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FG may spend N3.27tn on palliatives, loans
These palliatives included N100bn to acquire 3,000 units of 20-seater CNG-fuelled buses, N200bn to boost agriculture production, N75bn for manufacturers, N125bn for micro, small and medium-sized enterprises and the informal sector, N185bn as palliatives for states, N1tn on student loans and other programmes.
Others included N315bn to pay federal workers’ N35,000 allowance for six months, N1.13tn to 15 million households at N25,000 per month for three months from October to December 2023, N70bn earmarked as palliative measures for lawmakers, and N75bn loan facility to 1.5m market women.
President Bola Tinubu’s announcement that “subsidy is gone” on May 29, 2023, shook the economy as the price of fuel had more than doubled since then. This led to a surge in the price of commodities and a spike in inflation.
Following this removal, the World Bank announced that 7.1 million Nigerians were at risk of poverty if the Federal Government failed to compensate or provide palliatives for them.
This would have increased the number of poor Nigerians to 100.9 million, according to the bank. The bank said, “In the immediate term, the removal of the petrol subsidy has caused an increase in prices, adversely affecting poor and economically insecure Nigerian households. Petrol prices appear to have almost tripled following the subsidy removal.
“The poor and economically insecure households, who directly purchase and use petrol as well as those that indirectly consume petrol, are adversely affected by the price increase. Among the poor and economically insecure, 38 per cent own a motorcycle and 23 per cent own a generator that depends on petrol. Many more use petrol-dependent transportation.
“The poor and economically insecure households will face an equivalent income loss of N5,700 per month, and without compensation, an additional 7.1 million people will be pushed into poverty.”
Responding to this, the Federal Government began to announce support through loans and palliatives to Nigerians. In a national broadcast on July 31, the president announced the first sets of palliatives.
He revealed a N500bn palliative plan that included N100bn to acquire 3,000 units of 20-seater CNG-fuelled buses, N200bn to boost agriculture production, N75bn for manufacturers, and N125bn for micro, small and medium-sized enterprises, and the informal sector.
This move, he said, would tone down the agony of Nigerians from the pains of fuel subsidy removal. Commenting on the agricultural scheme, the President said, “Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course.
“To be specific, N200bn out of the N500bn approved by the National Assembly will be disbursed as follows: Our administration will invest N50bn each to cultivate 150,000 hectares of rice and maize. N50bn each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.”
To cushion the effect of subsidy on states, the Federal Government announced N5bn as palliative measures for each state of the federation and 180 trucks of rice.
According to the Borno State Governor, Babagana Zulum, the N5bn would enable the state governments to procure 100,000 bags of rice, 40,000 bags of maize, and fertilisers to cushion the food shortage in the country.
He noted that 52 per cent of the money would be in the form of grants, while the remaining 48 per cent would be paid back by the states on an instalment basis within 20 months to the Central Bank of Nigeria.
Announcing the other palliatives, Tinubu stated that N75bn (to be disbursed between July 2023 and March 2024) will be given to 75 manufacturing enterprises as N1bn credit at nine per cent per annum. N125bn was earmarked for micro, small and medium-sized enterprises and the informal sector.
Out of the sum, the government would spend N50bn on conditional grants to one million nano businesses. Highlighting how the government intended to spend N1tn on student loans and other programmes, the President said, “In a little over two months, we have saved over a trillion naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.
“That money will now be used more directly and beneficially for you and your families.
After numerous strike threats by organised labour, the Federal Government eventually agreed to spend N315bn to pay federal workers and N35,000 allowance, increasing its palliatives bill.
A statement by the Minister of Information and National Orientation, Mohammed Idris, said, “The Federal Government has announced N35,000 only as a provisional wage award for all treasury-paid Federal Government workers for six months following further consultation with President Bola Tinubu.”
Recently, the Director-General of the Budget Office of the Federation, Ben Akabueze, revealed that the Federal Government’s personnel cost was over N5tn, with 1.5 million workers on its payroll. This implied that the government’s N35,000 commitment to workers would cost N315bn for the six months.
According to the agreement between organised labour and the government, the wage award would last until a new national minimum wage was announced. The agreement read in part, “The Federal Government grants a wage award of N35,000 only to all Federal Government workers beginning from September pending when a new national minimum wage is expected to have been signed into law.”
