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The House of Representatives on Thursday unveiled plans to investigate the budget implementation, internally generated revenues (IGRs), and virement activities of the National Examination Council (NECO) from 2023 to 2025.

The resolution followed the adoption of a motion of urgent national public importance sponsored by Hon. Amobi Ogah.

In his lead debate, Hon. Ogah underscored the need for the National Assembly or its committees to exercise their powers pursuant to Sections 88 and 89 of the 1999 Constitution (as amended) to summon or request documents from any government ministry, agency, or parastatal.

‘The House also notes that NECO, as an agency of government, generates IGR for the federation; it therefore behoves it to be accountable to Nigerians. ‘The House is aware that in carrying out its mandate effectively, the National Assembly or the relevant committee must have access to the NECO’s budget/IGR performance and implementation from 2023 to date. It must also peruse NECO’s bank statements of account from 2023 to date. NECO must also provide evidence of remittance to the Federation Account for the same period (2023 to date).

‘The House is worried that NECO is allegedly implementing its virement without the required legislative approval. If this is so, it is a flagrant violation of our constitution and inherent powers of this Honourable House as enshrined in it.’

To this end, the House mandated its Committee on Basic Education and Examination Bodies to investigate the alleged virement implementation by NECO for 2025, the budget and IGR performance from 2023 to date, and NECO’s bank statements of account from 2023 to date, and to report back to the House within three weeks.

Sterling Bank Limited has reaffirmed its unwavering dedication to operating strictly within lawful processes even as it faces escalating efforts by a chronic debtor, Dr. Brendan Innocent Usoro and his company, Miden Systems Limited, to obstruct justice.

The bank’s commitment to judicial authority was tested this week when associates of the debtor staged an unlawful protest at one of its branches in the Central Business District of Abuja, a move the bank views as a blatant attempt to circumvent clear court judgments.

The incident, which took place on Wednesday, October 8, 2025, involved a group claiming to be representatives of civil society organisations who actively obstructed access to the Sterling Bank branch. The demonstrators engaged in public theatrics, chanting false allegations and distributing fabricated petitions concerning the dispute.

The bank noted that the entire operation was a calculated attempt to employ misinformation and public intimidation to distort the facts of a legal matter that has been conclusively determined by the courts.

Critically, the protest appears to be a direct breach of an existing Federal High Court order that expressly prohibits Miden Systems and its affiliates from taking any further steps or actions related to the dispute

Michael Boniface, Chief Security Officer at Sterling Bank, condemned the disruption in the strongest terms. He described the action as ‘reckless and contemptuous behaviour’ and a ‘direct affront to the rule of law.’

While the bank has maintained considerable restraint despite repeated provocation, Boniface confirmed that this latest violation will be immediately escalated to law enforcement authorities for thorough investigation and prosecution.

Security agencies swiftly contained the disturbance and normal banking operations resumed almost immediately. Sterling Bank confirmed that at no point were customers, staff or property subjected to risk or damage throughout the incident.

The legal confrontation stems from years of defaults on a vessel lease facility initially granted to Miden Systems. The bank demonstrated significant flexibility by subsequently restructuring the facility multiple times to accommodate the debtor’s repeated inability to meet repayment terms.

However, the legal trajectory has been consistently clear. In 2021, the Federal High Court issued a Mareva injunction against Dr. Usoro and Miden Systems, which culminated in a consent judgment formally confirming the debtor’s liability.

This binding judgment was robustly reaffirmed in November 2024, when the court dismissed a subsequent Miden Systems application to overturn it, decisively classifying their attempt as an abuse of process.

Furthermore, attempts by Dr. Usoro and his firm to circumvent enforcement through legislative manipulation were met with a powerful judicial response.

The Federal High Court decisively condemned the manipulation of the National Assembly’s Committee on Public Petitions in its February 2025 ruling, which explicitly restrained the House of Representatives from further intimidating and harassing Sterling Bank.

That pivotal judgment reaffirmed the constitutional separation of powers, making it unequivocally clear that neither the legislature nor any private entity can supersede or re-litigate matters conclusively decided by competent courts.

Boniface reiterated Sterling Bank’s commitment to operating within the bounds of the law.

He stressed that integrity, discipline and respect for judicial authority remain the pillars of Sterling Bank, adding that the institution will continue to defend its reputation and protect its stakeholders from individuals who ‘weaponise falsehood to obstruct justice.’

The bank reaffirmed its dedication to transparency, ethical conduct and cooperation with law enforcement to safeguard the integrity of Nigeria’s financial system.

