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Senates Rejects NNPCL’s Explanation, Orders Refund of N210trn to Govt

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The Senate has rejected the explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) regarding the ₦210 trillion outstanding against the oil firm.

It came to the conclusion on Wednesday that the money, which had not been accounted for, must be refunded to the Federation Account by the company.

The Senate Committee on Public Accounts chaired by Aliyu Wadada, which has been on the probe for months, took the decision on Tuesday after the Group Chief Executive Officer (GCEO) of the NNPCL, Bayo Ojulari, failed to turn up at its resumed sitting at the National Assembly.

The session was called to give the NNPCL the opportunity to make clarifications on the answers the company provided to the 19 questions the panel asked the firm about the ₦210 trillion.

Following a review of the operations of the NNPCL from 2017-2023, the committee sighted the unexplained transaction, totaling ₦103 trillion (accrued expenses) and ₦107 trillion (receivables) in the audited financial statements of the firm, prompting it to raise the queries.

After weeks of back-and-forth between the committee and the NNPCL, the NNPCL eventually responded to the 19 questions.

However, at a resumed session, Senator Wadada frowned at the absence of  Ojulari, whom the committee said gave no reasons for staying away, consequently rejected the explanations.

The Chairman of the committee, Senator Aliyu Wadada, while speaking on the panel’s findings, said the responses were not only unsatisfactory, but were also contradictory.

“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables -amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables -equivalent to about $117 billion -contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” he stated.

Wadada further questioned how the firm could pay ₦103 trillion in Cash Calls to Joint Venture (JV) partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022.

“Cash Call arrangements were abolished in 2016 under the President Muhammadu Buhari administration. How can NNPC claim to have paid ₦103trn in one year, when it only generated ₦24trn in revenue over five years? Where did NNPC get that money?

“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when the NNPCL appears before us,” he stated.

The committee said it would have been better for the current management of the NNPCL to admit that it encountered challenges in explaining what happened to the funds than giving contradictory answers to the questions.

“If the present management of NNPCL is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS,” Wadada added.

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Atiku Tackles Obasanjo over Impeachment Sponsorship Claims Involving Na’Abba

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Former Vice President Atiku Abubakar has questioned why former President Olusegun Obasanjo waited until after Ghali Umar Na’Abba’s death to allege that he paid the former House of Representatives Speaker N5 million to initiate impeachment proceedings against him.

Atiku said raising the allegation when Na’Abba could no longer respond denied Nigerians the opportunity to hear the other side, describing it as a politically motivated attempt to damage his reputation and boost the electoral fortunes of Obasanjo’s unnamed kinsman ahead of the 2027 presidential election.

Obasanjo alleged in a letter to former Governor of Ogun State, Olusegun Osoba that Atiku invited Na’Abba to the Presidential Villa while he was away and convinced the former speaker that he should serve only one term.

The former president claimed the alleged payment formed part of Atiku’s attempt to seize power by “hook or by crook”.

However, Atiku rejected the allegation as politically motivated in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

The African Democratic Congress (ADC) presidential candidate aid the timing of Obasanjo’s allegation showed that it was intended to influence the political contest ahead of the 2027 general election.

Atiku accused his former principal of attempting to tarnish his reputation to give an unfair political advantage to an unnamed kinsman.

“Coming at a time when the political landscape ahead of the 2027 general election is taking shape, the obvious objective is to besmirch my person and reputation and confer an undeserved political advantage on the former President’s kinsman,” he said.

Atiku argued that Nigerians were too discerning to be distracted by an allegation revived for political convenience.

He challenged Obasanjo to openly identify and support his preferred presidential candidate instead of attempting to shape public opinion through claims that could no longer be independently tested.

“If former President Obasanjo has chosen to take a political position ahead of 2027, he should simply declare it and allow Nigerians to judge it on its merits,” Atiku said.

The former vice-president questioned why Obasanjo waited until after Na’Abba’s death to repeat the allegation, saying the timing denied Nigerians the opportunity to hear the former speaker’s version of events.

He also maintained that the bribery allegation had no judicial or official backing.

Atiku argued that Obasanjo’s government controlled the full powers of the Nigerian State and could have investigated and prosecuted any criminal conduct if credible evidence existed at the time.

