The Senate, on Tuesday, approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with new borrowings of N9.22 trillion also approved.

The new borrowings consist of domestic and foreign borrowings, were also approved.

The approval was sequel to presentation and adoption of the report of Joint Committee on Finance, National Planning and Economic Affairs at plenary in Abuja.

The report was presented by the Chairman of committee, Sen. Sani Musa (APC-Niger).

The highlights of the approved recommendations of 2025-2027 MTEF/FSP include: approval of projected oil benchmark prices of $75.3 per barrel for 2025, 2026 and 2027 fiscal years.

The senate also approved the three-year projection for domestic crude oil production, which had a significant increase from 1.78 million barrels per day in the preceding year to 2.6, 2.1 and 2.35 for 2025, 2026 and 2027.

It equally approved the projected exchange rate of N1,400 to one dollar for 2025, 2026 and 2027 fiscal years, subject to review in the early 2025, based on monetary and fiscal policies.

The upper legislative chamber approved the projected inflation rates of 15.75 per cent, 14.21 per cent and 10.04 per cent for 2025, 2026 and 2027.

It further approved the projected Gross Domestic Product (GPD) growth rate of 4.6 per cent, 4.4 per cent and 5.5 per cent for 2025, 2026 and 2027 fiscal years.

Given the criteria on review of framework for revenue and expenses, the approved 2025 budget proposed spending stood at N47.9 trillion, of which N34.82 trillion was retained.

New borrowings, which stood at N9.22 trillion, consisting of domestic and foreign borrowings, were also approved.

While debt service was valued at N15.38trillion, pensions, gratuities and retirees’ benefits stood at N1.443trillion, and fiscal deficit at N13.08 trillion.

The senate approved the projected capital expenditure of N16.48 trillion, exclusive of statutory transfers which stood at N4.26trillion, while sinking fund was projected at N430.27 billion.

Another approval was the projected total recurrent non-debt of N14.21trillion and special intervention for recurrent and capital of N200 billion and N7 billion.

It further approved issuance of promissory note programme and bond issuance to settle outstanding claims and liabilities of the Federal Government to state governments.

The senate also approved a quarterly investigative hearing with revenue generating agencies to track their compliance with Fiscal Responsibility Act and reprimand clear contravention of the act.

The upper legislative chamber equally approved that Committee on Finance and Customs initiate an investigative inquiry into operations of import duty exemption certificate programme, with focus on import waivers, its impact on revenue losses by the Federal Ministry of Finance and Nigerian Customs Service.

The Senate President, Godswill Akpabio, in his remarks after the passage of the expenditure framework, commended members of the joint committee and other lawmakers for their legislative inputs, leading to the approval of the 2025, 2026 and 2027 MTEF and FSP.

(NAN)

The Nigerian Police Force has disclosed how a group of police officers corruptly obtained ₦43,160,000 from a cargo worker at the Nnamdi Azikiwe International Airport in Abuja last year.

According to a statement issued on Wednesday by the NPF Public Relations Officer, ACP Muyiwa Ogunjobi, the incident occurred in August 2023 and found Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all of whom work at the Zone 7 Headquarters, guilty of the crime.

Officers, led by Inspector Esther Okafor and instructed by DSP Peter Ejike, wrongfully arrested Andrew Ejah, an employee of FATFAD Cargo Nigeria Limited, who was transporting ₦74,950,000 for clients.

According to Ogunjobi, the police detained Ejah without authority at Zone 7 Headquarters in Abuja and intentionally misrepresented the recovered money as ₦31,790,000. The authorities also requested a share of the proceeds to close the case.

When contacted by the supposed money owners, the cops stated that the amount they had seized from the apprehended suspect was N31,790,000. They demanded a portion of the funds to jeopardise the investigation and suppress the case.

Outraged by their acts, the money owners petitioned the Force Headquarters in Abuja, and the case was referred to the IGP Monitoring Unit for investigation.

During the procedure, the officers recovered N31,790,000 in cash, claiming that this was the whole amount recovered from Andrew Ejah during his detention.

Following extensive investigations and a series of trials before duly constituted disciplinary panels, NPD stated that it was discovered that the officers took photographs of the suspect and the sacks of money at the point of arrest but claimed the phone they used was damaged and subsequently lost in an attempt to conceal their misconduct.