Sterling Bank Limited, a full-service commercial bank and subsidiary of Sterling Financial Holdings Group, with a heritage spanning over six decades, is committed to transparency and ethical conduct.

The institution’s dedication is underscored by its HEART strategy, an investment model focused on high-impact sectors, including Health, Education, Agriculture, Renewable Energy and Transportation.

By prioritizing sustainable business practices and cooperating fully with law enforcement, the bank continues to play a leading role in safeguarding the integrity of Nigeria’s financial system and fostering national development.

Labour Party national leader, Peter Obi, has said that certificate forgery among public officials undermines Nigeria’s democracy, stressing that the integrity of leaders begins with honesty in their academic and professional claims.

Obi stated this while reacting to the resignation of the Minister of Innovation, Science, and Technology, Uche Nnaji, who stepped down following controversies over alleged discrepancies in his academic credentials.

Nnaji, appointed by President Bola Ahmed Tinubu in August 2023, resigned earlier this week after an investigative report by Premium Times alleged that he submitted forged academic and National Youth Service Corps (NYSC) certificates to the Senate during his ministerial screening. In a statement shared on his X (formerly Twitter) handle on Thursday, Obi commended the minister’s resignation, describing it as ‘a decent and honourable step’ that reinforces accountability in public office.

‘It is commendable that the Minister of Innovation, Science, and Technology, Mr Uche Nnaji, has resigned following the controversy surrounding discrepancies in his academic certificates. That is a decent and honourable step. These instances remind us that such matters are not trivial; they constitute serious criminal offences,’ Obi stated.

Obi called on the Independent National Electoral Commission (INEC) and relevant agencies to begin verifying the academic and professional certificates of all political candidates ahead of the 2027 general elections to prevent further certificate forgery scandals.

He urged that the verification process should cover all elective offices – from the presidency down to local government councillors – insisting that dishonesty and forgery should have no place in leadership.

‘As a matter of urgency, this is the time for a comprehensive national review of the qualification and background verification process for all public office holders.

‘Other nations, like Ghana, have set an example by thoroughly cross-checking the educational claims and credentials of all candidates before elections. Nigeria must not do less.

‘Continuous discrepancies, false declarations, and forged credentials undermine the credibility of our democracy. If we truly desire a free, fair, and credible 2027 election, the process of integrity must begin now,’ he said.

Obi further called for public access to the academic records of all incumbent and aspiring public officials, noting that transparency remains the foundation of credible leadership.

‘Let truth, transparency, and accountability form the foundation of leadership in our dear country. Only then can we build a Nigeria where public service is anchored on honour, not deceit. We must get it right,’ he concluded.

The African Democratic Congress (ADC) has advised the nominee for the office of Chairman of the Independent National Electoral Commission (INEC), Professor Joash 0jo Amupitan, to look beyond the interest of the sitting President, Bola Ahmed Tinubu.

The opposition party in a statement by its National Publicity Secretary, Mallam Bolaji Abdullahi, urged Professor Amupitan to understand that his loyalty is with the Nigerian people, not the government. He said:’ We are cautious. But we expect the new INEC chairman to have a personal ambition to do better and restore the confidence of Nigerians and the world in Nigerian election. He must understand that his loyalty is with the Nigerian people, not the government. We are willing to give him the benefit of doubts based on his track record. But now he has the opportunity to make a good name for himself that his children would proud of, or to soil his record and end up with ignominy. He should bear in mind also that his tenure will ordinarily last beyond one electoral cycle. He should therefore look beyond the interest of those who have appointed him. ‘

The maiden Bauchi State Business and Investment Summit has attracted more than $5 billion in investment commitments, with 47 Memoranda of Understanding (MoUs) signed between the state government and local as well as foreign investors.

Chairman of the Summit Planning Committee, Professor Murtala Sabo Sagagi, disclosed this while reading the communiqué at the close of the two-day event. He said the agreements cover key sectors such as agriculture, solid minerals, power, infrastructure, tourism, hospitality, sports, and ICT.

He further revealed that one of the MoUs has already resulted in a concrete investment deal worth $1 billion, expected to take off before the end of the year.

The summit, held from October 7 to 9, 2025, at the newly inaugurated Ahmadu Bello International Conference Centre, aimed to position Bauchi as a viable destination for investors and development partners.

Professor Sagagi said the event drew investors and delegations from countries including China, Tunisia, Algeria, Turkey, Egypt, and Pakistan, many of whom expressed interest in exploring Bauchi’s growing economic potential.

