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Senate Investigates Nigerian Customs’ Unremitted Billions

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The Senate Public Account Committee is probing the Nigerian Customs Service’s failure to remit N62 billion generated by the agency.

This is contained in the 2017 Auditor General Report, which is currently being considered by the committee chaired by Senator Ahmed Wadada.

The query read in part, “In the report of NCS summary of the monthly collection, 2017 total collection for the Federation Account were N691bn.

“However, the receipt of NCS collection and remittance into Federation Account 2017 showed actual remittance into Federation Account with the CBN for the year under review to be N629bn. A comparison of these two documents revealed an under-remittance N62bn.

“There was no footnote or any form of additional information attached to the two reports showing the reasons for the discrepancies neither there was any form of communication of the management on the intention for the future reconciliation or remittance.

“The above anomalies could be attributed to weaknesses in the internal control system at Nigeria Customs Service Headquarters in Abuja.” it added

Consequently, the committee’s chairman has given the Customs a two-week timeframe to present their defense regarding the under-remittance allegation.

In the meantime, the Senate has directed the Nigerian Port Authority to appear before it regarding the $852 million debt owed by operators.

Wadada said “The committee, under my stewardship with support of my distinguished members, has had cause to say this not once, not twice, that we should understand that audited or Auditor-General’s report is not an indictment on any ministry, department or agencies of government, but rather a wake-up call for us to know what was wrongly committed by who.

“Going forward, we should find way to correct the wrong to make the system better and we move on to the greater heights.

“Today, the committee is compelled to say what I am going to say concerning the Nigeria Ports Authority, NPA.  Nigeria Ports Authority is found wanting on both ends, one, on the Auditor General for the Federation’s annual report and also, on ends of the status enquiry.

“There are issues around Lagos channel management, Bonny channel management and of course, Calabar channel management.  On these issues, the Committee respectfully wrote the management of NPA management. some of the communications were responded to, and some are yet to be responded to.”

“Today the Nigeria Ports Authority supposed to have appeared before this committee so that we look at queries raised by the Auditor General for the Federation.

“The management team is not here, the MD, Directors and other top management are not here.  They rather chose to send a General Manager to us and at a time the NPA was called to the table, the General Manager was unavoidably absent.

Though, she later came and complained that she went for her medication.” he added

NEWS

Moghalu Prescribes Good Governance As Panacea To Ethnic Agitation

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The President of the African School of Governance, Kingsley Chiedu Moghalu has admonished state actors against resorting to brutal force in the bid to muscle out separatist agitators.

In the aftermath of Mazi Simon Ekpa, the Finland based Biafran nationalist agitator being caught in legal web and the Nigerian government moving swiftly to seek his repatriation, the former deputy governor of the Central Bank of Nigeria (CBN) has cautioned that ‘We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.’

ALSO READ: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

The political economist, while expressing his hope in Nigeria, made it clear that “hope is not a strategy”.

He bared his mind in a series of posts on his verified handle on micro-blogging site, X on Friday.

Moghalu wrote, “Despite sustained contemporary difficulties, I am hopeful about Nigeria. But hope is not a strategy. We need to improve state capacity for effective governance.

“We either fix our problems, or our problems will eventually “fix” us. No alternative to a renegotiated union.

“We must learn to be honest with ourselves and address the root causes of our problems. Why ignore them, when the problem is actually quite solvable? The problem with continuing with this approach is that when the danger crystallizes, those who thought they were benefiting from

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

READ ALSO: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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