Compilations of top 10 key important updates that you need to know this Wednesday morning, 4th February, 2026
Electricity subsidy: FG to deduct N3.6tn from Federation Account
The Federal Government has proposed a N3.6tn deduction from the Federation Account to fund electricity subsidies in 2026, 2027, and 2028, a move designed to distribute the financial burden across federal, state, and local governments, The PUNCH reports.
The move represents a decisive step by the Federal Government to confront the rapidly mounting electricity subsidy debt, which has severely constrained liquidity across the power sector, while also strengthening fiscal transparency by making subsidy obligations explicit and better accounted for.
The deduction proposal, detailed in the Medium-Term Expenditure Framework Fiscal Strategy Paper for 2026–2028, analysed by one of our correspondents on Tuesday, reflects a strategic shift toward distributing the financial burden of the power sector across all tiers of government, amid growing concerns over unsustainable debts and systemic inefficiencies.
According to Table 6.2 of the MTEF document, which outlines “Other FAAC Deductions” under the Federation Account Revenue – Main Pool, VAT, and Stamp Duty, the electricity subsidy for 2026 is pegged at N1.2tn.
Convention showdown: PDP govs resist Wike bloc’s move to dismantle committees
The crisis within the Peoples Democratic Party deepened on Tuesday as governors elected on the party’s platform rejected moves by an Nyesom Wike-backed caretaker committee to reschedule the party’s national convention and dissolve key zonal structures, arguing that the faction lacked the constitutional authority to take such decisions.
The caretaker committee, backed by the Minister of the Federal Capital Territory, Wike, had rescheduled the party’s national convention, originally slated for March 28, to March 29 and 30.
The Caretaker Committee Publicity Secretary, Jungudo Mohammed, announced this in Abuja on Tuesday, after its National Working Committee meeting, which dissolved the Southwest, North-West, and Plateau zonal committees.
In response, PDP Governors Seyi Makinde (Oyo State), Bauchi State Governor Bala Mohammed and others who are backing the Tanimu Turaki (SAN)-led National Working Committee, stated that the Wike group lacks the authority to organise a convention or dissolve zonal committees.
The crisis within the Peoples Democratic Party deepened on Tuesday as governors elected on the party’s platform rejected moves by an Nyesom Wike-backed caretaker committee to reschedule the party’s national convention and dissolve key zonal structures, arguing that the faction lacked the constitutional authority to take such decisions.
The caretaker committee, backed by the Minister of the Federal Capital Territory, Wike, had rescheduled the party’s national convention, originally slated for March 28, to March 29 and 30.
The Caretaker Committee Publicity Secretary, Jungudo Mohammed, announced this in Abuja on Tuesday, after its National Working Committee meeting, which dissolved the Southwest, North-West, and Plateau zonal committees.
NPO to Tinubu: Regulate foreign platforms or lose Nigerian media
The Nigerian Press Organisation has warned that the nation’s social cohesion, security and democratic governance are being put at risk by unregulated global digital gatekeepers.
The NPO said in a statement on Tuesday that the warning had become expedient as algorithms controlled from outside Nigeria continued to dominate public discourse, manipulate narratives and relegate professional journalism.
The NPO is the umbrella body of media organisations, including the Newspaper Proprietors’ Association of Nigeria, the Nigerian Guild of Editors, Broadcasting Organisations of Nigeria, the Nigeria Union of Journalists and the Guild of Corporate Online Publishers.
The statement was signed by the presidents of the bodies: Lady Maiden Alex-Ibru (NPAN), Mr Eze Anaba (NGE), Salihu Dembos (BON), Mr Danlami Nmodu (GCOP) and Mr Alhassan Yahaya (NUJ).
The organisation warned that allowing digitally manipulated narratives to continue unchecked would worsen misinformation and disinformation, fuelling polarisation, grievance mobilisation and insecurity across the country.
Ex-rep hails Zulum’s directive on LG funding
A former member of the House of Representatives, Sam Onuigbo, has commended Borno State Governor, Prof. Babagana Zulum, for directing that local government funds from the Federation Accounts Allocation Committee be paid directly to councils in the state.
The Borno governor had ordered the direct payment of monthly federal allocations to the state’s 27 local government areas.
He stated that the decision was aimed at boosting transparency and empowering local government chairpersons to drive grassroots development.
Reacting to the development in a statement he personally signed and made available to PUNCH Online on Tuesday, Onuigbo said he decided to commend the governor for his courage and purposeful leadership.
The former lawmaker described the directive as commendable and in line with the constitution, democratic due process, and the interests of the masses.
The member of the Governing Board of the North East
Development Commission said the directive has set a sterling example for other governors to emulate, noting that it would help ensure the success of President Bola Tinubu’s reform initiatives at the grassroots.
