National
Senate probes N30trn Ways and Means obtained by Buhari administration from CBN
The Senate is investigating N30 trillion ways and means disbursed in the last administration.
The committee is chaired by Sen Jibrin Isah (Kogi East) while Sen Ekpeyong Asuquo; Mohammed Tahir Monguno; Victor Umeh; Olamilekan Adeola; Sani Musa; Aliyu Wadada; Abdul Ningi; Ipalibo Banigo and Banigo Harry.
The ad-hoc committee were given four weeks to turn in their report for legislative debate on how the N30 trillion was disbursed.
This follows the adoption of the resolution of last week Tuesday on the need to probe the ‘Ways and Means’ spending during the former President Buhari’s administration.
The ‘Ways and Means’ is an overdraft taken directly from the Central Bank of Nigeria to solve contingency needs of the nation following approval and directive of the executive arm of government which would have to be ratified by the parliament.
However, last week’s debate on ‘Ways and Means’ snowballed into confusion and rowdy session when the motion was raised without details of how the fund was spent, a development that infuriated Senator Ali Ndume representing Borno South Senatorial district who insisted that details of ‘Ways and Means’ must be provided according to parliamentary rules.
In his remark before announcing membership of the Committee, the Deputy Senate President, Jibrin Barau who presided over the plenary in absence of Senate President, Godswill Akpabio, lamented alleged reckless spending that had caused inflation in the country.
He said, ‘Ways and Means’ would continue to be recorded in the balance sheet of the Central Bank of Nigeria, until it is completely liquidated, while he tasked the committee to do a thorough job with a view to recover the fund.
He said: “According to statistics, broad money supply, which is a key parameter for key inflationary trends, increased from N78.3 trillion to 78.4 trillion in 2023, the highest ever recorded in Nigeria. The Central Bank of Nigeria’s Ways and Means which provides direct lending to the Federal Government of Nigeria causes unprecedented liquidity in the economy and the current inflationary pressure that we are experiencing.
“The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the Federal Government of Nigeria led to the regularization of a 40 year loan at 9 percent interest per annum.
“By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible.”
The Nigerian Army has appointed Lieutenant Colonel Anele Onyinyechi Appolonia as the Acting Director, Army Public Relations — the first woman to hold the position.
Anele, a member of Direct Regular Course 15 and the Nigerian Institute of Public Relations (NIPR), takes over from Major General Onyema Nwachukwu, who has been posted to the Nigerian Army Heritage and Future Centre. Her appointment takes effect from April 22, 2025.
Before this elevation, Lt. Col. Anele completed a six-month strategic course at the Nigerian Army Resource Centre and was subsequently posted to the Department of Civil-Military Relations.
She has previously served as Public Relations Officer in the Office of the Chief of Army Staff. Until her new role, she was with the Department of Civil-Military Relations.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele
Chairman of the Presidential Fiscal Policy and Tax Reform Committee, Mr Taiwo Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Tax Reform Bill would curb poverty and empower ordinary Nigerians.
Oyedele made this known at the Spokespersons’ Summit, organised by the Nigerian Institute of Public Relations (NIPR) in Abuja.
He expressed strong optimism about the sweeping changes the bill would bring, especially for the low-income earners and small businesses across the country.
The chairman said that key highlights of the reform included the exemption of low-income earners from paying the Personal Income Tax (PAYE) and the removal of VAT from basic essentials such as food, education, and healthcare.
Oyedele added that it included a zero per cent Corporate Income Tax (CIT) rate for small businesses, adding that the bill had great benefits, especially for the masses, although it was welcomed with misconceptions and attacks.
He said, “This is because the issues of tax and taxation are not the most attractive to the ordinary persons because it is hard to part with your money.
“It is even harder when you part with your money and you cannot tell what exactly government is using it for that benefits you.”
Oyedele said the approach for the reform was to try and understand what the issues were and where the problems were coming from.
He added, “Then we will use data to engage with the people and design a solution for Nigeria that is made by Nigerians for the Nigerian people.
“That is exactly what we have done with the tax reform bill which is now nearing passage for the President to sign.”
According to Oyedele, the government is positive that as soon as implementation begins, Nigerians will see the real positive impact on their day-to-day living including low income earners being exempted from taxes.
“This is because, we want Nigerians to be able to create wealth and become successful, when they make it big time, then they will pay taxes, not the other way round.
“So, we believe that this message is resonating with the Nigerian people, it is still a long way to go but we are happy to continue with the journey,” he said.
Oyedele commended NIPR for putting the summit together and for discussing issues of government policies for the clearer understanding of Nigerians.
The President and Chairman of Council, NIPR, Dr Ike Neliaku, said the communication ecosystem should always be considered when formulating any government policy.
Neliaku said this was because the communicators have the gift of communicating even the most difficult policies to the people.
He added that they would look at such policies and guide strategic communication, adding, “which is the when,what,how where which it answers all those questions.
“So, when you say this is what we want to do,how best should we do it?it is the work of the experts and not quacks, those trained to come up with the strategies to communicate that.
“The tax reform is what this nation needs at this point but it was essentially misunderstood because of the way it was introduced and the mischief makers took advantage of that to do what they want.”
Neliaku said that was why NIPR and its partners in the communication ecosystem had promised to work with the government to develop a tax communication framework.
He said that it was also being done in the areas of climate action, Science communication and across many sectors to communicate reforms so that the child is not killed even before it is birthed.
He encouraged spokespersons to acquire knowledge, understand trends and issues in order to be effective and to speak well and informed.
Dr Nkechi Ali-Balogu, a Fellow of NIPR, said that there was need to view taxation with the gender lens, adding that there was need to make exemptions for women.
Ali-Balogun said that most women were bread winners these days as well as single mothers should enjoy tax exemption to empower them to provide for their families.
She commended NIPR for organising the summit, adding that it had broadened her horizon on national issues.(NAN)
By Abubakar Yunusa
The Dangote Petroleum Refinery has further reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, to N835 per litre.
According to sources at the refinery, the plant dropped the price of the petrol sold to oil marketers to N835 per litre, six days after the refinery reduced it to N865 per litre.
“The refinery reduced the price of the petrol to N835 per litre,” a source told TheCable.
The reduction in Dangote petrol price followed an announcement by the federal government on April 9, that the naira-for-crude oil deal will continue after the first phase ended on March 31.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the finance ministry said.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
On April 15, Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the estimated pump price of petrol in Nigeria is less than that of neighbouring countries in West Africa.
Ahmed also said Nigeria’s petrol importation reduced by 29.9 million litres in eight months due to increased contributions from local refineries.