While announcing the N35,000 allowance, the Federal Government also revealed that it would commence the payment of N75,000 to 15 million households at N25,000 per month for three months from October to December 2023 (totalling N1.13tn for the period).
Recently, the Senate approved Tinubu’s request to borrow a $800m loan from the World Bank. According to him, the $800m loan would be used to cater to the welfare of the vulnerable and poor households in the country under the National Safety Net Programme.
In an earlier announcement, the Presidency announced a plan to transfer N8,000 monthly to the bank accounts of 12 million poor and low-income households for six months. This plan was met with criticism and Tinubu announced a review of the plan.
Other palliative measures included a controversial N70bn earmarked to lawmakers to support “the working conditions of National Assembly members.”
This has since been met with criticism by a Senior Advocate of Nigeria, Femi Falana, who said, “Out of sheer insensitivity coupled with impunity, the members of the National Assembly, regardless of political affiliation, conspired to breach the relevant provisions of the Constitution of the Federal Republic of Nigeria, 1999 by padding the Supplementary Appropriation Bill, 2023 to provide the so-called palliative of N70bn for 306 newly-elected members.”
The Federal Government also recently announced extending the N75bn loan facility to 1.5 million market women. According to the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, the Federal Government would advance a non-interest loan of N50,000 each to 1.5 million market women under the Government Enterprise and Empowerment Programme to improve their capital and expand their businesses.
She stated that the N75bn market women fund, Iyaloja Fund, would be launched by October 17. This brings the total palliative and loan pledge by the Federal Government to N3.27tn.
As of the end of June, oil marketers disclosed that the Federal Government had saved about N400bn following the subsidy removal on Premium Motor Spirit. In his July speech, Tinubu stated that the country had saved N1tn in the two months since the removal of the petrol subsidy.
However, oil marketers say the Federal Government might spend about N1.68tn as a subsidy on petrol from September to December this year following a price non-adjustment of the product since August.
According to the PMS dealers, the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market.
According to the Manufacturers Association of Nigeria and the Lagos Chamber of Commerce and Industry, more was needed to be done by the Federal Government to cushion the impact of the removal of fuel subsidies.
While applauding the government for its interventions, MAN said, “Additionally, we expect that other attendant challenges, including calculating the import duty for production inputs at the floated rate and the continued denomination of the gas price in dollars, should be discontinued.”
It stated that this would bring down rising costs of production and ameliorate the lacklustre performance of the manufacturing sector.
The African Airlines Association (AFRAA) has admitted Enugu Air as Member, extending the Association’s membership base in Nigeria’s fast-growing domestic aviation market and reaffirming AFRAA’s commitment to supporting the continued development of African carriers across the continent.
This was announced by AFRAA in Nairobi on Wednesday, making Enugu Air the 50th Member of the association, joining the AFRAA airline fraternity, collectively representing more than 85 per cent of total international traffic carried by African airlines.
Speaking on the development on Thursday, AFRAA Secretary General, Mr Abdérahmane Berthé, said, “We are delighted to welcome Enugu Air into the AFRAA fraternity.
“As a state-backed carrier serving Nigeria’s rapidly expanding domestic market, Enugu Air represents the kind of homegrown investment that is vital to building resilient air connectivity across our continent.
“We look forward to supporting the airline through the IOSA certification process and to its continued growth within the AFRAA membership, as we work together to advance the cause of unified African skies.”
Reacting to the development on Thursday, the CEO of Enugu Air, Capt Tolu Ita, described the admission into AFRAA as a major milestone in the airline’s short history.
“We are honoured to join the AFRAA fraternity. This membership underscores Enugu Air’s commitment to safe, reliable, and affordable air travel for Nigerians while contributing to the vision of a unified African aviation market.
“We look forward to collaborating with fellow AFRAA members and leveraging the association’s support as we grow our network and pursue IOSA certification,” Tolu stated.
Founded on July 7, 2025, Enugu Air commenced commercial operations with a fleet of Embraer E170/E190/E195 aircraft.
The airline, which has its headquarters in Enugu and operates from the Akanu Ibiam International Airport, currently serves nine domestic destinations including Enugu, Abuja, Lagos, Port Harcourt, Kano and Benin City.
