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N241bn Security Votes, Unaccounted For Annually, Says Anti-Graft Watchdog …Calls For Law To Ban Unconstitutional Practice

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An international anti-corruption watchdog, Transparency International (TI), has raised alarm over N241.2billion annually spent on security votes not accounted for by the government in Nigeria.
This was contained in a report published, yesterday, by TI with the theme, ‘Camouflaged Cash, How Security Votes’ Fuel Corruption in Nigeria’.
According to the report, security votes are opaque corruption-prone security funding mechanisms widely used by Nigerian officials as extra-budgetary expenditures.
The report reads in part, “A relic of military rule, these funds are provided to certain federal, state and local government officials to disburse at their discretion. In theory, they are reserved for covering unforeseen security needs.
“Transacted mostly in cash, security vote spending is not subject to legislative oversight or independent audit because of its ostensibly sensitive nature. Although officials often spend some of these funds on security, they also channel them into political activities or embezzle them outright.
“Among average Nigerians, the words ‘security vote’ is synonymous with official corruption and abuse of power. Yet, the beneficiaries, politicians and security officials-argue that are needed to subsidise the operations of Nigeria’s overstretched and underfunded federal security agencies.
“State officials claim this practice is necessary but nevertheless allows the Federal Government to shift the cost of national security activities onto the states with no accountability for how those funds are spent.
“As a result, it has become a ‘cancerous tumour’ in the state budget, according to one senior state official.
“Our analysis of 29 state budgets (no data exists for seven states) reveals they spend an average of $580million (N208.8billion) in total each year on security votes. Federal Government security votes average over $50million (N18billion) annually.
“Assuming the chairpersons of Nigeria’s 774 local government areas each receive on average $56, 000 (N20million) in security vote funding each year, that of the local government would amount to another $42.6million.”
The report also noted that the sum total of Nigeria’s various security votes dwarfs the international security assistance it receives and is comparable to budgeted spending on national defence and security institutions.
“In just one year, these cash-in, extra-budgetary, expenditures add up to over nine times the amount of the US security assistance to Nigeria since 2012 ($68.6million) and over 12 times the $53.5million (£40million) in counter-terrorism support the UK promised Nigeria from 2016-2020.
“Looking at it from another angle, spending exceeds 70 per cent of the annual budget of the Nigeria Police Force, more than the Nigerian Army annual budget, and more than the Nigerian Navy and Nigerian Air Force’s annual budget combined”, the reported added.
Meanwhile, TI, in the report, also cautioned President Muhammadu Buhari, on curtailing widespread use of security votes if he wants to fight corruption effectively.
The global anti-graft watchdog said, “In December, 2017, the government announced the withdrawal of $1billion from the Excess Crude Account, nearly half of Nigeria’s dwindling rainy day fund for ad hoc security expenditures.
“Likewise Buhari has increased the number of security votes tucked into the federal budget from about 30 to over 190 in 2018. The total value of these votes increased from $46.2billion (N9.3billion at the time) to $51million (N18.4billion now) over those two years.
“If President Buhari is serious reining in official corruption in Nigeria, he has the opportunity to curtail his own government’s widespread use of security votes.”
Giving recommendations on how to tackle alleged corrupt practices by government officials by embezzling public funds through security votes the report recommended that, “Pass federal legislation outlawing security votes at the federal and local levels. A ban on the use of security votes; monitor confidential security spending.
“If it is so important for national security that a proportion of federal and state’s security budgets remains secret, then it is should be equally important that is spent effectively; educate officials, leaders and the general public about the risks and drawbacks of using security votes; support state government efforts to set up Security Trust Funds (STFs) as constructive first step toward phasing out security votes.”

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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