NEWS
ITF Summoned Over N12bn Discrepancy, NERC Pressed On N39bn Contract
In an effort to address financial discrepancies, the House of Representatives has mandated the Industrial Training Fund (ITF) to provide details regarding a budget difference of over N12 billion as of December 31, 2022.
The directive was issued by the chairman of the House Committee on Finance, Hon James Falake, when the management of the ITF appeared before it for the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper interactive session in Abuja.
Hon Falake voiced deep concern over the ITF management’s failure to engage in revenue generation from the 128,000 private and public quoted companies operating in Nigeria.
Following a thorough review of multiple financial statements submitted to the Committee, Mr. Faleke questioned the discrepancy in the ITF’s audited report, revealing a deficit exceeding N12 billion.
He pointed out that this variance was evident in the accrued budget actuals reported by the Auditor General for the same period.
Hon Faleke raised concerns about the ITF’s 2022 operating expenditure of N39.8 billion compared to total revenue of N45.1 billion, especially considering the organisation’s nationwide staff count of only 2,691.
He cautioned that if the ITF doesn’t explain the difference within 24 hours, the fund might be compelled to refund the entire N3 billion to government coffers.
Director of Finance and Accounts, ITF, Safiya Mansur, explained that the Fund derived its revenue from the one percent training contributions from both public and private companies.
She pointed out that out of the 128,000 registered contributing companies, only 57,000 are currently up to date with their contributions.
In an effort to enforce compliance, she noted that the ITF increased monitoring of non-compliant companies, some of which pursued legal action, ultimately resolved with the intervention of the previous house committee.
Additionally, Hon Falake pressed the Nigeria Electricity Regulatory Commission (NERC) to clarify the registration of a company with no delivery capacity yet allocated N39 billion for supplying prepaid meters.
In another development, the House further called on the Nigeria Communications Commission (NCC) to clarify, within 72 hours, the reasons behind its failure to remit approximately N291 billion in revenue to the Consolidated Revenue Fund of the Federation from January 2022 to September 2023.
The NCC explained that the N291 billion was utilized for broadband connection in public spaces like markets.
Hon Faleke highlighted that Ziglasis, a company contracted by the Federal Ministry of Power, received N39 billion for supplying prepaid meters but failed to deliver on the project despite receiving the funds.
The committee raised questions about the electricity regulator licensing a company that failed to fulfill its contractual obligations despite receiving taxpayers’ money.
The House committee additionally requested the Nigeria Communications Commission to clarify how it utilized N291 billion in 2022 for broadband, considering the expectation that the funds were to be deposited into the Consolidated Revenue Fund.
The committee chairman emphasized that the NCC must present the House with specific information about the broadband projects, including the locations of the three initiatives, and provide necessary details on how the N291 billion was allocated and spent.
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
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.
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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.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
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.”
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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.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.