As part of the airline’s growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
As part of its growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
The admission of Enugu Air aligns with AFRAA’s strategic priorities and strengthens the voice of the association. Nigeria, as Africa’s most populous nation and one of its fastest-growing economies, remains central to the realization of a truly integrated African aviation market.
Meanwhile, AFRAA association, which was founded in Accra, Ghana, in April 1968, and headquartered in Nairobi, Kenya, has a mission meant to promote, serve African Airlines and champion Africa’s aviation industry.
The association envisions a sustainable, interconnected and affordable air transport industry in Africa, where African airlines become key players and drivers of African economic development.
AFRAA membership cuts across the entire continent and includes all the major intercontinental African operators.
The association’s members represent over 85 per cent of total international traffic carried by African airlines.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected calls for the Federal Government to publish details of how it plans to spend funds drawn from its $5bn financing facility with First Abu Dhabi Bank.
Oyedele said the transaction had been subjected to unnecessary scrutiny, arguing that the facility was approved by the National Assembly and was structured to help the government refinance more expensive debt.
He spoke on Wednesday during a media briefing in Abuja.
The Federal Government recently drew about $1.5bn, the first tranche of the $5bn Total Return Swap facility arranged with First Abu Dhabi Bank, despite concerns from the International Monetary Fund and Fitch Ratings over the transparency and risks associated with such financing structures.
The $5bn facility was approved by the National Assembly on March 31, 2026, while the initial drawdown was expected to support the 2026 budget, infrastructure projects and the refinancing of existing debt obligations.
Responding to a question on the borrowing plan and whether details of the First Abu Dhabi Bank transaction would be made public, Oyedele said the government would publish information on how it spends public funds but questioned why the particular facility was receiving special attention.
“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.
He added, “Nobody has asked us whether we’re going to publish the money we took from the World Bank, whether we publish the one from Eurobond, whether we publish the one from Sukuk. Why is this one special?”
Oyedele also dismissed suggestions that the transaction was conducted without due process, noting that it had been presented to the National Assembly.
“The loan was approved not only by FEC, it was taken to National Assembly because what some people are doing is they comparing with other countries where they did it under the table.
“What else can be more public than what you gave to the National Assembly?” he said.
The minister said the government had assessed the transaction carefully and was accessing the funds in phases to avoid incurring unnecessary costs.
“We’re assessing it in phases. You don’t want to take all the money at once because if you don’t spend it at once, you incur cost on the extra amount you’ve taken,” he said.
He explained that the financing arrangement was different from Nigeria’s traditional fixed-rate borrowing because the First Abu Dhabi Bank facility had a flexible interest rate.
“You need to understand the transaction. You know, there’s always the textbook analysis and there’s the real life of what you’re doing.
According to him, Nigeria could not benefit from the lower yield on its existing fixed-rate debt.
“This First Abu Dhabi Bank transaction is flexible rates. It means if rates go up, we pay more. If rates come down, we benefit more.
“There’s nothing that says we must always do one thing. And the all-in rate for this transaction is lower than our existing portfolio,” he said.
Oyedele said the primary objective was to refinance more expensive debt and reduce the government’s borrowing costs.
“So the objective is to use it to refinance expensive debt so you can save money,” he said.
The Federal Government is required to pledge securities worth about 133 per cent of the amount drawn as collateral under the arrangement.
The International Monetary Fund and Fitch Ratings had raised concerns about the financing structure, including issues around transparency and sovereign debt risks.
The IMF had warned that derivative financing structures such as total return swaps could be difficult to track and value in real time, potentially obscuring the extent of a country’s financial obligations.
Fitch Ratings also warned that Nigeria’s planned $5bn arrangement could increase sovereign debt risks and reduce transparency in public debt reporting.
Oyedele, however, said the government would soon publish frequently asked questions on the transaction to provide further clarification.
“In the next few days, you will see on the website both the Ministry of Finance and DMO the frequently asked questions about this particular debt or bond, just so everybody can please themselves,” he said.
He added that there was “nothing special” about the loan, despite the attention it had received from critics and international media.
“I spend time on it because I think it’s important and the international media also, for some reason, have taken so much interest in it. But that is what it is.” Oyedele said.
