday, according to Senate President Godswill Akpabio.
Also, the Senate approved the sum of US$64.85 per barrel as the oil benchmark, projected aggregate revenue of ₦34.33trillion, Fiscal Deficit of N20.13 trillion, Borrowings at ₦17.88trillion, Debt Service of ₦15.52 trillion, and Pensions, gratuities, retirees’ benefits of N1.376trillion.
Akpabio described the MTEF as a prerequisite for the presentation of the national budget, underpinning that the document does not represent a final position of the legislature.
“The Medium-Term Expenditure Framework is only a prerequisite before the presentation of the budget. What we are discussing here is not a finality. If circumstances change, it will be brought back to us to rejig, react or act,” he said.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has announced it will investigate corruption claims against Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The commission confirmed that it received a formal petition from Aliko Dangote, President of Dangote Industries Limited (DIL), in which he accused Ahmed of misconduct.
John Odey, the ICPC spokesman, said the commission would thoroughly examine the allegations.
Dangote, through his lawyer, had called for the arrest and prosecution of the NMDPRA chief.
Reacting via a statement, Odey said, “The Independent Corrupt Practices and Other Related Offences Commission (ICPC) writes to confirm that it received a formal petition today Tuesday 16th December, 2025 from Alhaji Aliko Dangote through his lawyer.
“The petition is against the CEO of the NMDPRA, Alhaji Farouk Ahmed. The ICPC wishes to state that the petition will be duly investigated.”
Dangote accused Ahmed of living beyond his means, claiming he spent $5 million on his children’s secondary education in Switzerland.
“I am not calling for his removal, but for a proper investigation,” Dangote said, adding, “He should be required to account for his actions and demonstrate that he has not compromised his position to the detriment of Nigerians.”
He urged the Code of Conduct Bureau and other relevant authorities to look into the matters, saying he was ready to present evidence if challenged.
Speaking at a press conference on Sunday at the Dangote Petroleum Refinery, Dangote criticised the NMDPRA for undermining local refining by continuing to issue import licences for petroleum products, despite the country’s growing refining capacity.
According to Dangote, these licences have kept Nigeria dependent on fuel imports and discouraged investment in local refining.
He claimed import licences covering roughly 7.5 billion litres of Premium Motor Spirit (PMS) had been issued for the first quarter of 2026, even as local refiners struggle to operate profitably.
Dangote warned that ongoing fuel importation was hurting domestic production and threatening modular refineries with collapse. He also criticised entrenched interests profiting from imports at the expense of national development.
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
Former Deputy Chief Whip of the Nigerian Senate, Senator Emmanuel Ibok Essien, has commended Abia State Governor, Dr. Alex Otti, for what he described as a remarkable transformation of Aba and other major cities in the state through renewed infrastructure development and improved urban sanitation.
Senator Ibok Essien, who is also the Founder of Ritman University, Ikot Ekpene, made the remark while traveling through Aba and Umuahia en route to Rivers State.
He expressed delight at the scale and pace of development carried out by the Otti administration in just over two years.
Highlighting the turnaround of Aba’s urban roads and drainage projects, he specifically praised the reconstruction of the once-dilapidated Port Harcourt Road, now expanded into a modern six-lane carriageway with streetlights, roundabouts, and proper drainage, describing it as the restoration of a major economic artery long neglected.
Drawing from personal experience, the elder statesman recalled that he was part of the team of engineers that supervised the original construction of Aba urban roads and drainage systems, including the Port Harcourt Road, between 1979 and 1983, when Abia was part of the old Imo State under the late Sam Mbakwe.
He observed that the prolonged neglect of roads and infrastructure over the decades makes the current expansion and upgrade a landmark intervention that has restored connectivity and eased movement across the commercial city.
The Fellow of the Nigerian Society of Engineers (FNSE) also praised the remodelling and reconstruction of the Ariaria International Market, noting that the project has repositioned Aba as a modern commercial hub with facilities meeting international standards.
