Olukoso of Lagos

...

[Daddy D.O🇳🇬 @DOlusegun]

PRESS RELEASE

FEDERAL MINISTRY OF FINANCE 

5 July 2026

𝐑𝐄𝐒𝐏𝐎𝐍𝐒𝐄 𝐓𝐎 𝐑𝐄𝐂𝐄𝐍𝐓 𝐌𝐈𝐒𝐑𝐄𝐏𝐑𝐄𝐒𝐄𝐍𝐓𝐀𝐓𝐈𝐎𝐍𝐒 𝐎𝐍 𝐏𝐔𝐁𝐋𝐈𝐂 𝐄𝐗𝐏𝐄𝐍𝐃𝐈𝐓𝐔𝐑𝐄

The Federal Government has noted recent public commentary alleging that approximately two percent of GDP amounting to over ₦8 trillion was spent outside the approved budget based on references to the IMF Representative in Nigeria and the Fund's 2026 Article IV Consultation Report. These claims are incorrect and risk misleading the public regarding the government's financial management.

For the avoidance of doubt, the Federal Government does not operate a "shadow budget" or expend public funds outside the constitutional and statutory framework established for public finance.

Under Sections 80 - 83 and 162 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), public funds may only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly. Accordingly, Federal Government expenditure is incurred pursuant to duly enacted Appropriation Acts, Supplementary Appropriation Acts, and other statutory authorities enacted by the National Assembly. In addition, multi-year capital projects which necessarily span multiple budgets are implemented in accordance with extant laws and approved provisions for capital rollovers where applicable. These are recognised features of public financial management and should not be misconstrued as expenditures outside the budget.

It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific projects purportedly executed without appropriation or legal authority and present credible evidence in support of the claim. To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture.

For the purpose of public education, it is important to distinguish between appropriation, expenditure authorisation, financing, and fiscal reporting.

Nigeria's public finance framework contains several statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These include, among others:

- Statutory allocations and contributions to development commissions and other agencies created by law.
- Cost of collection and cost of administration retained by designated revenue-collecting agencies as expressly provided under relevant legislation.
- Capital expenditure approved in separate budgets for some agencies and the Federal Capital Territory by the National Assembly.
- Special interventions approved by law to address national priorities such as security, infrastructure, disaster response, and other strategic national programmes or emergencies.
- Debt service obligations and other statutory transfers that are authorised under applicable legislation.

These expenditures are neither secret nor illegal. They are established by law, disclosed in various fiscal reports, and subject to applicable oversight, audit and accountability mechanisms. Their treatment for reporting purposes may differ from their presentation in the annual Appropriation Act, particularly under international statistical and reporting standards adopted by the Federal Government. Such classification differences should not be misrepresented as evidence of unlawful expenditure.

It is equally incorrect to suggest that the reported amount represents an increase in budget deficit. A fiscal deficit is determined by the relationship between total government revenues and total government expenditures. Whether a capital project is financed through annual appropriations, supplementary appropriations, statutory transfers, approved intervention mechanisms, or other lawful financing arrangements does not, by itself, increase the fiscal deficit.

[Making of Champions @MakingOfChamps]

BLOW OUT!!

D'Tigers finished this window of the #FIBAWC qualifiers, winning all their three games in Luanda.

Nigeria defeated Rwanda with an overwhelming victory, almost doubling the points of their opponents.

Nigeria 🇳🇬 106 - 62 Rwanda 🇷🇼

[Francis Nwaze @FrancisNwaze1]

ROAD INFRASTRUCTURE IS PART OF PRESIDENT TINUBU'S LARGER PROGRAMME OF FIGHTING INSECURITY, SAYS UMAHI, AS FG FLAGS OFF REHABILITATION OF BAMA-BANKI AND DIKWA-GAMBORU-NGALA ROADS IN BORNO

The Federal Government has officially flagged off the rehabilitation of the Bama-Banki Road and the Dikwa-Gamboru-Ngala Road in Borno State on Saturday, July 4, 2026, at Muna City Gate, Km 10 along the Maiduguri-Dikwa-Gamboru Road,

Speaking during the flag-off ceremony, the Honourable Minister of Works, Senator Engr. David Umahi, CON, said the projects are part of President Bola Ahmed Tinubu's determination to complete long-abandoned strategic road infrastructure and use development as a tool for restoring peace and prosperity.

