General News
GMB Moves to Scrap Pension for Ex-Governors

General Muhammadu Buhari, president-elect, is to lead a campaign to repeal the pension laws for governors enacted by many states of the federation in line with his campaign promise to tackle pension, gratuity fraud.
Buhari is of the opinion that there was no way Nigeria could survive under the financial weight of the pensions that had been earmarked for governors.
Vanguard reported that the president-elect described the pension laws as enacted by states controlled by APC and PDP governors as scandalous.
The proposal by the incoming president is based on what sources close to him affirm as the incongruity of the laws under the country’s socio-economic environment and also, as a way of demonstrating moral leadership from the top.
Majority of the nation’s 36 state Houses of Assembly have enacted generous pension entitlements for governors that in many cases provide 100 per cent pay for the incumbent governors buildings, generous medical allowances for them and their family members and annual holiday provisions, all of which are to last for life. Provisions in the pension allowances are also made for staff, security and vehicles that are renewable every three or four years.
Vanguard said that Buhari’s inclination towards a review of the pension for former governors was first publicly declared few days to the presidential election at the All Progressives Congress (APC) retreat in Owerri, Imo State.
According to the source, “he was very blunt about it and said that it was something that was going to be done immediately, especially because it is not something that can be sustained.
“The feeling was that not only was it wrong and morally unconscionable, but that it was not something that should be encouraged, and he was appealing to them that it should be changed.”
However, the response of the governors, who were present at the retreat, was not immediately given.
Many states of the federation had steadily been passing the law since return to civil rule. States like Lagos, Edo, Gombe, Oyo, and Rivers have passed the law, through which several former governors are already drawing applicable benefits, which in some cases are 100 per cent of what the incumbent is earning, while in others, some benefits in the pension laws are as high as 300 per cent of what obtains in some states.
100% of basic salary in Lagos
The Lagos State Governor and Deputy Governor Pensions Law of 2007 provides that “a former governor and family (spouse and children both married and unmarried) are entitled to free medical treatment which is not capped. Another highlight is that the ex-governor is entitled to a cook, steward, gardener and other domestic staff who are pensionable.
The benefits:
Annual Basic Salary: 100% of annual basic salaries of the incumbent governor and deputy.
Accommodation: One residential house in Lagos and another in FCT for the former governor; one residential house in Lagos for the deputy.
Transport: Three cars, two backup cars and one pilot car for the ex-governor every three years; two cars, two backup cars and one pilot car for the deputy governor every three years.
Furniture: 300 per cent of annual basic salary every two years.
House maintenance: 10 per cent of annual basic salary.
Domestic staff: Cook, steward, gardener and other domestic staff (no limit) who shall be pensionable.
Medical: Free medical treatment for ex-governor and deputy and members of their families (not just spouses).
Security: Two DSS operatives, one female officer, eight policemen (four each for house and personal security) for the ex-governor; one SSS operative and two policemen (one each for house and personal security) for the deputy. PA: 25% of annual basic salary.
Car maintenance: 30% of annual basic salary.
Entertainment: 10% of annual basic salary.
Utility: 20% of annual basic salary.
Drivers: Pensionable (no limit to number of drivers).
Severance gratuity: Not specified.
100% of basic salary in Kwara
The law stipulated that qualified former governors and their deputies be paid pension for life, without other perks like accommodation, cars, etc.
The law was reviewed in 2010 by Bukola Saraki, a former governor of the state and a serving senator, who with the support of the state House of Assembly imposed outrageous raises on all the benefits.
The 2010 law gives a former governor two cars and a security car, replaceable every three years. The governor is also entitled to a “well-furnished 5-bedroom duplex,” furniture allowance of 300 per cent of his salary (which totals over N6 million).
The law also gives the governor five personal staff paid for by the state, eight policemen, three DSS operatives (of which one must be a female), free medicals for the governor and the deputy.
Other entitlements are 30 per cent of salary for car maintenance, 20 per cent for utility, 10 per cent for entertainment, 10 per cent for house maintenance.
100% of basic salary in Rivers
The Rivers pension law was first approved in 2003 by former governor, Peter Odili, having been passed by a state assembly headed by the present governor, Chibuike Amaechi as speaker.
The 2003 pension law provides pension for life for governors and deputies, defining “pension” as embodying annual terminal basic salary, annual transport allowance, annual rent subsidy, annual utility allowance, entertainment allowance, domestic staff of not more than four.
Like Lagos, the new law gives the former governor a house in Rivers State and anywhere in Nigeria. The former governor is also entitled to pension for life at the rate of the governor’s basic salary, 300 per cent of salary for furniture paid every four years, three cars every four years, free medical and 10 per cent for house maintenance.
The law gives the former governor a security detail comprising two DSS operatives, four police officers, 30 per cent for car maintenance, 10 per cent entertainment, 20 per cent utility and several domestic staff.
100% of basic salary in Edo
The Edo State House of Assembly on May 16, 2007 passed a law entitled ‘Provision for the Pension of Rights of the Governor and Deputy Governor of the state.’
This law was passed few weeks before Governor Lucky Igbinedion left office as Governor of Edo State.
It provides for 100 per cent pension for the governor at a rate similar to the salary of the incumbent office holder and for domestic staff among others for the former governor.
300% of annual salary in Oyo
The Oyo State Pension Law 2004 provides that the Governor and Deputy Governor after leaving office shall be entitled to Pension for life at a rate equivalent to the annual salary of the incumbent Governor or Deputy Governor. Furniture Allowance of 300 per cent of the annual basic salary, Leave Allowance of 10 per cent of annual basic salary and severance allowance of 300 per cent of the annual basic salary.
General News
CBN Projects Petrol to Hover around N905/Litre this Year

