Morning recap: Tinubu, Obi sign peace pact, states’ budgets jump 47%, other top stories

1. The National Peace Accord has been signed by President Bola Tinubu and Peter Obi, as well as other political parties and candidates, ahead of the 2027 general elections to ensure a peaceful campaign. The event took place a day before the official start of the campaigns, and was organized by the National Peace Committee. However, some major figures such as Atiku Abubakar were absent from the ceremony.

2. The combined budgets of Nigeria's 36 states and the Federal Capital Territory have increased by 47.5% to N40.14tn in 2026. Despite this rise, the portion allocated to capital projects has decreased from 73.24% to 64.34%, causing concerns about infrastructure development and long-term economic growth. Different regions have cut their capital allocations.

3. The National Drug Law Enforcement Agency dismantled an international cocaine cartel and arrested its main suspect, Afolabi Kazeem Michael, also known as KC Luxury, a social media influencer, as he attempted to flee to Paris with a consignment of 184.50kg of cocaine. The agency recovered a significant amount of cash, jewelry, and luxury vehicles from the seized drugs.