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2025 Budget Defence : Senate queries Finance Minister on Fuel Subsidy removal 

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Finance Minister, Mr Wale Edu
Senate queried  Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on how proceeds from the 2024 budget were expended.
While the Minister of Finance , Wale Edun and the Minister of Budget and Economic planning , Senator Atiku Bagudu were put on hot seats by the Senate Committee on Appropriation, the DG of NOA and that of  NAN , had very tough encounters  with the Senate committee on Information and National Orientation at the budget defence.
Trouble came the way of the  Minister of Finance when barrage of questions were fired at him by some members of of the Appropriation committee on state of implementation of the country 2024 budget , particularly the capital component .
Specifically , Senator Abdul Ningi ( PDP Baichi Central) , in the barrage of questions fired at the Minister , asked him to explain how proceeds from fuel subsidy removal were expended in the 2024 fiscal year .
” What is the budget performance achieved so far ,  for 2024 fiscal year  , particularly  in terms of the capital expenditure.
 We haven’t heard from the Minister how much has been saved from  the removal of fuel subsidy and how much has been expended .
“We also haven’t heard from  the Ministers  about the debt servicing. How much have we actually used to service our debt in 2004?
” How much are we expecting to service the debt in 2005? Finally ,will the Minister of Finance guarantee that the extension of the capital component of the 2024 budget to June 30, 2025  will give the desired results in terms of implementation that has a very low percentage now ? “
Apparently unsettled by the question , the Minister hurriedly requested the committee to accord him a close door session for detailed response to the question .
” Are we in a closed door session ? If we are not in a closed door session , i will humbly seek for  that for detailed explanations on the questions asked “, he said .
The Committee Chairman , Senator Solomon Olamilekan ( APC Ogun West ) , according asked journalists to excuse them for the closed door session.
Earlier at the budget defence session the Senate Committee on Information and National Orientation had with agencies under its purview , the Director General of  National Orientation Agency ( NOA) , Mallam Issa – Onilu and his counterpart in the News Agency of Nigeria ( NAN) Ali Mohammed Ali , were ordered to re – draft and re – present their budgetary proposals for 2025 fiscal year .
The committee chaired by Senator kenneth Eze ( APC Ebonyi Central), tackled the NOA  DG on the National Identity Project being implemented  by the Agency by saying the project is not known to Nigerians , particularly, those residing at the grassroots .
But the NOA  DG , held his ground by telling the committee members that the project is very necessary in putting in place , the right value system .
” The challenge we have about value system is about National Identity which is very necessary at galvanising Nigerians for Nation building ,  national development and growth “, he said .
The Committee however insisted that he should go back for re – drafting programmes of the agency to be captured and appropriated for , in the 2025 fiscal year .
Similar fate also befell the Director General of News Agency of Nigeria ( NAN) , who was told to go and reconcile disjointed figures presented in the 2024 budget implementation before coming for appropriation of projected figures for 2025 fiscal years .

Business & Economy

Otuaro Attributes Huge Deployment Of PAP Scholarship Beneficiaries To President Tinubu’s Strong Backing

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L-R: Head of Education, PAP, Dr Charles Ariye; Technical Assistant to the PAP Administrator, Edgar Biu; Secretary to the Administrator, Mrs Ebimene Jackson; Director of Finance & Accounts, Samuel Obukowho; a beneficiary; Assistant Head of Education, Anthony Okon; and Audit Head, Daniel Udo; during the pre-departure orientation for another batch of the PAP foreign post-graduate scholarship beneficiaries at the PAP head office, Abuja, on Thursday, 15 January 2026.

By David Owei,Bayelsa

The Administrator of the Presidential Amnesty Programme, Dr Dennis Otuaro, has attributed his large-scale onshore and offshore deployment of scholarship beneficiaries to the robust backing of President Bola Tinubu.

He spoke during the pre-departure orientation for another set of 25 foreign post-graduate scholarship beneficiaries deployed by the PAP to universities across the United Kingdom for the 2025-2026 academic session, at the agency’s head office in Abuja on Thursday.

The event featured talks on “Social and Cultural Relations in the UK”, “Academic Expectations”, “The Administration of the Scholarship”, and the presentation of laptop to each of the scholarship beneficiaries to enhance their research and thesis writing.

The scholars will pursue programmes in artificial intelligence, quantity surveying and commercial management, cyber security, business analytics, advanced structural engineering, data science, finance and financial tech, international law and security, public health, among others.

Otuaro stated that President Tinubu’s gracious approval of budgetary increase for the PAP has made it possible for more scholarship beneficiaries to be accommodated for undergraduate and post-graduate studies.

According to him, President Tinubu’s unwavering commitment has strengthened the PAP as a pathway to not only changing the Niger Delta narrative, but building the requisite manpower for the social, economic and political advancement of the area and indeed the country.

Otuaro, who was represented by his Technical Assistant, Edgar Biu, also noted that the tireless supervision of the PAP by the National Security Adviser, Mallam Nuhu Ribadu, had also contributed immensely to the tangibles and milestones recorded by the agency.

Addressing the scholars, he said: “We are extremely grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for his wholesome and strong commitment to this Programme, not only in terms of policy direction but also funding.

“Every one in the Niger Delta is happy with the President for this. It is no longer news, because all of you (scholars) also know that this Programme used to run on a low budget annually, but the President graciously approved an increase.

“This is why we are able to deploy more and more scholarship beneficiaries. So, we have every good reason as the people of the Niger Delta to applaud the President for backing this Programme strongly.

“We also appreciate immensely the National Security Adviser, Mallam Nuhu Ribadu, whose supervision this office falls directly under. He has worked tirelessly with us to make sure that this Programme achieves the tangibles and milestones under the President’s Renewed Hope Agenda.

“We are able to send all of you and thousands of others to universities within and outside Nigeria because of the budgetary increase. Therefore we are building the necessary human capital for the social, economic and political development of our region and indeed the country. We are, indeed, grateful to the President.”

The PAP Administrator reiterated his advice that scholarship beneficiaries should strive hard for academic excellence and avoid distractions, while also obeying the laws of their host country and the regulations of their institutions.

Otuaro added,”So I urge you to be focused as you embark on this academic journey (to the United Kingdom), a journey that promises so much. This programme is not the end of where the Niger Delta should be, but it is a pathway to changing the narrative.

“Be driven by your modest background, the sacrifices that have gone into providing this great opportunity for you, and the huge investment in your education, to achieve academic excellence.

“Make good use of this opportunity to shine and the sky will be the limit for every one of you. When you complete your programme, return home to contribute your quota to the development of the Niger Delta and our country.”

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Business & Economy

Tinubu approves $3.8bn investment in carbon market to boost sustainable infrastructure

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President Bola Ahmed Tinubu (middle)Director General, National Council on Climate Change, NCCC, Mrs. Omotenioye Majekodunmi,(right) Minister of Environment, Malam Balarabe Abbas Lawal(left)

By Abdul-Ganiyy Akanbi

In a bid to make climate action a core part of his Renewed Hope Agenda and Nigeria as an active player in the global climate economy, President Bola Tinubu has approved over $3.8 billion worth of investment in the carbon market.

Specifically, the President has endorsed the Carbon Market Framework for Nigeria with a view to unlocking billions of dollars in green investments.

The Carbon Market Framework operates under the National Council on Climate Change, NCCC, an agency established by the Climate Change Act of 2021 and domiciled in the Presidency with the President as Chairman of the Council, while the Vice President serves as the Vice Chairman.

The approval, according to the Director General of the National Council on Climate Change, NCCC, Mrs. Omotenioye Majekodunmi, has proven that Nigeria is now fully open for climate business.

Majekodunmi, who spoke with journalists in the United Arab Emirates on the sidelines of the Abu Dhabi Sustainability Week, noted that the carbon market presents opportunities across several sectors, including renewable energy, clean cooking, reforestation, climate-smart agriculture and sustainable infrastructure.

