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FG Reiterates Commitment To Prudently Utilised Proposed N6.2trn Additional Budgetary Expenditure

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By Gloria Ikibah
The Federal Government has promised to prudently utilisation of the proposed N6.2 trillion additional budgetary expenditure aimed at stimulating the economy through the implementation of various infrastructural projects including road, rail, water, irrigation and dam projects in the 2024 fiscal year.
Minister of Budget and National Planning, Senator Atiku Bagudu stated when he appeared before the House of Representatives’ Committee on Appropriation on Monday in Abuja.
In his opening address, Rep. Abubakar Bichi requested that the Minister gives detail on the Appropriation bill including the N3.2 trillion capital expenditure increase and N3 trillion recurrent expenditure for the newly proposed national minimum wage transmitted by Mr. President for accelerated consideration.
Rep. Bichi noted that there is need for Nigerians to be adequately informed of the details of the proposed N6.2 trillion budget proposal which is in addition to the N28.7 trillion Appropriation Act approved for the 2024 fiscal year.
Other lawmakers who applauded the ingenuity of the present administration towards addressing the infrastructural deficit, harped on the need to address issues of security.
In response the Minister stated that various efforts are being made to address issues bothering on security of lives across the country.
Some of the projects proposed in the budget proposal include: Lagos-Calabar, 1,000 kilometer road project for which the sum of N150 billion is required and Sokoto – Badagry road projects, as well as the rail project for which the Chinese government has provided 85 percent funding while Federal Government is yet to provide the 15 percent counterpart finance.
According to him, the Lagos-Calabar which is expected to start in three different sections, has commenced in Lagos, and the Calabar end, and one additional section Sokoto – Calabar.
He added that the Lagos-Calabar also covered the five South East States as well as Port Harcourt – Maiduguri rail lines.
The Minister further disclosed that the proposed budget was aimed at providing counterpart funding for rail projects that have literally stopped in the last year, including the longest among them – Port Harcourt Main Bridge, which will traverse Rivers, Imo, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Katsina, Bauchi, Gombe, Yobe, and other parts of the country.
Equally, the second project is Badagry -Tin Can Port, Lekki Port…while the third one is Lagos – Ibadan Standard Gauge, adding that the fourth one is Kano-Marada Standard Gauge, as well as funding for rolling stock that is required, for which the sum of N530 billion was requested is for these five rail projects.
Senator Bagudu also disclosed that the sum of N522 billion was also provided for water, irrigation and dam projects.
He explained that the proposed N3.2 trillion renewed hope infrastructural fund was “intended to provide equity contributions or counterpart contributions of the Federal Government projects designated as priority projects as well as critical projects which needed more appropriation so that they will not suffer neglect.”
He disclosed that the N3 trillion was intended to meet among other the newly proposed national minimum wage, for which Mr. President said he will soon send the bill to the National Assembly and subsequent adjustment.
While responding to question on the projected revenue for the year, Senator Bagudu assured that the projects encapsulated in the amendment to the 2024 Appropriation bill will not limit the revenue available for the implementation of the 2024 Appropriation Act.
“These projects, Mr. Chairman, have you said that these projects include rail projects.And this is to provide counterpart funding for rail projects that have literally stopped in the last years. The most, the longest among them is the Port Harcourt-Maiduguri  which will traverse Rivers,  Imo, Abia, Enugu, Ebonyi, Anambra, Benue, Nasarawa, Plateau, Kaduna, Bauch, Gombe, Yobe, and then terminating in borno state.
“Equally, the number, the second project is Badagry-Tin Can Port, Lekki  Port, Ijeu-ode kajula. The third one is Lagos-Ibadan Standard Gauge. Then the fourth one is Kano-Maradi  Standard Gauge.As well as funding for rolling stock that is required. This, the 530 billion requested is for these five rail projects.
“Equally, we have the National Highway Construction Projects which include additional funding, because this is already in the 2024 budget, for additional appropriation for the Lagos-Calabar Coastal Road, which is to tranverse Lagos-Ogun, Ondo, Delta, Bayelsa, Port Harcourt, Akwa Ibom , and Cross River, as well as Sokoto-Badagry, which is in Greenfield.
“Sokoto-Badagry has been on the National Development Plan of Nigeria since 1970. It was actually awarded in 1975, but not much progress was made, but because of the visionary and bold endeavor of Asiwaju Bola Tinubu,  he has brought it back to life, and this is going to tranverse Lagos again, Ogun, Oyo, kwaraa, Niger, Kebbi  and terminating in Sokoto State, as well as the Africa-Sahara Highway to traverse Benue, Kogi, Nasarawa, and Abuja.
 “In addition to this, Mr. President and the team recognize that to support our agriculture and food security, we need to take bold measures on our water and irrigation and dam infrastructure.We have met with a number of investors, including the International Finance Corporation, who are saying, if you can put some money to do your dams, we will also put money to provide infrastructure.
In recognition of the fact that every year, when it rains, a lot of Nigeria is flooded, and soon thereafter, we are looking for water. So investment in water, irrigation, and dams has accelerated, because this is such that if we put some money, private capital would also come in to support our dream.So a sum of 522 billion is provided.
We have provided more for agriculture, and sorry, before then, we have provided, as part of the Renew Hope Agenda, 270 million for the expansion of the compressed natural gas infrastructure.
” The compressed natural gas is not just an alternative to premium motor spirit .It’s a lower-chip, lower source of energy that can help Nigeria maintain energy competitiveness, like countries like Egypt and Pakistan have done. So accelerating this expansion will ensure migration to the cheaper source of wealth, as well as ensuring that Nigeria remains energy competitive.
“Just as an example, the Ministry of Science and Innovation tested two vehicles, from Abuja to Ibadan, one on petroleum motor spirit, which consumed 42,000 Naira worth of oil, and one on CNG, which consumed 14,000 Naira worth of CNG.
“So in order to help Nigerian citizens with this, we need more finance. The other investment in agriculture and food security, as well as the additional water resources, are to support ongoing projects for which the funding commitments are not adequate, and they are critical to the delivery of our agriculture and food security objectives
On his part Chairman, House Committee on Media and Public Affairs, Rep. Akin Rotimi demanded for list of various achievements of the Tinubu’s administration.
While ruling, Rep. Bichi who applauded ongoing efforts toward rejuvenating the country’s socio-economic life, assure that necessary legislative measures will be worked out for the overall benefits of Nigerians.
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CBN Governor Affirms 1,000 Staff Exited Voluntarily Without Pressure

