Tag: Federal House of Representatives

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HoR Uncover 32.152bn Revenue Leakage, Issue 96hrs Ultimatum To NUPRG CEO To Appear Before Public Accounts Committee

The House of Representatives has issued a 96-hour ultimatum to the Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, over allegations concerning revenue leakages totaling N32,151,775,466.87 accrued to the coffers of the Commission on behalf of the Federal Government between 2015 and 2022.

Speaking during the investigative hearing on Thursday, Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, expressed grave concerns regarding reported revenue leakages and non-compliance with standard operating procedures.

During the review of the documents submitted to the Committee, the lawmakers alleged that the sum of N909,392,169.74 had been transferred directly to private accounts held with Deposit Money Banks without adhering to TSA protocols.

The investigation also highlighted significant discrepancies, including N15,476,269,397.10 in transactions listed in Remita that were absent from the NUPRC data set, as well as the sum of N6,332,212,384.25 in transactions from the NUPRC data set that did not appear in Remita.

Additionally, there were notable value discrepancies in transactions between Remita and NUPRC, with N388,103,353.31 reported lower and N909,392,169.74 reported higher in Remita.

In light of these findings, the committee unanimously ordered Engr. Gbenga Komolafe, the Chief Executive Officer of NUPRC, along with other officials, to appear before them on Monday, October 28, 2024, to explain the alleged infractions.

Some lawmakers who spoke during the session underscored the need to ensure effective financial management and transparency within the NUPRC and called for a thorough investigation into these alarming irregularities.

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Reps Probes Dangote, Lafarge Over Rising Cement Prices

The Joint Committee of the House of Representatives investigating arbitrary rise of cement price in the country has asked major producers in the industry to tender documents on cost production to justify the price of cement in the market.

The committee resolved to visit production plants of the companies after going though their books to ascertain the cost of production with a view to determine a fair price of cement for all Nigerians.

The Chairman of the joint committee, Rep. Jonathan Gaza (APC-Nasarawa) made the demand on Friday at a public hearing while quizzing Dangote Cement Company and Lafarge Africa PLC in Abuja.

He said that the committee is interested in the cost of production from 2020 to date that justified the current price of cement which is over N10,000 in most parts of the country.

He said that the companies should give its average daily consumption of coal, gas, gypsum, limestone, clay, laterite and the average daily production of cement from 2020 to date.

Gaza said that the companies should provide details of all imported components for the production of cement and their prices from 2020 to date.

The lawmaker said that the companies should also provide details of local components for the production of cement and their prices in naira and dollars, if any, in the period under review.

He said that the companies should provide a summary of the monthly prices and quantity of cement produced from 2019 to date as well as their audited accounts of the company, bills of laden and duties paid to customs within the period under review.

Gaza also said that the companies should provide details of tax waivers and other incentives enjoyed plus gas and explosives contract details.

Rep. Dabo Ismail (APC-Bauchi state), a member of the committee, said that Dangote Cement Company had continued to make increasing profits in the country despite being able to source most of its raw materials locally.

He said that in 2022, the company declared a profit of N524 billion, N553 billion in 2023 and had so far made N166.4 billion in 2024.

The lawmaker said that there is no reason why the price of cement would keep rising in the market to the detriment of Nigerians while producers are smiling to he banks.

Earlier, the Group Managing Director (GMD) of Dangote Cement Company, Mr Arvind Pathack, had said that 95 per cent of production cost are either imported or linked to forex.

He explained that there had been,between 100 to 333 per cent increase in the price of major cement input materials like gas, AGO, gypsum, imported coal, spare parts, new trucks, tyres, petrol among others.

Pathack said that the company is made to pay in dollars, some of its contracts to access gas and explosives, saying that the provision made by the Central Bank of Nigeria (CBN) was not enough to meet demand, so they engage in international sales also source from the parallel market.

According to him, logistics issues such as deplorable state of key roads, create several issues including longer time to deliver, increase in truck maintenance and delivery cost.

The GMD explained that lack of sufficient forex to settle trade obligations had resulted to huge forex losses to a tune of N150 billion per annum, while paying 30 per cent interest rate on loans.

He said between May 2023 and June 2024, there has been over 220 per cent devaluation of the Naira among many other challenges like insecurity and public power supply.

Pathack said that the cost of building materials like reinforcement, granite and aluminum window had increased by 177 per cent to 283 per cent while cement had increase by 166 per cent between 2023 and 2024.

He said that cement was being sold at an average cost of 7,200, saying that any price over N10,000 was the handwork of retailers which the company had no control over.

