The National Youth Service Corps (NYSC) has outlined plans to spend ₦520 million on ambulance buses, ₦120 million on double bunk beds, and ₦35 million on life jackets as part of its 2025 budgetary allocations.

These expenditures, detailed in the 2025 Appropriation Bill, aim to enhance healthcare, safety, and accommodation for corps members across the country.

Ambulance Buses: ₦520 million is allocated for four ambulance buses, averaging ₦130 million per bus. This cost has raised questions about justification for such a high price.

SAED Centre: ₦300 million is earmarked for constructing a Skill Acquisition and Entrepreneurship Development (SAED) Centre. However, the absence of a specified location has drawn criticism over accessibility concerns for corps members.

Accommodation Enhancements: ₦120 million is designated for 1,000 double bunk beds, while ₦52 million is allocated for 1,000 mattresses. Despite these investments, details on the distribution of these resources remain unclear.

Safety and Utility: ₦35 million is set aside for life jackets, ₦45 million for boreholes in orientation camps, and ₦9 million for 50 biometric scanners. Again, the specific camps or locations benefiting from these allocations are not disclosed.

Other high-ticket items in the budget include: 160 Laptops: ₦136 million allocated for laptops intended for payment processing and biometric data management.

Pickup Vans: ₦400 million for four pickup vans, averaging ₦100 million per van, a figure critics deem excessive.

Miscellaneous Equipment: ₦78 million for an MF tractor, ₦24 million for solar-powered security lights, and ₦28.9 million for Man O’ War gadgets.

The absence of detailed breakdowns for these allocations, particularly the ambulances and pickup vans, has raised concerns about inflated costs and accountability.

While the proposed budget addresses some operational and welfare needs, critics argue it overlooks critical infrastructure improvements and advanced training programmes that could have a more significant impact on corps members’ development and well-being.

The NYSC’s 2025 budget reflects a commitment to improving corps members’ living conditions and operational efficiency. However, inflated costs, lack of specificity, and omitted details undermine confidence in its effective implementation. Transparency and accountability measures are essential to ensure the funds are allocated and utilized appropriately to address the NYSC’s core challenges.

As currency outside banks reach N4.65trn

Credit to govt rises 54%

Nigeria’s Broad Money Supply (M2) increased by 51 per cent Year-on-Year, YoY, to N108.96 trillion in November 2024 from N72.03 trillion in the corresponding period of 2023.

Broad Money Supply (M2) represents cash and demand deposits as well as savings deposits, money market deposits, and time deposits.

The increase in M2 reflects the high government domestic borrowing from the private sector which was reflected in the data.

According to the Central Bank of Nigeria, CBN, Money and Credit Statistics data released yesterday, the M2 recorded a six-month increase since April 2024. Still, it reversed the trend in October 2024 declining month-on-month by 1.5 per cent to N107.7 trillion from N109.4 trillion in September 2024 and up again by 1.2 per cent to N108.96 trillion in November.

The report also showed that the YoY money supply increase followed positive component changes.

Quasi-money, including savings deposits, time deposits, and other near-money assets, also rose marginally.

The data showed that Quasi Money grew by 1.96 per cent YoY to N72.7 from N71.3 trillion in November 2023.

Similarly, Demand Deposits increased by 34.4 percent YoY to N31.6 trillion in November 2024 from N23.2 trillion in November 2023.

Currency outside banks increased by 50.9 percent YoY to N4.65 trillion in November 2024 from N3.08 trillion in November 2023.

Narrow money ( M1), also grew massively by 38 percent YoY to N36.3 trillion in November 2024 from N26.3 trillion in November 2023.

According to the CBN, credit to the government increased by 54 percent YoY to N39.6 trillion in November 2024 from N25.7 trillion in November 2023.

On the other hand, credit to the private sector rose YoY by 27 percent to N75.96 trillion in November 2024 from N59.7 trillion in November 2023.

This resulted in a 91 percent YoY rise in net domestic credit of N115.6 trillion in November 2024 from N60.5 trillion in the corresponding period of 2023.

In their Financial Year 2024 and 2025 outlook report, analysts at Afrinvest West Africa Limited, observed that the Federal Government, FG, is estimated to have borrowed N41.5 trillion from domestic and external sources (including the Naira equivalent of the recent Eurobond.

They said: “Budgeted revenue for the year is on course to underperform by no less than 25 percent, given the actual performance as of eight months.