According to him, the summit, organized under Governor Bala Mohammed’s My Bauchi Project vision, brought together participants from the public and private sectors, civil society, traditional institutions, and development agencies.

He explained that discussions focused on leveraging Bauchi’s advantages in agriculture, tourism, and solid minerals to drive inclusive development and create employment across the state.

Sagagi thanked all participants, partners, and stakeholders for their contributions to the success of the event and commended the organizing team and people of Bauchi for their cooperation and hospitality.

Declaring the summit closed, Bauchi State Governor, Senator Bala Abdulkadir Mohammed, expressed appreciation to attendees and praised the planning committee for what he described as one of the most successful investment forums in the country.

Governor Mohammed reaffirmed his administration’s commitment to sustaining the progress made during the summit. He pledged to strengthen the business environment through better infrastructure, policy reforms, and transparent governance.

Some key outcomes of the summit include the creation of partnerships across multiple sectors, exposure of potential investors to opportunities in agriculture, solid minerals, tourism, and infrastructure, and investment commitments exceeding $5 billion and ?100 billion.

Next steps outlined in the communiqué include follow-up on signed agreements, continued promotion of key sectors such as tourism, agriculture, solid minerals, health, and education, and the establishment of an agency to serve as a one-stop center for investors.

The state government also launched the BNG Project, an initiative designed to support micro, small, and medium enterprises, promote inclusive investment, and create jobs for residents.

The proceedings and outcomes of the summit will be shared with participants and stakeholders through email and social media platforms.

The summit, attended by government officials, business leaders, civil society groups, and members of the public, was opened by Vice President Kashim Shettima, who highlighted the importance of sub-national governments in promoting investment and economic growth.

Our correspondent reports that former Presidents Olusegun Obasanjo and Abdulsalami Abubakar, who were among the keynote speakers, commended Governor Bala Mohammed’s leadership and his administration’s commitment to people-focused governance. They also called for sustained peace, transparency, and accountability to attract more investments to the state.

The Federal Government of Nigeria has officially presented Dr Taoheed Olufemi Elias as its candidate for election to the International Court of Justice (ICJ), the United Nations’ principal judicial organ, ahead of the decisive global vote scheduled for November 2025.

The announcement marks Nigeria’s strongest diplomatic bid in over three decades to reclaim a seat on the ICJ bench, a position the country last occupied through the late Justice Bola Ajibola, who served until 1994.

The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, in his remarks, described the move as ‘a defining moment for Nigeria, Africa, and the global rule of law.’

He said, ‘Dr Elias is a jurist of learning, integrity, and vision, a man whose scholarship and service reflect Africa’s enduring contribution to international law.’

Tuggar emphasised that Elias’ nomination represents not just Nigeria, but the entire ECOWAS subregion, which has not had representation at the ICJ since Judge Abdul Koroma of Sierra Leone completed his term in 2011.

‘This long silence must end,’ Tuggar said emphatically. ‘The ICJ must reflect equitable geographical representation. Africa’s voice must once again help shape the conscience of the international legal order.

Elias, an internationally acclaimed jurist, currently serves as a Judge ad hoc at the ICJ and boasts over 30 years of global legal and diplomatic experience.

His towering résumé includes senior roles at the United Nations, World Bank Administrative Tribunal, and Organisation for the Prohibition of Chemical Weapons (OPCW). He also presides over administrative tribunals for the OPEC Fund (Vienna) and the Islamic Development Bank (Jeddah).

An academic powerhouse, Elias lectures in International Law at Queen Mary University of London and has been a trusted legal adviser to several governments and international organisations.

‘For an international lawyer like myself, this nomination is a call to serve to defend justice in a world where it is under siege,’ Elias said to resounding applause.

The Foreign Minister noted that Elias’ candidacy reaffirms Nigeria’s long-standing belief that ‘law, not power, should govern relations among nations.’

He, therefore, appealed to the diplomatic community to rally behind Nigeria’s nominee at both the UN General Assembly and Security Council elections, asserting that support for Elias was support for justice, diversity, and global fairness.

‘In endorsing Elias, you affirm not only the integrity of the court, but the principles that keep our world anchored in justice.

‘This is a defining moment for our country. Through Dr. Elias, Nigeria’s voice for justice and fairness will once again echo through the halls of The Hague,’ Tuggar said.

Elias outlined his platform, which is anchored on three key pillars. Firstly, he underscored his intellectual excellence, built on decades of teaching, scholarship, and research in international law.