He further commended the construction of roads in Umuahia, the evacuation of long-standing refuse dumps, and the overall improvement in urban sanitation, stressing that these efforts have returned Abia’s cities to functional and livable conditions.
Senator Ibok Essien emphasized that the fact Aba is now passable after decades of poor roads reflects purposeful leadership.
He added that with the speed of development under Governor Otti, Abia is steadily reclaiming its position as a leading economic and industrial centre in the South-East.
The former National Chairman of the Pan Niger Delta Forum (PANDEF) also called for sustained public support for Governor Otti, noting that development thrives best when leaders are encouraged by their citizens.
He commended the synergy between Governor Otti and his Akwa Ibom counterpart, Pastor Umo Eno, saying both leaders have demonstrated a shared commitment to urban renewal and people-centric governance, deserving collective support in their respective states.
Please follow and like us:
The Senate on Tuesday reduced the oil benchmark for the projected ₦54.46 trillion 2026 budget from $64.8 to $60 per barrel, citing the need for caution in Nigeria’s economic planning amid global uncertainties and fluctuating crude oil prices.
The apex legislative assembly, however, retained all other projections and parameters contained in the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
The decision followed the Senate’s approval of the 2026–2028 MTEF and FSP after considering the report of its Committee on Finance, presented by the committee’s chairman, Senator Sani Musa.
Presenting the report, Musa said the committee recommended key adjustments to the original 2026 budget proposals, explaining that the changes reflected a cautious and realistic approach to economic planning in view of volatility in the global oil market.
He disclosed that the committee recommended a revised crude oil benchmark of $60 per barrel for 2026, $65 for 2027 and $70 for 2028. The original estimates approved by the Federal Executive Council (FEC) were $64.85, $64.30 and $60.50 per barrel for 2026, 2027 and 2028 respectively.
According to Musa, the adjustments were necessitated by persistent global oil price volatility driven by geopolitical tensions and other external factors.
He added that the committee recommended retaining domestic crude oil production targets at 1.84 million barrels per day in 2026, with marginal increases to 1.88 million barrels per day in 2027 and 1.92 million barrels per day in 2028. He said the figures reflect a steady and realistic production outlook despite prevailing challenges.
Other macroeconomic projections retained include an exchange rate of ₦1,512 per dollar in 2026, ₦1,432.15 in 2027 and ₦1,383.18 in 2028, with inflation rates projected at 16.5 per cent, 13 per cent and nine per cent respectively over the three years. Gross Domestic Product (GDP) growth is projected at 4.68 per cent in 2026, 5.96 per cent in 2027 and 7.9 per cent in 2028.
The committee also emphasised the need for the effective implementation of new tax policies, the national single window scanning policy and revenue assurance measures to boost revenue generation, transparency and economic growth.
Under the framework, total expenditure for 2026 is projected at ₦54.46 trillion, with a budget deficit of ₦20.12 trillion and planned new borrowings of ₦17.88 trillion. The committee expressed optimism that the projections would help address Nigeria’s fiscal challenges while supporting long-term economic stability.
Contributing to the debate, several senators expressed support for the revised projections, describing them as realistic and achievable.
Senator Mohammed Monguno said the adjusted parameters reflected current economic realities, particularly in crude oil production and exchange rate assumptions.
Senator Adetokunbo Abiru, representing Lagos East, commended the government’s cautious approach to revenue projections, especially non-oil revenue, noting that oil revenue performance had consistently fallen below expectations. He described the decision to moderate projected revenue for 2026 to ₦34 trillion from ₦41 trillion in 2025 as prudent.
Senator Aminu Abbas also supported the revised exchange rate projections, noting that previous budgets often underestimated exchange rates, leading to frequent revisions.
Senator Adams Oshiomhole acknowledged the difficulty of accurately projecting oil output but said the revised production target of 1.84 million barrels per day was achievable, given Nigeria’s historical production capacity.
