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Tinubu arrives Lagos to meet private sector stakeholders, others

President Bola Tinubu on Friday arrived in Lagos on a working visit, shortly after attending the coronation of the 44th Olubadan of Ibadanland, Oba Rashidi Ladoja, in Ibadan, the Oyo State capital.

This was contained in a statement on Friday issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

According to the statement, the President’s visit comes as Nigeria prepares for a modest celebration of its 65th Independence Anniversary.

The statement stated that while in Lagos, Tinubu is expected to meet with key players in the private sector as well as senior government officials.

It noted that the President will proceed to Imo State on Tuesday, September 30, where he is scheduled to commission a number of projects executed by Governor Hope Uzodimma.

“As part of the Independence anniversary activities, Tinubu will also inaugurate the remodelled National Theatre in Lagos, which has been renamed the Wole Soyinka Centre for Culture and the Creative Arts,” the statement added.

PUNCH Online earlier reported that the President declared that Nigeria’s economy “has turned around” following the sweeping reforms introduced by his administration over the past two years.

Speaking in Ibadan at the coronation of Oba Ladoja as the 44th Olubadan of Ibadanland on Friday, the President assured Nigerians that the sacrifices of the past two years would soon yield tangible benefits.

“Today, I am honoured to bring the cheering news that our economy has turned around and there is now light at the end of the tunnel,” Tinubu said.

The President stated that the success of the reforms was owed to the support, endurance, and sacrifices of Nigerians, noting that the sacrifices made by Nigerians in the past 28 months were not in vain.

20 govs borrow N458bn amid rising debts

No fewer than 20 states of the federation borrowed about N458bn in the first half of 2025, findings by Saturday PUNCH have revealed.

This comes against the backdrop of a soaring external debt servicing burden gripping state governments.

Collectively, the states spent about N235.58bn on servicing external debt within the period, representing a sharp rise of N95.65bn or 68.4 per cent when compared with the N139.92bn recorded in the corresponding half of 2024.

According to experts, the surge underscores the mounting pressure of dollar-denominated debt repayments on state finances in the wake of the naira’s depreciation.

An analysis of the Federal Account Allocation Committee disbursement data released by the National Bureau of Statistics shows that a total of N10.13 trillion, including statutory revenue, Value Added Tax, Electronic Money Transfer Levy and Exchange Rate Difference, was shared among the three tiers of government in the first half of this year.

Out of this, the states received N3.425tn, a 42.96 per cent increase from the N2.396tn they got in the first six months of 2024.

In H1 2024, the states received N379bn in January, N366.9bn in February, N396.8bn in March, N403bn in April, N388.4bn in May, and N461.97bn in June.

But in the same period this year, allocations surged to N590.6bn in January, N562.19bn in February, N530.45bn in March, N556.74bn in April, N577.84bn in May, and N607bn in June.

Despite the higher inflows, an analysis of states’ Q2 budget implementation reports showed that about 20 of them still resorted to fresh borrowings, both foreign and domestic, amounting to N457.66bn in the first half of 2025.

Leading the pack is Oyo State, which took a N93.4bn domestic loan, followed by Kaduna and Lagos, which took N62bn (foreign) and N50bn (domestic) loans, respectively.

States that took foreign loans include Gombe (N20.3bn), Zamfara (N28bn), Katsina (N20.7bn), Kebbi (N7.4bn) and Jigawa (N10.98bn).

While Bauchi took both domestic and foreign loans totalling N26.3bn, Borno, Taraba, Sokoto, Niger, Kwara, and Ekiti borrowed N18.2bn, N18.7bn, N15bn, N25.8bn, N2.18bn and N19.8bn respectively in foreign loans.

The foreign loan list also includes Ondo (N5.6bn), Abia (N7bn), Ebonyi (N10.9bn) and Enugu (N10.7bn).

Analysts warn that the continued reliance on foreign loans exposes states to even greater fiscal risks in the face of a weakening naira.

“Since most of the debts are dollar-denominated, every depreciation of the local currency automatically inflates repayment obligations, forcing states to channel a larger share of their revenues into debt servicing at the expense of development projects,” says a Professor of Economics at the Ekiti State University, Taiwo Owoeye.

Beyond repayment costs, Owoeye noted that heavy external borrowing also undermines states’ financial autonomy.

“By taking on more foreign obligations, many states risk mortgaging future federal allocations to meet repayment schedules, leaving them with little room to respond to emergencies or fund critical sectors such as health, education, and infrastructure,” he explained.

