Connect with us

Law & Crime

Senate approves MTEF/FSP 2025-2027 *Investigates NNPCL over N8.4trn withheld subsidy funds

Published

on

By George Mgbeleke Abuja
As the nation awaits the presentation of 2025  2025 budget  by President  Bola Tinubu before the joint session of National Assembly very soon, the Senate on Tuesday approved the 2025–2027 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper, FSP earlier submitted by the President.
This was even as the Red Chamber mandated its joint Committees on Finance; Petroleum (Upstream) and Petroleum (Downstream) as well as Gas to investigate reports from the Revenue Mobilisation, Allocation and Fiscal Responsibility Commission, RMAFC, alleging that the Nigerian National Petroleum Company Limited, NNPCL withheld N8.48 trillion as claimed subsidies for petrol.
It noted that the investigation would address the Nigeria Extractive Industries Transparency Initiative, NEITI report, stating that NNPCL failed to remit $2 billion (N3.6 trillion) in taxes to the Federal Government.
The Senate further directed its committees to verify the total cumulative amount of unremitted revenue (under-recovery) from the sale of Premium Motor Spirit, PMS also known as petrol by the NNPCL between 2020 and 2023.
It also directed the relevant committees to carry out in-depth investigation of such agreements by the NNPCL, Nigerian Liquefied Natural Gas, NLNG and Immigration Services with a view to reconcile remittances to the Federation Account.
The approval followed the adoption of the report of Senate joint Committees on Finance; and National Planning & Economic Affairs, chaired by Senator Sani Musa (APC Niger East) during plenary.
In the three years projections, the Senate pegged the exchange rate at N1,400/$ for 2025, 2026 and 2027 respectively.
It also projected oil benchmark prices at $75, $76.2 and $75.3 per barrel for 2025, 2026 and 2027 respectively.
The Senate added that the three-year projections for domestic crude oil production had a significant increase from 1.78m bpd in the preceding year to 2.06, 2.10 and 2.35 for the subsequent years of 2025, 2026 and 2027, respectively.
It further projected Gross Domestic Product, GDP growth rates of 4.6 per cent, 4.4 per cent, and 5.5 per cent for 2025, 2026 and 2027.
The Red Chamber also projected the inflation rates at 15.75 per cent, 14.21 per cent, and 10.04 per cent for 2025, 2026 and 2027 respectively.
It, however, demanded a reduction in the petrol prices against the backdrop of the commencement of production at the Port Harcourt refinery.
According to the recommendations, “The 2025 Federal Government of Nigeria budget proposed spending of N47.9trilion of which N34.82 trillion is retained. New borrowings stood at N9.22trillion, made up of both domestic and foreign borrowings.
“Capital expenditure is projected at N16.48 trillion with statutory transfers standing at N4.26 trillion and sinking funds projected at N430.27billion.”
Speaking during debate on the report, the chairman of the Senate Committee on Appropriations, Senator Solomon Adeola (APC Ogun West) referenced the Federal Government’s Compressed Natural Gas, CNG initiative as the underlying imperative for the adoption of the N1,400 to one dollar.
“With the functioning of our refineries the demand for Forex will drop. With the CNG initiative, Nigerians will have an option for your information if you leave Benin to Lagos the amount of fuel is about 130,000 but with CNG you can’t use more than N48,000. Another issue to be addressed is the recurrent to-capital ratio which is very high,” he said.
In his contribution, the former Senate Leader, Senator Yahaya Abdullahi (PDP Kebbi North), stressed the need to support the manufacturing industries if the projections of the MTEF are to be achieved.
In his remarks, the Senate President, Senator Godswill Akpabio commended the chairman and members of the joint committees for their indepth analysis and general good work done on the document.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Law & Crime

Lifu Judgement : ADC Guber Candidates Forum Seeks Int. Community’s Intervention

Published

on

By

By Grorge Abuja
As the awaits the outcome of Justice Peter Lifu’s judgment invalidating Sen. David Mark led leadership of the African Democratic Congress, ( ADC), a Forum of the African Democratic Congress gubernatorial candidates has condemned the ruling and sought the intervention of International community.

Recall that Justice Peter Lifu of the Federal High Court ,Abuja had in its judgment invalidated Sen. David Mark led leadership of the African Democratic Congress, ADC.

The Forum had at a Press Conference on thursday at the Party’s National Secretariat in Abuja , described the judgment as a dangerous assault on multi party democracy and a threat to Nigetian’ s 2027 electoral process.