However, forensic information revealed that the policemen planned to steal a portion of the money, totalling N43,160,000, and tasked one of them with moving the cash out of the FCT for hiding until the heat subsided.

They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.

“The Nigeria Police Force is concerned about recent media reports claiming that the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, PhD, NPM, is protecting a cartel accused of smuggling suspicious new banknotes from the Central Bank of Nigeria.

“The NPF unequivocally rejects these charges, describing them as unfounded and orchestrated attempts to destroy the IGP’s image and the Force’s integrity.

“They then used a variety of techniques and gimmicks to hide their traces. One example is the dissemination of this misleading narrative and misinformation throughout numerous internet blogs and newspaper platforms.

“The event at Nnamdi Azikiwe International Airport on August 26, 2023, has been thoroughly examined. The officers involved—DSP Peter Ejike (a lawyer in charge of the Zone 7 Legal Section), Inspector Ekende Edwin, Inspector Esther Okafor, and Sergeant Talabi Kayode, all from the Zone 7 Headquarters—were found guilty and sentenced appropriately.

“These policemen have been suspended after being found guilty of significant misconduct, tampering with exhibits, abuse of office, corrupt practice, unauthorised duty, and conduct unbecoming of a police officer. The movement of such a large sum of money by the supposed cargo company could have been probed and handled professionally by the police, but the officers were consumed by greed and thus acted criminally and unprofessionally.

“It is important to highlight that the circulating false narrative is sponsored misinformation created by mischief makers who seek to divert attention away from the illegal conduct of police personnel by seeking to link concerns with the Inspector-General of Police. The policemen involved will face prosecution once all legal and administrative procedures have been completed,” according to the statement.

The NPF requested the public and media to stop disseminating this false narrative, which aims to tarnish the Inspector-General of Police’s reputation.

It stated that such misinformation weakens public trust and distracts from the current administration’s ongoing attempts to modernise the police force by removing unprofessional individuals.

Suspected internet fraudsters have allegedly shot a collaborator over a disagreement arising from the sharing of N94 million proceeds from an online scam.

The incident reportedly occurred on Sunday at Okhoro road in the Egor Local Government Area of Edo State.

The victim was said to have been driving in his Sport Utility Vehicle when the gunmen who drove in another vehicle accosted him.

A source on Tuesday said the gunmen ordered him out of his car and shot him at a close range.

The source described the victim as “Aza Man”, a code name by internet fraudsters for a person who provides bank account for receiving proceeds of Internet fraud.

According to the source, the Aza man ran into trouble after he reneged on agreement with other members of the syndicate on the sharing formula for the N94 million realised from a scam.

“While the Aza man was promised a certain percentage of the amount upon the payment, he refused and instead retained the fund to himself.

“He refused to share with the group,” the source said.

Meanwhile, when contacted, SP Moses Yamu, the Public Relations Officer of the Police Command in Edo on Tuesday confirmed the shooting.

He noted, however, that “investigation had commenced, with the aim of arresting the perpetrators.”

Yamu added that the victim was undergoing treatment at a medical facility in the state.

(NAN)

Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day, findings by The PUNCH have shown.

A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit, enhancing it from N5,000 that was allowed to customers last month.

At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.

An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.

“We now have more cash and that is why we are giving out more money. Simple.”

Meanwhile, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.

Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.

An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.

He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”

The British Government is set to deport popular pastor, Tobi Adegboyega, to Nigeria after losing his case against deportation at the immigration tribunal.

PUNCH Online reports that the UK government had shut down his church, SPAC Nation, after investigations exposed a misuse of funds by the church leadership.

It was gathered that the UK authorities closed the church after Adegboyega failed to properly account for more than £1.87 million of outgoings and operating with a lack of transparency.

However, according to The Telegraph, an immigration tribunal ruled that he should be deported back to Nigeria after investigations.

After arriving on a visitor’s visa in 2005, Adegboyega has lived in the UK unlawfully ever since.

In 2019, the pastor applied for leave to remain under ECHR’s right to a family life.

His application was initially dismissed by a first-tier immigration tribunal before he appealed.

Having been married to a British woman, the pastor claimed deportation would breach his right under the European Convention of Human Rights to a family life and failed to consider his community work with SPAC.

His legal team described him as a ‘charismatic’ community leader of a large, well-organised church who had ‘intervened in the lives of many hundreds of young people, predominantly from the black communities in London, to lead them away from trouble’.

