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Okonjo-Iweala spent $2.1bn without approval, says FG
Written by Wale Ewedemi
The National Economic Council, chaired by Vice-President Yemi Osinbajo, on Monday accused a former Minister of Finance and Coordinating Minister of the Economy under ex-President Goodluck Jonathan, Dr. Ngozi Okonjo-Iweala, of spending $2.1bn from the Excess Crude Account without authorisation.
“We looked at the numbers for the Excess Crude Account. The last time the former Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala, reported to the council, and it is in the minutes, she reported by November 2014 that we had $4.1 bn.
“Today, the Accountant-General Office reported we have $2.0bn. Which means the honourable minister spent $2.1bn without authority of the NEC and that money was not distributed to states, it was not paid to the three tiers of government,” Edo State Governor Adams Oshiomhole told State House correspondents after the NEC’s 58th meeting in Abuja.
The ‘unauthorised’ spending, according to the economic council, is among the several anomalies discovered in the management of the nation’s economy between 2012 and May 2015.
Within the period, the Nigerian National Petroleum Corporation was said to have earned a total of N8.1 tn but remitted only N4.3tn.
Consequently, the Federal Government has constituted Oshiomhole, Kaduna State Governor, Nasir el-Rufai; Akwa Ibom State Governor, Udom Emmanuel; and Gombe State Governor, Ibrahim Dankwambo, into a panel to probe the NNPC and the ECA between 2012 and May, 2015.
Oshiomhole, el-Rufai, Emmanuel and the Zamfara State Governor, Abdulazeez Yari, jointly briefed journalists at the end of the meeting.
Yari told the journalists, through the Director of Funds, Office of the Accountant-General of the Federation, Mr. M.K. Dikwa, that council members received the report of the ECA and unremitted funds by the NNPC.
He said, “On that line, a four-man committee consisting of the governors of Edo, Gombe, Kaduna and Akwa Ibom states was constituted to go through the books of the NNPC and Excess Crude as well as the Federation Account.
”The four-man committee will check the books of the NNPC, most especially the issue of excess crude and what is not remitted into the Federation Account.
“The Federal Government, in conjunction with the Central Bank of Nigeria, will look inwards to see how to support and how much they will give to states, especially on the issue of outstanding salaries owed by the states and even the Federal Government.”
Shedding new light on what transpired at the NEC meeting, Oshiomhole said the NNPC and the Office of the Accountant-General of the Federation were compelled for the first time to provide information on the total sales of Nigeria’s crude from 2012 to May 2015.
The Edo governor said, “We are talking about transparency; we are talking about change. And what we saw from those numbers, which I believe that Nigerians are entitled to know, is that whereas the NNPC claimed to have earned N8.1tn, what NNPC paid into the Federation Account from 2012 to May 2015 was N4.3tn.
“What it means is that the NNPC withheld and spent N3.8 tn.
“The major revelation here is that the entire federation, that is the Federal Government, the states and all the 774 local governments, the amount the NNPC paid into the Federation Account for distribution to these three tiers of government came to N4.3 tn and the NNPC alone took and spent N3.8tn.
“This means that the cost of running the NNPC is much more than the cost of running the Federal Government. That tells you how much is missing, what is mismanaged and what is stolen. There are huge figures.”
Oshiomhole said the only lawful way decreed by the Constitution was that if the NNPC needed to spend money, it needed to prepare its budget like every other business enterprise, get it scrutinised by the executive and then forward same to the National Assembly for appropriation.
He added, “If the Federal Government cannot spend without appropriation, why should any agency spend without appropriation.
“This is what the Constitution provided for and this is what President Muhammadu Buhari has promised to do; henceforth all money must go to the Federation Account.
“If you were doing that, you would not have a situation where the NNPC alone will spend N3.8trn and remit to the federal, states and local governments N4.3trn, which means NNPC is taking about 47 per cent and that explains all the leakages you are talking about.”
El-Rufai recalled that he was part of the decision to put in place the ECA during the tenure of former President Olusegun Obasanjo between 2004 and 2005 as an administrative arrangement to save for a rainy day.
He said the account was set up in order to be accountable such that every state and local government would know what they had in the account though they could not spend it.
He said, “The Excess Crude Account is 52 per cent owned by the Federal Government and 48 per cent owned by the states and the local governments.
“So the decision of the NEC is to set up this committee of four to look at the operations of the Excess Crude Account and make recommendations to council on its future.
“The other thing the committee will do is to look at the operations of the Federation Account, particularly the shortfall and again come back to council with very clear recommendations as to what to do.
“We have not been given a time frame but as you can imagine state governments are under pressure, many of our state governments are unable to pay salaries on time without recourse to borrowing, so this is very important to us.
“This is an all-governors’ committee; we wear the shoes and we know where they pinch. So we are going to do this as quickly as possible.
“The next meeting of the council is on July 23; we hope to complete our work and be in a position to report to council on that day. So within the next one month, we will be done by God’s grace.”
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Benue, Kwara Killings: Primate Ayodele Warned But They Never Listened
When Nigerians started celebrating after the United States launched an attack against terrorists in Nigeria on December 25, 2025, Primate Ayodele stood out when he said the nation shouldn’t celebrate yet because there would be reprisal attacks.
Many quickly lashed out at him, calling him all sort of names like prophet of doom, fake prophet, bet9ja prophet, to mention but a few. However, the prophet stood his ground and continued to warn President Bola Ahmed Tinubu and his team that terrorists are planning to attack some Nigerian states.
