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Budget Implementation: Senate Queries Economic Team, Mulls Cut to ₦58.7tn 2026 Estimate

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The Senate on Tuesday confronted the President’s economic team over the poor implementation of the 2025 budget and what it described as unrealistic assumptions underpinning the proposed ₦58.7 trillion 2026 budget, raising the possibility of reducing the estimate.

During a tense budget defence session before the Senate Committee on Appropriations, several lawmakers expressed concern over widespread complaints from Ministries, Departments and Agencies (MDAs) regarding the non-funding of the 2025 budget.

Some senators described the exercise as one of the worst budget defence sessions in recent times, citing unpaid contractors, a controversial centralised payment system, inadequate capital releases, and a rising debt profile as major areas of concern.

Dissatisfied with the explanations provided by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the committee turned to the Chairman of the National Revenue Service, Zacch Adedeji, for further clarification.

He stated that previous budgets were often built on faulty assumptions, noting that unrealistic projections had consistently created implementation challenges.

“When assumptions are not realistic, there will be problems. That is what we intend to correct this year. It must be based on realistic budgeting. Efficiency lies in what you can actually execute,” he said, urging lawmakers to adopt a new approach anchored on credible revenue projections.

However, the Chairman of the Committee, Senator Adeola Olamilekan, questioned the economic team’s confidence in delivering the proposed budget.

“The indication is that you do not have full confidence in the ₦58.7 trillion budget. Do we reduce this budget or leave it as it is? If it is faulty and we are not reducing it, are you saying you will still meet the target?” he asked.

Responding to further inquiries on the performance of the 2025 budget, the Minister of State for Finance disclosed that the Federal Government was prepared to begin settling outstanding payments.

She revealed that MDAs had been directed, effective immediately, to upload their cash plans for all pending obligations, assuring the committee that payments for 2025 would commence immediately or, at the latest, by Monday.

Following the exchanges, the committee proceeded into a closed-door session.

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Lagos Residents Protest Unreliable Power Supply, Demand Immediate Action

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Residents of Lagos on Friday took to the streets to express their frustration over persistent electricity outages, condemning the state’s power supply as “epileptic” and unsustainable for daily life and business activities.

A video circulating on social media showed dozens of mainly young protesters marching through the Fadeyi area, holding placards and chanting for a consistent electricity supply.

The demonstrators criticised what they described as the collapse of the nation’s power sector, stressing that erratic electricity is undermining livelihoods and making life increasingly difficult across Lagos.

Placards displayed messages such as “No More Estimated Billing,” “No More Epileptic Power Supply,” “No Light, No Life, No Nation,” and “You’re Destroying Businesses; Give Us Regular Light.”

One protester declared, “We are not asking for too much. Give us light!”

Local business owners also highlighted the severe impact of inconsistent power supply on their operations, noting that reliance on fuel-powered generators has significantly increased operating costs.

A shop owner at the protest lamented: “We cannot continue like this. Every day we spend money on fuel because there is no electricity. Many small businesses are closing because they cannot cope.”

The demonstration underscores growing public dissatisfaction with electricity supply in Lagos, as residents call on authorities and power operators to ensure a stable and reliable power supply.

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Tinubu Mourns Former Super Eagles Coach Festus Onigbinde

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President Bola Ahmed Tinubu has expressed deep sorrow over the death of former Super Eagles head coach, Festus Adegboye Onigbinde, who passed away on Monday at the age of 88.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President extended his condolences to the late coach’s family, associates, and the entire Nigerian football community.

Tinubu also sympathised with the Nigeria Football Federation (NFF), the National Sports Commission, professional colleagues, and football fans across the country over the loss of the respected football administrator.

The President described Onigbinde as a trailblazer whose contributions significantly advanced the growth and development of football in Nigeria.

He noted that the late coach made history as the first indigenous coach of the Super Eagles in 1982, praising his leadership and dedication to the sport.

“Chief Onigbinde distinguished himself as the first indigenous coach of the Super Eagles in 1982,” the statement said.

Tinubu further highlighted Onigbinde’s role in guiding Nigeria to the final of the 1984 Africa Cup of Nations, describing the achievement as a landmark moment in the country’s football history.

The President also commended the late Modakeke High Chief for his commitment to grassroots football and his efforts to strengthen football administration in Nigeria.

He said Onigbinde would be remembered for his discipline, integrity, foresight, and passion for the game.

Tinubu prayed for the repose of the late football icon and asked God to grant comfort to his family and loved ones during this difficult time.

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Again, Dangote Refinery Hikes Petrol To ₦1,175/Litre, Diesel To ₦1,620/Litre — Report

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Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), also known as petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The increases coincide with a sharp rise in international crude oil benchmarks as of 1:00 pm WAT: Brent crude at $102.8 (+10.91%) and WTI crude at $101.0 (+11.08%), driven by the Middle East energy crisis.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices surged by 30 per cent on Monday on fears over supply disruptions in the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of easing.

Concerns that the conflict could drag on intensified after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added over the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI has risen by more than 75 per cent, while Brent has increased by over 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, forcing a US-run oilfield to cease production. Meanwhile, the United Arab Emirates and Kuwait have begun reducing output.

This comes as maritime traffic in the Strait of Hormuz — through which about one-fifth of global crude oil and gas supplies pass — has been halted since the war began on February 28.

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