CANADA has deported 366 Nigerian citizens between January and October 2025 as immigration authorities stepped up enforcement to levels not recorded in more than ten years.
Records from the Canada Border Services Agency (CBSA) removals programme also indicate that 974 Nigerians are currently classified as “removal in progress,” meaning they are awaiting deportation.
The figures, last updated on November 25, 2025, ranked Nigeria ninth among the 10 countries with the highest number of deportees during the period. Nigeria also placed fifth among countries with the largest number of individuals pending removal.
A review of the CBSA data shows that Nigeria was the only African country to feature among the top 10 nationalities deported in 2025.
Other African countries were grouped under “remaining nationals,” a category that accounted for 6,233 removals in total during the year.
Mexico led the list of deportations with 3,972 cases, followed by India (2,831), Haiti (2,012), Colombia (737), Romania (672), the United States (656), Venezuela (562), China (385), Nigeria (366), and Pakistan (359).
A similar trend is reflected in the removal-in-progress data, where Nigeria again appeared as the only African country in the top 10, with 974 people awaiting deportation.
India topped the list with 6,515 cases, followed by Mexico (4,650), the United States (1,704), China (1,430), Nigeria (974), Colombia (895), Pakistan (863), Haiti (741), Brazil (650), and Chile (621).
Despite the increase in deportations, Canada remains a key destination for Nigerians pursuing better economic and educational prospects.
Data from the 2021 Canadian census showed that over 40,000 Nigerians migrated to Canada between 2016 and 2021, making them the largest African migrant group and the fifth-largest source of recent immigrants overall.
Additional figures from Immigration, Refugees and Citizenship Canada reveal that 6,600 Nigerians obtained permanent residency in the first four months of 2024, ranking fourth behind India, the Philippines, and China.
Between 2005 and 2024, a total of 71,459 Nigerians became Canadian citizens, placing Nigeria 10th among countries of origin for new citizens.
A FEDERAL High Court in Abuja has fixed January 7 for a ruling on the bail application filed by a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, a senior advocate, who is standing trial over alleged money laundering.
Malami is currently being remanded at the Kuje Correctional Centre alongside his son, Abdulaziz, and one of his wives, Bashir Asabe, following their arraignment by the Economic and Financial Crimes Commission (EFCC).
The accused are facing a 16-count charge bordering on money laundering, amounting to ₦8.7 billion.
They pleaded not guilty to the charges when they were arraigned on December 29, 2025.
Following their plea, the trial judge, Emeka Nwite, ordered that the defendants be remanded pending the hearing of their bail application, which commenced on January 2, 2026.
The court, however, adjourned the matter and fixed January 7 for ruling on the bail request.
According to court documents marked FHC/ABJ/CR/700/2025, the EFCC alleged that the defendants conspired to conceal, disguise, and retain proceeds of unlawful activities using corporate entities, multiple bank accounts, and high-value real estate transactions.
The prosecution alleged that between July 2022 and June 2025, Malami and his son used a company, Metropolitan Auto Tech Limited, to conceal over ₦1.01 billion, while an additional ₦600 million allegedly passed through a Sterling Bank account linked to the same company between September 2020 and February 2021.
In another count, the EFCC accused Malami, his son, and Asabe, described as an employee of Rahamaniyya Properties Limited, of disguising the origin of ₦500 million allegedly used to acquire a luxury duplex located on Amazon Street, Maitama District, Abuja.
The commission further alleged that the defendants conspired to launder ₦1.04 billion through the Union Bank account of Meethaq Hotels Limited between November 2022 and September 2024, while another ₦1.36 billion was allegedly taken under indirect control through the same company’s account.
The EFCC also alleged that Malami, while serving as Attorney-General of the Federation, concealed ₦700 million allegedly used to purchase a property at No. 3 Onitsha Crescent, Area 11, Garki, as well as ₦850 million used to acquire another property in the Jabi District of Abuja.