In his remarks, President of the Senate, Senator Godswill Akpabio, commended the committees and senators involved in reviewing the MTEF and FSP. While acknowledging that the projections may be reviewed in the future, he said the approved framework provides a solid foundation for Nigeria’s economic planning.
Please follow and like us:
The Academic Staff Union of Polytechnics, ASUP, has demanded sweeping reforms to rescue Nigeria’s polytechnic sector from funding shortfalls, salary arrears, and policy threats.
The Polytechnics academic union has also elected a new national leadership team to supervise the affairs of the Union.
In a communique issued at the end of its 18th National Delegates Conference, NDC, jointly hosted by Plateau State Polytechnic, Barkin Ladi, and Federal Polytechnic, Mubi, delegates raised the alarm over national insecurity ravaging educational institutions, skyrocketing living costs, and economic hardship, urging the Federal Government to bolster security intelligence and roll out relief measures.
The event’s theme, “Migrating from Trade Unionism to Management: Harnessing the Benefits in Role Changes for the Next Phase of the Struggle,” featured the 3rd Mallam Mohammed Ali Kabir Memorial Lecture by Dr Clement Chirman, Rector of Plateau State Polytechnic, Barkin Ladi.
ASUP demanded immediate release of funds for the second NEEDS Assessment round, settlement of CONTISS 15 migration arrears for lower-cadre staff, and presidential assent to the bill ending the HND/BSc dichotomy.
Other key calls included concluding the 2010 ASUP/FGN agreement renegotiation, clearing promotion arrears and salary shortfalls (especially by state governments), immediate approval of revised Schemes of Service, and rejection of outsourcing quality assurance to private vendors.
ASUP condemned polytechnic-to-university conversions, demanded a “dual mandate” for degree programs within polytechnics, and pushed for passage of the Dual Mandate Bill, National Commission for Polytechnics Bill, and domestication of the 2019 Polytechnic Act.
The conference also rejected NBTE’s bid to centralise HND admissions, hailed the reversal of union suppressions at institutions like Federal Polytechnic Nekede and Bida, and stressed strict adherence to laws in appointing principal officers amid past governing council delays.
In a landmark leadership transition, delegates re-elected Shammah Sunday Kpanja as President, alongside Zubairu Usman Bashar (Vice President), Lawani F. Jimoh (Secretary General), and others, including zone coordinators.
The new Council of National Officers will steer ASUP’s push for staff welfare and a “vibrant, modern, and globally competitive” polytechnic system.
ASUP praised host institutions for their hospitality and reaffirmed its commitment to industrial harmony. The communiqué was issued by outgoing National Publicity Secretary Itoro E. Ekanemesang.
Related
Men of the Oyo State Fire Service have rescued a 12-year-old boy from a fire incident in Ibadan.
The boy was rescued from the fire, which occurred on Tuesday at No. 1, Taiwo Street, Micheal Fadahunsi Close, Joyce B, Oke-Ado area of Ibadan.
DAILY POST gathered that the victim was rescued alive by firefighters and was rushed to the nearest hospital for medical attention.
It was learnt that the living room and kitchen of a three-bedroom flat on the upper floor of a four-unit residential building were affected by the inferno.
DAILY POST also gathered that properties worth millions of naira were damaged during the incident.
The Chairman of the Oyo State Fire Service, Hon. Maroof Akinwande, confirmed the incident.
He added that the boy was rushed to the hospital.
He said: “Upon arrival, it was the living room and kitchen of a three-bedroom flat on the upper floor of a four-unit residential building that were engulfed by fire.
“The swift and professional intervention prevented the situation from escalating into a serious fire outbreak.
“A boy of about twelve (12) years was rescued alive with minor injuries and conveyed to the nearest hospital for medical treatment. The fire was as a result of an electrical upsurge.”
West African Examination Council, WAEC, has denied allegations from the Joint Admission and Matriculation Board, JAMB that the House of Representatives Committee on Basic Examination bodies extorted millions from the examination bodies.
