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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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Education Minister Urges NASS To Prioritise Takeoff Funding For Already Existing Institutions

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By Gloria Ikibah

The Minister of Education, Dr. Olatunji Alausa, has called on the National Assembly to emphasise on funding for the effective take-off of already established institutions rather than creating new ones.

Dr. Alausa stated this at a public hearing organised by the House of Representatives Committee on Federal Polytechnics and Higher Technical Education, while presenting a memorandum on Thursday in Abuja.

The public hearing featured deliberations on three bills:

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“A Bill for an Act to Establish the Federal College of Entrepreneurship and Skills Acquisition, Hawul Local Government Area, Borno State (HB.1797) – to provide full-time courses and training in technology, applied sciences, arts, social sciences, humanities, and management.

“A Bill to Amend Section 3(2)(b), the Second Schedule, and Section 31 of the Federal Polytechnics Act, Cap F17, Laws of the Federation of Nigeria, 2004 (HB.1413).

“A Bill to Amend the Federal Polytechnics Act, Cap F17, to review the functions of polytechnics (HB.2114)”.

The Minister speaking against the “Bill for an Act to Establish the Federal College of Entrepreneurship and Skills Acquisition, Hawul”, emphasised that the Federal Government maintains a policy of equitable distribution of federal institutions across states.

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According to Alausa, no state should host more than one federal polytechnic, while every state must have at least one. Currently, all states except Sokoto and the Federal Capital Territory are covered under this arrangement.

He asserted that with limited resources, government efforts should be directed at strengthening existing institutions to deliver quality education rather than spreading resources thin by establishing new ones.

Alausa stated, “the Federal Ministry of Education has expanded avenues for establishing private tertiary institutions. States and individuals are encouraged to utilise these channels to support national educational development”.

In view of prevailing funding constraints, he recommended that deliberations on the proposed Federal College of Entrepreneurship and Skills Acquisition in Hawul, Borno State, be suspended.

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He also urged the House to ensure that resources are dedicated to improving the quality of education for Nigerian students by consolidating support for already existing institutions.

With regards to the proposed amendments to the Federal Polytechnics Act, the minister raised no objections except for the provision seeking to include representatives of the National Board for Technical Education (NBTE) and the Manufacturers Association of Nigeria (MAN) on the Governing Council of Polytechnics.

“While both organisations play significant roles, their core functions do not directly align with the responsibilities of a polytechnic’s governing council. NBTE serves as a regulatory body, while MAN advocates for the interests of manufacturers”, he stated.

Earlier, the sponsor of the bill, Rep. Usman Balami (PDP–Borno), defended the proposal, citing insecurity and rising unemployment in Borno as pressing reasons for establishing the institution.

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He described the proposed college as a strategic response to the growing number of unemployed youth and a means to equip them with skills necessary for self-reliance and economic empowerment.

“This institution will provide diverse training programmes tailored for today’s dynamic job market. It will bridge the gap between theory and practice, producing graduates ready to meet workforce demands”, Balami said.

According to the Borno lawmaker, the college will foster innovation, encourage entrepreneurship, and stimulate economic growth in the region by nurturing local talent and promoting a culture of self-employment.

Earlier in his remarks, the Committee Chairman, Rep. Fuad Laguda (APC–Lagos), noted a general consensus on the importance of skills acquisition in tackling unemployment.

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He encouraged stakeholders to make robust contributions, assuring that the committee would carefully consider all submissions in its report.

“With the passage of these bills, Nigerians will have greater access to knowledge and skills in the arts, sciences, technology, humanities, and vocational and technical education,” Laguda said.

He also commended the leadership of the House for their support and the trust reposed in the committee to drive meaningful legislative outcomes.

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Reps Resolve To Investigate Technical Glitch In 2025 UTME

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By Gloria Ikibah

The House of Representatives has resolved to probe the technical fault that resulted in the widespread failure recorded in the 2025 Unified Tertiary Matriculation Examination (UTME).

This resolution was sequel to the adoption of a motion of urgent public importance by Rep. Adewale Adebayo, from Osun state on Thursday at plenary.

Naijablitznews.com recalled that the Joint Admissions and Matriculation Board (JAMB) had released the results of the 2025 UTME on May 9, with a significant number of candidates posting poor scores.

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Reports further revealed that over 78 percent of candidates scored below 200 marks out of the total 400 obtainable.

Following a prompt internal review, JAMB identified a major technical fault behind the results.

The Registrar of JAMB, Prof. Ishaq Oloyede, at a press conference held on Wednesday in Abuja, stated that 379,997 candidates were affected due to discrepancies linked to server issues.

According to Prof. Oloyede, these was due to faulty software updates by one of the technical service providers handling JAMB’s operations in the Lagos and South-East zones.

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He explained that the glitch, which occurred during the first three days of the examination, prevented the proper uploading of candidates’ answers and the error remained undetected before the results were made public.

