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Nigeria is often cast as a country under a crushing debt burden. It is common to hear public discussions or read articles about how the Bola Ahmed Tinubu Government is borrowing mindlessly, putting Nigeria’s economy in danger, and the future of the next generation at risk. Facts on the ground, however, do not support this claim.
As of June 2023, shortly after President Tinubu took office, Nigeria’s total debt was $113.42 billion. By December 2024, 18 months after, Nigeria’s total debt had decreased to approximately $94.22 billion – a reduction of over $19 billion!
Experts say the real culprit holding the Nigerian economy down is revenue. President Tinubu seems to agree as he has gone all out to improve national revenue.
So, why the fuss about Nigeria’s debt burden? And how is the government tackling the revenue challenge? We answer these questions this week.
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Thursday, 12 February 2026

World Cup ticket prices skyrocket on FIFA re-sale site
Ticket prices for the 2026 World Cup have skyrocketed on FIFA’s official resale platform, with seats for many matches listed at several times their face value even though most tickets have only recently been distributed following the end of the main sales phase in January.
Weeks after FIFA President Gianni Infantino warned that tickets made available on resale sites were likely to come with an exorbitant price tag, those fears have come to pass on world football’s own platform.
As of Wednesday, a “category three” seat — the highest section of the stands — for the tournament’s opening game between Mexico and South Africa at Mexico City’s Azteca Stadium on June 11 was listed at $5,324, compared to an original price of $895.
One category three seat for the World Cup final on July 19 at East Rutherford, New Jersey, meanwhile, was being advertised for an eye-watering $143,750 — more than 41 times its original face value of $3,450.
The cheapest available ticket for the final on the resale site was listed at $9,775.
In a few rare cases, though, some ticket prices have actually decreased. One ticket for Austria’s group game with Jordan at the Levi’s Stadium in California — which hosted Sunday’s Super Bowl — is being offered at $552 despite costing its original buyer $620.
For football fans around the world, some of the prices on FIFA’s resale site are confirmation of what they have railed against since the tournament draw in December.
“These exorbitant prices unfortunately don’t surprise me. It reflects what we know and what we fight against: many people buy to resell,” Guillaume Aupretre, spokesperson for the France national team supporters group “Irresistibles Francais”, which has nearly 2,500 members.
“In the end, who pays the price? The passionate fans who end up with outrageous offers. We would prefer that this benefit real fans who come to support their team, but unfortunately, that’s not the case.”
Yet despite the steep price tag, sales remain brisk, reflecting a global clamor that has seen some 500 million requests for tickets according to FIFA.
While its resale platform benefits from FIFA’s endorsement, the football body specifies in its terms of sale that it acts only as a facilitator — for a 15% fee — in this fan-to-fan market, and that resellers are the ones who determine ticket prices.
“Generally speaking, the pricing model adopted for FIFA World Cup 26 reflects the existing market practice for major entertainment and sporting events within our hosts on a daily basis, soccer included,” FIFA said in a statement.
“This is also a reflection of the treatment of the secondary market for tickets, which has a distinct legal treatment than in many other parts of the world. We are focused on ensuring fair access to our game for existing but also prospective fans.”
The resale market is unregulated in the United States and Canada. In Mexico, reselling a ticket above face value is prohibited, but only when the ticket is purchased in Mexico using the local currency.
Ticketing has become one of the most controversial issues surrounding the World Cup, with fan groups around the world such as Football Supporters Europe accusing FIFA of a “monumental betrayal” over pricing.
That in turn prompted FIFA to introduce a tiny sliver of tickets priced at $60 for official supporters groups. Critics maintain the cut-price category does not go far enough in addressing the problem.
FIFA meanwhile has been notifying applicants since February 5 whether they have obtained tickets during the second sales phase, which ended in January.
A final “last-minute” sales phase, from April until the end of the competition, will be organized on a “first-come, first-served” basis.