Other properties listed in the charge include real estate on Amazon Street and Rhine Street in Maitama, properties in Asokoro District, and houses in Gwarimpa, Abuja.
The anti-graft agency further alleged that Malami deployed unlawful proceeds amounting to ₦952 million to acquire multiple properties in Abuja, Kano, and Birnin Kebbi between 2018 and 2023, using proxies and corporate entities to obscure ownership.
The EFCC told the court that it had traced 41 properties valued at about ₦212 billion to Malami and his associates, which form part of the subject of the ongoing prosecution.
According to the commission, the alleged offences contravene provisions of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act, 2022.
NIGERIA’S economy is projected to expand by 4.49 per cent in 2026, reflecting sustained gains from ongoing reforms. However, concerns remain over the 70 per cent budget carryover of capital projects from 2025.
Already, President Bola Ahmed Tinubu has assured that the economic policies and reforms of his government would positively impact more households in 2026, noting that the government would build on the gains of such reforms within the year.
He cited easing inflation, stronger foreign reserves and renewed investor confidence as evidence that his administration’s reforms were beginning to yield results, adding that Nigeria “is entering a more robust phase of economic growth in the new year.”
Conversely, there are doubts that the economic projections and optimism shared by the Tinubu-led administration would not materialise as it struggles to fund the budget, despite accruing more money from oil sales, fuel subsidy removal, and appreciations in non-oil revenue, economic watchers say.
Funding the capital component of the federal budget impacts roads, rural economy and other critical infrastructure that affects average Nigerian.
In 2025, the Minister of Finance, Wale Edun, admitted the government realised just N10 trillion out of the N40 trillion revenue target for the 2025 fiscal year.
The development led to the Senate asking questions about persistent borrowing, overlapping budgets and weak capital project execution by the government.
“States and the Federal Government are getting richer from federation allocation since the removal of fuel subsidy. Has that reflected in the lives of the people?”, a development economist and public sector analyst, Celestine Okeke, queried.
He stressed the importance of funding the capital component of the national budget, which has a direct impact on the lives of an average Nigerian and economic development.
“Look at key critical roads across the country. You could see many people sleeping on the road this festive period because of abandoned and dilapidated road projects. This is the consequence of not cashing back projects in the budget,” Okeke said.
A development economist Celestine Okeke believes rural inflation could worsen
In his submission, the Chief Executive Officer of Economic Associates, Ayo Teriba, said the revenue gaps remained a worry in funding the national budget unless the government finds a way to attract more capital into the economy and reduce borrowings.
“The government must unlock opportunities in private capital and attract more investments. We have over 200 million market size, which can support the bottom of the pyramid and attract more investments into the economy,” he stated.
He advocated the importance of listing the Nigerian National Petroleum Company in the stock market and finding ways of making money from several government assets through securitisation.
Despite the concerns raised by economic watchers, the Central Bank of Nigeria (CBN) expressed cautious optimism on projected 4.49 per cent economic growth, as it hopes on structural changes in the oil sector, tax reforms and the foreign exchange market to sustain growth and disinflation.
What Central Bank 2026 economic outlook say
The CBN touted stronger private sector investment and improved macroeconomic stability as key drivers of the projected 4.49 per cent growth in 2026.
The apex bank disclosed this in its 2026 Macroeconomic Outlook for Nigeria, published on its website on Tuesday, December 30, noting that the projected growth compared with an estimated 3.89 per cent expansion in 2025.
CBN Governor, Olayemi Cardoso
“Importantly, the outlook is contingent on the implementation of well-sequenced, consistent fiscal and monetary policies. The fiscal policy stance is hinged on the full implementation of the 2025–2027 Medium Term Expenditure Framework (MTEF), which is expected to stimulate domestic consumption and investments, and drive aggregate demand and employment in the medium term,” the CBN said.
According to the apex bank, growth prospects for 2026 remain positive, supported by continued gains from broad-based structural reforms by the government. These reforms, it said, had helped to improve the business environment, boost capital inflows, raise government revenue, and enhance stability in the foreign exchange market.
