Nigeria defers 70% of 2025 capital budget to 2026
The Federal Government ordered ministries, departments, and agencies to carry over 70 percent of their 2025 capital budget into the 2026 fiscal year as the administration moves to prioritise completion of existing projects amid weak revenues. The directive, contained in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning, stated that only 30 percent of the 2025 capital budget would be released within that fiscal year, while the remaining 70 percent would serve as the foundation for the 2026 capital budget.
- Nigeria defers 70% of 2025 capital budget to 2026
- ICPC raids El-Rufai’s Abuja residence amid widening probe
- Prince Andrew released after 11 hours of questioning over Epstein ties
- Trump is pursuing a Saudi nuclear deal without key safeguards
- Trump warns Iran of ‘bad things’ if no nuclear deal is reached, sets 10-15 day deadline
The circular bars the introduction of new capital projects, instructing that rollover uploads must align with immediate national needs and government development priorities including national security, the economy, education, health, agriculture, infrastructure, power and energy. Economists offered contrasting views, with development economist Aliyu Ilias calling the decision a reflection of poor fiscal discipline, while others argued it prevents abandoned projects and wasteful duplication.
ICPC raids El-Rufai’s Abuja residence amid widening probe
Operatives of the Independent Corrupt Practices and Other Related Offences Commission conducted a search at the Abuja residence of former Kaduna State governor Nasir El-Rufai on Thursday, hours after taking him into custody. El-Rufai’s lawyer Ubong Akpan condemned the action as “unlawful and a clear violation of legal procedures and fundamental rights.”
The former governor has been in ICPC custody since Wednesday night following his release on administrative bail by the Economic and Financial Crimes Commission, which had detained him on Monday after he honored an invitation regarding alleged financial improprieties during his 2015-2023 tenure. El-Rufai is facing corruption allegations running into over N400 billion. The Department of State Services has also filed a three-count charge against him for allegedly intercepting National Security Adviser Nuhu Ribadu’s phone conversation.
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Prince Andrew released after 11 hours of questioning over Epstein ties
Britain’s Andrew Mountbatten-Windsor was arrested on suspicion of misconduct in public office and released after 11 hours of questioning, becoming the first senior British royal in modern history to face arrest. Thames Valley Police said it is assessing whether Mountbatten-Windsor sent confidential trade reports to convicted sex offender Jeffrey Epstein in 2010 when he was the UK’s special trade envoy.
Police searched the grounds of Royal Lodge in Windsor and Wood Farm on the Sandringham estate. King Charles stressed that “the law must take its course” and reiterated that authorities have his “wholehearted support and co-operation.” The offense of misconduct in public office carries a maximum sentence of life imprisonment.
Trump is pursuing a Saudi nuclear deal without key safeguards
President Donald Trump has told Congress he is pursuing a civil nuclear pact with Saudi Arabia that does not include non-proliferation safeguards the U.S. has long insisted would ensure the kingdom does not develop nuclear weapons. Arms control groups and many Democrats and some leading Republicans, including Secretary of State Marco Rubio when he served in the Senate, have insisted that any agreement come with guardrails, including that Saudi Arabia not have the ability to enrich uranium or reprocess spent nuclear fuel.
The document opens the way to Saudi Arabia having an enrichment program as it refers to “additional safeguards and verification measures to the most sensitive areas of potential nuclear cooperation” including enrichment and reprocessing. Crown Prince Mohammed bin Salman has said the kingdom would seek to develop nuclear weapons if regional rival Iran did so.
Trump warns Iran of ‘bad things’ if no nuclear deal is reached, sets 10-15 day deadline
President Trump warned Iran that “bad things” would happen if no nuclear deal is reached, setting a deadline of 10 to 15 days for an agreement. Iranian and U.S. negotiators met on Tuesday and Iranian Foreign Minister Abbas Araqchi said they had agreed on ‘guiding principles’, but White House press secretary Karoline Leavitt said the two sides remained apart on some issues. American threats to bomb Iran have pushed up oil prices, while tensions escalated further as a Russian corvette joined planned Iranian naval drills in the Gulf of Oman. The United States and Israel bombed Iran’s nuclear facilities and some military sites last June, with U.S. Secretary of State Marco Rubio set to meet Israeli Prime Minister Benjamin Netanyahu to discuss Iran on February 28.
