Author: Lifestyle & Wellness Desk

Government securities now make up roughly 11 per cent of Nigerian banks’ total assets, highlighting prolonged constraints on credit expansion and a sustained preference for lower-risk sovereign instruments, according to a new banking sector outlook by S&P Global. The ratings agency noted that the growing exposure has increased banks’ sensitivity to sovereign-related shocks. However, it expects this risk to ease gradually as lending to the real economy improves and macroeconomic conditions stabilise. S&P Global added that the close relationship between banks and the sovereign is likely to weaken over time as credit growth gains momentum, fiscal deficits narrow, and overall economic conditions strengthen. According to the firm, banks’ holdings of government securities have risen in recent years due to limited credit extension, accounting for about 11 per cent of total banking assets. While this trend heightens vulnerability to sovereign risks, the agency expects a gradual moderation as lending increasingly targets productive sectors of the economy and fiscal pressures ease. In its Nigerian Banking Outlook for 2026, S&P Global said that despite regulatory challenges, stricter capital requirements, and easing interest rates, Nigerian banks are expected to remain resilient and sustain positive profitability over the medium term. The report projected Nigeria’s real GDP growth to average 3.7 per cent in 2025 and 2026, supported by activity in both the oil and non-oil sectors. Inflation is expected to slow gradually to around 21 per cent in 2026, creating space for further monetary easing following the 50-basis-point interest rate cut implemented in September 2025. Against this backdrop, nominal credit growth is forecast at about 25 per cent, driven mainly by increased lending to the oil and gas, agriculture, and manufacturing sectors. Lending to the oil and gas sector is expected to boost production following measures to curb militancy and crude oil theft, while retail lending is projected to contribute only marginally to overall loan growth due to its relatively small share of banks’ portfolios. Despite the projected growth, the firm said real credit expansion would remain modest, reflecting high inflation and persistent structural constraints. It also highlighted concentration risks in banks’ loan books, noting that about half of loans are denominated in foreign currency, around one-third of total exposures are linked to the oil and gas sector, and roughly half of gross loans are concentrated among the top 20 borrowers. These factors increase vulnerability to sector-specific and single-borrower shocks. Asset quality weakened in 2025 following the removal of regulatory forbearance on oil and gas exposures, with non-performing loans rising to about 7 per cent from 4.9 per cent in 2024 as banks began recognising previously restructured or deferred problem loans. While some banks have written off affected exposures, others are still restructuring them. S&P Global expects non-performing loan ratios to stabilise between 6 per cent and 7 per cent in 2026, assuming oil prices average around $60 per barrel, a level considered adequate to support borrower solvency. Stage-two loans are also projected to remain elevated at between 20 per cent and 22 per cent, reflecting ongoing credit risks in restructured facilities. The firm forecast that bank profitability would ease slightly in 2026 but remain strong by regional standards. Average return on equity is expected to moderate to between 20 per cent and 23 per cent in 2026, down from an estimated 25 per cent in 2025, while return on assets is projected to decline slightly to about 3.0 per cent to 3.1 per cent. Profitability is expected to be supported by still-elevated interest margins, growth in non-interest income, and slightly lower loan loss provisions. Although interest rates are projected to fall, they are expected to remain high relative to peer markets, supporting net interest margins. Non-interest income is also likely to benefit from higher fees and commissions driven by expanding digital payments, retail banking services, and agency banking networks. Meanwhile, data from the Central Bank of Nigeria show that government borrowing from financial market operators rose sharply in 2025 despite elevated interest rates, widening the gap between public- and private-sector access to credit. An analysis of money and credit statistics indicates that credit to the Federal Government exceeded private-sector borrowing by N9.19 trillion in 2025, reflecting heightened fiscal pressures and increased reliance on domestic funding sources. CBN data further show that public-sector credit rose from N25.03 trillion in January 2025 to N34.22 trillion by December, representing a N9.19 trillion increase over the year. This also marked an increase of N5.57 trillion, or nearly 154 per cent, compared with the N3.62 trillion in government credit recorded in 2024.