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By Gloria Ikibah
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that that the voluntary disengagement of 1,000 staff in December 2024, was initiated by the employees themselves, and all entitlements paid in full.
The CBN Governor who was made the clarification at an investigative hearing organized by the House of Representatives Ad-hoc Committee “To Investigate Central Bank Of Nigeria (CBN) Termination/Dismissal Of Staff” on the retirement of over 1000 staff of the Central Bank of and the associated N50 billion payoff scheme, on Friday in Abuja.
Cardoso who was represented by Deputy Director of Corporate Services, Bala Bello,
emphasized that the program was completely voluntary and aimed at enhancing the bank’s efficiency.
“The early exit program of the Central Bank is 100 percent voluntary.
“Nobody has been asked to leave, and nobody has been forced to leave. It is a completely voluntary program put in place at the request of staff”, Bello said.
He explained that the restructuring and reorganization efforts were designed to optimize the bank’s operations by aligning manpower, skills, and technology with its strategic goals.
According to him, the program was particularly beneficial to staff members who felt their career progression had stagnated due to limited opportunities.
“The objective is to ensure the right people are in the right positions, balancing human resource requirements with operational demands.
“For example, among those who left, some are setting up their own banks. These individuals saw the program as an opportunity to pursue other ventures”, he added.
Addressing concerns raised during the hearing, Bello reiterated that no staff member was coerced or intimidated into leaving.
“Those who wanted to take it did, and those who didn’t remain with the bank,”he said, stressing that the initiative was driven by popular demand from staff.
Earlier, Chairman of the Ad-hoc Committee, Rep. Usman Bello Kumo, assured stakeholders of a fair investigation, and stated that the committee’s role was to ensure transparency in the process.
“Our responsibility is to submit a comprehensive report to the House on the objectives, timeline, and impact of the restructuring, reorganization, and early exit program,” he said.
The CBN maintained that the N50 billion terminal benefits allocated to exiting staff were carefully calculated and distributed according to laid-down procedures.
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Our investigators taking bribe – EFCC Chairman admits

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The Chairman, Economic and Financial Crimes Commission, Mr Ola Olukoyede, has said some of the investigators are in the habit of demanding bribes from crime suspects, thus eroding the integrity of the agency.

