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Ogun debt hits N494bn, IGR rises above N240bn

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The Ogun State Commissioner for Finance and Chief Economic Adviser to the Governor, Dapo Okubadejo, on Tuesday said the state’s debt profile currently stands at about N494bn.

Okubadejo noted that while local debt rose from N133bn in 2019 to N194bn as of December 2025, foreign debt increased from N33bn in 2019 to N300bn.

He attributed the sharp rise in foreign debt to the devaluation of the naira, explaining that a dollar, which exchanged for N330 in 2019, now trades between N1,400 and N1,500.

The commissioner also highlighted the state’s Internally Generated Revenue, which increased from around N50bn in 2020 to over N240bn in 2025, with a projected N512bn for 2026.

Speaking at the 2026 budget media briefing held at Olusegun Osoba Press Centre, Governor’s Office, Oke Mosan, Abeokuta, Okubadejo said the government had efficiently managed debt, using borrowings to finance infrastructural development.

He explained: “As of December 2025, the local debt was N194bn.

When you compare that with the N133bn in 2019, you will see that we have exhibited fiscal discipline.

“And the foreign debt is N300bn due to devaluation. What was $100m in 2019, about N33bn, is now almost N150bn, even without taking a dime.”

He added, “The most important consideration with debt is not just its quantum but whether it is within fiscal responsibility guidelines, which we have not breached.

“The debt has been used to fund infrastructure, hedge against inflation, and support development at whatever interest rate, around 20 per cent.”

Okubadejo further disclosed that the 2026 budget increased from N1.054tn in 2025 to N1.668tn, while Ogun’s economy expanded from N3.5tn in 2019 to a projected N18.96tn in 2026.

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He attributed the economic growth to deliberate efforts by the administration to ensure a conducive business environment through improved security, streamlined land acquisition, and robust infrastructure development.

The commissioner also announced that the state had cleared pension and gratuity arrears for retirees from 2012 to 2020, with annual pension payments rising from N6.7bn in 2019 to N20bn in 2025, projected to reach N40bn by 2029.

He noted that N23.3bn had been paid in gratuities covering retirees from 2012 to 2020, alongside N32.8bn in outstanding gratuities for local government retirees inherited by the administration.

“Over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending completion of their pension documentation,” Okubadejo said.

He also described the newly approved Additional Pension Benefits as the first of its kind in Nigeria, adding that amendments to the state’s pension law would formally integrate the scheme.

The Commissioner for Budget and Planning, Olaolu Olabimtan, said the 2026 budget reflected strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.

Other commissioners highlighted sectoral achievements, including extensive road construction, increased healthcare funding, rail extension plans, education support programmes, and expanded housing projects across the state.

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Muslims groan as price of ram hits roof ahead of the Eid-el-Adha celebration

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Ahead of the Eid-el-Adha celebration, prices of rams and cows have risen sharply across markets in the country.

Chairman of the Lagos State Butchers’ Association, Alhaji Ismail Babalola Afisuru, said the price of a medium-sized ram now ranges between N400,000 and N800,000, while bigger sizes sell for as much as N2.5 million.

Many Nigerians expressed fears that worsening economic hardship may prevent them from observing the traditional sacrifice of rams and cows during the festive period.

A number of factors have been blamed for the high cost of the sacrificial animal, which is an integral part of the spiritual celebration.

In several states north and south, potential ram buyers are stunned by the huge cost of the animal necessary for the festival that is coming up on Wednesday worldwide.

Our correspondents across the country report their findings from markets in various states of the federation:

Lagos State

According to Alhaji Afisuru, cows currently cost between N2 million and N4.5 million, depending on size.

“As we approach the Ileya festival, the prices of rams and cows are becoming unbearable. Many Muslims can no longer afford them,” he said.

“The minimum price for a small ram is not less than N400,000, while medium and large sizes sell for between N800,000 and N2.5 million. Cows are also sold between N2 million and N4.5 million,” he added.

Afisuru attributed the rising cost of cows to low supply, alleging that livestock dealers from the northern parts of the country are focusing more on supplying rams because of increased demand during the festive period.

