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FEC approves 2026-2028 MTEF, projects ₦34trn revenue

The Federal Executive Council (FEC) has approved the 2026-2028 medium-term expenditure framework (MTEF), outlining Nigeria’s economic outlook, revenue targets, and spending priorities for the next three years.

Briefing journalists after the FEC meeting on Wednesday in Abuja, the Minister of Budget and National Planning, Atiku Bagudu, said oil price was pegged at $64 per barrel, while the exchange rate assumption for the budget year is ₦1,512/$.

He said while the council set an oil production benchmark of 2.06 million barrels per day for 2026, the fiscal planning is based on a cautious 1.8 million bpd.

Bagudu stated the exchange rate projection reflects the fact that 2026 precedes a general election year, adding that all the assumptions were drawn from detailed macroeconomic and fiscal analyses by the budget office and its partner agencies.

According to the minister, inflation is projected to average 18 percent in 2026.

Bagudu said based on the assumptions, the total revenue accruing to the federation in 2026 was estimated at N50.74 trillion, to be shared among the three tiers of government.

“From this projection, the federal government is expected to receive ₦22.6 trillion, states ₦16.3 trillion, and local governments ₦11.85 trillion,” he said.

“When revenues from all federal sources are consolidated, including ₦4.98 trillion from government-owned enterprises, total Federal Government revenue for 2026 is projected at ₦34.33 trillion —representing a ₦6.55 trillion or 16 percent decline compared to the 2025 budget estimate.”

The minister said statutory transfers are expected to amount to roughly ₦3 trillion, while debt servicing was projected at ₦10.91 trillion.

He said non-debt recurrent spending — covering personnel costs and overheads — was put at ₦15.27 trillion, while the fiscal deficit for 2026 is estimated at N20.1 trillion, representing 3.61 percent of gross domestic product (GDP).

The MTEF also projected that nominal GDP will reach over ₦690 trillion in 2026 and climb to N890.6 trillion by 2028, with the GDP growth rate projected at 4.6 percent in 2026.

The non-oil GDP is also expected to grow from ₦550.7 trillion in 2026 to ₦871.3 trillion in 2028, while oil GDP is estimated to rise from ₦557.4 trillion to ₦893.5 trillion over the same period. (Channels)

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Soccer world braces for 2026 World Cup draw with Trump presiding

The draw for the 2026 World Cup — the biggest edition of soccer’s global showpiece ever held — takes place in Washington on Friday with U.S. President Donald Trump expected to feature prominently in proceedings.

The expanded 48-team tournament — up from the 32-nation field that competed at the 2022 Qatar World Cup – will be played across the United States, Mexico and Canada from June 11 to July 19 next year.

Trump’s attendance at the Kennedy Center ceremony underscores his rapport with FIFA chief Gianni Infantino, who has made several visits to the White House and even joined Trump at international summits in the years since the joint North American bid was awarded the tournament in 2018.

Infantino’s close relationship with Trump is widely expected to see the U.S. leader be named as the first recipient of a new FIFA Peace Prize, which will be awarded at the draw

Trump has made the World Cup a centerpiece event of both his second presidency and the 250th anniversary of U.S. independence next year.

But he has not hesitated to bring domestic politics into the event, threatening to move World Cup matches from Democratic-run cities if he deems conditions to be “unsafe”.

In a sign of the global tensions surrounding a World Cup which will have 11 of its 16 venues in the United States, Iran said it will boycott the draw because U.S. authorities refused to grant visas to several members of its delegation.

The president of the Iranian soccer federation, Mehdi Taj, said: “We have told the head of FIFA… that it is purely a political position and that FIFA must tell (Washington) to desist from this behavior.”

The pretenders to the title which a Lionel Messi-inspired Argentina won for the third time in 2022 in Qatar will be drawn into 12 groups.

The top seeds are Argentina, the host nations USA, Mexico and Canada, record five-time winners Brazil, two-time champions France, four-time winners Germany as well as Spain, England, Portugal, Netherlands and Belgium.

