Politics

Reps Move To Block $30bn Annual Revenue Leakages

Published

6 years ago

March 6, 2020

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

EFCC Alleges Blackmail Plot By Opposition Politicians

Published

11 hours ago

January 9, 2026

The Tide

In what could be described as a proactive measure, the Economic and Financial Crimes Commission (EFCC) has raised the alarm that some opposition politicians were allegedly plotting to undermine the agency ahead of the 2027 general election.

The Commission, in a statement on Wednesday, claimed that there were plans by the same group to escalate a smear campaign against its Chairman, Ola Olukoyede, to frustrate ongoing investigations and prosecutions involving prominent individuals.

The statement endorsed by the agency’s spokesman, Mr Dele Oyewale, claimed that the action was intended to distract the Commission through unfounded allegations of political bias in the discharge of its duties.

The EFCC warned that it would not stand by and watch “those recruited into this ignoble enterprise” or allow any attempt to derail it from “the patriotic task of improving public accountability in Nigeria.”

The Commission made it clear that those recruited into this venture were under close watch, adding that it would not tolerate any attempt to distract it from the patriotic task of improving public accountability in Nigeria.

“The EFCC reiterates its non-political stance in all its activities. Facts on the ground clearly show that any political actor belonging to the ruling party or opposition party, with corruption baggage, has no hiding place from the operational radar and dynamics of the Commission.

“As a matter of fact, several strong members of the ruling and opposition parties are either facing trial before the courts or being investigated by the Commission.

“It is needful that Nigerians appreciate the fact that the Commission is keeping faith with its Establishment Act in all its operations.

“Therefore, the Commission reiterates its commitment to justice, without fear or favour, in the fulfilment of its mandate,” the statement pointed out.

Politics

Datti Baba-Ahmed Reaffirms Loyalty To LP, Forecloses Joining ADC

Published

12 hours ago

January 9, 2026

The Tide

Senator Yusuf Datti Baba-Ahmed has dismissed speculation about a possible defection from the Labour Party (LP), declaring that he will not follow his former principal, Mr Peter Obi, to any new political platform ahead of the 2027 general election.

Speaking in Abuja on Wednesday, Senator Baba-Ahmed said his political allegiance remains firmly with the LP, the platform on which he emerged as vice-presidential candidate in the 2023 election. He stressed that his future political aspirations are anchored on party loyalty and personal conviction, not shifting alliances.

The former senator representing Kaduna North stated that although he shared a joint ticket with Mr Obi in the last presidential race, he has no intention of joining him following Mr Obi’s recent alignment with the African Democratic Congress (ADC), a party now being positioned by an opposition coalition to challenge the ruling All Progressives Congress (APC).

Addressing journalists at the LP national headquarters, Senator Baba-Ahmed made it clear that he would not take the same political path, insisting that his decision was informed by long-term goals and a clear sense of purpose.

He expressed scepticism about the ADC-led coalition, describing its promoters as “disgruntled politicians” and arguing that the platform does not offer the kind of political vision Nigeria urgently requires.

Senator Baba-Ahmed also reaffirmed his commitment to national service, noting that he remained willing to contribute meaningfully to efforts aimed at fixing the country and would make himself available for service as the 2027 elections approach.

While acknowledging his past partnership with Mr Obi, he emphasised that political choices must be guided by principles rather than personal relationships.

According to him, his priority is to strengthen the LP and position it as a credible and enduring alternative for Nigerians.

It would be recalled that Mr Obi recently exited the LP and embraced the ADC as part of a broader opposition coalition seeking to unseat the APC in the next general election.

Politics

Bayelsa APC Endorses Tinubu For Second Term

Published

12 hours ago

January 9, 2026

The Tide

The Bayelsa State chapter of the All Progressives Congress (APC) under the leadership of the State Governor, Senator Douye Diri, has endorsed President Bola Tinubu for the 2027 presidential election.

The endorsement was made on during a special stakeholders meeting of the party convened by Governor Diri in Yenagoa, the State capital.

Senator Konbowei Benson, incumbent Senator representing the Bayelsa Central, moved the endorsement motion, and was seconded by a former Speaker of the House of Assembly and one time deputy governor, Peremobowei Ebebi.

The Tide reports that Chairman of the new caretaker committee of the party, Dr Dennis Otiotio, Senator representing Bayelsa East, Chief Benson Agadaga, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, attended the endorsement meeting.

Other attendees were, Managing Director, Niger Delta Development Commission (NDDC), Dr Samson Ogbuku, Managing Director, Niger Delta Basin Development Authority (NDBDA), Prince Ebitimi Amgbare, other stakeholders as well as the ex-officio member (South South) of the APC National Working Committee, Hon. Godbless Diriware.

The Tide also gathered that the meeting was the first expanded stakeholders gathering convened by the governor since becoming a member and leader of the party in the state in October 2025.

In his speech, Governor Diri expressed delight that the State’s APC was one big family which has resolved to work together to deliver President Tinubu for another term in office.

He underscored the need for the members to imbibe the spirit of forgiveness, humility and rise above politics of bitterness and divisive tendencies for the sake of peace, development and progress of the state.

The governor also urged the members to play by the rules and engage in politics of consultation, stating that those interested in political offices in the next election should shelve their ambitions for now.

“Here we are today in a very big family of the APC. Let me use this opportunity to appreciate the old members of the party for the reception accorded me and other Peoples Democratic Party members who crossed over. It was a welcome like no other.

“Political parties are vehicles for development. Let us truly be progressives. Whatever positions you want to contest for, whether governorship, House of Assembly or National Assembly, please put it on hold for now. Power comes from God. What should be uppermost is that we are all gathered here to make sure that President Tinubu returns for a second term”, he said.

In a brief remark, Senator Lokpobiri expressed joy to be part of the meeting and acknowledged that the Bayelsa APC now had one united and indivisible objective to wholly deliver the party for all elective offices in 2027.

Speaker of the State House of Assembly, Rt. Hon. Abraham Ingobere, former APC governorship candidate in the state, Mr David Lyon, and Prince Ebitimi Amgbare lauded the governor for his maturity, noting that his inclusive governance style would lead the party to achieve its objectives.

Also, the APC Caretaker Committee Chairman, commended Governor Diri for uniting all facets of the party’s political leadership in the state, which he noted had been fragmented for over a decade.

Dr Otiotio stated that the purpose of the meeting was to enjoin members and supporters to participate in the party’s electronic membership exercise in order to capture genuine voters.

Meanwhile the stakeholders observed a minute silence in honour of the former Bayelsa West Senatorial District representative in the 5th National Assembly, Senator John Brambaifa, who died on Saturday, January 3, 2026 in Abuja.

By Ariwera Ibibo-Howells, Yenagoa