AFOLABI
FG’s International Debt Servicing Gulps $3.5bn In Nine Months — CBN
The Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.
Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.
The trend in international debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.
Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.
March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.
The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.
July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.
Giving rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.
On Monday, Channels Television reported a rise in debts of the 36 states of the federation.
The total debts of the 36 states in Nigeria rose to N11.47tn as of June 30, 2024, despite allocations by the Federal Accounts Allocation Committee (FAAC), and their respective internally generated revenues (IGR).
An analysis of data from the public debt reports released by the Debt Management Office (DMO) said the rise was 14.57 per cent higher than the N10.01tn recorded in December 2023.
External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.
In naira terms, the debts increased by 73.46 per cent, from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.
However, domestic debt for states and the FCT declined from N5.86tn to N4.27tn.
In total, states and the FCT accounted for Nigeria’s public debt of N134.3tn in June 2024, a decrease from their 10.29 per cent share in December 2023, even as their nominal debt levels increased.
Channels Television had earlier reported that the sub-national governments continued to grapple with a persistent reliance on borrowing to finance their budgets in 2023, as the total debt stock of the 36 states surged by 38.1%, from N7.25tn in 2022 to N10.01tn.
According to BudgIT’s 2024 State of States report released on Tuesday, the debt growth was partly driven by a N606.12bn increase in domestic debt, resulting in an average year-on-year growth rate of 11.4%. By 31st December 2023.
The total domestic debt stood at N5.86tn.
The situation was further complicated by rising foreign debt, which increased by 4.1%, from $4.43bn in 2022 to $4.61bn in 2023.
According to the report, the liberalisation of the exchange rate exacerbated the financial strain on states, significantly raising their foreign loan repayment obligations in naira terms.
Lagos State remained the most indebted in foreign currency, accounting for 26.9% of the total foreign debt, equivalent to $1.24bn.
The DMO’s report comes after BudgIT’s report said that the 32 states of the federation relied on FAAC for at least 55 per cent of their total revenue in 2023.
According to the 2024 report released last week, the development paints the over-reliance of state governments on federally distributable revenue and accentuates the vulnerability of the state governments to crude oil-induced shocks and other external shocks.
The report further said that 14 states relied on FAAC receipts for at least 70 per cent of their total revenue. Furthermore, transfers to states from the federation account comprised at least 62 per cent of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80 per cent of their recurrent revenue.
In the 2023 fiscal year, the combined revenue of all 36 states in Nigeria increased significantly by 31.2 per cent from N6.6tn in 2022 to N8.66tn.
This growth rate exceeded the previous year’s increase of 28.95 per cent, indicating a notable improvement in fiscal performance.
Of the total revenue generated in 2023, Lagos State contributed N1.24tn, representing 14.32 per cent of the cumulative revenue of the 36 States.
Gross FAAC, which grew by 33.19 per cent from N4.05tn in 2022 to N5.4tn in 2023, contributed to 65 per cent of the year-on-year growth of the combined revenue of the 36 states.
“32 states relied on FAAC receipts for at least 55 per cent of their total revenue, while 14 states relied on FAAC receipts for at least 70 per cent of their total revenue.
“Furthermore, transfers to states from the federation account comprised at least 62 per cent of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80 per cent of their recurrent revenue.
“The picture painted above buttresses the over-reliance of the state governments on federally distributable revenue and accentuates their vulnerability to crude oil-induced shocks and other external shocks.”
The report provides a detailed analysis of states’ fiscal sustainability, examining how well they balance internally generated revenue against federal allocations.
Inflation: Households Express Pessimism, Expect Further Rise In Cost Of Living - Says CBN
Households have expressed pessimism over the rising costs of living in the country, and have projected that costs of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience an increase over the next six months.
According to the newly released ‘Households Expectation Survey’ by the Central Bank of Nigeria, consumers said they will spend their incomes only on basic items such as food and other household items, education, transportation, electricity and medical expenses.
The CBN’s overall Consumer Confidence Index and outlook is attributed to the outlook of consumers on three key dimensions: Economic Conditions, Family Financial Situation, and Family Income.
CBN said, “More consumers believe that the cost of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience increase over the next six months in the following order.
“Households anticipate spending their income on basic expenditure items like Food & Other household items, Education, Transportation, Electricity and Medical Expenses across all time periods reviewed.