“Disappointing crude oil output (at about 1.40mbpd vs 1.78mbpd budgeted) topped the risks to revenue performance, offsetting gains from non-oil tax revenue which outperformed the budget by 60.1 percent at N3.8 trillion.

“Debt servicing (43.7 percent) accounted for the largest share of the outlays, followed by non-debt recurrent expenditure with 28.9 percent share.

“The FG is estimated to have borrowed N41.5 trillion from domestic and external sources (including the Naira equivalent of the recent Eurobond). With this, FG’s total debt profile should gross N128 trillion, while the cumulative national debt profile is estimated at N138 trillion.

“Against this backdrop, we estimate that the actual deficit in 2024 would exceed the budgeted N9.2tn by 72.8 percent in the minimum should the total expenditure plan of N 35.1 trillion be fully accommodated.”

A Federal High Court in Abuja has okayed the Economic and Financial Crimes Commission, EFCC’s application to freeze 24 bank accounts domiciled in different banks over allegations bordering on terrorism financing.

Justice Emeka Nwite, who granted the application after EFCC’s lawyer, Martha Babatunde, moved an ex-parte motion to the effect, gave the commission the go-ahead to freeze the accounts for 90 days pending the conclusion of investigations.

The News Agency of Nigeria (NAN) reports that the motion ex-parte, marked: FHC/ABJ/CS/1897/V/2024, was filed by Ekele Iheanacho, SAN.

Iheanacho sought an order freezing the bank accounts stated in the schedule which accounts are owned by Lawrence Lucky Eromosele who is currently being investigated in a case involving kidnapping pending the conclusion of the investigation.

He said the bank accounts in respect of which the reliefs were sought are subject to matters of investigation by the EFCC about money laundering and terrorism financing.

The senior lawyer said preliminary investigations conducted thus far revealed that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities.

He said there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution.

In the affidavit deposed to by Mohammed Khalil, an investigator attached to the Special Investigation Team of the EFCC domiciled in the Office of the National Security Adviser, ONSA, he said he was a member of the team assigned to investigate the matter.

He said the National Security Adviser (NSA), Nuhu Ribadu, directed the team to investigate a serious threat by a syndicate threatening the lives of senior operatives of the NSA by making demands for payments of ransom.

He said on receipt of the directive, the team began investigation by conducting surveillance of the activities on these syndicates, requesting bank instruments.

Kalil said investigation revealed Lawrence Lucky Eromosele as one of the perpetrators of the crime.
According to him, the operatives received a direct threat involving their families, with the perpetrators providing the homes addresses, family locations and specific movements with a threat to kidnap following failure to remit redemption payments.

He alleged that “one unknown individual contacted an operative, demanding some monies in exchange for their freedom and that of their families.”

“Attached and marked as Exhibit EFCC 1 is the printout of the chat between one of the perpetrators and the operative.”

The officer said in a bid to mitigate some of the threats, the team had identified bank accounts linked to the individuals making the threats.

“Attached and marked as Exhibit EFCC 2 are the bank statements of one of the suspects.
“Further intelligence has revealed that proceeds of crimes and funds for terrorist activities are covertly exchanged through these platforms,” he said.

Kalil said the order of the court is necessary to freeze the said accounts clearly described in Schedule 1 to the motion paper for which investigation is ongoing.

Upon resumed hearing, Babatunde, who appeared for EFCC, informed the court that the motion was dated and filed on December 17.

She said the motion prayed for an order freezing the bank accounts in the schedule attached to the application.

The lawyer urged the court to grant the relief.

When Justice Nwite asked her for how long the investigation would be conducted, Babatunde said within 90 days.

The judge, who granted the prayer, adjourned the matter until March 24, 2025, for mention

A Federal High Court in Abuja on Monday, ordered the temporary forfeiture of the sum of 49, 700. 00 US dollars allegedly recovered from Dr Nura Ali, former Resident Electoral Commissioner (REC), Independent National Electoral Commission (INEC), for Sokoto State in the 2023 general elections.

Justice Emeka Nwite gave the order after Osuobeni Akponimisingha, counsel to the Independent Corrupt Practices and Other Related Offences Commission (ICPC), moved an ex-parte motion to the effect.

The News Agency of Nigeria (NAN) reports that while the Federal Republic of Nigeria (FRN) was the applicant, Ali was the sole respondent in the motion ex-parte marked: FHC/ABJ/CS/1846/2024.

The motion, dated Dec. 20 and filed Dec. 24, was jointly filed by the ICPC and the Department of State Service (DSS).

