Economy
State Governors Deny Stealing LG Funds.
....KINDLY READ THE FULL STORY HERE▶
ABUJA — Governors struggled last night to extricate themselves from President Muhammadu Buhari’ accusation that they loot local government funds.
But governors who reacted to the President’s point-blank accusation yesterday, said they were not among those diverting local government funds.
Those who reacted include Benue State governor, Samuel Ortom; David Umahi of Ebonyi State; AbdulRahman AbdulRazaq of Kwara State; Solomon Lalong of Plateau State; Dapo Abiodun of Ogun State and Nyesom Wike of Rivers State
Efforts to get other governor to react at press time last night, however, did not yield results.
Reacting yesterday, Benue State Government distanced itself from the allegation by the president, saying Governor Samuel Ortom was the first to embrace LG financial autonomy and couldn’t have been involved in stealing LG funds.
Special Adviser to the Governor on Media and Publicity, Mr. Terver Akase, said: “If other states are stealing local government funds, it is not in Benue.
“Governor Samuel Ortom does not steal local government funds because he is a transparent governor. Recall that when the Federal Government started sending money directly to local governments, he was the first who embraced it.
“When the judiciary was to be given autonomy, he was the first to accept it. He is someone, who has no skeletons in his cupboard.
“If that allegation is true in other states, it is not the same in Benue State because our governor is transparent and he believes in the rule of law. He allows government agencies to operate as provided by law.
”That is why he has conducted more elections for the local governments than any other time in the history of the state. He has allowed democracy to be entrenched at the local government level.
”As we speak, we have elected local government chairmen and councillors in place. He does not interfere in the running of the local governments. So, that allegation does not obtain in Benue State.
“I am not saying the President is wrong but what I am saying is that it does not happen in Benue State. Our governor does not pilfer, embezzle or steal local government funds.”
Kwara doesn’t come under that tag, says Governor Abdulrazaq’s aide.
On his part, Rafiu Ajakaye, Chief Press Secretary to Governor AbdulRahman AbdulRazaq of Kwara State, said the state doesn’t come under the radar of the President’s comment.
He said: “Mr. President’s comments on the subject matter; to my understanding, have some measures of specificity. It was not a blanket statement. To that extent, we decline comment as Kwara doesn’t come under the tag. Thank you, sir. “
Such accusation does not apply to us – EBONYI GOV
Reacting in a similar manner, Special Assistant to Governor David Umahi of Ebonyi State on Media and Strategy, Mr. Chooks Oko, said the allegation by President Muhammadu Buhari doesn’t apply to Ebonyi State, considering the quantum of projects executed under the present administration in the state.
He said: “The quantum of development going on in Ebonyi will leave no one in doubt that such accusation does not apply to my governor.
“We have won several awards from the World Bank on fiscal prudence, accountability and transparency and they clearly stand Umahi out as one who uses allocations for what they are meant for.”
Plateau treats LGs fairly, gives them free hand to operate – GOVT
Also reacting, Plateau State government denied treating local government unfairly, saying Governor Simon Lalong always gave the local government a free hand to operate.
State Commissioner for Information and Communication, Dan Manjang, said: “The local governments on the Plateau are the first in the country to enjoy autonomy.”
Buhari’s accusation does not apply to Rivers
Similarly, Chris Finebone, Rivers State Commissioner for Information and Communication, said: “I can’t say to what extent the President could defend the allegation. What I’m hundred per cent sure of is that his accusation does not apply to Rivers State.
“I hear some governors dip hands into LG funds, but in Rivers, the governor, rather augments LG finances to keep them solvent, so that they can regularly pay teachers salaries and benefits to their staff as at when due. That has been the tradition under Governor Nyesom Wike,” he said.
We don’t tamper with LG funds-OGUN GOVT
Contacted yesterday, the Ogun State Commissioner for Information and Strategy, Mr Waheed Odusile said: “This is not applicable to us in Ogun State, we don’t tamper with local government funds.”
According to Nivo News, the World Bank has projected that Nigeria’s economy will grow by 4.4 percent in 2026 and 2027, driven by new tax legislation, prudent monetary policies, and ongoing economic reforms. The announcement was made in the bank’s January 2026 Global Economic Prospects report, which described the anticipated growth rate as the fastest for Nigeria in over a decade.....KINDLY READ THE FULL STORY HERE▶
This latest projection represents an upgrade from the World Bank’s previous forecast of 3.7 percent published in June 2025. The bank highlighted that reforms in the tax system, combined with continued monetary prudence, are expected to stimulate economic activity, improve investor confidence, and reduce inflation. It also noted that increased oil production is likely to offset lower global oil prices, boosting fiscal revenue and strengthening Nigeria’s external balance.
