The Nation Newspaper

Category: Featured

  • CBN: eight banks meet recapitalisation threshold

    CBN: eight banks meet recapitalisation threshold

    • MPC retains interest rate, other parameters
    • Apex bank targets single digit inflation

    Eight banks have successfully met the new minimum capital requirements stipulated for their licenses, the Central Bank of Nigeria (CBN) confirmed yesterday.

    Banks started raising funds last year to meet the CBN’s recapitalization requirement which has a March 2026 deadline.

    Speaking at a news conference in Abuja at the conclusion of the two-day Monetary Policy Committee (MPC) meeting, Governor of CBN, Olayemi Cardoso, said many banks had made significant progress in strengthening their capital base to align with the new regulatory threshold.

    “The MPC noted that eight banks have fully met the recapitalisation requirements, while others are making progress towards meeting the deadline,” Cardoso said.

    Under the ongoing recapitalisation programme launched in March 2024, the apex bank adopted a distinctive definition of minimum capital base, in addition of paid up share capital and share premium, excluding other reserves and retained profits.

    The distinctive definition implied that nearly all banks have to raise new capital, despite the fact that most banks have shareholders’ funds in excess of the minimum capital base.

    Particularly, commercial banks with international licenses are required to have minimum share capital and share premium of N500 billion, while others with national banking licenses are required to have minimum share capital and share premium of N200 billion by the deadline of March 31, 2026.

    The initial fund raising by banks had recorded huge success with most offers oversubscribed. Banks raised more than N2 trillion in 2024.

    With less than nine months to the March 31, 2026 deadline, many banks are preparing to raise new capital, including some tier-1 banks that had participated in the 2024 round and were looking to close the remaining gap before the end of fourth quarter 2025.

    The CBN said the recapitalisation policy was designed to ensure financial system stability, strengthen banks’ capacity to finance large-scale economic projects, and align with global standards of risk-based supervision.

    Cardoso explained that the ongoing recapitalisation initiative is helping to reinforce the sector’s resilience, with key Financial Soundness Indicators (FSIs) showing sustained stability.

    MPC retains rates

    The Committee decided to retain all monetary policy parameters in order to consolidate the recent gains in inflation control and price stability. The benchmark Monetary Policy Rate (MPR) remains at 27.50 percent, with an asymmetric corridor of +500/-100 basis points. The Cash Reserve Ratio (CRR) was maintained at 50.00 percent for deposit money banks and 16.00 percent for merchant banks. The Liquidity Ratio was also held steady at 30.00 percent .

    This decision, the CBN Governor said, was taken to “sustain the momentum of disinflation and sufficiently contain price pressures,” noting that Nigeria has begun recording gradual improvement in inflation dynamics.

    “We will continue to use every tool available—MPR, CRR, and ensuring an efficient foreign exchange market—to bring down inflation to significant levels,” he said.

    Read Also: ‘Tinubu is an ardent supporter of media, committed to press freedom’ – Idris

    Cardoso stated that managing inflation expectations remains a key focus for the Bank, and transparency in policy direction will help guide public and investor sentiment.

    “We are determined to ensure that we use all the different tools at our disposal. Inflation expectations will be managed in a way that the public understands the direction of the policy. We are committed to transparency,” he said.

    But for the Chief Executive Officer, Center for the promotion of Private Enterprise (CPPE), Dr Muda Yusuf, a hold in the CBN rates was expected because as long as inflation has not significantly moderated, it is most unlikely that the CBN will cut rates.

    He explained that even though the headline inflation decelerated marginally to 22.22 per cent, the month-on-month headline inflation increased, while the sub-index, that is the food inflation, also increased on month-on-month. The core inflation increased on month-on-month.

    According to him, these were some of the arguments that the CBN also referenced in justifying the decision to hold rates. He further explained that given that situation and given the fact that the economy is still contending with other factors driving inflation, for example, energy costs, insecurity, the exchange rate, the cost of fund, cost of logistics, means that they keep exerting pressure on the supply side.

    “So we take all of these things together, it is no surprise that the CBN did not opt for a realisation of the monetary policy rates or other rates for that matter. So from the perspective of the CBN, this is what is expected,’ he said.

    Yusuf said that there is the need to make cheaper funds available for the economy, for investors, but interest rate at over 30 percent is very prohibitive because it impedes growth and investment.