The Federal Government has announced plans to share electricity subsidy costs with state and local governments from 2026, ending the practice of shouldering the burden alone. Tanimu Yakubu, Director-General of the Budget Office of the Federation, disclosed this on Monday in Abuja during a training workshop for ministries, departments, and agencies on the 2026 post-budget preparation process using the Government Integrated Financial Management Information System Budget Preparation Sub-System. Yakubu said President Bola Tinubu had directed that electricity subsidy costs be made transparent, tracked, and fairly distributed across all tiers of government, warning that the current system creates hidden liabilities and recurring challenges in the power sector. “If we want a stable power sector, we must pay for the choices we make. When tariffs are held below cost, a gap is created. That gap is a subsidy. And a subsidy is a bill,” he explained. He added that from 2026, the Federal Government would no longer treat electricity subsidies as an open-ended responsibility, especially where policy decisions and benefits are shared across governments. The President has instructed that the existing legal framework for the electricity sector be used to ensure subsidy sharing is practical, transparent, and enforceable. “Subsidy costs must be explicit, tracked, and funded to prevent arrears, liquidity crises, or hidden liabilities,” Yakubu said. He emphasized that the policy is intended to align incentives across government, not as a punishment. “When everyone carries a fair share of the cost, there is a greater incentive to support cost-reflective efficiency, protect vulnerable populations, and maintain a power market that functions effectively,” he added. MDAs were directed to reflect subsidy-related costs clearly in their 2026 budget submissions and avoid pushing unfunded liabilities into the electricity market. Yakubu also noted that the 2026 Budget marks a departure from rollover budgeting and fragmented project lists that have weakened execution and accountability. He described the budget as a “single-train” framework designed to consolidate commitments, improve prioritization, strengthen control, and reduce duplication. The President has also directed a review of the Fiscal Responsibility framework to make fiscal rules more dynamic and enforceable, with clearer fiscal anchors, defined escape clauses for genuine shocks, and stronger reporting on contingent liabilities. Yakubu said the 2026 Budget will require that capital projects demonstrate readiness, sequencing, a financing strategy, and measurable outputs, emphasizing that fewer but well-funded projects will deliver greater impact. GIFMIS-BPS will serve as the central tool to restore budget credibility, ensuring transparency and traceability from submission to execution. “The success of the Renewed Hope Agenda is shared. The Budget Office will coordinate and enforce standards, but delivery depends on every MDA. Nigerians expect results. Through a credible 2026 Budget, we must deliver,” he said.

Air India has grounded one of its Boeing 787-8 Dreamliner jets after a pilot reported a potential defect in the aircraft’s fuel control switch. The airline said on Monday that it had notified India’s aviation regulator and was addressing the pilot’s concerns on a “priority basis.” “We are in contact with Air India and are supporting their review of this matter,” a Boeing spokesperson said in response to an inquiry. The grounding comes amid the ongoing investigation into a June plane crash involving the same model, which claimed 260 lives. Air India did not provide details on the flight or the specific issue reported by the pilot. Reports indicate the defect was flagged after the aircraft landed in Bengaluru following a flight from London. Last year’s fatal crash occurred less than a minute after take-off from Ahmedabad airport, en route to London. India’s Aircraft Accident Investigation Bureau (AAIB) is still investigating, with a final report expected in the coming months. A preliminary investigation suggested the plane’s engines shut down after the fuel switches moved from ‘run’ to ‘cut off’ shortly after take-off, but the cause of this remained unclear. Following the crash, the US aviation authority stated that fuel control switches in Boeing aircraft are safe. India’s aviation regulator also ordered a review of cockpit fuel switches on Boeing 787 and 737 aircraft operating in the country. Air India confirmed that its inspections had not revealed any issues with the switch mechanism and reiterated this on Monday. “Air India had checked the fuel control switches on all Boeing 787 aircraft in its fleet after a directive from the DGCA and found no problems,” the airline said.

