Business
FG Defers 70% Of 2025 Capital Projects To 2026
The Federal Government has ordered ministries, departments, and agencies to carry over 70 per cent of their 2025 capital budget into the 2026 fiscal year as the administration moves to prioritize the completion of existing projects and contain spending pressures in the face of weak revenues.
This directive is contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning and circulated to all ministers, service chiefs, heads of agencies and top government officials in Abuja.
The circular, which was seen by The PUNCH on Monday, stated that the annual budget estimates must follow strict guidelines and that all officers responsible for budget preparation were expected to comply fully. The circular made clear that the preparations for the 2026 budget would not allow the introduction of new capital projects.
It stated that ministries and agencies must continue with the allocations already approved in the 2025 budget rather than seeking fresh projects. The document said MDAs are required to upload 70 per cent of their 2025 budget to continue next year, and that this must be done in line with national priorities.
It explained that the rollover is based on what it described as the immediate needs of the country and the development priorities of the administration. It listed the priorities that align with the policy direction of the government, such as national security, the economy, education, health, agriculture, infrastructure, power and energy, as well as social safety nets, including women and youth empowerment.
According to the circular, “MDAs are to upload 70 per cent of their 2025 FGN Budget to continue in FY2026. All such rollover and uploads MUST be in line with the immediate needs of the country as well as government’s development priorities that aligns with the policy direction of the new administration which hinges on National Security, the Economy, Education, Health, Agriculture, Infrastructure, Power & Energy as well as social safety nets, women & youth empowerment.”
The circular stated that the government had established a framework that sets capital budget ceilings for 2026 at 70 per cent of the 2025 project allocations. It also explained that only 30 per cent of the 2025 capital budget would be released within the current fiscal year, while the remaining 70 per cent would serve as the foundation for the 2026 capital budget, replacing the previous method of a traditional rollover.
It said this would ensure continuity for ongoing projects and eliminate wasteful duplication. The document emphasized that ministries must not attempt to exceed their overhead ceilings from 2025 when preparing their 2026 submissions.
It acknowledged that inflation is affecting costs but said the government is constrained by revenue challenges. It added that the government would sustain the effort to achieve full release of the overhead budget but warned that proposals that go beyond approved ceilings would be adjusted downward.
According to the circular, “MDAs are required to work within and not exceed their 2025 overhead ceilings (Executive Proposal) for the purpose of preparing their 2026 Overhead budget submissions. While we note the impact of inflation on overhead costs, we are, however, constrained by revenue challenges in providing significantly more for overheads. We will, however, sustain the effort to achieve full release of the overhead budget.”
The circular explained that budget estimates must take into consideration the policies and strategies contained in the 2026 to 2028 Medium Term Expenditure Framework and Fiscal Strategy Paper, which it described as the Federal Government’s pre-budget statement.
It said the MTEF outlines development priorities and that the annual budget must be prepared in line with the policy thrust of the administration. It referred to the direction under the Renewed Hope Agenda, including the Renewed Hope Infrastructure Development Plan and Ward Development Plan, the National Development Plan, and other programmes, including the Accelerated Stabilization and Actualization Plan.
The circular said all expenditure would be properly scrutinized to allow only essential spending and to ensure value for money. It stated that the government remains committed to improving the efficiency and quality of spending and to strengthening budget formulation, implementation, monitoring, and evaluation.
MDAs were informed that they must submit their budgets online using the GIFMIS Budget Preparation Subsystem, while government-owned enterprises must submit theirs through the Budget Information Management and Monitoring System. Both submissions must be completed not later than Tuesday, December 9, 2025.
Business
67 States: New Nigeria’s Map with Proposed 31 New States
Nigerians have continued to react to the proposal for the creation of 31 more states in Nigeria received at the House of Representatives
The House of Representatives Committee on Constitutional Review during plenary on Thursday, February 6, disclosed that it has received proposals for the creation of 31 new states
However, Kayode Okikiolu, a veteran journalist, shared how Nigeria’s map would look should the proposal scale through the National Assembly.
Reactions have continued to trail the proposed 31 additional new states at the House of Representatives. This is Kayode Okikiolu, a journalist, who shared a video of how Nigeria’s map would look should the proposal scale through.
The journalist maintained that the proposed new states are proposals and proposals do not become law automatically. He added that there is a tedious process for a proposal to become a law, adding that it would require the approval of two-thirds of the house for it to scale through.
Okikiolu recalled that the last time states were created was in 1996, which was during the regime of the former military head of state, the late General Sani Abacha.
The House of Representatives Committee on Constitutional Review during plenary on Thursday, February 6, disclosed that it has received proposals for the creation of 31 new states in the country.
Benjamin Kalu, the deputy speaker of the chamber, during the plenary session, disclosed the development, while reading the letter of the committee which contained the proposed states.
Nigeria is expected to move from 36 states to 67 if the proposal for the state creation is approved.
However, the proposal has been condemned by Rotimi Sulyman, stating that it was not the next thing for Nigeria as he advocated for true federalism. Rotimi made the comment in an exclusive interview with legit.ng. He said:
“I don’t think the idea serves any productive purpose. To what end would the creation of more 31 states be, when the existing 36 states are mostly not viable and live on handouts from the federal government?
