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5% Nigerians Pocket N37.665 trn Of Nation’s Funds

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Less than 5 per cent of Nigeria’s estimated population of 170million consume close to 80 per cent of the country’s annual public finances of about N37.665trillion, according to a study by the International Society for Civil Liberties and the Rule of Law (Intersociety).
The group made the disclosure in Part Two of its public statement entitled: “ASUU Strike and Socio-economic Consequences of Industrial Disputes in Nigeria”, released yesterday from its Onitsha base in Anambra State.
This less than 5 per cent, according to Intersociety, is “made up of 17,500 top public office holders in Nigeria and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc.”
Intersociety said in yesterday’s statement signed by its board Chairman, Emeka Umeagbalasi and Head, Publicity Desk, Comrade Justus Uche Ijeoma, that “Our main concern is to expose and bring to the attention of the world how less than 5 per cent of Nigeria’s estimated population of 170million, made up of 17,500 top public office holders and public industrial unions and their members such as ASUU, NMA, NUT, TUC, NLC, etc, have continued to corner and pocket close to 80 per cent of the country’s annual public finances at the monumental expense of other 170million Nigerians. This, they do by allocating to themselves scandalous sums in the form of “allowances” and “overheads”, using the instruments of “Appropriation Acts of the Federation”, “Appropriation Laws of the States” and “Industrial Actions or Strikes.
“The socio-economic consequences of the foregoing are totally incalculable. Since 1997 when Nigeria recorded her last budget surplus, it had been budget deficits all through. Simply put, budget is in deficit when its expenditure is greater than its generated revenues and money is borrowed in cash or in kind to finance it…
“From the foregoing, therefore, Nigerian budgets since 1999 have been deeply debt-ridden and consumptive. They are also static and highly centralized. Between June 1999 and now (2013), the Federal Government had budgeted a total of N37.665trillion (about $221billion using N160.00 per $USD), out of which, N21.7trillion went for recurrent expenditures; N4,5trillion or about $28billion went for debts servicing; and only N11.3trillion or about $70billion went for capital expenditures.”
“Also, between June 1999 and December, 2012, a total of N80trillion or about $500billion was shared by Nigeria’s three tiers of government – federal, states and LGAs – from the country’s Federation Account,” the body said.
Intersociety also quoted former World Bank Vice President for Africa, Oby Ezekwesili’s remarks that, “Nigeria’s total domestic and external debts, including those owed by states, LGAs and government parastatals and ministries have skyrocketed since May 2007, from about $18 billion, including $6billion of foreign and N1.8trillion of domestic debts; to about $100billion or N16trillion in 2013 with a staggering difference of $88billion borrowed locally and internationally by relevant public borrowing establishments. In 2012 alone, Nigeria paid a whopping sum of N699billion or about $4.4billion to banks and other lending institutions within and outside the country in the form of “debts or loans’ interests.”
According to the body, “critical look at the foregoing clearly indicates that close to 80 per cent of such huge expenditures and loans were expended and borrowed to service 17,500 Nigerian top public office holders, and members and leaders of public industrial unions such as ASUU, under the guise of “allowances” and “overheads,” adding that, the major challenge facing the growth and development of the Nigerian economy is institutionalization, with reckless abandon, of spurious allowances and overheads.
“As we have earlier stated, out of N592billion spent annually to service the wage entitlements of 12,788 LGAs’ executives and councillors, N550billion goes into payment of allowances. Only N42billion is spent on their salaries. Out of N300billion spent on about 2,664 state executives in the 36 states, N272billion is spent on allowances and only N28billion is spent on salaries. Out of N60.4billion spent on 469 federal lawmakers annually, N54.2billion is spent on allowances and only N6.1billion is spent on salaries.
“Out of N92.3billion spent annually on 472 federal executives in the country, N89.7billion is for allowances and only N8.6billion is for their salaries. Out of N40.9billion spent on 1,152 state lawmakers, N35.8billion is spent on allowances and only N5.09billion is spent on their salaries. Out of N18.5billion spent on 792 state judges, N15.4billion is spent on allowances and only N3.1billion is spent on their salaries; and out of N14.8billion spent on 142 federal judges annually, N13.1billion is spent on allowances and only N1.7billion is spent on their salaries,” Intersociety said.
Intersociety added that “the forgoing does not capture spurious overheads and extraneous allowances annually smuggled into the Appropriation Acts of the Federation and the Appropriation Laws of the 36 states in the country.”

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Tinubu Jets To S’Arabia For Lesser Hajj  …Unveils Free Healthcare For Pensioners 

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President Bola Tinubu yesterday departed Abuja for Makkah in Saudi Arabia, to perform Umrah (lesser Hajj), an Islamic spiritual exercise involving a pilgrimage to the holy city.

The Airbus A330-200 carrying the president took off at 2:20 pm local time, yesterday.

Tinubu was seen off at the airport by the Governors of Kwara, AbdulRahman AbdulRazaq; Borno, Babagana Zulum; Kaduna, Uba Sani; Sokoto, Ahmad Aliyu; Jigawa, Umar Namadi; and Yobe, Mai Mala Buni.