Donald Trump has announced he is seeking $1 billion in damages from Harvard University amid his administration’s ongoing dispute with the institution. The announcement follows reports that the administration had previously sought $200 million in negotiations with the university but later withdrew that demand. Trump referenced the report in a Truth Social post, accusing Harvard of “feeding a lot of nonsense” to the media. Officials from Trump’s administration have claimed that Harvard did not do enough to address antisemitism during pro-Palestinian protests, a charge the university has denied. Harvard has been a frequent target in the White House’s campaign against what it labels “woke” and “radical left” ideologies on American campuses. In April last year, Trump revoked roughly $2 billion in research grants and froze federal funding to Harvard. The university filed a lawsuit, arguing that the government should not dictate what private universities can teach, whom they admit or hire, or which fields of study they pursue. A US federal court later overturned the funding cuts, ruling that the government had violated the university’s free speech rights. The White House pledged to immediately challenge the ruling, maintaining that Harvard remains “ineligible for grants in the future.” Prior to Monday’s announcement, the administration had been in discussions with Harvard about a potential deal to restore the frozen funding. “We are now seeking One Billion Dollars in damages, and want nothing further to do, into the future, with Harvard University,” Trump wrote, accusing the university of “serious and heinous illegalities,” though he did not specify how the law was allegedly broken. Trump has previously threatened to revoke Harvard’s tax-exempt status and seize control of patents resulting from federally funded research. Three other Ivy League schools—Columbia, Penn, and Brown—reached agreements with the administration to protect at-risk funding rather than pursue court battles.

The Federal Government has called on state governments, especially Ondo State, to scrap nuisance and illegal taxes through the implementation of the newly enacted tax reform laws and the adoption of a State Tax Harmonisation Law. The appeal was made on Monday by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Prof. Taiwo Oyedele, during a public lecture in Akure held as part of activities marking Ondo State’s 50th anniversary. Oyedele noted that the Federal Government began implementing the new tax policy on January 1, 2026, and urged states to align their fiscal systems with the reforms. He said states should fully apply the new tax reform laws and establish a harmonised tax framework to address multiple and illegal taxation. He added that Ondo State could also host the National Tax Ombud Office for the South-West to champion taxpayer rights and protection. According to him, the state could further strengthen accountability by introducing an annual Tax Accountability Report for taxpayers and developing a comprehensive tax and fiscal policy to guide revenue generation, spending and debt management. Oyedele also emphasised the need to strengthen fiscal transparency at the local government level, urging councils to prepare economic development plans and publicly disclose their budgets and audited accounts. He said each local government should establish a dedicated portal on the state website to share long-term plans, annual budgets and financial statements. Also speaking at the event, the Special Adviser to President Bola Tinubu on Energy, Mrs Olu Arowolo-Verheije, said the President remained committed to supporting Ondo State in unlocking its development potential. She highlighted several ongoing federal projects in the state, including sections of the Lagos–Calabar Coastal Highway, the Akure–Ore dual carriageway, the Akure–Ado Ekiti Road and the Federal University of Technology Teaching Hospital in Akure. She also said the Ondo Deep Sea Port project at Araromi was progressing steadily, noting that Governor Lucky Aiyedatiwa had recently secured a revalidated licence for the port. When completed, she said, it is expected to become West Africa’s deepest seaport, with a natural draught of about 18 metres. In his keynote address, Governor Lucky Aiyedatiwa said Ondo State had recorded steady progress across various sectors over the past five decades and expressed confidence in its future. He said the state’s development would be driven by economic diversification, technology and innovation, human capital development and strong institutions. The governor highlighted projects such as the Sunshine Free Trade Zone, the Golden Ceramics Industrial Plant, the Ethanol Plant in Ore and the Ondo Deep Sea Port as evidence of the state’s commitment to industrialisation, job creation and attracting investment. He added that tourism was being repositioned as a key growth sector, while continued investment in education, skills acquisition and youth empowerment would remain central to the state’s development agenda.

