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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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Just in: Tinubu’s son Seyi, Tops Controversial List As Lagos Guber Race Ignites Political Wahala

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By Kayode Sanni-Arewa

The race to succeed Governor Babajide Sanwo-Olu in 2027 is gradually gaining momentum, with political stakeholders and groups across Lagos State already rooting for their preferred candidates.

Among those generating buzz is Femi Gbajabiamila, Chief of Staff to President Bola Ahmed Tinubu and former Speaker of the House of Representatives.

A growing number of party faithful and influential figures are backing him, with popular Nollywood actor and lawmaker, Desmond Elliot, reportedly leading a ‘silent’ push for Gbajabiamila to emerge as the APC flagbearer in the next gubernatorial election.

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Supporters are said to be banking on his close ties to the President and long-standing political experience, which they believe make him a strong contender.

“Gbajabiamila is not just a seasoned legislator. Now as Chief of Staff to the President, he has added executive experience.

“That’s the kind of leadership Lagos needs,” said Famous Oloyede, an APC chieftain from Surulere.

However, some party members believe that by 2027, Gbajabiamila, who will be 64, may be too old to govern a complex and fast-moving state like Lagos.

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“He should stay back in Abuja and continue supporting the President. Lagos needs someone younger; and besides, it’s time another administrative district takes the seat,” a senior party source revealed.

Lagos State is organised into five administrative districts, collectively called IBILE, namely Ikorodu, Badagry, Ikeja, Lagos Island, and Epe.

Notably, the last four governors of the state, Bola Tinubu, Babatunde Fashola, Akinwunmi Ambode and Babajide Sanwo-Olu, have all hailed from either Lagos Island or Epe.

Even Alhaji Lateef Jakande, the state’s first civilian governor, identified as a native of Lagos Island.

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The clamour for 2027 is not one-sided. Stakeholders from Epe, a region that once produced former governor Akinwunmi Ambode, are also pressing for political rebalancing.

Following Ambode’s fallout with the APC leadership, many indigenes believe Epe has been marginalised in the state’s power structure.

As a result, attention has shifted to the current Minister of State for Health and Social Welfare, Dr Maruf Tunji Alausa, who hails from Epe. Many locals view him as a competent and loyal figure capable of restoring Epe’s influence in Lagos politics.

“Epe has been marginalised for years,” said Olugbede Adekalu, a strong APC member.

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“Ambode was not allowed to complete his second term, unlike others before him. It’s time to correct that injustice,” he said.

Speaker of the Lagos State House of Assembly, Rt Hon Mudashiru Obasa, is also being quietly touted by political and religious circles.

A notable Islamic cleric recently expressed support for Obasa’s candidacy, citing his legislative experience and grassroots popularity.

While Obasa has yet to make a formal declaration, he recently made a subtle remark that has further fueled speculations.

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Speaking during a public engagement, the Speaker said, “Also, becoming governor is secondary; it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better off.”

Observers believe Obasa’s statement was a calculated message to signal openness to the race without making an outright announcement.

Also making the rounds is the name of Seyi Tinubu, son of President Bola Tinubu.

While he has not publicly declared interest, speculations are rife, with several diaspora groups reportedly rooting for him.

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This development has placed the party and the Governance Advisory Council (GAC), the highest decision-making body of the APC in Lagos, in a dilemma, especially as President Tinubu has remained silent despite the growing clamour for his son’s potential candidacy.

In addition to the growing field of aspirants, fresh agitations are emerging from Ikorodu, one of Lagos State’s largest administrative districts under the IBILE structure.

Despite the fact that the current Deputy Governor, Obafemi Hamzat, hails from Iga Egbe, a traditional compound within the Ikorodu Division, many stakeholders are insisting the district is yet to be adequately represented at the top.

According to party insiders, there is mounting support for either Rep Babajimi Benson or Hamzat himself to emerge as the next governor.

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However, should neither of them clinch the ticket, strong lobbying is ongoing for Hon Abike Dabiri-Erewa, former House of Representatives member and current Chairman of the Nigerians in Diaspora Commission, to be considered for the position of deputy governor, especially if the governorship goes to another district.

“Ikorodu deserves a real shot at the governorship. It’s one of the most loyal and populated zones in Lagos, yet we’ve never truly had our turn,” said a party source.

While some argued that Ikorodu had a brief taste of power through Abiodun Ogunleye, who served as deputy governor during Tinubu’s administration, a party member countered that Ogunleye’s tenure, just 14 days between May 15 and May 29, 2007, was too short to be considered meaningful representation.

