Compilations of top 10 key latest updates that you need to know this Thursday morning, 11th December, 2025
FG pushes for N17.89tn new loans to finance 2026 budget
The Federal Government plans to borrow N17.89tn in 2026 to fund a widening budget deficit as revenue projections fall sharply below expenditure needs, according to the 2026 budget framework obtained from the Budget Office of the Federation.
Official figures in the 2026 Abridged Budget Call Circular issued by the Federal Ministry of Budget and Economic Planning show that total new borrowing will jump from N10.42tn in 2025 to N17.89tn in 2026.
This is an increase of N7.46tn (72 per cent) in fresh loans over one year, amid concerns over rising debt costs.
The borrowing requirement is driven by a larger fiscal deficit and a weaker revenue outlook, even though overall expenditure is projected to fall slightly compared with the current year.
The framework puts the 2026 fiscal deficit at N20.12tn, up from N14.10tn approved for 2025.
This represents an increase of N6.02tn, or about 43 per cent year-on-year. Despite this jump in the nominal deficit, the deficit to gross domestic product ratio is projected to decline from 4.17 per cent in 2025 to 3.61 per cent in 2026, reflecting a higher projected GDP base.
The deficit ratio is expected to ease further to 3.24 per cent in 2027 and 1.92 per cent in 2028.
US Congress panels talk tough over Nigeria IDP crisis
The United States House Appropriations Committee has reaffirmed America’s commitment to addressing religious persecution globally, with a focus on Nigeria, in a statement posted on its official X account on Wednesday.
“America will not look away as innocent lives are stolen. Directed by @POTUS, Appropriators led an on-the-ground mission to inform a report on Christian persecution in Nigeria and guide policy recommendations.
Religious freedom and atrocity response are central to our NSRP bill,” the committee said.
The statement followed a visit to Nigeria by a delegation of US lawmakers, led by Congressman Riley Moore, under the direction of President Donald Trump.
The delegation’s mission, confirmed by Nigeria’s National Security Adviser, Nuhu Ribadu, aimed to strengthen counter-terrorism cooperation, enhance regional stability, and reinforce the strategic security partnership between Nigeria and the United States.
PDP chaos: Wike, Makinde forces revive war over INEC’s nod
The National Working Committee of the Peoples Democratic Party has reaffirmed its authority over the party, with National Chairman Tanimu Turaki (SAN) insisting that the Independent National Electoral Commission recognises the NWC backed by PDP governors as the authentic leadership of the party.
Speaking at the presentation of the Certificate of Return to the PDP Ekiti governorship candidate, Oluwole Oluyede, at the Yar’Adua Centre, Abuja, on Wednesday, Turaki said all major stakeholders of the party were with the NWC.
The event was attended by 30 PDP state chairmen, National Assembly members, NWC members, party leaders and supporters who travelled from Ekiti dressed in colourful Ankara attire.
Responding, Senator Samuel Anyanwu, National Secretary of the faction supported by the FCT Minister, Nyesom Wike, said the Abdulrahman Mohammed-led Caretaker Committee remained the legitimate leadership of the PDP.
Senate screens more ambassadorial nominees
A routine screening exercise took an unexpected turn on Wednesday as the Senate continued vetting President Bola Tinubu’s ambassadorial nominees, including career and non-career diplomats from across the country.
The session briefly shifted into drama when Emmanuel Adeyemi, a career nominee from Ekiti State, failed to name all three senators representing his state.
Adeyemi—currently a deputy director in the Ministry of Foreign Affairs—had impressed the Senate Committee on Foreign Affairs with his international experience in Hong Kong and France, where he earned a PhD.
But while paying tribute to lawmakers from his home state, he mentioned only Senate Leader Opeyemi Bamidele and Senator Yemi Adaramodu, prompting the panel to ask for the third name.
Caught off guard, Adeyemi hesitated as a member of his delegation attempted to search online for Senator Cyril Fasuyi’s name, drawing disapproval from the committee.
Senator Asuquo Ekpenyong (Cross River South) described the lapse as worrying, saying nominees expected to represent Nigeria abroad must demonstrate competence and awareness.
Senators Adams Oshiomhole and Seriake Dickson also joined in the criticism, while Senator Yunus Akintunde—standing in for Bamidele—pleaded that the committee overlook the mistake.
Students, management fume over ‘bandits prank’ filmed at Lagos varsity
The Lagos State University community has reacted angrily to a viral prank video in which a group of young men dressed in costumes resembling extremist fighters stormed the campus, causing panic among students.
The footage, uploaded on December 5 by Datreez Entertainment TV and titled “Bandits Prank on Lasuites”, showed individuals wearing turbans and desert-style clothing associated with terrorist groups.