No fewer than 300 secondary school students from across Kwara State have benefited from the 2026 West African Senior School Certificate Examination (WASSCE) scholarship programme of the Muhydeen Okunlola Kayode Foundation. The scholarship presentation ceremony took place on Saturday at the Offa Grammar School Auditorium in Offa Local Government Area, with beneficiaries selected from public secondary schools across the three senatorial districts of the state. The foundation’s WAEC Scholarship is an annual initiative designed to expand access to education, promote academic excellence and ensure that financial challenges do not prevent students from sitting for the examination. Speaking at the event, the foundation’s Executive Director, Saheed Lawal, said the number of beneficiaries was increased this year in line with the organisation’s continued commitment to education and youth development. He explained that the programme began in 2024 with support for 130 students, expanded to 200 beneficiaries in 2025, and has now reached 300 students statewide. Lawal said the steady expansion reflects the vision of the foundation’s founder, Alhaji Muhydeen Okunlola Kayode, to ensure that no child is denied educational opportunities due to financial hardship. He added that the initiative goes beyond numbers, offering hope, motivation and confidence to students to pursue bigger aspirations, noting that education remains a powerful tool for societal change. The 2026 scholarship programme, themed “Continuing the Journey, Lighting the Path to Brighter Futures,” forms part of the foundation’s broader efforts to support underprivileged students in Kwara State. Delivering a lecture at the ceremony, the Director of Weakypedia Linchpin Consult and Educational Services, Aderemi Oladepo, praised the foundation for its consistency and urged beneficiaries to remain focused and disciplined. He encouraged students to value education as a lifelong asset and called on parents and guardians to support their children both academically and morally. Also speaking, the proprietor of Lens Polytechnic and Lens University, Dr Azeez Yisa, represented by Akeem Dunmoye, advised the beneficiaries to justify the support by excelling in their examinations. He commended the foundation for its sustained support for students from disadvantaged backgrounds, noting that private initiatives are vital in complementing government efforts in the education sector. Parents, teachers and guardians at the event described Alhaji Kayode as a visionary community leader and applauded the consistency and positive impact of the scholarship scheme on access to education in the state. Founded by philanthropist and education advocate Alhaji Muhydeen Okunlola Kayode, the MOK Foundation focuses on improving access to education through scholarships and other forms of support for indigent students in Kwara State. Education stakeholders at the event also stressed that philanthropic interventions are increasingly important in widening access to education amid rising examination and schooling costs

The Office of the Head of the Civil Service of the Federation has announced the start of the accreditation exercise for the appointment of five new Federal Permanent Secretaries. In a statement issued on Tuesday by the Director of Press at the office, Eno Olotu, the exercise was said to have received the approval of President Bola Tinubu. According to the statement, the process is aimed at filling existing and anticipated vacancies, with eligible candidates drawn from Adamawa, Bayelsa, Enugu, Kano and Ogun states. The Head of the Civil Service of the Federation, Didi Walson-Jack, described the accreditation exercise as a crucial first step in a national assignment that will shape the future quality, integrity and capacity of leadership within the Federal Civil Service. She charged members of the Accreditation Committee to carry out their responsibilities with diligence, thoroughness and strict compliance with established rules and procedures, stressing that fairness, transparency and merit must guide the entire process. Also speaking, the Chairman of the Accreditation Committee and Permanent Secretary of the Federal Ministry of Education, Olumuyiwa Abel Enitan, reaffirmed the directive of the Head of Service. He emphasised the shared responsibility of committee members to safeguard the integrity of the Civil Service. Enitan warned that any error or oversight at the accreditation stage could compromise the credibility of the entire selection process, urging members to pay close attention to detail, work collaboratively and adhere strictly to the approved framework to ensure a transparent and credible outcome. The eligibility requirements for the appointment of Permanent Secretaries are provided in the Public Service Rules 2021. Under the rules, appointments are made from serving Directors in the Federal Civil Service, subject to the recommendation of the Head of the Civil Service of the Federation and approval by the President. The position attracts a four-year renewable term, with a maximum tenure of eight years, and selections are guided by merit and the principle of Federal Character

