Rep. Kuye lamented that Nigeria bled revenue of over USD 30 billion in signature bonuses, reserve values, and assignment fees of 43 oil blocks where merging oil companies operate. The House of Representatives has vowed to probe and recover over $30 billion in accrued fees and bonuses from mergers of multinational oil companies. This followed the adoption of a motion moved by Rep. Ademorin Kuye (APC, Lagos) at plenary on Wednesday. Debating the motion, Kuye...
The Senate called for a halt to further privatisation of mining assets until its committee on solid minerals concludes the investigation. The Senate has mandated its Committee on Solid Minerals Development to investigate the immediate and remote causes of dwindling revenue derivable from solid minerals development in the country. It also called for a review of all the BPE privatisation or commercialisation programmes of all mining and mineral resources-related programmes from 1999 to date and...
The Reps Appropriations Committee Chairman said the N5bn provision for the presidential yacht in the supplementary budget was removed, and allocation for student loans increased by the same sum. The National Assembly has passed the N2.18 trillion 2023 Supplementary Appropriation Bill forwarded to it by President Bola Tinubu. Before the passage of the bill, the Senate adopted both reports of the sittings of both chambers on the 2023 Supplementary Appropriation Bill which was presented by...
Crude oil production is a vital aspect of the MTEF benchmarks upon which the government builds revenue prospects to fund service delivery. Nigeria’s crude oil production is pivotal to its economy. With extensive reserves, which are concentrated primarily in the Niger Delta region, the country is one of the largest oil producers in Africa and a key player in the global energy market. Daily crude oil production in Nigeria has historically contributed significantly to...
The Appellate Court upheld the Election Tribunal’s earlier judgment that ruled Akpoti-Uduaghan winner of the election. Barr. Natasha Akpoti-Uduaghan has been sworn to represent Kogi Central Senatorial District in the National Assembly. She was sworn in on Thursday, during Senate plenary. Akpoti-Uduaghan (PDP, Kogi Central), becomes the first female Senator from Kogi State. Recall that on Tuesday, the Appeal Court in Abuja declared Akpoti-Uduaghan the winner of the Kogi Central Senatorial Election held earlier in...
The Appropriations Committee chairman said the supplementary budget is structured to improve security, food security, critical road infrastructure, workers’ wages and also cater to the upcoming off-cycle elections in Kogi, Bayelsa, and Imo States. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari has said that N9.1 billion of the N200 billion allocated to the Ministry in the proposed supplementary budget is to tackle transboundary migratory pests like locusts amongst others to address food...
To address insecurity, Santomi stressed the need for the government to harness innovations to strengthen intelligence capabilities, enhance cybersecurity infrastructure, and promote responsible data governance. The House of Representatives Committee on National Security said international collaboration is key to addressing insecurity in the country. This is even as it stressed the need to adapt and transcend traditional approaches to safeguarding the country. Chairman of the Committee, Rep. Ahmed Satomi (APC, Borno) stated this at the...
Rep. Okafor opined that the funds invested in the 2023 population census planning would have improved economic planning and distribution of palliatives in the country. The House of Representatives has mandated the Committee on Population to investigate the N200 billion expended on the postponed 2023 population and housing census by the National Population Commission. The directive is contained in a motion on the “Need to Investigate the Expenditure on the Postponed 2023 Population and Housing...
The President noted that the projects and programmes borrowing plan were selected based on positive technical economic evaluations. President Bola Tinubu has sought the Senate’s approval of the 2022-2024 external borrowing plan to enable expeditious project implementation. This is coming barely 24 hours after Tinubu requested the approval of the N2.18 trillion Supplementary budget. The request was contained in a letter read during the plenary by the Senate President, Godswill Akpabio, on Wednesday. The letter...
The Deputy Senate President assured the new AuGF that the issue of funding of the Auditor-General’s office will be addressed in the MTEF. The Senate has screened and confirmed the appointment of Shaakaa K. Chira as Auditor General for the Federation (AuGF). It also confirmed the appointment of Resident Electoral Commissioners (RECs) of the Independent National Electoral Commission (INEC). Recall that President Bola Tinubu on 20 October, approved the appointment of Mr. Shaakaa Chira as...
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