” I think if we are serious, we should be talking of true federalism to the letter, which would entail every part of the country harnessing its resources for economic and national developments.”
Nigerians react as new map emerged
However, Kayode’s tweet has started generating reactions from Nigerians. Below are some of their comments:
Monarch wrote: “The northern states which are all ridiculously large are barely touched. Just want to further breakup the south.”
Chudi Nduka commented: “What would be interesting is a presentation of a proposal to cut down political office holdings, a reduction of 109 senators to 36/37 senators (1 per state). 360 HORep to 109 HOR (3 per state).”
Xplorer reacted: “I think giving power to local government is better than creating another 36 States.”
Olamiposi commended the journalist: “The moment I saw those animals, I knew Kayode would do or say something to make them part of the video. Weldone Baba n’la.
Mr Abu Nana demanded for 776 states: “Personally I prefer 776 states.”

Business
BREAKING: Gunmen Abduct Students, Principal, NECO Officer In Fresh Attack
…One Student Rescued – Police
Gunmen on Tuesday attacked Government Secondary School, Odo-Ekina, in Dekina Local Government Area of Kogi State, abducting four students, the school principal and a National Examinations Council (NECO) ad hoc staff member.
The attack occurred at about 5:25 p.m. while the students were writing their NECO examination. according to the Kogi State Police Command.
Confirming the incident, the State Police spokesperson, ASP Saliu Oyiza Afusat, said one of the abducted students has been rescued, while efforts are ongoing to secure the release of the remaining victims and apprehend the attackers.
She said that the state Commissioner of Police, CP Naziru Bello Kankarofi, alongside the Brigade Commander and the State Security Adviser to the Governor, Commodore Jerry Omodara (Rtd), are already on the way to the scene for an on-the-spot assessment.
The police said a more detailed statement would be issued as additional verified information becomes available.
Source: Vanguard
Business
Dangote Refinery Fixes Petrol Price in New Pricing Template
Dangote Petroleum Refinery has fixed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, at $0.779 per litre as it officially transitioned to a dollar-denominated pricing system for refined petroleum products.
The new pricing template, which took effect on Monday, July 13, 2026, also pegs Automotive Gas Oil (diesel) at $1.087 per litre and aviation fuel at $0.942 per litre, while coastal deliveries of petrol have been priced at $1,044.62 per metric tonne.
The move effectively ends naira payments for petrol, diesel and aviation fuel purchased from the refinery, marking a significant shift from the naira-based transactions introduced under the Federal Government’s naira-for-crude policy, which commenced on October 1, 2024.
In a notice to petroleum marketers and customers, the refinery said all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for both gantry and coastal transactions had become invalid.
The notice, signed by the refinery’s Group Commercial Operations, stated: “Following our email of July 9, 2026, regarding the transition from naira to United States dollars (USD), please note that all issued naira coastal and gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.
“The applicable USD prices for each product, effective today, July 13, 2026, are provided below.”
Under the revised pricing template, petrol sold through the gantry will cost $0.779 per litre, diesel $1.087 per litre, aviation fuel $0.942 per litre, while coastal PMS supplies will sell for $1,044.62 per metric tonne.
The refinery, however, clarified that the transition does not affect Liquefied Petroleum Gas (LPG) transactions.
“Also note that this transition to USD does not apply to LPG transactions,” the notice added.
Industry sources said the change was necessitated by an increasing mismatch between the currency used to purchase crude oil and the currency in which refined products were being sold.
According to one source familiar with the development, Dangote Refinery now receives a significant portion of its crude oil from the Nigerian National Petroleum Company Limited (NNPCL) under dollar-denominated supply arrangements, while a large volume of refined products has continued to be sold domestically in naira.
The source said the imbalance had heightened the refinery’s exposure to foreign exchange risks.
Another industry official explained that the refinery had received fewer crude cargoes under the naira-for-crude arrangement in recent months, making it commercially necessary to align product sales with the currency used for crude procurement.
“Dangote Refinery is receiving fewer naira-denominated crude cargoes from NNPCL than dollar-denominated cargoes, while a larger volume of its petroleum products has been sold in naira.
“The resulting currency mismatch, combined with volatility in international crude oil prices and continued exchange-rate uncertainty, made it necessary to migrate product sales to dollars,” the source said.
The development is expected to have far-reaching implications for petroleum marketers, many of whom source products directly from the refinery for nationwide distribution.
It also raises fresh questions about the future of the Federal Government’s naira-for-crude initiative, which was introduced to strengthen domestic refining, reduce pressure on foreign exchange demand and help stabilise fuel prices.
Although the refinery has fixed a dollar benchmark for product sales, the retail pump price of petrol across the country will continue to depend on several factors, including the prevailing naira-dollar exchange rate, international crude oil prices, transportation and logistics costs, regulatory charges and marketers’ margins.
With Dangote Refinery now accounting for a substantial share of Nigeria’s refined petroleum supply, industry stakeholders are expected to closely monitor how the new pricing regime influences fuel prices and competition in the deregulated downstream petroleum market.
Source: Tribune
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