The CBN explained that its easing monetary policy stance was expected to further support economic expansion, as anticipated reductions in lending rates lower borrowing costs and improve access to credit for businesses and households.
Increased private sector investment, particularly from large-scale projects such as the Dangote Refinery, is also expected to significantly brighten the growth outlook in 2026.
In addition, higher crude oil production, underpinned by improved security around oil assets, is expected to support output growth. The bank highlighted the role of enhanced surveillance and monitoring, especially following the launch of the Production Monitoring Command Centre (PMCC), as well as the expansion of domestic crude oil refining capacity and relatively stable energy prices.
The outlook also reflects expectations of increased fiscal spending, including pre-election expenditure, which could further stimulate aggregate demand. The CBN said effective coordination between monetary and fiscal policies, aimed at sustaining exchange rate stability, job creation and inflation control, would provide additional impetus to overall output growth.
However, the bank cautioned that several downside risks could weigh on the economic outlook in 2026. It noted that if the projected deceleration in inflation is not achieved, monetary policy easing could be reversed, thereby dampening growth prospects.
While ongoing reforms are expected to raise productivity, stimulate private sector activity, and support a more diversified and competitive economy, the CBN warned that the pace of improvement could be constrained by persistently high costs of doing business, poor infrastructure, and insecurity, all of which could undermine business operations.
Expected risk factors from CBN’s projections
The apex bank also highlighted the risk that cost-cutting measures by firms could increase unemployment, further shrink the formal sector, and ultimately constrain economic growth. In addition, unfavourable climatic conditions could result in crop losses, disruptions to businesses and transportation services, and weaker overall economic activity.
Negative shocks to crude oil production remain another key risk. The CBN said unanticipated security breaches around oil installations or force majeure events could reduce oil output below projections, thereby constraining growth.
The baseline projections are anchored on several key assumptions, including an average crude oil price of $60 per barrel in the fourth quarter of 2025 and $55 per barrel in 2026.
This is consistent with the US Energy Information Administration’s outlook that rising global crude oil inventories and supply glut would moderate oil prices.
The outlook also assumes an average Nigerian Foreign Exchange Market (NFEM) exchange rate of N1,451.63 per $1 in the fourth quarter of 2025 and N1,400 per $1 in 2026, supported by improved FX market efficiency, higher capital inflows, a current account surplus and broad-based economic recovery.
Petrol pump price will hover around N950 per litre in 2026
Domestic crude oil production is assumed at about 1.50 million barrels per day, excluding condensates, throughout the forecast period. Petrol pump prices are expected to hover around N950 per litre in 2026.
NNPCL filling station retail outlet
Government expenditure is projected to align with the 2025–2027 MTEF and Fiscal Strategy Paper, reflecting an expansionary fiscal stance aimed at supporting the $1 trillion economy initiative. The Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR) are assumed at 27.00 per cent and 45.00 per cent, respectively.
The CBN said the baseline projections were supported by assumptions of improving business confidence and stronger investor sentiment, alongside higher crude oil production, increased investments, enhanced security around oil and gas infrastructure, and rising activity in the midstream segment of the oil industry, particularly domestic refining.
Sectoral performance is also expected to support growth. The mining and quarrying subsector is projected to continue benefiting from reforms aimed at improving efficiency and the business environment. The services sector is expected to remain a key driver of growth, with transport, particularly road and rail, and wholesale and retail trade sustaining momentum.
The information and communication technology subsector is also projected to benefit from increased investments in 5G coverage, improved internet connectivity and accelerated nationwide digital transformation. Similarly, the real estate subsector is expected to support higher economic activity in 2026, driven by sustained government support, growing mortgage financing, and continued demand for housing.
On inflation, the CBN projected a continued downward trend in 2026, supported by stability in the foreign exchange and energy markets, the lagged effects of previous interest rate hikes, and improved policy coordination.