Makinde presents staff of office to Ladoja as 44th Olubadan of Ibadanland

Oyo State Governor Seyi Makinde has formally presented the staff and certificate of office to Oba Rasidi Ladoja, officially confirming him as the 44th Olubadan of Ibadanland.

The presentation took place at exactly 3:05 p.m. on Friday during a colourful and historic coronation ceremony held at Mapo Hall, Ibadan.

The coronation, held at Mapo Hall, was attended by notable dignitaries, including President Bola Tinubu, further highlighting the cultural and political importance of the event.

Makinde’s formal presentation of the staff and certificate of office marks the final step in legitimising Ladoja’s ascension to the throne, symbolising both tradition and continuity in Ibadan’s monarchy.

This coronation is especially notable as it brings a former state governor into a revered royal role, merging political experience with traditional leadership at a time when community influence and governance are increasingly intertwined.

Makinde, while speaking, said, “This is a momentous occasion in the presence of President Bola Ahmed Tinubu, in the presence of people, and in the presence of God.

“In exercise of the power conferred on me as the Governor, I hereby present the staff of office to Oba, His Imperial Majesty, Senator, Governor, Engineer, my Baba, His Imperial Majesty, Rasidi Adewolu Ladoja, Arusa 1st.

“This is in confirmation as the 44th Olubadan of Ibadanland. I am so present.”

Coronation: Give us Ibadan State — Olubadan tells Tinubu

The 44th Olubadan, Oba Rashidi Adewolu Ladoja, has made a public appeal for the creation of Ibadan State before President Bola Tinubu on Friday.

Speaking after his installation and receiving the Staff of Office from Governor Seyi Makinde, the new monarch urged Tinubu to make this a reality before 2027.

Ladoja, speaking in Yoruba, the monarch said, “My people sent me a message to Mr President. Mr President, they said the creation of Ibadan State is their priority.”

Similarly, Governor Makinde said the emergence of Ladoja as the 44th traditional leader of the ancient city is a source of pride to the people of Ibadan.

He said, “It is a great honour to join in celebrating the coronation and presentation of the Staff of Office to His Imperial Majesty, Oba Adewolu Ladoja, as the 44th Olubadan of Ibadanland. The joy and excitement that fill Ibadan today remind us of the importance of upholding our cherished traditions.

The succession process to the throne of Olubadan is now well established and free from contestation, and this is a source of pride for us all. I rejoice with the Olubadan, the Ibadan Council of Chiefs, and the entire people of Ibadanland.

It is my prayer that the reign of Oba Adewolu Ladoja will usher in lasting peace, unity, and greater progress for Ibadanland and for Oyo State as a whole.”

The coronation ceremony also drew the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III; a former Kano State Governor, Senator Rabiu Musa Kwankwaso; a former Osun State Governor, Prince Olagunsoye Oyinlola; a former Ekiti State Governor, Dr. Kayode Fayemi; and a former Cross River State Governor, Donald Duke who are all in attendance.

‎Earlier, the Afobaje of Ibadanland, Chief Waheed Popoola, performed the traditional rites by placing Akoko leaves on Oba Ladoja’s head at the Labosinde Compound, Oja’ba, before the monarch proceeded in a grand procession to Mapo Hall for the official ceremony.

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‎The new Olubadan’s entourage included political allies such as Senator Sharafadeen Abiodun (Ibadan South) and former Oyo State governor candidate, Teslim Folarin.

Also in attendance were Senator Yunus Akintunde (Oyo Central), Senator Abdulfatai Buhari (Oyo North), and Olamijuwonlo Alao-Akala, who represents Ogbomoso North in the House of Representatives, alongside other Federal and state lawmakers.

Reliable political ally, Tinubu praises Alimosho APC leader

President Bola Tinubu on Friday congratulated the leader of the All Progressives Congress in Alimosho Local Government Area of Lagos State, Adebisi Yusuf, on his birthday.

The President conveyed his congratulations through a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga.

“I join your family, friends, and the people of Lagos State to celebrate you today and always. You have proven your mettle as a people’s leader, mobiliser of consciences, lawmaker, financial expert, humanitarian, and, more importantly, reliable political ally.

“As the leader, you have steadied the turf, rallying members and resources for our administration’s Renewed Hope Agenda. This agenda aims to spread prosperity and transform the lives of Nigerians at the critical stratum of society—the grassroots.

“Owing to your pedigree of excellence and dedicated stewardship, you served as a member of the Lagos State House of Assembly, representing Alimosho Constituency 1, for 12 years—from 2011 to 2023. You also served as Chairman of Ipaja/Ayobo Local Council Development Area,” Tinubu said.