Politicians including former Prime Minister, Boris Johnson, and senior figures within the Metropolitan Police had ‘lauded’ his work, he claimed, but no testimony by them was submitted to the court.

However, the Home Office contended ‘all is not as it seems’ and dragged him before an immigration tribunal.

However, according to the judgment as quoted by The Telegraph, the tribunal said evidences against the Nigerian pastor were taken to consideration.

The judgment reads, “Various manifestations of [Mr Adegboyega’s] church have been closed down, by either the Charity Commission or the High Court, because of concerns over its finances and lack of transparency.

“Former members of the church have alleged that it is a cult, in which impoverished young people are encouraged to do anything they can to donate money, including taking out large loans, committing benefit fraud and even selling their own blood.

“It is alleged that the church leadership lead lavish lifestyles and there have, it is said, been instances of abuse. The [Home Office’s] case before us was that all of this needs to be taken into account when evaluating whether [Mr Adegboyega] is in fact of real value to the UK.”

Speaking at the tribunal, Adegboyega said that claims that his chruch was a cult was unfounded and attacks on him and the church were politically motivated.

He also maintained no one had ever faced criminal charges over his church’s finances, adding that his deportation would breach his human rights.

However, the tribunal was told the Charity Commission concluded “there had been serious misconduct and/or mismanagement in the administration of the charity which was sustained over a substantial period of time.”

The tribunal also found Adegboyega’s evidence to be “hyperbolic in many instances’ and had ‘sought to grossly inflate his influence.”

The tribunal concluded, “We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the appellant be required to leave the UK.

“Weighing all of the foregoing in the balance we conclude that the decision to refuse leave to remain was wholly proportionate.

“Mr Adegboyega seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully, and which would survive his return to Nigeria.

“The interference would therefore be limited, and lawful in all the circumstances.”

The Senate has suspended action on the tax reform bills currently before it.

It further instructed the Committee on Finance to stay action on the public hearing pending the time the agitation in the public space is addressed.

The Senate further constituted a special committee to meet with the executive branch and work with the Federal Government to resolve the issues surrounding the tax reform bills.

This was made known by the Deputy Senate President, Jibrin Barau, who presided during the plenary on Wednesday.

There have been a lot of controversies surrounding the Tax Reform Bills since its introduction to the National Assembly.

The bills are the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024 and Nigeria Tax Bill, 2024.

Northern governors have rejected the bills, describing them as anti-democracy.

Following this, the National Economic Council requested that the tax reforms bill be withdrawn from the NASS for more consultations.

Amidst the controversy, Senator Shehu Buba (APC, Bauchi South) in an interview with British Broadcasting Service, Hausa Service said Northern Senators agreed to recall the Tax Reforms Bills.

He said, “These bills are complex and require thorough review by tax policy experts.”

He claimed that northern lawmakers strongly oppose the proposed “derivation” formula in the value-added tax (VAT) distribution system, arguing that northern states would be unfairly impacted.

Also, on Tuesday, the president instructed the Ministry of Justice to liaise with the judiciary.

Speaking about these controversies, the Deputy Senate president noted that the delegation will meet on Thursday at the National Assembly to resolve all the issues that have been the cause of the uproar.

Barau said, “On the tax reform bills currently before us, we acknowledge that the Senate remains the highest legislative assembly in this country.

“The Senate comprises men and women of wisdom and experience, entrusted to legislate for the peace, stability, and development of the nation.

“The Senate of the Federal Republic of Nigeria, like similar bodies globally, serves as a stabilising force in times of difficulty or disagreement. Through dialogue and consensus, the Senate has consistently provided solutions to national challenges since 1999.”

He added, “In this regard, we have decided to set aside politics, ethnicity, and regionalism to work together on resolving the issues surrounding the tax reform bills.

“In collaboration with the Executive Arm of Government, we agreed to establish a forum to identify and address contentious areas to ensure national unity and progress.

“Before the introduction of these bills, we faced numerous challenges, including insecurity and economic issues.

“The President has been working to address these problems, and we are committed to supporting these efforts while tackling global economic challenges. We also agreed that no other issues should aggravate the country’s current difficulties.

“It has been mutually decided between the Executive and the Senate to engage the Judiciary to sort out these matters.

“the Attorney General of the Federation will be involved in discussions to identify and resolve areas of disagreement for the nation’s benefit.