His words after the US-led attack were:
“Nigerians shouldn’t celebrate yet, and President Tinubu shouldn’t celebrate either, because the powerlessness of his government is getting exposed, and America can come up with anything against him. This won’t stop kidnapping or insecurity in Nigeria.
“The government of Nigeria must work on it because the US cannot do it without the Nigerian government.
“Another bombing is coming up, and these bandits are ready for the consequences. They are also ready to counter-attack heavily; the government must get prepared for the outcome.”
Many didn’t know that Primate Ayodele isn’t a prophet that just speaks for attention sake, he speaks as directed by the most high God and that’s why he is always fearless in his approaches. Despite the fact that even the presidency celebrated it, he called their attention to some plans of terrorists across the country.
It’s been barely two months after the attack of the United States, and the country is back to more folds of insecurity across the country. Bandits have launched full-fledged attacks on the nation, killing several innocent souls without getting checked or arrested.
If only security operatives listens to Primate Ayodele’s warning, he vividly mentioned some of the states that bandits or terrorist would be visiting. He shared them in a prophet at least twice, including in video recordings but we wonder what these security operatives do with sensitive messages like this.
In one of the prophetic moment, he mentioned about eight states that will be attacked by terrorists if care isn’t taken.
“These states, Nasarawa, Abuja, Ondo, Kaduna, Sokoto, Benue, Katsina, Yobe, should be paid close attention to. They should deploy more soldiers to these states.”
Just yesterday in Benue, In Benue State, 17 people, including a Mobile Police officer, were killed when gunmen attacked the Abande market in Mbaikyor Ward, Turan district of Kwande Local Government Area. Gunmen opened fire on traders and residents, killing many on the spot. Police spokesperson in Benue State, Udeme Edet confirmed the attack.
In Katsina, In Katsina State, at least 20 residents were killed when bandits stormed Doma community in Tafoki Ward, Faskari Local Government Area.
Witnesses said the attackers moved unhindered, shooting villagers and setting houses and vehicles ablaze before fleeing. Faskari Local Government Chairman Surajo Aliyu confirmed the incident, describing it as a deadly reprisal and the worst in recent months.
In Kwara too, Primate Ayodele had said earlier before now, just after the Eruku incident, that he still sees attacks in the state.
In fulfilment of this, bandits killed at least 10 villagers in Woro and Nuku communities in Kaiama Local Government Area. The attackers, reportedly operating from the Borgu National Park forest in neighboring Niger State, invaded the communities around 6.00 pm, firing sporadically and setting houses ablaze.
Sincerely, all of these could have been avoided by they failed to listen.
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Former Pension Reform Task Team Chairman, Dr. Abdulrasheed Maina, Hospitalised After Sudden Collapse in Abuja
Former Chairman of the Pension Reform Task Team (PRTT), Dr. Abdulrasheed Maina, on Tuesday evening slumped while attempting to access his office premises in Abuja and was immediately rushed to a private hospital for urgent medical care.
The incident occurred after complications arising from an untreated knee injury reportedly caused him to lose balance and fall on a staircase, resulting in a head impact that required immediate medical attention from personnel at the scene.
Confirming the development in an official statement, Emmanuel Umahi Ekwe, Esq., Media Assistant to Dr. Abdulrasheed Maina, speaking on behalf of his family, said the former pension reform chief was promptly stabilised and transferred to a private medical facility in the Federal Capital Territory, where he is currently under close supervision by a team of doctors.
According to the statement, preliminary medical evaluations indicate that Dr. Maina remains under observation, while specialists have advised that arrangements for a possible air ambulance evacuation may be considered should his condition require advanced or specialised treatment.
The situation has drawn concern from associates, professional colleagues, and well-wishers across the country, given Dr. Maina’s prominent role in Nigeria’s public sector and pension reform initiatives.
His family has appealed to the public for prayers, understanding, and respect for privacy during this critical period, assuring that further updates will be communicated as developments unfold.
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President Tinubu in Turkey: Guard of Honor and Strategic Agreements Signal New Era in Bilateral Relations
By Prince Adeyemi Shonibare
President Bola Ahmed Tinubu, GCFR, was accorded a full guard of honor during his official state visit to Turkey, a ceremonial reception reserved for world leaders and a strong signal of the respect Nigeria commands on the global stage.
The ceremony, held at the Turkish Presidential Complex in Ankara, featured military pageantry, national anthems, and formal protocol before high-level bilateral talks commenced.
The Presidency confirmed that President Tinubu briefly stumbled due to a camera cable while proceeding to the presidential lodge but stood up immediately and continued his engagements without interruption, stressing that the incident had no impact on the visit or his health.
More importantly, the visit delivered substantive diplomatic and economic outcomes. During talks with Turkish President Recep Tayyip Erdoğan on January 27, 2026, Nigeria and Turkey signed nine cooperation agreements and memoranda of understanding, covering military cooperation, higher education, diaspora policy, media and communication, halal accreditation, diplomatic training, and the establishment of a Joint Economic and Trade Committee (JETCO).
At a joint press conference, President Tinubu emphasized the need to deepen cooperation in security, trade, and economic development, while President Erdoğan reaffirmed Turkey’s support for Nigeria’s fight against terrorism and commitment to strengthening strategic ties.
With Turkey’s strengths in defense technology, intelligence, education, and industrial capacity, the agreements open new opportunities for technology transfer, security collaboration, trade expansion, and human capital development.
In essence, the Turkey visit stands as a diplomatic success, defined not by a fleeting moment, but by honor, respect, and concrete agreements that advance Nigeria’s security, economy, and international standing.
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