Mr Usman Dauda, the Director of Legal, signed the application on DSS’ behalf, Akponimisingha, Assistant Chief Legal Officer in ICPC, was part of the legal team that drafted the process.

The motion sought an order of the court temporarily forfeiting the sum of $49,700.00 (forty-nine thousand, seven hundred dollars), “recovered from one Dr. Nura Ali during a search operation by the Federal Government of Nigeria being property suspected to be proceed of an unlawful activity.”

It also sought an order directing the applicant i.e., the FRN, through the ICPC and the DSS to jointly conduct a thorough preliminary investigation into the alleged unlawful activities of Ali, in respect of the moveable property sought to be forfeited and make a report to the court within 90 days.

It sought an order directing the applicant i.e., FRN, through the ICPC and the DSS to deposit the 49,700.00 dollars in an escrow account with the Central Bank of Nigeria (CBN.

The application equally sought an order directing the applicant to publish a notice in any national newspaper calling for persons whether, human, juristic or artificial, having Interest in the money to show cause why it should not be permanently forfeited to the Federal Government.

Giving nine grounds why the application should be granted, the applicant said the victim of the alleged crime was the Federal Government of Nigeria and innocent taxpayers which include judges of courts across the country.

It said the money was recovered during a search operation by operatives of the DSS at the residence of Ali.
“The alleged moveable property of $49,700.00 was bribe money received by Dr Nura Ali when he was the Independent National Electoral Commission’s Resident Electoral Commissioner for Sokoto State.

“The alleged moveable property is not the legitimate earning of Dr Ali as independent National Electoral Commission’s Resident Electoral Commissioner.

“The alleged moveable property is suspected to be proceed of crime,” it said.

The applicant argued that INEC does not pay its staff members with United States Dollar as salaries or allowances.
It said the essence of the application was not to compulsorily acquire the alleged moveable property from the alleged owner, but to preserve the property from dissipation.

It said if the court grants the reliefs sought, interested persons including the alleged owner will be given opportunity to offer an explanation as to the legitimacy of the alleged property.

“Where cogent and verifiable explanation exists as to how the property was acquired, devoid of crime, the alleged owner or any other person having proprietary interest in the property will be allowed unrestricted possession of the property.
“This application is not in conflict with the provisions of Sections 43 and 44 of the 1999 Constitution (as amended) which guarantee the rights of citizens of Nigeria to acquire and own immoveable and moveable properties in any part of Nigeria,” it said.

When the matter was called, Akponimisingha, who appeared for the FRN, told the court that the motion ex-parte prayed the court for four orders.

The lawyer said four exhibits were attached to the motion, including Exhibit DSS 1 to Exhibit DSS 4.
He urged the court to grant the application in the interest of justice.

He said a search was conducted in Ali’s residence in Kano and the sum of 49, 700, 000 US dollars was retrieved from the building.

He told the court that Ali allegedly said that the sum of $150, 000 US dollars was given to him by the former Governor of Sokoto State, Aminu Tambuwal, and Sen. Aliyu Wamakko.

The ICPC lawyer, who alleged that Ali made this disclosure in his extra-judicial statement to the DSS, said the former REC also wrote a letter to the security outfit in the bid to reclaim the money.

He insisted that INEC does not pay his workers or RECs in dollars.

Also in the affidavit in support of the motion ex-parte deposed to by Iliya Markus, a litigation officer with ICPC, he said that Akponimisingha informed him that he read through the case file and comprehended facts forming the allegations leading to the execution of e search warrant by operatives of the DSS at Ali’s residence.

Markus said the DSS received an intelligence report on Dr Ali on allegations of bribery received from stakeholders, i.e politicians in the course of his official duties as INEC REC in charge of Sokoto State.
He said the intelligence report was processed and residence of Ali in Kano was searched pursuant to a search warrant executed jointly by operatives of the ICPC and DSS.

“A copy of the search warrant is hereby attached and marked as exhibit DSS 1,” he said.

The officer said in the course of the execution of the search warrant, the sum of $47,000.00 was recovered from the house.

According to him, Dr Ali also made statement(s) with respect to the search on his residence and the subsequent recovery of the alleged $49,700.00.

“A copy of the said extra-judicial statement is hereby attached and marked as exhibit DSS 2,” he said.
He said invitation letters had been written to invite persons he claimed gifted him the alleged $49,700.00.
“I also know as a fact that Dr Nura Ali did not report the gift of the alleged $49,700.00 to any law enforcement agency as required by extant laws of the land.

