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FG Recovers N3.7bn From NDDC Contractors, Directors …As Buhari Inaugurates 1st Advisory Committee In 20 Years …Wike, Okowa, 11 Others Make History
President Muhammadu Buhari, yesterday, in Abuja said law enforcement agencies have recovered over N3.7billion as well as various assets worth billions of Naira from contractors and former directors of the Niger Delta Development Commission (NDDC).
The president disclosed this at the inauguration of NDDC Advisory Committee, comprising the nine governors of the Niger Delta Region and the Ministers of Niger Delta Affairs and Environment.
Specifically, Buhari said: ‘‘To date, the EFCC and other agencies of government have recovered over N3.7billion in cash as well as various assets worth billions of Naira from some contractors and former directors of the commission.
‘‘Furthermore, I am told that government agencies have placed liens on over N6billion of assets which are being investigated.’’
The president told the committee that these abuses of the past clearly show the need for strict and diligent oversight, going forward.
He, therefore, charged them to discharge the new assignment diligently and effectively, working closely with the relevant ministries, adding that he looked forward to seeing positive changes in the affairs of the commission as well as on the ground in the Niger Delta region.
Buhari recalled that in 2016, his administration launched the “New Vision for the Niger Delta (NEVIND)”, aimed at bringing sustainable peace, security, infrastructure and human capital development to the region.
He said the medium to achieve this noble objective was through the Ministry of Niger Delta Affairs, NDDC and the Presidential Amnesty Programme (PAP).
The president, however, expressed regret that in the past these institutions were unable to deliver their mandates due to mismanagement.
‘‘As a result, the people of the Niger Delta were left with abandoned infrastructural projects and substandard social programmes which were designed to improve their living conditions.
‘‘It is to reverse this trend that I approved, in February, 2020, the constitution of a 10-Man Presidential Monitoring Committee (PMC) as provided for in Section 21 of the NDDC Establishment Act.’’
He noted that the PMC, which will be chaired by the minister of Niger Delta affairs and its members drawn from various MDAs, will focus on monitoring the operations and activities of the commission, and will be reporting to him.
In the same vein, the president said the inauguration of the NDDC Advisory Committee is in line with the provisions of Section 11 (I) of the NDDC Establishment Act, explaining that the committee is charged with the responsibility of advising the board and monitoring its activities.
Justifying the decision to inaugurate the committee ahead of the reconstitution of the NDDC Board, Buhari said: ‘‘This is to enable us develop insights into the affairs of the commission which will properly guide the board when reconstituted once the forensic audit exercise on the commission is concluded.
‘‘You may recall that the Federal Executive Council, on 5th of February, 2020 approved the appointment of the Lead Forensic Auditors. I am told they are concluding their pre-engagement activities and should be ready to commence work soon’’.
Speaking on behalf of the members of the Advisory Committee, Delta State Governor, Dr Ifeanyi Okowa, thanked the president for inaugurating the committee and granting the request of the governors, from the region, for a forensic audit of the NDDC.
The governor expressed the hope that the report of result from the forensic audit would help streamline activities of the NDDC with a view to putting it on course to deliver on its mandate to the people.
Underscoring the roles of the advisory committee, the Delta State governor noted that for sustainable development of the region, the NDDC must perform its duties in close collaboration with the states to avoid duplication of projects.
‘‘We do not want to criticise what has happened in the NDDC for quite some time, but the fact is that the cooperation between the states and the NDDC has not been strengthened overtime and we have various cases of duplication of projects that are not properly planned.
‘‘But I believe that with the inauguration of this body we will be able to sit down, meet together, work in collaboration and supportively to bring greater developments to our people,’’ he said.
The members of the committee, who witnessed the inauguration include Governors Nyesom Wike of Rivers, Udom Emmanuel of Akwa Ibom, Ifeanyi Okowa of Delta, Duoye Diri of Bayelsa, Ben Ayade of Cross River, Godwin Obaseki of Edo, and Rotimi Akeredolu of Ondo states.
The Deputy Governors of Imo, Prof. Placid Njoku and that of Abia, Ude Chukwu, represented their principals, who are also members of the committee.
Also present was the Chairman of the committee and Minister of Niger Delta Affairs, Senator Godswil Akpabio, the Minister of State for Environment, Mrs Sharon Ikeazor, among others.
President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.
They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.
The ceremony took place at the Presidential Villa, yesterday.
The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.
The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.
“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.
Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.
Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”
Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”
He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.
According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”
He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.
The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.
However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.
At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.
They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.
After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.
By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.
In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.
“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.
“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.
He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.
The President added, “We are not just signing tax bills but rewriting the social contract.
“We are not there yet, but we are firmly on the road.”
The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.
“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.
The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.
Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
The National Association of Nigerian Travel Agencies (NANTA) said over 17 million Nigerians travelled out between 2023 and 2024.
This is as the association announced that it would be organising a maiden edition of Eastern Travel Market 2025 in Uyo, Akwa Ibom State capital from 27th to 30th August, 2025.
Vice Chairman of NANTA, Eastern Zone, Hope Ehiogie, disclosed this during a news briefing in Port Harcourt.
Ehiogie explained that the event aims to bring together over 1,000 travel professionals to discuss the future of the industry in the nation and give visibility to airlines, hospitality firms, hospitals and institutions in the South-South and South-East, tagged Eastern Zone.
He stated that the 17 million number marks a significant increase in overseas travel and tours.
According to him, “Nigerian travel industry has seen significant growth, with 17 million people traveling out of the country in 2023”.
Ehiogie further said the potential of tourism and travel would bring in over $12 million into the nation’s economy by 2026, saying it would be a major spike in the sector, as 2024 recorded about $4 million.
“The potential of tourism and travel is that it can generate about $12 million for the nation’s economy by 2026. Last year it was $4 million.
“In the area of travels, over 17 million Nigerians traveled out of the country two years ago for different purposes. This included, health, religious purposes, visit, education and others,” Ehiogie said.
While highlighting the potential of Nigeria’s tourism, he said the hospitality industry in Nigeria has come of age, saying it is now second to none.
The Vice Chairman of NANTA, Eastern Zone further said, “We are not creating an enabling environment for business to thrive. We need to support the industry and provide the necessary infrastructure for growth.”
He said the country has a lot of tourism potential, especially as the government is now showing interest in and supporting the sector.
Ehiogie emphasized that NANTA has been working to support the industry with initiatives such as training schools and platforms for airlines and hotels to sell their products.
He added, “We now have about four to five training schools in the region, and within two years, the first set of students will graduate. We are helping airlines sell tickets and hotels sell their rooms.”
Also speaking, former Chairman of the Board of Trustees of NANTA, Stephen Isokariari of Dial Travels, called for more support from the industry.
Isokariari stated, “We need to work together to grow the industry and contribute to the nation’s Gross Domestic Product.
“With the right support and infrastructure, the Nigerian travel industry has the potential to make a significant contribution to the nation’s economy.”