Business
FG fight against terrorism suffers setback as US Senators counter bid to acquire Fighter Jets over Shi’ites Massacre
Two US senators have written to the secretary of state not to sell fighter jets to Nigeria
– They claimed issue of human rights concern was a reason for this blockade
– Nigeria was accused of not following court orders in the detention of El-Zakzaky
The Nigerian government has suffered a setback in its fight against terrorism as the United States has been urged not to sell fighter jets to Nigeria over human rights concern.
Donald Trump-led administration had promised to sell 12 weaponised aircraft to Nigeria $600 million but this might have suffered a dip as senators Cory Booker and Rand Paul in a joint letter on Tuesday, June 8, said Nigeria must display concern for human rights first.
The duo in the letter to the US Secretary of State, Rex Tillerson, cited the killing of Shi’ites by the army in early 2015 and the accidental bombing of an IDP camp as reasons why the aircrafts should not be sold to Nigeria.
They noted that although the country was facing Boko Haram insurgency, failure to comply with human rights directives shows the country should not be in custody of these fighter jets.
Read the letter below:
Dear Secretary Tillerson:
“We are writing to convey our concerns regarding reports that you intend to proceed with plans to sell A-29 Super Tucano light attack aircrafts, with mounted machine guns and related parts and logistical support, to help the Nigerian government combat Boko Haram. We request that before you approve this sale, you brief us on the steps Nigeria has taken to investigate and hold accountable those that have committed human rights abuses. We believe the security threats Nigeria is facing are very real but that a sale of this nature, and at this time, is ill-advised. Boko Haram – a 5,000 to 10,000 strong insurgent force with ties to the Islamic State – will not be defeated through expanded air power alone.
“Despite your comments that values will not impact national security policies, we believe proceeding without any clear indications of progress from the Nigerian government on the protection of human rights and enforcement of accountability would run contrary to our national security objectives.
“With proper training of pilots, the sale of more sophisticated aircraft could lead to more accurate targeting of insurgents by the Nigerian Air Force and potentially a reduction of civilian casualties. But there is evidence that the Nigerian military routinely flouts the laws of war and there remains an absence of adequate safeguards and accountability mechanisms. This means that the Tucano aircraft could be used in a manner inconsistent with international human rights and humanitarian law – and that ultimately helps to strengthen Boko Haram.
“Given that the Nigerian military still lacks the ability to mount a sophisticated counterinsurgency cooperation combining group and air assets, and the A-29 airframes will not be ready for delivery for at least another year at the earliest, we see no rush to complete the sale. Because this sale is an important point of leverage to encourage critical reforms necessary to defeat Boko Haram, we recommend that you require the Nigerian government to complete these steps before proceeding with the sale. Some of the important and specific benchmarks that would show progress include:
“Progress from the authorities in Abuja on the Kaduna government’s investigation into the December 2015 alleged massacre on Shiite Muslims in the northeastern town of Zaria, where at least 347 members of the Islamic Movement of Nigeria, a Shia Muslim group, were killed by army soldiers. Credible organizations found that the army’s attack was unjustified. An investigation launched by the local Kaduna government found the General Officer in command of the army to have authorized the massacre and recommended prosecution. Nearly a year after this report was published, there has been no follow-up from the federal government in Abuja. Authorities also failed to comply with a court order for the release of the movement’s leader, Ibraheem El Zakzaky, and his wife who remain in detention without charges since December 2015.
“Completion of the investigation into the January 2017 attack on a displaced persons camp in Rann, northeastern Nigeria, by the Nigerian Air Force, which killed at least 236 people and injured thousands more. The government was quick to acknowledge the attack, which officials said was an accident, and agreed to undertake an investigation but it has yet to be finalized and then made available to the public. Even if it was accidental, the Rann incident demonstrates the urgent need for safeguards and accountability.
“Progress on a fair investigation into the 2014 killing by the Nigerian security forces of over 600 people, on the heels of Boko Haram’s attack on Giwa army barracks. Hundreds of mostly unarmed detainees, including children, were killed in extrajudicial executions and likely buried in mass graves around the city.
“At the same time, there continues to be additional allegations of corruption, abuse, and misconduct throughout the Nigerian military. While some soldiers have been released or retired, there has yet to be any real or meaningful accountability for the systemic challenges that have plagued Nigeria’s security forces for decades. Without addressing these problems at an institutional level, reform is merely cosmetic and will only perpetuate longstanding patterns of abuse, which could serve as propaganda for Boko Haram and other insurgent groups seeking to discredit the Nigerian government.
“We are concerned that the decision to proceed with this sale will empower the government to backtrack even further on its commitments to human rights, accountability, and upholding international humanitarian law, which in turn could spur greater unrest and violence, particularly in the northeastern part of the country. Accordingly, we strongly urge you to reconsider your decision to sell A-29 Super Tucano light attack aircrafts to Nigeria without any meaningful reform or any clear safeguards in place. Instead we recommend you make clear to Abuja that the sale of these aircraft can proceed only if there is positive and measurable progress on reforming the security institutions.”.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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