Compilations of top 10 key latest updates that you need to know this Wednesday morning, 7th January, 2026
Electricity subsidy nears N2tn yearly
Amid its struggles to pay the over N4tn debt owed to power generation companies, the Federal Government incurred a total of N1.98tn in electricity subsidy obligations in 12 months, from October 2024 to September 2025.
This was according to the quarterly reports released by the Nigerian Electricity Regulatory Commission.
In the fourth quarter of 2024, covering October to December, the electricity subsidy incurred by the government was N471.69bn.
It was N536.4bn in the first quarter of 2025 and N514.35bn in the second quarter of last year.
The latest report from NERC released on Tuesday showed that the Federal Government incurred a power subsidy burden of N458.75bn in the third quarter of 2025 as electricity tariffs remained below cost-reflective levels, making a total of N1.98tn in the 12-month period, from October 2024 to September 2025.
NERC stated in its reports that in the absence of cost-reflective tariffs, the government undertook to cover the resultant gap between the cost-reflective and allowed tariff in the form of tariff subsidies.
Banditry: Police free six vigilantes arrested by Army
The Kwara State Police Command has confirmed the receipt and subsequent release of six vigilante members who were earlier arrested by personnel of the Nigerian Army in Edo State.
The command, in a statement on Tuesday by its Police Public Relations Officer, SP Adetoun Ejire-Adeyemi, said the vigilantes, who were arrested along the Auchi–Ikpeshi Road in Akoko-Edo Local Government Area of Edo State in early December 2025, were handed over to the command on Wednesday, December 31, 2025.
According to the statement, the suspects were travelling in a vehicle belonging to the Ifelodun Local Government Area of Kwara State when they were intercepted by soldiers.
The police said the six vigilante members were formally handed over to the Kwara State Police Command by the Brigade Commander, 22 Armoured Brigade, Sobi Barracks, Ilorin, Brigadier General N. N. Rume, for investigation and profiling.
Recapitalisation hurdle: Pension firms hunt for N277bn lifeline
Analysts warn that the pensions industry faces a significant challenge, as it will require about N276.8 billion to meet the new minimum capital requirements set by the National Pension Commission during this first full year of recapitalisation.
According to Coronation’s Year in Review and 2026 Outlook on Nigeria, only three Pension Fund Administrators, Stanbic IBTC Pension, Access ARM Pensions, and Leadway Pensure, were capitalised significantly above the N20bn benchmark, underscoring the scale of the funding gap across the sector.
PenCom raised the minimum capital for PFAs and Pension Fund Custodians to N20bn and N25bn, respectively, in September’s Pension Revolution 2.0. PFAs are now divided into three categories.
Category A includes PFAs with over N500bn in AUM and requires N20bn plus one per cent of AUM above N500bn.
Category B covers PFAs with less than N500bn in AUM, requiring a N20bn minimum capital. Category C includes special-purpose PFAs.
NPF Pensions Limited must hold a minimum of N30bn, and Nigerian University Pension Management Company Limited needs N20bn.
2027: Jonathan pledged active role in PDP, says Turaki
Former President Goodluck Jonathan has pledged to take a more active role in the activities and affairs of the Peoples Democratic Party ahead of the 2027 general elections, according to the party’s National Chairman, Tanimu Turaki (SAN).
Turaki disclosed this while addressing journalists after a closed-door meeting with the former President in Abuja on Tuesday.
Turaki arrived at Jonathan’s Maitama office alongside the entire National Working Committee, former governors, founding fathers, and a few selected state chairmen at about 5:45 pm in six SUVs.
The meeting lasted about one hour and 30 minutes.
NiMet predicts three-day nationwide haze, sunshine
The Nigerian Meteorological Agency (NiMet) has predicted haze and sunshine from Wednesday to Friday across the country.
NiMet’s weather outlook released on Tuesday in Abuja envisaged sunny and hazy skies over the northern region throughout the forecast period.
According to the agency, sunny and hazy skies are anticipated over the region throughout the forecast period.It anticipated sunny skies over the southern region with patches of clouds over the region and chances of isolated thunderstorms accompanied with light rains over parts of Bayelsa, Rivers, Akwa Ibom, and Cross River states later in the day.
For Thursday, sunny and hazy skies are expected over the northern and central regions during the forecast period while sunny skies with patches of clouds are anticipated over the southern region.
