Business
BUDGET 2016: Buhari sacks Director of Budget
The embarrassing errors in the 2016 Budget appeared to have claimed a first casualty on Monday as President Muhammadu Buhari sacked the Director-General (Budget), Mr. Yahaya Gusau.
The President also approved the appointment of Mr. Tijjani Abdullahi to replace Gusau, who was appointed in August last year.
These were contained in a statement by the President’s Special Adviser on Media and Publicity, Mr. Femi Adesina, on Monday.
Although no reason was given for the development, observers believed that Gasau was fired because of the various discrepancies that had been identified in the 2016 budget proposals currently before the National Assembly.
A top government source, who confided in The PUNCH,said although Gusasu could not be blamed for the errors and padding of the budget, the buck stopped at his table as the director-general.
The source stated, “His removal has to do with errors and discrepancies in the budget. I can assure you that more heads will roll.”
The Presidency sources had, on February 6, alleged that a budget mafia planned to scuttle innovations introduced by the current administration into the budget by inflating figures.
The mafia was alleged to have proposed a budget of N9.7tn for capital and overhead spending, excluding personnel cost, as against the Presidency’s initial estimate of about N8tn.
The group was said to have proposed N3tn as overheads alone out of the N9.7tn, a figure the Presidency later slashed to N163bn.
The ministry of budget and national planning had also promised to investigate and punish those responsible for the errors and strange figures found in the budget, which was presented to the National Assembly by Buhari in December, 2015.
The errors had delayed the passage of the budget with the federal legislature saying the February 25 deadline it set for its approval was no more feasible.
The Senate Leader, Ali Ndume, had said, “We have not postponed it indefinitely; we are saying that with the current developments, the February 25 deadline we gave ourselves may not be realistic.”
According to Adesina, Abdullahi, who succeeded Gusau, is a fellow of the Certified National Accountants of Nigeria and a banker of repute with experience in managing public finance.
In a similar development, Adesina said the President had approved the appointment of Mr. Ben Akabueze as the Special Adviser on Planning to the Minister of Budget and National Planning.
Akabueze, the immediate past Commissioner for Economic Planning and Budget in Lagos State, is said to have worked in senior management positions in Citi Bank, Fidelity Bank, United Bank for Africa, NAL Merchant Bank, Sterling Bank and BIA Consulting Limited, among others.
He is a Fellow of the Chartered Institute of Bankers and also a Fellow, Institute of Credit Administrators.
Meanwhile, the Centre for Social Justice on Monday said the 2016 budget contained N668.8bn expenditure that was “frivolous, inappropriate, unclear and wasteful”.
The centre stated this in Abuja while unveiling a report that analysed the 2016 budget.
Speaking on the report, the Lead Director, CSJ, Mr. Eze Onyekpere, said the fiscal document should be reviewed in order to remove all the expenditure that would not impact positively on the lives of the people.
He said it had become a tradition among Ministries, Departments and Agencies of government to make allowance for unnecessary expenditure in the budget.
Some of them are purchase of vehicles, welfare packages, software, computers, uniforms and clothing, refreshment and meals and subscription to professional bodies.
Others, the CSJ listed, are maintenance of office building/residential quarters, budget preparation, rents and absence of price database.
Giving a breakdown of some of the expenses that made up the unclear expenditure, Onyekpere said for the State House, for instance, the sum of N3.91bn was allocated to annual reporting maintenance of Villa facilities while N618.6m was budgeted for installation of electrical fittings.
Other expenses that the group considered as wasteful are N272m for upgrade of mechanical power line, N322.4m for linking of cable to drivers’ restroom at the Villa and N213.8m for linking of cable from the Guest House to generator house.
He added, “Despite the provision for the maintenance of Villa facilities, this huge sum is being considered for the same location.
“The Villa Guest House and facilities have already taken so much. These seem to be a play on words around electricity for the sum of N1.83bn.
“These cannot be priorities for Nigeria in these lean times. This is incredible and should be reduced by 70 per cent.”
On the huge amount budgeted for vehicles, the group urged the National Assembly to demand an inventory of all existing vehicles in the MDAs before considering such requests.
The report said, “Purchase of (motor) vehicles is a common request across many MDAs. How do we determine genuine from frivolous requests?
“Should NASS demand an inventory of existing vehicles? There is a need for justification before every approval. The demand for vehicles is even specifically tied to some foreign brands.
“This is wrong under the Public Procurement Act as only the functional specification of a product should be in the budget.”
The group believed that rather than spending these funds for the procurement of these items, they should be re-channelled to other productive sectors of the economy.
The report added, “A total of N668.88bn has been identified as resources to be saved and re-programmed. We hope the National Assembly will do the needful and reprogramme these resources for the public good.”
A source in the Presidency who claimed that the mafia was responsible for the controversial provisions in the eventual N6.07tn budget sent to the National Assembly by the Presidency, added, “These bureaucrats also proposed to spend N2.1tn on personnel for the 2016 estimate compared to about N1.8tn in the 2015 budget.’’
Following the revelation, the Federal Government, it was learnt, would soon commence an investigation to determine the roles played by permanent secretaries, directors and budget officers in MDAs in the padding of the budget.
The PUNCH gathered from top government officials that the probe, which is expected to commence any time from now, would also be extended to assistant directors, deputy directors and other top-level officers in agencies of government.
It was learnt that the investigation, to be carried out by the Ministry of Budget and National Planning. would assist in unravelling the mystery surrounding the padding of the budget.
Business
PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status
To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.
UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.
In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.
Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.
We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.
Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.
Thank you.
Business
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour
Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”
Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.
The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.
This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.
Speaking on the collaboration, the Laffmattazz team stated:
“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”
As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.
With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.
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About Laffmattazz
Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.
About First Bank of Nigeria Limited
First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.
Business
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria
Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.
Now, FirstBank is making homeownership more attractive.
FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.
The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.
You are one quick decision away from being a landlord.
If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.
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