A former member of the house of Representatives and ADC kwara state gubernatorial candidates, Hon Zakari Mohammed who spoke on behalf of the forum urged the international Community to monitor the development and process leading to the 2027 general election.

He said ” We Call on the International Community, African Union, ECOWAS, United Nations, Commonwealth and Democratic Institutions Worldwide to Intervene Against the Growing Threat to Opposition Politics in Nigeria.
Distinguished members of the press, fellow Nigerians, representatives of the international community, ladies and gentlemen.
We address you today on behalf of the Forum of African Democratic Congress (ADC) Gubernatorial Candidates across Nigeria, at a defining moment in the history of our democracy.

“We are compelled to speak out against the November 5, 2026 judgment delivered by Justice Peter Lifu of the Federal High Court, Abuja, which nullified the leadership of the ADC under Senator David Mark and invalidated decisions taken under that leadership,
This judgment has profound implications beyond the internal affairs of the ADC. It raises fundamental questions about judicial consistency, political participation, the independence of democratic institutions and the future of multiparty democracy in Nigeria.

“We consider the decision a grave assault on democratic freedoms and a development capable of destabilising the 2027 electoral process if its implications are not urgently addressed through lawful constitutional remedies.

“We hereby formally draw the attention of the international community to the unfolding developments in Nigeria.
We call on:
The United Nations Secretary-General and relevant democratic institutions of the United Nations.
The African Union Commission and its Peace and Security Council.
The Economic Community of West African States (ECOWAS).
The Commonwealth Secretariat.
The European Union and European Parliament.
The United States Government and the United Kingdom Government.
International human rights organisations and democracy-monitoring institutions.
International election observation organisations.

“We urge these institutions to closely monitor developments surrounding opposition political parties in Nigeria ahead of the 2027 general elections.
We specifically call on them to engage President Bola Ahmed Tinubu and the relevant Nigerian authorities on the need to guarantee political pluralism, judicial independence, freedom of association and equal opportunities for all political parties.

“We are not inviting foreign governments to dictate Nigeria’s political choices or interfere in the legitimate judicial process.
Rather, we are asking the international community to uphold the democratic commitments Nigeria has voluntarily undertaken and to ensure that the rights of Nigerian citizens to participate in free and competitive elections are protected.
Nigeria cannot sign international democratic instruments, make commitments to democratic governance and subsequently treat those obligations as ceremonial documents”

The Forum called on the appellate courts to urgently examine the judgment of Justice Peter Lifu and determine the issues raised in accordance with the Constitution, established judicial precedents and the rule of law.

It urged President Tinubu to create the environment that will guarantee free participation than harassment and muzzling of the opposition .

“You cannot demand democratic legitimacy while allowing an environment in which opposition parties face persistent uncertainty over their ability to organise and contest elections.
If you seek another mandate, face the Nigerian people.
Present your achievements, defend your policies and submit yourself to the judgment of the electorate.
That is the essence of democracy.
The opposition is not an enemy of Nigeria. Political disagreement is not treason. Competition for public office is not an act of hostility against the state”

Continue Reading

Law & Crime

Niger Police Assures FUT Minna of Enhanced Security

Published

on

By

BY UTHMAN BABA-NASEER,MINNA

The Niger State Police Command has assured the management of the Federal University of Technology (FUT), Minna, of sustained police patrols and enhanced security around the university to protect students, staff and property.

The Commissioner of Police, CP Adamu Abdullahi Elleman, gave the assurance when he received the Vice-Chancellor of the university, Professor Adamu Faruk Kuta, and his entourage during a courtesy visit to the Command Headquarters in Dutsen-kura, Minna.

The Vice-Chancellor commended the Police for their prompt response to distress calls and security requests, as well as their continued support in maintaining safety within and around the university environment.

Professor Kuta said the institution, which is approaching its 44th anniversary, has a growing population of about 40,000 students from different parts of the country, making sustained collaboration with the Police necessary to ensure the safety of students, staff and university facilities.

He disclosed that the university had recently commenced medical programmes and sought the support of the Police Command in providing opportunities for students to undertake practical training where necessary.

The Vice-Chancellor also praised the commitment and visibility of police patrol teams around the institution, while requesting sustained and increased deployment to address security challenges associated with its growing population.

Responding, CP Elleman described the university’s requests as part of the constitutional responsibilities of the Nigeria Police Force and reaffirmed the Command’s commitment to strengthening its partnership with the institution.

He assured the Vice-Chancellor of improved collaboration, sustained police presence and enhanced patrols around the university, particularly at night, to protect students engaged in legitimate academic activities and prevent criminal activities.