The evergreen Cristiano Ronaldo, who will be 41 when the tournament kicks off, has said his sixth World Cup finals with Portugal will be his last and he would relish crowning his long career with a first global title for his country.

The enlarged cast list also means an opportunity for a handful of first-time qualifiers, including Cape Verde, Jordan and the tiny Caribbean nation of Curacao.

With six of the field still to be decided in playoffs, the favorites will want to avoid Italy, who won the World Cup as recently as 2006 but have not qualified since 2014.

Despite an error-strewn qualification campaign, the Italians can still reach the finals by winning two sudden-death games.

The opening match will be held at the Azteca Stadium in Mexico City, which also hosted the 1970 and 1986 finals, before the tournament unfolds over nearly six weeks, culminating in the final at the MetLife Stadium in New Jersey.

Because of the complexity, teams will only learn the full details of their match venues and kickoff times on Saturday, a day after the draw.

Supporters’ groups have warned fans could face eye-watering sums for tickets for the most attractive games due to FIFA’s decision to use dynamic ticket pricing.

Prices on popular secondary market websites in the United States such as Stubhub and Seatgeek have already skyrocketed, with prices for the July 19 World Cup final in New Jersey starting at around $7,000. (JapanToday)

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Arsenal extends Premier League lead; Villa surges up to third

Arsenal edged out Brentford 2-0 to restore their five-point lead at the top of the Premier League on Wednesday as in-form Aston Villa beat Brighton 4-3 to climb up to third in the table.

The Gunners failed to hit top form at the Emirates Stadium but did enough to take another step towards a first league title in 22 years thanks to goals from Mikel Merino and Bukayo Saka.

Mikel Arteta took the chance to use his strength in depth as Saka, Eberechi Eze and Jurrien Timber were rested from the start as captain Martin Odegaard made his first start since early October.

Merino maintained his place up front despite Viktor Gyokeres’ return to fitness and rewarded Arteta with another vital goal.

The Spaniard was picked out perfectly by Ben White’s cross and powered in his 11th goal of the season for club and country.

Brentford boss Keith Andrews also heavily rotated, with top scorer Igor Thiago among those left on the bench.

But the Bees still posed the leaders problems and were only denied an equaliser through Kevin Schade’s header by a brilliant save from David Raya against his former club before half-time.

Saka was introduced on the hour mark and the England winger finally made the points safe in stoppage time as his strike had too much power for Caoimhin Kelleher.

Villa produced a stunning fightback against the Seagulls to continue their fine form with an eighth win in nine league games.

The visitors were their own worst enemies in a dreadful start. Jan Paul van Hecke bundled in from a corner after Villa goalkeeper Marco Bizot failed to collect. Pau Torres then turned past Bizot into his own net from Jack Hinshelwood’s cross.

Ollie Watkins had scored just once in 19 previous appearances this season but turned the game around with a quickfire double before the break.

The England striker forced in Ian Maatsen’s low cross before latching onto Morgan Rogers’ brilliant through ball to slam past Bart Verbruggen.

Amadou Onana completed the comeback with a back-post header from Matty Cash’s corner before Donyell Malen made it 4-2.

Centre-back Van Hecke curled in his second of the night to set up a tense finale, but Brighton succumbed to their first home defeat of the season.

Wolves suffered an eighth consecutive defeat as Igor Jesus’ header earned Nottingham Forest a 1-0 win at Molineux that moved Sean Dyche’s men four points clear of the relegation zone.

Burnley also remain rooted in the bottom three after Daniel Munoz scored the only goal in a 1-0 win that lifted Crystal Palace up to sixth. (JapanToday)

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Six Lagos realtors abducted in Ogun

Unknown assailants have kidnapped six Lagos-based real estate marketers during an inspection visit to Ogun State.

The Guardian learnt that the victims had gone to inspect their company’s land at Oyebola village in Obafemi-Owode Local Council of the state, before they were attacked.

Confirming the incident to newsmen, the Commissioner of Police, Lanre Ogunlowo, said the incident occurred on Friday.
He said that the command launched an investigation immediately it was alerted about the incident.

Ogunlowo assured the public that all hands were on deck to ensure the rescue of the abductees.

