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Senate Cuts Oil Benchmark To $60, Approves ₦17.88 Trillion Borrowing For 2026.

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According to Nivo News, the Senate has approved a downward adjustment of the oil price benchmark for the 2026 fiscal year, reducing it from $64.80 to $60 per barrel in the proposed ₦54.46 trillion Federal Government budget framework. All other macroeconomic and fiscal projections contained in the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper were retained.....KINDLY READ THE FULL STORY HERE▶

The decision followed the consideration of a report presented by the Chairman of the Senate Committee on Finance, Senator Sani Musa, who explained that the revision was influenced by prevailing global developments, including geopolitical tensions in Europe and the Middle East and their impact on crude oil price volatility. He noted that the committee adopted a more conservative benchmark in recognition of the sensitivity of global oil markets.

The Senate also approved revised oil price assumptions for the outer years, adjusting the 2027 benchmark to $65 per barrel and raising the 2028 projection to $70 per barrel. Despite the reduction for 2026, domestic crude oil production estimates were maintained at 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027 and 1.92 million barrels per day for 2028, with lawmakers expressing confidence in ongoing sector reforms aimed at boosting output.

On macroeconomic assumptions, the upper chamber endorsed exchange rate projections of ₦1,512 to the dollar in 2026, ₦1,432.15 in 2027 and ₦1,383.18 in 2028, aligning with efforts by monetary authorities to stabilise the naira through improved coordination of fiscal and monetary policies. Inflation is projected to decline steadily to 16.5 per cent in 2026, 13 per cent in 2027 and nine per cent in 2028, based on expectations of tighter monetary controls.

The Senate further sustained real Gross Domestic Product growth forecasts of 4.68 per cent for 2026, 5.96 per cent for 2027 and 7.9 per cent for 2028, citing ongoing economic reforms and the anticipated impact of recently enacted tax laws expected to gain traction from 2026.

Emphasis was also placed on the effective implementation of the new Tax Acts as key instruments for economic reform and development. In this regard, the committee recommended the adoption of a National Scanning Policy under the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to enhance revenue assurance, reduce leakages, improve transparency and strengthen national security.

On fiscal operations, the Senate approved total expenditure of ₦54.46 trillion for the 2026 budget, with retained revenue estimated at ₦34.33 trillion. New borrowings, both domestic and external, were approved at ₦17.88 trillion, while debt service obligations were projected at ₦15.52 trillion. The framework also makes provision of ₦1.376 trillion for pensions, gratuities and retirees’ benefits, with the fiscal deficit set at ₦20.13 trillion.

Capital expenditure, excluding transfers, was maintained at ₦20.131 trillion, alongside statutory transfers of ₦3.152 trillion and a Sinking Fund provision of ₦388.54 billion. Total recurrent non-debt expenditure was approved at ₦15.265 trillion, while special intervention funds for recurrent and capital spending were fixed at ₦200 billion and ₦14 billion respectively.

The committee, in its concluding remarks, expressed appreciation to the Senate and members of the Finance Committee for their commitment to the assignment, expressing optimism that the approval and effective implementation of the recommendations would help drive sustainable economic growth and prosperity.

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Premier League Giants Turn Attention To Nigerian Defenders Bassey And Sanusi.

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Manchester United and Leeds United are reportedly interested in signing Super Eagles defenders Calvin Bassey and Zaidu Sanusi as they look to reinforce their defensive departments ahead of the January transfer window.....KINDLY READ THE FULL STORY HERE▶

Manchester United have reportedly identified Bassey as a potential addition following his impressive displays for Fulham, where the 26-year-old has become one of the club’s most consistent performers despite their difficult campaign.

According to TEAMtalk, United’s recruitment team have been monitoring the Nigerian international, whose performances have also earned him the captain’s armband at Craven Cottage.

Bassey’s current contract is due to expire next summer, although Fulham have the option of extending it by another year. The London club are keen to secure his long-term future but could face competition from several interested teams.

The Red Devils are reportedly planning a major squad overhaul in 2027, with Luke Shaw, Lisandro Martinez and Harry Maguire all approaching the final months of their contracts.

Martinez is also said to be considering an exit from Old Trafford, with Barcelona reportedly making enquiries about his availability.

Bassey’s experience in the Premier League and his versatility, which allows him to play both as a centre-back and left-back, have reportedly made him an appealing option for Manchester United.

However, the English club are not alone in monitoring the defender, as Newcastle United, Everton, Inter Milan, Borussia Dortmund and RB Leipzig are also said to be interested in his situation.

Meanwhile, Leeds United are reportedly considering a move for another Nigerian defender, Sanusi, when the January transfer window opens.

According to Football Insider, Leeds manager Daniel Farke wants to strengthen his left-back position and has identified the Porto player as a possible signing.

The 29-year-old could provide competition for Sweden international Gabriel Gudmundsson, who joined Leeds in 2025 and has impressed with his performances.

Leeds have reportedly considered signing Sanusi during the previous two transfer windows and have continued to monitor his situation.

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‘Sowore Was Not Kidnapped’ – Police Dismiss Claims.

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The Ekiti State Command of the Nigeria Police Force has dismissed reports that African Action Congress (AAC) presidential candidate, Omoyele Sowore, was kidnapped.....KINDLY READ THE FULL STORY HERE▶

In a statement issued on Friday, the Command said Sowore was involved in an altercation with some individuals at a restaurant in the Dalimore area of Ado-Ekiti, after which the police were immediately alerted.

