Nigeria’s Value Added Tax collection has crossed a historic N1 trillion mark under a new sharing formula, while electricity customers are set to receive N20.33bn in meter refunds from distribution companies.
The UK has imposed an emergency ban on study visas for nationals of four countries following a surge in asylum claims.
In Rivers State, the House of Assembly has begun screening nine commissioner-nominees forwarded by Governor Siminalayi Fubara, and INEC has approved promotions for over 2,000 staff.
On the metro front, an Ondo couple has been jailed 14 years for running a baby factory, and a man lost his life after collapsing during a morning jog in Rivers State.
Here is a recap of the major stories making headlines this morning:
1. Tax law: VAT hits record N1tn as new sharing era begins
Total VAT earnings rose to N1.08tn in January 2026, up from N913.96bn in December 2025 — an 18.5 per cent increase month-on-month. After deductions, the net VAT available for distribution was N1.00tn.
Under the new sharing formula, the Federal Government now receives 10 per cent, down from 15 per cent, while states receive 55 per cent and local governments retain 35 per cent.
The Federal Government received N100.32bn, states received N551.77bn, and local governments were allocated N351.13bn.
Read Here: https://punchng.com/tax-law-vat-hits-record-n1tn-as-new-sharing-era-begins/
2. Asylum surge: UK stops study visas for four countries
The UK government has imposed an emergency brake on study visas for nationals of Afghanistan, Cameroon, Myanmar, and Sudan following a sharp rise in asylum claims from individuals who entered through legal routes.
The UK Home Office said asylum claims via legal entry routes now account for nearly 40 per cent of all claims, with applications from students of the four affected countries rising by more than 470 per cent between 2021 and 2025.
The changes take effect on March 26, following an Immigration Rules amendment on March 5. Asylum support currently costs the UK government more than £4bn annually, with nearly 16,000 nationals from the four countries supported at public expense, including over 6,000 housed in hotels.
Read Here: https://punchng.com/asylum-surge-uk-stops-study-visas-for-four-countries/
3. Customers to get N20bn meter refunds from DisCos — NERC
NERC has ordered all electricity distribution companies to pay N20.33bn in outstanding meter reimbursements to customers under the Meter Asset Provider framework, to be disbursed over 12 months from March 1, 2026.
The commission stated that as of December 31, 2025, DisCos had failed to reimburse customers for meters procured under the MAP framework.
Under the new order, reimbursements must be fully automated on customer accounts, and DisCos are barred from offsetting the credits against customer legacy debts.
Read Here: https://punchng.com/customers-to-get-n20bn-meter-refunds-from-discos-nerc/
4. Rivers Assembly begins screening of nine Fubara commissioner-nominees
The Rivers State House of Assembly has invited nine commissioner-nominees forwarded by Governor Siminalayi Fubara for screening, about three weeks after he sacked eight commissioners and dismissed all his special advisers.
The nominees are Prof. Datonye Alasia, Mr Tonye Bellgam, Prof. Temple Nwofor, Dr Peters Nwagor, Mrs Charity Deemua, Tamuno Williams, Mr Lekue Kenneth, Otonye Amachree, and Amairigha Edward Hart.
Read Here: https://punchng.com/rivers-assembly-begins-screening-of-nine-fubara-commissioner-nominees/
5. INEC elevates 82 as directors, promotes 2,257 others
INEC has approved the promotion of 2,339 personnel in its 2025 Senior Staff Promotion Exercise, a decision taken at the commission’s meeting on February 26, 2026.
82 Chief Officers advanced to Assistant Directors, 91 Assistant Directors were elevated to Deputy Directors, and 45 Deputy Directors were promoted to Directors.
The exercise also covered 2,121 intermediate officers on GL 07–13 across various departments.
Read Here: https://punchng.com/inec-elevates-82-as-directors-promotes-2257-others/
6. Baby factory: Ondo couple jailed 14 years
A Federal High Court in Akure has sentenced Abiodun Ogundeji and Happiness Ogundeji to 14 years imprisonment without the option of a fine for operating a baby factory in Ilutitun, Okitipupa LGA of Ondo State.
Justice F. A. Olubanjo found them guilty on a 10-count charge following an 11-year trial.
The court ordered the forfeiture of eight cars, two bungalows, and N4m in cash recovered from their premises, and directed that N1m each be paid as restitution to three victims who testified during the trial.
Read Here: https://punchng.com/baby-factory-ondo-couple-jailed-14-years/
7. Man collapses, dies while jogging in Rivers
An unidentified man collapsed and died while jogging along a major road in the Agbonchia community, Eleme area of Rivers State on Tuesday.
In a video obtained by PUNCH Metro, bystanders raised the alarm as the man lay motionless with blood stains on his face. His identity and cause of death had not been established as of the time of filing the report.
Read Here: https://punchng.com/man-collapses-dies-while-jogging-in-rivers/
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