“So, they brought some marketers from Lagos to see the land, so that they can have the requisite information to market the land.

“It was during their visit to this land that the six people were abducted. The command has been on it since, and we shall definitely ensure that these people regain their freedom,” he added. (Guardian)

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Tinubu, NASS, Wike pledge N320m to support Nigerian Legion on Armed Forces Remembrance Day

President Bola Tinubu on Tuesday donated N200 million to the Nigerian Legion, reaffirming his administration’s commitment to the welfare of military personnel, injured officers, and the families of fallen heroes.

The President of the Senate, Sen. Godswill Akpabio, and the Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, contributed N100 million on behalf of the National Assembly, while the Minister of the Federal Capital Territory (FCT), Nyesom Wike, donated N20 million.

The donations were made at the 2026 Armed Forces Remembrance Day Emblem Appeal launch held at the Presidential Villa, Abuja. During the ceremony, President Tinubu, Vice President Kashim Shettima, the Senate President, the Deputy Speaker, and service chiefs were decorated with the remembrance poppy by the Chairman of the National Council of the Nigerian Legion, Morenike Grace Henry.

President Tinubu urged government institutions, businesses, and public-spirited individuals to donate generously to the legion, which caters to retirees and widows of fallen military heroes.

“As a grateful nation, we must honour the fallen, support the wounded, and care for all who answered the call to serve,” the President said. “Armed Forces Remembrance Day, marked every 15th of January, is a reminder of the call to peace and the importance of unity.”

He commended the Armed Forces for their courage in securing communities, noting that tens of thousands of insurgents have surrendered, key terrorist leaders neutralised, and many captives freed. He also highlighted improved maritime security, including reductions in oil theft, piracy, and illegal fishing, and reaffirmed his administration’s commitment to equipping and motivating the military.

President Tinubu added that his government has enhanced allowances, upgraded barracks, strengthened healthcare services, expanded the Defence Health Maintenance Services Limited, and modernised pensions verifications through BVN and NIN integration.

Chief of Defence Staff, Lt. Gen. Olufemi Oluyede, described the emblem as a symbol of support for fallen heroes and their families, thanking the President for improving military welfare and resources.

“When we wear this emblem, we say to our veterans, Nigeria remembers you,” Oluyede said. “When we support the appeal fund, we affirm that Nigeria cares. When we stand together today, we declare that Nigeria will never abandon those who serve in her name.”

Permanent Secretary of the Ministry of Defence, Mr. Richard Pheelangwa, said the Remembrance Day honours the bravery and sacrifice of men and women who gave their lives defending the nation. He commended the President for enabling the reopening of schools, markets, and communities in formerly conflict-affected areas, noting that these restored moments are “victories that often go unsung but remain deeply felt across our nation.”

Armed Forces Remembrance Day is observed annually on January 15 to honour fallen soldiers and recognise living veterans. (Vanguard)

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Six die, others wounded in Kogi road crash, Ododo consoles families

Six people have died, and others have been wounded in a road crash along the Lokoja–Okene road. 

The Kogi State Commissioner for Information, Kingsley Fanwo, said the accident involved a bus carrying passengers returning from the 2025 International Day of Persons with Disabilities held on Wednesday at the Government House, Lokoja. 

“The unfortunate accident, which occurred along the Lokoja–Okene road, claimed six precious lives,” Fanwo said in a statement. 

“Thirteen others sustained varying degrees of injuries and are currently receiving medical attention at different health facilities across the state.” 

Fanwo said the Kogi Government and people of the North-Central state are saddened by the incident and “mourn deeply with the families of the deceased and extend our heartfelt condolences to them”.

He said: “The loss of any Kogite is a loss to us all, and we stand in solidarity with the affected families and communities. This is indeed a dark day in our history”.

“His Excellency, Alhaji Ahmed Usman Ododo, the Executive Governor of Kogi State, has directed that the State Government take full responsibility for the medical care of all injured persons until they fully recover,” the commissioner said.

According to him, the Kogi State Government has deployed personnel to the hospitals to ensure the victims receive the best possible treatment.

They are also to provide support to their families.

