Business
” There is no way we won’t buy the project vehicles” – Senators, Reps insist
Against all odds, The Senate and the House of Representatives on Saturday said they would go ahead with the purchase of exotics for its members despite critics from the Nigerian citizens and past leaders.
Members of both chambers of the National Assembly, who spoke to our correspondent separately, stated that lawmakers needed the vehicles to function efficiently.
The Senate plans to procure cars worth about N4.7bn, the House will spend between N3.4bn and N4.2bn on choice brands for its 360 members.
The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, told one of our correspondents that the leadership of the upper chamber was expecting the invitation of President Muhammadu Buhari over the plan to purchase ‘project vehicles’ for the use of the various committees.
Buhari had during the last presidential media chat pledged to initiate a meeting with the leadership of the National Assembly on the issue but the parley had yet to hold several weeks after.
But the Senate spokesperson said since the proposed meeting was an initiative of the President, the leaders of the red chamber would wait until they were invited.
Abdullahi said, “ for the use of the committees. It is the consideration of the 2016 budget at both chambers that has delayed it. The money has to be appropriated for. We are still buying the vehicles”
He added, “There is no way we can exercise our legislative functions especially in the area of oversight, using our personal cars.
“We need official vehicles to move around the country because we do not have to rely on government agencies under our supervision for such logistics if we really have to carry out an unbiased exercise.
“Nigerians should also note that we are not asking for too much by requesting for Sport Utility Vehicles as official vehicles because there is no senator or members of the House of Representatives that cannot afford one. To us, it’s not a luxury but a necessity to do our work better.”
Also, the Chairman, Senate Committee on Works, Senator Kabiru Gaya, said it was important for the National Assembly management to buy the project vehicles for lawmakers who would need them to carry out oversight functions.
He said, “ I don’t know what people mean by exotic cars because I have personal vehicles that are better than what the National Assembly is proposing to buy for us.
“You will find out that a minister uses four cars. They fuel those four cars for any of his trips. Senators get vehicles once in four years and any vehicle used on Nigerian roads for four years cannot be handed over to another senator to use. It is not possible.
“We are asking for only one car for our official use, to do our oversight, to go round the country. I don’t see anything wrong with that.”
Also, the Senate Leader, Senator Ali Ndume, said Buhari was not opposed to the National Assembly purchasing cars to carry out official assignments.
He said, “There is no way the executive will expect us to use our personal vehicles to do official work in the legislature.
“The problem is that the media is blowing the issue out of proportion. The amount being quoted was a far cry from what would be needed to purchase the vehicles.”
The Chairman, Senate Committee on Gas Resources, Senator Bassey Akpan, also said the purchase of project vehicles was crucial to the success of the parliament, if the nation was really interested in quality legislative activities.
He stated that a lawmaker needed more than a vehicle to effectively carry out his or her oversight functions across the country.
For the House of Representatives, findings showed that aside the 360 units (one to each member), additional customised vehicles would be added to the fleet of the Speaker, Mr. Yakubu Dogara; the Deputy Speaker, Mr. Yusuf Lasun; the Majority Leader, Mr. Femi Gbajabiamila ; the Chief Whip, Mr. Alhassan Ado-Doguwa; the Minority Leader, Mr. Leo Ogor, and other principal officers in both the majority and minority caucuses of the House.
A senior official of the House told one of our correspondents that it also depended on the passage of the 2016 budget by the National Assembly.
The source said, “We are waiting for the budget to be passed. All the votes for the year are captured in the budget. As soon as the budget is passed and funds are released, the issue of cars should become a thing of the past.
“We are over-flogging this car issue as if it is the most important challenge facing our nation today.”
The Chairman, House Committee on Media and Public Affairs, Mr. Abdulrazak Namdas, was emphatic that the House would buy cars for its members as it had been the tradition over the years.
He confirmed that lack of funds had put the car project on hold for a while.
Namdas said, “There are no releases yet; we are waiting for money.
“What is a fact is that the House will certainly buy operational vehicles for members to use while going on oversight visits.
“We have explained repeatedly that these cars are the property of the National Assembly. We do not expect members to trek to project sites for inspection.
“Or, are we saying that the same agencies we are to oversight should provide vehicles to convey members to sites?
“We have to appreciate the need to seriously empower the legislature to function as an independent arm of government in a democracy.”
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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