“However, they do not intend to spend a substantial portion of their income on items like purchase of House, Car/vehicle for the period under review.”
The survey also indicated that households do not intend to spend their earnings on the purchase of motor vehicles and buildings & landed properties within the months under review.
“The Buying Condition Index1 for big-ticket items like Consumer Durables, Motor Vehicles and Buildings & Landed Properties, indicated that most respondents consider the current month unfavourable for purchasing these items. Consumers also do not think that the next three and six months are ideal periods to buy these items.”
The CBN’s survey rides on the back of a similar report by AFP, that the country’s economic crisis and soaring petrol prices have forced many Nigerians to public transportation over the use of their cars.
A case study was made of Bolaji Emmanuel who gave up his driver and his Honda Pilot utility vehicle due to spiking living costs.
The price of petrol has risen more than fivefold since President Bola Tinubu took office in May 2023.
“I parked it at my son’s house. I use public transport now,” Emmanuel, a 72-year-old retired health worker, told AFP. “It is not convenient, but it is what the economy demands.”
Since coming to power, Tinubu has ended a costly fuel subsidy and freed up the naira currency, in reforms that government officials and analysts say will revive the economy and attract investors.
But in the short term, Nigeria has seen one of its worst crises in decades with inflation at a three-decade high.
A litre of petrol sold for around 195 naira just before Tinubu took office. The price rose to at least 998 naira ($0.61) per litre in Lagos and 1,030 naira in the capital, Abuja, at the beginning of October. It can go for as much as 1,300 naira elsewhere.
Inflation reached an almost three-decade high of 34.19 per cent in June. It has since slowed to 32.7 per cent in September and October.
The slump in purchasing power is piling more hardship on locals, with more than 40 per cent of the population living in poverty, according to the World Bank. That figure is expected to rise in 2024 and 2025, before it stabilises in 2026.
Car dealers in Lagos and Abuja told AFP that they had seen more and more people trading their fuel-guzzling cars and sports utility vehicles (SUVs) for more efficient vehicles to cut costs.
“People are actually selling their big cars these days,” Maji Abubakar, a car dealer in Abuja, told AFP. “The problem is that even if you put them on the market, there isn’t much demand for them.”
“It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
The market for new cars has dropped by 10 to 14 per cent in the last year, according Kunle Jaiyesinmi, deputy director at the Lagos-based CFAO Group, which specialises in automobile distribution.
“An SUV that sold for 40 to 45 million naira ($24,000 to $27,000) about two years ago, for now, if you want to negotiate the price, you see that it is within the range of 95 or 100 million ($57,000 to $60,000),” Jaiyesinmi told AFP.
EFCC Never Established Any Fraudulent Case Against Me – Okowa
We’ve Serviced N63bn Of Debts Incurred By Ganduje – Kano Government
The Kano State Debt Management Office has said that it serviced N63.5 billion in both foreign and domestic debts incurred during the administration of the immediate past governor, Abdullahi Umar Ganduje.
Dr. Hamisu Sadi Ali, Director General of the Kano State Debt Management Office, made this disclosure while addressing the media on the state’s debt profile.
Dr. Ali noted that the current administration, under Governor Abba Kabir Yusuf, has not incurred any new debt since coming into office on May 29, 2023.
"Since the inception of Alhaji Abba Kabir Yusuf’s NNPP administration from 29th May 2023 to date, no single penny was signed, contracted or received by the Kano State Government within or outside the country as a loan,” he affirmed.
In an effort to reduce Kano’s debt burden, the current government has paid N3.49 billion in external debt and N60 billion in domestic debt, totalling N63.5 billion for the first and second quarters of 2024. With these payments, the state’s total outstanding debt has been reduced to N127.8 billion.
Dr. Ali highlighted that the Kano State Public Debt Management Law 2021 mandates that the Debt Management Office manages all borrowing on behalf of the state government. He added that former Governor Ganduje’s administration had signed multiple international and domestic loan agreements, including a 64 million euro agreement with the French Development Agency in July 2018 for the Third National Urban Water Sector Reform Project.
