News

Senate to probe Buhari’s N30trn Ways and Means spending

Published

12 months ago

February 21, 2024

There was a mild drama on Tuesday as the Senate resolved to revisit the N30 trillion Ways and Means it approved for the Federal Government under former President Muhammadu Buhari, the details of which it said were never provided for scrutiny.

Specifically, the Red Chamber alleged that reckless spending of the overdraft collected from the Godwin Emefiele-led Central Bank of Nigeria, CBN, largely accounted for the food and security crises presently facing the country.

It consequently resolved to set up an ad hoc committee to carry out a thorough investigation on how the N30 trillion was spent by the immediate past government since details of such spending were deliberately not made available to the National Assembly.

The ad-hoc committee, which will be constituted on Wednesday, will also probe the N10 trillion expended on the Anchor Borrowers Scheme, the $2.4 billion forex transaction out of the $7 billion obligation made for that purpose, as well as other intervention programmes.

The Senate resolutions followed the consideration of the report of its joint committees on Banking, Insurance, and Other Financial Institutions; Finance; National Planning; Agriculture, and Appropriations, on the state of the economy after interactive sessions with the Federal Government economic management team.

The report consideration in plenary on Tuesday was very stormy and full of accusations and counter-accusations by senators on why and how the N22.7 trillion Ways and Means was passed by the 9th Senate in May 2023 and an additional N7.2 trillion passed on December 30, 2023, by the 10th Senate.

The Whip of the Senate, Senator Ali Ndume (APC, Borno South), in his contribution, blamed the Senate for approving the request without details from then-President Muhammadu Buhari.

“When the N22.7 trillion Ways and Means approval request was brought before the 9th Senate, I insisted that details of spendings made with it, should be provided before approval, but the Senate then, went ahead and approved it,” he said.

He, was, however, countered by the Deputy President of the Senate, Senator Jibrin Barau, who said the decision taken then, was a collective one with the caveat that the executive should provide details later, which was, however, not provided.

In his remarks, the President of the Senate, Senator Godswill Akpabio, said, as recommended by the committee and supported by most of the Senators, a thorough probe must be carried out on the N22.7 trillion Ways and Means approved in May 2023 by the 9th Senate, which later increased to N30 trillion, with the passage of the N7.2 trillion accrued interest forwarded for passage in December 2023.

“The food and security crises confronting the nation now, are traceable to the way and manner in which the said ways and means were given, collected, and spent.

“Details of such spending must be submitted for required scrutiny and possible remedies because what Nigerians want now, is food on their table, which must be given.

“Other recommendations made by the committee on the need for a thorough investigation of the N10 trillion Anchor Borrowers Programme and other intervention programmes running into billions of dollars must be investigated.

“But as rightly recommended by the joint committee, security agencies should, as a matter of national urgency, combat all forms of insecurity across the country for farmers to access their farms for required food production, which is highly needed in the country now,” Akpabio said.

News

Eurocham Nigeria Hosts 2025 Stakeholders Conference, Explores Business Growth in Post-Reform Era

Published

2 hours ago

February 5, 2025

Gloria Ikibah

By Gloria Ikibah

Business leaders, policymakers, and members of the diplomatic community recently gathered in Lagos for the 2025 annual stakeholder conference of Eurocham Nigeria (The European Business Chamber) to discuss the impact of Nigeria’s economic reforms on trade, investment, and sustainable growth.

With the theme “Achieving Growth Post-Reforms,” the conference provided a platform to explore opportunities across key sectors, including trade, aviation, tourism, energy, finance, and workforce transformation.

In his welcome address, Eurocham Nigeria President, Mr. Yann Gilbert, emphasized the organization’s role in championing policies that foster economic progress and strengthen EU-Nigeria business ties.

Delivering a keynote speech, Honorary President of Eurocham Nigeria and European Union Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, reaffirmed the EU’s dedication to Nigeria’s economic transformation. He outlined initiatives aimed at deepening trade relations and unlocking investment potential, introducing the EU-Eurocham Support Grant as a mechanism to boost private-sector growth.

In a second keynote address, Minister of Aviation and Aerospace Development, Festus Keyamo (SAN) who was represented by the Special Adviser on Aviation and Aerospace Development, Ms. Janet Oputa, highlighted the aviation sector’s role in post-reform economic expansion. Speaking on “Aviation: A Catalyst for Growth,” she detailed ongoing infrastructure projects and emerging investment opportunities in Nigeria’s air transport industry.