Olukoyode warned the erring anti-graft agency’s investigators that they would be dealt with if they failed to retrace their steps with the policy’s guidelines, which are erected on responsibility, accountability, and transparency.

The EFCC boss made this known to the Commission’s members of staff during his New Year address at the Headquarters in Abuja.

President Bola Tinubu appointed Olukoyede as the EFCC helmsman in October 2023, following the suspension of Abdulrasheed Bawa in July, over suspected infractions while in office.

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He told the agency staff that the public views about their operations are not friendly, saying, “At this point, I need to strongly reiterate the issue of discipline, integrity and sense of responsibility in the way we do our work. Public opinions about the conduct of some of our investigators are adverse. The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue.

“Let me sound a note of warning in this regard. I will not hesitate to wield the big stick against any form of infraction by any staff of the Commission. The Department of Internal Affairs has been directed to be more ardent in its work and monitor every staff in all their engagements. The image of the Commission is too important to be placed on the line by any corrupt officer.”

Earlier in his address, the anti-graft agency’s boss urged the staff to be up and doing, as he added that the development of the country depends on the competence of the Commission in dealing with corruption.

Olukoyede said, “As you would recall, our new policy drive is premised on a three-pronged agenda and blueprint. The first plank of the agenda is properly focusing on the mandate of the EFCC. All over the world, the major objective of the war against corruption and financial crimes is to drive economic development and create wealth and job opportunities for the populace. We need to come to these realities and operate by them. Our nation is in dire straits. We need to continue to do everything possible to stimulate the revenue profile of Nigeria.

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“There is no agency of government as crucial to the nation’s quest for growth and development as the EFCC. We have all it takes to bring up the profile and developmental index of our nation. I urge all of you to be steadfast and committed to this clarion.”

He urged the staff to adhere to the rule of law, and strife to promote the image of the agency and protect the reputation of the country, in order to attract foreign investors, with the direct aim of boosting the economy of Nigeria.

“The second plank of our policy direction is putting modalities in place for running the administration and governance of the nation at various levels in a most responsible, accountable and transparent manner as well as building and promoting the international image and reputation of Nigeria in the eye of the world as a country that is worthy of attracting foreign direct investments. To achieve all these, preventive mechanisms against corruption, adherence to the rule of law and engagement of diverse publics in the nation in the fight, are imperative,” he stated.

“I equally talk about the overarching need for a transactional credit system as a potent means of keeping corruption at bay. We need to encourage this and motivate Nigerians in this area. I want to particularly harp on the preventive modality which is the centerpiece of our new engagement. We are already building strength in this area through the restructuring of the layers of the Commission. I want every staff to be in tune with the new arrangement.”

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Speaking about the arrest and bail guidelines, the EFCC boss said, “Let me also talk about the review of the arrest and bail guidelines which I expect everyone to be familiar with by now. The review is informed by the need for us to conform with international best practices in law enforcement.

“We are a civilised anti-graft agency. Arrest and bail would henceforth be done in line with the rule of law. Our investigators should particularly take note of this. It is important for us to understand the dynamics of the world in the area of law enforcement. Change is the most permanent fact of life. We should not be seen to be resisting changes in our work.

“We are mindful of the increasing need for the welfare of staff and steps are being taken in this regard. I may not talk about specifics. However, the new year promises to bring smiles on the faces of staff across all the Commands. We will continue to do our best to put all of you at your best. However, to whom much is given, much is expected.

“Lastly, I have always said that we are all privileged to be staff of the EFCC. There is this Latin phrase that says, noblesse oblige, meaning, nobility demands responsibility. This is the crux of the matter. We should dignify the privilege of being EFCC staff with proportionate responsibility. It is both a duty and an obligation. I wish you all the best in the New Year.”