Secondly, he showcased his extensive experience working with UN institutions, demonstrating his proven leadership across global organisations. Thirdly, he cited his judicial competence, leveraging his hands-on experience in adjudicating complex transnational cases, demonstrating his suitability for the International Court of Justice.

‘This is not merely a Nigerian candidacy. It is a reaffirmation of Africa’s legal intellect, independence, and commitment to global justice.’

‘For an international lawyer like myself, dedicated to the rule of law, this nomination is a call to service to defend justice in a world where it is being tested on all fronts,’ Elias said, drawing applause from the assembled diplomats.

This is not just about representing Nigeria, it’s about reaffirming Africa’s voice in shaping the evolving architecture of international law, a voice grounded in experience, intellect, and fairness.’

Other contributors in their remarks praised President Bola Ahmed Tinubu’s administration for championing merit-based diplomacy, describing the nomination as a reflection of his drive to project Nigeria’s excellence internationally.

Members of Nigeria’s National Group at the Permanent Court of Arbitration, including Professor Paul Adonija, Professor Amelia, and Mrs Thomas Robert, joined voices in declaring Elias’ nomination as one of the nation’s proudest diplomatic moments in recent history.

‘This government is not playing small,’ a senior diplomat remarked. ‘ Elias represents Nigeria’s strategic push to reassert its moral and legal leadership on the global stage.’

Elias represents the very essence of fairness, transparency, and global justice,’ one speaker noted. ‘He embodies not only academic excellence but a deep, practical understanding of the complex realities shaping international governance today.’

The event, graced by the Minister of Foreign Affairs, underscored the administration of President Bola Ahmed Tinubu’s commitment to elevating Nigeria’s image on the world stage through merit-based representation and excellence.

‘The choice of Elias shows this government’s dedication to competence and credibility,’ a member of the delegation said. ‘This is not just a nomination-it’s a statement that Nigeria stands tall in the global quest for justice.’

Officials praised Elias long-standing contributions to international arbitration and public law, noting that his nomination aligns with the United Nations’ vision for equitable global coexistence and the dispensation of justice for all nations.

In heartfelt closing remarks, delegates expressed gratitude to the Ministry of Foreign Affairs for its strategic coordination and to President Tinubu for ‘making Nigeria proud once again’ on the international stage.

‘This is a defining moment for our country,’ the speaker concluded. ‘Through Dr Franklin, Nigeria’s voice for justice and fairness will echo across the world.

As global attention turns toward The Hague and the November elections, Nigeria’s diplomatic machinery is fully mobilised.

Missions from Abuja to New York are working to galvanise African and international support to secure Elias’ election to one of the most prestigious judicial positions in the world.

‘That figure, representing 61% of the population, is clear evidence that the economic policies of the Tinubu-led APC government have actually sent more Nigerians into abject poverty, contrary to the government’s performance propaganda and claims of progress.

‘The World Bank numbers tell a simple but painful story: under the APC and President Bola Tinubu’s government, more Nigerians have fallen into poverty than at any other time in our history. In 2019, four out of ten Nigerians were poor. Today, it is, at least, six out of ten.

‘We recall that President Tinubu, in his recent Independence Day address to the nation, declared triumphantly that ‘the worst is over’ while bandying statistics which have now been proven to be calculated whitewash to serve the government’s narrative of progress.

‘However, what is important is the reality that those numbers were meant to hide. ‘Behind President Tinubu’s shiny statistics are the grim realities of historic human suffering – families skipping meals, children dropping out of school, and households selling assets just to buy food and basic drugs to survive.

‘Under the APC, nearly 30 million Nigerians have now joined the ranks of the ultra-poor – those who, even if they spend every naira they earn on food, still cannot afford enough calories to survive.

‘While the government celebrates record revenue collection and the illusion of economic stability, the World Bank’s data shows that Nigerians are actually growing poorer by the day. Food inflation has gone through the roof, with the price of a bag of rice multiplying five times in just four years. Poor families now spend roughly 70 per cent of their income on food, leaving nothing for rent, school fees, or medicine.

‘The so-called social safety nets that should protect the vulnerable have also collapsed. Coverage has fallen from 20 per cent in 2019 to just 6 per cent in 2025. Government support to the poorest citizens is almost non-existent, amounting to a mere 0.14 per cent of GDP compared to a global average of 1.5 per cent.

‘What all this means is that Nigerians are worse off under the APC and President Bola Tinubu’s government. And contrary to the President’s claim, the worst is not over; instead, it appears that the worst has actually not arrived. Rather than continuing to dig in to defend its propaganda, the government should accept the unbiased verdict from its partner, the World Bank, and try to make amends before it is too late.

