The Situation Room on Transparency and Accountability, has urged President Bola Tinubu, to probe the US$1.5 billion budgeted for repair of the Port Harcourt refinery.

Convener of the group, Michael Omoba, in a statement yesterday, also demanded forensic audit of the financial transactions of the Nigeria National Petroleum Corporation Limited (NNPCL), at least in the last five years.

Omoba, in addition, requested a publication of the list of beneficiaries involved in the 80 million barrels allegedly given to non-state actors.

He said: “We, The Situation Room On Transparency And Accountability, therefore make a demand for a comprehensive audit and prosecution as follows:

“A forensic audit of all NNPCL financial transactions carried out in the last five years; open publication of the list of beneficiaries involved in the 80 million barrels allegedly given to non-state actors, a breakdown with the full report on how $1.5 billion was spent on the Port Harcourt refinery; a legislative oversight hearing to make sure that the National Assembly maintains the highest transparency requirements for the newly appointed NNPCL board.”

He said further: “This call isn’t one that is driven by vendetta or vengeance. Rather, it is burning patriotic desire to see Nigeria become a developed and prosperous nation that makes good use of its natural resources through committed, transparent and accountable leaders.

“The NNPCL as custodian of our common patrimony must never be left to continue operating like an individual property which is impervious to public scrutiny.

“The time for silence is over. We are tired of watching our commonwealth being pillaged by a select few. President Tinubu’s administration has truly shown a commitment to reforming Nigeria into greatness, and we stand firmly in support of his vision and agenda.

“Nonetheless, a reform without accountability is merely cosmetic. The new helmsman, Engineer Bashir Bayo Ojulari, must be forewarned: the era of impunity is over. Nigerians will not tolerate another phase of misappropriation and concealment.”

The International Monetary Fund (IMF) has expressed concern over the high poverty rate and food insecurity in Nigeria, despite the modest gains achieved by the Federal Government through various reforms implemented so far.

However, the IMF commended Nigeria for taking important steps to stabilise the economy, enhance resilience, and support growth.

The Fund warned that the country’s macroeconomic outlook remains highly uncertain, as elevated global risk sentiment and lower oil prices could impact the Nigerian economy.

The IMF made these observations following the completion of its 2025 Article IV Staff Mission to Nigeria.

A team from the IMF, led by Axel Schimmelpfennig, IMF Mission Chief for Nigeria, visited Lagos and Abuja from 2 to 15 April to hold discussions for the 2025 Article IV Consultations with Nigeria.

At the end of the visit, Mr Schimmelpfennig issued a statement saying, “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth.

“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies have been removed, and the functioning of the foreign exchange market has improved.

“However, these gains have yet to benefit all Nigerians, as poverty and food insecurity remain high.

“The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

“The reforms implemented since 2023 have placed the Nigerian economy in a stronger position to navigate this external environment.”

Looking ahead, the IMF advised the Federal Government to adjust its macroeconomic policies to further strengthen buffers, reduce inflation, and enhance resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy in bringing down inflation,” the IMF stated.

The IMF further advised that, to safeguard key spending priorities, fiscal savings from the removal of fuel subsidies should be channelled into the budget.

“In particular, adjustments should protect critical, growth-enhancing investments while accelerating and broadening the delivery of cash transfers under the World Bank-supported programme to provide relief to those experiencing food insecurity.

“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.

“Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations,” the IMF said.

The IMF team that visited Nigeria for consultations met with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Agriculture and Food Security, Abubakar Kyari; the Central Bank of Nigeria Governor, Yemi Cardoso; senior government and central bank officials; the Ministry of the Environment; the private sector; academia; labour unions; and civil society.

The Nigerian Railway Corporation (NRC) on Saturday announced the extension of the suspension of Warri-Itakpe train services due to additional time needed to implement redundancies for sustainable operations.

According to a statement signed by the NRC acting Director, Public Relations, Callistus Unyimadu, the extended period will also be used to address other operational issues related to improved customer service, equipment safety practices, and procedures.

The NRC statement reads: “The general public will recall that the management of the Nigerian Railway Corporation (NRC) temporarily suspended full rail services on the Warri Itakpe Train Services (WITS), on Thursday, 10th April, 2025, due to some technical and operational issues for safety, better customer service experience and improved operational efficiencies.

“The management of the Corporation, under the leadership of Dr. Kayode Opeifa wishes to further clarify that while the major technical issues has been resolved by our technical team, additional time is required to implement necessary redundancies that will support sustainable operations in line with best practices.

“This period will also be utilized to address other operational concerns, including improvements in customer services, equipment safety standards, and procedural upgrade.

“We appreciate the understanding and patience of our esteemed passengers and sincerely apologize for any inconvenience this may cause.

“Be assured that Warri-Itakpe Train Services will soon be back, bigger, stronger and better.”