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PwC at Workshop Identifies Journalists’ Key Roles in Sectorial Reportage

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PwC at Workshop Identifies Journalists’ Key Roles in Sectorial Reportage  By peter ugwu   The PricewaterhouseCoopers (PwC) network, in recognition of the place of the media, generally and, journalism in particular, in entrenching good governance, sustenance of democracy, and ensuring a conducive climate for investment and economic development, organized a Capability Enhancement Workshop for Journalists in Lagos, last weekend.  Uyi Akpata, country senior partner, Nigeria and Regional Senior partner for PwC W
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The PricewaterhouseCoopers (PwC) network, in recognition of the place of the media, generally and, journalism in particular, in entrenching good governance, sustenance of democracy, and ensuring a conducive climate for investment and economic development, organized a Capability Enhancement Workshop for Journalists in Lagos, last weekend.

Uyi Akpata, country senior partner, Nigeria and Regional Senior partner for PwC West Market Area, said the initiative was in recognition of this indispensable role of the media especially in the areas of finance and business reporting.

The workshop, in its second year, was developed to help financial journalists improve the contribution they make in terms of their reporting and to ensure an in-depth analysis of the subject, he said.

The workshop had a rich outline of topics including Understanding & Reporting the Budget; Economy and Monetary Policy; the Oil & Gas Value Chain and Impact on Crude oil & gas pricing; Governance & Corporate Reporting; ICT as a major advancement tool in Nigerian Media Practice. Business reporting is particularly challenging for journalists because it is an extremely diverse area involving a complex and technical range of issues covering policy, tax, economics, finance, governance as well as financial reporting.

According to Akpata, “We recognise that it takes extreme care and skill to get a business story right, and convey it to the public in a manner that is factually accurate, yet comprehensible and easy to understand. We are therefore partnering with the media to demonstrate our commitment to high-quality journalism in Nigeria”.

Key Take Away from the Workshop

Understanding and Reporting the Budget

According to Taiwo Oyedele, partner, head of Tax & Regulatory Services, PwC, aligned with the school of thought that budget is the second most important document of a country next only to the Constitution.

He defined a budget as “simply a plan of revenue and expenditure over a specified period of time. It provides the framework on which the government’s key policy agenda is built and implemented. Given the federal system of government in Nigeria, detail allocation of revenue and resources across the different tiers of government as well as government departments, ministries and agencies is part of the budgeting process”.

He therefore, said that the budget is an important tool for identifying sources of revenue, allocate the scarce resources in an efficient manner, and ensure effective implementation of the strategic goals that should improve the welfare of the people. “In terms of transparency and accountability, the budget provides a framework to measure the performances of political office holders and for stakeholders and the public in general to demand accountability for the resources of the country. Legal bases and reality check Based on the law, the Constitution requires that there must be a budget.

“Section 81(1) provides that the President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial year.

“In section 81(2), the heads of expenditure contained in the estimates (other than expenditure charged upon the Consolidated Revenue Fund of the Federation by this Constitution) shall be included in a bill, to be known as an Appropriation Bill (that is, Budget), providing for the issue from the Consolidated Revenue Fund of the sums necessary to meet that expenditure and the appropriation of those sums for the purposes specified therein. The Fiscal Responsibility Act also requires a cash plan and schedule of disbursement within 30 days of enactment of Appropriation Act.

“In addition, quarterly reports are to be prepared within 30 days of the end of each quarter.

“Unfortunately in reality, the budget is usually presented late by the Executive with further delays in debate between the executive and legislature on less important issues bordering on benchmark oil price rather than revenue generation. Also, very little information is provided regarding actual implementation.

“Salient Questions and Food for thought. Certain questions must be addressed for change to happen rather than sustaining the status quo.

“These include: 1. why do we start our budget from a zero base every year? What happens to the unspent amounts from previous years due to budget under-performance?

“3 2. Why do we not subject actual implementation to value for money audit? The question is whether what “it is” is as good as “what could have been”. 3. Should Nigeria continue to depend on crude oil to drive our budget? How do we diversify our source of revenue? 4. How do we ensure that the budget is prepared and approved timely and actually serves its purpose and not just a “tick-the-box” exercise.

Concluding Thoughts

When analysing the budget, journalists must be able to read between the lines. It is often what has not been said that is more important that what was actually said; Learn to connect the dots from one period to another and also with respect to different components even within the same budget. For instance, it will be useful to relate Debt to GDP ratio versus debt service to total revenue; budget deficit and capital expenditure; subsidy and oil benchmark etc and The media needs to track performance and report over the entire period not just during the budgeting process; Tell a story, give statistics, and a balanced perspective.