He announced that the affected candidates will be allowed to retake the examination between May 16 and May 19, 2025.

Presenting the motion on the floor of the House, Rep. Adebayo lamented the hardships faced by many Nigerians, including long travels to exam centres, only to be met with such setbacks.

Contributing to the debate, Rep. Sada Soli from Katsina praised the JAMB Registrar for owning up to the error and offering an apology to the public, and described Oloyede as a man of integrity who has also improved the board’s finances since assuming office.

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However, Speaker Tajudeen Abbas stated that whether the registrar deserves commendation is a matter for the investigative committee to determine.

The House also urged the federal government to establish Computer-Based Test (CBT) centres in all local government areas across the country.

Lawmakers also urged JAMB to release the results of candidates who are below the age of 16.

The House unanimously adopted the motion through a voice vote.

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32.9kg cocaine trafficking: 10 Thai sailors, ship convicted, fined $4.3m(Photos)

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. Conviction will send strong warning to int’l drug cartel, local collaborators, says Marwa, commends NDLEA officers for diligent investigation and prosecution

After over three years of diligent prosecution by the National Drug Law Enforcement Agency (NDLEA), a Federal High Court in Lagos presided over by Justice Daniel Osiagor has convicted 10 Thai sailors and their vessel named MV Chayanee Naree for trafficking 32.9 kilograms of cocaine from Brazil into Nigeria through the Apapa seaport, Lagos.

The convicted sailors who are all nationals of Thailand include: Krilerk Tanakhan; Boonlert Hansoongnern; Jakkarin Booncharoen; Thammarong Put-tlek; Worrapat Paopinta; Marut Kantaprom; Werapat Somboonying; Urkit Amsri; Panudet Jaisuk and Amrat Thawom.

They were first arraigned before the court along with nine Nigerian suspects by NDLEA in February 2022 on offences bordering on conspiracy and unlawful transportation of the illicit drug consignment from Brazil to Nigeria. The vessel, the convicted sailors and the nine Nigerians were arrested on 13th October 2021, at the Apapa port in Lagos. The Nigerian suspects are: Samuel Messiah; Ishaya Maisamari; Ilesanmi Ayo Abbey; Osabeye Stephen; Gbenga Ogunfadeke; Kayode Buletiri; Rilwan Omotosho Liasu; Saidi Sule Alani and Jamiu Adewale Yusuf.

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They were all subsequently charged to court over the illegal acts which NDLEA prosecutors argued contravened sections 11(a), 11 (b), and 14 (b) of the National Drug Law Enforcement Agency Act Cap N30 Laws of the Federation of Nigeria, 2004, and punishable under the same Act.

The convicted sailors had initially made a no-case submission which was dismissed following submissions by the prosecution that a prima facie case had been established against the vessel and its crew members. As a result, the trial judge ordered the convicted Thai sailors and others to open their defence on the charges against them.

Following the court ruling, the convicted sailors opted for a plea bargain agreement with the NDLEA and as a result, Justice Osiagor delivered his ruling at the resumed hearing of the matter on Thursday 15th May 2025.

Among other penalties, the judge convicted the Vessel MV Chayanee Naree for unlawful transportation of 32.9kg of cocaine into Nigeria and
ordered to pay a fine of $4 million or its Naira equivalent.

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The 2nd – 11th defendants were convicted under section 25 of the NDLEA Act for permitting the use of the vessel for the unlawful transportation of 32.9kg of cocaine, while the 2nd, 3rd and 4th defendants were ordered to pay N100,000.00 each as punishment for the offence and in addition restitution in the sum of $50,000 USD each or its equivalent in Naira to the Federal Government of Nigeria. The 5th – 11th defendants are to pay N100,000.00 each and restitution in the sum of $30,000.00, bringing the total amount payable to Four Million Three Hundred and Sixty Thousand US Dollars ($4,360,000.00).
Justice Osiagor thereafter adjourned the trial of the nine Nigerian suspects to June 25.
While the prosecution was led by the Agency’s Director of Prosecution and Legal Services, DCGN Theresa Asuquo, supported by A. Adebayo and Paul Awogbuyi, the defence team was led by the trio of Messrs Babajide Koku, Femi Atoyebi and Tunde Adejuyigbe, all Senior Advocates of Nigeria (SAN).
In his reaction, Chairman/Chief Executive of NDLEA, Brig Gen Mohamed Buba Marwa (Rtd) said the court ruling was a strong message to the international drug cartel and their local collaborators that Nigeria will never be a safe hub for illicit drug trafficking. He commended the NDLEA prosecution team and officers of the Apapa Strategic Command involved in the arrest, seizure and investigation of the shipment for their diligence and resilience in following the case to a logical conclusion. He charged them not to relent in pursuing the other part of the case still pending.

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