Connect with us

Business

Reps Query FG’s N177bn Unauthorised Bonds

Published

on

The House of Representatives has queried the unauthorised issuance of N177 billion bonds by the Federal Government.
The bonds were initially included by the Ministry of Budget and National Planning in the 2017 Budget, as part of the government’s effort to pay off N2 trillion owed local contractors.
It was however discovered to have been issued without the approval of the National Assembly.
The revelation, which came to light during the briefing of the House Joint Committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by the Executive arm of government was promptly challenged by the Chairman of the House Committee on Aids, Loans and Debt Management, Hon. Adeyinka Ajayi.
Members of the Committee which included Committees on Finance, Appropriation, Aids, Loans and Debt Management, Legislative Budget and Research and National Planning and Economic Development, instantly demanded to know from the Executive when the bonds were issued, the amount and who authorised the issuance.
Present at the session were the Ministry of National Budget and Planning, the Federal Inland Revenue Service (FIRS), the Central Bank of Nigeria (CBN) Debt Management Office (DMO), Nigeria Customs Service (NCS), Nigerian National Petroleum Corporation (NNPC), Budget Office and Department of Petroleum Resources (DPR).
Adeyinka while putting the issue in context said: “I noticed there was a document submitted by the Ministry of Budget and National Planning. For 2017, there was a provision for N177 billion to retire maturing bonds issued to local contractors.
“By that nomenclature, the bonds have been issued for you to want to retire it. The Parliament does not recollect the programme. Yes, we recollect a policy statement that we want to issue promissory notes for local contractors’ debts so that can liquidate it to make money, create jobs and return people to their jobs.
“That was a policy decision, but when you say to retire maturing bonds, that means those bonds have been issued. When were they issued? How much was issued? Those were the questions?”
The lawmaker said the explanation of the Director- General of the Budget Office, Ben Akabueze that the money was a projection of what the administration is expecting at the maturity of the bond when they would be issued, was untenable.
He said because the bonds have been issued, the debts have become a liability of Nigeria. It is necessary for the National Assembly to be aware and approve it before the Minister of Finance signs off on that guarantee.

Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

on

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

on

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

on

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending