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NBET, MOFI Give Details Of 2024 Budget Performance, Presents 2025 Projections

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By Gloria Ikibah

Managing Director of the Nigerian Bulk Electricity Trading Plc (NBET) has given a breakdown of agency’s 2024 budget performance and its 2025 budget proposal to the House of Representatives Committee on Finance during the 2025 budget defence session.

In his presentation, the Managing Director, John Akinnawo disclosed that the 2024 operational expenses were fully funded through regulatory income approved by the Nigerian Electricity Regulatory Commission (NERC).

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Akinnawo who provided further details, listed disbursements to generation companies, amounting to N450 million, facilitated by the Accountant-General on behalf of NBET. He also highlighted the impact of foreign exchange fluctuations on generation costs, stating,

He stated, “I am happy to report that our operational performance for 2024 achieved a 95% implementation rate, with a revenue receipt of ₦2.4 billion and an expenditure of ₦2.3 billion.”

“Tariffs and gas costs are dollar-indexed. The significant movement of the Naira from ₦460 to over ₦1,600 to the dollar has resulted in substantial tariff shortfalls, estimated at ₦1.7 trillion in 2024.”

For the year 2025, NBET proposed a budget of ₦705 billion under the Power Reform Program, which the Federal Government has committed to funding. This amount according to the MD includes provisions to bridge the gap between the current non-cost-reflective tariffs and actual generation costs.

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“The Federal Government continues to fund the tariff shortfall to ensure stability in the power sector. However, the regulator must adjust tariffs to reduce the deficit”, he noted.

On regulatory challenges, he emphasised the need for greater public awareness regarding policies that allow community investments in transformers and other infrastructure to be recouped.

“We need widespread sensitization so that communities investing in their power networks can benefit from agreements with distribution companies approved by the regulator,” he said.

He also provided an update on NBET’s financial audits, stating that the 2023 audit, conducted by KPMG, was nearing completion, with plans to commence the 2024 audit soon.

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The committee members raising concerns over power generation, tariff policies, and funding shortfalls, especially in regions like Bayelsa that still experience significant electricity deficits due to vandalism.

In response, the Managing Director expressed empathy and reiterated NBET’s commitment to working within its mandate to support the government’s energy reforms.

The House Committee pledged to review NBET’s submissions as part of the broader effort to stabilize Nigeria’s power sector.

NBET’s proposal to use N800m to purchase project vehicles in 2025 was neither accepted nor rejected by the Committee.

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However, a member of the Committee, Leke Abejide (ADC, Kogi) asked, “Mr MD, you are requesting money to buy vehicles but you did not specify the kind of vehicles you want to buy. Where are you buying them from?”

Consequently, the Chairman of the Committee, Abiodun Faleke threatened to expunge the proposal for the purchase of vehicles if Akinnawo failed to justify why the agency needs as much as N800m for the purchase of new cars.

“Why spent N800m on vehicles? What sort of vehicles are you buying? If we don’t get answers to these questions today (Tuesday), we will expunge it,” Faleke said even as the NBET boss promised to avail the committee of all the information it requested.

Also the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, outlined key updates on the 2024 budget performance and projections for 2025.

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Speaking on the 2024 appropriation, the Managing Director explained that funding for personnel expenses had been released as expected.

He added, “The releases from appropriated funds for personnel went ahead earlier, and the decisions that came out of that have been implemented.”

The presentation included a breakdown of variances in releases along with explanations for those variances.

Discussing MOFI’s portfolio of investments, he outlined different categories of companies under their oversight, and highlighted challenges with companies that are yet to turn a profit.

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“On page 3, for example, we see the GSI X2, which indicates all the companies we are working with and where we have investments. We also have a second category of companies where services will be transferred directly to GSI”.

“There is a third category of companies that are not profitable yet. We are working closely with these companies to ensure they achieve profitability,” he added.

Dr. Takang also addressed achievements with specific projects completed in 2024, as well as ongoing efforts with investment companies.

“There are several special companies and projects that were completed last year, and we continue to manage investments in companies where there is no debt, but significant opportunities for growth,” he noted.

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Looking ahead to 2025, he empemphasised  need to focus on investments in key categories.

“In the 2025 project proposal, we are prioritizing the second category of investments to drive financial growth and sustainability,” he stated.

There was discussions on strategies to ensure profitability across MOFI’s portfolio, as lawmakers commended the agency’s efforts, and urged greater transparency in the management of public investments.

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Police arrest suspected bandit, recover ammunition in Kano

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The Kano State Police Command has arrested a 28-year-old suspected bandit and recovered an AK-47 magazine, 109 rounds of live ammunition, suspected military uniforms and other incriminating items during an operation in Bichi Local Government Area of the state.

