Business
Senate will pass 2026 budget after Sallah break, says Akpabio
Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.
Godswill Akpabio, President of the Senate, said that the Senate will pass the 2026 Appropriation Bill on March 31.
Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.
Speaking before the Senate adjourned plenary for the Sallah break, Akpabio said that the standing committees would continue working during the recess, particularly on ongoing budget defence sessions and coordination with the Senate Committee on Appropriations.
He said: “I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date.
“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.
“Leadership must work together to ensure everything is in order. The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31.
“On that day, we hope to pass the national budget in tandem with the Senate,” said Akpabio.
Business
Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.
The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.
In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.
It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.
Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.
It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.
Business
Senate approves Tinubu’s $516.3m loan
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.
The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).
The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.
The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.
The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.
Business
Ibukun Awosika resigns from Cadbury board
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
Ibukun Awosika has resigned from the board of Cadbury Nigeria Plc, after more than 16 years of service.
The resignation takes effect from May 1, 2026, according to a statement signed by the company secretary, Afolasade Olowe.
The board expressed appreciation for her contributions since joining as a Non-Executive Director in October 2009 and noted that a replacement would be announced in due course.
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