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Trump blames Democrats’ midterm victories for stock market plunge, read details

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US President Donald Trump attributed Thursday’s stock market freefall to the electoral victory of his rival Democratic Party in midterm elections earlier this week.

“The Stock Market crashed today because the Dumocrats had a big Tuesday — So sad to see, you only have yourselves to blame!” Trump posted on his Truth Social platform after US markets closed for the day.

Analysts attributed Thursday’s stock selloff to fears of Democrats threatening the AI data center investment boom, with the tech-focused Nasdaq suffering its worst session percentage-wise since April 2025.

Data centers have faced broad opposition from US voters regardless of political affiliation, and many midterm winners have pledged to put the brakes on such projects.

Democrats flipped seats that had long been held by Republicans, scoring breakthroughs in South Carolina, North Carolina, Iowa, Kansas, Ohio, Texas and Maine.

In Maine, former logger Troy Jackson defeated longtime Republican Senator Susan Collins, the party’s seventh Senate seat captured from Republicans.

In Kansas, Methodist minister Adam Hamilton became the first Democrat elected to the Senate from the reliably conservative state since 1932. Iowa had not elected a Democratic senator since 2008.

Talarico, the Texas Democrat, declared he had defeated “Goliath” in winning a Senate seat, while Gina Hinojosa unseated the state’s Republican governor, Greg Abbott, ending decades of Republican rule.

Democrats also protected key Senate seats of their own, including Jon Ossoff in Georgia and an open seat in New Hampshire.

The scale of the victory grew further when Abdul El-Sayed defeated former Republican lawmaker Mike Rogers in Michigan, making him the first Muslim elected to the upper chamber of Congress.

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The party’s House victory saw gains across Pennsylvania, Kentucky, Arizona, North Carolina, Wisconsin and New Jersey, including districts Trump had carried comfortably in 2024.

In one closely watched bellwether, Democrat J.D. Ford ousted Republican congresswoman Victoria Spartz in Indiana, capturing a district Trump won by 17 points two years earlier.

Democrats also won Georgia’s governorship, electing former Atlanta mayor Keisha Lance Bottoms as the first Black woman governor in US history.

Republicans had some consolation in Florida, where Trump-backed Byron Donalds became the state’s first Black governor and Ashley Moody retained a Senate seat — but only after seeing off surprisingly strong Democratic challenges.

Source: punchng.com

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FG blames gas shortage as power outages hit five states, read details

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The Minister of Power, Joseph Tegbe, has acknowledged worsening electricity supply disruptions in Lagos, Abuja, Ogun, Kwara and Oyo states, as the Federal Government moves to recover abandoned power equipment, beginning with the clearance of 44 containers from Apapa ports in Lagos.

The minister said the affected areas had recently recorded noticeable improvements in electricity supply before the latest disruptions, which he attributed to maintenance and operational challenges, gas shortages at thermal power stations and reduced output from hydropower plants.

The development comes amid growing complaints from electricity consumers over reduced supply hours, with the Nigerian Independent System Operator identifying inadequate gas supply and lower water inflows into hydroelectric reservoirs as major constraints on national grid generation.

The latest electricity distribution data showed that the 11 electricity distribution companies received a combined allocation of 2,926 megawatts as of 4:41pm on Thursday, 5 November, 2026.

Abuja Electricity Distribution Company received the highest allocation of 633MW, accounting for about 21.6 per cent of the total power allocated to the DisCos. Ibadan Disco followed with 391MW, while Port Harcourt Disco received 320MW.

Benin Disco received 264MW, while Eko Disco was allocated 256MW. Enugu Disco received 253MW, slightly ahead of Ikeja Disco, which got 249MW.

Among the remaining distribution companies, Kano Disco received 173MW, Kaduna Disco 167MW and Jos Disco 146MW, while Yola Disco received the lowest allocation of 74MW.

The figures indicate significant differences in electricity allocations among the distribution companies, with Abuja Disco receiving more than eight times the allocation to Yola Disco.

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The figures represent the load allocated to the distribution companies at the stated time, not necessarily the electricity ultimately delivered to consumers.

In a statement issued on Thursday by his Special Adviser on Media and Publicity, Adeola Adelabu, Tegbe said preliminary assessments showed that the disruptions were not caused by a major or systemic failure of the national grid.