Headline inflation is projected to decelerate to 12.94 per cent in 2026 from an estimated 21.26 per cent in 2025. The anticipated moderation, according to the bank, would be driven mainly by declining food prices and lower petrol prices, with increased competition in the midstream segment of the oil industry expected to ease PMS costs.
Throughout 2025, the International Centre for Investigative Reporting (The ICIR) pursued stories that held power to account and amplified voices often ignored. Our reporting spanned agriculture, health, education, governance, security, the environment, the economy, and human rights, with a strong focus on women, vulnerable communities, and the failures of public institutions.
From investigations into abandoned public projects, illicit mining, oil pollution, and violent conflicts, to data-driven reports, fact-checks, and explanatory journalism, The ICIR remained committed to evidence-based reporting in the public interest.
A hallmark of our 2025 coverage was the ICIR Terror Series, an expansive reporting project documenting the human cost and systemic failures surrounding violent extremism and insecurity across Nigeria. The Terror Series remains a vital resource for understanding the complexities of terrorism and armed conflict in the country.
As we enter 2026, The ICIR is deepening this commitment. We intend to do more investigations, more data journalism, more fact-checks, and more accountability reporting, strengthening transparency, defending press freedom, and ensuring that stories that matter most to Nigerians are told, documented, and acted upon.
THE hearing on the bail application by former Attorney General of the Federation and Minister of Justice, Abubakar Malami, commenced at a Federal High Court in Abuja on Friday, January 2.
Malami, a Senior Advocate of Nigeria, is currently being remanded at the Kuje Correctional Centre alongside his son, Abdulaziz, and one of his wives, Bashir Asabe, over allegations of money laundering.
The three defendants are facing a 16-count charge brought against them by the Economic and Financial Crimes Commission (EFCC), bordering on the alleged laundering of ₦8.7 billion.
They pleaded not guilty to the charges during their arraignment on December 29, 2025.
Following the plea, the trial judge, Justice Emeka Nwite, ordered that the defendants be remanded at the Kuje Correctional Centre pending the hearing of their bail application, which was scheduled for January 2, 2026.
The ICIRreported that The EFCC had in the charge sheet marked FHC/ABJ/CR/700/2025, submitted to the court, alleged that the defendants used corporate entities, bank accounts, and real estate transactions to disguise the source of illicit funds.
The prosecution alleged that between July 2022 and June 2025, Malami and his son procured Metropolitan Auto Tech Limited to conceal the unlawful origin of over N1.01 billion, while an additional N600 million allegedly passed through a Sterling Bank account linked to the same company.
In another count, the EFCC accused Malami, his son, and Asabe, an employee of Rahamaniyya Properties Limited, of disguising the origin of N500 million allegedly used to purchase a luxury duplex located on Amazon Street, Maitama District, Abuja.
The commission further alleged that the defendants conspired to launder N1.04 billion through the Union Bank account of Meethaq Hotels Limited, with transactions spanning from November 2022 to September 2024.
Another count accused Malami and his son of taking indirect control of N1.36 billion paid through the same company’s bank account, funds the EFCC said were proceeds of unlawful activity.
The EFCC also alleged that Malami, while serving as Attorney-General of the Federation, concealed N700 million allegedly used to acquire a property at No. 3 Onitsha Crescent, Area 11, Garki, Abuja, as well as ₦850 million used to purchase another property in the Jabi District of Abuja.
According to the prosecution, the alleged offences contravene provisions of the Money Laundering (Prohibition) Act, 2011 (as amended) and the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency told the court that it had traced 41 properties valued at approximately N212 billion to Malami and his associates, and that these assets form part of the subject of the ongoing prosecution.
NINE people were killed on Wednesday night in a fresh attack during a crossover night celebration in Chigwi village, Vwang District of Jos South Local Government Area, Plateau State.
The secretary to the district head of Vwang, Iliya Chung, confirmed the incident to The ICIR in a telephone interview Thursday morning, January 1, saying the victims included men, women and children.