A party insider from Ogolonto, a community in Ikorodu, stated:

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“Ogunleye’s 14-day tenure was purely symbolic. You can’t call that real representation. That’s not power-sharing, it was a token gesture. Ikorodu deserves more than a fleeting appointment.

“Serving just 14 days as deputy governor hardly qualifies as meaningful leadership. Ikorodu deserves more than a fleeting appointment.”

Reflecting growing calls for more equitable power rotation across Lagos, some party members have maintained that adjoining districts long overlooked deserve a turn in the executive seat.

“Power should shift to Badagry now. They’ve never produced either a governor since 1999,” another party member told DAILY POST.

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Another name quietly gaining traction within APC circles is that of Senator Mukhail Adetokunbo (Tokunbo) Abiru, who currently represents Lagos East Senatorial District in the National Assembly.

This district encompasses the local government areas of Epe, Ibeju-Lekki, Ikorodu, Kosofe and Somolu

With many zones clamouring for recognition and no clear frontrunner emerging yet, one thing is clear: the contest for the soul of Lagos in 2027 will be one of the most keenly watched and hotly contested in the state’s recent political history.

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Just in: FG receives Wigwe’s helicopter crash report from NTSB

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By Kayode Sanni-Arewa

The Director-General of the Nigeria Safety and Investigation Bureau (NSIB), Alex Badeh, has confirmed that the United States National Transportation Safety Board (NTSB) shared the final report on the helicopter crash that claimed the lives of former Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, his wife Doreen, their son Chizi, former NGX Group Chairman Abimbola Ogunbanjo, and two pilots.

Recall that the tragic crash occurred on February 9, 2024, when an Airbus EC130B4 helicopter operated by Orbic Air, LLC crashed near Halloran Springs, California.

The NTSB’s final report outlined the primary causes of the crash, identifying “pilot disorientation” and a violation of flight protocols as key contributors to the tragedy.

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Specifically, the report pointed to the decision to proceed under visual flight rules in instrument meteorological conditions as a significant factor in the crash.

Badeh stated, “The NTSB shared the report directly with the NSIB as we are interested parties and in accordance with ICAO Annex 13 protocols.

“We do not necessarily comment on accident reports as they are not meant to apportion blame but to improve safety and prevent reoccurrence.”

When asked if the NSIB was satisfied with the findings in the NTSB report, Badeh emphasised that the NSIB does not engage in commenting on accident reports.

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He clarified that the primary purpose of such reports is not to assign blame but to ensure that measures are put in place to enhance safety in the aviation sector.

“The report’s essence is to improve safety across the sector. The NSIB is not the head of aviation in Nigeria,” Badeh reiterated.

Badeh further confirmed that the family of the deceased had been in communication with the NTSB throughout the investigation process, from the time of the crash until the final report was released.

“The family of the deceased has been in contact with the NTSB at the time of the accident till the close of the investigation,” Badeh stated.

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Insecurity!Six Terrorists Silenced, Camps Destroyed as Troops Sweep Sokoto, Zamfara Forests

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By Kayode Sanni-Arewa

In a daring continuation of Operation of Troops FANSAN YANMA Phase V, the troops have penetrated deep into terrorist strongholds across parts of Sokoto and Zamfara States, dismantling layers of insurgent infrastructure and recovering weapons.

The multi-day operation, which began with swift assaults on identified camps, saw troops advancing through highly hostile territory, including Gidan Madi, Tsamiya Village, Tudun Ruwa, Alela, and several forested areas notorious for harbouring terrorist cells.

Security sources told Akelicious that the troops encountered multiple ambushes laid by fighters of the Lakurawa terror faction, a splinter group known for its entrenched operations in the North West region.

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Despite the resistance, the troops pressed forward, clearing key hideouts beyond Alela village, including the Areo general area, Damoria, Tumuna Village, and the densely wooded Goboro Forest.

“These locations have been long used by terrorists as logistics hubs and operational bases for launching attacks on civilian communities and security convoys,” a senior military source familiar with the operation said.

The military offensive did not come without cost. One soldier was wounded in action (WIA) during the series of engagements, while a vigilante supporting the operation paid the ultimate price. The wounded soldier was promptly evacuated to the 8 Division Military Hospital (8 DMSH) in Sokoto for treatment.

Troops also neutralised six terrorists affiliated with the Lakeurawa faction during the operation. Several others escaped with varying degrees of gunshot wounds, fleeing into the surrounding forest areas

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Among the arms recovered from the cleared camps were various weapons, magazines, two handheld radios, and motorcycles which were some of the items believed to have been used for communications and mobility within the camps

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