Amos Dangut, head of WAEC’s Nigeria office, denied claims that the committee demanded money from the examination body, telling DAILY POST, “I am the head of WAEC. I am not aware of anything like that.”
JAMB had accused the lawmakers of demanding millions of naira from the bodies in charge of national examinations to carry out their oversight functions.
The committee were further accused of having pressured agencies to surrender portions of their internally generated revenue, IGR, under the guise of legislative oversight.
It all started in March 2025 when the house of representatives resolved to investigate a technical error that compromised the results of the 2025 Unified Tertiary Matriculation Examination, UTME.
The resolution followed the adoption of a motion of urgent public importance sponsored by Adewale Adebayo, a lawmaker from Osun state.
As part of the probe, the committee requested JAMB to submit documents covering its 2023, 2024 and 2025 budgets and IGR, details of revenue generation and budget implementation, evidence of remittances to the federation account, and corresponding bank statements.
And JAMB was said to have failed to provide the documents within the stipulated timeframe.
This led to the committee writing the Central Bank of Nigeria, CBN and the accountant-general of the federation, AGF, requesting the board’s financial records and remittance details.
For the oversight exercise, JAMB facilitated logistics for the committee to inspect its underage examination programme which was scheduled to hold in three centres — Abuja, Lagos and Owerri.
According to documents JAMB transferred N62.7 million to the committee on October 8 to cover the exercise.
However, due to the committee’s legislative schedule, members were only able to visit one centre in Abuja.
As a result, N43 million was refunded to JAMB on November 11 via the account number TSA 0020125461019, after the board reluctantly provided its bank account for the transfer.
And national media outlets, including AIT and Arise Television, reported the committee’s oversight visit
On October 29, a JAMB delegation led by Mufutau Bello, a director in the registrar’s office, appeared before the committee to represent Registrar Ishaq Oloyede. The officials, however, walked out after lawmakers rejected their request for a closed-door session.
Oloyede later appeared before the committee on November 16, apologised for the incident and submitted the requested documents.
Following his appearance, JAMB returned the funds to the committee on November 17, while the investigation was still ongoing.
The committee refunded the money again on November 19, stating that it had no basis to retain funds for activities it did not carry out.
Extortion allegations
After the refunds, reports swirled, alleging that the committee extorted examination bodies, including the West African Examinations Council, WAEC, National Examinations Council, NECO, National Business and Technical Examinations Board, NABTEB, and the National Board for Arabic and Islamic Studies, NBAIS.
A committee member, who pleaded not be mentioned, said the panel neither requested nor retained funds improperly.
“If the intention were to extort or divert money, there would have been no refunds — certainly not twice. These were traceable bank transfers, not cash payments,” the lawmaker said.
When contacted, JAMB spokesperson Fabian Benjamin declined to comment on the financial transactions.
“I am the information officer; I don’t handle anything that has to do with money,” he said.
A Federal High Court sitting in Warri, Delta State, has dismissed a suit challenging key provisions of the Petroleum Industry Act (PIA) relating to host community liability, affirming the validity of the statutory framework governing Nigeria’s oil and gas sector.
Naija News reports that that the court threw out all the claims filed by the Incorporated Trustees of the Centre for Human Rights and Anti-Corruption Crusade (CHURAC),
CHURAC sought to invalidate aspects of the PIA on constitutional and human rights grounds.
The organisation had approached the court to contest provisions of the PIA that impose liability on host communities for acts of vandalism and sabotage affecting petroleum infrastructure, arguing that such provisions were unconstitutional, discriminatory, and amounted to a denial of fair hearing.
At the hearing of the suit,B. E. Oghenekaro appeared as counsel to the plaintiff
The Attorney-General of the Federation, listed as the 1st defendant, was represented by K. K. Akpule. Dr. Abiodun Adesanya, alongside A. A. Affe, represented the President of the Nigerian Senate, the 2nd defendant. There was no appearance for the 3rd defendant.
