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Nigeria’s Budget suffers Setback as Buhari rejects National assembly’s Peace deal
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.
Business
PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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