    Also, the Nigeria Employers’ Consultative Association (NECA) commended the Central Bank of Nigeria’s Monetary Policy Committee (MPC) for maintaining a tight policy stance in July 2025.

    NECA’s Director-General, Adewale-Smatt Oyerinde, said yesterday that the move was necessary to consolidate economic gains and support long-term macroeconomic stability.

  • Attorney-General Fagbemi’s Office denies government’s stake in FirstHoldco Plc, calls Thisday/Arise reports malicious

    Attorney-General Fagbemi’s Office denies government’s stake in FirstHoldco Plc, calls Thisday/Arise reports malicious

    ThisDay in a report published on Friday titled “25% of First Holdco’s Shares Went to FG’s Trustee, Not Otedola” and aired on Arise TV had claimed that “contrary to its earlier report suggesting that Mr. Femi Otedola, had increased his shares stake in FirstHoldco Plc to 40 per cent, from his current 15 per cent, emerging details have revealed that the shares were actually acquired by a trustee, a Special Purpose Vehicle (SPV), acting under the aegis of the federal government.”

    The Office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has denied reports suggesting that the Federal Government of Nigeria acquired a 25% stake in First Bank Holdings (First Holdco).

    The paper further claimed that the trustee, which was set up through the settlement being brokered by the Office of the Attorney General of the Federation, working with the Central Bank of Nigeria, facilitated the acquisition through a custodial arrangement.

    The outlet quoted a source familiar with the deliberations to have said: “the shares are now with the trustee for the next two or three weeks when they will decide how to proceed and reach a strategic decision on what to do with the shares and also look at FBN’s plan for capital raise to meet CBN requirement.”

    Reacting to the report in a statement, the Attorney General denied the report describing it as “inaccurate, misleading, resentful and malicious.”

    Read Also: Senate okays Tinubu’s $21bn foreign loan request

    In the statement signed by Kamarudeen Ogundele, the Special Assistant to the President on Communication and Publicity, office of the AGF, it unequivocally stated that neither the Federal Government nor the Attorney General’s office participated in acquiring the shares in question.

    “The circumstances surrounding the shareholding structure are distinct from any government involvement,” Ogundele stated.

    The AGF’s office explained that a trustee set up by First Holdco, with the Central Bank of Nigeria approving Stanbic IBTC as a third-party overseer, is involved in the shareholding structure.

    Ogundele urged the media to exercise restraint, professionalism and due diligence in their reporting to avoid violating the law.

    The denial comes amid scrutiny of FirstBank’s operations and governance.

    The AGF’s office reassured the public of its commitment to promoting the rule of law, justice, equity, accountability, transparency, and service to the nation under President Bola Ahmed Tinubu’s administration.

  • Natasha, supporters create scene at National Assembly entrance

    Natasha, supporters create scene at National Assembly entrance

    Suspended Senator Natasha Akpoti-Uduaghan was yesterday denied access to the National Assembly Complex as she attempted to resume plenary.

    This followed a blockade of her convoy at the gate by the police, Sergeants-at-Arms and security operatives.

    Senator Akpoti-Uduaghan had arrived at the outer gate, which is behind the National Arcade, at about 12noon in a four-vehicle convoy comprising three black coloured Sports Utility Vehicles and a white 15-seater bus.

    After a few minutes inside the SUVs, she stepped out of one of the SUVs accompanied by activist Aisha Yesufu and other supporters and trekked for about 900 metres to the inner gate, where security also stopped them by locking the inner gate.

    After about 30 minutes of her arrival at the inner gate, she spoke to reporters before making a U-turn and trekking to the outer gate with her supporters to board their vehicles.

    The National Assembly had beefed up security in anticipation of her planned resumption.

    Security agents, comprising operatives of the Department of State Services (DSS), police and Nigeria Security and Civil Defence Corps (NSCDC), manned the main and adjourning gates.

    Vehicles bound for the National Assembly were frisked, and those that could not produce their identification cards were denied entrance.

    Before beating a retreat, the Kogi Central senator said she would consult her legal team to determine her next line of action.

    She vowed to resume once the Senate, expected to proceed on a six-week annual vacation today, resumes.