“What happened is that yesterday around 10 p.m. to 11 p.m., we got a call that there’s an attack at one of our villages called Boom in Chigwi village in Vwang district, and we were hearing gunshots and around 12 a.m. They started bringing some of the victims that were affected. So, around that yesterday, we received six bodies,” said Chung.
He explained that nine dead bodies were confirmed on Thursday morning, noting that an entire family was wiped during the attack. He could not confirm how many were injured. He said the affected community was still documenting the number of people injured.
“This morning, we confirmed that it’s nine people. There were eight corpses and another one who gave up at the hospital this morning. Currently, there is tension in the area. There is one family that was wiped, it’s only one child that survived in that family. We don’t know the number of people that were injured up till now because we are still gathering some of the names of the people. Police are there right now,” he said.
The ICIRthat the latest incident echoes the deadly Christmas Eve attack on communities in Bokkos Local Government Area in 2023, during which at least 160 people were killed.
Explaining the latest attack, Chung noted that the district head had warned its people because he had received a threat of the attack, but the threat showed that its target would be Farin Lamba community. Following the attack, he said the district has suspended its annual grand new year celebration.
“Even though we warned our people that we should not do crossover celebrations. We were hearing that there will be an attack, but not that area. They were saying that they would attack Farin Lamba, but they went to another village. We’re supposed to have our celebration today, New Year celebration in Vwang that the governor wanted to come for. Because of this thing now, there’s nothing we can do. We are suspending everything because of what has happened,” he said.
Chung said that a similar attack occurred two weeks ago at K-Vom division where a police officer was killed, and his gun was taken.
“About two weeks ago, there was an attack in K-Vom Division, in which they killed a policeman. He was on his duty post around 11 p.m. to 12 a.m., they came and killed him, and they left with his gun,” he added.
The Police Public Relations Office, Plateau State Police Command, Alfred Alabo, told The ICIR that he could not confirm the latest attack.
“I am working on some of this information,” Alabo said, noting that the officers in Vwang would inform him when they are done compiling their report on the incident. He also promised to get back to the reporter when he obtained report on the incident.
PRESIDENT Bola Ahmed Tinubu has assured that the economic policies and reforms of his government would positively impact more households in 2026, noting that the government would build on the gains of such reforms within the year.
The President cited easing inflation, stronger foreign reserves and renewed investor confidence as evidence that his administration’s reforms were beginning to yield results, adding that Nigeria is entering a more robust phase of economic growth in the new year.
In his New Year goodwill message to Nigerians on Thursday, January 1, Tinubu said 2025 closed on a strong note despite global economic headwinds, adding that the government would focus on consolidating gains and ensuring that the benefits of reform reach households across the country in the new year.
According to the president, Nigeria recorded consistent quarterly GDP growth in 2025, with annualised growth expected to exceed four per cent. He said inflation declined steadily to below 15 per cent, meeting the government’s target, while trade surpluses and greater exchange rate stability were maintained.
Tinubu also pointed to strong performance in the capital market, noting that the Nigerian Stock Exchange posted a gain of 48.12 per cent in 2025, extending a bullish run that began in the second half of 2023.
On external buffers, the president said Nigeria’s foreign reserves stood at $45.4 billion as of 29 December 2025, describing this as a “substantial buffer” against external shocks to the naira.
He added that foreign direct investment rose sharply in the third quarter of 2025 to $720 million, from $90 million in the previous quarter, reflecting renewed investor confidence and positive assessments from international credit rating agencies.
Despite allegations of alterations, which made many Nigerians ask the president to halt the implementation of recently enacted tax laws, Tinubu said his administration would intensify tax reforms in 2026, with a focus on harmonising taxes across all tiers of government to reduce multiple taxation and ease the burden on citizens and businesses. He said moderating inflation and interest rates would create more fiscal space for infrastructure and human capital investment.
The president’s assurances are coming at a time when households are still struggling to buy basic food and commodities with weak purchasing power as a result of the government’s policies of floating the exchange rate and fuel subsidy removal.