He said the government was working with the Transmission Company of Nigeria, NISO and electricity distribution companies to address the problems and restore normal supply.

“The Ministry acknowledges the inconvenience this has caused households, businesses and public institutions, and understands the frustration of Nigerians who had begun to see the benefits of steadier supply.

“We recognise what every hour without power means for individuals, families and businesses, and we do not take it lightly,” the minister said.

He explained that maintenance and operational issues across parts of the electricity value chain, alongside reduced generation, were responsible for the decline in supply.

Tegbe said he had engaged the relevant agencies and distribution companies to resolve the constraints, accelerate ongoing maintenance and keep consumers informed about restoration efforts.

The minister’s acknowledgement of the outages coincided with the announcement that the Federal Government had facilitated the clearance of 44 containers of electricity equipment from Apapa ports, where more than 300 containers had remained stranded, some since 2014.

Tegbe said the clearance followed President Bola Tinubu’s directive after the last Federal Executive Council meeting, asking the Ministry of Power to work with the Nigeria Customs Service and the Nigerian Ports Authority to resolve the outstanding issues.

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According to him, the President directed the agencies to reconcile outstanding charges and facilitate the release of the equipment.

The minister said the first 44 containers had been released following the intervention, adding that technical experts would inspect their contents before deployment.

He stated that serviceable equipment would be deployed to ongoing electricity projects, while unusable items would be disposed of appropriately

The development also follows the recovery of 110 abandoned containers and 216 packages by the Niger Delta Power Holding Company under its Managing Director, Jennifer Adighije.

The recovery reportedly saved more than N30bn and helped unlock about 470 megawatts of electricity generation capacity through recovered turbines.

The latest clearance is expected to provide additional equipment for ongoing power infrastructure projects, although the ministry did not disclose the specific contents of the 44 containers, their condition or the timeline for deployment.

Source: punchng.com

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States spend N45bn fuelling vehicles, generators in six months

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Thirty-one state governments spent N45.04bn fuelling motor vehicles, plants and generators in the first six months of 2026, representing a 14.35 per cent increase over the N39.38bn recorded in the corresponding period of 2025.

An analysis by The PUNCH of the states’ second-quarter budget implementation reports showed that the combined fuel bill increased by N5.65bn, with Lagos, Yobe, Nasarawa, Kano and Ekiti recording the highest expenditure.

The spending translates to an average of N7.51bn monthly, or approximately N248.82m daily, between January and June.

The increase in states’ fuel bills came amid higher global oil prices following the Middle East conflict and disruptions to shipping through the Strait of Hormuz, with Brent crude rising from $61 per barrel at the beginning of 2026 to over $100.

The International Monetary Fund said petrol and diesel prices in Nigeria rose by 22.5 per cent and 16 per cent, respectively, in March compared with pre-war levels, adding to operating costs.

The analysis examined cumulative first-half actual expenditure under “Motor Vehicle Fuel Cost” and “Plant / Generator Fuel Cost”, rather than annual budget provisions or spending during April to June alone.

It covered the same 31 states in both years to ensure a consistent comparison. Separately classified expenditure on aircraft fuel, cooking gas, other transport equipment, maintenance and power-plant gas was excluded.

Of the N45.04bn spent during the period, N28.52bn went into fuelling plants and generators, while motor vehicles accounted for N16.52bn.

Plant and generator fuel expenditure increased by N3.64bn, or 14.63 per cent, from N24.88bn in the first half of 2025. Vehicle fuel costs rose by N2.01bn, or 13.88 per cent, from N14.50bn.

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Generators and plants consequently accounted for 63.33 per cent of the combined bill and 64.38 per cent of the year-on-year increase.

The findings showed that 24 of the 31 states increased their combined fuel spending, while seven recorded reductions. Thirteen states spent more than N1bn each.

Lagos recorded the highest expenditure at N8.93bn, up from N7.65bn in the corresponding period of 2025, representing an increase of N1.28bn, or 16.79 per cent.

The state alone accounted for 19.83 per cent of the combined spending and 22.71 per cent of the aggregate increase.

