Missing N3bn: Reps Probe Industrial Training Fund

The House of Representatives has given the Industrial Training Fund (ITF) a 48-hour ultimatum to account for missing funds amounting to N3 billion. The directive was issued by the Chairman of the Committee on Finance, James Faleke, during the ongoing hearing on the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) after the agency failed to provide a satisfactory explanation for the fund’s utilization. In a related development, the committee has instructed the Nigerian Electricity Regulatory Commission to clarify within 72 hours why a licensed company, despite receiving N39 billion from the Ministry of Power, has not fulfilled its obligation to provide meters. The committee expressed concern about licensing a company that appears incapable of executing the project. Furthermore, the committee called on the Nigerian Communications Commission (NCC) to account for the expenditure of N291 billion in 2022 on broadband services nationwide. The committee sought detailed information regarding the provision of broadband services, questioning the NCC’s claim that services were extended to airports and markets.

HEDA writes NNPCL, seeks clarity on $3bn naira stabilisation loan 

The Human and Environmental Development Agenda (HEDA Resource Centre) has initiated a formal information request to the Nigerian National Petroleum Corporation Limited (NNPCL).  According to Chairman of HEDA Resource Centre, Olanrewaju Suraju, the request pertains to the recent acquisition of a $3 billion emergency crude oil repayment loan. HEDA Resource Centre is a preeminent non-profit organization devoted to championing transparency, accountability, and robust governance in Nigeria, He said, “This action is aligned with the provisions of the Freedom of Information (FoI) Act, 2011, underscoring HEDA’s unwavering dedication to ensuring judicious resource utilization and safeguarding the nation’s interests.” The obtained loan, secured from the African Export-Import Bank (AFRIEXIM), is intended to fortify the Naira and reinforce the foreign exchange market. Concurrently, HEDA acknowledges the potential merits of this endeavor while simultaneously expressing apprehensions about its possible implications for Nigeria’s economy, natural resources, and future prospects. Furthermore, the civil society group is keen to understand the specific oil grades or categories being utilized for the negotiation of the loan; the exchange rate to dollar being employed in the terms of the agreement for the crude oil repayment loan; and providing the quantity of oil that is being sold or used as collateral for this particular transaction. Manifesting its vigilant oversight role in managing public resources, HEDA through its Freedom of Information has presented a series of pertinent inquiries to NNPC, designed to elucidate the ramifications of the $3 billion crude oil repayment loan. The organization’s overarching objective is to acquire a comprehensive comprehension of the motivation behind the deal and its plausible effects on Nigeria’s economic landscape. “As champions of accountability, we firmly believe that these inquiries will serve to illuminate the rationale underpinning the recent loan agreement, along with its potential ramifications for our nation’s economic well-being and overall prosperity,” 

Gov Radda directs Katsina MDAs to adopt TSA

Governor Dikko Umaru Radda has directed all Ministries, Departments, and Agencies of the Katsina State Government to forthwith adopt the Treasury Single Account (TSA), for all their transactions. Radda gave the marching order in a circular dated Monday 3rd July 2023, which he personally signed, and titled: “Treasury Single Account Direction Notice 2023”. The Governor directed the State Accountant General to prescribe the framework within which Ministries, Departments, and Agencies shall conduct their bank/cash management under the TSA. “The Commissioner for Finance, Accountant General, and the Auditor General shall ensure compliance to this Direction,” he said. A statement by Ibrahim Kaula Mohammed, the spokesperson for the Katsina State Governor, said the directive by the Governor is an exercise of the power conferred on him by the provisions of Section 5(2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and all other powers enabling him on that behalf. According to the circular, “This Notice may be cited as Treasury Single Account Direction Notice and shall be deemed to have come into force on the 3rd day of July 2023. “Without prejudice to Section 120 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) all revenues and monies accruing and forming the Consolidated Revenue Fund including funds from Excess Crude Account, grants or donation for Katsina State shall be paid into a unified account to be referred to as Treasury Single Account out of which all expenditure incurred or approved to be incurred shall be defrayed or paid.”