1. House of Representatives Passes ₦58.47 Trillion 2026 Budget for Second Reading
The House of Representatives on January 29 approved President Bola Tinubu’s 2026 Appropriation Bill for second reading, with the budget size put at ₦58.47 trillion, though some official documents list ₦58.18 trillion. The proposal, tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” was presented to the National Assembly on December 19, 2025.
Following the approval, lawmakers adjourned plenary for two weeks to allow ministries, departments, and agencies to appear before relevant committees to defend their budgetary allocations. The process marks the next stage in the legislative review of the 2026 fiscal plan.
2. VP Shettima Says Tinubu’s Reforms Are Restoring Global Confidence in Nigeria
Vice President Kashim Shettima has said that economic reforms introduced by the Tinubu administration are helping to rebuild Nigeria’s credibility with the international community. He made the remarks at the inaugural convocation of the Professionals’ Certification Programme held in Abuja.
Shettima, who was represented by the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, linked the programme to the Renewed Hope Agenda. He highlighted the role of procurement professionals in promoting transparency and efficiency in public sector governance.
3. FG Plans to End Importation of Defence Equipment Within 2–5 Years
The Federal Government has announced plans to stop importing defence equipment within the next two to five years by expanding local production capacity. The initiative is being driven through partnerships involving the Defence Industries Corporation of Nigeria and private sector manufacturers.
Minister of State for Defence Bello Matawalle disclosed the plan during the unveiling of the locally produced Daikon X-Shield Light Tactical Armoured Vehicle. He said the vehicle is designed for combat operations and will support ongoing counter-terrorism and anti-banditry efforts.
4. Protests Erupt Over Demolitions in Lagos’ Makoko Community
Tension broke out in Lagos after parts of the Makoko waterfront community were demolished, prompting protests by residents and civil society groups. Demonstrators accused authorities of carrying out the demolitions without providing adequate relocation plans for affected families.
Clashes were reported between protesters and police officers deployed to the area. Advocacy groups, including Enough is Enough Nigeria, also raised concerns over the handling of the situation by security agencies.
5. Naira Strengthens Further, Trades Around ₦1,396–₦1,397 to the Dollar
The naira recorded further gains at the official Nigerian Foreign Exchange Market on January 29, trading around ₦1,396.99 to the US dollar during the session. The currency opened close to ₦1,395, improving slightly from previous trading levels.
At the parallel market, exchange rates remained higher, ranging between ₦1,450 and ₦1,460 to the dollar. Market activity was supported by increased foreign inflows and growing external reserves.
6. UK Reaffirms Support for Nigeria’s Peace and Security Efforts
The United Kingdom has reiterated its support for Nigeria’s efforts to address insecurity, following bilateral engagements between officials of both countries. The discussions form part of the broader strategic partnership established in 2024.
Areas of cooperation highlighted include security, trade, and development, against the backdrop of ongoing regional security challenges. British officials said collaboration would continue through joint initiatives and diplomatic engagement.
7. Police Service Commission Approves Promotions for Senior Officers
The Police Service Commission has approved the promotion of one Deputy Inspector-General, two Assistant Inspectors-General, and more than 26,000 inspectors across the Nigeria Police Force. The decisions were taken during the Commission’s third plenary meeting held on January 29.
According to the PSC, the promotions followed examinations and interviews conducted for eligible officers. Those elevated include Funsho Adegboye, who was promoted to the rank of Deputy Inspector-General.
