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‘We celebrated Democracy day on Credit, we are owing past presidents 11-Months allowances’ – FG laments over recession
The Federal Government has said it is owing former Presidents and ex-Heads of State including Goodluck Jonathan, Olusegun Obasanjo and Shehu Shagari allowances since January this year.
This was made know on Thursday when the members of the Senate Committee of Federal Character and Intergovernmental Affairs, led by Senator Tijjani Kaura, visited the Office of the Secretary to the Government of the Federation.
Explaining the reason why the former heads of government were owed, the SGF, Babachir Lawal, said it was due to unavailability of funds for the service-wide votes for salaries of ex-presidents.
Lawal said, “There is a department responsible for the payment of former Presidents. Presently, funds are not available in service-wide vote to do that. We are aware there was a protest in Bayelsa State that the former President (Jonathan) was not paid and we have explained that he is not the only one affected.
“Others affected are the interreligious council, traditional rulers’ council and so on. For some reasons, we have been writing and writing but there has been no response. And there is presently no money to pay them.
“The budget for this year’s Democracy Day was N33m and we had to do it on credit; we have yet to pay. There are lots of retreats which ought to be organised but there’s no money to do any. The last time we got any release was in August.”
A source at the Office of the SGF, who spoke on condition of anonymity, hinted that the non-payment of former presidents was due to the lack of approval by President Muhammadu Buhari.
According to the source, payment schedules have been sent to the President for his approval several times, which are needed to access funds in the service-wide vote for the purpose, but all attempts in that direction are to no avail.
The visiting senators, however, dismissed Lawal’s explanation, insisting that joint efforts should be made between the Office of the SGF and the committee towards ensuring that the leaders were paid the arrears.
The lawmakers, who took turns to slam the SGF over the development, also emphasised the need to draw the attention of the Budget Office and the Ministry of Finance to the issue, with a view to having it addressed “immediately.”
The vice-chairman of the committee, Senator Suleiman Hunkuyi, described the non-payment of the former presidents as abnormal.
He said, “What we have seen here is an abnormality. Before referring any matter to the National Assembly, it is a function of the executive to appropriate funds. Therefore, the SGF should understand that there is something wrong in this office that must be addressed.
“There is no way you can run the expenses of this office without cash backing. We definitely have to draw the attention of the Budget Office and the Ministry of Finance to the problems.”
Also, Senator Aliyu Wamakko, a former Governor of Sokoto State, berated the SGF.
“We can understand if former President Goodluck Jonathan has not being paid because he just left office. But for someone like Shagari, who lives from hand to mouth, it is something I can’t understand. This development is really unfortunate. It doesn’t indicate seriousness and it doesn’t indicate fairness.”
In an attempt to persuade the senators, Lawal further explained, “When I got into this office, there was a lot of money in this (salary) account but there was no TSA.
“Before the government left office, they jacked up salaries. We told former Presidents Jonathan and Obasanjo that they cannot earn twice what the others were earning. So, we told them we wanted to review it and we did. So, they now earn what the others earn as well.
“When I came into office, there was N1.5bn in the account. We had payment of all liabilities, which came to 700m. Then, we wrote to the President to return what was left to the TSA. That was how we came back to a zero balance.
“It is painful to me because, as a person, I know all of them (ex-presidents) personally. Now, why have we not been able to get the money? We requested a budget of N700m but the President has his way of doing things.
“Look around, you’ll see government vehicles breaking down every now and then. Really, I know the challenges the budget office is facing but the truth is that the funds are not just there. In any government, there are certain agencies that must be served first before others.
‘‘So, we have agreed on that.
“However, we will lean harder on the finance ministry to see that the situation is turned around. As the SGF, I’m getting embarrassed and demeaned by chasing money coming from demands. All the MDAs come to me for things to be done and it is not quite easy, but we will try our best.
“Last year, these political appointees had nothing. As for assistance, we really need assistance, if not but to retain all what we have budgeted for.”
The entitlements of former presidents, heads of state and vice-presidents/Chief of General staff had a budgetary provision of N2.3bn for 2016.
The same amount was also budgeted for 2013 and 2014 and 2015 fiscal periods.
The amount is captured under the service-wide vote.
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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