US, Israel Ramp Up Iran Strikes, FG Urges Stranded Nigerians to Stay Put Until Ceasefire

* Trump demands unconditional surrender from Iran 

*Oil price hits $90 per barrel*Russia providing Iran intelligence to target US forces, officials say 

*Report: War costs US $890m daily Rewane to CBN: Build Reserve, resist temptation to boost naira

Michael Olugbode in Abuja, Sunday Ehigiator, Dike Onwuamaeze in Lagos

The war between the United States, Israel and Iran yesterday entered its seventh day, with attacks continuing across Iran and other countries in the Middle East.  Iran continued its missile and drone attacks across the Gulf as Washington and Tel Aviv claim their campaign – codenamed Operation Epic Fury – was crippling Iran’s military.

Owing to this, the Nigerian government, through the Nigerians in Diaspora Commission (NiDCOM), explained that evacuation of citizens trapped in the Middle East as a result of the crisis will not be immediate as the situation in the region is being monitored.
This comes as President Donald Trump declared yesterday that he would settle for nothing short of “unconditional surrender” by Iran, the latest and broadest expansion of his goals for the conflict.

However, a new analysis by the Washington-based think tank Centre for Strategic and International Studies (CSIS) has revealed that the ongoing US military campaign against Iran is costing American taxpayers close to $890 million per day, highlighting the enormous financial burden of the conflict in its earliest stages.

Indications have also emerged that Russia is providing Iran with targeting information to attack American forces in the Middle East. This was the first indication that another major US adversary was participating — even indirectly — in the war, according to three officials familiar with the intelligence.
On the back of the conflict, Brent, the international oil benchmark, broke $90 per barrel as it jumped more than six percent to its highest level since April 2024.

With rising crude oil prices, the Chief Executive Officer of Financial Derivatives Company (FDC), Mr. Bismarck Rewane, has advised the Central Bank of Nigeria to resist the temptation of utilising the high crude earnings to support the value of Naira.
Massive explosions hit several locations across Iran yesterday as the war entered its seventh day.

Israeli jets have bombed southern and eastern Lebanese towns as well as targeting the southern suburbs of the capital Beirut. At least 1,332 people have been killed in US and Israeli attacks on Iran since Saturday, and News Agency reported that two schools were hit by missiles in the town of Parand, southwest of the capital Tehran.
But Iran continued to target Gulf countries from the UAE to Qatar and Bahrain, while Israel’s Tel Aviv came under combined drone and missile attacks.

FG Urges Stranded Nigerians to Stay Put Until Ceasefire
Responding to THISDAY’s enquiries, spokesman for NIDCOM, Abdurrahman Balogun, confirmed that the federal government has received enquiries from Nigerians living in countries such as Iran, Qatar and the United Arab Emirates regarding potential evacuation arrangements.
Authorities, however, explained that immediate evacuation remains difficult due to widespread security risks and the closure of airspace in several parts of the region.

According to the commission, Nigerians in affected areas have been advised to remain indoors, follow official safety advisories issued by host governments, and maintain contact with Nigerian embassies until safe corridors for evacuation become available.
He stressed that the federal government remains committed to protecting its citizens abroad and will activate evacuation operations once the security environment improves and transportation routes reopen.

Trump Demands ‘Unconditional Surrender’ by Iran
President Donald Trump yesterday demanded Iran’s “unconditional surrender,” as tensions in the Middle East escalate.
Iran has shown no interest, at least publicly, in surrendering. Instead, it has done the opposite, expanding the war to Arab states that host US bases.

“There will be no deal with Iran except UNCONDITIONAL SURRENDER,” Trump wrote on his Truth Social platform, when US strategic bombers were in action over Iran and intensive Israeli strikes in Lebanon forced more than a million people to flee their homes.
His statement was the latest in the shifting goals Trump has laid out for the war, leaving his aides, and congressional allies, struggling to keep up and at times contradicting the president.
Trump declared on Saturday, in the opening hours of the US attack, that Iran’s people should rise up and overthrow their government.

But in the following days, both Secretary of State Marco Rubio and Defense Secretary Pete Hegseth have continued to emphasise that the United States was simply focused on assuring that Iran’s nuclear program was permanently destroyed, and that it no longer had the missile capability to attack Israel, its Arab neighbors, and perhaps someday America.

Russia Providing Iran Intelligence to Target US Forces, Officials Say
Russia is providing Iran with targeting information to attack American forces in the Middle East, the first indication that another major US adversary is participating — even indirectly — in the war, according to three officials familiar with the intelligence.
The assistance, which has not been previously reported, signaled that the rapidly expanding conflict now features one of America’s chief nuclear-armed competitors with exquisite intelligence capabilities.

Since the war began last Saturday, Russia has passed Iran the locations of US military assets, including warships and aircraft, said the three officials, who spoke on the condition of anonymity because of the matter’s sensitivity.

