The apex bank cautioned those circulating the fake naira notes to be wary of possible breach of the law and the consequence of jail term The Central Bank of Nigeria (CBN) has alerted the public to the circulation of fake naira notes in the country. A statement signed by Sidi Ali Hakama, acting director of communications of the bank, reminded the public to beware of using the fake notes because it is an offence which...
The state oil company reveals massive scale of oil theft through multiple illegal connections across the country but maintains that production projections are realistic The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that there are 4,800 illegal connections on some 5,000 kilometers of oil pipelines across the country. This was disclosed by the Chief Executive Officer of NNPCL, Mele Kyari, during an interface with the members of the senate committee on Appropriations held on...
In the last ten years, Nigeria has been unable to meet its oil production benchmark signifying a pattern of failing in executive planning and legislative approval of the country’s annual budgets Nigeria set its first Medium-Term Expenditure Framework (MTEF) benchmark for crude oil in 2004, which was about 19 years ago. The MTEF provides a framework for Nigeria’s annual budgeting process, including revenue projections and expenditure estimates for a period of three years. It also...
The Senate has resolved to increase the 2024 Budget of the ministry of labour and productivity to enable more revenue generation The senate committee on labour and productivity has considered the need for increased revenue generation and accordingly raised the 2024 budgetary allocation of the ministry of labour, productivity, and employment. This followed requests from ministers in the ministry during the 2024 budget defence on Friday, December 8, 2023. While the amount of raise was...
Sanusi, a former CBN governor, renowned for his blunt forthrightness, said the national assembly shares huge blame for the opacity and alleged corruption of the NNPCL, the state oil company Former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, has said the failure of the National Assembly to adequately carry out its oversight functions on the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation Limited (NNPCL), and other relevant departments in...
The NPA explained that Nigeria lost billions of naira due to faulty concessions granted to private operators by the federal government in the past The Nigerian Ports Authority (NPA) has blamed faulty concessions entered into with private operators by the Federal Government for huge sums of unremitted revenues. The authority, however, said the Wold Bank is assiting it to rectify the bad deals and that it had been able to recover a fraction of what...
The controversy over the content of the budget box laid before a joint session of the National Assembly by President Tinubu was stoked by a combination of ignorance, misstep, and mischief Public discourse, especially on social media, was inundated with the controversy over the alleged empty budget box presented to the National Assembly by President Bola Ahmed Tinubu on Wednesday, 29 November 2023, during a joint session of the Senate and House of Representatives. The...
The national assembly joint committee flayed officials of the correctional service who fiddled and fidgeted in providing answers to questions The Senate has lambasted officials of the Nigerian Correctional Service (NCoS) over the inhumane conditions of inmates in their custody. This followed series of questions thrown at the officials by lawmakers during the 2024 budget defence with the National Assembly joint committees on Interior on Thursday, December 7, 2023. Trouble started when Sen. Adams Oshiomhole...
The committee said circumstances surrounding the botched Nigeria Air adventure will be unravelled and findings made to Nigerians The House of Representatives Committee on Aviation Technology is set to probe the controversy that trailed the launch of the Nigeria Air project. The committee’s chairman, Abiodun Isaq Akinlade (APC, Ogun), disclosed this at the committee’s inauguration on Thursday, December 7, 2023 at the National Assembly. The federal government, under the immediate past Muhammadu Buhari administration, had...
The committee says it is fully aware of its mandate, which includes focusing on the area councils to catch up with the rest of the federal capital in terms of development The House of Representatives Committee on Federal Capital Territory (FCT) Area Councils and Auxiliary Matters says it will prioritise resettlement schemes, agriculture, and development across the area councils. The committee chairman, Agbedi Yeitiemone Fredrick (PDP, Bayelsa), disclosed this at the committee’s inauguration on Wednesday,...
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