During these sales phases, FIFA states that it applies “variable pricing” whereby prices fluctuate “according to demand and availability” for each match.
However, it emphasizes that it does not apply “a dynamic pricing model (…) given that prices are not automatically adjusted.”

Obasanjo, Koroma, Sanwo-Olu, others attend Flutterwave Gala Night at Delborough Lagos
Prominent African political and business leaders on Tuesday converged on The Delborough Lagos for the inaugural Gala Night organised by leading fintech firm, Flutterwave, to mark its 10th anniversary.
The high-profile event, held on February 11, 2026, drew an array of dignitaries from across the continent, effectively turning the luxury venue into a hub of elite gathering.
Among those in attendance were former President Olusegun Obasanjo; former President Ernest Bai Koroma of Sierra Leone; and Lagos State Governor Babajide Sanwo-Olu.
Also present were the Founder of Coscharis Group, Dr Cosmas Maduka; Chairman of the Board of Directors of MTN Nigeria, Ernest Ndukwe; and the Founder and Chief Executive Officer of Stanel Group and The Delborough Lagos, Dr Stanley Uzochukwu.
The event equally attracted entertainment personalities, including singer Tiwa Savage, former Big Brother Naija housemates Dorathy and Erica, as well as actress Omotola Jalade, alongside other notable figures from various sectors.
In his address, Flutterwave Founder and Chief Executive Officer, Olugbenga Agboola, described the gala as a celebration of excellence, innovation and enterprise growth.
Agboola said the challenges and delays associated with cross-border online payments within Africa inspired him to establish the company in 2016.
According to him, prior to the company’s launch, transferring funds electronically between African countries was cumbersome, noting that it was once easier to physically move cash by air from Lagos to Accra than to process a seamless online transfer, as such transactions often had to pass through New York before reaching Ghana.
In separate goodwill messages, Obasanjo, Koroma, Sanwo-Olu, Maduka and other dignitaries praised Agboola’s resilience and entrepreneurial drive, commending him for elevating Nigeria and Africa on the global financial technology stage.

Makoko: Truce at last as Lagos, residents sign agreement
Relative peace has returned to Makoko after weeks of protests by aggrieved residents following the demolition of the waterfront settlement by the Lagos State government. The area was, before now, under the grip of hostility, tension and uncertainty until the arrival of truce, thanks to a five-point agreement reached between the residents and representatives of government.
Recall that members of an ad-hoc committee set up by the Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, on Monday, visited Makoko for an on-the-spot assessment of the demolished area. A stakeholders meeting between the residents, the House ad hoc committee led by its chairman, Mr Noheem Adams, and the Special Adviser to Governor Babajide Sanwo-Olu on E-GIS and Urban Renewal, Dr Babatunde Olajide later gave birth to the agreement signed by all parties.
According to Hon. Adams who read the agreement: “Our decisions as a House after deliberations by all is that Makoko community should stop all building on the demolished properties; Makoko community should set up a 10-man committee to deliberate on the remuneration for the compensation of displaced residents; the SA on E-GIS should set a boundary on where to stop the regeneration plan; we agree that the regeneration plan, that is the water-city project, will be for Makoko; and lastly, there is no plan for the elimination of Makoko“.
Water-city project to begin in Makoko
Speaking earlier on government’s plan for Makoko, Dr Olajide explained that the Lagos State government has a two-point agenda for the area. According to him: “ We want to start the water-city project for the people of Makoko. Sanitation is at the lowest ebb in Makoko. So, we are going to systematically work together to address this for the regeneration of Makoko.”
For Makoko leaders,including Baales from Makoko, Sogunro, and Okun-Agbon, as well as including students and youth leaders, the promises of the government were good. But they unanimously stated that they wanted compensation for those affected by the demolition; immediate plans, especially on accommodation for them, especially those who were living on boats and in deplorable conditions; and they wanted to see the boundary of the said regeneration plan by the government.