According to the Minister, President Tinubu has demonstrated uncommon courage by reviving projects that had remained on the drawing board for years.

"President Bola Ahmed Tinubu is a man destined to retake this country. It is very certain that all that were impossible to be done before are now being done. One of the projects from Kano-Maiduguri, whose Section 5 is here, was awarded in 2006. It is this President that is actualizing the sections that have not been completed, especially the one in Maiduguri. The Bama-Banki and Dikwa-Gamboru-Ngala Roads were awarded in 2021, but it is this President that is actualizing them. That means he is a great dreamer, thinker and actualizer, with the audacity to do the impossible," Umahi said.

The Minister stressed that the projects go beyond road construction, noting that they form part of President Tinubu's broader security strategy for the country.

"These road infrastructure projects are part of the larger programme of President Tinubu in fighting insecurity. When these projects are completed, our people in the North-East will benefit because they lead to Chad and Cameroon. But the greater interest is that our military forces will have roads to combat whatever might be left of the insurgency," he stated.

Representing President Tinubu at the ceremony, Vice President Senator Kashim Shettima noted the strategic importance of quality roads in addressing insecurity, saying infrastructure and national security are inseparable.

"Bad roads are also a security risk. A corridor that is difficult for citizens to travel is equally difficult for security personnel to patrol and protect," the Vice President said, describing the roads as projects of "special strategic weight."

He also commended the Honourable Minister of Works, Senator David Umahi, and the Minister of State for Works, Barr. Bello Muhammad Goronyo, for driving the implementation of the projects.

Borno State Governor, Professor Babagana Umara Zulum, described the occasion as another milestone in the state's journey towards lasting peace and recovery.

"It is not just the commencement of two major infrastructure projects in Borno State, but it symbolizes renewed hope for our people and a stronger commitment to restoring normalcy across our state. They are immensely strategic because they connect communities affected by insurgency and facilitate the movement of people as well as access to markets and essential services," the Governor said.

President of the Dangote Group, Alhaji Aliko Dangote, attributed the successful commencement of the projects to the strong collaboration between the Federal Government and the private sector, while paying glowing tribute to the leadership style of the Minister of Works.

"This progress would not have been possible without the collaboration and partnership with the Honourable Minister of Works, Engr. David Umahi, CON. I call him by a name, 'the conqueror,' because he continues to conquer all obstacles on his path."

[𝒀𝑨𝑺𝑺𝑬𝑹 𝑨𝑺𝑬𝑲𝑶𝑴𝑬 𝑮𝑨𝑹𝑩𝑨, PGD, MLSCM @SAsekome]

If you watch this video carefully and listen to what the people on ground in the South-East are saying about President Bola Ahmed Tinubu and Engr. David Umahi, you will understand that everything you have been seeing on Social Media are just a faux!

The South-East has never experienced the level of Infrastructural Developments it is getting today under this administration and the locals are watching keenly, waiting for 2027 to repay the kind gestures of the Tinubu-led administration towards them at the polls.

After watching this video, I can now confidently say that the @OfficialAPCNg and President @officialABAT will sweep the entire South-East clean come 2027!!

Congratulations to us in advance 👏🏾🎉

[𝑴𝒂𝐳𝐢.𝐍𝐧𝐚𝑬𝒎𝒆𝒌𝒂🇳🇬 @EmmyPromise71]

Nigerians should try and read and stop allowing an e-idiot like you to mislead them, Rufai. There's nowhere in that 88-page IMF report where they said the Nigerian govt stole ₦8.8 trillion.

If anything, they actually praised the reforms of this govt while acknowledging the hardship that comes with them and also asking the govt to do more.

Raising concerns about transparency and off-budget expenditure is not the same thing as accusing a govt of stealing money. If the IMF wanted to accuse the govt of grand corruption, they know exactly how to write it.

This is the same trick some idiots like you have played for years, lifting one paragraph from a report and hiding the rest because they know many Nigerians won't read beyond a headline.

[Office Of The First Lady @statehouse_Fl]

Representing the First Lady of Nigeria, Senator Oluremi Tinubu, the Wife of the Vice President, Hajia Nana Shettima, attended the 44th Northern Derby (Zaria 2026).