    Senator Akpoti-Uduaghan had last week vowed to resume yesterday based on a judgment by Justice Binta Nyako, but the Senate insisted there was no order to recall her.

    The Senate on March 6 suspended her for six months over her reaction to the reallocation of her seat.

    She challenged her suspension, claiming that it followed her refusal to yield to sexual advances by Senate President Godswill Akpabio.

    The Kogi central lawmaker claimed her suspension was illegal.

    Justice Nyako found Akpoti-Uduaghan guilty of contempt of court and ordered her to pay a fine of N5million into the treasury of the Federal Government as well as tender an apology in two national dailies.

    Senator Akpoti-Uduaghan, however, appealed against the N5million fine, saying it was improper for the court to fine her over a contempt that was not committed on the face of the court.

    Senate President Godswill Akpabio also cross-appealed, arguing that the court lacked jurisdiction to make some of the findings.

    Why I tried to return, by Natasha

    Speaking with reporters outside the National Assembly complex, Akpoti-Uduaghan said that she had every right to resume.

    She alleged that the Senate did not appeal Justice Nyako’s judgment, saying it was Akpabio who did.

    Senator Akpoti-Uduaghan faulted the Senate leadership for ignoring the court’s ruling.

    She said: “It’s not about beating the first and second gates and barricades. It’s about me as a duly elected senator walking into the chambers to resume my constitutional duties, as I was elected and mandated by the good people of Kogi Central.

    “It’s unfortunate that we got in, having duly notified the Senate through two letters that I would be resuming functions today. I’m disappointed on two grounds.

    Read Also: ‘Tinubu is an ardent supporter of media, committed to press freedom’ – Idris

    “One is the number of policemen that we met outside, all well-kitted with guns, who charged at an unarmed female senator with her people, a group of Nigerians.

    “And the second thing is the fact that the Senate, under the leadership of Godswill Akpabio, has decided to become lawbreakers by denying me entrance into the chambers to resume my duty.

    “It’s a personal vendetta that Akpabio is unleashing on me, hiding under the wings of the institutions and it is wrong.

    “It is wrong because you can’t have a whole senatorial district deprived of representation.

    “There is just no reason why these gates should not be open. But by and large, considering the fact that the Senate will likely go on recess tomorrow (today), whenever they deem it fit to resume, I will resume as well.

    “Akpabio cannot be greater than the Nigerian Constitution. The Office of the Senate President does not give me legitimacy.

    “My legitimacy comes from the people of Kogi Central who voted me in. The court has ruled in my favour, and an appeal does not invalidate that ruling.”

    The Senator said refusing to obey the court’s decision is a serious threat to the rule of law and a bad example for Nigeria’s democracy.

    “That I’ve been denied entrance to the National Assembly is a clear statement. The National Assembly under Akpabio has chosen to act in contempt of court.

    “It’s ironic that those who make laws are the first to break them. How far have we come in our democracy?”

    She also questioned the legal process used to suspend her in the first place, calling it flawed and not done properly.

    “Even the suspension ab initio was fraudulent, the document was faulty. The document that recommended my suspension wasn’t even attested to by the committee members.

    “It was just a photocopy of an attendance sheet passed off as their signatures,” she said.

    The lawmaker added: “Going forward, I will meet with my legal team to proceed to the appellate court for interpretation of what just happened.

    “I am a law-abiding citizen and will continue to pursue justice through due process.”

    Yesufu accused the National Assembly leadership of bringing down the moral principles of the institution.

    “The people who scaled the wall in 2014 are the same people now blocking people from entering the assembly,” Yesufu said.

    Natasha still suspended, says Senate spokesman

    The Senate maintained that Akpoti-Uduaghan remains suspended until a clear and enforceable court order dictates otherwise.

    Spokesman, Senator Yemi Adaramodu, dismissed her dramatic return to the National Assembly as a “continuation of content creation.”

    Speaking on television, he insisted the Upper Chamber acted within the ambit of the law in suspending the Kogi Central lawmaker, describing her latest actions as “season film” and “skit-making.”

    “The Senate has done what it is supposed to do, and which the court upheld,” Adaramodu said.

    “Section 60 of the Nigerian Constitution and the Senate rules give us the power to discipline our own. We’re lawmakers, not spectators for content creation.”

    Adaramodu made it clear that the Senate has “no interest” in revisiting the matter unless compelled by a superior legal directive.