Also present were the Secretary to the Government of the Federation, George Akume; the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi; and Nigeria’s Ambassador to Mexico, Reno Omokri, alongside other government officials.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, had revealed this in a statement signed Wednesday titled ‘President Tinubu departs Abuja for Makkah to pray for the nation.’

According to the statement, the visit will afford the President an opportunity for spiritual reflection, devotion, and prayers for Nigeria’s peace, unity, stability, and continued progress.

“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement said.

Before departing Abuja, Tinubu commissioned some equipment acquired by the Nigerian Air Force for its operations at the Presidential Wing of the Nnamdi Azikiwe International Airport.

The President is expected to return to the country next week after completing the spiritual exercise.

Thursday’s visit to Makkah marks the second time Tinubu is performing Umrah since assuming office.

The President had previously visited the holy city in November 2023, shortly after the Saudi-African Summit held in Riyadh, where he also prayed for divine guidance in leading Nigeria.

The trip to Saudi Arabia is the latest in a series of foreign engagements by the President since he was sworn in on May 29, 2023.

Tinubu has visited more than 30 countries in over 50 unique and recurrent trips.

They include countries across Africa, Europe, Asia, the Americas, and the Middle East, including France, the United Kingdom, the United States, China, India, Germany, the United Arab Emirates, Qatar, South Africa, Kenya, Ghana, Ethiopia, Tanzania, Senegal, and several others, on a combination of bilateral, multilateral, and diplomatic assignments.

Meanwhile, Tinubu has unveiled PenCare, a national healthcare initiative designed to provide free medical services to pensioners, beginning with low-income retirees.

Tinubu, who was represented by the Secretary to the Government of the Federation, Senator George Akume, at the opening of the National Pension Week in Abuja, yesterday, said the initiative formed part of his administration’s welfare package for senior citizens.

PenCare is designed as a national retiree well-being programme aimed at improving access to essential healthcare, particularly for pensioners with limited financial resources.

In his address, themed “Pensions for All: Building a Secure Future Together,” the President said a strong pension system was both a social protection necessity and a pillar of economic transformation under the Renewed Hope Agenda.

He said the pension system could also mobilise long-term domestic savings, deepen financial markets and support productive investments.

Tinubu described pensions as an obligation to workers who had served the country, rather than a favour from the government.

“A pension is not a favour granted by Government. It is a wage earned, deferred and held in trust. It is a promise. And this Administration has resolved that the promise will be kept,” he said.

He added that the success of the pension system should be measured by the security and dignity it provided retirees, rather than the volume of funds accumulated.

“Above all, no Nigerian who has served this nation will be forgotten in retirement. Nigeria will keep faith with those who kept faith with Nigeria,” he said.

The President said his administration had taken steps to restore dignity, security and value to the Contributory Pension Scheme.

He also said he had approved a N758 billion Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund.

“That was not an accounting exercise. It was an act of restitution to Nigerians who served their country and were made to wait for what they had earned,” Tinubu said.

Meanwhile, the Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has insisted that the June 30, 2027 deadline for pension fund administrators and custodians to complete their recapitalisation remains unchanged.

Oloworaran said the exercise was necessary to strengthen institutions responsible for safeguarding the retirement savings of millions of Nigerian workers.

“We are not changing our minds. The industry must move beyond the growth in pension assets to building institutions strong enough to safeguard the savings of millions of Nigerian workers.

“Size is what we have achieved. Strength is what we now demand,” she said.

 

 

 

 

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  FG Must Address Nigerians’ Concerns On Reforms -Shettima …Warns Against Misuse of AI, Social Media

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Vice President Kashim Shettima has urged the Federal Government to pay greater attention to Nigerians’ concerns about ongoing economic reforms, insisting that public confidence must be built through transparent communication, credible evidence of progress and responsiveness to citizens’ experiences.

Shettima made the call yesterday at The Duke’s Masterclass 2026, held at Transcorp Hilton, Abuja, where he was represented by his Special Adviser on Economic Affairs, Dr Tope Fasua.

The Vice President said the success of the administration’s economic policies would depend not only on their implementation but also on the government’s ability to demonstrate tangible results and address the challenges confronting citizens.

“Government must continue to communicate, however, its policies clearly, demonstrate progress with credible evidence, and listen attentively to the experiences of citizens,” he said.

Shettima defended the economic reforms introduced by President Bola Tinubu, including petrol subsidy removal, foreign exchange market liberalisation, fiscal restructuring and revenue mobilisation, describing them as measures intended to correct longstanding economic distortions and strengthen Nigeria’s productive capacity.

He explained that the policies were designed to attract investment, improve business confidence, enhance the deployment of public resources and establish conditions for sustainable economic growth.

However, he maintained that announcing policies was insufficient without building public understanding and confidence in their implementation.

The Vice President particularly challenged Nigeria’s elite, professionals and middle class to acknowledge the difficulties facing ordinary citizens while explaining the objectives of the reforms.

“Your role is not to defend every government action uncritically, nor to dismiss the concerns of citizens. It is to help create a more informed and constructive national conversation,” he stated.

