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C-of-O debts in FCT is over N300 billion – Wike
The Federal Capital Territory (FCT) Minister, Nyesom Wike on Sunday night said debts owed by property owners with regard to Certificates of Occupancy (C of O) is over N300 billion.
Wike spoke at a media parley held at his official residence in Life Camp, Abuja.
The minister also disclosed that his aggressive revenue drive has shot up the monthly earnings of FCT from about ₦9bn when he assumed office in August 2023 to an average of ₦25bn monthly.
He said the nation’s capital generated over ₦40bn in December 2024.
He attributed the growth in revenue to the collection of ground rents and payment of Certificates of Occupancy (C of O) by land allottees.
The minister said the FCT pays salaries to the tune of N13bn every month.
Wike said: “We don’t get up to N13bn from VAT and the 1% from the Federal Government. So, we have to augment the IGR to be able to pay the salaries because of the new wages.
“As at the time I came, we were generating about N9bn to N10bn. Today, by the grace of God, we are not generating less than N25bn a month.
“It is because of our aggressive revenue drive. In fact, last month, we were able to generate about 40 something billion naira. Aggressive revenue drive to be able to carry out infrastructure
“It must be from taxes and when taxes are not paid how do we get development?” he asked.
“In your conscience, can you say that the FCT is justifying the revenue or the taxes you are paying? Yes, it is correct. We can beat our taxes to say we are doing that but it is not enough,” he added.
Kaduna state Governor Uba Sani declared that the ruling All Progressives Congress (APC) will continue to dominate the state, saying it would soon become a one-party state.
The Governor disclosed that about four members of the House of Representatives from the opposition parties had decamped to the APC, adding that members of the Kaduna State House of Assembly from different zones had also decamped to the party.
Governor Uba Sani, who spoke at Zaria on Monday, argued that the defection of opposition members to the APC “is a good sign, and that shows that we are doing something positive; we are carrying everyone along in Kaduna state.”
House of Representatives Speaker Tajudeen Abbas distributed 117 vehicles, comprising 20 Hilux, 2 ambulances, 20 18-seater buses, 50 Sharon vehicles, and 25 sedan/saloon cars (Golf, Corolla & Peugeot 406). At the same time, 200 tricycles, popularly known as Keke NAPEP, and 1,000 motorcycles were given to various beneficiaries.
At the event, Governor Sani praised Speaker Abbas, saying that Kaduna State and the entire country are proud of his stewardship. He added that the laudable projects he was interested in in the state had his blessings.
In his address, Speaker Abbas thanked his constituents for their continued support and noted that he would do his best to attract people-oriented projects to them.
The electricity power generation companies (GenCos) have warned that the over N4 trillion unpaid invoices owed by the federal government and stakeholders for electricity generated threatens their operations.
In a statement on Monday, signed by Sani Bello, chairman of board of trustees, Association of Power Generation Companies (APGC), the GenCos asked the federal government and key stakeholders to urgently address the issue.
According to the association, the issue is currently threatening the continued operation of their power generation plants.
“It is no more news that the power generation companies (GenCos) have continued to bear the brunt of the liquidity crisis in the Nigerian Electric Supply Industry (NESI),” the statement reads.
The association said they have made large-scale investments and have continued to demonstrate commitment by increasing capacities that align with their contract, spanning over 10 years.
The GenCos said expectations of being settled through external support such as “the World Bank PSRO has also been dampened due to other market participants’ inability to meet their respective distribution linked indicators (DLI), enshrined in the Power Sector Recovery Program (PSRP)”.
Moreso, they said the 2024 payment collection rate dropped below 30 percent, and “2025 is not any better, severely affecting GenCo’s ability to meet financial obligations”.
“Tax and Regulatory Challenges: High corporate income tax, concession fees, royalty charges, and new FRC compliance obligations are further straining GenCos’ revenue,” the GenCos said.
“Outstanding Payments: GenCos are currently owed about N4 trillion (N2 trillion for 2024 and N1.9 trillion in legacy debts). No possible solutions, including cash payments, financial instruments, and debt swaps, are in sight.
“Budget Allocation Concerns: The 2025 government budget allocates only N900 billion, raising concerns about its adequacy to cover arrears and future payments.”
Furthermore, the group said that liquidity challenges are further worsened by the various policies introduced.
As a result of the policies, the association said “no one is under pressure to ensure GenCos invoices are fully settled”.
“The implication of this is that GenCos only get paid a portion of their invoices (9%, 11%) from whatever amount is left,” the association said.
The GenCos demanded immediate implementation of payment plans to settle all outstanding GenCos invoices.
“Reprioritization of payments under the waterfall arrangement to give full priority to a hundred percent payment of GenCos’ invoices as at when due. A clear financing plan to backstop the exposures in the NERC’s Supplementary Order to the MYTO and the DRO 2024,” the association said.
They also requested the provision of payment security backed by the World Bank and the African Development Bank (AfDB) to guarantee full payment to GenCos to enable them to meet their critical needs, ensuring adequate generation and expansion.
The GenCos urged the federal government to liberalise the market to create confidence and ensure the viability and creditworthiness of the power sector.
Also, the association demanded “full effectiveness of all market agreements, firm monitoring, and enforcement of the rules by the regulator on all market participants”.
In light of the severity of the issues, the GenCos requested that immediate action be taken to prevent national security challenges due to their failure to sustain Nigerians’ steady electricity generation.
The Nigerian Bar Association (NBA) says the money received from Rivers state government for the 2025 annual general conference (AGC) was a “gift”.
A statement issued on Monday by Emeka Obegolu, chairman of the AGC planning committee, said the legal body did not sell the hosting rights for the conference.
Earlier, the Rivers government, under the leadership of Ibok-Ete Ibas, the sole administrator, asked the NBA to refund the N300 million allegedly paid for the “hosting rights” of the conference by the state.
The government said if the NBA was truly anchored on principles, it should demonstrate it by returning the money.
The decision of the state government came after the NBA moved the AGC from Port Harcourt in Rivers state to Enugu.
The association premised its decision on “constitutional violations” in Rivers following the declaration of emergency rule in the state by President Bola Tinubu in March.
Responding to the comment of the Rivers government, the NBA said there was no bidding process or payment before the announcement of Rivers as the host of the conference.
The NBA explained that due to the huge cost of organising the conference, the legal body approaches individuals and state governments for “unconditional” support.
“We wish to clarify that the decision to host the 2025 AGC in Port Harcourt was taken in August 2024 and was not subject of any bidding process or payment of any hosting rights,” the statement reads.
“The host city has no hosting right and there is no representation by the NBA that the Conference must be held in a chosen city.
“Traditionally, because of the enormous cost involved in hosting the AGC, NBA Conference Planning Committee approaches organizations, agencies of government and state governments for support and the support requested for is unconditional and not tied to hosting rights or any rights whatsoever.
“Recent NBA conferences have been supported by different state governments, corporate organizations, ministries, departments and agencies whose budgets accommodate corporate social responsibilities and share the same vision with NBA.
“Such financial supports are in the form of gifts, partnerships or sponsorships. The money from Rivers State was a gift and was not tied to any purported hosting right for the NBA AGC.”