“This is a seasonal business. The dealers from the North want to maximise profit by supplying more rams while reducing the supply of cows. This has largely contributed to the high cost of cows,” he said.

He appealed to the government to address insecurity in parts of Northern Nigeria to ease transportation and livestock supply.

“We are appealing to the government to ensure peace in troubled areas in the North so that traders can travel safely and purchase livestock without difficulties,” he added.

Abuja

At the popular Kugbo Ram Market in Abuja visited by Saturday Tribune, the price of big rams ranges between N450,000 to N1.2 million and the smaller ones between N300,000 and N150,000.

Some intending buyers who spoke to Saturday Tribune complained bitterly about the price of the rams which they said is above their reach.

Umar Lukman told our correspondent that he would either settle for a goat or share the price of the ram with another customer who would be willing to.

He said he came to the market with a budget to buy a N200,000 ram.

“The prices of the rams are not affordable for me this year and maybe I’ll have to settle for a goat or if I see anyone that we can pool resources together to get a ram of about N400,000. We understand the situation of things in the country but I never knew I would get a befitting ram at around N200,000 because that is what I brought here. May we celebrate many more of Eid el Kabir and may Almighty Allah spare our lives to celebrate many more,” Lukman said.

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A ram seller, Abdullahi Abdurahaman, while giving reasons for the rise in the price of the rams, said they had to take into consideration the money used in transporting the rams to the market and the feeds for the livestock. He stated that the fuel price hike also contributes greatly to the price of the rams compared to last year.

How much did we sell last year if you remember? Then petrol price was around N700 and N750 but today it is sold between N1,350 and N1,400, so what do you expect? We are not happy either, because it has affected our sales. People are complaining and there is little we could do. Remember, we also have to factor the price of the feeds into what we are selling,” he stated.

Kano State

Livestock traders disclosed that the price of a small ram now ranges from ₦250,000 to ₦450,000, while cows are being sold for between ₦850,000 and ₦1.5 million, depending on their size and breed.

Findings from an investigation conducted across Tarauni and parts of Kano metropolis showed a sharp increase in the prices of livestock compared to previous years, placing the animals beyond the reach of many low and middle-income earners.

Residents interviewed blamed the situation on inflation, rising food prices, and the removal of fuel subsidy, which they said has worsened the economic condition of ordinary citizens.

Alhaji Murtala Ahmed, resident of Hotoro, lamented that his family, which usually buys at least one ram every Sallah, may not be able to afford one this year.

“We used to buy at least one ram every year for Sallah, but this time the prices are beyond our reach,” he said.

Another resident, Alhaji Yahya Muhammad, in Kano city, described the development as painful, noting that the rising cost of transportation and basic commodities has affected both buyers and sellers.

Several civil servants also complained that their monthly salaries can no longer meet basic family needs, making it difficult to purchase sacrificial animals for the celebration.

Livestock dealers, however, defended the increase in prices, attributing it to high transportation costs, insecurity along cattle routes, and the increasing cost of animal feed.

Oyo State

Ram sellers at UMC, Oke-Ado in Ibadan, expressed concern over low patronage.

Saturday Tribune observed at the market that buyers were not turning up in expected large numbers despite the availability of rams.

Findings revealed that ram prices currently range between N300,000 and N600,000, depending on the size and breed.

At the Railway Line at Iyaganku, and Liberty Stadium Road, traders complained that interested buyers were left helpless when they find that rams are costlier than their budget.

They cited high cost of transportation occasioned by energy costs.

Sellers explained that transporters charge between N10,000 and N15,000 for each ram brought into Ibadan from northern Nigeria.

Ram traders, Ishola Ganiyu and Olawale Roheem, blamed the poor sales on the general economic hardship in the country.

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Sokoto

Both ram sellers and buyers in Sokoto lamented low patronage and the high cost of livestock in the market.

At the popular Kara Market in Sokoto on Friday, Saturday Tribune found that an average ram which sold for less than N150,000 last year now costs about N250,000 in the market.

Alhaji Imran Shehu, a ram seller in the market, described the current prices as unavoidable.

According to him, “The high cost of rams is due to many factors, including insecurity and the high cost of animal feed, among others. Most of the people who sell rams to us have been displaced by insurgency. The few who are still in the business are barely operating because of fear. This is apart from the high cost of feeds.”

