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The Big Story
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Makinde Challenges Tinubu to Disclose 2026 Budget Line for Army Expansion
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“I was looking at the budget for 2026... I did not see it.” Seyi Makinde
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Oyo State Governor and Allied Peoples Movement (APM) presidential candidate Seyi Makinde challenged the federal government to identify the 2026 budget provision for expanding the Nigerian Army from eight to 12 divisions and recruiting 28,000 additional personnel, a plan Tinubu approved in July. Speaking at an APM town hall meeting in Lafia, Nasarawa State, Makinde said announcing military expansion without financial and operational planning would not address persistent insecurity, particularly in the North Central, and required proper funding and community consultation. He said his administration reduced Oyo State's dependence on federal allocation from over 80% to about 65% by 2022, but that dependence has since climbed back to almost 80%, which he attributed to the federal government's economic policies. Makinde also outlined his “Reset Nigeria” agenda, which he said could be completed within four years of taking office, and said an APM government would form a transitional Government of National Unity from 29 May 2027. [Premium Times] [Vanguard]
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What Else Is Happening
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CBN Probes Banks Over Restrictions on Forex Withdrawals
The Central Bank of Nigeria (CBN) is investigating banks accused of restricting customers' access to their domiciliary accounts, with some offering only lower-denomination notes or claiming dollars are unavailable. A source close to the CBN said a circular will soon direct banks to honour legitimate withdrawal requests without delay. Some banking sources suggested certain banks may be trading with customers' foreign currency instead of dispensing it. [Vanguard]
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Nigeria Loses NGN13.7trn Annually to Illicit Mining, Stakeholders Warn
Nigeria is losing an estimated NGN13.7 trillion a year to illicit mining and illegal trade in solid minerals, industry stakeholders warned, citing a figure attributed to the Nigeria Extractive Industries Transparency Initiative (NEITI). Trade expert Idris Faro called for artisanal miners to be formalised and given legal rights and modern technology rather than being treated as criminals, while urging authorities to investigate links between licensed miners and armed groups controlling some mining sites. [Vanguard]
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Atiku, Obi, ADC Demand Clarity on Tinubu's Extended Absence
Opposition leaders questioned President Bola Tinubu's absence from Nigeria, now 28 days into a vacation originally announced for three weeks. Atiku Abubakar cited Section 145 of the Constitution, which requires the president to transmit a written declaration to the National Assembly if his absence exceeds 21 days, and asked whether that letter exists. Presidential spokesman Bayo Onanuga said Tinubu is on a working vacation and will return this week for Nigeria's 66th Independence Anniversary. [ThisDay]
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FG Seeks Fresh $1.5bn in World Bank Loans
The federal government is seeking $1.5 billion in new financing from the World Bank through three proposed $500 million credits targeting climate resilience, early childhood development and social protection. The facilities are still in preparation, with the earliest due before the Bank's board in October. The request follows Nigeria's total public debt reaching NGN166.79 trillion as of 30 June 2026. [Nairametrics]
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Sowore's Prosecutor Denies Plan to Suspend Cyberstalking Trial
The lawyer prosecuting activist Omoyele Sowore denied knowledge of an earlier State Security Service (SSS) plan to suspend his trial until after the 2027 election, despite the SSS having announced the plan in August to let Sowore campaign as the African Action Congress (AAC) presidential candidate. The case, over Sowore describing President Tinubu as “a criminal,” was adjourned to 2 October after a dispute over a defence witness. [Premium Times]
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Market Watch
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The naira weakened slightly to NGN1,331.33 per dollar on 28 September from NGN1,329.51 on 25 September, a 0.14% fall in the rate, though it remains far stronger than the NGN1,475.00 level at the start of the year and a run of gains through the week. [CBN]
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The NGX All-Share Index rose 0.18% to 252,566.84 on 28 September from 252,113.41 on 25 September, extending a rally that has held through several shifts in interest rates and the naira since January. [NGX Group]
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Nigeria's external reserves rose $9.29bn in the first nine months of 2026, more than seven times the $1.32bn gain over the same period in 2025, climbing from $45.57bn on 2 January to $54.86bn on 24 September. The stock now exceeds the CBN's projected year-end level of $51.04bn by $3.82bn, a build-up that has coincided with stronger foreign portfolio inflows this year. [Nairametrics]
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Quick Hits
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| → Guaranty Trust Holding Company (GTCO)'s pre-tax profit rose 0.35% to NGN603.03bn in H1 2026, though profit after tax fell 7.76% to NGN414.19bn. The board proposed a NGN1 per share interim dividend. [Nairametrics] |
| → An Imo State High Court dismissed a $25 million privacy suit against Meta, ruling the applicant failed to prove her data was unlawfully processed after the regulatory order she relied on was set aside. [Premium Times] |
| → Novelist Chimamanda Ngozi Adichie and her husband asked a court to dismiss a hospital's suit over the inquest into their son's death, as the legal dispute over the circumstances surrounding his passing continues. [Premium Times] |
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On a Lighter Note
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Danielle Adewusi, a Lagos doctor and founder of the women's health project Scrub the Stigma, was crowned Miss Universe Nigeria 2026, defeating 19 other contestants. She follows her mother, an earlier titleholder, and will represent Nigeria at the Miss Universe Festival in Puerto Rico in November. [Pulse]
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Why It Matters
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Two different arguments about accountability collided today. Makinde's demand is simple: if the government can announce a bigger army, it should be able to show the line item that pays for it, especially with debt now at NGN166.79trn and the government back at the World Bank for more. Atiku and Obi's demand over Tinubu's absence makes a similar point about a different office: a constitutional rule exists precisely so that the public isn't left guessing who is in charge, and simply asserting that the president is “hale and hearty” does not answer the actual question asked. The CBN's move against banks fits the same thread: customers were told dollars were unavailable while some banks may have profited from the shortage. None of this resolves this week. What connects it is a pattern of institutions being asked to show their work, not simply assert authority, and whether Nigeria's leaders treat that as a nuisance or a norm will shape the 2027 campaign.
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Around the Community
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Wishing our reader Tomi Babalola a very happy birthday, from all of us at Frontier Brief Media.
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Produced with AI assistance using open-source web content. Sources have not been independently verified by Frontier Brief Media. Readers are encouraged to consult original sources before acting on any information herein.
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