By Samuel Adeola

Former Vice President Atiku Abubakar has called for an independent probe into the N17.5tn reportedly spent by the Federal Government on pipeline security and related costs within one year, describing it as “a brazen financial scandal” and a moral indictment on President Bola Tinubu’s administration.

In a statement on Sunday, Atiku said the spending nearly matches the N18tn spent on fuel subsidy over 12 years, a scheme he argued directly supported millions of Nigerians.

He alleged that the current expenditure mainly benefits firms linked to the President’s associates.

He criticised the categorisation of the spending into “energy-security costs,” “under-recovery,” and “other receivables,” claiming it conceals the true beneficiaries.

According to NNPCL’s 2024 audited accounts, the N17.5tn figure includes N7.13tn for stabilising petrol prices, N8.67tn for under-recovery, and N8.84tn for security-related costs, advances and infrastructure protection.

Atiku questioned the soaring costs despite petrol selling above N1,000 per litre in some areas and demanded full disclosure of the companies involved, their contracts and deliverables.

He urged the government to halt further payments until transparency is ensured.

He said no administration presiding over such “fiscal recklessness” can demand sacrifices from citizens struggling with inflation, rising fuel prices and a weakening naira.

“Nigerians deserve transparency, not deceit,” he added.

By Oso Abidemi 

The Federal Government has called for stronger youth involvement in Nigeria’s automotive sector, emphasizing the need to equip young people with practical skills to thrive in a competitive global market.

Dr. Titilope Gbadamosi, Special Assistant to the President on Youth Initiative (Monitoring and Delivery), made the remarks during the Youth Empowerment Through Automotive Innovation 2025 Conference.

She highlighted that the government is committed to moving beyond discussions, actively building the sector by placing youths at the center of automotive transformation.

Gbadamosi noted that the automotive industry offers vast opportunities in innovation, manufacturing, and skilled employment.

She pointed to government-backed training programmes in vehicle retrofitting from converting PMS engines to CNG to repairing both local and foreign automobile brands, which are designed to provide young Nigerians with hands-on technical experience.

“The future of Nigeria’s automotive industry depends on the creativity, skill, and participation of our youth. We must ensure they are prepared to compete and innovate at the highest level,” she said.

The initiative reflects the government’s broader efforts to harness youth potential, foster economic growth, and position Nigeria as a key player in the global automotive landscape.

By Onyeanya Ebere Immaculata

Virtual currency is now taxable under Nigeria’s new fiscal reforms, while capital market gains will remain fully exempt, the Presidential Fiscal Policy and Tax Reforms Committee has announced.

Committee chairman Taiwo Oyedele disclosed this during an online lecture organised by the Capital Market Academics of Nigeria.

He said the exemption is designed to attract young Nigerians to regulated investments and discourage dependence on cryptocurrency speculation and gambling.

Oyedele warned that misinformation, such as claims that capital market investments attract a 30% tax continues to deter potential investors. He stressed the need for stronger public education and accurate information to boost confidence.

On tax refunds, he explained that the new law mandates the government to reserve dedicated funds for refund obligations rather than spend all generated revenue.

He added that the committee is working with the National Orientation Agency to translate key provisions of the law into local languages for wider understanding.

Virtual currency, according to NAN, is a digital representation of value that exists only online and is often issued by private developers or virtual communities.