She paid a courtesy visit to the Emir of Zazzau, HRM Ahmed Nuhu Bamali, where she received a horse presented to the First Lady on her behalf. She also witnessed the thrilling horse races and joined the Wife of the Speaker of the House of Representatives, Hajia Fatima Tajudeen Abbas, and the Wife of the Kaduna State Governor, Hajia Hafsat Uba Sani, in presenting trophies to outstanding winners.

Saturday, July 4, 2026

[The Compass Hub @thecompasshub]

Ajayi stuns world champion Seville to win 100m at Prefontaine Classic

Kanyinsola Ajayi, the Nigerian sprint sensation, stunned a star-studded lineup on Saturday to win the men’s 100-meter event at the 2026 Prefontaine Classic in Eugene, Oregon.

The 21-year-old crossed the finish line in a blistering 9.84 seconds to equal his own Nigerian national record on his debut on a Diamond League circuit.

[D’Tigers | Nigeria Basketball @NigeriaBasket]

NIGERIA WINS!!

D’Tigers finish the window with a 3-0 record and a STATEMENT victory.

🇳🇬🇳🇬🇳🇬

[Taiwo Oyedele @taiwoyedele]

PRESS RELEASE

FEDERAL MINISTRY OF FINANCE

5 July 2026

𝐑𝐄𝐒𝐏𝐎𝐍𝐒𝐄 𝐓𝐎 𝐑𝐄𝐂𝐄𝐍𝐓 𝐌𝐈𝐒𝐑𝐄𝐏𝐑𝐄𝐒𝐄𝐍𝐓𝐀𝐓𝐈𝐎𝐍𝐒 𝐎𝐍 𝐏𝐔𝐁𝐋𝐈𝐂 𝐄𝐗𝐏𝐄𝐍𝐃𝐈𝐓𝐔𝐑𝐄

The Federal Government has noted recent public commentary alleging that approximately two percent of GDP amounting to over ₦8 trillion was spent outside the approved budget based on references to the IMF Representative in Nigeria and the Fund's 2026 Article IV Consultation Report. These claims are incorrect and risk misleading the public regarding the government's financial management.

For the avoidance of doubt, the Federal Government does not operate a "shadow budget" or expend public funds outside the constitutional and statutory framework established for public finance.

Under Sections 80 - 83 and 162 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), public funds may only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly. Accordingly, Federal Government expenditure is incurred pursuant to duly enacted Appropriation Acts, Supplementary Appropriation Acts, and other statutory authorities enacted by the National Assembly. In addition, multi-year capital projects which necessarily span multiple budgets are implemented in accordance with extant laws and approved provisions for capital rollovers where applicable. These are recognised features of public financial management and should not be misconstrued as expenditures outside the budget.

It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific projects purportedly executed without appropriation or legal authority and present credible evidence in support of the claim. To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture.

For the purpose of public education, it is important to distinguish between appropriation, expenditure authorisation, financing, and fiscal reporting.

Nigeria's public finance framework contains several statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These include, among others:

- Statutory allocations and contributions to development commissions and other agencies created by law.

- Cost of collection and cost of administration retained by designated revenue-collecting agencies as expressly provided under relevant legislation.

- Capital expenditure approved in separate budgets for some agencies and the Federal Capital Territory by the National Assembly.

- Special interventions approved by law to address national priorities such as security, infrastructure, disaster response, and other strategic national programmes or emergencies.

- Debt service obligations and other statutory transfers that are authorised under applicable legislation.

These expenditures are neither secret nor illegal. They are established by law, disclosed in various fiscal reports, and subject to applicable oversight, audit and accountability mechanisms. Their treatment for reporting purposes may differ from their presentation in the annual Appropriation Act, particularly under international statistical and reporting standards adopted by the Federal Government. Such classification differences should not be misrepresented as evidence of unlawful expenditure.

It is equally incorrect to suggest that the reported amount represents an increase in budget deficit. A fiscal deficit is determined by the relationship between total government revenues and total government expenditures. Whether a capital project is financed through annual appropriations, supplementary appropriations, statutory transfers, approved intervention mechanisms, or other lawful financing arrangements does not, by itself, increase the fiscal deficit.

