President Muhammadu Buhari has asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.
In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget will be financed with new domestic borrowing.
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He noted that if the supplementary budget is approved, it will take a total deficit in 2022 to N8.17 trillion.
Mr Buhari explained that the country decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that are at 85% completion.
“The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country,” the letter reads.
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Adding that “The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”
The letter was referred to the House Committee on Appropriation for further legislative action.
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In another letter, President Buhari also informed the lawmakers that the government will take another N1 trillion loan from the CBN through ways and means.
He said the additional N1 trillion will take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.
The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.
Oseloka Obi, son of the 2023 Labour Party presidential candidate Peter Obi, has responded to viral allegations linking him to homosexuality after photographs of him with London-based British-Nigerian Kent Okwesa, circulated online this week.
The pictures, which emerged on Wednesday, showed Oseloka and Okwesa sitting closely at a restaurant in the United Kingdom, sparking a wave of online speculation and gossip.
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In a detailed statement, Oseloka dismissed the rumours as malicious falsehoods driven by his father’s involvement in Nigerian politics.
He noted that while he rarely responds to such narratives, the persistence of gossip and unfounded claims made it necessary to address the matter.
“Because of my father’s involvement in Nigerian politics, there has been a persistent curiosity and, at times, malicious obsession with me.
“I have no social media presence and no interest in maintaining one, so I rarely correct these falsehoods. But perhaps it is time I address them,” he wrote.
Oseloka stressed that the photos of him in circulation were being misrepresented, insisting they were ordinary snapshots with friends and colleagues.
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“The truth is simple: Peter Obi’s son appears in photos with his friends and colleagues, nothing more. If people wish to invent otherwise, I hope they sleep soundly knowing they are spreading lies,”he added.
He further emphasised that neither he nor his father is perfect, but attested to his father’s integrity and commitment to Nigeria’s future.
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“My father has my vote, not because he is my father, but because he is the right man for the job. If others wish to go low, invent scandals, or attack me to wound him, they are free to do so. But we will go high, and we will continue to focus on the future of Nigeria.”
Concluding, Oseloka urged Nigerians to redirect their attention from idle gossip to the pressing socio-economic challenges facing the country.
The National Pension Commission (PenCom) has barred seven Primary Mortgage Banks (PMBs) from processing applications under the pension-backed equity contribution scheme for residential mortgages, citing their non-compliance with housing loan guidelines.
In a letter published on PenCom’s website, addressed to Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), the organisation instructed them to immediately stop accepting or processing equity contribution applications submitted through the affected institutions.
“Following the cited letter, the commission instructs that PFAs, including Closed Pension Fund Administrators and Pension Fund Custodians, immediately stop accepting or processing equity contribution applications submitted by the following Primary Mortgage Banks… Please be guided,” the circular read in part.
Explaining the decision, PenCom’s spokesman, Ibrahim Buwai, told The PUNCH that the sanction was imposed because the affected institutions failed to generate the mortgages for which funds had been approved.
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“The whole purpose of giving access to RSA holders is to enable them to own houses through mortgages,” he said. “It was discovered that some of the primary mortgage institutions were not generating mortgages. If that is the case, it means they are not complying with the regulations. That is the reason for their blacklisting.”
PenCom introduced the equity contribution for residential mortgages in September 2022, allowing Retirement Savings Account (RSA) holders to withdraw up to 25 per cent of their balances to fund equity contributions for home ownership.
According to the commission, 24,582 RSA holders had accessed the scheme as of the first quarter of 2025, with disbursements totalling ₦149.84bn.
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RSA holders who submitted applications through the barred mortgage banks are now advised to reapply with other eligible PMBs. Those who have made upfront payments were urged to contact the affected institutions for the next line of action.
Yoruba Nation agitator, Chief Sunday Adeyemo, popularly known as Sunday Igboho, has opened up again on the July 1, 2021 midnight invasion of his Ibadan residence by security operatives, including the Department of State Services (DSS).
Speaking during a visit to the Olowo of Owo, Oba Ajibade Gbadegesin Ogunoye III, at his palace in Ondo State, Igboho alleged that the attack was carried out with the intent to take his life.
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“When my house was invaded, they wanted to kill me but failed. Some said my intestines were shattered, others said my leg was broken, but there was nothing of such. They fired guns at me very well, but the prayers of you my fathers on me were answered.”
According to him, the DSS operatives forcefully gained entrance into his residence and pointed a gun at his Personal Assistant so he could lead them to his room.
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Death of cat after friend’s betrayal
While recalling the invasion, Igboho said one of his trusted friends betrayed him by leaking sensitive information about his cat to the operatives.
He disclosed that the so-called ‘trusted’ friend had told the agents not to let the cat escape, which led to the security operatives killing the animal.
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“When I opened the door of my room for them, they saw my cat on the bed. One of my friends that I entrusted with secret had told them not to let the cat go. So they killed the cat and wrapped it with clothes like a corpse. They destroyed everywhere in the house and killed one of my brothers alongside one other person and they left,”he narrated.
Appeal to the Olowo
Speaking at the palace of the Olowo, Igboho said his absence from the country had lasted about five years and that he was eager to return to contribute to tackling insecurity in the South-West.
“But why I came to meet you Kabiesi is that till when will I be doing that. Nigeria is my motherland. This is about five years since I’ve been chased from here. Tinubu is your son, you can convince him to free me. If not for the wanted tag on me, I would have come to Nigeria to face the insecurity facing the South-West region. I would have entered the bush and faced them,” Igboho pleaded with the monarch.
Monarch’s response
In his response, Oba Ogunoye described Igboho as a beacon of hope for his generation and future ones, urging him not to be discouraged by the challenges he has faced.
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The monarch enjoined Igboho and his supporters to remain law-abiding amid ongoing challenges.
He assured him of continued support and called for peace and cooperation across South-West communities, noting that no region can achieve sustainable development without security.
(TRIBUNE)