The statement also added that in the Lagos State House of Assembly, Yusuf chaired several committees, including public accounts (local) and commerce, where your impact was immensely felt.

“Through the Prince Hope Turns to Reality Foundation, a non-profit organisation you founded, you have made a difference in the lives of many, providing healthcare and empowerment to vulnerable individuals and communities in Alimosho, Lagos.

“On this special day, I wish you many years of good health, wisdom, and strength as you continue to provide leadership and guidance in your community and beyond,” the statement read.

Tinubu departs Abuja for Olubadan’s coronation

President Bola Tinubu on Friday departed Abuja for Ibadan, Oyo State, to attend the coronation of the new Olubadan, Rashidi Ladoja.

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‎The News Agency of Nigeria reports that the presidential jet took off from the Nnamdi Azikiwe International Airport, Abuja.

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‎In Ibadan, Tinubu will join other dignitaries for the official installation ceremony at the historic Mapo Hall.

His presence and other dignitaries underscore the national importance of the occasion, as Ibadan celebrates the continuity of its revered monarchical institution.

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‎Ladoja, a former Oyo state governor and senator, was selected as the 44th Olubadan, following the passing of Oba Owolabi Olakulehin on July 7.

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‎Excitement is already sweeping across Ibadan as the city witnesses Ladoja’s ascension to the revered throne.

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‎Ladoja, 81, is a respected businessman and political figure who rose through the traditional Olubadan chieftaincy ranks to become Olubadan.

The Olubadan of Ibadanland is the paramount traditional ruler of Ibadan, the capital of Oyo State, and one of the largest cities in West Africa. The Olubadan throne holds deep cultural, historical, and political significance among the Yoruba people.

Sultan, Kwankwaso, Oyinlola, Duke attend Ladoja’s coronation in Ibadan

Ibadan, the Oyo State capital, on Friday hosted dignitaries from across the country as Oba Rashidi Ladoja was formally crowned the 44th Olubadan of Ibadanland at Mapo Hall.

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‎The coronation ceremony drew the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III; a former Kano State Governor, Senator Rabiu Musa Kwankwaso; a former Osun State Governor, Prince Olagunsoye Oyinlola; a former Ekiti State Governor, Dr. Kayode Fayemi; and a former Cross River State Governor, Donald Duke.

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‎The new Olubadan’s entourage included political allies such as Senator Sharafadeen Abiodun (Ibadan South) and former Oyo State governor candidate, Teslim Folarin.

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‎Also in attendance were Senator Yunus Akintunde (Oyo Central), Senator Abdulfatai Buhari (Oyo North), and Olamijuwonlo Alao-Akala, who represents Ogbomoso North in the House of Representatives, alongside other federal and state lawmakers.

‎President Bola Tinubu and Oyo State Governor, Seyi Makinde, are expected to join the ceremony for the official presentation of the staff of office to the 44th Olubadan of Ibadanland.

Jigawa assembly approves N58bn supplementary budget

The Jigawa State House of Assembly has approved a N58 billion supplementary budget for the 2025 fiscal year.

This decision came after the adoption of the report from the House Committee on Appropriation during a plenary session of the Assembly held on Thursday at the Assembly’s complex in Dutse, the state capital.

The original 2025 budget, tagged “Budget of Innovation and Transformation for Greater Jigawa,” was passed on December 31, 2024, at N689.3 billion. It includes N90.7 billion for personnel costs, about N70.2 billion for recurrent expenditures, and over N537 billion for capital development programs.

Besides, the Assembly also approved N17 billion to support the 27 Local Government Councils, covering both their recurrent and capital expenses for the year.

Presenting the supplementary budget report during the plenary session, the Committee Chairman, Mr. Ibrahim Hamza-Adamu, explained the increase is due to expected additional revenues from federal allocations to the state.

He stated, “The 2025 Appropriation Law appropriated N698.3 billion for recurrent and capital expenditures, but with the supplementary N58 billion, the total budget now stands at N756.3 billion.”

Mr. Hamza-Adamu urged lawmakers to exercise strict oversight to ensure the funds are used wisely and only for their intended purposes.

“The Assembly remains focused on transparent and effective budgeting to drive progress in Jigawa State during the 2025 fiscal year,” he emphasised

The chairman also highlighted that “this supplementary budget signals an effort to boost ongoing development projects and enhance service delivery across the state.”

The PUNCH online reports that the report of the committee was unanimously adopted after Deputy Speaker, Hon. Sani Isyaku Abubakar, who chaired the plenary, put the motion forward for voting.