The defendants had earlier raised a preliminary objection, contending that CHURAC lacked the requisite locus standi to institute the action in a representative capacity on behalf of host communities.
However, in its ruling, the court declined to uphold the objection, holding that the issue of locus standi did not bar it from considering the substantive issues raised in the suit.
Despite overruling the preliminary objection, the court proceeded to examine the plaintiff’s claims on their merits and ultimately found them lacking in substance.
In its judgment, the court held that the challenge to the host community liability provisions of the PIA was unfounded.
It ruled that the plaintiff failed to establish that the impugned sections of the Act were unconstitutional or discriminatory, or that they violated the right to fair hearing as alleged.
The court further held that the National Assembly acted within its legislative competence in enacting the Petroleum Industry Act and that the provisions complained of were part of a broader statutory framework aimed at balancing the interests of host communities, operators, and the Nigerian state.
Accordingly, the court dismissed all the reliefs sought by CHURAC in their entirety and affirmed the validity and enforceability of the relevant provisions of the PIA.
The Peoples Democratic Party (PDP) has declared its readiness to reclaim power from the All Progressives Congress (APC) in the 2027 general elections, saying the party has learned from past mistakes and is undergoing a rebuilding process.
The PDP National Chairman, Senator Kabiru Tanimu Turaki, SAN, stated this during a meeting with former PDP governors and ministers who served under previous PDP administrations.
Turaki said the party had reflected on its past shortcomings and was determined to correct them, stressing that the newly elected National Working Committee (NWC) was committed to repositioning the party for electoral victory.
“This is a new PDP,” he said. “I want to assure Nigerians that the PDP is their party. Please take back your party and, in doing so, tell us what you want.
“Having admitted that mistakes have been made, it means we are now ready to correct those mistakes.”
The PDP chairman reiterated his commitment to returning the party to the people, assuring party leaders that the NWC was open to advice and guidance on how to move the party forward.
He said the ultimate goal was to return the PDP to power, adding that transparency, equity, fairness, and justice would guide the party’s engagement with Nigerians.
“We will ensure that there is transparency. We will ensure that there is equity. We will ensure that there is fairness, and above all, justice in our relationship with the Nigerian people,” Turaki said.
He expressed confidence that the new leadership would benefit from the experience and counsel of party elders, noting that the PDP, during its years in government, built strong institutions and grew the nation’s economy.
According to him, those achievements explain why many Nigerians are eager for the party’s return to power.
Speaking on behalf of former PDP governors, former Niger State Governor, Dr. Mu’azu Babangida Aliyu, accused the ruling APC of abusing leadership and failing to meet the expectations of Nigerians.
“It is our responsibility to ensure that by 2027, we have done well enough to give succour, to give hope, and to help Nigerians,” he said.
Aliyu assured the NWC of the former governors’ readiness to work with the current leadership, while calling for committed, honest, dedicated, and diligent individuals to occupy leadership positions within the party.
He also urged members who left the PDP to reconsider their decisions, stressing that a political party should not be joined or abandoned in haste.
“We must continue to do things in accordance with the rules and regulations as we understand them. We may be disappointed with what has been happening, but we must not be discouraged,” he said.
Former Minister of Education, Mallam Ibrahim Shekarau, who spoke on behalf of former ministers, commended the rebuilding efforts of the party leadership.
“From what I have seen in the last four or five weeks, the chairman has done far more than we expected,” Shekarau said.
“We are impressed by the performance, the visits, the meetings, and the strong will with which we confronted the challenges.”
He recalled the inauguration of newly elected party officials at the PDP national headquarters, describing it as a demonstration of resilience and determination.
“When we went to inaugurate the newly elected officers at our national headquarters, we defied tear gas and threats from hired uniformed men. We were able to gain access to our headquarters, and the National Chairman addressed the nation from his desk,” he said.
Please follow and like us:
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed receiving a petition from Aliko Dangote against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.
“The ICPC wishes to state that the petition will be duly investigated,” the agency’s spokesperson, John Odey, wrote in a terse statement on Tuesday.