The debt portfolio includes projects funded by foreign loans, such as the Multi-state Road Project, Malaria Control Booster Project, and the Third National Fadama Project. Dr. Ali clarified that, historically, Kano State had not borrowed from any domestic lenders, including commercial banks, until Ganduje’s administration, which obtained six different loans from various banks, such as a N10 billion Infrastructure Loan from Access Bank and a N20 billion Salary Bail-out from Fidelity Bank.
With this substantial debt repayment, the current administration aims to reduce Kano’s financial burden and improve the state’s economic outlook.
President Tinubu Returns To Nigeria After Arab-Islamic Summit In Riyadh
President Bola Tinubu has returned to the country after his participation in the Riyadh Joint Arab-Islamic Summit on the Middle East.
Recall that during Tinubu’s participation in the summit, President Tinubu called for an end to Israeli aggression in Gaza, warning that the conflict in Palestine has persisted for far too long, inflicting immeasurable suffering.
Addressing the extraordinary Arab-Islamic Summit, convened to address the current situation in the Middle East, President Tinubu expressed deep concern on the humanitarian conditions in Gaza.
The one-day summit was a follow-up to the Riyadh summit last year, and was attended by Heads of State and Government of the Organization of Islamic Cooperation (OIC) and the League of Arab States.
Oshiomhole Secretly Met IBB Babangida, Obasanjo to Increase Fuel Price – Sowore
IPMAN Announces Possible Reduction In Petrol Prices (See Proposed Price)
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a planned reduction of ₦50 per litre in the price of Premium Motor Spirit (Petrol) for consumers.
This development follows a new agreement between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview with Channels Television on Tuesday.
Maigandi, while speaking on Channels TV, disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members, a move expected to bring down petrol prices across the country.
Okpebholo takes over in Edo, Oshiomhole’s son makes cabinet
Edo State Governor, Monday Okpebholo and the Deputy Governor, Dennis Idahosa, were sworn in on Tuesday in Benin City.
Following his victory in the state governorship election held on September 21, 2024, Okpebholo officially took over from former Governor Godwin Obaseki.
Amid heavy crowd and security presence, Okpebholo, accompanied by his two daughters, took the oath of office and allegiance at 1:00 pm administered by the state Chief Judge, Justice Daniel Okungbowa.
Earlier, Idahosa, accompanied by his wife, mounted the podium to take the oath as the deputy governor of the state.
The governor later went ahead to inspect the guard of honour as well as a parade by the officers and men of the Nigeria Police.
Supporters of the party at the stadium cheered all through the oath-taking exercise meant to usher in the new administration in the state.
Speaking after his swearing-in, Okpebholo unveiled a five-point agenda for the development of the state.
In his inaugural speech, he pledged to prioritise security, infrastructure, healthcare, food sufficiency, and education.
The governor declared war on criminals, saying the era of incessant kidnapping and other violent crimes was over.
“Our citizens are a top priority for us. To achieve this, we shall implement programmes carefully outlined in my five-point agenda, designed to grow robust economic growth and improve the lives of our people.
“We will not betray this confidence you have reposed in me and the Deputy Governor, Rt. Honourable Dennis Idahosa,” Okpebholo said.
Bemoaning incessant cases of kidnapping and other crimes, the governor said his administration would be firm in dealing with criminals and improve the security of the state.
“For a long time now, our people have become victims of kidnapping and other violent crimes.
“To end this ugly situation, we will be firm in dealing with criminals and improve the security of our land, so that farming and other business activities will flourish again.
“The deplorable condition of our roads has made it difficult for people to move from one part of the state to another.
“Our policy to develop road infrastructure is targeted at constructing roads, drainages, and bridges to ease transportation for all.
“We shall immediately commence work to make the roads passable again.
“We are also ready to partner with the Federal Government, the private sector, non-governmental organisations, those in the diaspora, and other stakeholders, to develop our state across all sectors,” he said.
The governor promised that the new administration would support small businesses and market women with soft loans.
“Our teeming youthful population will not be left out. We shall support them in acquiring relevant skills for self-empowerment.
“My administration shall immediately swing into action to recruit teachers and rebuild the deplorable classrooms.
“Tertiary education will be strengthened in many ways, too, to ensure quality education,” Okpebholo added.
He added, “Fellow citizens, my administration is ready to link communities that have not yet been connected to the national grid to ensure that they have electricity.
“Our traditional institution shall be given the necessary support to play their role as custodians of our rich cultural heritage.