According to the statement, signed by the Police Public Relations Officer, SP Abutu Sunday, officers swiftly responded to the incident and rescued the politician.

The police added that Sowore sustained minor injuries and was taken to the Police Hospital in Ado-Ekiti for medical attention.

The Commissioner of Police in the state, Falade Adegoroye Michael, has reportedly ordered a discreet investigation to establish the circumstances surrounding the incident, identify those involved and ensure that anyone found culpable is brought to justice.

The statement read, “The attention of the Ekiti State Police Command has been drawn to a message circulating on social media alleging that Mr. Omoyele Sowore, the African Action Congress (AAC) presidential candidate in the forthcoming presidential election, was kidnapped by armed thugs in Ado-Ekiti, with his whereabouts unknown.

“The Command wishes to categorically clarify that Mr. Sowore was not kidnapped. Rather, preliminary information indicates that he had an altercation with some individuals at a restaurant around Dalimore area, Ado-Ekiti, following which the Police were immediately alerted.

“Upon receiving the report, Police operatives swiftly mobilised to the scene and successfully rescued him. He, however, sustained a minor injury and is currently receiving medical attention at the Police Hospital, Ado-Ekiti.”

The Command said the police commissioner had directed a discreet investigation into the matter to determine what happened and identify everyone involved.

It also urged members of the public to remain calm, disregard reports of an alleged kidnapping and avoid sharing unverified information capable of causing panic or tension.

The police further reaffirmed their commitment to protecting lives and property across Ekiti State, regardless of political affiliation or social status.

The clarification followed earlier reports that Sowore had been kidnapped in the state and that his whereabouts were unknown.

However, the AAC presidential candidate, while reacting to the incident, disputed the police account that it was an altercation, insisting that he was attacked.

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‘Please Forgive Me’ – Doris Ogala Kneels In Court, Says She Has Never Been To Prison

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Nollywood actress Doris Ogala knelt before the court on Friday and apologised for her conduct during an earlier sitting.....KINDLY READ THE FULL STORY HERE▶

Ogala is facing charges bordering on alleged cyberstalking, cyberbullying and attempted extortion involving Pastor Chris Okafor.

The actress, who was remanded at the Kirikiri Correctional Centre after her arraignment on Wednesday, appealed to the court, expressing regret over her actions and saying she never imagined she would end up in prison custody.

Appearing before Justice Akintayo Aluko, Ogala promised that she would not repeat the behaviour that disrupted proceedings at the previous sitting.

“I am very sorry, my Lord. I apologise for my bad behaviour. I have never been to prison before and I wasn’t expecting that I would do that.

“I regret my actions and I apologise to my Lord. I tender my apologies wholeheartedly. Sorry, this will never happen again going forward,” she said.

Her apology came after the judge expressed displeasure over her conduct on Wednesday, when she was remanded. Ogala allegedly shouted and sang inside the courtroom, disrupting proceedings and forcing the court to adjourn.

Justice Aluko said her behaviour prevented the court from attending to more than seven other cases scheduled for that day.

The judge disclosed that he had considered committing the actress for contempt but decided against it, despite believing that her conduct deserved punishment.

“She should have been given some form of imprisonment, right, on that day, but I kept my cool and I rose,” he said.

Aluko added that Ogala could have been sentenced to at least two months in prison for obstructing court proceedings.

Expressing his displeasure, the judge questioned why the actress had chosen to shout and sing in the courtroom, noting that her conduct forced the court to rise and had been officially recorded.

He also criticised the defence counsel for failing to acknowledge the incident and explain his client’s behaviour before commencing arguments on the bail application.

The judge recalled that he had personally directed that the bail application be given accelerated consideration, taking steps to ensure it would be heard within 48 hours.

He said he was disappointed that the disruption occurred despite the court’s efforts to handle the matter promptly.

Ogala’s lawyer, Marshal Abubakar, also apologised to the judge, describing the incident as regrettable. He assured the court that such behaviour was not characteristic of his client.

Abubakar said he had known Ogala for some time and was surprised by her conduct.

Following the apologies, the court proceeded to hear arguments on the actress’s bail application.

Moving the application, Abubakar urged the court to grant his client bail, arguing that the prosecution had effectively acknowledged her entitlement to bail by proposing conditions for her release in its counter-affidavit.

He maintained that the prosecution was not opposed to her release but was concerned about the conditions under which she would be granted bail.

The defence counsel also cited judicial authorities to argue that bail conditions should be reasonable and must not undermine an accused person’s right to liberty while awaiting trial.

However, the prosecution, led by Tolulope Mokolu, urged the court to impose stringent bail conditions, particularly because of concerns surrounding Ogala’s social media activities.

The prosecution argued that her continued use of social media could influence witnesses and interfere with the administration of justice.

Mokolu acknowledged that the defendant had constitutional rights to freedom of speech and expression but maintained that those rights were not absolute and must be exercised within the limits of the law.

After listening to arguments from both parties, Justice Aluko reserved ruling on the bail application until November 6, 2026.

Ogala was subsequently returned to the Kirikiri Correctional Centre, where she will remain pending the court’s decision on her bail application.

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