“Tomorrow, the committee established by the Senate, along with its leadership, will meet with the Attorney General to address these issues.”

Barau further instructed, “Consequently, the Senate Committee on Finance has been directed to pause further actions on public hearings and other matters related to the tax reform bills until the issues are resolved.”

Members of the committee are all the leadership of the Senate including other members,  Adamu Ailero (PDP, Kebbi Central), Orji Kalu (APC, Abia North), Seriake Dickson (PDP, Bayelsa  West) Titus Zam (Benue South), Abdullahi Yahaya (Kebbi), Adeola Olamilekan (APC, Ogun West), Sani Musa (APC, Niger East) and Adetokunbo Abiru (APC, Lagos East).

The Senior Pastor of Harvesters International Christian Centre, Bolaji Idowu, has debunked allegations linking him to fraudulent real estate activities and money laundering, describing the claims as unfounded and misleading.

Reports emerged on Tuesday alleging that Idowu had been detained in Abuja by operatives of the Force Criminal Investigation Department over his purported involvement in real estate fraud.

A police source reportedly claimed, “Pastor Bolaji Idowu, popularly known for his ‘Next Level Prayers,’ is under investigation for alleged fraudulent real estate activities and money laundering.”

It was further alleged that the cleric regained his freedom after interventions by some prominent Christian leaders. 

However, addressing the matter during his church’s daily morning prayer session, Next Level Prayers, on Wednesday,  Idowu dismissed the allegations, asserting that he neither owns nor deals in properties within Nigeria.

“I do not have any property in Nigeria. The only property I have in Nigeria is the one bequeathed to me. So, there is no property that I have or bought in Nigeria,” he told his congregation.

Idowu also refuted claims that billions of naira had been funneled into his bank accounts as part of the alleged scheme, maintaining that his financial records are transparent and open to scrutiny.

“Someone said I received billions into my account. My accounts are public; you can check if I have ever received billions in them. It is just a lot of things going on in the press, but this is not the forum to address that,” he stated.

The pastor expressed shock at the allegations, admitting that he learned about them through the media, just like the public.

“Some of these things, as you are reading them, I am also reading them,” he said.

A Magistrate Court in Ado Ekiti has ordered that Human Rights Attorney and activist, Dele Farotimi, be remanded following allegations of defaming a prominent legal figure and founder of Afe Babalola University, Aare Afe Babalola, SAN.

Naija News reports that the activist is accused of damaging the reputation of Afe Babalola through statements made in his recently released book, ‘Nigeria and Its Criminal Justice System.’

Farotimi, who was arraigned on Wednesday (today), pleaded not guilty to all sixteen charges brought against him.

Police prosecutor, Samson Osun, requested that the defendant be held in custody while further investigations are conducted, citing the need for maintaining public safety.

In response, the defendant’s attorney, Dayo Akeredolu, contested this request, urging the court to grant bail under lenient conditions and based on self-recognition.

He emphasized that the case is eligible for bail and that the defendant is a well-known individual who does not pose a threat.

Akeredolu also pointed out that the defendant is presumed innocent until proven otherwise.

Nevertheless, the presiding judge, Magistrate Abayomi Adeosun, decided to remand the defendant in custody and scheduled the next hearing for December 10.

In the wake of the controversies surrounding the tax reform bills, the presidency has explained how the bill will serve the states better and enhance their capacity to earn more revenue.

Naija News reports that the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, in a statement on Wednesday, shed more insights about the bill.

Ajayi’s statement comes after President Bola Tinubu directed the National Assembly and the Ministry of Justice on Tuesday to work together to address the concerns raised on the bill.

The statement reads, “Since the public debate around the Tax Reform Bills started, the strongest push back against it has come largely from the north. Borno State Governor, Professor Babagana Zulum has become the face of the resistance for the reasons he has pushed forward, even when some of them didn’t speak to the facts and provisions of the bills.

“If Governor Zulum and other voices of resistance who think the states will be shortchanged had actually taken time to examine the four executive Bills, they will see how progressive and transformative the Bills are. They will also discern the thought behind them which is primarily to make both the Federal and sub-nationals fiscally stronger and buoyant.

“In his public presentations and the most recent being the Channels TV Town Hall moderated by Seun Okinbaloye Monday evening, Chairman of Presidential Committee on Tax and Fiscal Policy Reforms, Taiwo Oyedele and other panelists again made convincing arguments for the passage of the Bills before the National Assembly.

