News
Excess Crude Cash And The Masses
Over the years, the issue of sharing and disbursing excess revenue from the sale of crude oil to the various tiers of government has always been a subject of public discourse, and sometimes over-heating the polity.
Suffice it to say that during the Obasanjo-led government, the price of crude oil at the international market hit an upward trend following instability in supply due largely to crises in the Middle East. As a result of the development, the Federal Government at the time, raked in hundreds of millions of US dollars as excess revenue, accruable from the sale of crude oil.
But while the various tiers of government were awaiting the release and subsequent sharing of the excess crude oil money, the federal authorities slammed an embargo on the disbursement without any explicable reasons. Expectedly, the issue generated some palpable bad-blood between the federal authorities, state governors as well as the local government councils across the country.
As it were, a truce over the non-release of the excess crude cash was later reached between former President Olusegun Obasanjo and the state governors, following the intervention of the National Council of States which spelt out the sharing formula for the excess oil money.
Sadly, the crisis reared its ugly heads again during the last lap of the Obasanjo administration, as the excess oil cash accruable from the high price of crude oil at the international market, was held in the nation’s foreign and domestic reserves by the past regime, in spite of the cries of the state governors and local government councils.
Explaining government’s position on the touchy national issue, Prof. Chukwuma Soludo, the immediate past Governor of the Central Bank of Nigeria (CBN), said the over N1 trillion excess crude money was being saved in a base account for the states, and that the balance would be shared to the three tiers of government after reconciling debts owed by some states and the federal government. However, part of the excess oil money was released, but the issue was not resolved.
One can recall vividly that in a bid to demonstrate their sadness over the issue, the Nigerian Governors’ Forum, at a meeting with President Umaru Yar’Adua (on assumption of office) kicked against the stance of CBN that there would be a possible inflation in the country should the excess oil fund be released into circulation.
Happily, President Yar’Adua, apparently moved by the cries of the state governors and local government councils, has been disbursing (though in batches) the excess revenue from the sale of crude oil to the three tiers of government.
To this end, a fortnight ago, the CBN remitted $2 billion from the excess crude account into the various accounts of the three tiers of government. This follows the recommendation of the National Economic Council (NEC) to share $2 billion from the Foreign Excess Crude Proceeds Account.
The Minister of State for Finance, Mr. Remi Babalola, who dropped the news, explained that the federal government got the lion’s share of $841,911 million; the 36 states, $799,648 million, while the 774 local governments received $358,440 million.
Besides the $2 billion, the three tiers of government, also got N350,721 billion from the Federation Account. Statutory revenue accounted for N235,121 billion of the shared revenue from the Federation Account, while Value Added Tax and Budget Augmentation accounted for $36,529 billion and 51,192 billion, respectively.
Certainly, with the sharing of the $2 billion excess crude oil to the three tiers of government, there should be more cash in the system to enhance spending and rejuvenate the nation’s economy. It also means that funds are now available for on-going capital projects at the federal, state and local government levels.
It is imperative, therefore, to advise the Federal Government to prevail on the various tiers of government to formulate programmes that would spur socio-economic development, and tie the excess oil money to specific projects.
That is the only sure way for the masses (electorate) of this country to benefit from the disbursement of the excess crude cash to the three tiers.
Afterall, a large chunk of such fund earlier shared had always ended up in the private pockets of the privileged ones in government.
It is common knowledge that scores of the nation’s political office holders have the penchant for looting excess crude cash and statutory allocations from the Federation Account, disbursed to the various tiers of government.
Again, it is absolutely necessary to suggest to the beneficiaries of the current excess oil money at the various tiers to begin to prepare how best to spend the long awaited excess crude cash so that life would be made better for the citizenry.
The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol concealed in two long trailers heading for Kano as it intensified efforts to dismantle a transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria corridor.
The agency also arrested an 80-year-old suspected drug dealer in Rivers State, a businesswoman linked to cannabis shipments from Canada, a Chadian woman, a couple and other suspects in coordinated operations across Lagos, Edo, Kogi and Rivers states.
The NDLEA’s Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement, yesterday.
According to the statement, the latest intelligence-led operation came barely one week after NDLEA operatives recovered 558,900 pills of tramadol concealed in the false-bottom compartment of a truck that entered Lagos through the Togo-Benin Republic route.
Babafemi said, “Ongoing efforts to dismantle a transnational drug trafficking syndicate smuggling tramadol from Togo, through Benin Republic into Nigeria have yielded another success with the interception of two long trailers used to move One Million Six Hundred and Thirty (1,630,000) pills of tramadol 250mg concealed in fabricated compartments of the trucks across multiple borders into Lagos.”