”Chances of thunderstorms with light rains are expected over parts of Ogun, Lagos, Rivers, Bayelsa, Akwa Ibom, and Cross Rivers states during the morning hours.
”Later in the day, thunderstorms are anticipated over parts of Ondo, Ogun, Imo, Delta, Cross River, Akwa Ibom, Rivers and Bayelsa states,” it said.
Police recover suspected military unexploded ordnance in Niger
The Police Command in Niger has recovered a suspected military unexploded ordnance (UXO) device in Zugurma community, Mashegu Local Government Area of the state.
The command Public Relations Officer, SP Wasiu Abiodun, disclosed this in a statement in Minna on Tuesday.
He said that the recovery followed a report received on Monday from the Divisional Police Officer (DPO), Ibbi Division, Mashegu.
He added that some residents of the community had sighted an object suspected to be a missile in a forest within the area.
Abiodun said that the police operatives from the division promptly moved to the scene and cordoned off the area to ensure the safety of residents.
He said that the Commissioner of Police in the state, Adamu Elleman, directed the deployment of personnel to the scene.
Dollar to Naira exchange rate today, January 7, 2026
The Nigerian Naira maintained a stable yet cautious trajectory against the United States Dollar during early trading hours on Wednesday, January 7, 2026.
Data from the Nigerian Foreign Exchange Market (NFEM) and informal channels indicate that the currency is navigating a period of relative calm following the festive season.
In the official window, the Naira opened at approximately 1,432.00 per dollar.
This follows a slightly stronger performance earlier in the week, where rates hovered around the 1,428.00 mark.
Market analysts attribute this marginal adjustment to renewed corporate demand for imports as businesses resume full operations for the new year.
The parallel market, often referred to as the “
,” continues to show a slight premium.
Traders in major hubs like Lagos and Abuja reported buying rates between 1,485.00 and 1,500.00 per dollar.
While the gap between the official and parallel rates remains, it has stabilised significantly compared to the volatility seen in previous quarters, reflecting the impact of the Central Bank of Nigeria’s ongoing liquidity interventions.
ADC Presidential Ticket: No one is stepping down — Atiku
Amid the call by Obidients that presidential aspirants in the African Democratic Congress (ADC) should step down for Peter Obi, the former Vice President, Alhaji Atiku Abubakar, has dismissed the notion, saying no aspirant will withdraw for another in the coalition.
Atiku’s position was made known in a statement issued on Tuesday and signed by his media aide, Paul Ibe, following recent comments by Obi’s allies, including Prof Pat Utomi and Aisha Yesufu, who have rejected the idea of Obi emerging as a Vice Presidential candidate in the coalition.
Rejecting any suggestion that he should step aside, Atiku described such calls as dangerous to Nigeria’s democracy.
Terrorists on rampage in Kwara, Katsina, Kaduna; many abducted
Barely days after terrorists killed over 40 persons in Niger State last weekend, the marauders have again struck in Kwara, Katsina and Kaduna, kidnapping several victims, including a photo journalists.
Seven persons were abducted in Kwara, following a failed attempt to kidnap the traditional ruler of Adanla community in Ifelodun Local Government Area, Oba David Oyerinola and his wife and many others were kidnapped in several Katsina communities.
The attacks came as what could have been a bloodbath in Niger State was averted, following discovery by villagers of three Improvised Explosive Devices, IEDs, at Ganaru community in Zungeru District of Mashegu Local Government Area.
Spokesperson of Adanla community of Ifelodun Local Government Area of Kwara State, Prince Oyerinola Olakunle, who disclosed news of the kidnap of the seven persons, called on Governor AbdulRahman AbdulRazaq to help rescue the victims.
Nigeria’s oil, gas post gains, miss targets in 2025
Nigeria’s oil and gas industry recorded mixed performance marked with improvement in some indices marred by below expectation oil production, worsening gas flaring and dispute over the domestic fuel supply.
The rig count, an index of measuring activities in the upstream sector, recorded a rise of 63% year-on-year in 2025.
Specifically, the country’s rig count jumped to 18 in November 2025, up from 11 in the same period last year.
But the rig count remained flat, staying at 18 in November 2025, same as October 2025, according to the Monthly Oil Market Reports, MOMRs of the Organisation of Petroleum Exporting Countries OPEC.
