Aeesha's Blog

Category: Breaking News

  • Geopolitical Tensions Lift Oil Prices Above $63

    Global crude oil prices rose above 63 dollars per barrel on Monday as escalating geopolitical tensions and supply concerns unsettled the international energy market.

    Market data showed that Brent crude, the global benchmark, climbed past 63 dollars per barrel during early trading, while the U.S. West Texas Intermediate (WTI) also recorded gains, reflecting heightened investor anxiety over potential supply disruptions.

    Analysts attributed the price increase to renewed tensions in key oil-producing regions, particularly in parts of the Middle East and Eastern Europe, where ongoing conflicts and diplomatic uncertainties have raised fears of interruptions to crude supply and export routes.

    According to energy market experts, traders are increasingly factoring geopolitical risk into oil prices, as any disruption in major producing or transit regions could tighten global supply at a time when demand remains relatively firm.

    “Geopolitical risks are back in focus, and the oil market is reacting swiftly,” an energy analyst said.

    “Even the possibility of supply constraints is enough to push prices higher, especially with inventories not significantly above average levels.”

    In addition to geopolitical developments, production discipline by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, has continued to support prices. The group has maintained output management measures aimed at stabilising the market amid global economic uncertainties.

    Meanwhile, concerns over shipping routes and insurance costs for oil cargoes in conflict-prone areas have also added to upward pressure on prices, as refiners and traders anticipate higher operational risks.

    Economists warned that sustained increases in oil prices could have broader implications for inflation, particularly for oil-importing countries, as higher energy costs often translate into increased transportation and production expenses.

    However, some analysts cautioned that price gains may be moderated in the coming weeks if global economic growth slows or if major producers increase output to calm the market.

    Oil prices have remained volatile in recent months, fluctuating in response to geopolitical events, monetary policy signals from major economies and changing expectations about global demand.

  • 2026 Budget Twist: MDAs Inject N3.5tn New Projects Despite FG Freeze

    Despite a Federal Government directive freezing the introduction of new projects in the 2026 budget, Ministries, Departments and Agencies (MDAs) have reportedly inserted **about ₦3.50 trillion ($3.5tn) in new capital and programme items into the proposed national spending plan, an analysis of the Appropriation Bill has revealed.

    The analysis, published on January 12, 2026, shows that new project lines amounting to at least ₦844.49 billion were included at the MDA level, while a further ₦2.66 trillion emerged through Service-Wide Votes, bringing the total value of unplanned expenditures to roughly ₦3.50tn.

    This figure represents about 15.09 per cent of the total proposed capital budget of ₦23.21tn for the fiscal year.

    Budget Freeze Directive and Context

    In December 2025, the Federal Ministry of Budget and Economic Planning issued an Abridged Budget Call Circular ordering all MDAs to roll over 70 per cent of their existing capital allocations from the 2025 fiscal year into 2026 and to avoid introducing fresh capital projects, as part of efforts to tame fiscal pressures amid weak revenue performance.

    The circular emphasised that only ongoing priority projects aligned with the government’s development focus — including security, infrastructure, agriculture and social services — should be continued.

    Despite this directive, no fewer than 82 MDAs appear to have introduced at least one new capital or programme item in their budget submissions, totalling over 400 fresh project lines ranging from large infrastructure investments to smaller, constituency-level interventions.

    Service-Wide Votes Dominate New Allocations
    A significant portion of the new project portfolio resides in Service-Wide Votes — budget lines that cover centrally managed expenditures outside typical ministry capital allocations. Among these:

    ₦1.70tn was earmarked for outstanding contractors’ liabilities from 2024 (nearly half of all new projects).

    ₦300bn was allocated across three major lines for development finance initiatives, including the Nigeria Development Finance Corporation and the Economic Transformation Finance Programme.

    Capital injections also included ₦20bn for INFRACO, ₦30bn for a special operations fund for the Department of State Services, and ₦110.31bn for the Nigerian Air Force to settle helicopter procurement liabilities.

    A further ₦283.85bn was earmarked for presidential air fleet logistics and the National Forest Guard, among other provisions.

    Top MDAs with New Project Entries
    At the ministry level, the Budget Office of the Federation recorded the largest new project allocation — about ₦375bn — for a tied loan line to support the Power Sector Recovery Operation.

