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FG paid $700m on debt servicing, Edun tells Senate

The Senate on Wednesday urged the Federal Government to intensify efforts in funding the capital components of the three national budgets running concurrently in the country.
The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola gave the task when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein, appeared before the panel over the budgets’ performances.
Adeola lamented the poor funding of the capital components of the budgets and urged Edun to improve on it.
Adeola said, “It is the capital component of the budgets that will showcase this government largely in terms of performances.
“The capital components tend to showcase various projects that will be executed by this government and people can say the government is doing this, it’s doing that.
“That is why we are emphasising the performance of the 2024 capital component of the project.”
Adeola added that “the N1.84 billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.
“I would want you to please look towards this direction. And I want you to do more engagement with the Ministries, Departments and Agencies of the government.”
Adeola urged the Minister to engage more with the MDAs because most of them were not aware of the current arrangement regarding the funding of capital projects.
The Senate panel chairman also hinted at plans by the red chamber to organise a public hearing on the Nigerian National Petroleum Company Limited which stakeholders in the oil and gas sector would be invited including the Finance Minister.
Adeola nevertheless commended the Minister for achieving 100 per cent funding for the 2023 supplementary budgets.
He said, “We did the supplementary budget, which we have achieved 100% release, which is highly commendable.
“It will not be out of place for you to have a periodic report on the implementation level of these agencies so that at least you can be guided on why transiting to the new method of payment as you can be guided.
“As for the main 2023 budget, we are lagging by over 50 something per cent, I also strongly believe that we should work around the clock.”
The Finance Minister told the senators that the FG had made progress in its ongoing forensic investigation into the N30tn Ways and Means.
He also said that the take-off of the electric and Compressed Natural Gas vehicles has been held up by a spike in freight costs.
Edun pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies, adding that the debt service is up to date.
Edun said, “The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs.
“It’s just the ingenuity of one of the young men that is in that business that when I’ve got a bulk carrier that has a lower freight cost. Otherwise, the trade cost per bus became daunting and it made people just hold up to see whether this procurement was profitable for them.”
On debt payments, he said, “We have paid $700m in debt services for 420 national development agencies and others”
Speaking on the Ways and Means, “We are also interrogating the N22.7tn that we met on the ground. We instituted a forensic audit to see the impact.
“We are also interrogating the revenues that are due to us from everybody because we need to. The view of the fact that ways and means are going down rather than up, so we are servicing all the debts.”
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A Chat with Janet Odio Okolo: A Mother’s Journey Raising a Child with Down Syndrome

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Hon. Nnamchi Begins Street Lights Deployment In Isi Uzo(Photos)

Honourable Paul Sunday Nnamchi, representing Enugu East/Isi Uzo Federal Constituency in the 10th House of Representatives, has fulfilled his promise to illuminate communities in Isi Uzo Local Government Area.
The lawmaker has just begun the deployment of high-density solar-powered street lights in Ikem Nkwo, marking the beginning of a massive rollout of the street lamps across the communities in Isi Uzo.
This initiative, which started in Enugu East Local Government Area in 2024, aims to support the fight against insecurity in the state which according to him was to add to what Chief Security Officer of Enugu State Barrister Peter Mba had done to secure the state to attracts foreign investments.
The lawmaker expressed concern over banditry attacks, particularly by herdsmen, in some communities within Isi Uzo and Enugu East Local Government Areas in the recent pasts.
He believes that illuminating these areas with high-density street lights would help address the insecurity adding that he was prioritizing border and farming communities in Isi Uzo, where banditry has displaced residents and restricted farming activities.
Communities in Ikem, Eha-Amufu in Isi Uzo which borders Enugu and Benue State and Ugwogo-Nike in Enugu East have been vulnerable to these attacks due to their strategic locations.
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May Day: Kalu Hails Workers, Applauds Their Role in Nation Building

By Gloria Ikibah
Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu, has extended warm wishes to Nigerian workers as the country marks the 2025 edition of International Workers’ Day.
Kalu praised workers across various sectors for their commitment and resilience, describing them as the engine that keeps the nation moving. He acknowledged their sacrifices and unrelenting drive, especially during tough economic times.
In his message, he highlighted the efforts of the current administration under President Bola Tinubu to improve the welfare of public servants. He referenced the National Assembly’s prompt backing of the new minimum wage as a sign of the government’s seriousness about workers’ wellbeing.
The Deputy Speaker appealed for continued patience and understanding from Nigerians, noting that the ongoing economic reforms, while challenging, are designed to bring long-term relief and prosperity.
Kalu also called for unity, and said the country can only overcome its present difficulties if citizens and leaders work together in good faith.
He therefore urged workers to keep the faith and remain steadfast in their duties, assuring them that brighter days are on the horizon, and wished Nigerian workers a peaceful and fulfilling May Day celebration.
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