In a statement by the Police Public Relations Officer, CSP Abdullahi Haruna Kiyawa, the arrest was made by operatives of the Bichi Divisional Police Headquarters following credible intelligence provided by a member of the public regarding a man allegedly wearing a suspected military uniform at Rimaye Village in Bichi LGA.

According to the statement, the police team, working in collaboration with members of the Rimawa Community, intercepted the suspect, identified as Mohammed Isah Haruna of Dan Dinshe Yamma Quarters in Dala Local Government Area.

A search of his bag led to the recovery of one AK-47 magazine loaded with 30 rounds of live ammunition, an additional 79 rounds of AK-47 ammunition, two sets of suspected military uniforms, three military caps, a suspected fake military identity card, personal identification documents, four ATM cards and a pair of desert boots.

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The command said the suspect confessed during interrogation that he was in the area to deliver the recovered items to bandits operating in nearby forests. It added that the suspect is currently in police custody while investigations have commenced to apprehend other members of the criminal network before the case is charged to court.

The Commissioner of Police in Kano State, CP Ibrahim Adamu Bakori, commended the vigilance of the Rimawa Community for promptly alerting the police, describing the arrest as another demonstration of the importance of community participation in combating crime.

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Court stops FG from retiring education directors before 65

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The National Industrial Court of Nigeria has voided the Federal Government’s policy requiring education directors to retire after spending eight years in office, ruling that teachers and education officers who become directors are entitled to remain in service until they attain 65 years of age or complete 40 years of pensionable service.

Delivering judgment in Abuja on July 10, 2026, Justice O. Y. Anuwe nullified circulars issued by the Office of the Head of the Civil Service of the Federation and the Federal Ministry of Education seeking to enforce the eight-year tenure rule against teachers and education officers serving as directors.

According to the CTC obtained by our correspondent on Tuesday, the court held that the circulars were inconsistent with the provisions of the Harmonised Retirement Age for Teachers in Nigeria Act, 2022, and were therefore invalid to the extent that they applied to teachers and education officers.

“A teacher or education officer, whether he or she got to the post of director or not, is entitled to retire from service on attaining 65 years of age or 40 years of service,” Justice Anuwe held.

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The judge added that serving as a director for eight years “is not a retirement condition for teachers any longer.”

The suit, marked NICN/ABJ/79/2025, was instituted by Mrs Rakiya Gambo Iliyasu, a Grade Level 17 director in the University Education Department of the Federal Ministry of Education, who challenged directives requiring directors who had spent eight years in office to retire.

Iliyasu argued that as an education officer, she qualified as a teacher under the Harmonised Retirement Age for Teachers in Nigeria Act, 2022, which guarantees compulsory retirement only at the age of 65 years or after 40 years of pensionable service.

She contended that the February 2026 circulars issued by the Head of the Civil Service of the Federation and the Federal Ministry of Education unlawfully sought to compel her and other education directors to retire before reaching the statutory retirement age.

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Agreeing with the claimant, Justice Anuwe held that Section 3 of the Teachers’ Retirement Age Act expressly exempts teachers from any Public Service Rule requiring retirement before the age of 65 years or 40 years of pensionable service.

The judge also relied on the Act’s definition of a teacher, which expressly includes education officers, holding that the claimant fell squarely within the category of officers protected by the law.

The court further observed that the Office of the Head of the Civil Service of the Federation had, in an earlier 2025 correspondence, acknowledged that education officers covered by the Act were exempt from the eight-year tenure policy, making the government’s subsequent issuance of retirement directives inconsistent with its earlier position.

Consequently, the court declared the February 10, 2026, circular issued by the Head of the Civil Service of the Federation and the February 24 and February 26, 2026, circulars issued by the Federal Ministry of Education illegal, null and void insofar as they applied to teachers and education officers.

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Justice Anuwe also set aside the three circulars and granted a perpetual injunction restraining the Federal Government and the Ministry of Education from implementing the eight-year tenure policy against teachers and education officers in a manner inconsistent with the Harmonised Retirement Age for Teachers in Nigeria Act.

Each party was ordered to bear its own costs.

The dispute arose after the Office of the Head of the Civil Service of the Federation and the Federal Ministry of Education issued circulars in February 2026 directing that directors who had spent eight years in office should retire in line with Rule 020909 of the Public Service Rules.

The directives affected several directors in the Federal Ministry of Education who are career education officers, despite the enactment of the Harmonised Retirement Age for Teachers in Nigeria Act, 2022, which extended the retirement age of teachers in public educational institutions to 65 years or 40 years of pensionable service.

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The 2022 Act was signed into law to address the shortage of experienced teachers, improve retention of skilled education personnel and strengthen the quality of teaching and learning in Nigeria.

It also broadened the definition of teachers to include education officers, a provision that became central to the legal dispute.