Mallam Ismail Haruna, a buyer who also spoke with our correspondent, said the high cost of rams had forced many families to rethink plans to slaughter rams this year.

Kwara

Ram sellers in parts of Kwara State blamed insecurity in the country and the high cost of transportation, occasioned by increased fuel prices, for the exorbitant cost of rams.

Saturday Tribune gathered that the prices of sizeable rams start from between N170,000 and N250,000 in some popular markets such as Mandate, Zango, Fate and Asa Dam areas of Ilorin, while bigger ones sell for between N500,000 and N1 million.

The ram sellers expressed worry over low patronage ahead of the Eid-el-Kabir celebrations, attributing it to the prevailing economic situation in the country.

The Vice Chairman of the Ram Sellers Association, Agric Branch, Ilorin, Ibrahim Wasiu, blamed the low patronage to the low purchasing power of customers, saying the increase in the pump price of petroleum products, insecurity and delays in salary payments had negatively affected sales.

Also speaking, Abdulmalik Olawale said in addition to insecurity, bad roads had prevented livestock farmers from visiting the rural markets.

He appealed to the government to provide security in rural communities to prevent livestock farmers from relocating to other countries.

Ondo State

Checks at ram markets at Ilesha Garage and Agape Junction at Road Block in Akure showed that small-sized goats now sell for between ₦120,000 and ₦250,000, while medium-sized rams cost between ₦300,000 and ₦700,000 depending on breed and size.

Large and well-bred rams, which are usually preferred by wealthy families and groups, were found selling for as high as ₦800,000 to about ₦1 million.

Some of the dealers attributed the increase in prices of the rams to the high cost of transportation, insecurity along major supply routes from the northern part of the country, and the rising cost of animal feed and general inflation affecting the economy.

One of the ram sellers at the Agape junction, identified simply as Ibrahim, said traders were also struggling with low patronage as many families could no longer afford the prices unlike the previous years.

He noted that despite the rising prices, Muslim faithful have continued to troop to markets in search of affordable for rams.

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One of the faithful seen at the ram market, Alhaji Adams, expressed optimism that the prices of the rams will still fall some days before Salah.

Plateau State

The high cost of rams has forced many people to abandon the idea of buying rams this year for the celebration.

Saturday Tribune findings in Jos, Plateau State, revealed that a medium-sized ram, which sold for N250,000 last year, now costs about N350,000, while the prices of bigger sizes range between N500,000 and N1 million.

A ram merchant, Abdullahi Sule, revealed that many people are reluctant to buy rams this year due to the high prices and the country’s economic challenges.

According to him, there is a possibility that some rams may be returned to the farms or that prices may drop a few days before the festival.

He said many middle-aged civil servants have abandoned plans to buy rams and are turning to other alternatives for the celebration.

Ebonyi State

Livestock dealers across major cattle markets in Ebonyi State raised concerns over poor patronage and skyrocketing prices of rams, goats and cows, warning that many Muslim faithful may be unable to perform the traditional Sallah sacrifice this year due to economic hardship.

They said the sharp rise in the prices of rams, goats and cows is due to high cost of transportation and the exit of Fulani herders from Nigeria for the situation.

Chairman of the Goat Market in Abakaliki, Mallam Ahmadu Sariki, described this year’s patronage as “very dull,” noting that many Muslim families can no longer afford livestock for the Eid-el-Kabir celebration.

“Before now, patronage used to be encouraging, but this year it is very poor. Last year, patronage was about 80 per cent, but this year it is just 20 per cent,” he stated.

He explained that the prices of rams now range from N350,000 upward, compared to between N290,000 and N350,000 recorded last year.

“The family that used to buy three rams before can hardly afford one now. We are calling on the government to pay salaries promptly and assist Nigerians so they can celebrate Sallah comfortably,” he appealed.

Also speaking, the Chairman of the Cattle Market in Abakaliki, Alhaji Ali Gambo, said the high cost of cows and transportation had significantly affected sales.

“Sallah celebration is incomplete without rams or goats here in Ebonyi State. But because there are not many wealthy Muslims in the state, people now prefer smaller animals.”

