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Federal Reserve Chair Jerome Powell disclosed on Sunday that prosecutors have threatened him with criminal indictment over testimony he gave Congress about building renovations. The revelation marks an extraordinary escalation in tensions between the central bank and the Trump administration.

Powell described the threatened prosecution as a pretext. The Justice Department served the Fed with grand jury subpoenas focusing on his June testimony before the Senate Banking Committee about a $2.5 billion renovation project. However, Powell believes the real issue is his refusal to cut interest rates at the president’s demand. He insists he sets policy based on economic conditions, not political pressure. Trump, who appointed Powell in 2017, has spent months attacking him publicly and demanding faster rate cuts. In an NBC interview on Sunday, the president claimed ignorance of the investigation whilst criticising Powell’s performance. Republican Senator Thom Tillis said he would oppose any Trump Fed nominees until the matter is resolved.

Tehran has drawn a clear line: any American intervention to protect protesters will trigger attacks on US military bases and Israel. The warning came Sunday as demonstrations against Iran’s clerical regime entered their third week, with death tolls climbing past 500.

Parliament Speaker Mohammad Baqer Qalibaf stated that occupied territories and all US bases would become targets if Washington attacks. The protests began on 28 December over rising prices but have evolved into broader anti-government unrest against rulers who have governed since the 1979 revolution. HRANA, a US-based rights group, reports 490 protester deaths, 48 security personnel killed, and over 10,600 arrests. Internet blackouts have obscured the full picture. State television broadcast footage of dozens of body bags at the Tehran coroner’s office, blaming armed terrorists for the violence. Israel said it’s on high alert while monitoring developments. Meanwhile, President Masoud Pezeshkian accused Washington and Jerusalem of orchestrating destabilisation through terrorists who have attacked mosques, banks and public properties.

Several filling stations are now selling petrol below the N739 per litre that Dangote Refinery established as the market benchmark last December. Weekend surveys found NIPCO selling at N738, SAO at N735, Akiavic at N737, and an AP station at N736.

The economics are challenging for everyone involved. Imported petrol costs about N762 per litre to land, according to major marketers, whilst Dangote sells at N699 ex-gantry. Both importers and the refinery are sustaining losses. Industry operators say the price cuts have nothing to do with whether imported or locally refined petrol is superior—everyone is simply trying to avoid losing customers to competitors. Dangote began the supply arrangement in October with 600 million litres monthly, scaling to 900 million in November and 1.5 billion in December. The refinery has since opened access to all qualified marketers, reduced minimum purchases from two million to 250,000 litres, and introduced 10-day credit facilities backed by bank guarantees. IPMAN spokesperson Chinedu Ukadike noted that demand and supply now determine prices. Marketers who refuse price reductions will lose customers while bank interest accumulates on their inventory.

Federal ministries and agencies have inserted N3.5 trillion worth of new projects into the 2026 budget, despite President Tinubu’s October directive freezing fresh capital expenditure. The additions span infrastructure, equipment purchases and programme expansions across virtually all institutions.

The presidency had ordered agencies to complete ongoing projects rather than initiate new ones, aiming to reduce wasteful spending and improve execution rates that historically remain below 60 per cent. The final budget submitted to the National Assembly contains thousands of new line items beyond existing commitments. The Works Ministry accounts for N847 billion in new road projects, Defence seeks N423 billion for equipment procurement, and Education wants N312 billion for university infrastructure. Budget Office officials confirmed the insertions occurred during ministerial consultations following the freeze directive. Many agencies successfully lobbied for exemptions they deemed critical.

The National Assembly will scrutinise the projects during appropriation hearings, although lawmakers historically expand rather than reduce executive budget proposals.

Brent crude gained 2.3 per cent to $62.85 per barrel on Monday, while West Texas Intermediate advanced 2.1 per cent to $59.45 as traders prepared for potential supply disruptions from Iran’s escalating crisis.

Iran currently exports approximately 1.5 million barrels daily, primarily to China. Domestic unrest or external attacks on oil infrastructure could remove significant volumes from global markets. The risk grew after Tehran threatened to retaliate against American bases and Israeli targets if Washington intervenes militarily. Traders also worry about broader regional instability that could affect Persian Gulf shipping lanes. Iran’s production facilities and export terminals are still operating despite nationwide demonstrations, though internet blackouts and security crackdowns make it difficult to assess how stable the regime actually is. Chinese buyers have started exploring alternative supply sources as contingency planning, according to trading sources. Also, OPEC+ members said they have no immediate plans to increase production to offset potential Iranian shortfalls.

Oluwatosin Ogunjuyigbe is a writer and journalist who covers business, finance, technology, and the changing forces shaping Nigeria’s economy. He focuses on turning complex ideas into clear, compelling stories.

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