The projection comes against the backdrop of Nigeria’s Gross Domestic Product (GDP) growth of 3.98 percent year-on-year in real terms during the third quarter of 2025, as reported by the National Bureau of Statistics.
Nigeria’s headline inflation rate eased to 14.45 per cent year on year in November 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS). The report showed that while consumer prices continued to rise on a monthly basis, annual inflation moderated significantly under the revised base year.....KINDLY READ THE FULL STORY HERE▶
The CPI increased to 130.5 points in November from 128.9 points in October, marking a 1.6-point month-on-month rise. Despite this, the headline inflation rate declined from 16.05 per cent recorded in October. The NBS highlighted that the November 2025 figure represents a 1.6 percentage point decrease compared with the previous month.
Monthly inflation, however, rose to 1.22 per cent in November from 0.93 per cent in October, indicating that average prices increased at a faster pace during the month despite the moderation in annual inflation. Headline inflation for November 2025 was 20.15 percentage points lower than the 34.60 per cent recorded in November 2024, reflecting the impact of the rebasing exercise that reset the base year to 2024 from 2009.
Over the twelve months ending November 2025, the average CPI increased by 20.41 per cent, down sharply from 32.77 per cent in the corresponding period of 2024. Food and non-alcoholic beverages remained the largest contributor to annual headline inflation at 5.78 percentage points, followed by restaurants and accommodation services at 1.87 percentage points, and transport at 1.54 percentage points. Housing, water, electricity, gas and other fuels added 1.22 percentage points, while education and health contributed 0.90 and 0.88 percentage points, respectively. On a month-on-month basis, food and non-alcoholic beverages drove price increases with a contribution of 0.49 percentage points.
Urban inflation declined sharply to 13.61 per cent year on year in November, down 23.49 percentage points from November 2024, while rural inflation remained higher at 15.15 per cent but fell 17.12 percentage points from the previous year. Month-on-month, urban inflation slowed to 0.95 per cent, while rural inflation accelerated to 1.88 per cent.
Food inflation moderated annually to 11.08 per cent in November 2025 from 39.93 per cent in November 2024. Monthly food inflation rose to 1.13 per cent, driven by price increases in items such as dried tomatoes, cassava tubers, ground pepper, eggs, crayfish, egusi, oxtail, and fresh onions. Core inflation, which excludes volatile agricultural and energy prices, stood at 18.04 per cent year on year, down from 28.75 per cent in November 2024.
State-level data showed Rivers recorded the highest year-on-year inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the lowest at 9.13 per cent, alongside Kebbi at 10.32 per cent and Katsina at 10.60 per cent. The NBS cautioned that interstate comparisons should be interpreted carefully due to differing consumption patterns and CPI weights across states.
The Nigerian National Petroleum Company Limited (NNPCL) has set a crude oil production target of more than two million barrels per day for 2026, citing strong collaboration with pipeline host communities as a key factor in sustaining increased output.....KINDLY READ THE FULL STORY HERE▶
Akponime Omojevwhe, Head of Field Operations, Eastern Corridor, Project Monitoring Office (PMO), disclosed the projection during a monthly stakeholders’ meeting with host communities along the Trans Niger Pipeline in Port Harcourt. The meeting was organized by Pipeline Infrastructure Nigeria Limited (PINL).
Omojevwhe revealed that the 2026 national production budget is pegged at 2.80 million barrels per day (mbpd), with a starting benchmark of 1.84 mbpd and a targeted achievable output of 2.06 mbpd. He affirmed that the Trans Niger Pipeline is currently operating efficiently, attributing its success to the active cooperation between local communities, stakeholders, and PINL.
He emphasized that community participation is critical to pipeline protection, stating, “No private security structure can succeed without grassroots involvement. The communities are a vital part of this job. Their continued support ensures uninterrupted flow along the pipeline.”
Edi Julius, representing the Minister of State for Petroleum (Oil), Heineken Lokpobiri, lauded the partnership between PINL and the communities, noting that local peace is essential for boosting national oil production. “We are confident that by 2026, Nigeria will exceed two million barrels per day, generating additional revenue and enabling greater support for host communities,” he added.
Dr. Akpos Mezeh, General Manager of Community and Stakeholders’ Relations at PINL, reviewed the year’s progress, highlighting achievements such as strengthened security along the TNP corridor, expanded stakeholder engagement, empowerment programs for women and students, zero incidence of illegal bunkering, and improved community-company trust. He also announced Christmas palliatives for the 215 TNP host communities.
Responding on behalf of the host communities, His Majesty King Philip Osaro Obele urged the federal government to channel more development projects into the region. He praised PINL for its transparency and consistent engagement, emphasizing that ongoing dialogue is essential to maintaining peace along the pipeline.
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