“It is in recognition of this that my administration shall support the decision of the Federal Government to uphold the Oba of Benin as the exclusive owner of the returned artefacts, which were looted by British colonial forces during the Benin Massacre of 1897,” he said.
He promised to work closely with other arms of government to strengthen democracy and good governance in the state.
The governor also announced a panel of inquiry into the remote cause of the failure to inaugurate 14 members-elect of the House of Assembly in 2019.
Okpebholo names new appointees
The governor appointed Dr Cyril Adams Oshiomhole, son of the former governor of the state, Adams Oshiomhole, as the Commissioner for Health-designate.
In a press statement by his Chief Press Secretary, Fred Itua, on Tuesday, the governor also appointed Musa Ikhilor as the Secretary to State Government and a former member of the House of Representatives, Samson Osagie, as the Attorney General and Commissioner for Justice-designate.
Cyril’s academic journey began at St. Anne’s Primary School, followed by Command Secondary School.
He later pursued higher education at Ahmadu Bello University, Zaria, where he earned his Bachelor’s degree in Medicine and Surgery.
He enrolled at Tulane University School of Public Health and Tropical Medicine, New Orleans, LA, where he obtained a Master of Science in Public Health, majoring in Environmental Health, Toxicology, and Disaster Management.
His academic pursuits continued at Harvard University, Boston, where he underwent postgraduate training in Clinical Research and at Queen Mary University, London, where he studied Gastroenterology.
Ikhilor was born on the 6th of August 1980 at the University of Benin Teaching Hospital, Benin City, Edo State.
He attended Ahmadu Bello University, Zaria, where he obtained an LL.B in 2008 (Second class Upper Division). In 2009, he obtained a B.L. (Second Class Upper Division) at the Nigerian Law School and was enrolled as a Barrister and Solicitor of the Supreme Court of the Federal Republic of Nigeria.
In 2017, Ikhilor proceeded to acquire his Masters degree in Telecommunications Law (LL.M) from Ahmadu Bello University, Zaria.
He has over 11 years of experience in legislative drafting, parliamentary administration, lawmaking procedures and processes, constitutional drafting and amendment, and general legislative governance issues working in various capacities at the National Assembly.
In 2019, he was appointed a Consultant to the House of Representatives on the review of the 1999 Constitution of the Federal Republic of Nigeria, where he had been closely analysing and reviewing matters on gender equity, human rights, strengthening institutions of government and creating efficient and transparent processes and systems to deliver good governance.
Also in 2019, he was appointed as Senior Special Assistant and later Special Adviser to the Deputy Speaker of the House of Representatives who also doubled as the first Deputy Speaker of the ECOWAS Parliament.
In May 2022, he was assigned to act as the Chief of Staff to the Deputy Speaker of the House of Representatives when the substantive Chief of Staff resigned to contest in the 2023 parliamentary elections.
In June 2022, Ikhilor was appointed by the Supreme Court of the Federal Republic of Nigeria as a Notary Public.
He is active in business, corporate legal practice and social works where he serves as the Managing Partner of Springfield Legal Consult and as the Executive Director and Board of Trustees member of Amana Legacy Foundation.
“In addition to these roles, he also provides consultancy services to several private and public sector entities. He is married and union blessed with children,” the statement read.
Itua said Osagie, the nominee for Attorney-General, is a private legal practitioner, having been called to the Nigerian Bar on March 22, 1995.
He is also the current Vice President of the African Bar Association (West Africa).
Born on November 11, 1967, Osagie hails from the Uhunmwode Local Government Area of Edo State.
He was a two-term member of the Edo State House of Assembly and also the House of Representatives where he rose to the position of the Minority Whip.
He has been involved in intensive legal practice across Nigeria and the African continent.
He holds a first degree in Law from the prestigious Obafemi Awolowo University, Ile-Ife, a qualifying Certificate for Law practice from the Nigerian Law School, and triple Master’s degrees in Law, Public Administration and International Relations.
He also bagged a Doctorate in Political Economy and Development Studies.
He has been a legal adviser, solicitor, and consultant to many corporate organisations and development partners.
Tinubu congratulates Okpebholo
President Bola Tinubu on Tuesday extended his heartfelt congratulations to Okpebholo on his inauguration as the Edo State governor.
