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Senate Approves MTEF, Probes NNPCL Over Subsidy Funds

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By Adenike Lawal

Ahead of President Bola Tinubu’s 2025 Appropriation Bill presentation, the Senate has approved the 2025–2027 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper.

This followed a report from its joint Committees on Finance and National Planning, led by Senator Sani Musa (APC, Niger East).

The Senate also launched a probe into allegations that the Nigerian National Petroleum Company Limited (NNPCL), withheld N8.48 trillion in petrol subsidy payments and failed to remit $2 billion in taxes to the Federal Government. Committees on Finance, Petroleum (Upstream and Downstream), and Gas will verify unremitted revenues from petrol sales between 2020 and 2023 and review agreements involving NNPCL and other agencies to reconcile remittances.

The Senate set fiscal assumptions in the MTEF, including an exchange rate of N1,400 per dollar and oil production targets rising from 2.06 million barrels per day in 2025 to 2.35 million bpd by 2027.

The N47.9 trillion budget for 2025 includes projected revenues of N34.82 trillion and borrowings of N9.22 trillion.

Senators called for transparency and urged measures to support manufacturing, increase taxation on the wealthy, and ensure efficient refinery operations.

These efforts reflect a push for fiscal discipline and accountability.

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Cross River Lawmakers Endorse Gov. Otu for 2027 Re-Election

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By Njoku Chijioke 

The Southern caucus of the 10th Cross River House of Assembly has endorsed Governor Bassey Otu for re-election in 2027, citing his achievements in boosting internally generated revenue and governance reforms.

Led by Francis Asuquo (Odukpani constituency), the lawmakers urged residents to support Otu’s second term bid and called on other aspirants to step aside for the governor.

However, Richard Inoyo, a civil society leader, dismissed the endorsement, arguing that the caucus does not represent the people’s will.

Meanwhile, speculation is growing that Senator Asuquo Ekpenyong may challenge Otu in 2027, with his expanding free transport scheme seen as a strategic move.

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Kaduna Refinery Hits 60% Completion – NNPCL

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By Adenike Lawal 

The Nigerian National Petroleum Company Limited (NNPCL), has announced that the Kaduna Refinery has reached over 60% mechanical completion, with operations expected to begin before the end of 2025.

NNPCL’s Executive Vice President, Downstream, Isiyaku Abdullahi, disclosed this during an engagement with Kannywood artists in Abuja, emphasizing the company’s commitment to completing the refinery and its pipelines using internal resources.

Abdullahi also highlighted ongoing progress at the Port Harcourt and Warri refineries, urging Nigerians to prepare for an upcoming NNPCL Initial Public Offering (IPO), as part of investment opportunities in the oil and gas sector.

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UNIZIK Probes Female Student’s Alleged Assault on Lecturer

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By Emmanuel Ogbodo

Nnamdi Azikiwe University (UNIZIK), has launched an investigation into a physical altercation between a female student and a lecturer, Dr. Chukwudi Okoye, at the Faculty of Arts.

The incident, which went viral on social media, reportedly started after the lecturer interrupted the student’s video recording, leading to a heated argument.

The student allegedly bit the lecturer multiple times and tore his clothes during the confrontation.

UNIZIK’s Acting Vice-Chancellor, Prof. Joseph Ikechebelu, assured the public of a fair and transparent probe, emphasizing the university’s commitment to discipline and decorum.

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