Also, ensure accuracy of information, do research, speak to experts; Ask the right questions even if they are difficult  and Be creative, give substance -don’t just collate information We hope there will be a positive change in our approach to Budgeting as a nation with significant improvement in level of implementation and ultimately transparency and accountability.

ICT: A Major Advancement Tool in Nigerian Media Practice

Mr. Joseph Iruafemi, business/lead strategist, Web-Fair Solutions and co-director, Founders Institute, urged media practitioners to embrace modern technologies to enhance their performances.

Iruafemi said that with software, virtual newsrooms are possible; where news-gathering and editing are done real-time through collaborative-editing tools, cloud-sources, between the reporter and the editor.

He added that with iReports, news platforms in the country have empowered the people to be part of the news gathering, although authentication of the news credibility has posed greater challenge.

On news dissemination, he said with over 90 million Nigerians having access to the internet, searching for credible news, the onus falls on the professional journalists to harness the opportunity to better their worth, while repositioning the nation in the comity of new world information order (NWIO).

“Is it possible for us to have a website that coverts words to audio, because most young people prefer to listen to audio to reading letters/words. We are in an era of software for micro-contents; where media houses partner the telecoms on additional news contents dissemination. This will help in expanding the horizons of the media and the readership will broaden,” he suggested.

He further urged the participants not to allow the social media to wrestle the pen from their hands, adding that authentication of reports and analytical reports would always endear the conventional media to the readers’ heart.


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FG Mandates Shared Funding for N1.98trn Electricity Subsidy

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Federal Government has directed state governments to begin sharing the cost of electricity subsidy alongside the Federal Government.

FG Mandates Shared Funding for N1.98trn Electricity Subsidy

It was gathered that payments for the subsidy will now be funded through the Power Assistance Consumers Fund (PCAF), a government-backed pool created to subsidise electricity bills for low-income and vulnerable consumers.

The fund is designed to replace blanket subsidies with targeted support, improve affordability amid rising tariffs and stabilise the power sector.

More than 18 states are already operating electricity regulatory agencies, while others are preparing to do so. The states include Lagos, Ondo, Osun, Ekiti, Edo, Delta, Bayelsa, Akwa Ibom, Cross River, Abia, Anambra, Imo, Kogi, Niger, Nasarawa, Plateau, Gombe and Jigawa.

The Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, disclosed this in Abuja at the opening of the 2026 Post-Budget Preparation workshop on the Government Integrated Financial Management Information System (GIFMIS).

Speaking in an address read on his behalf by the Director of Expenditure Social, Mr. Yusuf Muhammed, Yakubu said states that enjoy the political benefits of electricity subsidy must also contribute to covering the financial gap created by the policy.

“Mr. President has directed that we operationalise a clearer framework to share the cost of electricity across the federation, so the burden is not treated as an open-ended fiscal residual — I mean federal residual,” he said.

“If you want a stable power sector, we must pay for the choices we make. When tariffs are held low, a gap is created. That gap is a subsidy, and a subsidy is a bill.”

He added: “In 2026, we will stop pretending that this bill can be left to the Federal Government alone, especially where the policy choice or the political benefit is shared across tiers of government.”

According to him, the President has ordered the activation of the electricity sector’s legal framework to ensure subsidy burden-sharing is practical and transparent.

“This means subsidy costs must be explicit, tracked and funded, so they do not return as arrears, liquidity crises or hidden liabilities in the market,” Yakubu said.

“It also means that if any tier of government chooses affordability intervention, the responsibility must be clear, agreed and enforceable. This is not punishment. It is an alignment.”

He further warned MDAs to make subsidy-related costs visible in their planning.

“The implication is simple: make subsidy-related costs visible in your planning and submissions. Do not push liabilities into the market as arrears or unfunded commitments,” he said.

Yakubu also disclosed that President Bola Tinubu has directed a review of Nigeria’s Fiscal Responsibility Framework to make fiscal rules more dynamic and enforceable.

“Fiscal rules are not a slogan; they are the guardrails of government,” he said.

“Without guardrails, spending becomes impulsive, debt becomes casual, and the budget becomes a statement of intent rather than a tool of delivery.”

He added that capital projects in 2026 must be delivery-ready and properly financed.

“A long list of projects is not a development strategy. It is often a map of disappointment. What citizens feel is delivery, completed roads, reliable power, functional schools and working hospitals,” Yakubu said.