The acknowledgement came hours after Mr Dangote, who is the President and Chief Executive of Dangote Industries Limited, submitted the petition to the ICPC on Tuesday.
In the last two days, Mr Dangote had accused Mr Ahmed of corruption and economic sabotage, an escalation of their long running dispute over NMDPRA’s continued issuance of licences to import refined petroleum into Nigeria.
Through the petition, Mr Dangote escalated his battle with Mr Farouk regarding the NMDPRA’s continued granting of licences to import refined petroleum into Nigeria. Mr Dangote has expressed concerns that the practice poses threats to domestic refining and the larger Nigerian economy.
On Sunday, speaking at the Dangote Petroleum Refinery in Lagos, he accused Mr Farouk of economic sabotage, alleging that the NMDPRA CEO colluded with international traders and oil importers through the ongoing issuance of import licences.
Mr Dangote also raised concerns about Mr Farouk’s personal expenditures, highlighting that four of his children attend private schools in Switzerland, which he said could indicate a conflict of interest.
On Monday, he expanded his allegations, accusing Mr Farouk of corruption and misappropriation of public funds, providing detailed figures for his children’s education abroad.
According to him, Mr Farouk spent about $5 million on secondary education and upkeep over six years, and an additional $2 million on tertiary education, including $210,000 for Faisal Farouk’s 2025 Harvard MBA.
The petition
Mr Dangote submitted the petition through his lawyer, Ogwu Onoja, a Senior Advocate of Nigeria (SAN), calling for Mr Farouk’s arrest, investigation, and prosecution for allegedly living above his means as a public officer.
READ ALSO: Dangote petitions ICPC over allegations against NMDPRA chief executive, Farouk
The petition, addressed to ICPC Chairman Musa Aliyu, alleged that Mr Farouk “spent without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
It provided the children’s names, schools, and specific amounts for verification.
Dangote further accused Mr Farouk of using his position to embezzle public funds, prompting protests from civil society groups.
He cited section 19 of the ICPC Act, which empowers the commission to investigate and prosecute corrupt practices, noting that a successful prosecution could result in a five-year jail term without an option of fine.
He urged the ICPC to act decisively, stressing that he remained available to provide evidence supporting his claims.
Efforts to reach Mr Farouk on Tuesday were unsuccessful. George Ene-Ita, Head of Public Affairs at NMDPRA, told PREMIUM TIMES that the agency had “no comment” on the allegations.
By Abbanobi Eku-Onyeka
Abuja
Engr. Dr. Chike Ikwudimma Emeribe, a distinguished son of Orumba South, says that he is prepared to transform the constituency economically. This he said as he was unveiling his visionary agenda focused on entrepreneurship, infrastructure, and youth empowerment, according to a press release he signed and made available to the media recently.
Dr. Emeribe, renowned for his people‑oriented approach, emphasizes that Orumba South’s rich human capital and natural resources form a potent foundation for sustainable development. “Our goal is to stimulate the economic environment of Orumba South by harnessing its latent potential,” he stated, positioning himself as a catalyst for change.
In the area of infrastructure development, his plans include construction of roads, bridges, and energy systems to improve quality of life and attract investment.
In the area of business‑friendly ecosystem, said that he is committed toward providing cutting‑edge infrastructure, innovative technologies, and a skilled workforce to foster entrepreneurship.
Speaking on youth empowerment, he plans launching of skills‑acquisition programmes, offering vocational training, entrepreneurship development, and mentorship to equip Orumba South’s youths for the modern economy.
According to him, these initiatives aim to transform Southern Orumba Council Area into a hub of economic activity, driving business growth and creating opportunities for residents. Dr. Emeribe’s dedication, according to community leaders, “kindles a beacon of hope for a brighter future, illuminating the path to prosperity for generations to come.
“With Dr. Emeribe navigating the ship, the people of Orumba South are assured of reaping the dividends of his visionary leadership,” remarked a local spokesperson.