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The Legal Attache of the United States’ Federal Bureau of Investigation (FBI), Jack Smith, hailed the appointment of Olukoyede as the EFCC boss, when he paid him a courtesy visit, in November last year, praising him that “the rebranding and other positive initiatives are good.”

EFCC is currently investigating the alleged N37.1 billion fraud under the former Minister of Humanitarian Affairs, Disaster Management and Social Development, Saddiya Umar Faruq.

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Read reaction of Nigerians to N30m fees in Lagos school

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By Kayode Sanni-Arewa

Charterhouse, a British independent school located in the Lekki area of Lagos State, has once again sparked controversy over its fees, drawing criticism from Nigerians on social media.

According to its website, the Charterhouse Family of Schools has been a leading name in British education for over 400 years. The Lagos campus, the first African branch of Charterhouse UK, admitted its first set of students in September 2024, catering to Year 1 through Year 6 pupils.

The school previously faced criticism in April 2024 for its tuition fees, which were reportedly as high as N42 million per year, alongside a N2 million non-refundable registration fee. This sparked widespread backlash, with many questioning the affordability of the institution for the average Nigerian family.

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The debate resurfaced on Thursday following a video shared on X.com by user #itzbasito, captioned, “This is what the inside of the most expensive school in Lagos looks like. It costs N42 million per year.”

The video, attributed to Charterhouse, however, claimed that tuition and accommodation cost less than N30 million. The post has since garnered over 9,200 interactions on X.com, with many Nigerians criticising the costs, stating that even N30 million is excessively high.

One user, #TheWaleOrire, tweeted on Friday, “If the government can’t regulate school fees in primary and secondary schools, how can we achieve standardised universal basic education? There’s absolutely no reason why any secondary school in Nigeria should be charging N42 million per year.”

He added, “This only widens the gap between the lower, middle, and upper classes, turning education into a luxury for the rich instead of a right for every child. We need urgent reforms to bridge this inequality.”

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Other users echoed similar sentiments, arguing that the fees primarily catered to the wealthy elite.

#OAAdeniji wrote, “There is no way anyone in Nigeria, earning in Naira, will be paying N42 million per year for a secondary school student, no matter what they are being taught. This is more than outrageous.”

Another user, #toofighting, remarked, “You’d find that the students are mostly children of expatriates, and those fees are paid by the companies their parents work for. Most Nigerian parents cannot pay that sum out of pocket.”

Similarly, #rusticfunmi commented, “N42 million per annum just so some people can feel superior that their children will be taught by whites… sorry, ‘expatriates.’”

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In contrast, some users defended the school, arguing that it caters to a specific segment of society.

#Arsenicscot tweeted, “They don’t have the majority as their market target. All these una complain na for una pocket. When admission commences, the school will be filled; it won’t be scanty. The owners of the school know the segment of the population they are targeting. They won’t beg for students.”

Another user, #Treazyblaq, added, “If they can afford it, why not? These schools offer more than just education; they’re valuable for networking and building connections that can benefit the future. It’s an investment, not just in education but in opportunities and overall growth.”

The video also detailed the school’s boarding arrangements, stating that students would share rooms with three others, each having their own bed and private space. This sparked additional criticism, with some questioning the value provided.

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#SandraAdaeze4 commented, “N30 million a year only to share a room with four other students.” Similarly, #citiii added, “For that amount, there is no reason why each student shouldn’t have their own room or, at worst, two per room.”

Charterhouse’s website details its tiered fee structure for founding students, with tuition ranging from N16.1 million for Years 1–2 to N24 million for Year 9. Weekly boarding costs an additional N5 million, while full boarding is N7 million per year.

PUNCH reported in August 2024 that the Founding Head and Director of Education at Charterhouse, John Todd, clarified misinformation regarding the school’s fees.

He said, “In April, there was an online reaction to our school fees, which sparked a lot of discussion, with some people reacting to the figure of N42m. I want to set the record straight: our fees are currently N26m, not N42m. We’ve never charged N42m.”

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