Its expenditure was dominated by plant and generator fuel, which reached N8.26bn, while motor vehicle fuel accounted for N670.20m.

Yobe followed with N3.42bn, compared with N2.83bn a year earlier, an increase of 20.72 per cent. Almost all its spending went into plants and generators, which consumed N3.39bn, against N35.76m for motor vehicles.

Nasarawa ranked third with N3.29bn, up from N2.02bn in the first half of 2025. Its N1.26bn increase represented growth of 62.59 per cent and accounted for 22.38 per cent of the total increase across the states.

The state spent N1.77bn on plant and generator fuel and N1.51bn on motor vehicle fuel.

Together, Lagos and Nasarawa accounted for 45.09 per cent of the aggregate increase, indicating that a substantial part of the additional spending was concentrated in the two states.

Kano’s combined expenditure rose by 14.70 per cent to N2.99bn from N2.61bn. Of the 2026 amount, N2.62bn went into plant and generator fuel, while N368.27m was recorded for motor vehicles.

Ekiti spent N2.81bn, compared with N2.33bn a year earlier, an increase of 20.46 per cent. Plant and generator fuel accounted for N2.38bn, while vehicles consumed N430.95m.

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Edo followed with N2.74bn, up by 20.54 per cent from N2.28bn. Unlike several other leading spenders, its bill was driven mainly by motor vehicles, which accounted for N2.36bn, the highest vehicle-fuel expenditure in the sample. Plant and generator fuel cost N379.75m.

The six states together accounted for 53.69 per cent of the total fuel bill.

Other states with expenditure above N1bn were Ogun, N2.21bn; Benue, N1.70bn; Bauchi, N1.64bn; Abia, N1.54bn; Anambra, N1.26bn; Adamawa, N1.12bn; and Borno, N1.09bn.

The 10 biggest spenders accounted for 69.42 per cent of the combined expenditure.

Below the N1bn threshold, Jigawa recorded N997.09m, followed by Kwara with N981.75m, Bayelsa with N961.68m, Enugu with N914.17m and Gombe with N890.75m.

Taraba spent N780.18m, Ondo N744.39m, Katsina N665.27m, Plateau N632.96m and Ebonyi N545.37m.

At the lower end, Kebbi recorded the smallest combined fuel expenditure at N3.06m, followed by Oyo with N11.54m, Kogi with N288.05m, Delta with N358.19m and Cross River with N371.32m.

Sokoto recorded N375.50m, Zamfara N376.58m and Kaduna N401.19m.

Kebbi and Delta reported no actual expenditure under their motor vehicle fuel lines in the first half of 2026. Their combined figures therefore consisted entirely of the amounts recorded for plant and generator fuel.

Cross River recorded the fastest percentage increase, with its bill rising by 353.17 per cent from N81.94m to N371.32m, although its expenditure remained among the lowest in absolute terms.

Enugu followed with an increase of 282.54 per cent, from N238.97m to N914.17m. Delta’s bill rose by 236.92 per cent from N106.31m to N358.19m, while Anambra recorded an increase of 86.06 per cent.

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Among states recording reductions, Oyo’s expenditure fell by 98.59 per cent from N816.72m to N11.54m. Sokoto’s bill declined by 66.77 per cent from N1.13bn to N375.50m, while Borno recorded a 61.18 per cent reduction from N2.80bn to N1.09bn.

Kaduna’s expenditure fell by 47.54 per cent, Kebbi’s by 32.57 per cent, Katsina’s by 25.91 per cent and Kogi’s by 10.86 per cent.

The PUNCH further examined the fuel costs against the states’ internally generated revenue and receipts from the Federation Account Allocation Committee.

The 31 states generated N2.29tn internally and received N4.95tn through their reported government share of FAAC in the first half of 2026, bringing the combined receipts to N7.23tn.

Their N45.04bn fuel bill was equivalent to 0.62 per cent of these receipts, compared with 0.60 per cent in the corresponding period of 2025.

Fuel spending grew faster than the combined revenue, which increased by 10.63 per cent from N6.54tn.

However, the bill represented a smaller proportion of IGR, declining from 2.22 per cent in 2025 to 1.97 per cent in 2026, as internally generated revenue increased by 28.84 per cent.