Central Bank of Nigeria (CBN) has projected that the pump price of petrol would hover around N950 per litre in the year 2026.

The CBN stated this in its 2026 Macroeconomic Outlook for Nigeria.
In its outlook for the domestic economy, the bank made what it called baseline projections predicated on assumptions like crude oil price at an average of $60 per barrel in the fourth quarter of 2025 and $55 per barrel in 2026 and the Nigerian Foreign Exchange Market exchange rate at an average of N1,451.63/$ in Q4 2025 and N1,400/$ in 2026 (supported by a more efficient foreign exchange market, higher capital inflows, a current account surplus, and a broad-based improvement in economic activity).
The CBN stated that domestic crude oil production is assumed to be at about 1.5 million barrels per day throughout the forecast period, as premium motor spirit is expected to sell around N950, an amount higher than the current pump prices.
“The baseline projections are predicated on the following assumptions: crude oil price at an average of $60/barrel in Q4 2025 and $55/barrel in 2026 (consistent with the US EIA’s outlook that rising global crude oil inventories and supply glut would moderate prices); NFEM exchange rate at an average of N1,451.63/$ in Q4 2025 and N1,400/$ in 2026 (supported by a more efficient FX market, higher capital inflows, a current account surplus, and a broad-based improvement in economic activity).
“Furthermore, domestic crude oil production is assumed at about 1.5 mbpd (excluding condensates) throughout the forecast period. PMS price is expected to hover around N950 per litre in 2026. Government expenditure is projected to follow the 2025-2027 MTEF/FSP path, reflecting an expansionary fiscal stance aimed at supporting the $1tn economy initiative. MPR and CRR are assumed at 27.00 and 45.00 per cent, respectively. The baseline projections were generally supported by the assumption of continued improvement in business optimism and stronger investor sentiment,” the CBN said.
General News
FG to Empower Artisans for Global Value

The Federal Government has reaffirmed its commitment to grassroots artisans to upgrade local skills to meet both national and international benchmarks and compete in the global markets.