According to him, when converted to dollars a bag of cement is sold at $7.8 dollars in Benin, $6.6 in Togo, $7.8 in Ghana, $4.4 in India while that of Nigeria is $4.43, making it one of the cheapest in Africa.

The committee admonished the companies to look into their policies and operations with a view to reduce the price of cement in the country.

In an interview with newsmen, the chairman of the committee expressed hope that the engagement would lead to a reduction in the price of cement.

He blamed the high price of the commodity on the inaction of Federal Competition Consumer Protection Commission (FCCPC).

Gaza said that as an agency responsible for the protection of consumers, they failed to protect Nigerians against middlemen who sold the commodity for as high as N14,000 after purchasing it for N6,000 at the factory.

“We are extremely hopeful that this engagement will lead to a reduction in the price of cement.

“FCCPC has slept on their functions so far, their inactivity and non-responsiveness to price is what has put Nigeria where we are today,” he said.

 

(NAN)

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Reps Increase Student Loan With Budget For Presidential Yacht

The Chairman of the House Appropriations Committee, Abubakar Bichi, disclosed this in an interview with journalists on Thursday. He said the budgetary allocation for student loans was also increased from five billion to N10 billion.

He said the committee also increased the budgetary allocation of Ministry of Defence from N 476 billion to N546 billion.

Bichi also disclosed that the minimum wage for workers was considered and approved for onward transmission to the executive. He promised proper legislative oversight to ensure 100 per cent implementation.

In the supplementary budget sent to the National Assembly by the President, the Federal Government had allocated N5 billion to purchase a presidential yacht.

The proposed sum was under the capital expenditure of the Nigerian Navy’s budget.

According to the breakdown, the Navy will require N62.8 billion for its operations, with recurrent expenditure and capital expenditure gulping N20.4 billion and N42.3 billion, respectively.

But Bichi said the five billion naira for the presidential yacht has been yanked off from the budget.

He said: “Actually We have submitted our reports to the House and after careful consideration, the House has approved our submissions and the breakdown is as follows:

“As you know, the budget is about N2.1 trillion and the Ministry of Defence has about N456bn but currently the Ministry of Defence has the largest share because we know how important our security is. As you are aware, we had interactions with them yesterday. Currently, we have increased their budget from N456 billion to N546,209,099,671 billion.

“For Police formation and command, we gave them N50bn while the FCT has about N100bn. You know FCT is very important to us, so we want to make sure that FCT can compete with any state in the world. That is why we gave them N100bn.

“On the Office of National Security, their initial budget was N27bn but currently we have increased it to N50bn. For the state house, their initial budget was N28bn and we maintained that.

“On Ministry of Agriculture and Food Security, you know how important that ministry is. We maintained their initial figure of N200bn as well. For the Ministry of Housing, you know we have a serious housing deficit in the country and Mr President’s agenda, he wants to build as much as he can, so we have approved N100bn for housing.

“Service-wide votes initially was N615 but currently we reduced to N515bn.

 

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10th Assembly: APC Candidate Abbas Emerges House of Representative Speaker

Tajudeen Abbas, the preferred candidate of the ruling All Progressives Congress, APC, has emerged as the Speaker of the House of Representatives.

Abbas, who polled 353 votes, emerged as Speaker after a roll call of members-elect, 359 out of 360 members that participated in the process of the inauguration of the 10th National Assembly.

A significant majority of the members-elect “openly declared” their votes for Abbas.

There were three contestants in the race, with the winner expected to defeat the others by a simple majority.

Abbas, after crossing the winning margin in the election, defeated his opponents: outgoing Deputy Speaker, Ahmed Wase, and Sani Jaji, who polled three votes, respectively.

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Kalu Says His Emergence As Deputy Speaker Will Encourage South East Youths

Benjamin kalu of the All Progressive Congress (APC) and the spokesperson of the House of Representatives, says his emergence as the Deputy Speaker of the 10th National Assembly will make South-East youth believe in the Nigerian project.

Kalu said this in a statement which was made available to newsmen on Wednesday in Abuja.

He was on May 8 announced as the consensus deputy speaker of the 10th national assembly by the National Working Committee of ruling All Progressives Congress (APC).

Kalu said the youths on the street of the South East who were agitating would see a fellow youth piloting the affairs of the nation in this capacity.

According to him, “they will see us display excellence and that will encourage them to believe more in Nigeria which is what the younger south easterners are looking for.

“I can assure you that we are bringing South-East to the centre. We are going to use it and bring our brothers who are agitating to the centre so our administration will be based on inclusiveness.”

He said contrary to insinuation, the coming 10th assembly would not be a rubber stamp, adding that the principle of separation of powers would be respected.