Why we demolished Makoko – LASG
Meantime, the state government has reiterated its position that the demolition of the waterfront settlement was done in the interest of all. According to its officials, Makoko is one of Lagos most complex urban spaces — socially vibrant, economically active, historically layered, and physically precarious. Built largely on stilts above the Lagos Lagoon and stretching toward vital transport and energy infrastructure, the community has long existed at the intersection of survival and risk.
Recent demolition activities by the Lagos State Government, LASG, have triggered outrage, protests and deep emotional distress among residents and civil society groups. Images of displaced families, damaged homes, and interrupted livelihoods have dominated public discussion. Yet from the government’s standpoint, the intervention was not conceived as an act of hostility toward the poor, nor as a prelude to elite redevelopment, but as a safety-driven enforcement action tied to long-standing environmental and urban planning concerns.
At the centre of LASG’s justification is a stark safety argument: no responsible authority can ignore settlements directly beneath high-tension electricity transmission lines or obstructing critical waterways. Sections of Makoko that were recently cleared, according to the government, fall within the statutory power-line setback corridor — a buffer zone designed to prevent catastrophic electrocution if live cables fall or infrastructure fails. In a dense, water-based settlement where wooden structures stand over a conductive lagoon surface, the consequences of a fallen line could be mass casualties within minutes.
Governor Babajide Sanwo-Olu’s advisers have repeatedly framed the issue in these terms: prevention rather than reaction. Lagos has witnessed fatal incidents in other areas linked to electrical hazards, fallen cables, and fire outbreaks in tightly packed informal settlements where emergency response access is nearly impossible. From the state’s risk-management perspective, waiting for tragedy before acting would be indefensible.
Officials argue Makoko was not singled out, but treated in line with broader enforcement efforts across Lagos to clear high-risk corridors. In their view, failing to act because the community is poor would amount to institutionalising a double standard in safety.
Makoko’s future has long been the subject of intense debate, with Lagos State authorities weighing options to balance urban development, public safety, and the preservation of the community’s unique way of life. Among the concepts considered were the shoreline extension, which would have pushed development further into the lagoon, and the “Water City” regeneration model, focused on upgrading the settlement in situ. Environmental assessments, however, ultimately ruled out the shoreline extension. Experts warned that extending into the lagoon could disrupt water flow, degrade fragile ecosystems, and threaten aquatic life, while international consultants cautioned against any approach that risked long-term ecological damage.
What remains is the Water City Project, a plan designed to improve Makoko from within, rather than displace it. According to officials, the model prioritises upgrades to sanitation, drainage, housing quality, and access, while ensuring that the fishing-based economy that has sustained generations of residents remains intact. Government officials emphasise that the recent demolitions were strictly confined to safety corridors, with no overlap on the areas earmarked for regeneration, and reject claims that the exercise was a prelude to luxury real estate development.
Despite these assurances, skepticism persists among residents, many of whom see waterfront land as highly commercially valuable. The tension between opportunity and security is palpable. Yet, the state maintains that the Water City approach offers the only sustainable path forward: a vision that preserves Makoko’s identity while restructuring it into a safer, more resilient settlement. By addressing structural hazards, regulating waterways, and introducing incremental improvements, Lagos State presents a model that seeks to reconcile the community’s heritage with the imperatives of modern urban planning. Ultimately, the Water City Project is framed not as an erasure of Makoko but as a careful recalibration — an effort to safeguard lives, enhance living conditions, and retain the community’s cultural and economic heartbeat within the evolving landscape of Lagos.
The $10m Regeneration Vision
At the heart of Lagos State’s defence of its recent interventions in Makoko is a financial commitment that is said to underscore focus on regeneration rather than demolition. Since 2021, the state government says it has earmarked $2 million for the planning and preliminary phases of Makoko’s redevelopment, with the expectation that the United Nations would contribute up to $8 million in counterpart funding. While global budgetary constraints have slowed disbursements, officials present the pledge as proof of a long-term, structured approach to transforming one of the city’s most complex settlements. The state is actively courting additional support from development partners and private organisations to bridge the funding gap, signalling that the initiative is far from ad hoc.