He disclosed that a big cow which previously sold for about N900,000 now goes for between N1.5 million and N1.7 million and attributed the increase to the migration of Fulani cattle dealers out of Nigeria to neighbouring countries such as Chad and Cameroon.

“The Fulani herders have left Nigeria and are staying outside the country. This has contributed to the scarcity and increase in prices,” he said.

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Marketers fear scarcity as cooking gas hits N1,500/kg

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The Nigerian Association of Liquefied Petroleum Gas Marketers has raised the alarm over the erratic supply and rising cost of Liquefied Petroleum Gas, otherwise known as cooking gas, warning that the situation could trigger scarcity and worsen hardship for millions of Nigerians.

The association said cooking gas is now selling for over N1,500 per kilogramme, while marketers currently pay between N25.2m and N26.2m for 20 metric tonnes of the product, depending on location. The product is sold at between N1,600 and N2,000 by many other dealers.

Checks by our correspondent on Sunday confirmed that the essential commodity jumped from less than N1,000/kg recently to around N1,500 or more, depending on the location.

In a statement jointly signed by the National President of NALPGAM, Edu Inyang, and the Executive Secretary, Mr Bassey Essien, the association described the development as “sad and rather very pathetic”.

“The citizens of Nigeria have woken up to buy cooking gas, which should be a social item, at a prohibitive cost of over N1,500 per kg, while the marketers are made to pay as much as N25,200,000 or, depending on the location, N26,200,000 for 20 metric tonnes of cooking gas.

“We feel that if the situation is not immediately checked, the citizens may rise against the owners of gas filling stations,” the marketers expressed fears.

They said the development had brought untold hardship to millions of Nigerian households, small businesses, food vendors, and low-income families who rely on LPG for daily cooking and livelihood.

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According to the association, the situation is “seriously eroding the substantial progress made by the government” on the usage of clean energy in the country. The group maintained that its members across the country were facing difficulties sourcing LPG due to “persistent supply shortages, high depot prices, logistics bottlenecks and uncontrollable rising operational costs”.

“We observe that where product is available, it is sold at rates far beyond the reach of average Nigerians,” the association stated.

NALPGAM warned that the crisis was undermining years of progress achieved through Federal Government policies and investments aimed at deepening LPG penetration and promoting clean cooking energy.

“While millions of Nigerians have embraced cooking gas as a result of the national clean energy transition agenda, it is sad to state that those gains are at risk as households are struggling to refill cylinders, small businesses are folding under rising energy costs, while many families are reverting to firewood and charcoal despite the serious implications for public health, environmental degradation, and deforestation,” it said.

The association further warned that failure to urgently address the crisis could lead to “accelerated food inflation, the collapse of small-scale LPG retail businesses, job losses, reduced investor confidence, and a significant setback to Nigeria’s clean energy and climate commitments”.

NALPGAM called on the Federal Government, the Ministry of Petroleum Resources, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Company Limited, domestic producers, terminal operators, international suppliers, and other stakeholders to take urgent and coordinated steps to stabilise the market before it degenerates further.

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The association recommended immediate measures to improve the availability and accessibility of LPG nationwide. It also called for increased domestic LPG allocation to the Nigerian market, transparent distribution of available supply, reduction of bottlenecks in importation and distribution, and interventions to stabilise retail prices.

It requested investment in storage and distribution infrastructure as well as policies that support affordability and sustainability in the sector. “We cannot stand by and watch millions of Nigerian families suffer in silence while access to clean cooking energy becomes increasingly difficult and unaffordable.

“For years, the government and industry operators have worked to move Nigerians away from unsafe fuels. Those gains are now under serious threat. “Households cannot refill cylinders, small businesses are struggling to survive, and vulnerable households are returning to firewood and charcoal with dire health and environmental consequences.

“We therefore make a passionate and patriotic appeal to the Federal Government for urgent intervention to stabilise supply and pricing. NALPGAM is ready to collaborate to have lasting solutions, but decisive action is needed now,” the statement said.

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Airlines risk disruptions as NCAA enforces debt sanctions

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The Nigeria Civil Aviation Authority has placed 11 domestic airlines on its updated “No-Pay-No-Service” list over unpaid statutory charges.

