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Senate Passes 2024-2026 MTEF, FSP, Orders Probe Into NNPC’s Fund Allegations

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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.

 

 

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Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks

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Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.

Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.

SEE MORE: PDP Chieftain Explains Why Peter Obi Could Restore National Hope in Nigeria

The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.

Details of the meeting remained undisclosed at the time of filing this report.

However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.

Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.

On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.

However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.

The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.

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JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan

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President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.

The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.

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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.

President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.

Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.

The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.

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Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention

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A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.

The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.

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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.

He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.

He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.

Additionally, he raised health concerns, requesting bail on medical grounds.

However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.

In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.

The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.

The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.

The former governor will remain detained as proceedings continue in the high-profile corruption trial.

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