News

Nigerian Senate Approves $500 Million World Bank Loan Request By Tinubu

Published

10 months ago

May 16, 2024

Naijablitz

The Nigerian Senate has approved the $500 million World Bank loan request by President Bola Tinubu.

The loan is for the production of electricity meters for the citizens.

The Bureau of Public Enterprises (BPE) was granted the funds following a thorough review of the report by the Committee on local and foreign debts, which was presented by Senator Haruna Manu, who serves as the Vice Chairman of the Committee.

On November 1, 2023, President Bola Tinubu requested Senate approval for a $7.94 billion World Bank loan package, which included a $500 million loan.

News

NNPCL Reaffirms Commitment to National Development

Published

30 minutes ago

March 2, 2025

Gloria Ikibah

… as NNPCL, Afreximbank partner to build 500-bed facility for oncology, hematology, cardiology

By Gloria Ikibah

The Nigerian National Petroleum Company Limited (NNPCL) has reiterated its commitment to adding value across various sectors and communities in the country.

Speaking at a stakeholders’ engagement with the National Assembly Press Corps on Saturday in Abuja, the company’s Chief Corporate Communications Officer, Olufemi Soneye,emphasised the crucial role of the oil sector in Nigeria’s economic and social growth.

He assured that NNPCL was dedicated to more than just supplying fuel but also contributing to national development.

Shoneye stated: “I’m glad to have you here again at this stakeholder engagement proudly sponsored by NNPC.

“It is truly heartwarming to see how it has brought us together. At NNPC, we believe in fueling not just vehicles but also meaningful moments like this. Tonight is another night that NNPCL will successfully power laughter and great partnerships”.

Reaffirming NNPCL’s dedication to national progress, Soneye showcased various initiatives aimed at improving lives across the country.

He pointed to the impact of the NNPC Foundation, which recently facilitated 1,000 free cataract surgeries in the Southwest, restoring vision to many beneficiaries.

He also revealed NNPCL’s partnership with Afreximbank to finalize the African Medical Center of Excellence (AMCE), a 500-bed facility focused on oncology, hematology, cardiology, and advanced medical training for Nigerians.

“We are set to perform another 1,000 surgeries in the North and an additional 1,000 in the Southeast and South-South before the end of the second quarter of 2025.

“This strategic investment aims to enhance access to specialized healthcare, ensuring that Nigerians receive world-class medical treatment. The AMCE is scheduled to commence operations in June 2025,” Soneye disclosed.

NNPCL provided an update on its Medical Hospital in Abuja, which treated 122,483 patients in 2024 alone. The facility has been crucial in delivering emergency care to accident victims and offering essential medical services, including radiology, physiotherapy, maternity care, dental and eye treatments, and life-saving surgeries.

“Across Nigeria, NNPC hospitals continue to play a pivotal role in improving healthcare access and saving lives. This is a direct demonstration of how NNPC is utilizing oil revenues to positively impact the lives of Nigerians on a daily basis”, he added.

Shoneye emphasised that oil is not just a commodity but the backbone of Nigeria’s economy, driving industrialization, employment, and national development.

He further highlighted the vital role of oil in everyday life, from powering homes and transportation to serving as a foundation for industries such as plastics, pharmaceuticals, and agriculture.

“For nations like Nigeria, oil fuels transportation, powers industries, and generates revenues that support national growth.

“Without oil, modern life as we know it would be vastly different,” he added.

He reaffirmed NNPCL’s commitment to energy accessibility and economic stability, he stressed the company’s focus on responsible resource management.

Shoneye therefore urged stakeholders to drive policies and innovations that will secure Nigeria’s future.

“At NNPC Ltd., we remain committed to ensuring energy accessibility, economic stability, and fostering global partnerships that strengthen the oil industry for the benefit of our people.

“Together, we must continue to drive policies and innovations that secure the prosperity of our dear country,” he stated.

The event provided a platform for discussions on the oil industry’s role in national development and NNPCL’s social impact initiatives

News

Speaker Abbas Reaffirms Commitment to Accountability in Public Funds

Published

55 minutes ago

March 2, 2025

Gloria Ikibah

By Gloria Ikibah

The Speaker House of Representatives, Rep. Tajudeen Abbas, has restated the commitment of the 10th House to ensuring transparency and accountability in managing public funds.

Speaking at a public hearing organized by the House Committee on TETFUND and Other Services, on Friiday in Abuja, Speaker Abbas, who was represented by the House Leader, Rep. Julius Ihonvbere highlighted the significance of the proposed amendments to the Tertiary Education Trust Fund (TETFUND) Act (2011).

Abbas noted that TETFUND, established by an Act of the National Assembly in 2011, serves as an intervention agency supporting public tertiary institutions across Nigeria.

