Daily briefing: Nigeria's federal government exceeds borrowing limit by N12.62 trillion, controversy erupts over EFCC asset sale, military personnel fatally shot, and more major stories

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In today’s top stories, the Federal Government’s 2024 borrowing has come under scrutiny after new debt hit N12.62tn.

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This figure exceeded the approved N7.83tn ceiling by N4.79tn, the Budget Office has disclosed.

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Security concerns also dominated the morning’s headlines. Gunmen killed a senior Army colonel in a suspected kidnap attempt in Nasarawa State, while the Nigerian Navy said it foiled a N660m crude oil theft in Akwa Ibom, arresting 12 suspects.

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In other developments, the Economic and Financial Crimes Commission faced fresh accusations over its plan to auction seized vehicles, Oyo State Governor Seyi Makinde finally took delivery of two long-awaited surveillance aircraft, and Nigeria’s Super Falcons suffered a shock defeat to debutants Malawi at the 2026 WAFCON.

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Below are the top stories this morning:

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FG overshoots borrowing limit as new debt reaches N12.62tn

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The Federal Government exceeded its 2024 borrowing target by N4.79tn. A wider-than-projected budget deficit forced it to raise significantly more financing than originally planned, the Budget Office of the Federation has disclosed.

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New borrowings rose to N12.62tn against a budgeted N7.83tn, pushing the fiscal deficit to N13.51tn, well above the approved N9.18tn.

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The shortfall was driven largely by weak oil revenue, with crude averaging 77.96 benchmark, even as non-oil revenue surged past expectations.

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Total public debt rose to N144.67tn, pushing the debt-to-GDP ratio to 61.22 per cent, above both Nigeria’s 40 per cent threshold and the 56 per cent international benchmark.

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EFCC faces credibility questions over asset auction

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The Economic and Financial Crimes Commission has come under fresh scrutiny over its plan to auction seized vehicles through a platform it intends to manage itself.

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The Nigeria Association of Auctioneers accused the anti-graft agency of undermining transparency and due process in the disposal of forfeited assets.

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The association’s president, Benjamin Isibor, said the EFCC lacked the legal basis to act as both custodian and seller of recovered assets, recalling a similar dispute during Ibrahim Magu’s tenure as chairman.

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The commission had not responded to the allegations as of the time of filing.

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Gunmen kill senior Army officer in suspected kidnap attempt

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Gunmen killed a senior military officer, Col Abdussalam Ude, during a suspected kidnap attempt at his residence in Nasarawa State on Monday night.

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The attack occurred in Badna, New Karu Local Government Area, a border community adjoining the Federal Capital Territory.

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The assailants reportedly stormed the officer’s residence during a downpour and shot him multiple times after he resisted.

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The FCT Police Command later confirmed the incident happened in Nasarawa and not within its jurisdiction, warning that unverified reports had created unnecessary panic among Abuja residents.

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Makinde unveils two new surveillance aircraft to combat insecurity

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Oyo State Governor Seyi Makinde on Tuesday took delivery of two long-awaited surveillance aircraft. The purchase was first announced in July 2025 to strengthen intelligence gathering across the state.

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Makinde said the aircraft, flown in by Nigerian Air Force pilots under an MoU, would work alongside the Amotekun Corps to monitor forests, border communities and flashpoints.

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The delivery follows the May 2026 abduction of 39 students and seven teachers in Oriire Local Government Area, which intensified pressure on the state to strengthen aerial surveillance.

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Collapsed building: Three dead, 12 rescued as Ogun begins probe

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A mixed-use building collapsed in Ajuwon, Ogun State, during a downpour on Monday, killing three people. Governor Dapo Abiodun has ordered a full-scale investigation into the tragedy.

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An adult woman, a baby and a 75-year-old man died in the collapse, while 12 others were rescued with support from the Lagos State Emergency Management Agency.

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Preliminary findings indicated the building’s lower floors sank into the ground, though officials said only detailed structural and geotechnical investigations would confirm the exact cause.

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Navy foils N660m crude oil theft, arrests 12 suspects in A’Ibom

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The Nigerian Navy has intercepted a tanker allegedly conveying stolen crude oil worth over N660m.

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Twelve crew members were arrested off Akwa Ibom State under the ongoing Operation Delta Sentinel.

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The vessel, MT FILIA, was arrested on July 23 after allegedly loading about 650 metric tonnes of crude oil, and its crew began discharging the stolen product into the sea when a naval patrol boat approached. Investigations are continuing to identify others linked to the operation.

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Police probe death of missing Bayelsa corps member

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The Bayelsa State Police Command has begun investigating the death of a National Youth Service Corps member, Stanley Okebaram.

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His body was recovered from a waterway in the Nembe Local Government Area days after he was reported missing.

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Okebaram, a 27-year-old civil engineering graduate, was last seen on July 24 before his disappearance was reported by fellow corps members the following night. Police say he was allegedly attacked by yet-to-be-identified assailants.

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NSC presents promised 2024 WAFCON rewards to Falcons

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The Super Falcons have received the rewards promised by the Federal Government for winning the 2024 Women’s Africa Cup of Nations.

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National Sports Commission chairman Shehu Dikko presented the parcels in Rabat, Morocco, hours before Nigeria’s opening group match.

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The parcels contained title documents for the three-bedroom houses promised to each player, along with national honours certificates, following the team’s $100,000-per-player cash reward that was paid earlier.

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The gesture came just before Nigeria began its title defence against Malawi.

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WAFCON: Debutant Malawi shock Super Falcons 3-2

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Nigeria’s bid for a record-extending 11th WAFCON title suffered an early setback. Tournament debutants Malawi stunned the defending champions 3-2 in their Group C opener on Tuesday.

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Sisters Temwa and Tabitha Chawinga scored either side of a stoppage-time Rasheedat Ajibade penalty to put Malawi 3-1 up, before substitute Uchenna Kanu’s late strike narrowed the gap. It ranks among the biggest upsets in WAFCON history, and Nigeria must now regroup before facing Zambia and Egypt in the group stage.

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