The judgment is expected to have significant implications for director-level education officers across the Federal Ministry of Education and other education-related federal agencies, as it clarifies that the provisions of the Teachers’ Retirement Age Act override the eight-year tenure rule in the Public Service Rules for officers protected under the law.

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NANS declares emergency on dilapidated hostels

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The newly inaugurated President of the National Association of Nigerian Students, NANS, Akinteye Babatunde Afeez, on Tuesday declared a state of emergency on the worsening condition of students’ hostels across Nigeria’s tertiary institutions, describing the facilities as unfit for human habitation and a major threat to learning.

Speaking at his inauguration in Abuja, Afeez painted a grim picture of accommodation in universities, polytechnics and colleges of education, accusing authorities of neglecting hostel infrastructure while millions of students are forced to live in unsafe, overcrowded and unhealthy environments.

He warned that the continued deterioration of hostel facilities could no longer be tolerated, insisting that students’ welfare, safety and dignity would become the defining focus of his administration.

“The state of students’ hostels across our tertiary institutions is pathetically disheartening. Many hostels are in a deplorable and dilapidated condition, and they continue to deteriorate with little or no attention from the relevant authorities,” he said.

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Lamenting poor sanitation, inadequate facilities and exposure to environmental hazards, the NANS president declared: “I hereby declare a state of emergency on students’ hostels across tertiary institutions in Nigeria. The welfare, safety and dignity of Nigerian students can no longer be compromised.”

Beyond accommodation, Afeez promised to transform NANS into a more proactive pressure group capable of compelling government institutions to respond to students’ concerns.

He said the era of symbolic activism was over, stressing that the association would focus on advocacy, accountability and measurable outcomes.

“NANS must return to being the true voice of every Nigerian student,not just in words but in action. You deserve an association that is fearless in advocating for you, pragmatic and transparent in its actions, and consistent in delivering results,” he stated.

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Highlighting achievements recorded within his first 50 days in office, Afeez said the association had intervened in the rescue efforts involving abducted students and teachers in Orire Local Government Area of Oyo State and facilitated the reinstatement of suspended students at the Ladoke Akintola University of Technology ,LAUTECH, and the Federal University Oye-Ekiti ,FUOYE.

He also disclosed that NANS had constituted monitoring committees to track interventions by the Tertiary Education Trust Fund ,TETFund, Niger Delta Development Commission ,NDDC, North East Development Commission ,NEDC,and the Industrial Training Fund ,ITF, with the aim of ensuring that students fully benefit from government programmes.

On the Nigerian Education Loan Fund (NELFUND), Afeez said the association would closely monitor implementation of the student loan scheme and confront challenges affecting beneficiaries.

He announced that payment of students’ upkeep allowances would begin within the week and revealed that NANS had published a list of institutions allegedly withholding refunds due to students despite receiving NELFUND disbursements.

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The student leader also unveiled plans to mobilise students ahead of the next general elections, saying NANS would spearhead a nationwide campaign for Permanent Voter Card (PVC) registration to increase youth participation in governance.

“As Nigerian students, and with NANS as our umbrella body, we constitute a large percentage of the nation’s population. We must be actively involved in determining who governs us,” he said.

He further pledged to pursue stronger partnerships aimed at expanding access to scholarships, employment opportunities, telecommunications support and quality education while preparing Nigerian students to compete in a technology-driven global economy.

Representing the Minister of Education, Dr Tunji Alausa, the Director of Polytechnic and Allied Institutions, Mrs Amy Igwe, urged the new NANS leadership to promote peace, unity and responsible engagement in advancing students’ interests.

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She said the Federal Ministry of Education regarded NANS as a strategic partner in the development of the country’s education sector and advised the new executives to embrace dialogue in resolving challenges.

“The Ministry of Education recognises NANS as a critical stakeholder and partner in the development of our education sector. I charge you to lead with vision, unity, responsibility and patriotism,” the minister said.

In a keynote address, the Vice-Chancellor of Olusegun Agagu University of Science and Technology, Okitipupa, Prof. Temi Ologunorisa, challenged the new leadership to champion accountability, innovation, security and students’ welfare.

He urged NANS to monitor the implementation of government intervention programmes to ensure no student was denied access to available support and called on the association to launch a national innovation initiative within its first 100 days in office.

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Goodwill messages were also delivered by the Minister of Interior, Olubunmi Tunji-Ojo; the Minister of Youth Development, Ayodele Olawande; Managing Director of NELFUND, Akintunde Sawyerr; and the Senior Special Assistant to the President on Students’ Engagement, Sunday Asefon.

They congratulated Afeez on his emergence and pledged continued collaboration with NANS in advancing students’ welfare, empowerment and youth development across the country.

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