NEWS
Senate Passes 2024-2026 MTEF, FSP, Orders Probe Into NNPC’s Fund Allegations
The Nigerian Senate has approved the 2024-2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), outlining the Federal Government’s financial blueprint for the coming years.
This followed the presentation of a report by Senator Mohammed Sani Musa (APC, Niger East), Chairman of the Joint Committees on Finance, National Planning, and Economic Affairs.
During the session, the Senate also directed its Committees on Finance and Petroleum, alongside the Gas Committee, to investigate allegations of withheld funds by the Nigerian National Petroleum Corporation (NNPC).
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These allegations include NGN 8.48 trillion in petrol subsidies and $2 billion (NGN 3.6 trillion) in unpaid taxes, as highlighted in reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.
This move follows confirmation from the Office of the Auditor-General of the Federation, which stated it had received the necessary documentation to verify the N2.7 trillion fuel subsidy claim made by the NNPC against the government.
The Senate also approved a projection of 1,400 Naira to the US Dollar for 2025-2027, with provisions for review in early 2025 based on prevailing economic conditions.
Any surplus from the exchange rate will be directed towards debt servicing.
In his address, Senator Musa also urged the government to reduce petrol prices, pointing to the imminent revival of the Port Harcourt Refinery.
“With the functioning of our refineries, the demand for Forex will drop,” said Senator Adeola Olamilekan (APC, Lagos West), Chairman of the Senate Committee on Appropriations. “With the CNG initiative, Nigerians will have an option. For example, if you leave Benin to Lagos, the cost of fuel is about 130,000 Naira, but with CNG, you can’t use more than 48,000 Naira.”
Senator Olamilekan also highlighted the CNG program as central to reducing foreign exchange dependence, noting its potential to alleviate pressure on the national currency.
Additionally, the Senate raised concerns about the high recurrent-to-capital ratio and emphasized the need to support the country’s manufacturing sector to achieve the MTEF’s projections.
Senator Yahaya Abdullahi (PDP, Kebbi North) echoed these concerns, calling for more attention to the manufacturing industry as a means to drive sustainable economic growth.
The Senate further adopted inflation projections of 15.75% for 2025, 14.21% for 2026, and 10.04% for 2027, as part of its review of the economic outlook.
The proposed 2025 Federal Government budget, according to the MTEF, includes a total expenditure of N47.9 trillion, with N34.82 trillion earmarked for retention.
New borrowings, both domestic and foreign, are estimated at N9.22 trillion. Capital expenditure is set at N16.48 trillion, while statutory transfers are projected at N4.26 trillion, with sinking funds totaling N430.27 billion.
NEWS
Three-Storey Building Collapse In Rivers, Seven Injured
A three-story building under construction collapsed on Saturday, January 4, in Ikwerre Local Government Area of Rivers State, leaving seven people injured.
According to the Commissioner for Physical Planning and Urban Development, Mr. Evans Bipi, no lives were lost due to swift rescue efforts.
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In a statement released on Sunday by his Special Adviser on Media and Publicity, Mr. Emeka Idika, Bipi described the incident as tragic but noted that timely intervention by his ministry, the Special Duties Department, and other agencies helped save lives.
“It is unfortunate that we are beginning the year with this tragic incident. Though no life was lost, this is the fourth building collapse we are witnessing in the state since I assumed office,” the Commissioner said.
Preliminary findings at the site indicate that the collapse was caused by the use of substandard materials, including 12mm rods for decking—a direct violation of construction standards.
“Specifically, the use of 12mm rods for decking a building is a clear violation of construction standards. Unfortunately, this is not an isolated incident, as similar cases in the state have been linked to the same cause,” Bipi explained.
The affected property has been sealed, pending further investigations into the cause of the collapse.
Bipi stressed the importance of adhering to building regulations to avoid similar tragedies in the future.
“The property has been sealed pending investigation into the cause of collapse,” he stated.
The Commissioner urged developers to comply with established standards to ensure public safety and prevent further loss of property and potential lives.
NEWS
Multiple Feared Dead As Petrol Tanker Explodes In Delta State
Tragedy struck on Sunday afternoon in Agbor, Ika South Local Government Area of Delta State, as a petrol-laden tanker lost control and exploded, leaving several people feared dead and destroying properties.
The tanker, believed to have experienced a mechanical failure, veered off the road before bursting into flames.
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Videos circulating on social media show residents fleeing in panic as the blaze engulfed the area.
Many could be seen desperately trying to save their belongings while others scampered for safety.
More to follow………
NEWS
Borno Gets Tough: Gov’t Bans Street Hawking, Other Activities
The Borno State Urban Planning and Development Board (BSUPDB) has banned street hawking and other illegal activities in Maiduguri, in a bid to maintain order and enhance urban development.
Announcing the decision on Friday, the General Manager of the board, Limán Mustapha, said the directive aligns with the Borno State Urban Planning and Development Law of 2002.
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The ban targets key areas such as the Post Office and Monday Market, where street hawkers, tricycle operators, and generator mechanics have been prohibited.
The directive also bans activities on pedestrian walkways, junctions, and roundabouts.
Other prohibited activities include the sale of engine oil on road reservations, dumping of sand or building materials, mixing of cement on roads, and the construction of boreholes by roadsides.
“All affected individuals and businesses are required to vacate these locations immediately,” Mustapha said. “The board has no alternative but to arrest and prosecute defaulters in a court of law.”
The general manager stressed that the measure is necessary to create a clean, safe, and organized urban environment in Maiduguri and other parts of the state.
Mustapha urged residents and business owners to comply with the directive, warning that legal actions would be taken against defaulters.
This crackdown is part of ongoing efforts to address urban congestion, improve public safety, and promote sustainable development in Borno State’s capital.