‘To make matters worse, the government’s entire approach to poverty measurement now seems designed to flatter itself rather than to help the poor. Nigeria’s domestic poverty threshold, roughly N137,000 per month, or about $90, sits far below the global real-value benchmark. By using a deflated local measure, the government effectively undercounts millions of poor Nigerians.

‘The implication of this ‘race to the bottom’ statistics is that, using the Tinubu government’s revised definition of poverty, citizens who are globally poor will appear statistically fine in Nigeria. In reality, however, they would have become invisible to a policy that mistakes low expectations for progress. A poverty line that is set too low does not protect the poor; it hides them. The APC cannot fix poverty by attempting to redefine it downward.

‘The ADC believes that what Nigeria needs now is not cosmetic reform. We need a government that puts the people first and understands that inclusive growth is not just another slogan, it is a conscientious strategy.

‘The ADC therefore calls on the Tinubu-led APC government to stop celebrating revenue as achievement and start putting the people first by prioritising food security, job creation, and targeted social protection systems that shield the 139 million vulnerable Nigerians that their ill-thought-out economic policies have created.’

Ahead of October 27 date for conduct of All Progressives Congress primary for Ekiti State Governorship primary, the coast appears cleared for the incumbent Governor, Abiodun Abayomi Oyebanji as the party National National Working Committee (NWC) has disqualified his main rival for the party ticket, Engineer Kayode Ojo. The APC National Working Committee equally announced the dissolution of the Enugu State Working Committee and announced a seven-man caretaker team to be chaired by Dr Ben Nwoye.

Asked by newsmen if the dissolution of the Enugu APC SWC was meant to accommodate the Governor Peter Mbah’s loyalists ahead of his rumored move to dump the Peoples Democratic Party (PDP) for the APC, the party Deputy National Publicity Secretary feigned ignorance of Governor Mbah’s move to join the ruling party.

He said: ‘All I can say is that a number of governors will be coming in shortly. But the issue is that the number keeps growing. The dissolution has nothing to do with the governor. The party has been polarized, almost shattered and we think the best thing to do is to harmonise for the health of the party in Enugu state.

‘The decision was taken in the interest of progress, peace, stability and tranquilly of the APC in Enugu state.’

Apart from the plan to set up a reconciliation committee of the APC to be chaired by former Osun State Governor and its pioneer national chairman, Chief Bisi Akande, Meseko also revealed that ‘the APC constitution amendment committee earlier announced will commence public hearings in this month of October.

‘I’m sure the dates will be announced pretty shortly. But just for the public to know that the process for the amendment of our constitution will take effect very shortly and public hearings will start sometime this month of October. So, I think within the next one week, these public hearings will start as precursors to the main amendments to be done.’

Former Minister of Power, Professor Barth Nnaji, has described the introduction of Free Universal Primary Education (UPE) in Western Nigeria by the late Premier of the Western Region, Chief Obafemi Awolowo, as the most significant milestone in the history of education in Nigeria.

Speaking as the guest lecturer at the Daily Independent’s event marking the 70th anniversary of Free Universal Primary Education in Nigeria and Awards Ceremony, Prof. Nnaji said the initiative triggered unprecedented school enrolment figures across the Western Region.

He noted that Awolowo, who was honoured posthumously with a Legacy Award for his visionary leadership, ‘was a lover of education with the foresight to implement a progressive and transformative scheme.’ ‘Education represents progress. The most fundamental difference between developed and developing nations is the level and quality of education,’ Nnaji stated.

He recalled that in 1979, when the Unity Party of Nigeria (UPN) controlled Lagos, Oyo, Ogun, Ondo, and Bendel states, the party launched a Universal Primary Education programme that led to a sharp rise in school enrolments.

According to him, many young adults, some already nearing 20 years old, returned to school – a reflection of how poverty had previously denied many access to education.

‘I would not have gone beyond primary school but for the benevolence and solidarity of my extended family,’ he added.

Nnaji explained that the free education programme was introduced at a time when Nigeria had only three regions that were engaged in healthy rivalry for development. The Western Region, buoyed by its cocoa revenue, was the richest and had the capacity to implement the policy.

‘It was predictable that the launch of Free Universal Primary Education in the West would spur the Eastern Region to follow suit,’ he said.

However, he noted that Eastern Nigeria faced greater economic challenges because palm produce, its major source of income, generated far less revenue than cocoa.