Speaking recently during the Skill-Up Artisans (SUPA) zonal rally, Dr Afiz Ogun, director-general of the Industrial Training Fund (ITF), stated that the initiative is designed to professionalise the sector.
The rally was designed to raise awareness of the programme throughout the North-West region.
The rally saw a diverse turnout of professionals, including those in construction and engineering such as welders, fabricators, plumbers, and carpenters.
Those in the technical service comprised of electrical installers and automobile mechanics, while those in the creative and digital space were fashion designers and ICT technicians.
Represented by Muhammad Aminu, the former zonal director of the ITF, Ogun explained that the SUPA scheme seeks to convert traditional craftsmanship into sustainable livelihoods.
He emphasised that the goal is to transform artisans from job seekers into employers of labour.
“We are calling on artisans across the North-West to embrace the SUPA programme,” Ogun remarked. “This is an opportunity to enhance productivity, increase earnings, and ensure our workforce can compete on a global stage”.
According to the DG, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on restoring dignity to manual and technical work.
He noted that a competent artisan class forms the essential foundation of a productive economy.
He further called upon traditional rulers, community leaders, and trade associations to assist the ITF in disseminating information about the programme to ensure high participation rates.
“We are here to engage the technicians, the tradespeople, and the young talents who serve as the backbone of our economy,” he added.
Nancy Ekong, director of the Technical Vocational Skills Training Department, highlighted the programme’s recent successes. She revealed that over 30,000 artisans were trained and upgraded during the initial SUPA cycle in 2025.
The ITF remains optimistic that the continued expansion of SUPA will bridge the existing skills gap in Nigeria’s industrial sector.
General News
Bill Gates Pays Ex-Wife $8Bn Charity Payout in Divorce Settlement

American billionaire businessman Bill Gates, has paid $8 billion to his ex-wife, Melinda French Gates’ charity, five years after their split over his affairs with other women.

Bill Gates and Melinda French Gates
Gates made the $7.88 billion donation to Melinda French Gates’ Pivotal Philanthropies Foundation in 2024, The New York Times revealed.
The sum, one of the largest public donations ever recorded, was revealed in a new tax filing, which shows the first specific financial terms of the couple’s high-profile split in 2021.
Melinda resigned from The Bill and Melinda Gates Foundation in May 2024. Despite leaving the charity, she suggested her ex donate $12.5 billion to a new charitable foundation she intended to create.
A representative for Pivotal told the Times the $12.5 billion agreement has been fulfilled, and the nearly $8 billion donation was part of that agreement.
Melinda set up her Pivotal Philanthropies Foundation in 2022, the year after the divorce. At the end of 2023, it had $604 million on hand.
The billionaire pair split after 27 years together in 2021, embarking on what is considered the most expensive divorce settlement in the world. Melinda later received approximately $76 billion in assets.
Months later, details of Gates’ affair with a Microsoft employee were exposed.
The woman penned a letter to the company’s board in 2019, divulging details about the fling which began in 2000 and demanded that his wife, Melinda “read it”.
Microsoft’s board investigated the women’s claims and deemed the relationship “inappropriate”, the Wall Street Journal reported at the time.
Gates suddenly quit the board in March 2020 while the investigation was still in progress – and before the board could make a formal decision on the matter.
Two further bombshell reports were then revealed, alleging Gates had routinely hit on staffers at Microsoft and at the philanthropic foundation he founded alongside his wife.
A separate shocking report claimed that Gates had sought marriage advice from Jeffrey Epstein, with whom he reportedly shared a “close” relationship, having first met the convicted sex offender in 2011.
Gates’ and Epstein’s friendship first came to light in 2019, months after Epstein killed himself in his Manhattan jail cell while awaiting trial on charges of child sex trafficking.
The two men reportedly spent time together on multiple occasions, flying on Epstein’s private jet – dubbed the “Lolita Express” – and attending late-night gatherings at his Manhattan home.
E-Financial2 days ago19 Nigerian Banks Meet CBN Recapitalization Targets Ahead of March Deadline
E-Financial3 days agoBVN Enrollment Up 6.87 Percent to 67.84m in 2025 – NIBSS
General News3 days agoPawnith Appoints Martina Ogbebor as Managing Director to Lead Strategic Launch into Nigeria’s Fintech Ecosystem
E-Business3 days agoStudy Reveals Majority of IT Professionals Show Openness to Cyber Immunity
E-Financial2 days agoKPMG Identifies ‘Flaws, Inconsistencies, and Omission’ in New Tax Law
News3 days agoOpenAI Launches ChatGPT Health
Telecom3 days agoNCC, CBN Unveil Refund Framework for Failed Airtime, Data Transactions
News3 days agoTrump Threatens More Strikes in Nigeria


















