Nigeria: Tinubu, Obi sign peace pact as states' budgets surge 47%

President Bola Tinubu and other presidential candidates, including Peter Obi, have signed the first National Peace Accord, committing to issue-based campaigns as public campaigning begins for the 2027 general elections.

The accord, organized by the National Peace Committee, aims to prevent violence, hate speech, and personal attacks during the election period. While key figures like Atiku Abubakar were absent from the signing ceremony, the agreement marks a significant step towards a more issue-focused political discourse.

In economic news, Nigeria's 36 states and the Federal Capital Territory have collectively increased their budgets by 47.5%, reaching N40.14tn in 2026. However, this expansion comes with a notable shift in spending priorities, as the share allocated to capital projects has fallen from 73.24% to 64.34%. This reduction raises concerns about the future of infrastructure development and long-term economic growth, with the South-East, South-West, and North-Central regions showing decreased capital allocations.

Meanwhile, the National Drug Law Enforcement Agency has achieved a significant success by dismantling an international cocaine cartel. The agency arrested the alleged Nigerian kingpin, social media influencer Afolabi Kazeem Michael, widely known as KC Luxury, as he attempted to flee to Paris.

Further economic highlights include a record N3.007tn shared among federal, state, and local governments from the Federation Account in July 2026, the highest monthly allocation ever recorded. In other political developments, former President Goodluck Jonathan has expressed concern over the large security details accompanying governors and senior officials to off-cycle elections, warning of potential intimidation. The Nigeria Labour Congress is also urging the government to resolve a salary dispute with health sector unions to avert a potential industrial crisis.