Gold and silver prices continued their steep decline after a dramatic reversal of the recent rally that had pushed both metals to record highs. In Monday’s Asian trade, spot gold fell more than 9% to $4,403 an ounce, while silver dropped 15% to below $72 an ounce. Earlier this year, investors had driven prices higher, seeking “safe haven” assets amid geopolitical uncertainty. Concerns about the independence of the US Federal Reserve also contributed to the surge. However, prices tumbled on Friday after former Fed governor Kevin Warsh was nominated to chair the central bank, a move generally welcomed by financial markets. The US dollar rose 1% against a basket of currencies, adding pressure on precious metals. Gold experienced its sharpest single-day drop since 1983, falling over 9%, while silver slumped by 27% in one session. Analysts at Deutsche Bank cited Warsh’s nomination as the primary catalyst for the sell-off. The decline extended to other markets on Monday. Asian stocks fell sharply, with South Korea’s Kospi down more than 5%, Hong Kong’s Hang Seng down 3%, and Japan’s Nikkei 225 losing over 1%. In Europe, the UK’s FTSE 100 opened 0.4% lower, with mining companies like Fresnillo and Endeavour Mining losing roughly 7%. Crude oil prices also dropped over 5%, influenced by output decisions from major producers and signs of easing US-Iran tensions. A stronger US dollar further weighed on oil, making it more expensive for international buyers. Precious metals had a record-breaking 2025, with gold posting its largest annual gain since 1979. Gold hit $5,500 and silver topped $120 earlier this year, driven by concerns over US tariffs and volatile tech stocks. Analysts anticipate at least two Federal Reserve rate cuts in 2026, which could support gold’s appeal as an investment. The scarcity of gold adds to its attractiveness, with just over 216,000 tonnes mined worldwide according to the World Gold Council. Central bank purchases over recent years, combined with geopolitical uncertainty, boosted demand even further. Mark Matthews, head of research for Asia at Bank Julius Baer, told Reuters that recent steep losses are partly due to profit-taking after prices had risen sharply. “Once profit taking started, it just snowballed,” he said.

Laura Fernández, the candidate of Costa Rica’s governing conservative Sovereign People’s Party, has won the country’s presidential election. With more than 88% of votes counted, Fernández secured over 48%, well ahead of centrist rival Álvaro Ramos, who conceded defeat. Her margin surpassed the 40% threshold required to win outright in the first round, eliminating the need for a run-off. She is scheduled to be sworn in on 8 May. Fernández ran on a promise to continue the hardline crime policies of outgoing President Rodrigo Chaves, who had endorsed her as his successor. Concern over rising drug-related violence played a key role in her campaign. In her victory speech, the 39-year-old pledged to pursue the strategies introduced by Chaves, for whom she previously served as chief of staff. She also hinted at potentially appointing him to a cabinet position. Costa Rica, traditionally one of Central America’s safest nations and a stable democracy, has experienced increasing gang activity and crime in recent years. Drawing inspiration from El Salvador’s President Nayib Bukele, Fernández plans to declare states of emergency in areas dominated by gangs and complete the construction of a high-security prison modeled after El Salvador’s Cecot facility. Addressing critics concerned that her measures could infringe on civil rights, Fernández emphasised that her administration would uphold the rule of law, promote dialogue, and pursue national harmony. Yet she also criticised opposition lawmakers for “obstruction and sabotage,” referring to the challenges Chaves faced in passing policies in a legislature dominated by rival parties. Her party currently holds 30 of the 57 seats in parliament, giving her stronger legislative backing than her predecessor. Fernández previously served as planning minister and in other government roles. She is widely seen as Chaves’ political heir, sharing his direct and sometimes confrontational style, and is expected to maintain Costa Rica’s close ties with the United States. During Chaves’ administration, Costa Rica signed a “safe third-country” agreement with the US, allowing migrants from other nations to be sent to Costa Rica. The US has also cited Costa Rica as a key transit point for cocaine trafficking. Fernández has stated she is prepared to declare states of emergency and temporarily restrict some citizen rights if organized crime intensifies in certain regions. Her election marks her as the second woman to lead Costa Rica, following Laura Chinchilla, who was elected in 2010.