“Dr Ali had in the past written letters to the State Security Services requesting for release of the alleged $49,700.00 bribe money to him.

“Copies of the said letters are hereby attached and marked as exhibits DSS 3 & 4 respectively,” he said.
Markus said the investigation was yet to be concluded, hence, the need for the 90 days’ application.
Justice Nwite, who said that the application was meritorious, granted the prayers.

The judge adjourned the matter until Jan. 30, for report of compliance on the publication in the media and adjourned until March 31 for hearing of the matter

Boxing legend, Mike Tyson has announced that he will be back in the ring in 2025, according to Spanish publication Marca.

Mike Tyson, 58, who faced Jake Paul on November 15, 2024, resulting in a loss, has been generating buzz about a significant return, capturing the interest of the boxing community.

Tyson’s recent bout against Paul at AT&T Stadium sparked discussions, particularly because of the striking 29-year age difference between the two fighters.

Despite the outcome, Tyson remained positive and expressed his gratitude for the experience, acknowledging the meaningful moments shared with his children during the match.

“This is one of those situations when you lost but still won,” Tyson reflected in a Netflix interview post-fight.

“I’m grateful for last night. To have my children see me stand toe to toe and finish 8 rounds with a talented fighter half my age in front of a packed Dallas Cowboy stadium is an experience that no man has the right to ask for. Thank you.”

While his fight with Paul may have raised questions about the future of his boxing career, many fans continue to hope for another memorable appearance from the former undisputed heavyweight champion.

Should Tyson decide to retire, he would leave behind an extraordinary legacy of over four decades, showcasing a remarkable record of 50 wins, 7 losses, and 44 knockouts, while also being recognized as the youngest boxing champion in history.

Interestingly, Tyson’s potential return is now complemented by a surprising challenger: Joe Gatto, known for his role on Impractical Jokers. Gatto has lightheartedly expressed interest in facing Tyson in 2025, adding an exciting layer of intrigue to the legend’s return to the ring.

A former governor of Kaduna State, Nasir El-Rufai, has slammed former presidential media aide, Reno Omokri, amid the backlash between him and supporters of President Bola Tinubu.

Naija News reports that El-rufai had earlier shared and supported an article by a frontline columnist, Farooq Kperogi accusing the President of recruiting his tribesmen into the Nigerian National Petroleum Company Limited, (NNPCL).

In the article, titled “Tinubu’s Buharisation of the NNPC,” Kperogi described as embarrassing the president’s “relentless Yorubacentric take-over of the NNPC,” as the Northerners did under the immediate past administration Muhammadu Buhari.

Reacting to the article, El-Rufai posted on X: “DECEMBER MESSAGE: Two wrongs do not make a right. Sensible inclusion always trumps arrogant exclusion.”

His reaction, however, attracted backlash from the presidency and supporters of President Tinubu including Reno Omokri.

Reacting, Omokri in a series of posts on his X and Facebook pages, berated El-Rufai over the remark about Tinubu.

One of the posts reads, “Just imagine, Nasir El-Rufai, a man who publicly admitted to using government money to pay killer herdsmen, is today complaining that the Tinubu administration is using government money to build a railway in Lagos.

“Maybe he would have preferred if the money was used to pay Boko Haram.”

Responding to Omokri’s attacks, El-Rufai who shared old posts of Reno campaigning against a “drug baron in Aso Rock”, wrote, “NIGERIA UPDATE – The interesting lifecycle of Wendell Simlin, also sometimes retained as a political mercenary by any person or government that can pay”.

The Nigeria Customs Service (NCS) says its will auction 15,325 litres of seized premium motor spirit (PMS), popularly called petrol, to ease transportation during the festive period.

Hussein Ejibunu, national coordinator of the service’s operation whirlwind, made the announcement on Saturday at a press briefing held at the Customs Training College, Ikeja, Lagos state. 

Ejibunu said the product, valued at N27.5 million, was seized during operations in Lagos and Ogun states.

He said Adewale Adeniyi, the comptroller-general of customs, has directed that the products be auctioned at the rate of N10,000 per 25 litres.

The coordinator further said a court condemnation order and all legal processes have been finalised by the office of the legal adviser to aid the auctioning.

“This operation has been on since 27 May 2024 and has yielded positive results, as the CGC has urged the operatives to continue sustaining the tempo until the activities of these economic saboteurs are stamped out of this country,” Ejibunu said.

“On this note, the CGC has directed Auctions of the seized product to members of the public at the rate of N10,000 per 25 litres. This will ease the transportation hardship during this festive period.”