The president also addressed security, acknowledging continued threats from terrorist and criminal groups. He confirmed that, in collaboration with international partners, including the United States, Nigerian forces carried out strikes against terrorist targets in parts of the North-West on 24 December, with sustained operations ongoing in the North-West and North-East.
In 2026, he said, security and intelligence agencies would deepen cooperation with regional and global partners, while the government would continue to explore decentralised policing and regulated forest guards as part of efforts to tackle banditry and terrorism.
On social development, Tinubu stated that the government would accelerate the Renewed Hope Ward Development Programme, aiming to empower at least 10 million Nigerians by supporting at least 1,000 people in each of the country’s 8,809 wards. He said agriculture, trade, food processing and mining would be prioritised to stimulate local economies, alongside continued investment in infrastructure, including roads, power, ports, railways, healthcare and education.
THE Minister of the Federal Capital Territory, Nyesom Wike, has said that Rivers State Governor, Siminalayi Fubara, failed to comply with the agreement reached through the mediation of President Bola Tinubu to address the state’s deepening political crisis.
Wike made the allegation on Wednesday during his visit to Tai Local Government Area of Rivers State, where he told supporters that the agreement reached at the Presidential Villa would soon be made public.
The agreement emerged from a closed-door meeting convened by Tinubu at the State House in Abuja in June 2025 with the two leaders.
The crisis, rooted in a battle for control of the state’s political structure within the ruling Peoples Democratic Party (PDP), had triggered division in the state House of Assembly and heightened political tension in the oil-rich state.
At the height of the crisis, lawmakers loyal to Wike, who constituted the majority of the Rivers State House of Assembly, threatened to impeach Fubara, accusing him of failing to implement a Supreme Court ruling related to the dispute.
The standoff prompted Tinubu, on March 18, to declare a state of emergency in the state.
The president, acting under Section 305 of the 1999 Constitution, suspended Fubara, his deputy, and all members of the State House of Assembly for six months.
He appointed Ibok Ekwe Ibas, a retired rear admiral, as the state administrator. The decision sparked widespread criticism from civil society groups and legal experts, who questioned its constitutionality.
Following months of political deadlock, Wike announced, in June 2025, that the crisis had been resolved after another closed-door meeting with Tinubu at the Presidential Villa.
At the time, he described the agreement as final and urged supporters on both sides to embrace peace.
“Yes, just like humans, you have a disagreement, and then you also have time to settle your disagreement.
“And that has been finally concluded today, and we have come to report to Mr. President that is what we have agreed. So for me, everything is over,” Wike had stated.
Fubara also welcomed the truce, describing it as a turning point for the state and pledging to preserve the unity achieved during the meeting.
“For me, it’s a day we have to thank Almighty God. For me, it’s very important that this day has come to be.
“What we need for the progress of Rivers State is peace, and by the special grace of God, this night, with the help of Mr. President and the agreement of the leaders of the state, our leader, peace has returned to Rivers State,” he said.
However, Wike on Wednesday hinted that the governor had failed to honour aspects of what was agreed before the president.
“After agreeing on something, you renege. And you think you are a smart politician? You are clever by half.
“Very soon, we will let Rivers people know what we agreed before Mr President. This agreement was not done anywhere; before Mr President. If you can renege on what we agreed before Mr President, then who are we?” he asked.
The minister also issued a renewed political warning, insisting that his supporters were prepared to challenge Fubara’s leadership.
“We are battle-ready. We were the original ‘mandate’ people. Don’t deal with people who cannot keep to agreements. And they tell you it’s politics, that politics will not work here again.
“If they like, let them keep all the money, whether they have N600 billion or not. We have defeated people with money before. We will still defeat people with money. What matters is the people, it’s not money,” he said.
President Bola Tinubu’s approval of the cancellation of a substantial portion of the debts owed by the Nigerian National Petroleum Company Limited (NNPCL)to the Federation Account has raised a lot of unanswered questions.
