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Excess Crude, Stabilisation Accounts, Others, Top NEC Discussion

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National Economic Council (NEC) chaired by Acting President Yemi Osinbajo yesterday received the interim report on Forensic Audit of Revenue Accrued from Revenue Generating Agencies (RGAs) into Federation Account, Excess Crude Account and Consolidated Revenue Fund.
Abia State Governor, Chief Okezie Ikpeazu, made the disclosure to newsmen during briefing on the outcome of the NEC meeting at the Presidential Villa, Abuja.
He  said that Governor Ibrahim Dankwambo of Gombe State, who chaired the Audit Committee, presented the report to the Council.
He stated that the acting President welcomed the Interim Report and noted that “Council will await the outcome of the final report and then discuss the report’’.
The governor  said Accountant General of the Federation, Ahmed Idris, briefed Council on the balances in the Excess Crude Account; Ecological Fund Account; Stabilisation Account and Development of Natural Resources Account as at July 13.
“I also want to brief specifically on the report we got from the Accountant General’s Office on the Excess Crude Account and related matters “.
“The balances as at July 13, 2017 are as follow: Excess Crude Account (ECA) has 2.303 billion dollars; Ecological Fund has 27.466 billion naira; Stabilization Account has 2.553 billion naira and the Development of Natural Resources Account has 77.922 billion naira .
Ikpeazu also disclosed that the Ad Hoc Committee on Ecological Fund submitted its final report to the Council, and recommended robust governance structure and stringent disbursement criteria to sanitize the management of the fund.
The committee, which was headed  by Governor Nasiru El-Rufai of Kaduna State, recommended among others, that disbursement of the fund should be based on the following criteria; “Physical visitation by the Ecological office team and on the spot assessment and verification of the ecological disaster.
“Technical evaluation of the disaster by experts; “community involvement Prior to the disaster, there must be evidence of advocacy; evidence of existing prompt, emergency response mechanism in place before the disaster.
“Monitoring and Evaluation framework must be built into the application of ecological fund as a road map for measuring performance of the fund; a feedback team that will review the reports of the disbursement must be in place.
“Adequate publicity of ecological disaster to create awareness and consciousness in the citizenry to avoid future occurrence is necessary; evidence of cost estimate must be attached to application.
“Adequate justification for the project must be given; due process in vendor engagement must be followed; at all times, 50% of the FG share or N20 billion must be reserved for emergencies at the discretion of Mr President.
“Minister of Communication n, Adebayo Shittu,  presented a  m emo to the Council on   need for harmonisation of the Right of Way charges in respect of   telecommunication and related public utility infrastructure on Local Governments, States and Federal Highways.
“The memo spelt out roles/responsibilities of L ocal Councils , States and telecommunication operators in the management of Right of Way (ROW) issues.
“Council asked  his Ministry to liaise with the States and relevant stakeholders for the smooth implementation of the  ROW  project.”

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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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