    He added: “We’re not actors. We’re lawmakers. And we are not interested in all these kinds of things. All this episode is about content creation… It’s now degenerating into a seasonal film. We are not interested.”

    The Senate’s stance, he said, is backed by the judgment of the Federal High Court, which, contrary to reports, did not explicitly declare the suspension illegal.

    “Go and read the certified copy of the court judgment,” Adaramodu said.

    “It was nowhere in the judgment that it was pronounced that the suspension was illegal or unconstitutional.

    “The only court order was for her to apologise to the court and pay a N5 million fine. She has appealed it.”

    On the implications of the court’s remarks concerning the constitutionality of suspending an elected senator, Adaramodu waved it off as mere opinion and not binding.

    “In my opinion, these are not court orders. Those are the judge’s personal views, not enforceable directives.

    “The only enforceable part of that judgment is the fine and the order to apologise,” he said.

    He dismissed suggestions that Akpabio was driving the suspension, saying the issue was not about him but the institution of the Senate.

    “It is not about Senator Akpabio at all. It’s about the Senate. And like I said, let’s go to where Nigeria can move forward,” Adaramodu said.

    Lawyer faults Senator

    A senior lawyer, Ken Harries, criticised Akpoti-Uduaghan for attempting to enforce a judgment she had already appealed.

    He faulted her “invasion” of the National Assembly, calling it a “display of lawlessness” unbecoming of a federal lawmaker.

    “How do you enforce a judgment that you have said you are not satisfied with, condemned, appealed…?” he asked.

    Harries noted that Akpoti-Uduaghan had not fulfilled court conditions, including paying N5 million and publishing a public apology.

    “Whoever goes to equity must go with clean hands,” he added, urging her to respect lawful procedures.

  • Eastern Rail Corridor to gulp $3b of Tinubu’s $21bn foreign loan request

    Eastern Rail Corridor to gulp $3b of Tinubu’s $21bn foreign loan request

    Work may soon begin on the revitalisation of the Eastern Rail Corridor as the Senate yesterday okayed a  $21billion foreign loan requested by President Bola Ahmed Tinubu.

    A major component of the loan is  $3billion  earmarked for the rail corridor, which stretches from Port Harcourt, Rivers State to Maiduguri, the Borno State capital.

    Victor Umeh, a Labour Party(LP) senator representing Anambra Central, described the approval of the sum as a milestone.

      “This is the first time I have seen $3bn allocated to rebuild the Eastern rail line. That alone justifies my full support,” Umeh enthused.

    The approved  $21 billion covers the Federal Government’s external borrowing plan for 2025 – 2026. It includes $21.19billion in direct foreign loans, €4 billion, ¥15billion, a $65million grant and domestic borrowing through government bonds.

    Also in the package is a provision to raise to $2 billion through a foreign-currency-denominated instrument in the domestic market.

     Other key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity.

    The approval of the loan followed the presentation and adoption of the report of the Senate Committee on Local and Foreign Debt.

    Read Also: Senate okays Tinubu’s $21bn foreign loan request

    The report was titled: “Report of the Committee on Local and Foreign Debts: That the Senate do receive and consider the report of the Committee on Local and Foreign Debts on the following: 2025 – 2026 External Borrowing (Rolling) Plan; Issuance of FGN Bonds to settle outstanding pension liabilities under the contributory pension scheme; and Establishment of Foreign Currency Denominated Issuance Programme in the domestic debt market.”

    It was presented by the committee’s Chairman, Senator Aliyu Wamakko.

     Wamakko said the request for approval of the loan was first transmitted to the National Assembly on May 27, but that it was delayed due to recess by the lawmakers and documentation issues in the Debt Management Office(DMO).

    Chairman of the Senate Committee on Appropriations  Solomon Adeola said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.

    “The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola said.

    Senator Mohammed Musa noted that the loan disbursement would span six years, not just 2025.

    He explained that the loan request was in tandem with global economic practices.

    “There’s no economy that grows without borrowing. What we are doing is in line with global best practices,” Musa said.

    Also,   Senate Committee on Banking, Insurance and Other Financial Institutions Chairman  Tokunbo Abiru explained that the loans are concessional and adhere to the Fiscal Responsibility Act and Debt Management Act.