The approval led to the wiping off of approximately $1.42 billion and N5.57 trillion after a reconciliation of records.
The decision has been questioned by public sector analysts and pressure groups.
Part of the questions raised is the President’s powers for such cancellation, since NNPCL money belongs to the three tiers of government, not just the Federal Government.
A document prepared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and presented at the November meeting of the Federation Account Allocation Committee confirmed the development.
In a section of the document titled, “Recovery from NNPC Ltd Outstanding Obligations,” the commission said the debts earlier reported at the October 2025 FAAC meeting stood at “$1,480,610,652.58 and N6,332,884,316,237.13 for PSC, DSDP, RA & MCA Liftings and JV & PSC Royalty Receivables respectively.”
It disclosed that the Presidency approved that most of those balances be removed from the federation’s books.
The document stated, “However, the commission recently received a Presidential Approval to nil off the outstanding obligations of NNPC Ltd as at 31st December 2024, as submitted by the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation.”
Reacting to the development, the Lead Director of the Centre for Social Justice, Eze Onyekpere, questioned Tinubu’s constitutional powers for such an action, as the money belongs to the federation, not just the Federal Government.
He said: “The president has no such statutory or constitutional right or duty to write off any debt of a government corporation. If he purported to do so, it is an unconstitutional exercise of power. In fact, the president is obliged to recover all sums due to the treasury through GOEs.
“This money belongs to the three tiers of government that share from the federation account. Unless the three tiers agree, the presidential waiver is an exercise in futility,” he added.
Expressing similar concerns, a public policy analyst and a development economist, Celestine Okeke, noted that the governors might not raise questions regarding the debt write-off since most of them are moving to the president’s party.
“With this development, do you think any governor would have the audacity to take him to court now that everyone of them is even carpet-crossing to the APC?,” he reasoned.
The Executive Director of African Centre for Leadership, Strategy and Development, Monday Osasah, told The ICIR that “The president may have acted based on the information available to him, which most of us are not privy to.”
He, however, called for transparency in the process, stressing the importance of Nigerians being carried along in such critical decisions, since it’s money owed by the federation.
An analysis of the cancelled debts shows that the presidential directive wiped out about 96 per cent of the dollar-denominated debt and about 88 per cent of the naira-denominated obligations previously reported as outstanding.
The document indicates that the approval followed the recommendations of the Stakeholder Alignment Committee on the Reconciliation of Indebtedness between NNPC Ltd and the Federation, which reviewed the company’s royalty and lifted related liabilities up to December 31, 2024.
Despite the cancellation of the legacy balances, fresh debts built up in 2025 remain.
In a separate section titled “NNPC Ltd Outstanding Obligations,” the regulator disclosed that statutory obligations arising between January and October 2025 still stood at “$56,808,752.32 and N1,021,550,672,578.87 for PSC & MCA Liftings and JV Royalty Receivables respectively.”
The commission added that part of the dollar component was recovered in the month under review, stating: “However, the commission received $55,003,997.00 in the month under review from the outstanding, leaving a balance of $1,804,755.32 and N1,021,550,672,578.87. The amount of $55,003,997.00 received is part of the total collection reported above for sharing by the Federation this month.”
The NUPRC confirmed that it had already implemented the directive in the Federation Account, noting that “the Commission has passed the appropriate accounting entries as approved.”
The approval effectively resolves long-running disputes over NNPC’s legacy indebtedness to the Federation, while current liabilities from ongoing operations continue to be tracked for future recovery.
The debt cancellation comes at a time when the commission is struggling to meet its revenue projections for the year.
The Senate had on December 15, demanded answers and expressed doubts over 2026 budget projections after the Federal Government admitted that it realised just N10 trillion out of the N40 trillion revenue targeted for the 2025 fiscal year.
This development led to the Senate asking questions about persistent borrowing, overlapping budgets and weak capital project execution.