Nigeria recorded zero oil investment for 10 years before Tinubu – Lokpobiri

The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Nigeria went over a decade without attracting any new investments in the oil sector until the advent of President Bola Tinubu’s administration.

According to the minister, the stagnation crippled growth and weakened confidence in the industry, but recent reforms are beginning to restore investor interest.

The minister made this known in a statement signed by his Special Adviser on Media and Communication, Nneamaka Okafor, on Thursday, following his keynote address at the United States–Nigeria Council’s session on oil sector collaboration, held on the sidelines of the ongoing United Nations General Assembly in New York.

“At the heart of Nigeria’s renewed energy agenda is a clear and deliberate policy direction: to open our oil sector to deeper, smarter, and more strategic partnerships. The time to invest is not just now, it is ripe.

“Recall that for over ten years, prior to the coming of President Bola Ahmed Tinubu, Nigeria did not have any new investment in the oil sector, but with the reforms we have carried out, which have created an atmosphere that is globally competitive and attractive, we now have new investments running into billions of dollars”, the minister stated.

“All inactive blocks during the period of no investments are in the basket now and up for grabs. We have a longstanding relationship with the US and US companies; beyond these relationships, there are new opportunities for new investors, both in the upstream sector and other sectors.”

The minister noted that, under the leadership of Tinubu, Nigeria’s oil sector has witnessed significant progress over the past two years, including increased production output and a more attractive investment climate.

He urged global investors to seize emerging opportunities in Nigeria’s rapidly transforming oil industry, citing ongoing reforms, enhanced production capacity, and the country’s growing regional influence as key drivers of growth.

“Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent,” he said.

]Lokpobiri attributed this transformation to the successful implementation of the Petroleum Industry Act, which he described as a “robust, investor-friendly legal framework” that is driving growth and restoring investor confidence.

He also emphasised Nigeria’s commitment to energy transition efforts, affirming that the country would continue to leverage its fossil fuel reserves to finance its energy mix, while adhering to international climate agreements.

“We are fully aligned with the Paris Agreement, and remain committed to cleaner, more sustainable exploration,” he said.

“Our doors are open, our laws are clear, and our environment is conducive; now is the time for U.S. and global investors to become part of Nigeria’s energy success story.”

The current administration has repeatedly assured international partners that Nigeria remains committed to energy transition goals, but argues that oil and gas revenues will play a crucial role in financing renewable energy expansion.

Recent policy shifts, such as the removal of fuel subsidies, efforts to deregulate the downstream sector, and renewed emphasis on gas monetisation, have also been positioned as signs of Nigeria’s seriousness in reforming its energy industry.

These reforms are part of the government’s efforts to attract $30bn in sectoral investments by 2027 and at least $60bn by 2030.

Singapore sets Meta September 30 deadline to end govt impersonation scams

Singapore said on Thursday it had given Meta until September 30 to clamp down on the growing number of scammers pretending to be government officials or face hefty fines.

Meta’s Facebook is the top platform used by fraudsters to carry out the scams, which have cost victims tens of millions of dollars, according to the city-state’s government.

The Ministry of Home Affairs said the police issued a directive to Meta “to put in place measures to target scam advertisements, accounts, profiles, and/or business pages impersonating key Government Office Holders on Facebook” by September 30.

Failure to comply “without reasonable excuse would render Meta liable on conviction to a fine” of up to Sg$1.0 million (US$776,000), the MHA said.

Non-compliance after the deadline will subject Meta to a further fine of up to Sg$100,000 “for every day or part of a day during which the offence continues after conviction”, it said.

There was a rise in scammers on Facebook pretending to be government officials in fake advertisements, accounts, profiles and business pages between June 2024 and June 2025, the MHA said.

It said Meta had taken steps to address the risk of impersonation scams globally, including in Singapore, but authorities were concerned that they had continued.

It was the first time the police ordered an online platform to tackle the rising scam problem in the city-state under the Online Criminal Harms Act passed last year.

Minister of State for Home Affairs Goh Pei Ming said this month that, in the first half of this year, scams involving the impersonation of government officials rose by 200 per cent from the previous year to more than 1,760 cases.

In one notorious example, scammers used deepfakes or images of Prime Minister Lawrence Wong this year to sell fraudulent cryptocurrency investment schemes.

Losses to impersonation scammers rose by about 90 per cent to Sg$126 million in the first half of 2025, according to Goh.

There was no immediate reaction from Meta, although it said this month that the firm was against ads that deceptively use public figures to try to scam people.

AFP