NDLEA, group vow to seize assets harbouring drug dealers
The National Drug Law Enforcement Agency and a civil society group, the Eagle Crime Awareness and Prevention Initiative, have vowed to intensify the seizure of assets linked to drug trafficking and properties used to harbour drug dealers across Lagos State.
This was contained in a statement by the founder and president of ECAPI, Sam Adams, on Tuesday and obtained by PUNCH Metro.
According to him, the vow was made on Saturday during a massive anti-drug advocacy campaign organised by the Lagos State Strategic Command of the NDLEA in collaboration with ECAPI, as the agencies took their sensitisation drive to major drug-prone areas of the state.
“Drugs are destroying lives, health, dreams and even the economy. We are declaring zero tolerance.
Landlords who allow their properties to be used for drug sales should know that such assets risk forfeiture.
Dollar to Naira exchange rate today, February 4, 2026
The Nigerian Naira maintained its steady stance against the United States Dollar during early trading on Wednesday, February 4, 2026.
Following a resilient performance throughout the first few days of the month, the local currency continues to benefit from improved liquidity in the official window and a relatively calm parallel market.
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the session with a slight gain, positioned at approximately 1,387.42 per dollar
By mid-morning, the exchange rate showed minor fluctuations, with the dollar trading at 1,388.15.
This performance marks a continuation of the stability observed since the introduction of the Electronic Foreign Exchange Matching System (EFEMS), which has significantly improved price discovery and transparency.
Financial analysts note that the current rate of 1,388.15 reflects the Central Bank of Nigeria’s (CBN) successful management of corporate demand and the clearance of historic foreign exchange backlogs.
With external reserves remaining healthy, the official window has provided a more predictable environment for importers and international businesses.
PDP crisis: Makinde, Wike fight dirty
IN a veiled response to the tirade of Mr Nyesom Wike, Minister of the Federal Capital Territory, FCT, on Monday, Governor Seyi
Makinde of Oyo State, yesterday, declared that expelled elements he described as “vagabonds” no longer have control over the Peoples Democratic Party, PDP.
Both Wike and Makinde were members of the G5 governors in the lead-up to the 2023 general elections, but later fell apart shortly after the election.
Speaking at the commissioning of Oyo PDP Secretariat at Oke Ado, Ibadan, yesterday, Makinde said the “vagabonds” in the PDP were expelled in November 2025, and attributed the party’s challenges to a leadership vacuum that emerged after 2015, which he said allowed indiscipline to thrive.
Ooni, Sultan, Adeleke to inaugurate varsity in Osun
Osun State Governor, Ademola Adeleke, would on Thursday lead the Ooni of Ife, Oba Adeyeye Ogunwusi and the Sultan of Sokoto, Alhaji Sa’ad Abubakar, to inaugurate the commencement of lecture of a faith-based private varsity in the State.
The University, Minaret, which was owned by the Ahmadiyya Muslim Community would also perform the investiture of the maiden Vice-Chancellor of the University, Professor Abdul Rahman Abdullah.
In a statement issued by the Media lead, Ahmadiyya Muslim Jamaat Nigeria, Dr Qasim Akinreti, stated that the faith-based University is renowned for its contribution to global peace.
Police apprehend 24-year-old over alleged N48m romance scam in Lagos
The Airport Police Command has apprehended a 24-year-old man in connection with an alleged large-scale romance fraud scheme involving N48.5 million (about 35,000 dollars).
The command’s spokesperson, ASP Mohammed Adeola, confirmed the arrest in a statement in Lagos.
Adeola said the suspect was apprehended on Monday while attempting to board a flight to Asaba.
“The arrest was carried out by operatives of the Anti-Fraud Unit following actionable intelligence.“
Preliminary investigations revealed that the suspect became involved in fraudulent activities in 2023 after joining a syndicate that specialised in romance-related scams
Emefiele complied with Buhari’s directive on local production of Naira notes — Witness
A witness, Chinedu Emere, told an Abuja High Court that the former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, complied with late President Muhammadu Buhari’s directive that the redesigned Naira be produced locally.
The Economic and Financial Crimes Commission, EFCC, charged Emefiele with illegal act causing injury to the public.
The offence, the EFCC said, contravened the provisions of Section 123 of the Penal Code, Cap 89 Laws of the Federation, 1990 and punishable under the same law.
He, however, pleaded not guilty to the charge.
Being cross examined by the counsel for Emefiele, Olalekan Ojo, SAN, the witness said Emefiele complied with the directive that the notes be produced by the Nigerian Security Printing and Minting Company, NSPMC.
Emere, who is the seventh prosecution witness and an EFCC investigator, told the court that Emefiele submitted a memorandum, dated October 6, 2022, to former President Buhari