    This single item alone accounted for roughly 44.41 per cent of the total new projects introduced directly by MDAs.

    Other notable allocations included:

    • Federal Ministry of Transport – ₦210.53bn for consultancy services on major rail corridors and construction of six national bus terminals across geopolitical zones.

    • National Library of Nigeria – ₦24bn for renovation across its zonal facilities.

    • National Blood Service Commission – ₦15bn for a national blood centre and office rehabilitation.

    • Sokoto Rima River Basin Development Authority – ₦9.14bn for solar mini-grids, rural road construction and water supply systems.

    Reactions and Analysis
    Economists and budget experts told sources that the development raises concerns about fiscal discipline and adherence to executive directives.

    Professor Adeola Adenikinju, National President of the Nigerian Economic Society, argued that late presentation of the budget to the National Assembly undermines effective scrutiny, making it easier for new provisions to slip in without adequate justification.

    Similarly, Dr. Aliyu Ilias, Chief Executive of CSA Advisory, warned that persistent inclusion of unplanned project lines “reflects poor fiscal discipline” and pointed to a weak oversight role for the National Assembly.

    Implications for Fiscal Policy
    The emergence of these new project items — against a backdrop of a deliberate effort to prioritise ongoing over new spending — may complicate the government’s objectives of tightening fiscal space, improving budget credibility, and completing existing infrastructure programmes.

    Analysts say greater transparency, stronger oversight, and strict enforcement of budget call guidelines will be key to reforming Nigeria’s fiscal process moving forward.

  • Security Forces Dismantle Bandit Networks In Kogi, Kill Scores

    Security forces have dismantled several bandit networks operating across parts of Kogi State, killing scores of suspected bandits during coordinated clearance operations, security sources have confirmed.

    The operations, which involved a combined team of the Nigerian Army, police, Department of State Services (DSS) and local vigilante groups, were carried out in identified bandit hideouts across forested areas of Kogi East and Kogi West senatorial districts.

    A security source told on Sunday that the raids followed weeks of intelligence gathering on the movements and camps of armed groups responsible for kidnapping, armed robbery and attacks on communities along major highways in the state.

    “Several bandit camps were overrun during the operations. Many of the criminals were neutralised, while others fled with gunshot injuries into the forests,” the source said.

    According to the source, the joint task force also recovered a cache of weapons, including AK-47 rifles, locally made firearms, ammunition, motorcycles and communication gadgets believed to have been used by the bandits to coordinate attacks.

    Communities affected by the operations include parts of Bassa, Dekina, Ankpa, Kabba-Bunu and Yagba East Local Government Areas, which have witnessed a surge in banditry and kidnapping in recent months.

    The Commissioner of Police in Kogi, Mr Miller Dantawaye, confirmed the development in a statement, describing the operation as a major breakthrough in the state’s ongoing fight against criminal elements.

    Dantawaye said the police, in collaboration with other security agencies, would sustain pressure on criminal gangs until they were completely flushed out of the state.

    “The command remains committed to ensuring the safety of lives and property of residents. We urge members of the public to continue to provide timely and credible information to security agencies,” he said.

    Similarly, the Kogi State Government commended the security forces for what it described as a decisive action against banditry.

    The Commissioner for Information, Mr Kingsley Fanwo, said the success of the operation reflected the state government’s resolve to support security agencies with logistics and intelligence.

    Fanwo assured residents that the government would not relent in its efforts to restore lasting peace, especially in rural communities and border areas prone to criminal infiltration.

    Residents of some of the affected communities told sources that the operations had brought a measure of relief, as sporadic gunfire and movement of armed men had reduced significantly.

    Kogi has in recent years faced security challenges linked to its strategic location, sharing boundaries with several states, a factor security experts say has been exploited by criminal groups to evade arrest.

  • Bandits Kill Soldier, NSCDC Officer On Way To Refill Cooking Gas In Benue

    Suspected bandits have killed a soldier and an officer of the Nigeria Security and Civil Defence Corps (NSCDC) while they were on their way to refill a cooking gas cylinder in Benue State.

    The incident, which occurred on Sunday evening, reportedly took place along a deserted section of a road on the outskirts of Makurdi, the state capital.

    Eyewitnesses told the sources that the victims, who were said to be off duty, were attacked by armed men believed to be bandits operating in the area.