News
2027 Elections: 146 Presidential, Governorship Candidates to Spend Not More Than N571bn on Campaigns
No fewer than 146 candidates currently in the race for the 2027 presidential and governorship elections could collectively spend up to N571bn under the campaign expenditure limits prescribed by the Electoral Act 2026.
The figure comprises 19 presidential candidates, each with a campaign spending ceiling of N10bn, and 127 governorship candidates, each allowed to spend a maximum of N3bn under Section 92 of the new Electoral Act.
The 19 presidential candidates alone have a combined spending ceiling of N190bn, while the 127 governorship candidates could collectively spend up to N381bn.
The combined ceiling for the two categories therefore stands at N571bn, although the amount represents the maximum permissible expenditure and not money guaranteed to, or actually received by the candidates.
The development comes as the Independent National Electoral Commission published the personal particulars and credentials of the 19 presidential candidates and their running mates ahead of the 2027 poll, paving the way for the commencement of the presidential campaign on Wednesday, August 19, 2026.
According to the election tracker NGelections.com, 127 candidates across 28 states will be running for governor in 2027. Of the number, 122 have been nominated, four have declared, and one is still being monitored.
A check on the INEC website showed that the commission had yet to publish the total number of 2027 governorship candidates, with its official 2027 election page stating under the list of candidates that “This will be available soon.”
INEC has confirmed that governorship elections will be held in 28 states in 2027, with Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo and Osun excluded because they are on the off-cycle schedule.
The commission had fixed January 16, 2027, for the presidential and National Assembly elections, while the governorship and State House of Assembly elections are scheduled for February 6, 2027.
New spending limits
Section 92 of the Electoral Act 2026 substantially raises the amount candidates are permitted to spend on election campaigns compared with the previous statutory limits.
Under the new law, a presidential candidate may spend up to N10bn, while a governorship candidate is limited to N3bn.
For the National Assembly, the ceiling is N500m for a senatorial candidate and N250m for a House of Representatives candidate.
A candidate seeking election to a State House of Assembly may spend up to N100m, the same ceiling prescribed for an Area Council chairmanship candidate, while the maximum campaign expenditure for an Area Council councillorship election is N10m.
The law also places a ceiling on individual contributions to candidates, providing that no individual donor may contribute more than N500m to a single candidate.
Section 92 further provides sanctions for candidates who knowingly exceed the prescribed limits.
Such a candidate faces a fine equivalent to one per cent of the permitted expenditure limit, or imprisonment for up to 12 months, or both.
The provision makes compliance with the new spending thresholds a statutory obligation rather than a voluntary guideline.
It could not ne confirmed if INEC has successfully prosecuted and secured a conviction against a Nigerian politician specifically for exceeding the statutory election/campaign spending limit.
Also, there is no reported case of a politician or party being prosecuted for exceeding campaign-spending limits.
When asked how INEC would enforce the spending limits, the INEC National Commissioner and Chairman Information/Voter Education Committee, Mohammed Haruna, simply stated, ‘’It’s the Commission’s statutory responsibility to monitor the campaign finance of all political parties.’’ The anti-graft agencies are expected to collaborate with the INEC in monitoring and enforcing the spending limits.
The restriction on individual donations means that while a presidential candidate can spend as much as N10bn, a single donor cannot contribute more than N500m.
Similarly, a governorship candidate’s N3bn spending ceiling is six times the maximum individual donation.
Governor of Enugu State, His Excellency, Dr. Peter Ndubuisi Mbah, has approved fresh appointments in the state.
The new appointees include Special Advisers (SPAs) and Senior Special Assistants (SSAs).