According to him, the agency focuses on providing educational infrastructure and facilitating capacity-building initiatives for academic staff.

he said: “It has been established through available data that the fund has substantially fulfilled its given mandate.

“However, there still exist some limitations in the existing legal framework that hinder the Fund from meeting the challenges posed by current realities and its obligations.

“The over-reliance on the Fund by beneficiary institutions has encouraged a lack of innovations by some of the tertiary administrators while the legal framework allowed some ambiguities and potential risks of arbitrariness.

“Particularly in the areas of the authorisation of withdrawals from the fund, and the assessment and clarity on taxable profits for the Fund’s contributions.

“The amendments are meant to provide for additional conditions for assessing funds for capital projects by beneficiary institutions and related matters.

“I understand that the current framework limits the effective oversight function of the National Assembly and questions the transparency and accountability procedures adopted by the administrators.

“The 10th House of Representatives has a responsibility as the People’s House to ensure accountability and transparency in the management of public funds,” he said.

In her address, the Committee Chairman, Rep. Mariam Onuoha, stated that the proposed legislation aims to address the challenges of poor project implementation, which have raised concerns about the actual use of funds in tertiary institutions.

She noted that, in response to complaints and controversies from stakeholders, the Speaker recommended amendments to Section 7 of the Act to strengthen guidelines for accessing and utilizing the funds.

Onuoha assured that stakeholders’ views and submissions would be carefully considered in the final report after the hearing.

“Public funds, once deployed are subject to accountability, probity and justification for the amount released which often is not enough.

“Even we are given little, that little demands accountability and probity; it is line with this that the committee will commence a school-by-school oversight from the second quarter of the year.

“This is to ensure direct inspection to observe how critical infrastructure are being executed, to see and document abandoned or distressed projects.

“If there are contractors who have collected money that have not done the job in accordance to the bill of quantity, the committee name and shame and make necessary recommendations for sanctions to blacklist them where necessary.

“We as a committee have participated in the ongoing tax reforms bill and have made our plea along other stakeholders on the need to exclude the clause affecting the operations of TETFUND.

“We are of the opinion that TETFUND opinion has become the lifewire of infrastructure development and capacities of lecturers across the tertiary institutions and haven come this far, it will not be right to throw away the baby and bath water.

“Issues bothering on operations of the TETFUND, the committee as mandated by section 88 and 89 of the Constitution empowers the committee to carryout oversight to ensure that they are corrected at the right time.

“This is to ensure a win-win and balanced implementation instead of ,” she said.

The Executive Secretary of TETFUND, Sonny Echono, who highlighted ongoing efforts to ensure effective management of the fund, criticized the unchecked establishment of tertiary institutions, particularly by state governments relying solely on TETFUND without proper financial plans.

According to him, to promote fairness, only one university, one polytechnic, and one college of education per state was eligible for funding each year.

He therefore urged lawmakers to prioritise expanding existing institutions instead of creating new ones, to ensure better allocation of resources.

President of the Academic Staff Union of Universities (ASUU), Prof. Emmanuel Osodeke, called for ASUU’s reinstatement on the TETFUND board and advocated for an independent monitoring committee to oversee projects from inception to completion.

Prof. Osodeke also warned that ongoing tax reforms could threaten TETFUND’s operations, stressing that the fund is crucial to sustaining Nigeria’s tertiary education system.

News

RAMADAN! Senator Manu embarks on another distribution of packages(Photos)

Published

55 minutes ago

March 2, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Barely 48 hours after distributing Ramadan packages, Senator Haruna Manu of Taraba Central Senatorial District embarked on another massive distribution inMutum-Biyu

Through a program dubbed “House to House,” Manu distributed Ramadan packages to less privileged families in Mutum-Biyu.

The event, designed to alleviate some of the burdens faced by vulnerable populations during the holy month of Ramadan, was spearheaded by the Taraba State Commissioner, Hon. Muslim Aruwa, along with Hon. Ubale Gambo, the Personal Assistant to Senator Manu. Together, they visited numerous households, ensuring that essential food items and other necessities were delivered directly to those in need.

Senator Manu Haruna expressed his heartfelt commitment to supporting the disadvantaged members of the community, especially during this sacred period of reflection and giving. He emphasized the importance of compassion and generosity, stating, “Ramadan is a time to come together and extend a helping hand to those who are less fortunate. It is our duty to ensure that everyone can partake in the blessings of this season.”

The initiative not only brought smiles to the faces of the recipients but also fostered a sense of unity and hope within the community. Local leaders and beneficiaries expressed their gratitude for the efforts made by Senator Manu and his team, highlighting the positive impact of such charitable gestures.

Recall that, few days ago Senator Manu Haruna Distributed over 30,000 Bags of rice, Millet and sugar respectively across Taraba Central Senatorial District as Ramadan packages.