Reacting to the development, the Director of Media and Communications of the Nigerian Governors’ Forum, Mr. Yunusa Abdullahi, said: “We are reviewing the context and content of the information. We will not be making further comments on it.”


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Spain Bars Under-16s from Social Media in Digital Safety Crackdown

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Spanish Prime Minister Pedro Sánchez has unveiled plans to ban children under 16 from social media platforms, mandating robust age verification systems as part of a sweeping legislative package to curb toxic online content.

Spain Bars Under-16s from Social Media in Digital Safety Crackdown

Speaking at the World Government Summit in Dubai, Sánchez declared platforms must erect “real barriers that work” beyond mere checkboxes, shielding minors from the “digital Wild West” where they navigate unprotected.

The proposal, set for approval by Spain’s Council of Ministers next week, amends a draft bill in parliament and holds social media executives legally accountable for illegal content like disinformation, hate speech and child pornography.

The measures introduce tools to track harmful material spread, while criminalising algorithm manipulation that amplifies such content for profit.

“Spreading hate must come at a legal, economic and ethical cost platforms can no longer ignore,” Sánchez emphasised, vowing governments would stop turning a blind eye.

Spain joins Europe’s hardening stance on youth online access, mirroring Denmark’s under-15 ban plans from last fall, France’s push for restrictions by September, and Portugal’s new bill requiring parental consent for under-16s.

The moves signal a continental shift to “regain control” of digital spaces amid rising concerns over youth vulnerability.


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US Set to Deport 79 Nigerians on Criminal List

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The United States Department of Homeland Security (DHS) on Monday, said that it will deport no fewer than 79 convicted Nigerians listed on its ‘worst-of-the-worst’ criminal list.

US Set to Deport 79 Nigerians on Criminal List

President Trump

According to the DHS website, 79 Nigerians were convicted of offences bordering on fraud, drug peddling, assault, manslaughter and robbery, among others.

An accompanying note showed that the convicts were arrested as part of the United States’ crackdown on criminal immigrants.

The note read, “The U.S. Department of Homeland Security is highlighting the worst of the worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement.

“Under Secretary Noem’s leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations, starting with the worst of the worst, including the illegal aliens you see here.”

The list showed that the convicted Nigerians include Boluwaji Akingunsoye, Ejike Asiegbunam, Emmanuel Mayegun Adeola, Bamidele Bolatiwa, Ifeanyi Nwaozomudoh, Aderemi Akefe, Solomon Wilfred, Chibundu Anuebunwa, Joshua Ineh, Usman Momoh, Oluwole Odunowo, Bolarinwa Salau, and Oriyomi Aloba.

Others are Oludayo Adeagbo, Olaniyi Akintuyi, Talatu Dada, Olatunde Oladinni, Jelili Qudus, Abayomi Daramola, Toluwani Adebakin, Olamide Jolayemi, Isaiah Okere, Benji Macaulay and Joseph Ogbara.

Also listed are Olusegun Martins, Kingsley Ariegwe, Olugbenga Abass, Oyewole Balogun, Adeyinka Ademokunla, Christian Ogunghide, Christopher Ojuma, Olamide Adedipe, Patrick Onogwu, Olajide Olateru-Olagbegi, and Omotayo Akinto.

Others include Kenneth Unanka, Jeremiah Ehis, Oluwafemi Orimolade, Ayibatonyе Bienzigha, Uche Diuno, Akinwale Adaramaja, Boluwatife Afolabi, Chinonso Ochie, Olayinka A. Jones, Theophilus Anwana, Aishatu Umaru, and Henry Idiagbonya.

Further names on the list are Okechukwu Okoronkwo, Daro Kosin, Sakiru Ambali, Kamaludeen Giwa, Cyril Odogwu, Ifeanyi Echigeme, Kingsley Ibhadore, Suraj Tairu, Peter Equere, Dasola Abdulraheem, Adewale Aladekoba, and Akeem Adeleke.

Also included are Bernard Ogie Oretekor, Abiemwense Obanor, Olufemi Olufisayo Olutiola, Chukwuemeka Okorie, Abimbola Esan, Elizabeth Miller, Chima Orji, Adetunji Olofinlade, Abdul Akinsanya, Elizabeth Adeshewo, Dennis Ofuoma, and Boluwaji Akingunsoye.

Others are Quazeem Adeyinka, Ifeanyi Okoro, Oluwaseun Kassim, Olumide Bankole Morakinyo, Abraham Ola Osoko, Oluchi Jennifer and Chibuzo Nwaonu.

Trump’s administration has continued to crackdown on criminal and illegal immigrants across the US with many Nigerians in the country affected by the policy.


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