Central to this vision, officials said, is the Water City concept, a framework that seeks to upgrade Makoko incrementally rather than displace its residents wholesale. The plan envisions structured housing layouts, safer building methods, regulated waterways, and improved sanitation and waste systems, all while safeguarding the fishing economy that underpins the community. From the government’s perspective, the recent demolitions were a painful but limited enforcement action, a precursor to a broader agenda rather than a substitute for it.
They argued that Makoko exists within a city growing by hundreds of thousands of residents each year, with formal housing supply lagging far behind demand. Informal settlements continue to expand into wetlands, waterfronts, and critical infrastructure corridors, heightening the stakes for public safety. The community’s encroachment toward the Third Mainland Bridge and major utility routes has intensified official concern, as planners warn that unregulated expansion in such zones significantly raises the risk of large-scale fires, structural collapses, electrocution incidents, flooding, water contamination, and blocked emergency access.
They also argue that beyond immediate safety considerations, tolerating unsafe expansion risks complicity in preventable disasters. This tension defines the Makoko debate: balancing the right to shelter with the responsibility to prevent foreseeable, mass-casualty events. For Lagos State, the $10 million regeneration vision represents more than financial commitment; it is a statement of intent — to reimagine Makoko as a safer, more resilient, and sustainable settlement while preserving the social and economic fabric that has long defined the iconic lagoon community.
A settlement sitting on high-risk infrastructure
Central to the state government’s justification for the recent intervention in Makoko is what officials describe as an unavoidable safety imperative. From the state’s standpoint, no responsible authority can knowingly permit human settlements to exist directly beneath high-tension electricity transmission lines or within corridors that obstruct critical waterways. The sections of Makoko affected by the demolition, the government insists, fall squarely within statutory power-line setback zones—buffers designed to prevent catastrophic loss of life in the event of infrastructure failure.
In a settlement built largely of wooden structures standing on stilts above a conductive lagoon surface, the risks are amplified. Officials warn that a fallen high-tension cable in such an environment could result in mass casualties within minutes. Advisers to Governor Babajide Sanwo-Olu have repeatedly framed the decision as an act of prevention rather than reaction, arguing that Lagos has already witnessed deadly incidents linked to fallen power lines, fires, and building collapses in other densely populated informal communities where emergency access is severely limited. From a risk-management perspective, they argue, waiting for tragedy before acting would have been indefensible.
The government also rejects claims that Makoko was singled out. According to officials, similar clearance exercises have been carried out in other parts of Lagos following fatal electrical incidents, and applying different standards because a community is poor would amount to institutionalising inequality in safety enforcement. These arguments were laid out at a press conference at the Bagauda Kaltho Press Centre, Alausa, by the Special Adviser to Governor Sanwo-Olu on eGIS and Urban Development, Dr. Olajide Babatunde.
With the Special Adviser on Media and Publicity, Mr. Gboyega Akosile; the Commissioner for Information and Strategy, Mr. Gbenga Omotoso and other senior officials in attendance, Babatunde said the intervention was driven primarily by the need to protect lives in areas dangerously close to high-tension power infrastructure. “Clearing high-tension corridors is a safety requirement across Lagos State,” Babatunde said. “The action taken in Makoko is consistent with what has been done in other communities.”
He stressed that the state remained committed to improving living conditions in vulnerable communities, while balancing development pressures with environmental protection and public safety. According to him, Makoko’s situation has been the subject of extensive planning debates for years, with multiple redevelopment options considered before the current approach emerged.
One such proposal—the shoreline extension plan—was eventually abandoned after environmental impact assessments raised red flags. Babatunde disclosed that studies conducted by technical experts, construction firms, and international partners warned that pushing development further into the lagoon could disrupt water flow, damage marine ecosystems, and degrade aquatic life. Those findings, he said, led the state to discontinue the plan entirely.
