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Economy

AuGF Indicts NPA, Customs, 14 other MDAs over unremitted funds to consolidated accounts.

Eyewitness reporter

The Office of the Auditor-General of the Federation has indicted the Nigeria Port Authority (NPA), Nigeria Customs Service and 14 other Ministries, Departments and Agencies of Government (MDAs) over their failure to remit accrued revenue into the Federation accounts.

According to his 2019 audited report titled ‘OAuGF Annual Report on Non-Compliance/Internal Control Weakness Issues in Ministries, Departments and Agencies (MDAs) submitted to the National Assembly, the AuGf,   Mr Adolphus Aghughu , declared that the NPA, Nigeria Customs and other 24 Government agencies and parastatals committed these financial infractions in their 2019 financial transactions.
The NPA, in the report, was indicted over its failure to recover and remit N40.126 billion, $921.636 and £289,931.82 to the government’s treasury from various revenue sources in the 2019 financial fiscal year.
These were contained in 13 audit queries for the NPA signed by the Auditor-General and submitted to the National Assembly for further legislative action.

The report disclosed that an agreement signed between NPA and various terminal operators stated that, “a fixed annual payment of a sum as specified in the schedule be paid in 12 equal installments in each operating year.

 “The first installment to be paid on the first day of the month after the effective date and then, on the same date of every month thereafter.”
The report also stated that the terminal operators failed to comply with the lease agreements in terms of their obligations relating to the payment of fixed fees over the period, thereby holding back $852,093,730.77 and N1,878,560,509.57 that should have been remitted to the NPA for the period.

It stated further that estate tenants, shipping companies and service boats operating from the ports were hugely indebted to the NPA to the tune of $67.425 million and N32.266 billion outstanding as rent, shipping due and service boats.

The audit report further noted that sizeable percentages of the debts were non-performing or dormant due to a long period of non-settlement, leading to loss of revenue to the government and possible diversion of government revenue to unauthorised users.

The Audit report also queried the irregular payment for rehabilitation of Port Harcourt port road network and water distribution system to the tune of N1.847 billion, irregular payment for the restoration of power supply to Tin Can Island Port.

It frowned at the irregularity in the award of contract for the construction of delivery and commissioning of MDPE channel marking buoys in foreign currency, irregular payment for the supply for fire alarms communication and office equipment for Lagos port complex and irregular payment for the supply of fire alarms communication and office equipment for Ikorodu lighter terminal.

On Customs, the AuGF slammed the service for its failure to remit N125 billion into the Federation accounts.

But the NCS is not the only defaulting government establishment. There are about 14 others found culpable of similar allegations.

They are Anambra-Imo River Basin Development Authority (RBDA), Owerri; the Nigerian Institute for Oil Palm Research (NIFOR); Veterinary Council of Nigeria (VCN): Kwali Area Council; Lagos State University (LASU); National Orthopaedic Hospital, Enugu; three Federal Medical Centres (FMC) and Federal Neuropsychiatric Hospital.

Others are Council for Legal Studies and the National Industrial Court.

While the NCS allegedly failed to pay N125 billion Internally Generated Revenues (IGR) into the government coffers, the remaining 14 government establishments defaulted with N1.28 billion (N1,284,427,345.04).

The OAuGF also identified 12 MDAs, including the Nigerian Civil Aviation Authority (NCAA), which failed to remit value-added tax (VAT), the With-holding Tax (WHT), among others, to the treasury.

The unremitted taxes were pegged at N5.83billion (N5,828,621,715.06), and NACA reportedly has the highest unpaid sum, which is N2.98billion (N2,984,887,250.00).

“Federal College of Freshwater Fisheries Technology, New Bussa has the least amount of N1m.”

The offence is said to have breached paragraphs 234 (I) and 235 of the Financial Regulations Act respectively.

“It is mandatory for accounting officers to ensure full compliance with the dual roles of making provision for the VAT and WHT due on supply services contract and actual remittance,” Section 234 stated.

“Deduction of VAT, WHT and PAYE shall be remitted to the Federal Inland Revenue Service, at the same time, the payee who is the subject of the deduction is paid…”

Meanwhile, in a letter addressed to the Clerk of the National Assembly on September 15, 2021, Aghughu submitted two copies of the findings to the NASS for action.

