An audit report reveals ₦313 billion in unaccounted funds from Nigerian petroleum regulators, exposing financial mismanagement and urging recovery of lost government revenue. A recent audit by Nigeria’s Auditor General has revealed significant financial mismanagement within two key petroleum regulatory agencies, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The audit indicates that over ₦313 billion and $2.28 billion in revenue were unaccounted for, resulting in substantial government losses. The audit, focusing on activities in 2021, identified poor regulatory oversight and violations of financial regulations. Among the highlighted issues were outstanding royalties, unremitted bridging allowances, and inconsistencies in marketers’ debt records. Despite explanations provided by both agencies, many responses were deemed inadequate by the Auditor General. Key Findings: Recommendations: The Auditor General has directed the Chief Executive Officers of both NUPRC and NMDPRA to recover the outstanding amounts and ensure compliance with financial regulations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Socio-Economic Rights and Accountability Project (SERAP) has called on Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas to slash the proposed budgets for the presidency and the National Assembly. SERAP highlighted the presidency’s N9.4 billion allocation for travels, meals, and catering, alongside the National Assembly’s N344.85 billion budget, urging that the savings be redirected to reduce Nigeria’s budget deficit. SERAP’s Key Requests Constitutional Violations and Public Interest In a letter dated December 21, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the group stated that excessive spending contradicts the Nigerian Constitution. The organization emphasized that such allocations are unjustifiable, given the country’s economic challenges and reliance on borrowing to fund the 2025 budget. Unnecessary Increases in Budget Allocations SERAP criticized the proposed increase in the presidency’s budget for “rehabilitation and repairs of fixed assets,” which jumped from N14 billion in 2024 to N26 billion in 2025. Similarly, it highlighted questionable allocations, including: The total proposed spending for the offices of the president and vice president amounts to N11.6 billion. Call for Accountability SERAP urged the National Assembly to fulfill its constitutional obligations to ensure prudent use of resources. This includes reducing unnecessary expenditures, combating corruption, and addressing Nigeria’s debt crisis. Persistent borrowing, the group argued, is unsustainable and unfair to citizens. Recommendations to Lawmakers SERAP warned that failure to act could result in legal action to compel the National Assembly to discharge its constitutional duties. Constitutional Obligations SERAP cited key provisions of the Nigerian Constitution, including: Conclusion By cutting wasteful spending and addressing systemic corruption, the National Assembly can set an example of good governance and ensure that public funds are used to improve the lives of Nigerians. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The Kwara Transparency and Accountability Initiative (KTAI) has called on the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial mismanagement by two key officials in Kwara State. Dr. AbdulWasiu Tejidini, head of the Kwara State Social Investment Programme (KWASSIP), and Baba Okanla, Chairman of the Kwara State Independent Electoral Commission (KWASIEC), are accused of misappropriating N14.2 billion in public funds. Breakdown of Allegations In a detailed petition sent to EFCC Chairman Ola Olukoyede on November 28, 2024, and obtained by The Guardian, the Executive Director of KTAI, Nurudeen Adebayo, outlined grave concerns: Call for Accountability Adebayo emphasized the importance of holding these officials accountable, arguing that their actions undermine federal efforts to combat corruption and alleviate poverty. He urged the EFCC to act swiftly by arresting and prosecuting those responsible to restore public trust. “These offices, which should drive development, have allegedly become channels for siphoning public funds, worsening hunger, frustration, and disenfranchisement among citizens,” Adebayo stated. Concerns Over Local EFCC Office In a notable move, the petition bypassed the EFCC’s Ilorin Zonal Office, citing fears of undue influence from the Kwara State Governor. Adebayo warned of an alleged alliance between the governor and the Ilorin office, which could compromise investigations. Instead, the petition was directed to EFCC Headquarters in Abuja, urging decisive intervention. Public Outcry Over Corruption The allegations come at a time when EFCC Chairman Olanipekun Olukoyede has reiterated that corruption remains one of Africa’s biggest obstacles to development. KTAI’s petition paints a picture of a state administration plagued by corruption, with citizens bearing the brunt of its consequences. “This administration appears to be the most corrupt in Kwara State’s history. It’s time for decisive action to end this trend and hold public officers accountable,” the petition concluded. Key Takeaways The ball is now in the EFCC’s court to address these pressing allegations and deliver justice to the people of Kwara State. READ ALSO:
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Former Vice-President Atiku Abubakar has criticized the current administration for its “trial-and-error economic policies,” asserting that he would have taken a different approach if he had been elected President. In a statement he personally authored, the Peoples Democratic Party (PDP) candidate from the last election accused President Tinubu’s government of implementing a “palliative” economy, something he believes should not have been done. Atiku attributed the country’s current economic difficulties to the reforms introduced by the present administration. He noted, “Unleashing reforms to establish a suitable exchange rate, cost-reflective electricity tariffs, and the price of PMS all at once is excessive.” While he supports the removal of subsidies, Atiku emphasized that his administration would have opted for a gradual approach, similar to what countries like Malaysia and Indonesia have done in recent years. He stated, “I’ve received numerous questions about what I would have done differently as President. The focus should be on President Tinubu and the critical actions he needs to take to alleviate the suffering caused by his experimental economic strategies.” Atiku expressed that his administration would have been more strategically planned, emphasizing thorough preparations, better diagnostic assessments of the country’s situation, and more extensive consultations with stakeholders. He pointed out that his reform agenda, outlined in his policy document “My Covenant With Nigerians,” was designed to protect the fragile economy from deeper crises and to support businesses effectively. He further argued, “Implementing reforms for exchange rates, tariffs, and fuel prices simultaneously is clearly overkill. Additionally, the Central Bank’s aggressive monetary tightening is problematic. As importers of petroleum products, removing subsidies without a stable exchange rate will lead to adverse effects.” Atiku insisted that a more strategic response to the fallout from reforms was necessary, highlighting the importance of not overestimating the benefits of reforms or underestimating their costs. He acknowledged that reforms can fail and that he would address institutional weaknesses proactively. He added, “I would have led by example. Any fiscal reforms aimed at improving liquidity must first address governance-related revenue leakages, including unnecessary government expenses. I and my team would not have indulged in luxury while citizens suffered.” The former Vice President emphasized that his reforms would be designed with empathy, advocating for a strong social protection program to genuinely support the poor and vulnerable instead of relying on a “palliative economy.” He outlined specific measures he would implement, including launching an Economic Stimulus Fund (ESF) with an initial capacity of around $10 billion to support micro, small, and medium enterprises (MSMEs) across all sectors. Additionally, he proposed a targeted skills-to-job program for youth, addressing both graduates and those currently not engaged in education or employment. Atiku reiterated his long-standing call for subsidy removal on PMS, criticizing the opacity and potential for corruption in its administration. He highlighted the significant profits derived from oil subsidies that benefit certain elites within public and private sectors. He prioritized three main areas: READ ALSO: A Man Jailed For Attempting To Sit 2019 UTME Exam For Daughter In Abuja In summary, Atiku Abubakar presented a comprehensive vision for addressing Nigeria’s economic challenges, contrasting it sharply with the current administration’s approach. We love having you back, Kindly Subscribe to our Newsletter.
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The Economic and Financial Crimes Commission (EFCC) has detained Julius Anelu, the Accountant General of Edo State, along with two other government officials as the administration of Governor Godwin Obaseki in Edo State comes to a close. According to reports, the officials who were arrested were detained for allegedly making large withdrawals from the State’s derivation account. This comes after Obaseki’s administration was accused by Senator Monday Okpebholo “of last-minute borrowings and looting.” According to PUNCH, which cites a reliable source at the EFCC, N14 billion was left over a week after N24.6 billion was transferred into the government’s account. Approximately two to three people, including the state’s accountant general, were arrested. We have been looking into the Godwin Obaseki has been the state’s governor since 2022, but certain withdrawals from the state’s derivation account led to this most recent arrest. “Huge sums of money were taken out. For example, N24.6 billion was deposited into the account a few weeks ago. However, the account had roughly N14 billion left in less than a week. We have to act fast to save the state. The insider stated, “We are not doing that in any way to ground the state activities.” As of the time of this publication, the EFCC has not yet responded to the development in an official manner. Philip Shaibu, the deputy governor of Edo State who was restored, expressed concern about his principal, Governor Godwin Obaseki, allegedly plotting to embezzle funds from the state treasury. During a press event in Benin City, Shaibu said that he was offering a N1 million monetary prize to anyone with information about suspected government property looting as the administration comes to an end. He had also stated that he had proof of the last-minute borrowing from banking institutions and the purported looting in some areas. READ ALSO: 33 million Nigerians would experience a food catastrophe in 2025. Additionally, he had urged the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and other pertinent organizations to investigate the purported misappropriation of funds intended for the ongoing Radisson Hotel project, the Ministry of Roads and Bridges, and last-minute appointments made by the departing administration. We love having you back, Kindly Subscribe to our Newsletter.
