Business
Senate Probes Railway Internally Generated Revenue
The Senate Committee on Land Transport has beamed its search light on the Nigerian Railway Corporation (NRC) as it has began to probe over N10 billion revenue generated internally by the corporation since 1999, without appropriation by the National Assembly.
Sequel to this probe, the Senate Committee has also summoned the Minister of Transport, Honourable Ibrahim Bio to appear before it to explain circumstances surrounding non payment of the money into the Federation Account.
Chairman of the committee, Senator Garba Yakubu Lado told reporters that leadership guard of the NRC had also been invited to defend itself against the charges of misappropriation and fraudulent diversion of public fund.
Lado said “over N1 billion was realized from Internally Generated Revenue (IGR) by NRC every year from 1999, and it had not remitted a kobo into the Federation Account as provided by section 80 of the constitution.
“The committee is scrutinizing the books of the NRC, and outcome of our investigations will be made public. When we engaged the Ministry of Transport on the issue, the ministry said section 41 of the Act establishing NRC empowers it to generate fund internally and spend the fund so generated,” he said.
Lado however pointed out that the provision of the Act was inconsistent with provision of section 80 of the 1999 Constitution and therefore, null and void to the extent of the inconsistency as provided by section 1 (3) of the 1999 Constitution of Nigeria.He said “based on the record before us, the committee) the NRC generated over N1 billion every year from leases of its properties, and unfortunately, no kobo had been paid into the Federal Account and this is against Section 80 of the 1999 Constitution.”
The Senate Committee chairman further said that the committee would investigate a petition against some top officials of NRC, signed by one Bala Shehu, which alleged diversion of N145 million released by Kaduna State governor, Namadi Sambo.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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