‘What the Great Zik could not achieve through free education, he compensated for by inspiring and mobilising communities to embrace education enthusiastically,’ Nnaji added.

While underscoring education as a vital tool for national development, Nnaji urged the federal, state, and local governments to introduce Artificial Intelligence (AI) education in primary schools.

‘I called attention to the need to embrace generative AI in our education system, starting from the primary level. But how can pupils learn AI when many rural teachers are not even computer literate?’ he asked.

He, therefore, proposed a joint funding scheme among the federal, state, and local governments to provide every public school teacher in Nigeria with a computer.

‘AI is the future. Nigeria must not be left behind. We must start preparing our pupils today,’ he emphasised.

During a panel session, Dr. Danladi Bako and Otunba Segun Runsewe lamented the persistent low literacy levels and called for a more functional and practical educational system.

Bako decried the poor funding of primary education and the low wages of teachers, noting that ‘a teacher in Sokoto earns as low as ?15,000 monthly.’

‘The Constitution leaves primary education to local governments. How much can they really handle? In advanced nations, secondary school students design products like lamps that we import,’ he said.

On his part, Runsewe criticised the focus on paper qualifications over practical competence.

‘Many of our graduates have certificates without skills. We must change this mindset and make education practical and impactful. You don’t need a PhD to excel in culture or tourism. Let’s reform education for the next generation,’ he urged.

The presentation of the 2026 budget estimates before the National Assembly may face delays as the Senate on Thursday demanded a detailed report on the implementation of the 2024 budget from the Federal Government’s Economic Management Team.

The Senate also requested a progress report on the N54.99 trillion budget passed for 2025.

The country is currently implementing both the 2024 and 2025 budgets, with the capital component of the N23.9 trillion 2024 budget set to expire on December 31, 2025.

The Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa (Niger East), issued the directive following a meeting with the Minister of Finance, Mr. Wale Edun; the Accountant-General of the Federation, Mr. Samsudeen Ogunjimi; and the Director-General of the Budget Office, Mr. Tanimu Yakubu, at the National Assembly on Thursday.

Sani said the committee resolved that the presentation of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2026-2029 fiscal years could only be considered after the submission of the requested reports.

The Senate gave the team until October 23 to present the reports.

Speaking after the closed-door meeting, the chairman said, ‘We have had the position at which the 2024 budget is, and what the position also of the 2025 budget. And the expectations we are having for the ministry to, as a matter of urgency, bring the MTEF for 2026 to 2029. And the minister has briefed us, and we have collectively agreed that we are making progress, but we need to make more progress.

‘We have heard from the accountant-general, we have heard from the director of budget, where we are with the budgets. The payments that have so far been released, the warrants that have so far been signed. And also, regarding the 2025 authority to incur the expenditure for agencies to be able to release their capital projects.

‘We have all heard that, and we have agreed that we are making progress. And we expect that, with what Mr President has done just this week, sending a letter to the National Assembly, requesting for more approvals to loans, to be able to see that the 2025 budget is also taking adequate care of.

‘We have all agreed that we will want documented evidence of the performance of 2024, and our expectations for the 2025 budget, before we start talking about the MTEF for 2026.

‘And the Honourable Minister of Finance has agreed to oblige us to give us that progress report. And we have agreed to reconvene, because this meeting is just adjourned. We are going to reconvene on the 23rd of October.’

Addressing the committee earlier, Edun, who doubles as the Coordinating Minister of the Economy, stated that high performance was being recorded in the implementation of the capital component of the 2024 budget and good performance for 2025. However, the Director-General of the Budget Office, who appeared to disagree with the Minister, told the committee that during the two fiscal years (2024 and 2025), budget implementation was somewhat turbulent, noting that several assumptions were not realised.

Yakubu stated, ‘We have indeed had a turbulent year – one in which most of the assumptions underpinning the 2024 and 2025 budgets turned out differently from projections.

‘Oil revenue, assumed at $75 per barrel, fell short by between $10 and $15 due to global price fluctuations. Inflation also rose beyond projections, affecting borrowing costs and debt service performance, which significantly exceeded targets.

‘Furthermore, the unforeseen fiscal implications of the Petroleum Industry Act (PIA) 2022 have compounded our challenges.

‘Under the Act, 30% of gross oil revenue and 30% of oil and gas profits are retained for upstream operations, while the Federal Government also bears the NNPC’s operating costs. This has reduced the Federation Account allocation by nearly 70% of what used to accrue.

‘In addition, crude oil output has been lower than projected in the MTEF approved by the National Assembly.’