With reference number AuGF/AR.2019/02, the Auditor-General said his action to the lawmakers was in line with Sections 85 (2), (4) and (5) of the constitution.

The lawmakers are, thus, expected to act on the federation’s annual report and the consolidated financial statements to prevent leakages in government spending.

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Economy

Oyebamiji, ex- NIWA boss, promises economic boom for Osun residents as he targets Dagbolu Dry Port, Free Trade Zone  to boost investment, jobs,SMEs

Members of maritime journalists coalition in a group photograph with Asiwaju Bola Oyebamiji

Funso Olojo Editor

The All Progressives Congress (APC) governorship candidate for Osun State, Asiwaju Munirudeen Bola Oyebamiji, has pledged to revive key economic assets, including the Dagbolu Dry Port, Osun Free Trade Zone, Ido-Osun Airport, Osun-Osogbo Grove and Oba Hills National Park, as part of a comprehensive strategy to reposition the state as a leading investment, industrial and tourism destination.

Oyebamiji, a former Managing Director of the National Inland Waterways Authority (NIWA), made the pledge on Saturday, August 1st, 2026 while receiving members of the Coalition of Maritime Journalists of Nigeria during a courtesy visit to his campaign office in Osogbo.

The visit was facilitated by the Waterfront Boat Owners and Transporters Association of Nigeria (WABOTAN) in recognition of Oyebamiji’s contributions to the development of Nigeria’s inland waterways sector during his tenure at NIWA.

Addressing the journalists, the APC standard-bearer in the August 15th governorship election in Osun state,unveiled his Osun Prosperity Agenda, themed “A Pact for Growth, Inclusion and Lasting Development,” describing it as a practical blueprint for accelerating economic transformation, promoting inclusive governance and delivering sustainable development across the state.

He said unlocking the economic potential of strategic assets such as the Dagbolu Dry Port, Osun Free Trade Zone, Osun-Osogbo Grove, Oba Hills National Park and the Ido-Osun Airport would stimulate commerce, expand tourism, attract domestic and foreign investments, strengthen entrepreneurship and create sustainable employment opportunities for the people of Osun.

According to him, reviving the Dagbolu Dry Port and the Osun Free Trade Zone would improve trade facilitation, enhance logistics services and position Osun as a competitive industrial and export hub within Nigeria.

“We will resuscitate strategic economic assets that have the capacity to transform Osun’s economy, stimulate private sector investment and create wealth for our people,” Oyebamiji said.

On poverty reduction and workers’ welfare, the APC candidate promised targeted social intervention programmes for vulnerable citizens while ensuring prompt payment of salaries, improved working conditions and the restoration of dignity within the public service.

He also pledged to tackle unemployment through public works programmes, enterprise support initiatives and strategic investments capable of generating sustainable jobs, particularly for young people.

To attract more investments, Oyebamiji said his administration would strengthen the Osun State Investment Promotion Agency, develop industrial parks with modern infrastructure, improve the ease of doing business and position Osun among Nigeria’s most attractive investment destinations.

He further assured micro, small and medium enterprises (MSMEs) of improved access to microcredit, grants and business development services, while expanding entrepreneurship and empowerment programmes for youths and women.

On education and healthcare, Oyebamiji promised to modernise educational infrastructure, recruit and train teachers, strengthen technical and vocational education, expand apprenticeship programmes and upgrade healthcare facilities across the state.

He added that strategic partnerships would be leveraged to advance universal health coverage and improve access to quality healthcare for all residents.

Reaffirming his commitment, Oyebamiji said the Prosperity Agenda represents a covenant with the people of Osun to deliver economic growth, social inclusion and lasting development through prudent leadership, strategic investments and private sector-driven development.

Speaking earlier, President of WABOTAN, Comrade Tope Fajemirokun, described Oyebamiji as a tested and result-oriented administrator whose achievements at NIWA demonstrated his capacity for effective governance.

Fajemirokun expressed confidence that, under Oyebamiji’s leadership, Osun State could emerge as a major player in Nigeria’s marine and blue economy by harnessing its tourism assets, including the Osun-Osogbo Grove and Erin-Ijesha Waterfalls, to drive maritime tourism, investment and economic growth.

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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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