Politics
Reps Move To Block $30bn Annual Revenue Leakages
The House of Representatives has resolved to investigate various malpractices in foreign exchange allocation to companies by the Central Bank of Nigeria (CBN) and other sources running over 30 billion dollars annually.
This was sequel to a unanimous adoption of a motion by Rep. James Faleke (APC-Lagos) at the plenary, yesterday.
Moving the motion earlier, Faleke said that it was public knowledge that the performance of the economy in the country was low at this critical time
Faleke said that in the past years, Nigeria had not been able to fund capital aspect of its Appropriation Act year in year for lack of funds due to low remittances of revenue by revenue generating agencies.
He identified low payment of taxes by private companies and diversion of expected revenue by corporate organisations as other factors responsible for the inability of government to fund the budget.
“The crude oil price bench mark in 2020 Appropriation Act was put at $57 dollar per barrel but the price of crude oil in the international market has dropped to 47 dollars per barrel.
“This clearly indicates that the major source of revenue towards funding the 2020 Appropriation Act is already in the negative.
“There is an urgent need to rescue the country from over $30 billion dollars annual revenue leakages arising from tax evasion, malpractices, mis-use and diversion of foreign exchange allocations by companies and other entities,” he said.
Faleke said that invoices overstatement by importers with the intention of obtaining large forex allocation above the international cost, insurance and freight value of goods were increasing the domestic inflation rate.
He alleged that the ficticious transfer of forex allocation for the payments of dividends to foreign shareholders of Nigerian companies above the dividend approved by the company’s board of directors and audited accounts was leading to evasion of statutory 30 per cent company Income.
Faleke said that allocation of foreign exchange to companies for the repayment of principal foreign loan and interest were in some cases found to be non-existing.
He said that millions of dollars in forex allocation to companies for the purpose of payment of foreign vendors for services rendered in Nigeria were in most cases found to have evaded the then statutory five per cent VAT and seven per cent withholding Tax.
Faleke said that the value of imported physical goods, materials, equipment on account of forex allocation by most companies were always understated to Nigeria Customs Service (NCS) at the port of arrival in order to reduce import duty payable.
Politics
Alleged Coup: Protests Rock N’Assembly As Detained Officers’ Children, Wives Demand Justice
Scores of children and wives of military officers detained over an alleged coup plot yesterday staged a peaceful protest at the National Assembly, demanding a speedy trial and the release of the accused officials.
The protesters who gathered at the entrance of the National Assembly complex, moved in a slow procession while clutching placards with inscriptions such as “Don’t Kill Our Daddies,” “Detention Without Trial is Injustice,” and “Six Months of Torture: Enough Is Enough.”
Amid tears and trembling voices, the children appealed for justice and access to their detained fathers, many of whom they said they had not seen for months.
The appeal was made during a press briefing in Abuja attended by no fewer than 20 wives and several children of the detained officers, including a two-month-old baby.
The families were accompanied by human rights lawyer, Deji Adeyanju and activist Omoyele Sowore.
At the briefing, the families lamented that the officers had been held for over 160 days without trial or contact with their relatives, describing the situation as a violation of their fundamental rights.
Speaking on behalf of the families, Memuna Bashiru said the prolonged detention had thrown their households into uncertainty and emotional distress, noting that while allegations had been widely publicised, families remained in the dark about the fate of their loved ones.
The arrest of the indicted officers was first announced on October 4, 2025, by the then Director of Defense Information, Brigadier General Tukur Gusau, who disclosed that 16 officers were taken into custody for alleged breaches of military regulations and acts of indiscipline.
However, an interim investigation later suggested the existence of a clandestine network of officers, allegedly coordinated by a senior Army officer, which had begun preliminary planning for a coup.
According to the report, the alleged plot involved surveillance of key national assets, including the Presidential Villa, Armed Forces Complex, Niger Barracks in Abuja, and major international airports, with October 25, 2025, cited as the planned date for the operation.
Those reportedly in custody include Brig Gen M. A. Sadiq, Col M. A. Maaji, Lt Col S. Bappah, Lt Col A. A. Hayatu, Lt Col P. Dangnap, Lt Col M. Almakura, Maj A. J. Ibrahim, Maj M. M. Jiddah, Maj M. A. Usman, Maj D. Yusuf, Capt I. Bello, Capt A. A. Yusuf, Lt S. S. Felix, Lt Cdr D. B. Abdullahi, Sqn Ldr S. B. Adamu and Maj I. Dauda.
The alleged plot, according to findings, targeted senior government officials, including President Tinubu and Vice President Kashim Shettima.
In a statement issued yesterday, the party’s National Publicity Secretary, Mr Felix Morka, said the exercise would take place in all wards and designated centres nationwide.
He called on existing members to update their records, while encouraging new entrants to join the party through the digital platform.
“As the electronic membership registration exercise resumes in all wards and designated locations nationwide, we urge existing members to validate their membership while new members are encouraged to register and join the progressive family,” Mr Morka said.
According to him, eligibility for registration is limited to individuals aged 18 and above who possess a valid National Identification Number (NIN).
The party said the initiative is part of efforts to modernise its operations by transitioning to a digital database that would enhance record accuracy and accessibility.
Mr Morka noted that the e-registration would “digitise the party’s membership register, ensure the integrity of records, and enhance efficient access to membership data for planning and management decisions.”
He added that the move is also aimed at promoting internal democracy within the party and strengthening its commitment to democratic innovation.
The APC had previously introduced electronic registration as part of broader reforms to streamline its membership system and improve organisational efficiency.
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