Connect with us

Business & Economy

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

Published

on

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

FG Secures Release of 98 Transmission Equipment Containers Stranded for Decades

Published

on

By

Minister of Power, Joseph Tegbe(right),Comptroller-General of Customs, Bashir Adeniyi,(2n right)

By Jacob Moses,Abuja

The federal government, through the Ministry of Power under the Minister Joseph Tegbe, has secured the release of transmission equipment that have been stranded at the nation’s ports fortwenty years.

Announcing the development at a media briefing in Lagos, Tegbe said the first 44 containers were released from the ENL Terminal and another 54 from the APMT and Sun & Moon Terminals, bringing the total to 98 of over 300 containers held.

The minister explained that the equipment, which includes high-capacity transformers, cables and switchgear, was procured to expand the transmission network and relieve overloaded substations.

Its detention stalled projects, kept existing substations under heavy strain, exposed valuable assets to deterioration and accumulated charges on the cargoes.

He noted that the cost is felt daily by businesses spending more on alternative power, families enduring interruptions and public institutions struggling to maintain essential services.

The release is in response to President Bola Ahmed Tinubu’s directive that the cargoes be cleared immediately, and the Minister and the Comptroller-General of Customs swung into action, working tirelessly to secure it.

Tegbe credited the president for the breakthrough and thanked the Ministers of Finance and of Marine and Blue Economy, the Comptroller-General of Customs, and officials of the Ministry of Power and its agencies.

Speaking at the event, the Comptroller-General of Customs, Bashir Adeniyi, said the release follows the president’s directive for immediate clearance and for agencies to resolve outstanding charges and administrative bottlenecks without delay.

Customs has begun steps to clear the containers, working with the Ministry of Power, the Nigerian Ports Authority and terminal operators.

He pledged to work hand in hand with the Minister until all the containers are cleared, and appealed to terminal operators to give Nigeria the support required for an important national quest.

Upon inspection, most of the equipment was found to be useful and viable. When evacuated, it will be verified, tested and refurbished where necessary, then deployed to project sites to complete stalled installations, relieve overloaded substations and strengthen constrained transmission corridors.

As these projects enter service, they are expected to deliver fewer interruptions from overloading, better voltage performance and a stronger network to carry electricity to homes, businesses and essential services.

Tegbe assured Nigerians that the Ministry would follow the recovery through to installation and commissioning and provide updates on the remaining containers, expressing confidence that they would be released without further delay.

Continue Reading

Business & Economy

Coastal Highway Will Unlock Blue Economy Corridor-Sen.Imasuen … As ABER Pushes for Nigeria Senate Blue Economy Caucus

Published

on

By

By David Owei

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Neda Imasuen (Edo South), has described the Lagos-Calabar Coastal Highway as a game-changer that will unlock Nigeria’s Blue Economy corridor and create new opportunities for littoral communities.

Senator Imasuen made the remark on Wednesday in Abuja when the Founder and Convener of the Africa Blue Economy Roundtable (ABER), Dr. Piriye Kiyaramo, led a delegation on a courtesy visit to his office at the National Assembly.

He commended ABER’s advocacy for a community-owned Blue Economy and pledged to study its proposal for the establishment of a Nigeria Senate Blue Economy Caucus (NSBEC).

Presenting the proposal, Dr. Kiyaramo said that despite Nigeria’s 853km coastline, over 3 million artisanal fisherfolk and an estimated $70 billion annual Blue Economy potential, the country still lacks a dedicated parliamentary mechanism to legislate, coordinate, budget and provide oversight for the sector.

“We lose $2.3 billion annually to illegal, unreported and unregulated (IUU) fishing. We lose mangroves and young lives at sea. Without law, there is no Blue Economy; there is only blue anarchy,” he said.

Dr. Kiyaramo noted that the proposed Caucus is modelled after the East African Legislative Assembly (EALA), which governs Lake Victoria for seven countries.

“If EALA can govern Lake Victoria, the Nigerian Senate can govern the Gulf of Guinea front,” he stated.