This was announced on Wednesday through a public notice signed by Prof. Chidiebere Onyia, Secretary to the Enugu State Government
Full List Below:
1. Hon. Chukwudi Ezinwa — Special Adviser on Labour Union and Association Matters
2. Hon. Sunday Nnamani (Orlando) — Special Adviser on Special Duties
3. Mr. Williams Chukwu — Special Adviser on Agriculture
4. Prince Afam Agana — Special Adviser on Infrastructure Compliance
5. Humphrey Onyima — Special Adviser on Investment Strategy and Public Relations
6. Hon. Tony Ugwu — Special Adviser on Rural Development
7. Chief Ernest Nweze — Special Adviser on Party Coordination and Mobilisation
8. Hon. Emeka Onunze — Special Adviser on Monitoring and Evaluation
9. Mr. Robinson Odo (mni) — Special Adviser on Labour and Productivity
10. Pastor Kenneth Asogwa (Ebube Muonso) — Senior Special Assistant on Heritage and Community Relations
11. Pastor Tochukwu Ogbodo — Senior Special Assistant on Social Engagement
12. Barr. Lucky Chukwu — Senior Special Assistant on Public Affairs
13. Belonwu Nnaji — Senior Special Assistant on Cultural Orientation
14. Hon. Steve Odo — Senior Special Assistant on Tourism
15. Hon. Francis Ikewette Ede — Senior Special Assistant on Public Communication
16. Mr. Sunny Okafor — Senior Special Assistant on General Duties
17. Hon. Chinedu Okwu Otaka — Senior Special Assistant on Social Orientation and Mobilisation
18. Otaba Cosmas Ikechukwu — Senior Special Assistant on Protection of Public Utilities
19. Pius Okeagu — Senior Special Assistant on Assets Management
20. Rt. Hon. Innocent Emeka Ugwu — Senior Special Assistant on Inter-Party Affairs
21. Mrs. Eucharia Offor — Senior Special Assistant on Human Resource Management
22. Mr. Kenneth Oforma — Senior Special Assistant on Policy and Communication
23. Kelvin Ede — Senior Special Assistant on Research and Strategy
The appointments take effect immediately.
Dr. Samuel Ogbuku climbs another rung on the golden-floor ladder of life on August 19, 2026, marking 51 years of a life defined by purpose, resilience, and an unwavering commitment to the Niger Delta region.
Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, his journey from the creeks and crowded neighbourhoods of the region to the helm of the Niger Delta Development Commission (NDDC) is more than a personal story. It is a living expression of what he has described as “Rewind to Rebirth”: the deliberate act of learning from the past to rebuild a stronger, more hopeful future.
Dr Ogbuku’s early years were shaped by the realities of the Niger Delta. He attended public schools in Port Harcourt before earning a Bachelor’s degree in Political and Administrative Studies from the University of Port Harcourt. Further studies led to a Master’s and a Ph.D. in Development Studies.
Alongside academic excellence, he cut his teeth as a student activist and later served as Public Relations Officer of the Ijaw Youth Council (Central Zone). Those formative experiences instilled in him a deep understanding of the region’s struggles and a firm belief that dialogue, education, and opportunity remain the most effective paths to lasting peace. His career has been a steady progression of service. He worked as a Personal Assistant in the Ministry of Petroleum, served as Chief of Staff in the Bayelsa State Government House, managed agricultural enterprises, and later acted as Senior Special Assistant on Niger Delta Affairs.
In 2023, President Bola Ahmed Tinubu appointed him Managing Director and Chief Executive Officer of the NDDC. He inherited an agency long criticised for inefficiency and uncompleted projects. Under his leadership, the Commission has shifted from what he terms a “transactional” approach to a “transformational” one.
The results are visible across the region. Thousands of kilometres of roads have been constructed or rehabilitated. Bridges and jetties have improved connectivity. Health centres have been built and equipped, while free healthcare outreaches have brought medical services to thousands.
The “Light Up the Niger Delta” initiative has extended electricity to communities long left in darkness. Scholarships have opened doors for young people, with many achieving distinction both at home and abroad. These interventions reflect a consistent philosophy: development must be felt by ordinary people in their daily lives.
At the heart of this work lies the “Rewind to Rebirth” agenda, articulated in his writings, including Rethinking the Niger Delta. It is a call to examine past mistakes honestly, discard what has not worked, and rebuild institutions, infrastructure, and trust with clearer purpose.
For Dr. Ogbuku, turning 51 is not merely a personal milestone. It is another opportunity to reaffirm that the Niger Delta’s future can be brighter than its past if leadership remains focused on results, accountability, and the people.As communities, colleagues, and well-wishers celebrate this birthday, the most fitting tribute is continued support for the unfinished work of regional transformation. Dr. Samuel Ogbuku’s 51 years remind us that purpose, when rooted in service, has the power to rewrite the story of an entire region one project, one community, and one generation at a time.
Happy Birthday, Dr. Samuel Ogbuku.
The Mission Continues!!!
Jim George Willy Ibimina
Writes from Niger Delta.
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