“Our hearts are with the families who lost their loved ones, as we consider this a state tragedy of devastating magnitude,” he said. (Channels)

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Putin accuses Europeans of sabotaging peace efforts on Ukraine; meets U.S. delegation

Russian President Vladimir Putin accused Kyiv’s European allies Tuesday of sabotaging U.S.-led efforts to end the nearly 4-year-old war in Ukraine, shortly before he met with a delegation sent by President Donald Trump.

“They don’t have a peace agenda, they’re on the side of the war,” Putin said of the Europeans prior to talks in the Kremlin with U.S. special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner.

Putin’s accusations appeared to be his latest attempt to sow dissension between Trump and European countries and set the stage for exempting Moscow from blame for any lack of progress.

He accused Europe of amending peace proposals with “demands that are absolutely unacceptable to Russia,” thus “blocking the entire peace process” and blaming Moscow for it.

“That’s their goal,” Putin said.

He reiterated his long-held position that Russia has no plans to attack Europe — a concern regularly voiced by some European countries.

“But if Europe suddenly wants to wage a war with us and starts it, we are ready right away. There can be no doubt about that,” Putin said.

Russia started the war in 2022 with its full-scale invasion of a sovereign European country, and European governments have since spent billions of dollars to support Ukraine financially and militarily, to wean themselves from energy dependence on Russia, and to strengthen their own militaries to deter Moscow from seizing more territory by force.

They worry that if Russia gets what it wants in Ukraine, it will have free rein to threaten or disrupt other European countries, which already have faced incursions from Russian drones and fighter jets, and an alleged widespread Russian sabotage campaign.

Trump’s peace plan relies on Europe to provide the bulk of the financing and security guarantees for a postwar Ukraine, even though no Europeans appear to have been consulted on the original plan. That’s why European governments have pushed to ensure that peace efforts address their concerns, too.

Speaking with Putin via a translator before the talks, Witkoff said he and Kushner had taken “a beautiful walk” around Moscow and described it as a “magnificent city.”

Coinciding with Witkoff’s trip, Ukrainian President Volodymyr Zelenskyy went to Ireland, continuing his visits to European countries that have helped sustain his country’s fight against Russia’s invasion.

In what could be a high-stakes day of negotiations, Zelenskyy said he was expecting swift reports later Tuesday from the U.S. envoys in Moscow on whether talks could move forward, after Trump’s initial 28-point plan was whittled down to 20 items in Sunday’s talks between U.S. and Ukrainian officials in Florida.

“They want to report right after that meeting to us, specifically. The future and the next steps depend on these signals. Such steps will change throughout today, even hour by hour, I believe,” Zelenskyy said at a news conference in Dublin with Irish Prime Minister Micheál Martin.

“If the signals show fair play with our partners, we then might meet very soon, meet with the American delegation,” he said.

“There is a lot of dialogue, but we need results. Our people are dying every day,” Zelenskyy said. “I am ready … to meet with President Trump. It all depends on today’s talks.”

After months of frustration in trying to stop the fighting, Trump deployed officials to get traction for his peace proposals. Kremlin spokesman Dmitry Peskov said Putin’s talks with Witkoff and Kushner would take “as long as needed.”

The talks have followed parallel lines so far, with U.S. Secretary of State Marco Rubio sitting down with Ukrainian officials. (JapanToday)

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Tinubu reaffirms support as 1,187 police cadets graduate in Kano

President Bola Tinubu on Saturday reaffirmed his administration’s commitment to building a modern, professional, and accountable police force as he attended the Passing Out Parade of 1,187 graduating cadets of the Nigeria Police Academy in Wudil, Kano State.

Speaking at the ceremony, Tinubu praised the Academy for its growth into a degree-awarding institution and lauded its role in producing officers equipped to tackle Nigeria’s evolving security challenges.

Represented by the Secretary to the Government of the Federation, Senator George Akume, he described the graduation as “a milestone that reflects the progress made in strengthening national security through improved training and education.”

“This milestone is not just a celebration of hard work and dedication, but also a testament to the progress we have made in shaping a more secure and prosperous future,” he said.

