Compilations of top 10 key latest updates that you need to know this Thursday morning, 8th January, 2026
Tax law: N5tn VAT windfall for states as new formula begins
The 36 states of the federation are set to receive an estimated N5.07tn as their share of Value Added Tax in 2026, following the commencement of a new VAT sharing formula introduced under the National Tax Acts, findings by The PUNCH have shown.
This development is contained in the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper approved by the Federal Executive Council.
According to the fiscal framework, the implementation of the new National Tax Acts from January 2026 will reduce the Federal Government’s VAT share from 15 per cent to 10 per cent, while the states’ share rises from 50 per cent to 55 per cent, and Local Governments continue to receive 35 per cent.
According to the projections in the MTEF/FSP document, the Federal Government’s VAT allocation is expected to drop to N922.53bn in 2026, down from N1.04tn in 2025, even as the VAT pool itself grows significantly year on year.
Togo, Niger, Benin owe Nigeria N25bn for electricity – NERC
Togo, Niger, and Benin owe Nigeria $17.8m, an equivalent of over N25bn at the current exchange rate, for electricity supplied under bilateral arrangements, the Nigerian Electricity Regulatory Commission has said.
In its Third Quarter 2025 report, NERC disclosed that the three international customers were invoiced a total of $18.69m by the Market Operator for electricity supplied during the period, but they remitted only $7.125m, leaving an outstanding balance of $11.56m.
Similarly, the international bilateral customers had legacy invoices of $14.7m, out of which they paid $7.84m, leaving a balance of $6.23m.
According to the PUNCH, the debt incurred from the previous quarters and that of Q3 2025 amounted to $17.8m.
This is N25.36bn at an exchange rate of N1,425 to a dollar.Residents flee as hoodlums unleash violence in Lagos community
Residents of Meiran were thrown into panic on Wednesday after hoodlums reportedly chased one another with axes along parts of the area.
PUNCH Metro gathered from multiple eyewitnesses that no life was lost during the fracas, which occurred at Kabowei Bus Stop in Meiran at about 1pm on Wednesday.
How I cut Nigeria labour unions links with KGB, CIA – Obasanjo
Former President Olusegun Obasanjo has revealed that his decision to reform Nigeria’s labour movement during his time in office was motivated by concerns over foreign influence and the need to establish a truly independent, nationally controlled workers’ union.
Obasanjo made the disclosure on Wednesday while speaking at the 85th birthday celebration and book presentation in honour of a former President of the Nigeria Labour Congress, Hassan Summonu, held in Abuja.
The regulator identified the international offtakers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of the Republic of Benin, and Société Nigérienne d’Électricité of the Republic of Niger.
Police arrest man for defiling 15-year-old in Imo, detain officers over misconduct
The Imo State Police Command has arrested a 24-year-old man, Wisdom Onyeaju, in connection with an alleged case of defilement of a 15-year-old girl that recently went viral on social media.
The command also disclosed that it has identified and detained police officers accused of professional misconduct in the handling of the case.
The arrest came days after a video posted on January 3 by the victim’s sister went viral, detailing how the suspect allegedly forced his way into the girl’s home during the Christmas period, threatened her with a knife and assaulted her.
She also alleged that officers at a police station near the Government House in Owerri demanded ₦100,000 from the family before agreeing to take the victim’s statement, an act that drew widespread condemnation.
A statement issued on Thursday by the state Police Public Relations Officer, DSP Okoye Henry, confirmed that “Onyeaju, a 24-year-old male of Umuekweye, Irete, Owerri-West Local Government Area, was arrested in connection with an alleged case of defilement.
2027: Atiku, Obi haven’t discussed ADC presidential ticket — Paul Ibe
Paul Ibe, special adviser to former Vice President Atiku Abubakar on media, has said Atiku and former Anambra State governor Peter Obi have not held any discussion on the presidential ticket of the coalition-backed African Democratic Congress (ADC) ahead of the 2027 general election.
Ibe made the clarification amid growing political conversations around the ADC, which have largely centred on the presidential ambitions of Atiku and Obi as leading figures within the opposition coalition.
Speaking on ARISE Television’s Prime Time on Wednesday, Ibe dismissed claims of any compromise talks between the two leaders over the party’s presidential ticket, insisting that such discussions are not on their agenda.
“Having that kind of conversation is putting the cart before the horse,” he said.
“I can tell you for a fact that what you just said now is not one of the conversations they are having.
”Why I liked the Osimhen-Lookman on-field clash – Mikel
Former Super Eagles captain Mikel Obi has weighed in on the heated clash involving Victor Osimhen and Ademola Lookman during Nigeria’s 4–0 victory over Mozambique in the Round of 16 of the 2025 Africa Cup of Nations on Monday.
Osimhen and Lookman’s confrontation occurred after the latter failed to pass to Osimhen in a promising move that could have secured the striker’s hat-trick.
Speaking on his Obi One podcast on YouTube on Wednesday, Mikel described Osimhen’s reaction as part of the “warrior spirit” needed for success at the highest level
“One thing people need to understand about Victor is that he plays with his heart on his sleeve,” Mikel said.
“He’s a fighter, he plays like a warrior, and that’s what top teams need.
He gives everything on the pitch, and that’s how he gets the best out of himself.”
AFCON ’25: Super Eagles’ bonuses approved, payments underway — Dikko
The Chairman of the National Sports Commission (NSC), Shehu Dikko, says all financial entitlements of Super Eagles players and officials have been resolved.
The News Agency of Nigeria (NAN) reports that Dikko’s remarks followed reports of players threatening to boycott training and travel to Marrakech for Saturday’s match against Algeria
Dikko told NAN that President Bola Tinubu had approved the Super Eagles’ AFCON 2025 budget since November 2025, aligning the NSC, NFF and players
“The president approved the entire AFCON budget on Nov. 14, 2025. From our end, the funding has been fully cleared,” Dikko said.
He however explained that approval and processing were different stages but assured players that funds had been approved and were being released.
“Approving the money is one thing, processing it is another, but the players know the funds have been approved,” he added.
Private sector remains in growth territory in 2025 —Stanbic
IBTC PMI IBTC Purchasing Manager Index, PMI report, has indicated that the Nigeria private sector remained in sustained growth at the end of 2025 as improvements in customer demand fed through to higher new orders, output and purchasing activity.
The report for December 2025 stated that employment also increased, but the rate of job creation remained marginal.
“Inflationary pressures picked up modestly in December but remained generally close to recent lows.
Meanwhile, business confidence improved sharply” the report added
The headline figure derived from the survey is the PMI.
Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration
“Despite all that 2025 threw at me, I stand” – Annie Macaulay reflects on her painful blessing in new post
Nollywood actress Annie Macaulay is reflecting on her painful blessings in 2025.
On her Instagram page, while celebrating the New Year, Annie noted how 2025 threw her a lot, which she considers a painful blessing.
She stated that despite it all, she is still standing.
“DESPITE All that 2025 threw at me .
AN EXTREMELY PAINFUL BLESSING.Despite it all, I STAND”.