He said that the legislative arm of government would not be confrontational as some would want but partner to ensure the dividends of democracy are delivered across the country.

Kalu, however, promised to revisit the gender bill in the 10th assembly.

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Reps Directs CBN To Increase Withdrawal Limits, Reveal Amount Of New Notes Given To Commercial Banks Weekly

The House of Representatives has directed the Central Bank of Nigeria Governor, Godwin Emefiele, to henceforth submit a weekly report on the apex bank’s release of the new naira notes to commercial banks across the country.

The House while giving the directive on Tuesday when the CBN governor appeared before its ad-hoc committee on the currency redesign and naira swap policy, said that the purpose is to enable the lawmakers to verify claims by the CEOs of the banks that the apex bank had not been releasing enough cash to them.

The lawmakers also directed the CBN to restore over-the-counter transactions by the banks and increase the Automated Teller Machine (ATM) cash withdrawal limits in order to fast-track the circulation of the new naira notes.

The House further directed Emefiele to ensure that the new naira notes are available across the country forthwith.

SpyGist earlier reported that the House and the CBN agreed that there would no longer be a time limit to the validity of the old naira notes after the expiration of the February 10 deadline set by the apex bank.

The House said that with the agreement, it means that the face value of the old N1,000, N500 and N200 notes will continue to be redeemable in compliance with Section 20 (3) of the CBN Establishment Act, adding that in that case, commercial banks will continue to mop up the old naira notes after they cease to be legal tender on February 10 without a time limit.

“The ad-hoc committee of the House looking into the cashless policy and the naira swap timeframe will continue to monitor the operations of the CBN in this regard to ensure compliance with the decisions of the House.”

Emefiele, after failing to appear before the House of Representatives’ Alhassan Ado-Doguwa-led committee on two previous occasions, appeared before the lawmakers on Tuesday to brief the members of the House on the cashless policy and currency swap timeframe.

The House, which was presided over by the Speaker, Femi Gbajabiamila, had waded into the naira redesign matter when it became imperative that the new naira notes were not available in sufficient quantity as the earlier January 31 deadline set by the CBN to withdraw them drew close.

Following Emefiele’s failure to appear before the lawmakers, the Speaker had threatened to issue a warrant of arrest on the apex bank governor.

However, following his appearance before the house on Tuesday, the lawmakers and the apex bank agreed that the face value of the old naira notes would continue to be redeemed beyond the new deadline of February 10 when they would have ceased to be legal tender.

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Reps Rejects 10-Day Extension Of Deadline For Old Naira Notes

Hours after the governor of Central Bank of Nigeria, CBN, Godwin Emefiele, announced the approval of President Muhammadu Buhari for the extension of naira swap deadline by 10 days, the House of Representatives has rejected the decision.

The CBN governor had on Sunday said Mr Buhari gave permission for the deadline to be extended to February 10.

But in a swift reaction, the chairman of the adhoc committee mandated to interface with the CBN bank and commercial banks on the naira chaos, Alhassan Doguwa, rejected the extension, insisting that the CBN must comply with Sections 20 sub 3, 4, and 5  of the CBN Act.

The House, during its sitting on Tuesday, following the outcry by Nigerians, constituted the ad hoc committee to look into the issue.

Mr Doguwa, in a statement he personally signed on Sunday, said that “The 10-day extension for the exchange of the old naira notes is not the solution: We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with Section 20 sub 3, 4, and 5 of the CBN Act, and nothing more.

“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN governor to appear before the adhoc committee.”

He said under his chairmanship, the committee would continue its work until it gets the demands of Nigerians addressed in accordance with the laws of the land.

Describing the extension as a mere political gimmick to further deceive Nigerians and worsen their economic and social welbeing, Mr Doguwa said the CBN governor must appear before the house or stand the risk of being arrested on the strength of legislative writs signed by the Speaker on Monday.

He also said the policy is capable of frustrating the forthcoming general elections.

“Security agencies and their operations especially at the states level are generally funded through cash advances and direct table payments of allowances to operatives during elections,” he added.

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House of Representatives Orders Suspension Of New Cash Withdrawal Policy, Summon CBN Governor

The House of Representatives has asked the Central Bank of Nigeria (CBN) to immediately suspend the planned implementation of its new policy on revised cash withdrawal limits for individuals and corporate organizations.

The members of the lower house who appear unhappy, also summoned the CBN Governor, Godwin Emefiele, to appear before it on Thursday over the new policy which is expected to take effect on January 9, 2023, and a series of other policies churned out lately.

This is coming barely 24 hours after the senate in a related development, expressed concerns about the policy, with the Senate President, Ahmed Lawan, cautioning the apex bank not to jump into the policy at once as many Nigerians will be affected.