He further commended the Academy for providing “world-class training” and for aligning with his administration’s goal of building “an honest, professional and human rights–respecting police force.”

Tinubu charged the new officers to uphold integrity, fairness, and discipline as they assume their roles in safeguarding lives and property.

“You are not just enforcers of the law; you are guardians of our collective security and well-being,” he told the cadets, urging them to serve selflessly and maintain the trust of Nigerians.

He also encouraged them to remain steadfast in the values of discipline, integrity, and service as they step into active duty.

Promising continued support from the Federal Government, the President promised investments in training, resources, and equipment to enhance the effectiveness of the Police Academy and other security agencies.

“To the families and loved ones of the cadets, your sacrifice and encouragement have shaped these young officers into the professionals we celebrate today,” Tinubu added.

In his address, the Commandant of the Academy, AIG Patrick Atayero, said the 1,187 graduating cadets had successfully completed both academic and professional training, earning bachelor’s degrees in various disciplines, and described the group as “worthy in character and learning.”

Atayero highlighted the Academy’s growth since its establishment in 1998, noting its transformation from temporary campuses in Kaduna and Challawa to Nigeria’s premier police training institution.

He also announced plans to commence postgraduate and diploma programmes to further strengthen police education.

“We have expanded our programmes, increased our intake, and improved our facilities to meet the demands of modern policing,” he said.

The occasion was attended by top government officials, including the Minister of Police Affairs, Senator Usman Gayan, the Inspector General of Police, Kayode Egbetokun, members of the National Assembly, service chiefs, royal fathers, and parents of the graduating officers. (Punch)

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Iran to boycott 2026 World Cup draw over US visa row

Iran is to boycott next week’s World Cup finals draw in Washington because the United States refused to grant visas to several members of the delegation, the Iranian football federation announced on Friday.

“We have informed FIFA that the decisions taken have nothing to do with sports and the members of the Iranian delegation will not participate in the World Cup draw,” the federation’s spokesperson told state television.

Iranian sports website Varzesh 3 had claimed on Tuesday that the United States had declined to issue visas to several members of the delegation, including the president of the federation, Mehdi Taj.

On Thursday, Taj had denounced the decision as being a political one.

“We have told the head of FIFA mister (Gianni) Infantino, that it is purely a political position and that FIFA must tell them (US) to desist from this behaviour,” added Taj.

According to Varzesh 3, four members of the delegation, including Amir Ghalenoei, the coach, had been granted visas for the draw on December 5.

Iran qualified for the sport’s quadrennial showpiece in March, guaranteeing them a fourth successive appearance and seventh in all.

They have yet to progress to the knockout stages, but there was unconfined joy when in the 1998 finals in France, Iran beat the USA 2-1 in their group match.

The USA avenged that by beating Iran 1-0 in the 2022 edition.

The United States — which is co-hosting the World Cup with Canada and Mexico — and Iran have been at loggerheads for over four decades.

They had, though, been holding high-level nuclear talks between Tehran and Washington that had begun in April, during which the two sides were at odds over Iran’s right to enrich uranium — which Tehran defends as “inalienable”.

However, they ended when, in mid-June, Israel launched an unprecedented bombing campaign against Iran, triggering a 12-day war that the United States briefly joined with strikes on key Iranian nuclear facilities. (Punch)

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Defence Minister, Abubakar Badaru, resigns

Nigeria’s defence minister, Alhaji Mohammed Badaru Abubakar, has resigned his appointment, with immediate effect.

In a letter dated December 1, sent to President Bola Tinubu, Abubakar said he was quitting on health grounds.

According to Bayo Onanuga, Special Adviser to the President, (Information and Strategy), President Tinubu has accepted the resignation and thanked Abubakar for his services to the nation. 

President Tinubu will likely inform the Senate of Badaru’s successor later this week.

Badaru Abubakar, 63, was a two-term governor of Jigawa state from 2015 to 2023.

He was appointed as a minister on August 21, 2023, by President Tinubu. His resignation comes amid President Tinubu’s declaration of a national security emergency, with plans to elaborate on its scope in due course. (Vanguard)