Data from the NUPRC document showed that against a 2025 approved monthly revenue target of N1.204 trillion, the commission recorded N660.04 billion as actual collection for November 2025, leaving a shortfall of N544.76 billion for the month.
Royalty payments on oil and gas, which account for the bulk of upstream revenues, fell sharply below target. The approved monthly royalty projection was N1.144 trillion, compared to N605.26 billion actually collected in November, indicating a deficit of N538.92 billion.
Cumulatively, as of November 30, 2025, the NUPRC’s total approved revenue stood at N13.25 trillion, while actual cumulative collections were N7.60 trillion, representing a revenue gap of N5.65 trillion. For royalties alone, cumulative approved collections stood at N12.59 trillion against N6.96 trillion actually received, leaving a shortfall of N5.63 trillion.
The document further showed a drop in revenue collections compared to the previous month. While N873.10 billion was collected in October 2025, the figure declined to N660.04 billion in November.
PRESIDENT Bola Tinubu’s insistence on the implementation of the new tax laws on January 1, 2026, has been generating criticisms from opposition parties, several pressure groups, and other Nigerians amid concerns of unresolved controversies trailing the laws.
In a statement he personally signed on Tuesday, December 30, Tinubu insisted that the laws were not designed to raise taxes, but rather to support a structural reset, drive harmonisation, and protect dignity while strengthening the social contract.
“The new tax laws, including those that took effect on June 26, 2025, and the remaining acts scheduled to commence on January 1, 2026, will continue as planned,” the president said.
“These reforms are a once-in-a-generation opportunity to build a fair, competitive, and robust fiscal foundation for our country.”
He called for support from all Nigerians as the laws would take effect in a few days.
He further said that his administration was aware of the public discourse surrounding alleged changes to some provisions of the recently enacted tax laws.
“No substantial issue has been established that warrants a disruption of the reform process. Absolute trust is built over time through making the right decisions, not through premature, reactive measures,” he stated.
Notably, controversies have continued to trail the new tax laws after a member of the House of Representatives, Abdussamad Dasuki, raised concerns about what he described as discrepancies between what was passed by the National Assembly and the versions subsequently gazetted and made available to the public.
Dasuki argued that his legislative rights had been breached because the content of the gazetted tax laws did not reflect what lawmakers debated and approved on the floor of the House.
His comment led to calls for the suspension of the laws.
Opposition leaders like Peter Obi, Atiku Abubakar, and pressure groups like the Nigeria Bar Association (NBA) have criticised the alleged alteration, asking the Federal Government to halt the implementation of the laws.
A tax expert and Public Sector Analyst, Emeka Okoroeze, believes that the issue that stirred the controversy in the tax law has not been sufficiently addressed by the National Assembly and the Federal Government.
“I believe the right thing should have been to suspend implementation, investigate the unlawful insertion and prosecute the perpetrators. Then reconcile the different versions to get a clean copy that will be regazetted. This way, the legitimacy and integrity of the Act will be restored as well as the people’s confidence,” Okoroeze stated.
In a similar submission, the Lead Director for the Centre for Social Justice, Eze Onyekpere, told The ICIR that the tax law was becoming a fiscal governance architecture based on forgery.
‘Evidently, we have a supine and rubber-stamp legislature that cannot stand up to assert its constitutional mandate of law-making in the face of a rampaging executive.
“Prima facie, the enactment passed by the legislature is different from what is in the public domain as law. The simplest way of showing that there was an alteration or that the documents are the same is to upload the NASS harmonised copy to the website of NASS. No committee or panel is needed. Literate Nigerians can compare and contrast the two documents,” he added.
He further stressed that no citizen was under an obligation to obey a purported law that was not the product of due process. “Nigerians have a right to resist forgery,” he said.
Tinubu signed the four tax reform bills into law in June, marking what the government described as the most significant overhaul of the country’s tax system in decades.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
The tax reform bills faced initial stiff opposition from lawmakers and key figures before their passage.
