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Jonathan Orders NNPC To Refund $1.48bn …Visits Troops In Adamawa

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President Goodluck Jonathan has ordered the Nigerian National Petrolium Corporation (NNPC) to pay the controversial $1.485billion into the account of Federation Account Allocation Committee (FAAC) for disbursment.
This was disclosed at the monthly FAAC meeting held yesterday in Abuja.
Meanwhile, the sum of N500.130 billion was shared among the three tiers of government for the month of January.
In a statement issued by the technical sub-committee of the Federation Account Allocation Committee (FAAC), at the meeting, the amount shared represents a short fall of N80.248 billion from N580.378 billion shared in the previous month.
According to the committee, the reduction was due to drop. In crude oil prices from $77.53 million in November to $52.34 million in December, 2014.
Also, the drop was attributed to a 33 per cent decrease in export volume between November and December, 2014, which translated to a loss of $159.88 million.
Of the amount shared, state governments received the lion share of N30.689 billion, representing 50 per cent, while Federal Government and local government councils received 15 and 35 per cent, respectively.
It was stated that additional N4.419 billion payment was made by NNPC with N6.330billion refund to Federal Government purse.
Additionally, the sum of N776 million was also added to the shared money as residual balance, while N63.935 billion was added from Value Added Tax (VAT).
However, the Minister of State for Finance, Ambr. Bashir Yuguda debunked the rumour making rounds that Nigeria is broke, insisting that the economy is resilient and strong as evidenced in all the economic indices.
According to him, the domestic account of the country stands at $19 million, while the excess crude account is $2.60 million.
Bashir, who blamed the current economic challenges on devaluation of naira as occasioned by hostility in the oil market, assured that the situation will soon better as government has decided to cut down travel and expenses.
However, the House of Representatives has for the second time on Wednesday asked the Minister of Finance, Ngozi Okonjo-Iweala, to submit the full version of the forensic audit report on the alleged missing Nigerian National Petroleum Corporation $20billion to it.
The House gave the first directive on Thursday last week, following a motion moved by its Minority Leader,  Femi Gbajabiamila.
On Wednesday (yesterday), the House again asked the minister for the report after Gbajabiamila complained that almost one week following the first resolution, Okonjo-Iweala had not responded.
He said, “Mr. Speaker (Emeka Ihedioha, presiding), we request the Clerk of the House to formally write the Minister to produce that report to every member of this House.
“She has not produced the report, irrespective of the standing resolution of this House. We want to have the full report, not the snippets that they have been flying about.”
The House endorsed his submission and directed the minister a second time to comply.
An auditing firm, PriceWaterHouse Coopers, had carried out the forensic investigation on behalf of the Federal Government.
The Chairman, House Committee on Public Accounts, Mr. Solomon Olamilekan, told reporters shortly after the House rose that the Office of the Auditor-General of the Federation only presented a “highly-condensed version” of the report to the public.
He recalled that in the condensed version, the NNPC was directed to remit a “minimum of $1.4billion into the Federation Account.”
The lawmaker said that, as the committee overseeing public accounts, PAC was duty-bound to ensure that the minister produced the report.
He ordered Okonjo-Iweala to submit the report not later than one week from Wednesday.
Olamilekan added, “The PAC, cognisant of the provisions of the Constitution (1999), and empowered by the resolution, hereby requests that the full report on the forensic audit by PWC, which must include the initial raft report, the executive summary, management /internal control letters, should be forwarded to the National Assembly not later than one week from today(Wednesday).”
Meanwhile, the Federal Government has, in spite of the drop in its oil revenue and dwindling allocations to the three tiers of government, insisted that Nigeria is not broke.
“The country is not broke, we have been meeting our obligations despite the challenges we have had with oil revenue streams but we have been doing the best that we can to improve our revenue from the non-oil sector,” the Minister of State for Finance, Bashir Yuguda, said.
Yuguda spoke with journalists after this month’s Federation Accounts Allocation Committee meeting in Abuja on Tuesday night.
The minister  who,  put the excess crude account at about $2billion, also spoke briefly on the  forensic audit report and the amount to be refunded by the NNPC to the federation account.
“I have engaged the minister of petroleum and we have discussed the time frame on the refund of that amount,” he said.
However, the All Progressives Congress Vice-Presidential candidate, Yemi Osinbajo, has said that the biggest problem facing Nigeria is corruption and not dwindling oil prices.
Osinbajo stated this in Uyo, Akwa Ibom State, on Wednesday during the presentation of APC’s 2015 manifesto on Securing Nigeria’s Future.
He said, “Nigeria problem, as you know, is not lack of resources. The government of today has tried to give the impression that the problem of the country is that of falling oil prices, which is now below $50 per barrel.
“That is not true, that is not the problem. The problem is the corruption or the theft of resources.”
The former Lagos State Attorney-General and Commissioner for Justice, added that the Federal Government itself had confirmed that over 400,000 barrels of oil are stolen every day from Nigeria.
He put the value of the stolen oil at N3.1trillion a year.

Permanent Secretary, Rivers State Ministry of Information and Communications, Sam Woka (middle) explaining a point during an inspection of the state  monorail project at UTC station, last Wednesday. With him are General Manager, RSNC, Mr Celestine Ogolo (2nd left),a Director in the Ministry of Information and Communications, Pastor Paulinus Nsirim (left), and other dignitaries.

Permanent Secretary, Rivers State Ministry of Information and Communications, Sam Woka (middle) explaining a point during an inspection of the state monorail project at UTC station, last Wednesday. With him are General Manager, RSNC, Mr Celestine Ogolo (2nd left),a Director in the Ministry of Information and Communications, Pastor Paulinus Nsirim (left), and other dignitaries.

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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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