    According to the sources, the attackers ambushed the officers, shot them at close range and fled with their personal belongings, including their mobile phones.

    A resident of the area, who preferred anonymity, said the attack caused panic among locals, adding that passersby later discovered the lifeless bodies of the officers by the roadside.

    “It was shocking because they were not on any official assignment. They were just going to refill cooking gas when they were attacked and killed,” the source said.

    Confirming the incident, the Police Public Relations Officer (PPRO) in Benue, DSP Udeme Edet, said the command had received a report of the attack and had commenced investigation.

    Edet said operatives had been deployed to the area to track down the perpetrators and prevent further attacks.

    “The command is aware of the unfortunate incident and has launched a manhunt for the suspects. We are working with other security agencies to ensure the criminals are brought to justice,” she said.

    Also reacting, the Benue State Command of the NSCDC expressed sadness over the killing of its officer, describing the incident as a painful loss.

    A statement by the command’s spokesperson said the deceased officer was dedicated and committed to duty, urging security agencies to intensify efforts to rid the state of criminal elements.

    The Nigerian Army was yet to issue an official statement as at the time of filing this report.

    Benue State has witnessed recurring attacks by armed bandits and other criminal groups in recent months, raising concerns over the safety of residents and security personnel.

  • 80-Year-Old Ex-Convict Arrested As NDLEA Recovers Tramadol Pills Hidden In Mannequins

    The National Drug Law Enforcement Agency (NDLEA) has arrested an 80-years-old ex-convict following the discovery of a large consignment of tramadol pills ingeniously concealed inside mannequins, the agency said on Monday.

    According to a statement issued by the NDLEA’s Director, Media and Advocacy, Mr Femi Babafemi, the suspect was apprehended during a coordinated intelligence-led operation by operatives of the agency, who intercepted the illicit consignment while it was being transported to its intended destination.

    Babafemi said preliminary investigations revealed that the tramadol pills were carefully hidden inside life-size plastic mannequins in an attempt to evade detection by security agencies.

    He noted that the unusual concealment method underscored the desperation and evolving tactics of drug trafficking networks in the country.

    “The suspect, an octogenarian and an ex-convict, was arrested in connection with the seizure of the drug exhibits, which were found expertly concealed in mannequins.

    This method was clearly intended to beat security checks,” Babafemi said.

    He added that the recovered tramadol, a controlled opioid often abused by youths and criminals, posed a serious threat to public health and national security if allowed to circulate freely in communities.

    NDLEA officials disclosed that the suspect had previously served a jail term for drug-related offences and was believed to be working with a wider syndicate involved in the importation and distribution of pharmaceutical opioids across several states.

    The agency said the exhibits had been documented, while the suspect was undergoing further interrogation to unravel the full extent of the drug trafficking network and identify other accomplices.

    Babafemi reiterated the commitment of the NDLEA, under the leadership of its Chairman/Chief Executive Officer, Brig.-Gen. Mohamed Buba Marwa (Retd.), to sustain aggressive actions against drug abuse and trafficking, regardless of the age, status or background of those involved.

    He warned that the agency would not relent in deploying intelligence, technology and inter-agency collaboration to dismantle drug cartels and protect Nigerians from the dangers associated with illicit drugs.

    The NDLEA urged members of the public to support its operations by providing timely and credible information on suspicious drug-related activities in their communities.

  • BREAKING: Trump Declares National Emergency To Secure Venezuelan Oil Assets

    United States President Donald J. Trump has declared a national emergency to protect Venezuelan oil revenues held in U.S. financial institutions, signing an executive order designed to prevent courts and private creditors from seizing the funds.

    The White House described the move as a critical step in safeguarding U.S. foreign policy and national security interests, amid ongoing instability in Venezuela and rising tensions over its political and economic crisis.

    At the signing ceremony, President Trump emphasized that protecting the funds is essential to maintaining progress in regional stability and supporting the Venezuelan people.

    He urged American and international companies to invest in rebuilding Venezuela’s oil sector while assuring them of legal safeguards and long-term protections.

    Key Highlights:

    • Trump invokes National Emergencies Act and International Emergency Economic Powers Act.

    • Venezuelan oil revenues in U.S. accounts declared sovereign assets, immune from private claims.

    • Executive order blocks judicial attachment, liens, garnishments, or other legal actions against the funds.

