Economy
US Stocks Open Lower on Threat Of New Tariffs
By investors Hub
The major U.S. index futures are currently pointing to a lower opening on Friday, with stocks likely to come under pressure after ending the previous session modestly higher.
Trade concerns are likely to weigh on the markets once again after President Donald Trump revealed plans to use tariffs to compel Mexico to make efforts to stop flow of illegal immigrants across the country and into the U.S.
?On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP,? Trump announced in a post on Twitter
He added, ?The Tariff will gradually increase until the Illegal Immigration problem is remedied, at which time the Tariffs will be removed.?
Trump revealed in a subsequent White House statement the tariffs will be raised to 10 percent on July 1st if the crisis persists, with tariffs eventually rising as high as 25 percent by October 1st.
The president argued the sustained imposition of tariffs will produce a massive return of jobs back to U.S., describing the move as an effort to ?firmly and forcefully? stand up for America?s interests.
?We have confidence that Mexico can and will act swiftly to help the United States stop this long-term, dangerous, and deeply unfair problem,? Trump said.
?The United States has been very good to Mexico for many years,? he added. ?We are now asking that Mexico immediately do its fair share to stop the use of its territory as a conduit for illegal immigration into our country.?
The threat of new tariffs on Mexican imports comes amid the escalating trade dispute between the U.S. and China, which has recently weighed on stocks and raised concerns about the global economic outlook.
After failing to sustain an early move to the upside, stocks fluctuated over the course of the trading session on Thursday. The major averages spent a good part of the day bouncing back and forth across the unchanged line.
Eventually, the major averages closed in positive territory but well off their best levels of the day. The Dow rose 43.47 points or 0.2 percent to 25,169.88, the Nasdaq climbed 20.41 points or 0.3 percent to 7,567.72 and the S&P 500 edged up 5.84 points or 0.2 percent to 2,788.86.
The early strength on Wall Street partly reflected bargain hunting following recent weakness, with the Dow bouncing off its lowest closing level in well over three months.
An early rebound by treasury yields also contributed to the upward move, as a recent decline by yields has led to concerns about the outlook for the economy and the possibility of a recession.
Buying interest waned shortly after the start of trading, however, as traders seemed reluctant to get back into the markets due to lingering concerns about the U.S.-China trade dispute.
Amid a continued escalation of the rhetoric, Chinese Vice Foreign Minister Zhang Hanhui accused the U.S. of “economic terrorism” by raising tariffs on Chinese goods.
“We oppose a trade war but are not afraid of a trade war,” Zhang said. “This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying.”
A report from Bloomberg News indicating China has put purchases of U.S. soybeans on hold has added to concerns about a trade war.
Treasuries also turned higher over the course of the trading session, contributing to a notable downturn by yields.
On the U.S. economic front, the Labor Department released a report showing a modest uptick in first-time claims for U.S. unemployment benefits in the week ended May 25th.
The report said initial jobless claims edged up to 215,000, an increase of 3,000 from the previous week’s revised level of 212,000.
A separate report from the Commerce Department showed U.S. economic growth in the first quarter accelerated by slightly less than initially estimated.
The Commerce Department said real gross domestic product surged up by 3.1 percent in the first quarter, reflecting a slight downward from revision from the previously reported 3.2 percent jump.
The downwardly revised increase in GDP, which matched economist estimates, still represented a notable acceleration from the 2.2 percent growth seen in the fourth quarter of 2018.
Meanwhile, the National Association of Realtors released a report showing pending home sales unexpectedly pulled back in the month of April.
NAR said its pending home sales index tumbled by 1.5 percent to 104.3 in April after surging up by 3.9 percent to an upwardly revised 105.9 in March.
The pullback came as a surprise to economists, who had expected pending home sales to climb by 0.9 percent compared to the 3.8 percent jump originally reported for the previous month.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Energy stocks showed a significant move to the downside, however, with a steep drop by the price of crude oil weighing on the sector.
Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index tumbled by 2 percent, the Philadelphia Oil Service Index slumped by 1.7 and the NYSE Arca Oil Index fell by 1.3 percent.
Banking stocks also came under pressure over the course of the trading session, dragging the KBW Bank Index down by 1.3 percent.
On the other hand, gold stocks moved higher along with the price of the precious metal, with the NYSE Arca Gold Bugs Index jumping by 1.8 percent.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
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