A behind-the-scenes clip captured them dressing up before jumping into a vehicle and driving chaotically into a crowd of students while a camera operator recorded reactions.
Students were seen fleeing and expressing fear, coming at a period when school attacks in parts of Niger and Kebbi States have heightened public anxiety.
Cashless payments, tax reforms, other FG policies kick off in 2026
The Federal Government has announced that several key reforms and directives will officially take effect in 2026, marking a significant shift in governance, revenue administration, and public service delivery.
The measures, aimed at improving transparency, boosting revenue, and modernising government operations, are expected to reshape how citizens and businesses interact with the Federal Government.
PUNCH Online highlights some of the major policies set to take effect next year.
The government has reformed its tax laws, replacing the former Federal Inland Revenue Service (FIRS) with the Nigeria Revenue Service (NRS).
The new tax framework will come into effect on January 1, 2026, requiring all taxpayers—individuals and businesses alike—to comply with the updated tax administration procedures.
Police probe viral video of officer mobbed over theft allegation
The Lagos State Police Command has launched an investigation into a viral video showing a uniformed officer being assaulted by a mob over an allegation of stealing.
The video, which began circulating on Wednesday, captured the officer with blood pouring from his mouth as he sat on the ground surrounded by an angry crowd.
Visibly distressed and pleading, the officer, still in his uniform, appeared helpless as dozens of onlookers held up their phones to record the scene.
While voices in the background repeatedly accused him of theft, the specific offence remained unclear as of the time of filing this report.
At one point in the footage, another officer attempted to intervene, pushing through the crowd in a bid to rescue his colleague.
The mob continued chanting “Ole! (Thief)” in Yoruba as commercial vehicles and tricycles moved slowly around the scene.
A yellow commercial bus with the inscription “Ayedade” was also visible, suggesting the incident occurred in a busy Lagos axis.Forex: CBN limits cash payout for PTA/BTA at 25%
The Central Bank of Nigeria (CBN) has introduced a limit of 25 per cent on the amount of cash beneficiaries can receive when accessing their Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) from Bureau De Change (BDCs).
The CBN disclosed this in a document titled, Frequently Asked Questions on Current Reforms of the BDC sector.
The CBN said:
“Travelers are allowed to purchase foreign currency in the form of Personal Travel Allowance (PTA) or Business Travel Allowance (BTA) only, up to $4000 or $5000 respectively, per quarter.
“Travelers going abroad can use a combination of prepaid cards and cash to receive their travel allowances.
A beneficiary of BTA or PTA may receive up to 25 per cent of the foreign currency in cash, while at least 75 per cent shall be transferred to the customer’s prepaid card.
Please note that all travelers shall provide all required documentation to receive their travel allowances.”
Dollar to Naira exchange rate today, December 11, 2025
The exchange rate between the Naira and the US Dollar remained relatively stable across major foreign exchange windows today, Thursday, December 11, 2025, as the gap between the official and parallel markets continues to narrow.
Official Market (NFEM)According to data from the FMDQ Securities Exchange, the Naira is trading at approximately ₦1,451.86 per dollar in the Nigerian Foreign Exchange Market (NFEM).
This represents a consolidated stability for the local currency, which has hovered within the ₦1,450 – ₦1,452 band throughout the week.
Market activity indicates improved liquidity, with the intraday high and low rates showing reduced volatility compared to previous quarters.
Analysts attribute this steadiness to sustained foreign capital inflows, which recently hit a year-to-date high of over $20 billion, and the Central Bank of Nigeria’s (CBN) successful structural overhaul of the Bureau de Change (BDC) segment.
Market activity indicates improved liquidity, with the intraday high and low rates showing reduced volatility compared to previous quarters.
Analysts attribute this steadiness to sustained foreign capital inflows, which recently hit a year-to-date high of over $20 billion, and the Central Bank of Nigeria’s (CBN) successful structural overhaul of the Bureau de Change (BDC) segment.
Minister woos investors with $50m lithium processing plant, others
THE Minister of Solid Minerals Development, Dr. Dele Alake, yesterday, wooed investors in London, United Kingdom, UK, with a $50 million lithium processing plant along with seamless transfer of profits and duty waiver on imported mining machinery, and other incentives.
According to a statement signed by the Special Adviser to the Minister, Kehinde Bamigbetan, Alake made the offer at the Resourcing Tomorrow Annual Exhibition and Conference held in London.
The Minister who led Nigerian delegates to the event unveiled the package in his address to participants announcing to global mining companies the country was ready for investment.
Alake, informed participants at the opening ceremony about the country’s investment breakthroughs in processing minerals, citing over $2 billion inflow to lithium and rare earth ores projects in the last two years.