He urged professionals engaging traders to recognise the pressures confronting businesses and advised those interacting with young graduates to acknowledge employment challenges while encouraging entrepreneurship and innovation.

According to him, constructive criticism and informed public participation are essential to effective governance and the sustainability of economic policies.

“Constructive scrutiny strengthens governance. Informed public participation strengthens democracy,” Shettima said.

He further stressed that leadership required the flexibility to adjust policy implementation in response to evidence and changing economic circumstances without abandoning established objectives.

Turning to the challenges of artificial intelligence and social media, the Vice President warned that technological advances were increasing the speed and sophistication of misinformation, posing risks to public confidence and institutional reputations.

“A photograph can be manipulated, a voice can be cloned, and a video can be fabricated just with a simple prompt on social media to make an individual appear to have said or done something that never happened,” he warned.

Shettima urged public institutions to strengthen information verification, correct false claims transparently and communicate through trusted channels, adding that speed should never take precedence over accuracy.

He also called for improved digital literacy and responsible use of artificial intelligence.

On economic opportunities, Shettima identified banking, financial technology, oil and gas, agriculture, real estate, construction, commodity exports and the creative industry as sectors capable of supporting investment and employment.

He nevertheless acknowledged the need to address unreliable electricity, inefficient transportation, insecurity, limited access to finance and weaknesses in education and public institutions.

He called for stronger domestic production, export expansion and support for small businesses, while urging that economic opportunities be extended to women, young people and rural communities.

In his opening address, the Chairman of Odu’a Investment Company Limited, Bimbo Ashiru, warned that poor leadership decisions and inadequate crisis preparedness could destroy institutional credibility.

“Reputation cannot be manufactured at the point of crisis. It is built over time through our decisions, our conduct, our values and the consistency between what we say and what we do,” he said.

Ashiru noted that geopolitical tensions, technological changes and economic disruptions were making leadership increasingly difficult, requiring organisations to strengthen accountability, transparency and crisis management.

He disclosed plans to extend the masterclass to London in March 2027.

Also speaking, former Commonwealth Secretary-General, Emeka Anyaoku, recounted his involvement in international conflict resolution, particularly negotiations surrounding South Africa’s transition from apartheid and political tensions in Bangladesh.

He stressed that successful mediation required a thorough understanding of the issues dividing opposing parties, the interests of their leaders and the appropriate timing of public communication.

“Because if you communicate the progress prematurely, you might sabotage the whole process,” Anyaoku said.

The Chairman of AXA Mansard and Group Managing Director of Sahara Power Group, Kola Adesina, criticised Nigeria’s persistent electricity challenges, arguing that public institutions and businesses should be judged by service delivery rather than explanations for poor performance.

“Rather than giving people megawatts of electricity, we are giving them excuses,” he said.

Adesina also condemned corruption, inflated public contracts and failures of accountability, warning that such practices weakened infrastructure, damaged public trust and endangered lives.

Meanwhile, the Chairman of the Duke of Shomolu Foundation, Joseph Edgar, explained that the masterclass was designed to equip organisations and individuals with practical strategies for anticipating crises, managing their consequences and protecting institutional reputations.

He said the initiative complemented the foundation’s use of theatre to promote social cohesion and strengthen public engagement.

 

 

 

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  NASS Backs Bill To Establish Federal Medical Centre in Bonny

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The House of Representatives has concurred with a Senate bill seeking to establish a Federal Medical Centre (FMC) in Bonny Local Government Area of Rivers State, paving the way for the proposed healthcare facility to proceed through the remaining legislative and constitutional processes.

The bill, sponsored by Senator Ipalibo Harry Banigo, who represents Rivers West Senatorial District, is titled Federal Medical Centre, Bonny, Rivers State and for Related Matters (SB 659).

It seeks to amend relevant provisions of the Federal Medical Centres Act to provide a legal framework for the establishment of the institution.

The concurrence by the House marks a significant legislative step towards improving access to specialised healthcare services for residents of Bonny and neighbouring communities.

The proposed medical centre is expected to strengthen healthcare delivery in the area, reduce pressure on existing medical facilities and improve access to timely treatment, particularly for patients requiring emergency and specialist care.

Its establishment is also expected to reduce the difficulties and additional costs associated with travelling outside the area to access advanced medical services.

Beyond patient care, the facility could provide opportunities for medical training, professional development and capacity building for healthcare workers, while strengthening the overall healthcare system in Rivers State.

Following the concurrence, the bill is expected to proceed through the remaining legislative and constitutional requirements, including presentation to the President for assent, before it can become law.

Banigo’s sponsorship of the bill reflects efforts to expand healthcare infrastructure and promote equitable access to quality medical services in Rivers State.

When established, the Federal Medical Centre, Bonny, is expected to bring specialist healthcare services closer to residents of the island community and surrounding areas, potentially reducing delays in treatment and improving patient outcomes.

The proposed facility would also add to the state’s healthcare infrastructure at a time when access to affordable and specialised medical services remains a major concern for many communities.

 

 

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