“If there was indeed evidence of any criminal conduct as alleged, Nigerians are entitled to ask why no action was taken at the time by a government that wielded the full powers of the Nigerian state,” he said.

Atiku linked Obasanjo’s continued hostility towards him to their disagreement over the alleged attempt to secure a third presidential term.

He said he opposed the plan because it threatened Nigeria’s constitutional democracy and refused to sacrifice democratic principles for Obasanjo’s personal ambition.

The ADC leader recalled that he successfully challenged actions taken against him by the Obasanjo administration through a series of court cases.

“Rather than surrender democratic principles on the altar of personal ambition, I defended the Constitution and successfully asserted my rights through the courts in a series of landmark legal victories against a sitting President,” he said.

Atiku described those legal battles as an important part of Nigeria’s democratic history, insisting that Obasanjo had not overcome the bitterness created by their confrontation.

He said he would not allow himself to be dragged into a prolonged dispute over past political battles while Nigerians faced worsening economic hardship, hunger, unemployment and insecurity.

Atiku said his attention remained on presenting credible alternatives, protecting democracy, demanding accountability and working with patriotic Nigerians to restore competent and transparent leadership.

“Nigerians deserve solutions to today’s problems, not recycled political tales from yesterday,” he declared.

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UK PM Burnham Unveils 10-Year Plan, Begins Cabinet Overhaul

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The new British Prime Minister, Andy Burnham, on Monday, unveiled a 10-year plan to tackle the country’s economic and social challenges as he began reshaping his government, with Chancellor Rachel Reeves among senior ministers leaving the Cabinet.

In his first speech outside 10 Downing Street, Burnham said his government would introduce measures to ease the cost-of-living crisis, end rough sleeping, build more council homes and devolve more powers away from Westminster.

“This moment will be a circuit breaker for Britain,” Burnham said, adding that details of the government’s cost-of-living package and how it would be funded would be announced from Tuesday.

According to the BBC, Reeves announced on X that she was stepping down as Chancellor of the Exchequer, describing it as “the privilege of my life” to have served in the role. The broadcaster reported that Burnham had offered her another senior cabinet position, but she declined.

The cabinet reshuffle also saw Foreign Secretary, David Lammy, Housing Secretary, Steve Reed and Business Secretary, Peter Kyle leave government as Burnham assembled his own team.

Speaking to reporters after his Downing Street address, Burnham said he would examine the tax-free personal allowance ahead of his first Budget in the autumn but acknowledged that raising the threshold would have significant fiscal implications.

He also pledged to reform England’s social care system, saying he did not want to leave office without fixing a problem that had persisted for decades, while reaffirming his commitment to existing fiscal rules.

The BBC also reported that Burnham held his first conversation with a foreign leader after taking office, speaking with U.S. President Donald Trump.

The resignation of the outgoing Prime Minister Keir Starmer saying he was leaving office “with good grace” and “a smile.”

Burnham is expected to continue announcing appointments to his new Cabinet as his administration takes shape, according to the BBC.

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Finance Minister Oyedele Defends Nigeria’s Rising Debt

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified the sharp increase in Nigeria’s public debt.

Speaking before the Senate Committee on Finance on the state of the nation’s economy on Monday, Oyedele attributed the increase to naira depreciation and accounting adjustments rather than fresh borrowing by the Bola Tinubu administration.

Oyedele was responding to questions from the senator representing Kebbi Central, Adamu Aliero, over claims that the current administration had borrowed about N80 trillion in addition to the N75 trillion public debt it inherited.

According to the minister, comparing the country’s debt stock at the start of the administration with the current figure without accounting for exchange rate movements created a misleading impression.

“When this administration came into office, public debt was around N75 trillion. Many people simply compare that figure with today’s debt stock and conclude that this government has borrowed massively.

“However, it is important to note that, following the reforms and the depreciation of the naira, the foreign currency component of our public debt had to be revalued because Nigeria reports its debt in Naira. That accounting adjustment alone added more than N40 trillion to the public debt figure,” he said.

He added that the securitisation of the Ways and Means advances inherited from the previous administration also contributed significantly to the increase in the debt stock.

The minister further said that much of the government’s domestic borrowing was used to refinance existing debt rather than accumulate new obligations.

According to him, the Tinubu administration had adopted a prudent borrowing strategy focused on infrastructure and long-term economic growth.

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