  • APC gets new national chairman tomorrow

    APC gets new national chairman tomorrow

    A new National Chairman of the ruling All Progressives Congress (APC) will emerge tomorrow, The Nation has learnt.

    He will emerge as the party’s National Executive Committee (NEC) meeting in Abuja.

    The party’s second highest decision-making organ will appoint a substantive National Chairman to replace Dr. Abdullahi Umar Ganduje, who resigned recently on health grounds.

    Various statutory organs of the party have been meeting ahead of the NEC meeting scheduled for 10 am on Thursday at the National Secretariat of the party in Abuja.

    The National Working Committee (NWC), the highest administrative organ of the party, held a closed door meeting on Monday where the NEC meeting agenda was prepared and agreed upon.

    Though the outcome of the NWC meeting which lasted for two hours was not made public, a source in the Committee confirmed that the meeting deliberated essentially on the appointment of a new National Chairman and drew a timetable for the party’s forthcoming congresses ahead of next National Convention of the party.

    Read Also: JUST IN: Another Osun Fed lawmaker dumps Adeleke, PDP

    Also, all the directors of the various departments of the party had a crucial and strategic meeting at the Villa on Monday to finalise the list of attendees at the meeting which will have the President, Vice President, members of the National Working Committee, the Senate President, his Deputy, Speaker of the House of Representatives, his deputy, all elected Governors of the party, Speakers of APC controlled State House of Assembly and others in attendance.

    A follow-up and an enlarged meeting of the NWC and Forum of State Chairmen of the party took place at the party Secretariat on Tuesday.

    The meeting, which was at the instance of the Acting National Chairman, Hon. Ali Bukar Dalori, The Nation gathered was to get the buying-in of the State Chairmen on the timetable for the forthcoming congresses ahead of the next National Convention.

    The Nation also gathered that a similar meeting held between the NWC and the party’s governors’ Forum on Tuesday night at Asokoro, in Abuja.

    A member of the NWC who spoke in confidence said: “We are prepared for the NEC meeting. Letters have been sent out to all the members of the committee, and the NWC has been meeting with other organs of the party in order to have a hitch free meeting on Thursday.”

    When asked when the party’s caucus meeting will hold, our source simply said: “I am not sure of the caucus meeting. All our discussions either at the party Secretariat or with the Presidency have centered on the NEC meeting. I am afraid we are just going to have our NEC meeting.

    “Mr. President and other leaders of the party and all NEC members have been invited, and the meeting will surely produce a substantive National Chairman that will replace our former Chairman, Dr. Abdullahi Umar Ganduje.”

    On the agenda of the meeting, our source said: ” I am not at liberty to divulge the agenda to you. All I know is that the appointment of National Chairman is the main focus, while other issues such as the congresses will be tabled at the meeting,” our source stated.

    As of the time of filing the report, the big tent to host the NEC meeting is under construction at the open space of the Muhammadu Buhari House, the venue of the meeting.

  • JUST IN: NDLEA operative shot dead during raid in Ondo

    JUST IN: NDLEA operative shot dead during raid in Ondo

    An operative of the National Drug Law Enforcement Agency (NDLEA), simply identified as Jide, has been shot dead by suspected drug peddlers in Ondo State.

    The Nation learnt that the officer attached to the Ondo Command of the NDLEA was killed during a raid on an apartment in the Ita’nla area of Ondo town on Tuesday.

    A source, who confirmed the incident to our reporter, said the team of the NDLEA came under gunfire when they stormed the building to recover the drugs stored inside the ceiling of the apartment.

    “I guess the team got a tip that some drugs were stored inside the residential building at Ita’nla in Ondo. So, the officials came very early in a sting operation to bust the building.

    “Immediately they came in, some of them entered into the building to recover the exhibits while Officer Jide stood outside mounting the sentry guard. Suspected gunmen came from nowhere and opened fire on him and was shot in the neck.

    Read Also: Alleged $854K, N590m fraud: Court rejects Afriq Arbitrage CEO’s third bail request

    “The officer was immediately rushed to the hospital, but the doctors on duty confirmed him dead on arrival. It is a very sad development,” he said.

    A spokesman for the Ondo Command of the NDLEA, Adebayo Solomon, could not be reached when contacted for comment.

