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Economy

Government officials spend $3.95 billion on estacodes in 2019—-CBN

Governor of Central Bank of Nigeria, Godwin Emefiele

 

—- as CBN uses N538.59m to destroy dirty naira notes worth N698.59bn in 2020
 Eyewitness reporter

The Federal government spent a whopping sum of $3.95 billion as estacodes and Personal Travel Allowances to ministries, departments as well as to fund Bureaux De Change operations in 2019.

The CBN, in the 2020 annual report of its Currency Operations Department released on Thursday, said the forex procured for the payment of estacodes and PTA to the MDAs as well as the funding of BDC operations dropped to $2.12bn last year.

“The receipt and authentication of foreign currency deposits by Deposit Money Banks reduced significantly due to the downturn in global trade in 2020,” it said.

The apex bank said it recorded a significant reduction in the volume and cost of forex procurement last year.

It said, “A total of $1,830.00m was procured over the course of 2020. This value represents a decrease of $2,120.00m or 53.67 percent relative to the $3,950.00m procured in 2019.

“This was used to fund Bureaux De Change operations, payment of estacode and Personal Travel Allowances to Ministries, Departments, and Agencies.”

The CBN said it used N538.59m to destroy unfit naira notes worth N698.59bn last year.

The report said, “The bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes

” In furtherance of this objective, it deployed 11 banknote destruction systems and three currency disintegrating systems for currency disposal activities in the period under review.

“At end-December 2020, a total of 1,514.66 million pieces (151,427 boxes) valued at N698.59bn was disposed, compared with 1,572.17 million pieces (157,217 boxes) valued at N814.44bn in 2019.

“The boxes and value of unfit notes disposed of in 2020 decreased by 5,790 boxes and N1.12bn, respectively, below 157,217 boxes, valued at N814.44bn in 2019.

“The decrease was attributed to the suspension of disposal activities due to COVID-19 restrictions.”

“The sum of N538.59m was incurred on currency disposal activities in 2020, compared with N647.82m in 2019. This was N109.23m or 16.86 percent lower than the cost in 2019,” it added.

The report said a total of 79,993 pieces of mutilated banknotes of various denominations valued at N52.82m was audited, disposed and replaced in 2020, compared with 865,775 pieces valued at N45.99m.

The CBN said to maintain the integrity of the banknotes in circulation, it sustained efforts at combating counterfeiting activities in 2020, in collaboration with security agencies.

It said a total of 67,265 pieces of counterfeit notes with a nominal value of N56.83m was recorded in 2020, compared to 84,934 pieces valued at N64.71m in 2019.

It said the N1,000 and N500 denominations constituted the bulk of counterfeited banknotes, accounting for 69.06 percent and 30.79 percent, respectively, of the total counterfeit notes.

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Economy

News Alert! Tinubu sacks Wale Edun as Finance Minister in cabinet reshuffle, appoints Taiwo Oyedele as replacement 

Funso OLOJO, Editor 
President Bola Ahmed Tinubu has carried out a major reshuffle exercise in his cabinet in which he dropped the Minister of Finance and the Coordinating Minster, Mr Wale Edun.
Taiwo Oyedele, who was recently appointed as the Minister of State for the Ministry, has now replaced the sacked Edun.
Also removed in the reshuffle exercise was the Minister of Housing and Urban Development, Ahmed Dangiwa.
A statement on Tuesday, April 21st, 2026,by the Special Adviser, Media and Publicity to the Secretary to the Government of the Federation, Yomi Odunuga, said the development was contained in a memo signed by the
Secretary to the Government of the Federation, George Akume.According to the memo, Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.
Also appointed was Dr. Muttaqha Darma as Minister-designate for Housing and Urban Development.

The memo directed the outgoing ministers to complete handover processes to their respective successors or supervising officials.It stated that all handing over and taking over activities must be concluded on or before the close of business on Thursday, 23rd April, 2026.

Explaining the decision, Akume said the changes were aimed at improving coordination and strengthening delivery across key sectors of the economy under the Renewed Hope Agenda.

“These changes are aimed at strengthening cohesion, synergy in governance as well as achieving more impactful delivery on the economy to Nigerians, through the Renewed Hope Agenda,” Akume stated.

He added that President Tinubu acted in line with his constitutional powers as provided under Sections 147 and 148 of the 1999 Constitution (as amended).

The SGF also conveyed the President’s appreciation to the outgoing ministers for their service to the nation and wished them well in their future endeavours, noting that the process of cabinet reinvigoration would remain continuous.

The statement further noted that Taiwo Oyedele was appointed as Minister of State for Finance in March 2026, while Edun was among the ministers appointed on August 16, 2023.

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Economy

Tinubu assents to 2026 Appropriation bill , extends 2025 budget implementation 

Funso OLOJO, Editor
President Bola Ahmed Tinubu has assented to the 2026 Appropriation Bill, which provides for an aggregate expenditure of ₦68.32 trillion.
He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.
The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.
It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.
According to the statement signed by Bayo Onanuga, the Special Adviser to the President on information and Strategy, with capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.
The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.
Additionally, the President has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.
The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.
It will enable Ministries, Departments, and Agencies (MDAs) to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.
With the 2026 Appropriation Act coming into force on April 1, the Federal Government will commence full implementation in line with the Renewed Hope Agenda.
President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.
He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.
The President reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.
He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.
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Economy

NNPC attributes increased crude oil production to enhanced security surveillance of pipelines in Niger- Delta

Funso OLOJO, Editor

The Nigerian National Petroleum Company Limited (NNPC) has confirmed that national crude oil production has grown from a historic low of 960,000 barrels per day in 2022 to an average of 1.71 million barrels per day and a peak production of 1.84 million barrels per day in 2025, owing to the establishment of the integrated energy security for pipelines in the Niger Delta.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure at the Parliamentary Roundtable on the State of Pipelines Security which held at the National Assembly, in Abuja, on Wednesday, April 8th, 2026.

Speaking on the success of the security arrangement, Ojulari explained that it was not accidental, and that it involved an “integrated energy security model that combines legislative and executive policy alignment, actionable intelligence, kinetic deployment capabilities, regulatory oversight, industry cooperation, and community‑embedded surveillance mechanisms”.

He said the resurgence of production due to the effective tackling of the twin menace of oil theft and pervasive pipeline sabotage has led to the restoration of investors’ confidence in the nation’s oil and gas sector.

In his welcome address, the President of the Senate, Sen. Godswill Akpabio, represented by Senator Jimoh Ibrahim, called for collaboration among agencies and stakeholders in resolving all challenges impeding production growth.

On his part, the Speaker of the House of Representatives, who was represented by the Leader of the House, Hon. (Prof.) Julius Ihonvbere, urged the forum to evaluate the progress made so far with a view to ensuring fairness and equity.

The Parliamentary Roundtable on the State of Pipelines Security was convened by the Joint Senate and House of Representatives Committee on Petroleum Resources.

It had in attendance the Senate President, Speaker of the House of Representatives, National Security Adviser, Minister of Defence, and representatives of oil industry regulatory agencies.

The Roundtable also featured presentations by the Chief of Defence Staff, Inspector General of Police, Director General of the Department of State Services, Commandant General of the Nigerian Security and Civil Defense Corps, and private security companies.

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