News
N10.6trn:FG Fires Back At Ezekwesili
The Federal Government, yesterday, reacted angrily to
comments by the former Minister of Education, Dr. Obiageli Ezekwesili alleging
that the governments of Presidents Musa Yar’Adua and Goodluck Jonathan,
squandered $67 billion(about N10.6trn) in foreign reserves, describing the
allegation as “outlandish and clearly fictitious.”
Minister of Information, Mr Labaran Maku who addressed a
press conference on the allegations by the former Vice President of African
Region of the World Bank said the damning verdict passed on the education
sector by Mrs Ezekwesili was a self indictment, as she presided over the sector
without bringing any positive impact on it.
The Information Minister who was flanked by the Senior
Special Assistant on Public Affairs, Dr. Doyin Okupe; Economic Adviser, Prof.
Nwanze Okedegbo and Special Adviser on Performance Monitoring, Prof. Sylvester
Monye; said the allegations of Ezekwesili were curious in the light of the fact
that she had been part of governance in the past.
According to Mr Maku, Ezekwesili’s criticism of the
education sector amounts to hypocrisy as she was part of the sector and
contributed to its sorry state, because , despite receiving N458.1billion
between 2006 and 2007 for the sector, there is nothing to show for it, in terms
of achievements.
The Minister said, “If she says education has not worked it
means she is saying she did not work”.
He accused the former Education minister of betraying a
surprisingly limited understanding of government finances in her comments at
Nsukka.
Information Minister, Mr. Labaran Maku flanked by the Senior
Special Assistant on Public Affairs to the President, Dr. Doyin Okupe and the
Special Adviser to the President, Projects Monitoring and Evaluation, Prof.
Sylvester Monye during the briefing on the nation’s external reserves at the
National Press Centre, Radio House, Abuja.
He noted: “These statements are even more curious in light
of the fact that she has held senior positions in government, and more
recently, a position as a Vice President of the World Bank. However, rather
than speculate about her motives, we would focus on the facts.
“The statement by the former World Bank Vice President that
the governments of Presidents Musa Yar’adua and Goodluck Jonathan have
squandered $67 billion in reserves (including $45 billion in external reserves
and $22 billion in the Excess Crude Account) left by the Obasanjo
Administration at the end of May 2007 is factually incorrect. At the end of May
2007, Nigeria’s gross reserves stood at $43.13 billion – comprising the CBN’s
external reserves of $31.5 billion, $9.43 billion in the Excess Crude Account,
and $2.18 billion in the Federal Government’s savings. These figures can be
independently verified from the CBN’s records. The figure of $67 billion
alleged in her statement is therefore clearly fictitious.
“However, since President Obasanjo left office, the reserves
have experienced fluctuations, rising from $43.13 billion in May 2007, peaking
at $62 billion in September 2008 during the Yar’adua/Jonathan Administration
when oil prices peaked at $147 per barrel, and falling subsequently to a low of
$31.7 in September 2011. This fall in reserves was a result of the vicissitudes
of the global financial crisis which caused CBN interventions in the currency
market to defend the value of the naira. The Excess Crude savings, a component
of the reserves, was also used to stimulate the economy at the height of the
global financial crisis to the tune of about $1 billion (or 0.5 percent of our
2009 GDP). As a result, Nigeria is one of the few countries in the world that
did not seek assistance from international financial institutions.
He said it should be noted that the fiscal stimulus used to
shore up the economy during that period was shared by all 3-tiers of
government, including commitments of about $5.5 billion made under the Obasanjo
Administration for power projects, he added.
She urged Nigerians, especially the youths, to take their
destiny in their hands by creating a new political context in which citizens
demand for good governance and accountability by compelling their leaders to be
accountable and transparent in the management of the commonwealth of Nigeria.
According to her, ‘endowment of oil resulted in an indulgent
elite class who have made disastrous choices that have trapped the destiny of
Nigeria in oil wells.
The former World Bank Vice President attributed the economic
stagnation in the country for over fifty years to such indulgence on the part
of the emerging ruling class.
‘The fact is that our political elite suffers from delusion
of greatness simply because we sell barrel of crude oil to finance 80% of our
national budget while over 95% of our foreign exchange ad petroleum sector
earning represents a larger portion of industry’s contribution to GDP”, she
lamented.
‘I have known, at least, five cycles of commodity booms that
offered us rare opportunities to use revenues generated from oil to transform
our economy. Sadly, each cycle ended up sliding us farther down the productive
ladder. The present cycle of boom of the 2010s is, however, much more vexing
that the other four that happened in the 70s, 80s 90s and 2000s, she added.
She challenged Nigerian university graduates and
undergraduates to mobilise themselves and work towards pushing public office
holders to prudently manage our national wealth and provide good stewardship
and leadership to the people.
It would be recalled that
the former World Bank Vice President, Dr Obiageli Ezekwesili had last Saturday
lashed out at successive federal government since 2007, accusing them of
squandering over $67billion oil windfall.
News
FG Ends Passport Production At Multiple Centres After 62 Years

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.
News
FAAC Disburses N2.225trn For August, Highest In Nigeria

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.
This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.
The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.
Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.
From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.
From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.
News
KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus
The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.
The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.
The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the Polytechnic, recently.
Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.
He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.
This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly, Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.
The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.
Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.
He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.
The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.
Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.
Chinedu Wosu
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