    But Olayinka Ayanlade, the Police Public Relations Officer (PPRO) in the state, confirmed the incident in an interview with our reporter.

    He revealed that four suspects have already been arrested in connection with the crime, adding that a single barrel gun has been recovered.

    “Immediately it happened, we reinforced some of our officers down to the scene. we have been able to arrest four prime suspects who are now in our custody.

    “We have also recovered a single barrel gun, and investigation is also going in collaboration with the NDLEA to bring the perpetrators of the dastardly attack and killing to book,” Mr Ayanlade said.

  • Senate okays Tinubu’s $21bn foreign loan request

    Senate okays Tinubu’s $21bn foreign loan request

    The Senate on Tuesday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025 – 2026 external borrowing plan of the Federal Government.

    The comprehensive borrowing package includes $21.19billion in direct foreign loans, €4 4billion, ¥15billion, a $65million grant and domestic borrowing through government bonds totalling approximately N757billion.

    Also included was a provision to raise up to $2billion through a foreign-currency-denominated instrument in the domestic market.

    The approval followed the presentation and adoption of the report of the Senate Committee on Local and Foreign Debt, titled: “Report of the Committee on Local and Foreign Debts: That the Senate do receive and consider the report of the Committee on Local and Foreign Debts on the following: 2025 – 2026 External Borrowing (Rolling) Plan; Issuance of FGN Bonds to settle outstanding pension liabilities under the contributory pension scheme; and Establishment of Foreign Currency Denominated Issuance Programme in the domestic debt market.”

    It was presented by the Chairman of the Committee, Senator Aliyu Wamako, who said that the plan was first transmitted to the National Assembly on May 27 but was delayed due to legislative recess and documentation issues from the Debt Management Office.

    In his contribution, the Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, said most of the loan requests had already been factored into the Medium-Term Expenditure Framework and the 2025 budget.

    “The borrowing is already embedded in the 2025 Appropriation Act. With this approval, we now have all revenue sources, including loans, in place to fully fund the budget,” Adeola said.

    Senator Mohammed Sani Musa (APC – Niger East) noted that the loan disbursement would span six years, not just 2025.

    He said the loan request was in tandem with global economic practices.

    “There’s no economy that grows without borrowing. What we are doing is in line with global best practices,” he said.

    The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator  Tokunbo Abiru, assured the chamber that the loans are concessional and adhere to the Fiscal Responsibility Act and Debt Management Act.

    “These loans are long-term, some with tenors ranging from 20 to 35 years, and they are strictly tied to capital and human development projects,” he said.

    However, Senator Abdul Ningi (PDP- Bauchi Central) expressed worry over transparency and equitable distribution of the loan, warning that Nigerians deserve to know the specifics of the loans and their intended impact.

    “We need to tell our constituents exactly how much is being borrowed in their name, and for what purpose,” he said.

    Among the key sectors targeted in the loan plan are infrastructure, agriculture, security, power, housing, and digital connectivity.

    A major component of the loan is the allocation of $3billion for the revitalisation of the Eastern Rail Corridor, stretching from Port Harcourt to Maiduguri.

    Senator Victor Umeh (LP – Anambra Central) hailed the rail project as a milestone, saying, “This is the first time I have seen $3bn allocated to rebuild the eastern rail line. That alone justifies my full support.”

    Deputy Senate President, Barau Jibrin, commended the committee’s efforts and noted that the borrowing plan reflects national inclusiveness.

    “This shows that the Renewed Hope Agenda is working. No region is left out,” he said.

  • UPDATED: Tinubu holds briefing with finance, budget, gas ministers

    UPDATED: Tinubu holds briefing with finance, budget, gas ministers

    President Bola Ahmed Tinubu on Tuesday held closed-door meetings with key members of his economic and fiscal policy team at the State House, Abuja, in what sources described as a routine but strategic briefing.

    In attendance were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Minister of Budget and Economic Planning, Senator Atiku Bagudu; and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

    President Tinubu also met with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; as well as the Director General and Global Liaison for the Nigeria-China Strategic Partnership, Joseph Tegbe.

    Although the agenda of the meetings was not officially disclosed, sources indicated that it was part of regular consultations where top government officials occupying sensitive economic portfolios update the President on developments within their respective sectors.