Théodore remembers the AI-generated content that finally pushed him over the edge. The post showed two malnourished South Asian children. Despite their youth, both had thick beards. One had no hands and only one foot, while the other held a sign claiming it was his birthday and asking for likes. Strangely, they were sitting in the middle of a busy road in pouring rain, with a birthday cake in front of them. Every detail suggested the image was AI-created, yet it went viral on Facebook, attracting nearly a million likes and heart emojis. “It blew my mind. These absurd AI images were everywhere, gaining massive attention without anyone questioning them—it was insane,” says the 20-year-old Paris student. In response, Théodore created an X account called Insane AI Slop, highlighting and mocking misleading AI content. His inbox quickly filled with submissions from others who noticed similar patterns—religion, military, or impoverished children performing extraordinary acts. “Kids in the developing world doing impressive things is always popular. People see it as wholesome, so creators think, ‘Great, let’s make more,’” he explains. His account grew to over 133,000 followers. The flood of AI slop—quickly made, low-quality, unconvincing images and videos—is now unstoppable. Social media platforms have embraced AI, and while some companies claim to be addressing low-quality content, feeds remain filled with it. The rise of AI-driven social media In a recent earnings call, Meta CEO Mark Zuckerberg described social media as entering a “third phase,” now dominated by AI. “First, content came from friends and family. Then creator content was added. Now, AI makes it easy to generate and remix content, creating a massive new layer,” he said. Meta, which owns Facebook, Instagram, and Threads, not only allows AI-generated content but has launched tools to create more of it, including image and video generators and advanced filters. YouTube CEO Neal Mohan reported that in December 2026 alone, over a million channels used the platform’s AI tools. He acknowledged concerns about low-quality AI content and said efforts are underway to limit repetitive or poor-quality videos, though he avoided defining what should or shouldn’t thrive. Research by AI company Kapwing found that 20% of content shown to a new YouTube account is low-quality AI video. Short-form videos are particularly dominated by it. Channels like India’s Bandar Apna Dost have amassed 2.07 billion views, earning creators an estimated $4 million annually. Backlash emerges At the same time, users are pushing back. Under viral AI videos, furious comments now appear frequently. Théodore has been part of this movement. On X, he reported bizarre and disturbing AI videos to YouTube, especially those appearing aimed at children. Examples include clips like Mum cat saves kitten from deadly belly parasites and a short showing a woman eating a parasite, turning into a giant monster, and being healed by Jesus. YouTube removed the channels for violating community guidelines, saying it is focused on providing high-quality content and reducing the spread of low-quality AI material. Yet the relentless flow of AI slop continues. Even lifestyle platforms like Pinterest have been affected, prompting the introduction of an opt-out system for AI-generated content, which relies on users admitting their images are AI-made. Audience reactions and mental impact Emily Thorson, associate professor at Syracuse University, says reactions depend on how people use social media. Entertainment-focused users may only care whether content is engaging, while those seeking information or community may see AI slop as more problematic. “If something is clearly a joke, people accept it. But content designed to deceive can anger users,” she explains. Constant exposure to low-quality AI content may reduce attention spans and contribute to “brain rot,” making users quickly consume content that is unlikely to be real or meaningful. Risks beyond harmless slop Some AI-generated material can be more harmful. For instance, digital manipulation was recently used to target vulnerable groups online, while fake videos circulated during geopolitical events can mislead the public. Experts argue that platforms need systems allowing authentic content to prove its origin. Social media companies, however, have reduced moderation teams and increasingly rely on users to flag false or misleading content. Is a slop-free social media possible? Creating a platform free from AI slop seems difficult. Machines struggle to detect AI content accurately, and judging what counts as low-quality is subjective. Yet if a new platform emerged and attracted enough users, it might push existing platforms to change, similar to how BeReal encouraged more authentic social media sharing. For now, Théodore sees AI slop as the new normal. Despite submissions from his followers, he posts less frequently and has mostly accepted the reality of online life. “I’m not against AI itself,” he says. “I’m against the pollution online of AI slop created purely for quick views and entertainment.”