The enforcement action, which targets airlines owing the regulator outstanding remittances, is expected to affect access to critical regulatory and administrative services until the affected carriers clear their debts or agree on payment plans with the authority.

This was contained in an internal memo obtained by our correspondent on Sunday. At the centre of the dispute are the five per cent Ticket Sales Charge and Cargo Sales Charge, funds collected by airlines on behalf of the NCAA to support safety oversight, personnel training, and economic regulation within the aviation sector.

The memo, dated May 22, 2026, obtained by our correspondent, directed all NCAA directorates to withhold services from the affected operators pending financial clearance from the Directorate of Finance and Accounts.

The memo, signed by the Director of Finance and Accounts, Olufemi Odukoya, was circulated across the authority’s regional offices and copied to the Director-General of Civil Aviation and other senior officials.

Under the directive, affected airlines risk immediate interruptions in regulatory support, a development that has raised concerns among operators and passengers over possible operational delays and wider industry implications.

Director-General of the NCAA, Chris Najomo, said that although the regulator understands the harsh economic realities confronting operators, the agency cannot afford to compromise its financial stability.

According to him, delayed or non-remittance of the statutory charges could weaken the authority’s ability to sustain effective safety oversight, risk-based surveillance, and compliance with international aviation standards.

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Airlines affected by the directive include Air Peace Limited, Ibom Air Limited, Arik Air Limited, United Nigeria Airlines, Umza Air, NG Eagle, Max Air Limited, Caverton Helicopters, Overland Airways, Rano Air, and ValueJet.

The document stated, “The DGCA has directed that no directorate should render any service to the above airline without financial clearance from the director of finance and accounts.”

In a WhatsApp chat with our correspondent, the Chief Executive Officer of Ibom Air, George Uriesi, said the current realities facing airlines go beyond poor financial management, insisting that operators are struggling to survive under an unsustainable business environment.

According to him, the sharp rise in aviation fuel prices over a short period disrupted the financial structures of many airlines and forced operators to make difficult decisions about how to manage limited working capital.

He explained that airlines could not increase ticket fares at the same pace as the rise in fuel and maintenance costs, adding that most of their daily earnings are now consumed by operational expenses needed to keep aircraft in the air.

His words, “People, this matter is quite simple. When fuel, which under normal circumstances is 36-40 per cent of your operating costs, triples in price within the space of five weeks and stays there, your business model is turned upside down.

“The costs of purchasing fuel to keep flying suddenly take virtually all the sales you’re making on a daily basis. This forces a change in how you allocate your working capital. Once you cannot pay for fuel and maintenance, you cannot fly, no matter your emotions. And once you cannot fly, you cannot pay anybody anyway. It’s the oxygen mask theory,” Uriesi added.

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The Ibom Air boss added that the NCAA’s memo revealed that most domestic airlines are facing similar financial pressures, contrary to public perception that some operators were coping better than others.

He stated that the airlines should not be criticised, stressing that the sector only appears attractive because operators continue to fly despite mounting losses and shrinking profit margins.

Also, the former Rector of the Nigeria College of Aviation Technology, Samuel Caulcrick, questioned the long-term viability of Nigeria’s domestic aviation sector, saying the crisis extends beyond the controversy surrounding the 5 per cent Ticket Sales Charge.

According to him, even if the charge is removed completely, airlines would still face severe challenges linked to inflation, foreign exchange instability, weak passenger numbers, and multiple regulatory charges.

He noted that only a small percentage of Nigerians travel regularly by air, while inflation and declining purchasing power have further reduced passenger traffic, forcing over 10 airlines to compete for a shrinking market.

Caulcrick also argued that domestic airlines remain vulnerable because they rely heavily on dollar-denominated expenses such as aircraft leasing, maintenance, and spare parts, without stable access to foreign exchange or hedging mechanisms.

The industry expert stressed, “The question is no longer whether airlines can survive the TSC. It’s whether the environment itself allows any airline to survive.

“Aviation fuel, landing, and parking fees consume the bulk of revenue. On some routes, airlines are left with net profits as low as N8 per passenger per kilometre. At that level, a single delay or cancellation can erase the margin for an entire flight.”

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