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‘We will be embarrassed if Buhari attempts to convince us to confirm Magu’ – Senate
The Senate will not rescind its decision to reject the appointment of the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu, to substantive capacity, New Telegraph investigations have revealed.
This is, however, notwithstanding its official statement to welcome President Muhammadu Buhari’s peace initiative on the deteriorating Executive/ Legislative face-off. Most of the senators, who spoke to our correspondent on the condition of anonymity, for obvious implications, said that the move by the President to broker peace and end the current executive-legislative acrimony was welcome. Ironically, they reasoned that though such move was a responsible initiative, the upper chamber would, by no means, be persuaded by anybody to reverse its position on Magu.
The lawmakers said that they would be surprised and embarrassed too, if President Buhari should attempt to convince the Senate to confirm Magu, in total disregard to the report of the Department of State Services (DSS), which indicted the EFCC acting chairman of corruption. According to the lawmakers, Buhari’s insistence that Magu must be confirmed to head the anti- graft agency, despite the unfavourable security report on him, is antithetical to his (Buhari’s) professed fight against corruption in the country. One of the senators said: “The decision of Mr. President to broker peace between the Senate and the executive is a welcome development. It shows that he is aware and also worried that the current bickering between the two arms of the same government is not healthy for our democracy.
“As a senator, I am also seriously concerned about the recurring quarrels between the National Assembly and the Executive because it is negatively affecting governance; it is hampering development. However, as important as the peace initiative is, it cannot be to persuade us to confirm Magu because there is a pending security report against him.” Another senator also told New Telegraph that: “The President did well by setting up a committee to reconcile the Senate and the executive, but that reconciliation effort cannot make the Senate to change its position on Ibrahim Magu because we cannot sweep the DSS’ report under the carpet. ”
In fact, I am of the opinion that President Buhari is setting a bad precedence in this country by not removing Magu from that office, three weeks after the Senate rejected his nomination for the second time.
Nigerians all know that Senate did not reject him based on its own report or observation, but based on security report from the DSS.” Also speaking, one of the senators noted that by setting up a reconciliation committee to bring the two arms harmoniously together, President Buhari had demonstrated that he was concerned about the adverse effects of continuous bickering between the Senate and the executive.
The lawmaker, however, frowned that the President had not thought it necessary to take decisive actions on critical resolutions of the Senate on some public officers serving in the executive arm. He stated that his silence on Magu and Col. Hameed Ali (rtd), the Comptroller of Nigerian Customs Service (NCS), was encouraging them to disregard and disrespect the apex chamber.
“Peace is good and every sane human being wants to have peace. However, if President Buhari really wants to have peace with the parliament, let him call his appointees to order and also comply with the resolutions of the Senate.
“I am telling you this, and I want you to take this seriously, if it is about Magu, that initiative will not yield fruit. In fact, his removal of Magu from that office will mark the beginning of any peace initiative; else, we will continue to deceive ourselves, and there won’t be any peace at the end of the day.
The Customs boss also needs to be cautioned and disciplined by the President for being rude to the Senate.” One of the senators who spoke with our correspondent on the condition of anonymity, described as bizarre, the President’s insistence on Magu, in spite of the indictment from the DSS.
“I can best describe what is happening as bizarre because the President gave the impression that he was going to fight corruption and rout it out from our system. But unfortunately, his body language speaks to the contrary. For God’s sake, what is so unique and special about Magu? I am saying this because we have also heard that the socalled peace initiative was targeted at persuading the Senate to confirm Magu.
“I wish him luck in whatever he is doing to bring the two arms of government together because it will enhance good governance and rapid development in the country, which is why we are in government. But if it is to apply diplomacy and get Senate to confirm Ibrahim Magu, that will be a great miracle if it happens because I will liken it to raising the dead from grave,” the lawmaker said.
Meanwhile, senators have reacted to the call by Muslim Rights Concerns (MURIC), in which it urged President Buhari to shut down the Senate before the Chamber could shut down the people, accusing the apex assembly of sliding into authoritarian dictatorship. Senator Yele Omogunwa (APC, Ondo South) reminded the group that Nigeria is running a democratic system that is anchored on separation of powers, which provides for checks and balances, stressing that no arm has the constitutional power to shut down another arm. “Have you forgotten that there is separation of powers for checks and balances?
Their call is an indication that they do not understand the meaning of democracy. The framers of the constitution are wise enough not to allow for what they are calling for,” he said. Similarly, Senator Enyinnaya Abaribe (PDP, Abia South) pointed out that such call was borne out of ignorance, because it is undemocratic and unconstitutional for the President to contemplate shutting down any arm of government. “Anyone making such call is unaware that we are running a constitutional democracy. No arm of government can shut down another arm of government,” Abaribe told New Telegraph.
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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