The Commissioner urged the university management to promptly report security concerns to the Police, assuring them of the Command’s readiness to respond appropriately.

He further assured the delegation that all the requests presented would receive adequate attention, while expressing appreciation for the visit and reaffirming the Command’s commitment to maintaining a cordial and productive relationship with the university management.

Continue Reading

Law & Crime

Suspected cultists kill rival member in Bayelsa, hid his mutilated corpse in a sack

Published

on

By

By David Owei,Bayelsa
There was a sense of horror in Yenagoa, the Bayelsà following the suspected cultists killing of a rival and his his mutilated corpse in a sack.

The sack containing the mutilated body of the victim, according to sources, was dropped in front of the FCMB bank located at Obele junction in the outskirts of the State capital.

The incident according to sources occured on Monday night and the Corpse was discovered on Tuesday Morning.

The killing of the deceased has again threatened the peace recorded under the present leadership of the Police led by Commissioner Ajao Saka Adewale.

Investigation by our correspondent gathered that the deceased, whose identity is yet to be known, was reported to have defected from the notorious cult group, Greenlanders to rival notorious group known as Bobos.

And was accused to have led members of his new group on a “proof of loyalty,” to allegedly attack and kill a member of his former group at the back of Amarata.

It was gathered that suspected members of the Greenlanders were allegedly provoked and reportedly lures him out with a woman and death him several deadly matchet cuts.

Some Residents of the Obele area confirmed to newsmen that the Corpse of the deceased was kept carefully in a sack soaked in blood and left by the FCMB bank.

Concerned Youths and vigilante group contacted the police and the sack was evacuated.

In the last three days after the discovery of the bagged corpse, residents of the Sand Road, Aritalin, GweGwe and Obele streets have been thrown into restless nights due to the activities of the rival cult groups searching for one another.

Continue Reading

Latest

Law & Crime4 hours ago

Lifu Judgement : ADC Guber Candidates Forum Seeks Int. Community’s Intervention

By Grorge Abuja As the awaits the outcome of Justice Peter Lifu’s judgment invalidating Sen. David Mark led leadership of...

Uncategorized5 hours ago

UNN Confirms Death of Four Graduates at An Off-Campus Party

By John Nwafor The management of the University of Nigeria, Nsukka (UNN), has declared a three-day mourning period following the...

Law & Crime5 hours ago

Niger Police Assures FUT Minna of Enhanced Security

BY UTHMAN BABA-NASEER,MINNA The Niger State Police Command has assured the management of the Federal University of Technology (FUT), Minna,...

Uncategorized10 hours ago

Fubaa: Rivers Caoable of deliverying znassive Votes fir Tinubu,Chinda, Others Charges APC, Rainbow Coalition to embrace team work

By George Mgbeleke Governor of Rivers State, Sir Siminalayi Fubara, has declared that the State is capable of delivering massive...

Law & Crime10 hours ago

Suspected cultists kill rival member in Bayelsa, hid his mutilated corpse in a sack

By David Owei,Bayelsa There was a sense of horror in Yenagoa, the Bayelsà following the suspected cultists killing of a...

Law & Crime14 hours ago

HURIWA Condemns Detention of FIJ Journalist, Calls on Tinubu to Protect Press Freedom

By George Mgbeleke Association seeks Daniel Ojukwu’s release on bail, urges police to focus on insecurity and calls for safeguards...

Opinion15 hours ago

2027: Where Are the Trillions? Tinubu’s Loans,FAAC Windfall and Nigeria’s Economic Reality

By Abdullateef Bamgbose As the 2027 presidential campaign gathers momentum, political discourse appears to be drifting towards personality attacks, name-calling...

Uncategorized18 hours ago

HURIWA Demands Probe on Alleged N4m Medical Admission Racket in UNN,UNIZIK – Wants NUC, JAMB, Education Ministers to explain silence; -Urges ICPC to Investigate Allegation

By George Mgbeleke The Human Rights Writers Association of Nigeria (HURIWA) has raised the alarm over disturbing allegations of an...

Politics18 hours ago

APC Repackages 2023 Promises in New 2027 Manifestor-ADC — Says manifesto reads like that of a new party.

By Our Correspondent The African Democratic Congress (ADC) has described the newly released 2027 manifesto of President Bola Ahmed Tinubu...

Uncategorized1 day ago

ABER Congratulates Safari Gateway Ltd On Winning Best Safari Tour Operator World Tours Operator At World Tourism Awarld 2026

By David Owei,Bzylse Just as the World Tourism Forum Institute (WTFI) concluded it’s World Tourism Awards 2026 in Brussels under...

Trending