What remains, according to the government, is the Water City Project, a regeneration model designed to upgrade Makoko in situ. The project aims to improve sanitation, drainage, housing quality, and access, while preserving the fishing-based economy that defines the community. Officials insist that the recent demolitions are not linked to luxury real estate development or private commercial interests, noting that the cleared areas fall strictly within safety corridors and do not overlap with the designated footprint of the Water City scheme. “We need to do what we have to do,” Babatunde said. “If we don’t, then we are endangering the lives of the people. However, we need to do it in a systematic way. We have to do it according to international conventions.”
He revealed that the Sanwo-Olu administration committed $2 million in 2021 toward the redevelopment of the Makoko waterfront to meet international standards, with expectations of an additional $8 million in counterpart funding from the United Nations. While global funding constraints have slowed disbursements from donor agencies, Babatunde said the state was looking inward and appealing to international partners, donor organisations, and the private sector to support the project. “The United Nations delegation visited Makoko in 2021,” he said. “It is not an area we are joking with at all. It is an area where we want to do the needful and improve living standards.”
Babatunde also cited past regeneration efforts as evidence of the government’s approach. He pointed to the relocation of residents in Okobaba, Adeniji-Adele, and Dosunmu, which he said were achieved through consultation, negotiated agreements, and compensation. In Okobaba, he noted, residents were relocated to Agbowa, where the state provided hundreds of houses, large parcels of land, and equipment worth billions of naira. “We moved them without any noise,” he said. “We relocated them to a prime area and provided facilities they did not have before. This administration is very much interested in the welfare of the people.”
Beyond electricity hazards, Babatunde cited recurring fires, structural collapses, and the absence of access routes for emergency services in densely populated settlements as further justification for enforcing building codes, minimum setbacks, and land pooling in regeneration areas. Unsafe housing conditions, he argued, ultimately expose residents to greater danger. Commissioner for Information and Strategy, Mr. Gbenga Omotoso, addressed the protests that followed the demolitions, acknowledging citizens’ constitutional right to protest while cautioning against actions that infringe on public order. “Protest is a fundamental human right,” he said. “But it should not obstruct public roads or prevent people from accessing medical care or going about essential activities.” He added that emotions surrounding the Makoko issue were understandable, but urged the public to separate sentiment from facts. “People believed the demolition was anti-people,” Omotoso said. “People are entitled to their emotions, but there are facts and figures.”
Vanguard news
Thursday, 12 February 2026

Samsung starts mass production of next-gen AI memory chip
Samsung Electronics announced Thursday it had started mass production of next-generation memory chips to power artificial intelligence, touting an “industry-leading” breakthrough.
The high-bandwidth HBM4 chips are seen as a key component needed to scale-up the vast data centres powering the explosion in artificial intelligence.
US tech giant Nvidia — the world’s most valuable company — is widely expected to be one of Samsung’s main buyers.
Samsung said it had “begun mass production of its industry-leading HBM4 and has shipped commercial products to customers”.
“This achievement marks a first in the industry, securing an early leadership position in the HBM4 market,” the South Korean company said in a statement.
A global frenzy to build AI data centres has sent orders for advanced, high‑bandwidth memory microchips soaring.
Samsung said its new chip was significantly faster than older models, exceeding industry standards for processing speed by more than 40 per cent.
This would satisfy “escalating demands for higher performance”, the company said.
Samsung Electronics stock was up more than six per cent in afternoon trade on South Korea’s stock exchange.
The South Korean government has pledged to become one of the world’s top three AI powers, alongside the United States and China.
Samsung and its South Korean rival SK hynix are already among the leading producers of high-performance memory chips, and the two companies had raced to start HBM4 production.
Taipei-based research firm TrendForce predicts that memory chip industry revenue will surge to a global peak of more than $840 billion in 2027.