She added that the approval provides a clear regulatory and institutional structure for carbon trading in Nigeria, enabling both local and international investors to develop and finance climate-friendly projects while earning carbon credits.

“With the final approvals in place, Nigeria is officially ready to do business. We are now positioned to begin seeing real returns. The carbon market alone is valued at over $3.8 billion in potential investments annually,” she hinted.

The director general also revealed that Nigeria has already shown strong interest in carbon-related projects, stressing that since initial approvals were granted in October, the Council has received between 3,000 and 4,000 applications.

Majekodunmi also pointed out that Nigeria’s participation at the Abu Dhabi Sustainability Week is part of efforts to deepen international partnerships, particularly with the United Arab Emirates.

She said: “We see a lot of potential for collaboration in renewable energy, sustainable finance, climate technology, and carbon markets. And as such, the Abu Dhabi Sustainability Week provides the right platform to be able to deepen this relationship and this partnership to get real impact.”

The director general added that technology transfer, innovation and local capacity development remain key priorities, with plans to strengthen Nigeria’s capabilities in clean energy systems, agriculture and climate-resilient infrastructure.

Earlier in his remarks, the Minister of Environment, Malam Balarabe Abbas Lawal, stated that Nigeria’s active participation at the Abu Dhabi Sustainability Week underscores the Federal Government’s commitment to deepening international partnerships—particularly with the United Arab Emirates—across renewable energy, sustainable finance, climate technology, and carbon markets.

He further emphasized Nigeria’s focus on technology transfer, innovation, and local capacity development to strengthen clean energy systems, climate-smart agriculture, and resilient infrastructure nationwide.

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Business & Economy

Ebonyi govt. bemoans loss of billions of dollars as Nigercem remains moribund for decades …says factory has been occupied by rats, snakes”.

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Ebonyi State governor, Francis Nwifuru

By Our Correspondent

Ebonyi state government has lamented loss of billions dollars following the abandonment of Nigercem Cement factory for over 20 years resulting to the loss of huge revenue to the state, noting that the limestone deposits in the area remain viable for hundreds of years.

The state government noted that Nigercem Plc, has remained dormant for more than two decades despite Ibeto Group holding about 30 per cent controlling shares in the company.

The Chairman, Committee on revitalisation of Nigercem Plc setup by Governor Francis Nwifuru, Engr. Ben Okah said the original agreement was that the cement plant would be rebuilt within three years of the acquisition, but nothing substantial has happened nearly 20 years later.

Okah said the prolonged inactivity had left the host communities, the state government and even investors without any benefit from Nigercem, despite the huge economic potential of the limestone deposits in the area.

“Nigercem today is like a forest.Assets have been stripped to the bare. Cables have been dug up, equipment removed, and the place is now inhabited by rats and snakes. Some former staff have not been paid for over 20 years—no compensation, no pension, nothing”, he lamented.

He described the situation as “hopeless” and stressed that the state government remains willing to support Ibeto Group to revive the company.

Okah disclosed that the government has been in dialogue with Ibeto Group for about seven months, including visits to the investor’s office in Port Harcourt, but said there were no signs of renewed activity at the Nigercem site.

He explained that the state’s decision to establish its own cement factory was driven by the high cost of cement, which is currently transported from distant states such as Ogun and Cross River.

According to him, the cost of cement has continued to hamper infrastructure development in the state.

“Whether Nigercem is working or not, the state wants to build its own cement factory,” he said, assuring that the government has no intention of infringing on Nigercem’s limestone deposits.

On concerns over the proposed ₦150 billion budgeted for the new cement plant, Okah said advances in technology have significantly reduced the cost of building cement factories.

He noted that the dry method of cement production has become the norm and is far cheaper than older technologies.

He added that the project would not be purely state-driven, revealing that private investors are already on standby to participate, and expressed confidence that cement production could commence within one to two years

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