He also asked the committee on banking to discuss the matter with the 2 Deputy Governors of the CBN during their screening holding before next week.

The resolution by the house was passed during a plenary session on Thursday following the adoption of a motion of urgent public importance moved by Aliyu Magaji, a lawmaker from Jigawa.

Small businesses, poor rural dwellers will be negatively impacted

Magaji and the majority of the lawmakers kicked against the policy saying that it was too harsh and sudden for Nigerians, especially the poor majority residing in the rural areas.

Magaji, who led the debate on the motion, said small businesses are drivers of Nigeria’s economy and most small business owners transact their businesses, trade and transactions in physical cash and are in most cases, not inclined to the use of electronic banking system as most of them are either illiterate, half-educated or not learned at all.

He said, “These set of Nigerians who are the drivers of Nigeria’s economy will be seriously negatively affected and their business and source of livelihood may be seriously impaired with these new directives of CBN.

“The new policies rolled out by CBN will hurt the already dwindling economy, and further weakens the value of Nigeria as Nigerians may resolve to use dollars and other currencies as a means of trading and thus further de valued Naira and weakens the economy.”

In his contribution to the motion, Aminu Suleman from Kano said the CBN issued the directive without taking into consideration of Nigerians in remote and rural areas.

He said lawmakers in the national assembly may be voted out by their constituents if they do not intervene and demand that the CBN suspend the policy.

He said, “This could be an exit board for many of us if we allow this radical decision to succeed and there my voice must be heard on this.

“There are several government chief executives in this country that have outlived the essence of their positions because I cannot simply understand how we can wake up one day and introduce this draconian approach to businesses, giving Nigerians one month to adjust their belts.

“I think that beyond rhetoric we should search our books and impose necessary legislation to ensure we arrest the situation, we have more powers and we can look into the powers of the CBN and remove the excess powers for us that we can act on behalf of Nigerians.”

However, Ndudi Elumelu, minority leader, vehemently opposed the motion, describing the policy as the best step taken so far to tackle banditry, kidnapping and other crimes that involved the payment of ransoms in cash.

He said, “On the issues of cashless policy, I think that is the best thing that can happen to this country even though the timing might be difficult, we may ask for an extension of time for it to be well implemented.

“If there is a cashless policy and people use their phones to transfer money, some of such things will not happen and that is the truth.”

Remember you that on December 6, 2022, the CBN in a new circular placed limits on over-the-counter cash withdrawals, Automated Teller Machine (ATM) withdrawals, and point of sale (PoS) withdrawals.

Central bank in a memo directed all banks and other financial institutions to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500, 000, respectively, per week.

The apex bank also directed that only N200 and lower denominations should be loaded into banks’ ATMs.

After the policy takes effect, all cash withdrawals above the stated limits will attract processing fees of 5% and 10%, respectively.

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PDP Primaries: See House of Representatives’ Candidates in Oyo State

The People’s Democratic Party, PDP in Oyo state has completed its House of Representatives primary elections, insideoyo.com reports.

While some federal constituencies held their election on Sunday, others held theirs on Monday.

In Ibadan North Federal Constituency, 13 aspirants obtained expression of interest form and nomination form, Mr Lanre Sarumi defeated Hon Dada Awoleye, a two term Reps’ member and others to clinch the ticket.

In Lagelu Akinyele Federal Constituency, Abideen Adeaga defeated Mr Kunle Yusuf, former Senior Special Assistant to the Governor.

However, some aspirants have vowed to challenge the result of the elections in court citing irregularities and use of force.

See the list below:

1. Ibadan North Federal Constituency – Lanre Sarumi

2. Oluyole Federal Constituency – Majeed Mogbojunbola

3. Akinyele Lagelu Federal Constituency – Abideen Adeaga

4. Irepo, Oorelope, Olorunsogo Federal Constituency – Hussaini Yusuf Ijabah

5. Saki East, Saki West, Atisbo Federal Constituency – Dr Lukman Adisa Salami

6. Ibadan South East, North East – Hon Abass Adigun Agboworin

7. Iseyin, Itesiwaju, Kajola, Iwajowa federal constituency – Oyejide Oyesina

8. Ibadan North West, Southwest Federal Constituency – Hon Stanley Olajide Odidi Omo

9. Ogbomoso North, South, Oriire Federal Constituency – Olufemi Onireti

10. Ido, Ibarapa East federal constituency – Hon Yemi Taiwo

11. Egbada, Ona Ara Federal Constituency – Hon Busari Olayemi

12. Ibarapa North, Ibarapa Central Federal Constituency – Dr Adepoju Anthony

13. Ogo Oluwa, Surulere Federal Constituency – Ojo Sunday Makanjuola

14. Oyo East, Oyo West, Atiba Federal Constituency – Hon Kamil Akinlabi

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Lawmakers Approve N4 Trillion For Petrol Subsidy

The House of Representatives has approved the sum of N4 trillion for subsidy on Premium Motor Spirit(PMS).