“Here are the 10 ways the Tax Bills will serve the states better and enhance their capacity to earn more revenue:

1. The federal government will cede 5% out of its current 15% share of VAT revenue to states.

2. The Bills will transfer income from the Electronic Money Transfer levy exclusively to states as part of stamp duties.

3. The Bills seek to repeal obsolete stamp duties law and re-enactment of a simplified law to enhance the revenue for states.

4. Under the new dispensation the Tax Bills will usher in, states will be entitled to the tax of Limited Liability Partnerships.

5. When passed by the National Assembly, the Tax Bills will enable the state government to enjoy tax exemption on their bonds to be at par with federal government bonds.

6. Under the proposed tax reform, states will enjoy a more equitable model for VAT attribution and distribution that will lead to higher VAT income.

7. Integrated tax administration will provide tax intelligence to states, strengthen capacity development and collaboration, and scope of Tax Appeal Tribunal to cover taxpayer disputes on state taxes.

8. The proposed tax laws grant powers for Accountant General of the Federation to deduct taxes unremitted by a government or MDA and pay to the beneficiary sub-national government on personal income tax of workers of federal institutions in states.

9. Framework to grant autonomy for states internal revenue service and enhanced Joint Revenue Board to promote collaborative fiscal federalism.

10. Legal framework for taxation of lottery and gaming and introduction of withholding tax for the benefit of states.

“From the aforementioned, it is clear that the Tax Bills are not in any way injurious to the states. Apart from streamlining the tax system in Nigeria and catalysing economic output, the tax and fiscal policy reforms provide incentives for states to become economic powerhouses. The challenge for governors will be to put on their thinking cap by investing in manpower and critical social and physical infrastructure in their states that will support businesses and socio-economic activities to flourish.”

Pastor Tobi Adegboyega's lawyer has refuted reports that the Nigerian-UK-based pastor is facing deportation from the United Kingdom, describing the claims as "ignorant" and emphasizing that his client is not a criminal.

The Telegraph had earlier reported that Adegboyega lost his appeal against deportation following allegations of financial misconduct within his church after failing to properly account for over £1.87 million in financial outgoings.

SPAC Nation, a now-defunct church founded by Adegboyega, was shut down after the Charity Commission found “serious misconduct and/or mismanagement” in its financial dealings.

Allegations from former members described the church as a “cult” that exploited young and vulnerable individuals, coercing them into taking loans, committing benefit fraud, and even selling their blood to make donations.

The UK tribunal, in its ruling during the trial, however, concluded:

“We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the Appellant be required to leave the UK.

“Weighing all of the foregoing in the balance, we conclude that the decision to refuse leave to remain was wholly proportionate.

“[Mr Adegboyega] seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully and which would survive his return to Nigeria.

“The interference would therefore be limited and lawful in all the circumstances.”

However, Adegboyega’s lawyer, Dele Olawanle, in a post on Instagram on Wednesday, described the deportation claims as “ignorant,” “false,” and “sensationalist.”

Olawanle said Adegboyega is not subject to deportation proceedings, noting, “He (Adegboyega) is not facing deportation from the UK… Deportation is for criminals. He is not.”

Olawanle also noted that despite challenges faced by SPAC Nation—including concerns raised by the Charity Commission regarding financial mismanagement—Adegboyega himself had never been personally found guilty of any wrongdoing.

“Even though the courts and the Charity Commission had issues with SPAC Nation, he was not personally found guilty of any wrongdoing,” Olawanle said.

“Tobi has lived in the UK for at least 20 years without a criminal conviction. He has contributed significantly to the British community.

“He has faced many challenges, but he is a winner. Many of his adversaries are from the African community. Sensationalism is an act of idiocy. It is not worth the paper it was written on.

“I read some comments this morning and wondered why people are so quick to make ignorant comments without facts. I wondered why there is joy in seeing people go down, including so-called pastors.

“Society has a big problem, as we cannot handle people who are different and want them to go down. We love people who act sheepishly with zombie traits.”

Olawanle, however, concluded by saying that the claims of deportation were “false” and noted that he would not be making any further comments on the matter, either publicly or privately.

“I have said that this latest news on deportation is false, and I will make no further comments on this deportation matter privately or officially.”