It is Wednesday, April 1, 2026. Nigeria’s news cycle this morning is dominated by a massive budget approval in the National Assembly, escalating security concerns in the Middle Belt, and significant shifts in the political landscape as the 2027 election cycle begins to simmer.
Here are the top headlines:
Politics & Governance
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National Assembly Passes ₦68.3 Trillion 2026 Budget: In a major move on Tuesday, both chambers of the National Assembly approved the 2026 Appropriation Bill, raising it to ₦68.3 trillion—a 17% increase from the initial proposal. The budget prioritizes capital projects (₦32.3tn) but has drawn criticism for its heavy reliance on debt.
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Fresh $6 Billion Loan Approval: The Senate has hurriedly approved President Bola Tinubu’s request for an additional $6 billion in external borrowing. This is expected to push Nigeria’s total debt stock to approximately ₦155.1 trillion.
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Ministerial Resignations: Ahead of new election directives, three of President Tinubu’s ministers have reportedly resigned. Meanwhile, aides to Power Minister Adebayo Adelabu have dismissed rumors of his resignation, insisting he remains in office.
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Bauchi Governor Eyes ADC: Governor Bala Mohammed of Bauchi State has signaled intentions to defect to the African Democratic Party (ADC), citing it as a viable alternative to the APC for the 2027 elections.
Security & National Updates
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Bloadshed in Plateau and Kaduna: Gunmen attacked the Angwan Rukuba district in Jos, Plateau State, and Kahir village in Kaduna State, resulting in multiple deaths and the abduction of wedding guests. President Tinubu has strongly condemned the “barbaric” acts and ordered security agencies to bring the perpetrators to justice.
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Jos Curfew & UNIJOS Exams: A 48-hour curfew remains in effect in Jos North LGA following the Sunday attacks. Consequently, the University of Jos (UNIJOS) has postponed all examinations scheduled for this week.
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El-Rufai Returned to ICPC Custody: Former Kaduna Governor Nasir El-Rufai has returned to the custody of the ICPC to face re-arraignment after being briefly released to attend his mother’s funeral.
Economy & Business
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Naira Volatility: The Naira saw further depreciation yesterday, trading at ₦1,420/$ in the parallel market and ₦1,387/$ in the official Nigerian Foreign Exchange Market (NFEM).
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Oil Exploration Slump: Data from the NUPRC shows a sharp 45% drop in oil exploration activities for February 2026, with the active rig count falling from 40 to 22.
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Tax Deadline Extension: The Lagos State Government has extended the deadline for filing individual annual income tax returns from April 1 to April 14, 2026, following technical glitches and public outcry.
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Record Gains for NGX: Despite broader economic woes, the Nigerian Exchange (NGX) ended Q1 2026 with a staggering ₦29.83 trillion gain for equity investors.