Indeed, the IMF's observation relates primarily to the comprehensiveness, timing and presentation of fiscal reporting rather than the legality of expenditure. Like many countries, Nigeria continues to strengthen the alignment between budget presentation and international fiscal reporting standards as part of ongoing public financial management reforms. As a matter of fact, His Excellency, President Bola Ahmed Tinubu, GCFR had himself formally requested the National Assembly to end the practice of running multiple and overlapping budgets, and rather harmonise into a single, cohesive framework during his presentation of the 2026 Appropriation Bill to a joint session of the National Assembly on December 19, 2025.

The Federal Government remains firmly committed to prudent fiscal management, transparency and accountability. Recent reforms have significantly strengthened public financial management with ongoing improvements in budget assumptions and credibility, transparent revenue administration, digitalisation of government financial processes, and stronger treasury management. These reforms have been acknowledged by the IMF itself and other multilateral institutions, as well as international credit rating agencies, major media organisations and investors.

Public debate is both welcome and essential in a democratic society. However, it should be based on facts and an accurate understanding of Nigeria's constitutional and fiscal framework. Mischaracterising technical observations as evidence of unlawful expenditure neither advances informed public discourse nor strengthens democratic accountability.

The Federal Government will continue to uphold the rule of law, maintain transparency in the management of public resources, and work with the National Assembly, oversight institutions, development partners and the Nigerian people to further strengthen fiscal governance in line with international best practices.

Signed:

Taiwo Oyedele
Honourable Minister of Finance and Coordinating Minister of the Economy
Federal Republic of Nigeria

[D’Tigers | Nigeria Basketball @NigeriaBasket]

WATCH KAO FLY 🤯 @CASHMONEYKAO

🎥: @FIBAWC

[Making of Champions @MakingOfChamps]

"Don't chase what is not chasing you ooo!"

[servant of Allah @alouibrahim92]

The emergence of the beginning of Narco Terrorism in Nigeria and Coastal West Africa, should neither be confused with Islamist Insurgencies, nor be ignored. The Narcos are growing stronger with both strategic and operational (and some tactical level) coordination & administration with Narco Terrorist Groups in Latin America. This must not be ignored; this cannot be fought with regular COIN tools and Doctrine.

The proliferation of arms, mercs and youth populations devoid of hope becoming Narco zombies, poses a greater danger by scale, than any other threat across the threat matrix in Nigeria and Coastal West Africa.

The NDLEA is doing an outstanding job and needs to be properly resourced, their mandate strengthened and a regional operational coordination mechanism established/strengthened.

The proliferation of meth-labs, grow-houses, stash houses, armories and safe houses in our forests, attest to the fact stated above, with concealment methods and strategies pointing to the evolving sophistication of the Narco groups.

The future of insecurity in Coastal West Africa is Narco Terrorism, and sadly that monster grows everyday.

[Owen @_OwenM_]

EQUAL NATIONAL RECORD!!!! 👏

Kanyinsola Ajayi 🇳🇬 clocked 9.84 seconds (+0.1) equalling his personal best and national record to win the men’s 100m at the Prefontaine Classic.

#EugeneDL

[D’Tigers | Nigeria Basketball @NigeriaBasket]

D’Tigers are up by 20 at the break!!

[Abimbola @Bimbochan]

Perfectly executed race by Ajayi Kayinsola to beat all the faves, including the reigning world champion, at the Prefontaine Classic!🤩💪🏽

The NCAA champion clocked 9.84 (+0.1), equalling his national record, to extend his winning streak!

[Shalom Ajayi @AJ_Athletics1]

Pre Classic is today, Tobi Amusan the WR holder in the women's 100m hurdles will be competing today, yet no single t&f media outlet has posted her, instead they've been posted Russell, rooting for her to break the wr..... SMH. Tobi Amusan is the most disrespected wr holder ever

[𝒀𝑨𝑺𝑺𝑬𝑹 𝑨𝑺𝑬𝑲𝑶𝑴𝑬 𝑮𝑨𝑹𝑩𝑨, PGD, MLSCM @SAsekome]

"Road Infrastructure is inseparable from lasting peace."

—VP @KashimSM at the flag-off ceremony for the 49.55-kilometre Dikwa–Gamboru and Ngala–Bama road projects in Borno State.