Samsung Electronics posted record quarterly profits earlier this year, riding on massive market demand for its powerful memory chips.
The company has already earmarked billions of dollars to expand chip production facilities, pledging to continue spending in “transitioning to advanced manufacturing processes and upgrading existing production lines to meet rising demand”.
Nvidia designs hardware that powers AI computing, and has an almost insatiable demand for memory chips made by the likes of Samsung and SK hynix.
The US-based company’s almost singular role in the AI revolution has taken the world by storm since the introduction of OpenAI’s ChatGPT in late 2022.
Apple, Microsoft and Amazon have also developed chips with AI in mind, but for now are stuck trying to get their hands on Nvidia’s coveted products.
Major electronics manufacturers and industry analysts have warned that chipmakers focusing on AI sales will cause higher retail prices for consumer products across the board.
AFP

Police arrest three suspects for unlawful possession of firearms in Anambra
The Anambra State Police Command has arrested three suspects over unlawful possession of a firearm and involvement in illicit drug activities.
The suspects are 39 year old Ifeanyi Ibeabuchi; 26 years old Abdullahi Shaibu, and 18 years old Obah Chima, 18.
The suspects, one of whom is a motel owner, were arrested at Uke, Idemili North Local Government Area of the state, on Monday.
In a press statement released on Thursday, the spokesperson for the Anambra State Police Command, SP Tochukwu Ikenga, said police operatives attached to the Rapid Response Squad, Awkuzu, arrested the suspects based on credible information after storming a motel located in Uke.
According to Ikenga, during the search, one Jojef pump-action gun with breach number 21SA-0724, loaded with three live cartridges, was recovered at the scene.
The statement read in part, “The Anambra State Police Command has arrested a 39-year-old man, Ifeanyi Ibeabuchi; Abdullahi Shaibu, 26; and Obah Chima, 18, over unlawful possession of a firearm and involvement in illicit drug activities at Uke, Idemili North LGA.
“The police operatives attached to the Rapid Response Squad, Awkuzu, acting on credible information in the late hours of February 9, 2026, stormed a motel located in Uke where the suspects were arrested.
“During the search, one Jojef pump-action gun with breach number 21SA-0724, loaded with three live cartridges, was recovered at the scene.
“Also, one of the suspects, Ibeabuchi, confessed to the crime, while investigations led to the arrest of the other two suspects and the recovery of substances suspected to be cannabis sativa, crystal methamphetamine, colos, and mkpuru-mmiri.
“The Command reiterates its commitment to sustaining ongoing operations against criminal elements in the state and urges members of the public to continue providing useful information to aid policing efforts.”
He added that further developments would be communicated as the investigation progresses.
PUNCH Online in December 2025 reported that the Anambra State Police Command arrested a 26-year-old armed robbery suspect, Ugochukwu Uzor, during an operation at Iyiowa Odekpe in Ogbaru Local Government Area of the state.
It was gathered that the suspect was arrested by operatives of the Rapid Response Squad, Awkuzu, after he was injured during the operation.
In a statement signed by SP Tochukwu Ikenga, the command’s spokesperson, one locally made Beretta pistol and 11 live rounds of ammunition were recovered from the suspect during the arrest.

Colombia declares state of emergency over deadly floods
Colombia declared a state of emergency on Wednesday after floods killed 18 people and left thousands of families displaced in the country’s northern cattle belt.
Water submerged homes after a dam and rivers overflowed in Cordoba, one of the worst-hit departments, where more than 150,000 residents have been affected.
The floods have destroyed more than 4,300 homes and submerged vast swathes of the country used for grazing and agriculture, authorities said.
At least 1,200 cattle have died, according to the cattle ranchers’ association.
Colombia’s disaster relief agency had reported 22 deaths nationwide on Monday, but later revised the figure down.
The emergency decree allows President Gustavo Petro to take special measures to address the crisis for 30 days, including allocating resources to impacted departments without congressional approval.
AFP

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