“It does seem like it’s a pretty comprehensive effort,” one of the people said.

Reached by The Washington Post yesterday, Dmitry Peskov, the Kremlin spokesman, declined to comment on the intelligence findings.

Moscow has called for an end to the war, which it labeled an “unprovoked act of armed aggression.”

The extent of Russia’s targeting assistance to Iran was not entirely clear. The Iranian military’s own ability to locate US forces has been degraded less than a week into the fighting, the officials said.

“The Iranian regime is being absolutely crushed,” said a White House spokeswoman, Anna Kelly, without commenting on any Russian aid to Iran. “Their ballistic missile retaliation is decreasing every day, their navy is being wiped out, their production capacity is being demolished, and proxies are hardly putting up a fight.”

Two of the officials familiar with Russia’s support for Iran said that China did not appear to be aiding Iran’s defense, despite close ties between the two countries.

In a statement, the Chinese Embassy in Washington referred to Beijing’s diplomatic efforts to engage with partners in the region since the war began and said that the conflict should be “immediately ceased.”

Oil Hits $90 Per Barrel

Brent, the international oil benchmark, broke $90 per barrel yesterday as it jumped more than six percent to its highest level since April 2024.

The move in prices came amid growing fears that the Iran war could lead to long-term energy supply issues. A report from The Wall Street Journal said that Kuwait had “begun cutting production at some oil fields after running out of room to store its bottled-up crude.”

Stocks also sharply dropped. At the opening bell, the S&P 500 fell more than 1.6 percent. The Dow Jones Industrial Average slid 900 points and the Nasdaq Composite tumbled 1.4 percent.

Markets also fell after a grim jobs report showed the economy shed 92,000 jobs in February and included downward revisions to the last two jobs reports.

“The pace of job gains over the last few months is still dramatically slower than it was in 2024 and much of 2025,” the Head of Investment Strategy at J.P. Morgan Wealth Management, Elyse Ausenbaugh said.

“Add higher oil prices given conflict in the Middle East and renewed tariff uncertainty to the convoluted jobs market story, and you have a tricky, stagflationary mix of risks in the backdrop for the Fed.”

Currently, hundreds of ships containing oil and LNG are stuck off the coast of Iran, unable to pass through the Strait of Hormuz to the global market as tensions continue rising between the U.S., Israel, Iran and neighboring countries.

Iraq has also cut production by 1.5 million barrels per day, JPMorgan’s analysts said, adding that another four million barrels per day overall could be disrupted by the end of next week if the situation continues.

Report: Iran War Costing United States $890m Daily

A new analysis by the Washington-based think tank Centre for Strategic and International Studies (CSIS) has revealed that the ongoing United States military campaign against Iran is costing American taxpayers close to $890 million per day, highlighting the enormous financial burden of the conflict in its earliest stages.

The report estimates that the first 100 hours of “Operation Epic Fury,” the U.S.-led military offensive targeting Iranian military infrastructure, cost about $3.7 billion, translating to roughly $891.4 million daily.

The figures underscore the steep financial cost of the war, even before accounting for longer-term expenses such as troop deployments, equipment replacement, and post-conflict reconstruction.

According to the CSIS analysis, the bulk of the initial spending stems from the deployment and use of advanced military equipment, including high-precision missiles, air power, naval operations and missile defence systems.

The opening phase of the operation has been especially expensive because modern warfare relies heavily on high-cost munitions and advanced weapons systems. Early estimates cited by defence analysts indicate that U.S. forces used thousands of precision-guided bombs and missiles in the first wave of attacks on Iranian targets, including ballistic missile launchers, air defence systems and naval assets.

 Military officials say the opening days of the campaign represent the most intensive phase of the war, which often requires the rapid deployment of forces and the heavy use of advanced weaponry.

 Experts warn that while costs may moderate over time as operations shift to less intense combat, the cumulative financial burden could rise sharply if the conflict drags on.

 The offensive, launched amid escalating tensions in the Middle East, has already seen the United States and its allies strike nearly 2,000 Iranian targets in the first 100 hours of the operation. These targets reportedly include missile bases, drone launch sites, naval vessels and military infrastructure.

The scale of the campaign has required a massive military buildup, involving aircraft carriers, long-range bombers, fighter jets and tens of thousands of troops stationed across the region.

 Analysts say this level of mobilisation inevitably drives up operational costs, particularly when high-end systems such as stealth bombers, cruise missiles and missile defence interceptors are used extensively.

In addition, the US Navy and Air Force are conducting round-the-clock operations across the Persian Gulf and surrounding areas, increasing the consumption of fuel, maintenance resources and ammunition. The financial strain is already forcing the U.S. Department of Defence to seek additional funding from Congress to sustain the campaign and replenish depleted weapons stockpiles.