Tinubu conveyed his felicitations through a statement signed by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.
The statement is titled “President Tinubu congratulates Senator Okpebholo on Edo governorship inauguration.”
In his message, the President urged Okpebholo to diligently work to enhance the living standards of the people of Edo State and make a significant impact during his tenure.
Reflecting on the transition, the President noted that after eight years under Obaseki’s administration, Edo State was rejoining the ranks of the All Progressives Congress.
“He emphasised the importance of Governor Okpebholo justifying the confidence placed in him and the APC while fostering true democracy and effective governance in the state.
“The President encouraged Okpebholo to empower the legislature and other vital government institutions throughout his administration, underscoring that a robust and independent legislature is essential for achieving democratic good governance,” the statement read.
Expressing concerns, Tinubu lamented the previous administration’s attempts to undermine the legislative branch, which hindered its effectiveness for much of its tenure.
Additionally, Tinubu commended the Independent National Electoral Commission for the successful conduct of the Edo State governorship election and encouraged the commission to strive for even greater excellence in the upcoming Ondo State governorship election, scheduled for November 16, 2024.
The President celebrated this milestone as a new chapter in Edo State’s democratic journey and rejoiced with the people of Edo for this momentous occasion.
As Okpebholo and Idahosa were sworn in, Tinubu assured Nigerians that the nation’s most challenging economic period was now behind them.
In his address, Tinubu, who was represented by Vice President Kashim Shettima, celebrated what he termed “democracy in its truest form,” stressing the significance of the popular will in shaping Nigeria’s political landscape.
Shettima leads delegation
Vice President Shettima led the Federal Government delegation to grace the inauguration.
Shettima was joined by governors across the country, who were elected on the platform of the APC.
The governors included AbdulRahman AbdulRazaq of Kwara, Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodimma of Imo, Bassey Otu of Cross River, and Ahmad Aliyu of Sokoto, among others.
The National Chairman of the APC, Dr Umar Ganduje and his predecessor, Adams Oshiomhole, were also part of the ceremony, at the Samuel Ogbemudia Stadium, Benin.
Other dignitaries included the Deputy President of the Senate, Barau Jibrin; Deputy Speaker of the House of Representatives, Benjamin Kalu, among many others.
Parliament calls for youth inclusion
The Edo State Youth Parliament has urged Okpebholo to include youths in his government.
They promised to support the new administration in building a prosperous and inclusive future for the people of the state.
The Chairman of the State Youth Parliament, Fawaz Muhammad, at the inauguration ceremony on Tuesday, congratulated the governor and his deputy, expressing confidence that this would be the beginning of a new era of impactful leadership in the state.
He also expressed the parliament’s readiness to support the new administration in achieving its set objectives for the people of the state.
He said, “The Edo State Youth Parliament is calling on the new governor, Senator Monday Okpebholo, to include youths in his government, as they are ready to support the new administration in building a prosperous and inclusive future for the people of the state.
“We congratulate the governor and his deputy, Dennis Idahosa. We are confident that this will be the beginning of a new era of impactful leadership in the state.
“We believe that under your leadership, Edo State will experience significant advancements in youth development, education, economic empowerment, and community welfare.
“We are confident that this administration will bring hope, opportunity, and progress to every young person in Edo State.
“In this spirit, we humbly encourage your administration to prioritise youth inclusivity within the cabinet and in policies that impact our state.
“By engaging the perspectives and energy of Edo youths, this administration has the unique opportunity of fostering a more innovative, united, and dynamic state.”
Obaseki in Lagos, aide says
An aide to Obaseki has denied claims in some media outlets that the former governor has fled the country.
The aide, who craved anonymity, told The PUNCH that Obaseki was in Lagos on Sunday, where he was hosted by friends and business associates.
He also stated that the governor, in a broadcast on Monday night, spoke to the Edo people, thanking them for the support they gave him while he was in the saddle.
He noted that the former governor was passionate about Edo and he would always be a regular feature in the state.
He said, “There is no truth that the former governor has fled the country. There is no need for him to do that. His friends hosted him in Lagos on Sunday and he spoke to the Edo people in a broadcast on Monday.
“It is mischievous to say that Obaseki has run away from the country. He will remain in Nigeria and still support the Edo people.”