The approval came following President Muhammadu Buhari’s requeat for revision of the 2021 fiscal framework.

Forwarding the Medium Term Expenditure Framework, the President asked the lawmakers to approve an additional N3.557 trillion in addition to the N442.72 billion provided in the 2022 budget for subsidy.

A reduction in crude oil production quota from 1.8million barrel per day to 1.6 million barrel per day and a 73 dollar oil price benchmark was also approved by the house.

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N7.4trn Budget Deficit To Be Financed From New Borrowings – Buhari Tells Lawmakers

President Muhammadu Buhari has said that the increase in the 2022 budget deficit will be financed through borrowing from the domestic market.

President Buhari made this known in a letter written to the House of Representatives and was read by the speaker of the house, Femi Gbajabiamila, on thursday.

According to the letter, the president requested for the review of the 2022 Medium-Term Expenditure Framework (MTEF) upon which the budget was hinged.

The letter read in part, “As you are aware Mr. Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.

“The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion representing 3.99 percent of the GDP.

“The increment of deficit will be financed by new borrowings from the domestic market.

“Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request,” he said.

The letter was thereafter referred to the House Committee on Finance for further legislative action.

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Legislators Commence Probe on Aregbesola Over ‘Misappropriated’ N165b Prison Funds

The House of Representatives has commenced a probe of the Minister of Interior, Rauf Aregbesola.

The Speaker, Femi Gbajabiamila, made this known on Wednesday.

Gbajabiamila is a staunch loyalist of Bola Ahmed Tinubu, a National Leader of the All Progressives Congress, APC, who has declared his intention to run for presidency in 2023.

This development is coming few days after Aregbesola publicly blasted Tinubu for turning himself into a god.

Gbajabiamila presided over the plenary on Wednesday, where members resolved that the interior minister and prisons chief, Haliru Nababa be probed.

They are being accused of misappropriating about N165billion funds earmarked for prisons development across the country.

The House resolution came as a result of a motion of urgent public importance moved by Ndudi Elumelu, who is the Minority Leader of the House.

“The House is disturbed that despite this Act and increase in budgetary allocations to the Nigerian Correctional Service to drive its renewed mandate, the tempo and quality of the service have remained the same if not retrogressing,” Elumelu said.

“The House is worried that the working conditions of staff and inmates’ welfare have deteriorated notwithstanding, the over N165 billion budget allocations to the service in the last two years.”

With this, the lawmakers resolved to have its committee on Reformatory Institutions investigate the allegations and report to the House within 12 weeks, for further legislative action.

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‘A leader that focus on Human Capital Development’, Okanlawon celebrates Akinremi Jagaban on his birthday

The initiator of Olusegun Okanlawon Foundation (OOF), Engr Olusegun Okanlawon has felicitated with Hon Akinremi Jagaban, member representing Ibadan North Federal Constituency on the ocassion of his birthday.

Founder of OOF described Prince Akinremi Jagaban as a person whose major focus is human capital development, ensuring financial independence and individual sustainability of his people especially the young.

In a statement made available to SpyGist Media, Okanlawon described the Parliamentarian as a leader per excellence who considers the wishes of his people as necessity.

IMG-20210701-WA0059 'A leader that focus on Human Capital Development', Okanlawon celebrates Akinremi Jagaban on his birthday

In his birthday message, he said, “birthdays are nothing but milestones of what we have achieved in life. Our future is full of many more milestones, each marking a bigger achievement. Prince Jagaban, God made you unique. I pray that the joy that you have spread in the past come back to you on this day”.

“On this occasion of your birthday, I pray that God Almighty strengthens you, blesses you with good health coupled with more wisdom to serve a good leader, and grants you everlasting fulfilment”.

IMG-20210922-WA0004-1024x1024 'A leader that focus on Human Capital Development', Okanlawon celebrates Akinremi Jagaban on his birthday

“Happy birthday, Prince Akínrẹ̀mí Jagaban, Member House of Representatives, Ìbàdàn North Federal Constituency”, Okanlawon added

Prince Akinremi Olaide Jagaban is a Nigerian politician at the House of Representatives. He is currently serving as the Federal Representative representing Ibadan North Federal Constituency in the 9th National Assembly.