    “The President routinely receives briefings from relevant ministers and heads of economic institutions to stay abreast of policy developments and implementation timelines,” a source said.

    It was gathered that the FIRS chairman, Dr. Adedeji, was expected to brief the President on the effective implementation of the four new tax laws recently signed into law, which are slated to take effect from January 2026. 

    The laws are aimed at broadening the tax net, simplifying compliance, and enhancing non-oil revenue generation in line with the administration’s fiscal reform agenda.

    The Governor of the Central Bank, Mr. Cardoso, was also expected to provide updates on current fiscal and monetary policy dynamics, including efforts to stabilise the naira, manage inflation, and sustain investor confidence.

    Read Also: Nwifuru urges southeast support for Tinubu’s 2027 re-election bid

    Ministers Edun and Bagudu were expected to present overviews of the broader economic outlook, current budget implementation, and medium-term expenditure projections. 

    The Minister of State for Petroleum Resources (Gas), Mr. Ekpo, was also scheduled to provide updates on investment prospects and gas infrastructure development under the Decade of Gas initiative.

    Each official arrived separately at the Villa for the consultations, reflecting standard protocol for high-level briefings.

    The meeting comes at a time the administration is intensifying its focus on economic recovery, fiscal consolidation, and energy sector reforms under the Renewed Hope Agenda.

  • BREAKING: Natasha, supporters leave National Assembly complex

    BREAKING: Natasha, supporters leave National Assembly complex

    Suspended Senator Natasha Akpoti-Uduaghan and a group of her supporters were seen leaving the National Assembly Complex on Monday after an unsuccessful attempt to gain entry.

    READ ALSO: Tunde Onakoya playfully woos Genevieve Nnaji as netizens react

    Earlier today, Natasha was reportedly denied direct vehicular access to the complex due to heightened security measures, prompting her to trek towards the gates alongside a group of her supporters.

  • BREAKING: Adeleke, Osun PDP endorse Tinubu for 2027

    BREAKING: Adeleke, Osun PDP endorse Tinubu for 2027

    …resolve to remain in PDP after alleged failed APC defection

    Osun State Governor, Ademola Adeleke, and the leadership of the Peoples Democratic Party (PDP) in the state have thrown their weight behind the re-election bid of President Bola Tinubu in 2027.

    The Nation had earlier reported that Governor Adeleke had planned to defect from the PDP after holding consultations with party leaders, who had agreed to follow him to any party of his choice.

    However, his move to the APC was reportedly rejected by key members of the party in Osun State.

    It was gathered that a stakeholders’ meeting was held on Monday at the Government House in Oke-Fia, Osogbo, where Adeleke and top PDP leaders resolved to remain in the PDP and endorsed President Tinubu for a second term.

    A communiqué issued after the meeting was signed by Governor Adeleke, his deputy, Kola Adewusi, Speaker of the House of Assembly Adewale Egbedun, former governor Prince Olagunsoye Oyinlola, and 24 other party leaders.

    They emphasised the importance of local politics and the sentiments of their grassroots supporters in shaping political decisions.

    The communiqué noted that Adeleke’s defection plan did not originate from him, and was met with stiff opposition from APC members in Osun, many of whom openly insulted him on social media and national platforms.

    READ ALSO: Tunde Onakoya playfully woos Genevieve Nnaji as netizens react

    It added that PDP members, though uncomfortable with the defection idea, had agreed to stand by the governor out of loyalty and love for his leadership.

    The party leaders stressed that Adeleke, his administration, and the PDP remain the most popular and widely accepted political force in the state.

    “Consequently, the leaders hereby resolve that the PDP in Osun State recognises the fact that Osun State is the ancestral home of President Bola Ahmed Tinubu, which makes the President the son of Osun State. Therefore, the PDP in Osun State hereby adopts and endorses President Bola Ahmed Tinubu for re-election in the 2027 presidential election. 

    “That PDP in Osun State reaffirms its adoption and endorsement of Governor Ademola Adeleke for re-election in the 2026 governorship election on the platform of the PDP.

    “That Governor Ademola Adeleke and all members of the PDP in Osun State should remain in the PDP. That the leadership of the PDP in Osun State is directed to disseminate the resolution to all structures of the party in the state.

    “That the state governor is enjoined to forge ahead with governance and implementation of the administration’s Five Point Agenda.”