He said the NSBEC is anchored on ABER’s vision of a connected, competitive and community-owned Blue Economy where no fisherfolk is left behind.

According to him, the Caucus, when established, could canvass for the Domestication of the AU Blue Economy Strategy, the Lomé Charter, ILO Convention C188 and the FAO Port State Measures Agreement; Legislation and enforcement of the 5-nautical-mile Artisanal Exclusive Zone;
Allocation of at least 10% of marine revenue to artisanal infrastructure; and Rallying South-South States to establish Ministries of Marine and Blue Economy, emulating the Bayelsa model.

Proposed Structure

Kiyaramo recommended a 23-member Caucus comprising two Senators each from Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers (12), plus Lagos, Ondo and Ogun (6), three non-littoral experts, and two ex-officio members from the Federal Ministry of Marine and Blue Economy and ABER as Technical Secretariat. Senator Imasuen is proposed as Chairman and Patron, with a minimum 35% women representation.

Four Standing Sub-Committees are proposed: Fisheries, Aquaculture and Blue Food Security; Blue Tourism, Marine Transport and Coastal Infrastructure; Blue Justice, Human Rights and Gender – to work with the International Human Rights Protection Service (IHRPS Forum) West Africa Envoy to track violations, provide legal aid, ensure women’s cold-chain ownership and enforce Free, Prior and Informed Consent (FPIC); and Blue Carbon, Mangroves and Climate Resilience – with 70% of benefits accruing to coastal communities.

The Caucus is also expected to initiate three landmark Bills: the National Blue Economy Act, the Artisanal Fisheries Protection and 5nm Enforcement Act, and the Blue Carbon and Mangrove Protection Act, while partnering with EALA, the ECOWAS Parliament and the Directorate of Technical Cooperation in Africa (DTCA).

90-Day Action Plan

Dr. Kiyaramo further proposed a 90-day take-off plan including inauguration by the Senate President, engagement with the South-South Governors Forum, a Public Hearing on the Blue Justice Gap and unveiling of 100 Bankable Blue Deals, and a Senate Motion on ILO C188 ratification and 5nm enforcement.

“The Caucus will harmonize blue laws, redirect IUU losses to community jobs and position Nigeria to lead the ECOWAS Blue Parliamentary Network,” he said.

“Like EALA governs Lake Victoria for seven countries, NSBEC can govern the Gulf of Guinea for Nigeria. History will not remember us for the oil we extracted, but for the ocean we preserved.”

The high point of the visit was the decoration of Senator Neda Imasuen as Patron of the Africa Blue Economy Roundtable by H.E. Dr. Mrs. Ezeadili Appolonia Obiageri. Hajiya Medina Dauda Nadabo, Director of Communication and Public Affairs of ABER, was part of the Convener’s entourage.

Signed:
Medina Dauda Nadabo Director Communications Public Affairs.

Continue Reading

Business & Economy

570% Fuel Price Increase: Take Cue From Us -ADC Tells Voters — Says Cost of Living Remains Central in January Elections

Published

on

By

By George Mgbeleke

The African Democratic Congress (ADC) has said that the outcome of the recent United States midterm elections, in which Americans voted to replace the ruling Republican Party in Congress amidst a nearly 37 per cent increase in fuel prices in several states, points the way for Nigerian voters grappling with a 570 per cent increase in petrol prices since President Bola Tinubu removed fuel subsidies in May 2023.

Earlier, the opposition party had urged Nigerians to emulate the Americans in the immediate aftermath of the US midterm elections, in which the ruling Republican Party suffered a crushing defeat. But as the shockwaves of the election continue to reverberate across the world, the party has now claimed that the outcome of the US election confirms its own position that the cost of living and affordability have become major issues in determining electoral outcomes, urging Nigerians to take a cue from this as the country heads to the polls in January.

“The lesson from America is simple: governments must answer to the people for their economic decisions. In January, the cost of living must be at the centre of Nigeria’s democratic choice,” the party said in a statement issued by its National Publicity Secretary, Mallam Bolaji Abdullahi, on Saturday.