From Al-Qaeda Links To Niger Coup – All You Need To Know About Lakurawa Terrorists Group
The Nigerian military has identified Lakurawa as a relatively new terror group infiltrating Sokoto and Kebbi states via the Niger Republic after the recent coup in Nigeria’s neighboring country.
However, investigations by Premium Times reveal that Lakurawa, an al-Qaeda-linked organization, has been active since before last year’s Niger coup.
Last week Thursday, the Nigerian Defence Headquarters acknowledged Lakurawa as a fresh threat worsening insecurity in the North-west.
“Troops are confronted with a new terrorist sect in the North-west,” said Edward Buba, a military spokesperson, at a press briefing. “This sect is known as Lukawaras, the Lukawaras are affiliated to terrorists in the Sahel, particularly from Mali and Niger Republic.”
Buba, a major general, also claimed that Lakurawa emerged from Mali and Niger following the breakdown of military cooperation between Niger and Nigeria after last year’s coup.
Following the military’s recent classification of Lakurawa as a new threat, multiple narratives have emerged on social media about the group. While some link them to the Islamic State in the Greater Sahel (ISGS), past research contradicts this affiliation.
A 2022 study by Murtala Rufa’i, James Barnett, and Abdulaziz Abdulaziz notes that Lakurawa militants reject the Boko Haram label, preferring terms like Mujahideen or Ansaru—associating them with al-Qaeda in the Islamic Maghreb (AQIM) in Nigeria.
Grid collapse: EFCC probes electricity contracts
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Tuesday, attributed the country’s epileptic power supply to corruption within the power sector.
He said the commission initiated a probe into the sector, adding that what it uncovered during its investigations would make Nigerians shed tears.
Speaking during the visit of the House Committee on Anti-Corruption and Financial Crimes to the commission’s headquarters in Abuja, Olukoyede lamented that contractors awarded projects to supply electrical equipment often opted for substandard materials.
He said this practice was a major cause of frequent equipment failures, outages, and grid collapses.
Olukoyede said, “As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears.
“People who were awarded contracts to supply electricity equipment, instead of using what they call 9.0 guage, they will buy 5.0.
“So, every time you see the thing tripping off, gets burnt, and all of that, It’s part of our problems.”
He also stated that during its investigations, the commission discovered that in the last 20 years, capital project implementation and execution in the country were not up to 20 per cent.
He said the country could not achieve infrastructural or other forms of growth under such conditions.
“We discovered that in the last 15 to 20 years, we have not done up to 20 per cent of our capital project implementation and execution.
“And if we don’t do that, how do you want to have infrastructural development? How do you want to grow as a nation?
“So our mandate this year is to work with that directorate and with the National Assembly to see if we can meet up to 50 per cent of execution of our capital project for the year.
“If we do 50 per cent, we will be fine as a nation. The lack of implementation of this capital project, capital budget, is one of our major problems in Nigeria.
“If we can tackle that effectively, we will make progress as a nation. So we are doing everything to see how we can achieve that with your support.”
The anti-graft boss said the commission received over 17,000 petitions, adding that over 20,000 cases were currently under investigation.
He said, “We have several cases filed in court, apart from the conviction, running to thousands.
“In the last year, we have received over 17,000 petitions in EFCC. And right now, as I’m talking to you, we are investigating over 20,000 cases.
“Between last October and now, we have opened over 4,800 new cases. And what is our staff spread? We are less than 5,000 and now, with the additional responsibility of over 700 MDAs, 36 states, 774 local governments, and all of that.”
The Chairman of the committee, Obinna Onwusibe, called on the EFCC to collaborate with the judiciary to expedite the trials of suspects and reduce the number of inmates awaiting trial.
He said, “At this point, let me add that recently, on oversight visits to the maximum and minimum correctional centres in Kirikiri, Lagos State, numerous suspects have been awaiting trial for over one year, and yet we are all acquainted with the saying that justice delayed is justice denied.
“It is on this note that we call on the EFCC, the Attorney General of the Federation, and the judiciary to improve and ensure that the administration of criminal justice works in collaboration for an effective and efficient system that will bring about justice delivery to victims and society.”
He also urged the EFCC to ensure transparency and accountability in its operation.
“The negative maxim being peddled in certain quarters is that the agency is often being used to settle political scores, and this must be corrected by the EFCC,” he said.