A key feature of the event was a presentation by Ms. Danelee Masia, Director Economist for South Africa and Sub-Saharan Africa at Deutsche Bank, titled “Nigeria: A Path to Renewed Growth.” She provided a macroeconomic analysis of Nigeria’s recovery, focusing on fiscal reforms, foreign exchange policies, and investment trends shaping the nation’s future.

Eurocham Nigeria reaffirmed its commitment to strengthening partnerships between Nigeria and the European business community. The organization pledged continued advocacy for pro-business policies, regulatory enhancements, and economic cooperation initiatives that benefit both Nigeria and the EU.

News

TAC Reaffirms Commitment to Enhancing Nigeria’s Global Image

Published

2 hours ago

February 5, 2025

Gloria Ikibah

By Gloria Ikibah

The Director General, Technical Aid Corps (TAC), Rt. Hon. Yusuf Buba Yakub, has reaffirmed the Corps’ dedication to strengthening Nigeria’s reputation on the international stage.

The Director-General stated this during a courtesy visit by a delegation from the Diplomatic Correspondents Association of Nigeria (DICAN), led by its Chairman, Comrade Frederick Idehai, on Monday in Abuja

Buba highlighted the role of TAC in promoting Nigeria’s influence abroad by deploying technical expertise to 35 African, Caribbean, and Pacific countries, and noted that the Corps has contributed to the professional growth of individuals who have gone on to hold key government positions, including cabinet ministers, while also impacting millions of lives.

Additionally, he assured DICAN of TAC’s readiness to collaborate in advancing the 4Ds foreign policy of President Bola Ahmed Tinubu’s administration. This policy anchored on Democracy, Development, Demography, and Diaspora was introduced by the Ministry of Foreign Affairs under Minister Ambassador Yusuf Maitama Tuggar., which aims to position Nigeria strategically within the global community.

He further emphasised TAC’s commitment to working closely with DICAN, ensuring that the association is actively involved in the Corps’ activities through mutual collaboration and support.

Earlier in his remarks, DICAN Chairman, Comrade Idehai, expressed the association’s interest in partnering with TAC to promote its initiatives in alignment with the 4Ds doctrine. He underscored the strategic role of diplomatic correspondents in fostering national development and stability.

Comrade Idehai also highlighted DICAN’s mandate as a professional body of journalists and editors from print, electronic, online, and wire services, who cover diplomatic affairs, including the Ministry of Foreign Affairs, embassies, and international organizations.

He explained that the association was duly registered with the Corporate Affairs Commission (CAC) making it a credible partner for engagement.

News

Kenya Airways apologises to NCAA for mistreating passenger

Published

3 hours ago

February 5, 2025

Kayode Sanni-Arewa

Kenya Airways officials have tendered an unreserved apology to the Nigeria Civil Aviation Authority (NCAA) and a Nigerian passenger: Gloria Omisore, following a complaint of mistreatment during a recent flight.

The airline also retracted previous statements regarding the incident, admitting fault for allowing Omisore to board a flight from Lagos without the necessary transit visa.

The apology came during a meeting convened by the NCAA attended by airline representatives including Country Manager James Nganga, Station Manager Eric Mukira, and Duty Manager Ezenwa Ehumadu, alongside NCAA Director of Consumer Protection and Public Affairs, Michael Achimugu.

Omisore, a British resident permit holder without a Schengen visa, had purchased a ticket for a Manchester-Paris-Nairobi-Lagos (inbound) and Lagos-Nairobi-Paris-Manchester route.

While her inbound journey proceeded without issue, the airline failed to identify the need for a Paris transit visa for her outbound leg until she reached Nairobi.

Although Kenya Airways offered a direct flight to London at no extra cost after a 17-hour layover, the situation escalated when Omisore’s request for accommodation and care due to the airline’s error was denied, leading to what the NCAA termed an “unruly” exchange.

In a prior statement, Kenya Airways claimed Omisore refused the re-routing and acted disruptively. They have since retracted this, admitting their error and apologizing for the “obfuscation of facts.”

The NCAA had given Kenya Airways 48 hours to verify a phone call made by Omisore on December 7, 2025, where she reportedly inquired about her eligibility to fly the route.

The authority also expressed strong disapproval of comments made by airline staff allegedly insulting the office of the Nigerian President, stating the airline could not act with impunity towards Nigerians.

The country manager apologized for the staff’s behavior, promising disciplinary action.

The NCAA has reiterated its call for all airlines operating in Nigeria to adhere to regulations and establish dedicated, trained customer relations desks or officers to handle such issues.