Headlines
Reps to Probe Obasanjo, Yar’Adua, Jonathan Power Contracts
The House of Representatives has resolved to investigate the contracts awarded and payments made to contractors by the Federal Government towards reviving the power sector.
According to a motion unanimously adopted by the House at the plenary on Thursday, the probe will cover the $16bn spent by the President Olusegun Obasanjo-led administration between 1999 and 2007.
It will also cover the administrations of Umaru Yar’Adua, Goodluck Jonathan and the incumbent, Muhammadu Buhari.
A member, Mr Sada Soli, moved the motion, entitled, ‘Need to review government expenditure on the power sector to ensure sustenance of the power reform programme in Nigeria.’
The lawmakers resolved to set up an ad hoc committee to “carry out a comprehensive investigative hearing on how much money was spent on the power sector reform programme over the years without commensurate results and report back within six weeks for further legislative action.”
Soli, while moving the motion, said, “The House notes that the Electric Power Sector Reform Act was aimed at removing the ineffectiveness of the sector in order to transform it into a more efficiently-managed sector. The power sector reform was expected to open opportunities for the development of Small and Medium Scale Enterprises, increase access to electricity in processing farm produce, create job opportunities for Nigeria’s teeming graduates and enhance socio-economic development of the country.
“The House recalls that an investigative hearing was conducted by the House of Representatives in 2008 over the alleged spending of about $16bn on the power sector. The set power generation target was that by year 2020, the nation would have achieved 40,000 MW based on the alleged investments in the proposed power plants, but till date, such generation target has eluded nation.
“The House acknowledges the lamentation by the President (Muhammadu Buhari) to the effect that such huge sums of billions of dollars could be spent without commensurate results in the generation, transmission and distribution of power supply in the country.”
The House also on Thursday called on security agencies to criminalise open-grazing in Delta State.
Adopting a motion at the plenary, the House decried the killings, banditry and destruction of farms by suspected herdsmen in the Ethiope area of the state.
The motion, moved by Mr Ben Igbakpa, was titled, ‘Incessant killings, banditry and destruction of crops at Ethiope East/Ethiope West Federal Constituency by herdsmen.’
The lawmakers unanimously resolved to urge the security agencies – the Army, Nigeria Police Force, Department of State Services and the Nigerian Security and Civil Defence Corps to “as a matter of urgency midwife a meeting of stakeholders in Ethiope Federal Constituency and leaders of the herdsmen to douse the tension and find a lasting solution to this recurring security milieu.”
They urged the Federal Ministry of Agriculture, Federal Ministry of Information and the National Orientation Agency to enlighten herdsmen on the need to “endeavour to limit grazing, where allowed, to bushes and uncultivated lands and not cultivated blooming crops.”
The Punch
The Federal Capital Territory Administration (FCTA), on Thursday, published a list of 9, 532 alleged land title debtors in Abuja, giving them a two-week ultimatum to settle their outstanding bills.
The list, which includes prominent individuals and government agencies, was published on November 26, with defaulters expected to pay for their certificate of occupancy (C-of- O) within the stipulated timeframe.
Among those listed as defaulters is former Head of State, Ibrahim Badamosi Babangida (IBB), who owes N152 million for a plot of land in Asokoro, a highbrow area in the nation’s capital. IBB, who ruled Nigeria from 1985 to 1993, is not the only high-profile individual on the list.
Other notable defaulters include Samuel Ortom, former governor of Benue, who owes N950,000 for a plot of land in Bazango, and Aminu Tambuwal, senator representing Sokoto south, who owes N18 million for a plot of land in Carraway Dallas.
The FCTA has threatened to revoke the land titles of defaulters who fail to settle their bills within the stipulated timeframe. The administration has urged defaulters to settle their bills by e-payment to the “FCT department of land administration” account.
In addition to individual defaulters, some federal agencies, including the Nigerian Financial Intelligence Unit (NFIU), the navy, and police, were also named as defaulters.
The Lagos governor’s lodge in Asokoro, the Kaduna state government, and ‘State House Abuja’ were also listed as land title debtors.
This development is not the first time the FCTA has taken steps to recover outstanding debts from landowners. In June this year, the administration set up a committee to recover over N29 billion owed by property owners.
The committee has since identified 430 individuals and organisations as defaulters, with plans to prosecute them.
The FCTA has also partnered with anti-graft agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to check the activities of land grabbers in the territory.
The Senate has granted approval to the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request.
The Senate presided by Deputy Senate President, Barau Jibrin, approved the loan after the Senate Committee on Local and Foreign Debts chaired by Senator Wammako Magatarkada (APC, Sokoto North) presented the report of the committee.
The request which was submitted by the President on Tuesday is part of a fresh external borrowing plan to partially finance the N9.7 trillion budget deficit for the 2024 fiscal year.
Tinubu had on Tuesday written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act.
The fresh loan is expected to stretch the amount spent on debt servicing by the Federal Government. The Central Bank of Nigeria recently said that it cost the Federal Government $3.58 billion to service foreign debt in the first nine months of 2024.
The CBN report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in foreign debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.
Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.
March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.
The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.
July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.
Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.
Channels TV
Self acclaimed leader of the Indigenous People of Biafra (IPOB), Simon Ekpa, has been arrested by law enforcement in Finland.
The BBC reports that Ekpa was subsequently sent to prison by the district court of Päijät-Häme for “spreading terrorist propaganda on social media”.
Ekpa was said to have committed the crime in 2021 in Lahti municipality.
The Finnish National Bureau of Investigation (NBI) also arrested four other men over alleged terrorist offences.
A citizen of Finland and Nigeria, Ekpa has described himself as leader of the separatist IPOB group since Nnamdi Kanu’s incarceration.
Finnish police say Ekpa’s activities and social media rhetoric may have fanned the flames of violence in the south-east of Nigeria.
“He carries out these activities from his social media channels, for example,” said Otto Hiltunen, detective chief inspector of the NBI.
In February 2023, Ekpa was arrested by police at his residence in Lahti but was released after hours of questioning.
Using his social media channels, Ekpa had directed Igbos not to participate in Nigeria’s 2023 general election.
In September 2021, the Biafra agitator and secessionist denounced Nigeria and vowed to return the medal he won for the country at the 2003 African Junior Athletics Championships.
