News

Nigerian Business Magnate Tony Elumelu Demands Answers on Crude Oil Theft

Published

6 months ago

August 10, 2024

Renowned Nigerian businessman and philanthropist Tony Elumelu has called on the government and security agencies to identify and expose those responsible for stealing the country’s crude oil.

Elumelu, who is the founder of the Tony Elumelu Foundation, expressed his frustration during a recent interview, stating that it is unacceptable that individuals can siphon off the country’s oil resources using vessels that pass through Nigerian territorial waters without being caught or held accountable.

“The government and security agents must tell us who is behind this oil theft. It’s unacceptable that we can’t seem to stop this brazen act of economic sabotage,” Elumelu said.

He emphasized that the country’s oil resources belong to all Nigerians and that those responsible for stealing them are depriving the nation of much-needed revenue.

Elumelu’s comments come as Nigeria continues to grapple with the challenges of oil theft, which has resulted in significant revenue losses for the country.

The Nigerian government has launched various initiatives to tackle the issue, but Elumelu’s statement highlights the need for greater transparency and accountability in addressing this persistent problem.

News

Reps Approve ₦54.99tn 2025 Budget

Published

43 minutes ago

February 13, 2025

Samson Adeyanju

By Ifeoluwa Odunayo

The House of Representatives has approved Nigeria’s ₦54.99 trillion 2025 budget, marking a pivotal step in addressing economic challenges and public services.

The revised budget, up from the initial ₦49.7 trillion proposal, includes ₦3.645 trillion for statutory transfers, ₦14.317 trillion for debt servicing, ₦13.64 trillion for recurrent expenses, and ₦23.963 trillion for capital projects.

Lawmakers expect the increased spending to stimulate economic recovery, stabilize key sectors, and reduce borrowing reliance.

News

Nigeria Moves to Repatriate 400,000 Refugees from Chad, Niger, Cameroon

Published

3 hours ago

February 13, 2025

Samson Adeyanju

By Nike Lawal

The Nigerian federal government has revealed that over 400,000 Nigerian refugees remain in Chad, Niger, and Cameroon, with efforts underway to facilitate their safe return.

Speaking at a Technical Working Group meeting in Abuja, Tijani Ahmed, Federal Commissioner of NCFRMI, stressed the need to assess past repatriation efforts and strengthen partnerships for a smoother process.

A tripartite agreement between Nigeria, Chad, and UNHCR has already enabled the return of 3,000 refugees, with more repatriations planned, especially from Cameroon.

UNHCR Deputy Representative Bernadette Muteshi reaffirmed the agency’s commitment to supporting Nigeria’s leadership in ensuring a safe and sustainable return for displaced citizens.

News

FG Orders Strict Compliance with Treasury Single Account Policy

Published

3 hours ago

February 13, 2025

Samson Adeyanju

By Adenike Lawal

The federal government has directed Federal Pay Officers (FPOs) nationwide to enforce strict adherence to the Treasury Single Account (TSA) policy by all Ministries, Departments, and Agencies (MDAs) at the state level.

During a visit to the Federal Pay Office in Benin, Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, warned that MDAs must not bypass TSA rules or maintain unauthorized accounts with commercial banks. Any exceptions require presidential approval through the AGF.

She urged FPOs to uphold transparency, professionalism, and ethical standards in managing federal funds, adding that routine inspections will ensure compliance.

Dr. Madein also acknowledged operational challenges and announced plans to build new office structures to improve working conditions for FPO staff.