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Nigeria’s Budget suffers Setback as Buhari rejects National assembly’s Peace deal

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There were indications on Sunday that the National Assembly’s peace moves with the executive over the 2016 budget crisis had flopped.

It was learnt that as part of the peace moves, the National Assembly had, on Saturday, reached out to the executive and asked President Muhammadu Buhari to sign the document and then send a supplementary budget to the lawmakers.

It was gathered that the President did not accept the suggestion against the backdrop that the distortions in the budget discovered in the document transmitted by the National Assembly were too many.

A minister, who confided in The PUNCH, said both arms of government had been discussing the issue, but the President had been advised by members of his cabinet not to sign the appropriation bill.

“The National Assembly has initiated some peace moves. The lawmakers have suggested that the budget should be signed by the President before he will send a supplementary budget to cover the omissions, but he had turned down the proposal,” a competent source told one of our correspondents on Sunday.

Also, a competent Presidency source told The PUNCH on condition of anonymity on Sunday that with the level of distortions noticed in the document returned to the President, there was no way he could have been advised to append his signature to the budget.

The source stated, “I can confirm to you that the President has been advised not to sign the budget as it is. The initial plan was for him to sign it before going to China and thereafter present a supplementary budget to the National Assembly.

“But as it is, with the level of distortions noticed, the President has been advised not to sign it at all.”

It was gathered that Buhari on Sunday afternoon met behind closed doors with Vice-President Yemi Osinbajo and the Minister of Budget and National Planning, Senator Udo Udoma, in continuation of his consultation on the budget.

The meeting was held inside the President’s official residence in the Presidential Villa, Abuja.

The meeting was held shortly before Buhari left Abuja for China on a one-week official visit.

It was learnt that the meeting was a follow-up to an earlier one held by the President with the leadership of the National Assembly.

Presidential spokesmen, Mr. Femi Adesina and Garba Shehu, were not available for comments on Sunday as they were on the President’s entourage to China.

Investigations by our correspondents at the National Assembly showed that the majority of the 109 senators and the 360 members of the House of Representatives had no knowledge of the details of the 2016 budget before they passed the document on March 23.

It was learnt on Sunday that the lawmakers placed too much confidence on the judgment of the Joint National Assembly Committee on Appropriation, chaired by Senator Danjuma Goje and Mr. Abdulmumin Jibrin, to work out the details that they reportedly paid less attention to the work of the committee.

One senior legislative official, who followed the budget through, said, “Let the truth be told; the budget was passed without any information on the breakdown.

“We all trusted the committee that due to the pressure to pass the budget, the members should work out the details while we passed the highlights.

“The news of inserting projects or removing some came as a surprise to many us.”

It was learnt that in the case of the House of Representatives in particular, only the Chairman, Jibrin, and a few members of the Committee on Appropriation sat to work on the details of the budget without the knowledge of other members.

“Although members of the committee were asked to stay behind during the Easter break for the purpose of working on the details, they were not called to meetings to work on the details.

“What we heard was that some consultants were hired by the chairman to work on the details, while he pleaded with members for understanding because of the exigencies of time,” another legislative official disclosed to The PUNCH.

As the development unfolded, opposition party lawmakers, in a surprise move, backed Buhari’s objections to the budget, saying the President was right.

Speaking on their behalf, the Minority Leader of the House and member of the main opposition Peoples Democratic Party, Mr. Leo Ogor, told The PUNCH that Buhari was free to reject the budget if it did not fall in line with his economic agenda.

Citing the alleged removal of the Lagos-Calabar rail line project from the budget, Ogor noted that the President must have made provision for it because he believed it would be a major boost to his economic agenda.

Ogor stated that the Committees on Transport and all other committees supervising agencies whose projects were removed would have to explain whether the removal was done with their knowledge.

However, Jibrin took to his Twitter handle to respond to allegations levelled against the National Assembly and specifically the Committee on Appropriation.

In a series of tweets, he addressed some of the issues one after another.

In the tweets, he said, “The Lagos-Calabar rail (line project) was never included. How could NASS have removed what was not there? But the nation is being misled.

“This is unfortunate as it is quite clear to all and sundry that #Budget2016 and all its headaches and controversies didn’t emanate from NASS.

“We will come up with a comprehensive position especially with respect to our observation of the budget and what we did to make it better.”

He added, “What NASS did with the N54bn? We added N39.7bn to the Lagos-Kano Rail project. This will help complete the project once and for all.

“That N50bn be set aside as special bursary for students of tertiary institutions.”

When contacted, the Senate Leader, Ali Ndume, on Sunday, said he was not aware of any meeting between the leadership of the National Assembly and the Presidency over the 2016 budget.

Ndume, who spoke in a telephone interview with one of our correspondents in Abuja, said, “Our concern as Nigerians should be how to collectively move the nation forward instead of writing on speculations that could heat up the polity.”

Attempts to get the Director, Information, Ministry of Budget and Planning, Mr Charles Dafe, to comment on steps being taken to resolve the grey areas in the budget were not successful.

The Senate on Sunday also denied allegations of padding levelled against the appropriation committees of the National Assembly.

Senate spokesman, Senator Abdullahi Sabi, said in Abuja that the Constitution of Nigeria did not make the legislature a rubber stamp.

He said, “I can say authoritatively that we did not pad the budget at all. I reject that in its entirety. We appropriated in line with what we believe the issues are and we did so in consultation with the Ministries, Departments and Agencies.”

He added that the National Assembly, in reality, helped the executive to pass a badly written budget, saying having done its job within the law, the lawmakers expected the executive to follow the constitutional process.

 

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Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

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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.

 

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

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Alpha Morgan to Host 19th Economic Review Webinar

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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.

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GTBank Launches Quick Airtime Loan at 2.95%

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GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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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