VP Shettima who flagged off the project on behalf of President Bola Ahmed Tinubu, GCFR, noted that the critical road infrastructure reinforces the administration’s resolve to provide safe, durable, and smooth connectivity for citizens across the country.

With Honourable Minister of @FMWNIG, Engr. David Umahi issuing strict directives to contractors on timelines, this critical infrastructure is billed to be completed before the end of 2026.

[𝒀𝑨𝑺𝑺𝑬𝑹 𝑨𝑺𝑬𝑲𝑶𝑴𝑬 𝑮𝑨𝑹𝑩𝑨, PGD, MLSCM @SAsekome]

“Umahi is the conqueror that conquers all challenges on his path."

—Alh. @AlikoDangote, President/CEO
@DangoteGroup at the flag-off ceremony of the Bama-Banki and Dikwa-Gamboru-Ngala road rehabilitation in Borno State.

Me: Where is the lie?🤔

[D’Tigers | Nigeria Basketball @NigeriaBasket]

END OF 1ST QUARTER

Nigeria 25
Rwanda 14

Great start for D’Tigers in the final game of the window

[Zagazola @ZagazOlaMakama]

Troops Arrest Two Suspected Berom Militia Linked to NIPSS Attack as Security Sources Say Investigation Supports Earlier Leads

By Zagazola Makama

Troops of Operation Enduring Peace (OPEP) have arrested two suspected Berom militia allegedly linked to the recent attempted attack on the National Institute for Policy and Strategic Studies (NIPSS), Kuru, in Jos South Local Government Area of Plateau State, in another significant breakthrough in the ongoing investigation.

Sources told Zagazola Makama that the suspects were apprehended at about 3:30 p.m. on July 4 during an intelligence-led operation by troops of Sector 6 at Trade Centre in Jos South.

According to the sources, one of the suspects was identified as Mr. Aboi, while the identity of the second suspect has yet to be officially released as investigations continue.

The sources said the two men were arrested in connection with the failed attack on the NIPSS facility and are currently undergoing interrogation to assist security agencies in identifying and apprehending other members of the alleged criminal militia network.

“The suspects are being exploited for further intelligence that could lead to the arrest of other members of the group involved in the attack,” one of the security sources said.

The latest arrests followed the July 2 attempted attack on the strategic national institution, during which troops engaged suspected Berom militia in a gun battle, killing one suspect while others escaped into nearby rocky terrain.

During that operation, troops recovered a service rifle bearing registration number CO-3175, which military authorities said had earlier been stolen from a soldier killed during an attack on troops at the Federal College of Land Resources Technology, Vom, on April 11.

The recovery of the weapon had already prompted security agencies to widen investigations into possible links between the recent attacks on security personnel operating within the Kuru-Vom axis.

Following the publication of Zagazola Makama’s report identifying the slain attacker as a suspected member of an armed Berom militia operating within the area, the Berom Youth Moulders-Association (BYM) issued a statement rejecting the report.

Barrister Dalyop Solomon Mwantiri, the association’s president, denied that the Berom ethnic community operated any militia group and challenged the report’s conclusions, arguing that the ethnicity of the deceased had not been independently established.

He claimed that the association had conducted inquiries and spoken to people within the community, but that no one claimed to know the identity of the attacker. He challenged Zagazola Media Network to back its claims with evidence and urged security agencies and journalists to rely only on verified information in reporting security incidents.

Subsequently, Zagazola Makama published additional reporting stating that the deceased attacker had been identified by local residents and multiple security and community sources as Peter, a Berom resident of the Trade Centre area. The report was supported by a 17-second WhatsApp video clip in which an individual identified the attacker as someone from his area.

Security sources told Zagazola Makama that the arrest of the latest suspects in the same Trade Centre axis, where Peter was reportedly traced, has strengthened investigators’ efforts to establish the composition of the group responsible for the attacks.

The sources, however, stressed that investigations remain ongoing and that the suspects would be afforded due process while intelligence exploitation continues.

Military authorities have yet to issue an official statement naming the suspects or announcing any formal charges.

Meanwhile, security has been reinforced around the NIPSS complex, with troops maintaining aggressive patrols, surveillance and domination operations aimed at preventing further attacks on the institution and adjoining communities.