Source: punchng.com

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NUPRC reveals Nigeria lost 3.3m barrels to oil thieves in 2025, read details

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Nigeria lost 3.33 million barrels of crude oil to theft in 2025, with nearly two-thirds of the reported losses occurring in the final three months, as the Nigerian Upstream Petroleum Regulatory Commission’s revenue collection declined by N2.14tn, The PUNCH reports.

The commission’s 2025 annual report, released on Thursday, showed that crude oil and gas revenue collections fell from N12.56tn in 2024 to N10.42tn in 2025, representing a 17.03 per cent decline, despite increases in receipts from gas flare penalties, signature bonuses and concession rentals.

Data from the commission’s 2025 report showed that crude theft rose sharply in the fourth quarter, when 2.19 million barrels were recorded. This represented 65.8 per cent of the total volume reported for the year and was almost five times the 440,434 barrels recorded in the third quarter.

The commission recorded 896,471 barrels of crude theft in the first quarter, while its second-quarter report showed a negative figure of 200,400 barrels, which it attributed to excess volumes identified during reconciliation.

The combined quarterly figures brought reported losses for the year to approximately 3.33 million barrels.

The report read, “Nigeria recorded 896,471 barrels of crude oil theft in the first quarter.

The second quarter recorded a negative 200,400 barrels, which the commission described as an excess volume in its reconciliation. Reported theft stood at 440,434 barrels in the third quarter. The fourth quarter recorded 2.19 million barrels, the highest quarterly volume of the year.”

The losses came despite the huge financial burden of securing the country’s petroleum assets. The Nigerian National Petroleum Company Limited reported energy security costs of N8.67tn in 2025, compared with about N3.1tn in 2024.

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The expenditure reflects the cost of interventions to protect oil and gas infrastructure and support national energy security, although the entire amount cannot be attributed solely to combating crude theft.

The persistence of theft alongside the rising security costs raises questions about the effectiveness of measures to protect production facilities and crude evacuation infrastructure.

The losses also represent crude that could otherwise have contributed to government revenue, export earnings and the supply of feedstock to domestic refineries.

Despite the reported theft, Nigeria produced 541.08 million barrels of crude oil and blended condensate in 2025. Quarterly production stood at 132.70 million barrels in the first quarter, 137.69 million in the second, 137.45 million in the third and 133.23 million in the fourth quarter. The country also produced 48.52 million barrels of unblended condensate during the year.

On revenue, oil and gas royalties, including Project Gazelle and NNPC receivables, remained the largest contributor, generating N8.97tn in 2025, compared with N11.08tn in 2024. The decline of N2.11tn represented a 19.03 per cent reduction.

“The total approved budget for 2025 was N645,462,335,500.80, with total income of  N342,814,462,174.97 and total expenditure was N304,533,385,103. Total revenue generated was N10,424,478,448,682.40, which is 63 per cent of projected revenue of N16,538,206,608,738.00.

“357 oil spill incidents were reported. 49.5 per cent of the spills were a result of sabotage. There was an increase of 64.74 per cent in revenue in 2024 over 2023 and a decrease of 20.53 per cent in 2025 over 2024 revenues,” the report added.

However, receipts from gas flare penalties increased from N391.26bn to N611.42bn, representing a 56.27 per cent rise.

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Signature bonuses also increased by 44.2 per cent, from N369.58bn in 2024 to N532.94bn in 2025, while concession rentals rose by 61.1 per cent, from N23.71bn to N38.19bn.

Miscellaneous revenue increased from N35.20bn to N46.44bn. Conversely, royalty by price declined from N313.72bn to N213.41bn, while lease renewal receipts fell sharply from N230.73bn to N8.23bn.

The commission’s total income from cost of revenue collection and internally generated revenue, however, increased by 21.85 per cent to N342.81bn in 2025, compared with N281.34bn in 2024.

The report showed that cost of revenue collection contributed N335.45bn, while internally generated revenue accounted for N7.36bn.

The commission generated N10.42tn against a projected revenue target of N16.54tn, representing 63 per cent performance.

Beyond crude theft, the report documented 357 oil spill incidents during the year, with sabotage accounting for 49.5 per cent of the reported cases.

Source: punchng.com

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