He added that one of the two trailers was intercepted on July 2 along the Lagos-Ibadan Expressway, where operatives recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor.
Babafemi said, “One of the two trucks already heading to Kano was tracked and located on 2nd July 2026 along the Lagos-Ibadan Expressway where NDLEA officers recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the trailer and arrested the 22-year-old driver Jabir Kabiru.”
He further disclosed that another trailer was intercepted two days later on the same route.
“Two days later, 4th July, NDLEA operatives acting on processed intelligence successfully tracked and recovered the second trailer from the Lagos-Ibadan Expressway while heading to Kano. A total of 777,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the truck were evacuated and the 22-year-old driver Muhammed Nuhu arrested,” the statement read.
According to Babafemi, investigations established a link between the three intercepted consignments.
He said, “Investigations revealed that all three trucks and consignments intercepted on 21st June, 2nd July and 4th July belong to the same transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria axis.”
The agency also intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport, Ikeja, Lagos.
Babafemi said, “Two consignments of Canadian Loud, a synthetic strain of cannabis, with a combined weight of 4.70 kilograms have been intercepted at the import shed of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos. The cargoes, which arrived the Lagos airport from Canada in cartons with ‘Odugwu’ boldly written on them, came aboard British Airways and Ethiopian Airlines flights on 24th June and 3rd July respectively.”
He said two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, were initially arrested in connection with the shipments, while another suspect, Edeh Onyeamachi Stanislus, was apprehended after arriving at a logistics company to take delivery of the consignments.
The Federal Ministry of Humanitarian Affairs and Poverty Reduction has denied claims that it has commenced registration for a purported ?50,000 National Support Allowance.
The ministry, in a public notice posted on its official X handle, yesterday, described messages, links and websites advertising the alleged programme as fraudulent.
It urged Nigerians to disregard such claims and verify information only through official government channels.
“The Federal Ministry of Humanitarian Affairs and Poverty Reduction has NOT commenced registration for any ?50,000 National Support Allowance,” the ministry said.
It added, “Disregard fraudulent messages, links and websites claiming otherwise. Verify any info only through official govt channels.”
The alert is in response to a circulating scam flyer that falsely claims the program is ongoing under President Bola Tinubu’s directives.
The fake advertisement, which includes text in Hausa and English, directs victims to a suspicious website (kluspz.com) for applications.
The ministry’s warning comes amid heightened concerns over digital fraud targeting vulnerable populations seeking social support.
Similar scams have previously surfaced around programs like N-Power, prompting questions from citizens in replies to the official post.
The Nigeria Labour Congress (NLC) has expressed its preparedness for a major national struggle for a comprehensive review of the national minimum wage.
NLC President, Comrade Joe Ajaero, hinted at this while making his remarks at the commissioning of the Comrade Godwin Abumisi Pensioners Legacy House and Multipurpose Hall in Abuja.
Ajaero said it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
He advised workers and pensioners to get prepared for the ideological and economic battles that lie ahead.
According to the NLC president, “The Nigeria Union of Pensioners (NUP) is one of the proud affiliates of the Nigeria Labour Congress. Therefore, your struggle is our struggle, and your welfare remains a priority for the organised labour movement.
“We are currently in the preparatory stages for a major national struggle for a comprehensive review of the national minimum wage.
“However, let me state unequivocally that it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
“Accordingly, the Nigeria Labour Congress will not only push for a new national minimum wage but will also demand the establishment of a national minimum pension. It is a historical injustice that men and women who devoted their youth, strength and productive years to the service of this nation should be condemned to live below the poverty line after retirement.”
Ajaero noted that the cost of living has risen astronomically as food, healthcare and transportation have become increasingly unaffordable.
“We cannot continue to allow our senior citizens to survive on pensions that have become poverty wages. Every retiree deserves to live with dignity after decades of faithful service to the nation,” he said.
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He said the completion of the project should serve as a clarion call to all workers and lovers of the masses.
“We must not only build physical structures but also build a strong movement capable of compelling government to honour its commitments,” he said.
Ajaero further stated: “We will continue to demand the immediate payment of all outstanding pension arrears and the implementation of a pension regime that guarantees every retiree a life of dignity and security.
“Together, we shall continue to fight until every Nigerian worker and pensioner receives the justice, respect and welfare they deserve.”
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