 According to defence officials, the Pentagon has already spent billions of dollars on interceptors, missiles and bombs used during the first wave of strikes against Iranian forces. One estimate suggests the first four days of the war alone cost nearly $11 billion, including the deployment of warships and aircraft to the Middle East. Large quantities of advanced interceptors, used to shoot down Iranian drones and ballistic missiles, have also been fired, further straining U.S. military inventories.

To address the shortage, the Pentagon is reportedly pushing defence contractors to accelerate production of weapons such as Patriot interceptors, Tomahawk cruise missiles and other precision munitions. However, industry experts say manufacturing capacity and supply chain constraints could slow efforts to rebuild stockpiles quickly.

 While the CSIS estimate places the daily cost at roughly $890 million, other analysts warn the actual figure could rise significantly as the war continues. Some defence experts estimate that the broader financial impact, including lost equipment, emergency funding and increased military readiness, could push the cost to more than $1 billion per day.

Rewane to CBN: Build Reserve, Resist Temptation to Appreciate Naira

Chief Executive Officer of Financial Derivatives Company (FDC), Mr. Bismarck Rewane, has advised the Central Bank of Nigeria to resist the temptation of utilising the high crude earnings to appreciate the value of Naira.

Rewane gave this advice in his March 2026 presentation at the Lagos Business School’s (LBS) Executive Breakfast Session titled “Geopolitical Chaos and Its Impact on Nigeria

He said the naira could strengthen on higher oil prices but cautioned that, “the CBN will resist the temptation to appreciate the Naira. They will build external reserve buffers.”

He also said that with no fuel subsidy as the cost of petrol (both PMS and diesel) is fully market-driven, the Nigerian consumers are already feeling the pinch of the escalating oil prices as PMS depot price has increased by N100 in less than 48 hours of the conflict.

According to him, “consumers will directly feel the impact on transportation, logistics, and goods prices,” since the scenario would be “higher global crude prices leading to domestic petrol price hikes, higher transport and production costs and rising commodity prices culminating to increased inflation and reduced household purchasing power.”

Rewane pointed out that if the conflict persists for more than six weeks, Nigeria’s current disinflationary trend would come under threat and the central bank’s interest rate tightening would resurface.

He said: “Even with a stronger Naira, imported goods can remain expensive if global inflation rises.

Rewane postulated that although “higher oil prices are positive for FX inflows and fiscal revenue, which could support the Naira and reduce borrowing.

“However, if the inflationary impact dominates, the monetary policy stance could shift from neutral/easing back to tightening

“Therefore, monetary tightening is likely to resurface in the next MPC meeting.”

The impact on consumers, according to him, would be increase in transportation costs, logistics costs, prices of domestic commodities and strain on consumer disposable income.

Others are reduction in purchasing power, consumer demand and slowdown in business activity.

He also said that fiscal deficit is expected to decline in the short term as oil revenue increases “With oil prices at $82 per barrel (as at March 3) boosting government revenues, the fiscal deficit could narrow significantly to between ₦14.7 trillion and ₦15.4 trillion, down from ₦23.85 trillion.

He said that 2026 being a pre-election year, there is “the likelihood of a supplementary budget due to increased political and election cycle.”

Qatar: Iran’s Attacks on Us Unjustified, Insists Missiles Hit Civilian Areas

 Qatar has rejected explanations from Iran over recent missile strikes, insisting that evidence showed the attacks struck civilian areas and key infrastructure inside its territory.

The position was conveyed during a phone conversation between Qatar’s Prime Minister and Minister of Foreign Affairs, Mohammed bin Abdulrahman bin Jassim Al Thani, and Iran’s Foreign Minister, Abbas Araghchi, amid rising regional tensions.

 According to a statement issued by the Qatar News Agency, the Iranian minister had argued that the missile strikes were directed at American interests and were not intended to target the State of Qatar.

 However, Al Thani firmly rejected the claim, stressing that available evidence indicated that the strikes affected civilian and residential areas within Qatar, including locations near Hamad International Airport.

The Qatari prime minister further noted that the attacks also threatened critical infrastructure and industrial facilities, including installations linked to the country’s liquefied natural gas production—an industry vital to the nation’s economy and global energy supply.

Describing the development as a grave escalation, Al Thani said the strikes constitute a clear violation of Qatar’s sovereignty and a breach of international law. He warned that actions capable of endangering civilian populations and strategic facilities cannot be justified under any circumstances.

The Qatari leader reiterated Doha’s commitment to regional stability and diplomacy but emphasized that any threat to the country’s territorial integrity would be treated with utmost seriousness.

The exchange underscores the growing strain in relations between Tehran and several Gulf states as tensions across the Middle East continue to intensify, raising fears of wider regional repercussions if the crisis is not contained.