    • Administration links move to U.S. efforts to stabilize Venezuela and protect energy resources.

    • Encourages $100 billion investment in Venezuelan oil infrastructure, but industry leaders remain cautious.

    • Analysts warn of potential diplomatic tensions and international scrutiny.

    Background:

    The declaration follows years of political turmoil in Venezuela under President Nicolás Maduro, and rising U.S. involvement in the country’s energy and financial affairs.

    The executive order is intended to prevent legal challenges from undermining oil revenues that are pivotal to both U.S. strategic interests and Venezuelan economic recovery.

    Observers say the move underscores Washington’s intent to assert greater control over Latin America’s energy resources, while balancing geopolitical considerations and regional stability efforts.

  • FG, ASUU Set To Sign Long-awaited Agreement On January 14

    The Federal Government of Nigeria and the Academic Staff Union of Universities (ASUU) are scheduled to formalise a landmark agreement on Wednesday, January 14, 2026, in Abuja, signalling a major breakthrough in efforts to resolve a prolonged impasse that has affected public universities nationwide.

    The agreement-signing ceremony will take place at 11:00 a.m. in the Conference Hall of the Tertiary Education Trust Fund (TETFund), according to an official circular issued by the Federal Ministry of Education.

    The document, dated January 5, 2026 and referenced FME/IS/UNI/ASUU/C.11/Vol.V/82, was signed by Rakiya Ilyasu, Director of University Education, on behalf of the Minister of Education.

    The circular invited vice-chancellors and registrars of all federal universities to witness the ceremony, underscoring the significance attached to the agreement and its implementation.

    According to the invitation, the signing represents a critical milestone in promoting industrial harmony and improving teaching and learning conditions in Nigeria’s university system.

    It also reaffirms the Federal Government’s commitment to the sustainable development of the education sector, in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

    The agreement comes after weeks of intensive negotiations and follows the union’s acceptance of a 40 per cent salary increase for academic staff, a key demand that had stalled talks for months.

    Under the new terms, the salary adjustment will take effect from January 1, 2026, and is subject to review after three years.

    Additional provisions are expected to include improved pension benefits — with professors eligible to retire at age 70 receiving pensions equivalent to their final annual salary — and the establishment of a National Research Council mandated to fund research with at least one per cent of Nigeria’s Gross Domestic Product (GDP).

    Other key components of the agreement reportedly include enhanced funding for libraries, laboratories, equipment, and staff development, strengthened university autonomy, and academic leadership reforms.

    The deal marks the culmination of efforts to end more than 16 years of renegotiation and recurrent industrial actions tied to the 2009 FG–ASUU Agreement, which has remained a source of friction between the government and the union.

    The forthcoming signing has generated high expectations among stakeholders, with many Nigerians hopeful that it will usher in lasting peace in the tertiary education sector and prevent further disruptions to academic calendars.

  • Tax Reform Panel Counters KPMG Report

    The Presidential Committee on Fiscal Policy and Tax Reforms has dismissed a recent report by global consulting firm, KPMG, describing it as misleading and not reflective of the objectives and contents of Nigeria’s proposed tax reform measures.

    In a statement issued on Friday in Abuja, the committee said the KPMG report contained several assumptions and interpretations that could misinform the public and investors about the scope, intent and potential impact of the ongoing tax reforms being undertaken by the Federal Government.

    The committee, chaired by Mr Taiwo Oyedele, explained that the tax reform initiatives were designed to simplify Nigeria’s tax system, reduce the burden on low-income earners and small businesses, and improve revenue mobilisation without stifling economic growth.

    According to the panel, contrary to claims in the KPMG report, the proposed reforms are not aimed at introducing excessive taxes or increasing hardship for businesses and individuals.

    “The report does not fully consider the reliefs, exemptions and transitional arrangements embedded in the proposed reforms. Our objective is to make taxation fairer, simpler and more growth-oriented,” the committee stated.

    It clarified that one of the key goals of the reforms is to harmonise multiple taxes, eliminate duplication across federal, state and local governments, and enhance compliance through technology-driven administration.

    The committee also stressed that extensive consultations were carried out with stakeholders, including the private sector, professional bodies and subnational governments, before recommendations were finalised.