“On Tuesday, American voters were responding to fuel-price increases of about 37 per cent. Nigerians have experienced a far steeper increase, with average petrol prices rising from N238.11 per litre in May 2023 to N1,596.25 by May 2026, translating to about a 570 per cent increase.”

The party explained that an increase of 570 per cent in petrol prices is not just an economic statistic, but the reason transportation has become unaffordable, food prices have risen and small businesses are struggling to survive.

“Every Nigerian household is paying the price for the APC and Tinubu’s failed policies,” the statement said, adding that while the government has continued to ask Nigerians to make sacrifices for a better future, more than three years later, the government has failed to show how the removal of subsidies could possibly benefit ordinary citizens.

“As January 16 approaches, Nigerians deserve clear answers about how fuel, electricity, food and transportation would be made affordable. The APC and President Tinubu clearly do not have answers. It is for the same reason that Americans voted against the ruling Republican Party, and it is for the same reason that Nigerians should reject the ruling APC in January,” the party said.

Continue Reading

Latest

Politics9 hours ago

Tinubu’s Visit to A’Ibom: PDP ‎Stakeholder Augustine Udoh harps on Ibom Deep Seaport implementation ‎- says Nigeria needs sincere leaders ‎

‎ ‎By Our Akwa Ibom Correspondent ‎Stakeholder of the People Democratic Party in Akwa Ibom, Engr Augustine Udoh has expressed...

Opinion10 hours ago

HURIWA to 375 election judges: Don’t turn courts into victory markets for politicians, 2027 won’t be business as usual

By George Mgbeleke The Human Rights Writers Association of Nigeria (HURIWA) has issued a strong warning to the Independent National...

Uncategorized16 hours ago

ADC factional Leader steps up action for 2027 polls, orders collation of membership registers nationwide

By Jeo Okorie,Abuja Not deterred by the inability of the Independent National Electoral(INEC) to register its candidates for forthcoming 2027,the...

Sports19 hours ago

Perfect Start in Yenagoa: Ibomo’s 29th-Minute Goal Gives Bayelsa United 1-0 Win

By David Owei,Bayelsa Godswill Ibomo’s 29th-minute strike handed former Aiteo Cup champions, Bayelsa United, a hard-fought 1-0 victory over visiting...

Uncategorized1 day ago

Ewu Throne Dispute : Court Grants Isesele Leave To Seek Mandamus Against Edo Govt

By Samuel Edward,Benin The protracted dispute over the traditional stool of Ewu Kingdom in Edo State has taken another significant...

Politics1 day ago

2027 polls: APGA backs Tinubu, Nwifuru Re- Election in Ebonyi

By Tony Nwagor,Abakaliki Less than 70 days to 2027 general election,the All Progressives Grand Alliance (APGA) in Ebonyi State has...

Uncategorized1 day ago

Benue CP Takes Security Engagement To Grassroots,Seek Stronger Community Partnership In Buruku,Tarka

By Moses Jacob, Benue The Commissioner of Police, Benue State Command, CP Cletus Nwadiogbu has continued his familiarisation tour of...

Sponsor1 day ago

Adeniyi Celebrates Flamingos’ Historic FIFA U-17 Women’s World Cup Triumph*

By David Owei The Comptroller-General of the Nigeria Customs Service (NCS) and President of the Nigeria Wrestling Federation (NWF), Bashir...

Uncategorized1 day ago

Two Fatal Waterway Accidents Recorded In Bayelsa, Police Officer, Female Passenger Die

By David Owei,Bayelsa The Bayelsa State Police Command has confirmed two separate fatal waterway accidents in the state, resulting in...

Uncategorized1 day ago

HURIWA Challenges Tinubu Over Deepening Electricity Crisis, Questions Political Appointments in Power Sector

By George Mgbeleke Demands explanation for failure to honour 24-hour electricity campaign promise; asks why merit and technical competence have...

Trending