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Release $717.4m trapped funds to foreign airlines, Senate Urges CBN

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The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.

The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.

These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.

The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.

The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.

It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.

The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.

Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.

In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.

The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.

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Public holidays: FG declares December 25, 26, and January 1

The Minister of Interior, Dr Olubunmi Tunji-Ojo, announced the public holidays on behalf of the Federal Government.

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The Federal Government has declared Thursday, December 25, and Friday, December 26, as well as Thursday, January 1, 2026, as public holidays to mark the Christmas, Boxing Day, and New Year celebrations.

The Minister of Interior, Dr Olubunmi Tunji-Ojo, announced the public holidays on behalf of the Federal Government.

In a statement by the Permanent Secretary in the Federal Ministry of Interior, Dr Magdalene Ajani, the minister extended warm Christmas and New Year felicitations to Christians in Nigeria and across the world.

He extended the same gestures “to all Nigerians as they celebrate the end of the year and the beginning of a new one”.

Tunji-Ojo urged Christians to reflect on the virtues of love, peace, humility, and sacrifice as exemplified by the birth of Jesus Christ, noting that these values are critical to promoting unity, tolerance, and harmony in the nation.

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KWAM1 loses bid to block Awujale selection process

KWAM1 had declared his interest in the vacant Awujale stool, claiming lineage from the Jadiara Royal House of the wider Fusengbuwa Ruling House.

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• KWAM1

The Ogun State High Court sitting in Ijebu-Ode has refused to grant popular Fuji musician Wasiu Ayinde, alias KWAM1, an interim injunction aimed at restraining Governor Dapo Abiodun and five others from proceeding with the selection and installation of the next Awujale of Ijebuland.

Ayinde, represented in court by Wahab Shittu (SAN), had on Monday, sought the injunction pending the hearing of his substantive suit challenging the selection process.

But Justice A. A. Omoniyi dismissed the application, holding that the interim injunction lacked merit and that there were no strong grounds to justify its grant.

He subsequently ordered the expedited hearing of the substantive matter, fixing 14 January 2026 for proceedings.

KWAM1 had declared his interest in the vacant Awujale stool, claiming lineage from the Jadiara Royal House of the wider Fusengbuwa Ruling House.

However, the Fusengbuwa ruling house rejected his claim, stating that he is not from the royal house.

To challenge what he perceived as injustice, Ayinde filed a suit against the Fusengbuwa ruling house, Governor Abiodun, the Chairman of Ijebu-Ode Local Government, Dare Alebiosu, and three others

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November Petrol supply rises 55% to 71.5m litres daily

The report revealed that the domestic refineries supply in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) November Fact -Sheets indicated that the supply of Premium Motor Spirit (PMS), also known as petrol, increased to 71.5 million litres per day in November 2025 from 46 million litres per day in October. This was an increase of 55 per cent.

In the report released yesterday, the agency said that the nation’s consumption also increased by 44.5 per cent to 52.1 million litres per day in November 2025, compared to the 28.9 million litres in October,. an excess of 37.4 million litres.

It said that the volume supplied came from both the domestic and the international market.

NMDPRA noted that the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.

Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities and twelve vessels programmed to discharge into October which spilled into November.

The report revealed that the domestic refineries supply in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.

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