    “These reforms are the product of broad engagement and data-driven analysis. Any assessment that ignores this process risks presenting an incomplete picture,” the panel noted.

    The tax reform committee urged the public and business community to rely on official documents and communications from the Federal Government for accurate information on the reforms.

    It reaffirmed its commitment to transparency and assured Nigerians that the proposed changes would be implemented gradually, with safeguards to protect vulnerable groups and promote investor confidence.

    The committee further welcomed constructive criticism and pledged to continue engaging stakeholders to ensure that the tax reforms support Nigeria’s long-term economic stability and development.

  • North Korea Accuses South Of Another Drone Incursion

    North Korea on Friday accused South Korea of carrying out another drone incursion into its airspace, heightening tensions on the Korean Peninsula amid already strained inter-Korean relations.

    The accusation was made by the Korean People’s Army (KPA), which claimed that unmanned aerial vehicles originating from the South crossed into North Korean territory earlier this week.

    According to a statement carried by the state-run Korean Central News Agency (KCNA), the alleged drone intrusion occurred over areas close to the heavily fortified border between the two countries.

    The KPA described the incident as a “grave provocation” and warned that such actions could trigger “serious military consequences.” It alleged that the drones were deployed for espionage purposes, accusing South Korea of attempting to gather intelligence on sensitive military installations.

    “The repeated dispatch of drones into our sovereign airspace is a blatant violation of our territorial integrity and an open act of hostility,” the KPA said, adding that North Korea reserves the right to take “strong and resolute countermeasures” to defend its security.

    South Korea’s Ministry of National Defense, however, denied the allegation, describing it as “unfounded and misleading.

    ” In a brief statement, the ministry said the South Korean military did not conduct any drone operations in North Korean airspace and urged Pyongyang to refrain from making “irresponsible claims that only serve to escalate tensions.”

    This is not the first time Pyongyang has accused Seoul of drone incursions. In recent months, North Korea has repeatedly alleged that South Korean drones have violated its airspace, particularly around Pyongyang and border regions. Seoul has consistently rejected such claims.

    Security analysts say the latest accusation comes amid a sharp deterioration in inter-Korean ties, marked by North Korea’s recent missile tests and the South’s continued joint military exercises with the United States. Pyongyang has often cited these drills as evidence of hostile intent against it.

    Observers warn that persistent accusations and counter-accusations could further destabilise the region, especially at a time when diplomatic channels between the two Koreas remain largely frozen.

    Efforts by the international community to ease tensions on the peninsula have so far yielded limited results, with both sides maintaining hardline positions on security and defence matters.

  • Nigerian Air Force Bombs Terrorist Camps In Borno State

    The Nigerian Air Force (NAF) has carried out a precision air interdiction operation against terrorist positions in Borno State, as part of ongoing counter-insurgency efforts under Operation HADIN KAI.

    According to an official statement by Air Commodore Ehimen Ejodame, Director of Public Relations and Information at NAF Headquarters, aircraft of the Air Force executed the operation on 8 January 2026 at AbbagaJiri, located within the Timbuktu Triangle of Borno State.

    The mission followed credible, multi-source intelligence identifying active terrorist hideouts, fortified structures, and concealed logistics facilities in the area.

    Ejodame said the NAF’s air assets were deployed in a coordinated integrated surveillance and precision strike role, engaging and destroying the identified targets with minimal collateral risk.

    “The operation was deliberately designed to degrade terrorist capability, deny sanctuary, and shape the battlespace for ground forces,” he stated, adding that actions were taken in strict adherence to established rules of engagement and the protection of non-combatants.

    Subsequent to the air strikes, advancing ground troops confirmed the destruction of hostile structures and the neutralisation of armed elements observed converging on those locations. The success of the mission was described as a significant contribution to joint air-land operations in the region.

    The Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, affirmed that the outcomes of the operation reflect the NAF’s resolve to dominate the air domain in support of coordinated service efforts and to continue applying pressure on terrorist networks threatening national security.

    He reiterated that the Air Force would sustain aggressive, intelligence-driven air operations until insurgent networks are effectively dismantled.

    Borno State continues to be a key theatre in Nigeria’s fight against Boko Haram and Islamic State West Africa Province (ISWAP) factions.

    The recent air interdiction builds on previous precision strikes in the region aimed at weakening insurgent infrastructure and logistics.

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