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Finance minister projects 2024 non-oil remittances to surpass N13tr posted in 2023

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Non-oil revenue remittances by Federal Government agencies in 2024 will surpass the N13tr recorded at the end of 2023, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has indicated.

Edun who made the disclosure on Wednesday in Abuja, said in January alone, over N100b was remitted.
The finance minister spoke when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.
Edun noted that compared to the same period in 2023, only N20bn was remitted into the Consolidated Revenue Fund of the Federal Government.
The committee is investigating the “Remittance of Internally Generated Revenue by MDAs and Evidence of Payment of 1% Stamp Duty into the Consolidated Revenue Fund Account from 2020-2023.”
The minister explained that while remitted revenue from June to December 2023 stood at N3.6tn, the total collection for the 12 months in the year was N13tn.

He told the committee members that due to policies introduced by the present admyof President Bola Tinubu, including digitalising operations for speedy transactions, the government wad looking forward to higher non-oil revenue output by the end of December, 2024.

“What we can see is a substantial increase in remittances by MDAs and revenue generation agencies.

“We will keep this up and there will be a time we can give further data on this to the committee and the National Assembly”, the minister added.

Edun also spoke on the government’s 1 per cent Stamp Duty collection, saying that a total of N53bn remitted in 2023 or an average of N3.7bn every month.

Explaining further the minister indicated that the final tally exceeded the target of N44bn set by the National Assembly.

“This, I will say was a positive development. N44bn was approved by the National Assembly, and the actual collection was N53bn”, he told lawmakers.

Speaking on the capital and recurrent budget performance for 2023 and first quarter of 2024, Edun informed the lawmakers that N2.9tn was the capital spending in 2023.

For 2024, he disclosed that first quarter capital releases so far stood at N124bn, while N581bn had been spent on salaries and other recurrent expenditure, aside from the N71bn released for overhead costs.

When asked about the N3.7tn the government allegedly lost to import duty waivers in 2023, Edun who corroborated the records of the Nigeria Customs Service (NCS), said the current administration had introduced a new duty waiver policy to plug leakages or losses.

The minister said this time round, all import duties would first be paid in full, while waivers would later be deducted and paid to the affected importers.

He explained that paying the duties before deducting the waivers would address “the uncertainty on the process works”, adding that the old method of waiver application would be stopped and replaced by automation.

On measures to revamp the economy, Edun told the committee that the government has done a lot, including initiatives at stabilizing the naira against the dollar and the implementation of a more transparent social welfare scheme for the citizenry.

For instance, he said one of the major errors of the past, which brought the economy to its knees, was the free printing of the naira for eight years up to N22.7tn by the administration of former President Muhammadu Buhari without a corresponding improvement in productive activities.

“The inflation is due largely to eight years of printing the naira, which was not matched by production”, Edun stated.

To cushion the effects of the current hardship on Nigerians, the minister said the government had re-started the cash transfer of N75,000 to 15million households by identifying beneficiaries, using Bank Verification Number (BVN) and National Identification Number (NIN) to reach almost 75m Nigerians across three months.

Speaking earlier, Sani said the Senate called for the investigation because unstable oil prices meant that Nigeria had to source alternative revenue windows internally to able to provide services to the people.

“Volatility in oil prices and global economic challenges have made it necessary for us to explore our IGR sources.

“The days of excessive reliance on oil are gone. So, we have to explore other internal avenues, including agriculture as well as encourage voluntary tax compliance”, he stated.

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AEC Unity Network Rebukes False Claims, Asserts Sole Responsibility for Abuja-Lagos Mega Projects

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Dave Umahi

In a firm response to recent misleading media reports, AEC Unity Network Limited has denied any ties to the AEC-Geofocus Consortium (Geofocus) and its claims regarding the Abuja-Lagos Super Highway and High-Speed Train projects.

The company, which is the officially recognized concessionaire for the 470-kilometer corridor project, emphasized its exclusive mandate to design, finance, construct, and operate the superhighway and high-speed rail linking Abuja and Lagos—key infrastructure initiatives under President Bola Tinubu’s Renewed Hope agenda.

AEC Unity Network’s clarification follows a series of claims made by Engineer Mutiu Yinka Idris, alleged to be the Director of Operations for Geofocus.
Idris had claimed that the consortium was in charge of the projects and had secured significant investment, including $16 billion in funding from Middle Eastern investors.
He also asserted that the project would soon be launched, with a grand flag-off expected before February 2025.

However, in a statement issued on Sunday, AEC Unity Network vehemently rejected these assertions, stating that the claims were “baseless” and “false.”
The company reiterated that it had received necessary approvals from the Federal Ministry of Works, the Ministry of Finance, and the Infrastructure Concession Regulatory Commission (ICRC), and that it alone was entrusted with the projects.

Legal consultant Ayodeji Ademola, acting on behalf of AEC Unity Network, stressed that the company was the sole legitimate entity authorized to execute the Abuja-Lagos projects, emphasizing the need for transparency and professional conduct throughout the process.

“These false claims by Geofocus are not just misleading; they aim to deceive stakeholders and misappropriate the credibility of the national projects we are leading,” Ademola stated.

AEC Unity Network also highlighted the role of individuals within the Geofocus consortium, including Mr. Fisayo Ishola of FANE, suggesting that these parties were engaging in deceptive practices to gain recognition for projects in which they had no involvement.

The company also sought to reassure the public that the Abuja-Lagos Super Highway and High-Speed Train projects remain firmly under the planning and approval stages, and no external entities, including Geofocus, are authorized to act on behalf of the Federal Government in relation to these initiatives.

With an emphasis on integrity and professionalism, AEC Unity Network urged investors, contractors, and the public to disregard any announcements or media reports emanating from Geofocus or its representatives, underscoring that all valid information related to the projects would be issued through its official channels.

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JAMB Steps Up Fitness Game with Staff Health Walk Ahead of 2025 Exam Marathon

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By Veronica Dariya, Bwari (Abuja)

The Joint Admissions and Matriculation Board (JAMB) has kicked off the year with a proactive approach to staff wellness, organizing a 5km health walk in Bwari, Abuja, to gear up for the demanding 2025 Unified Tertiary Matriculation Examination (UTME) season.

The health walk, held on Saturday, saw JAMB staff traverse a scenic route through the Nigerian Law School road, Kuduru road, and Bwari Area Council Secretariat, before returning to the board’s headquarters.
SpeKing on the initiative, JAMB’s Director of Human Resources, Mr. Gani Abdulrahman, emphasized the importance of physical and mental preparedness for the UTME exercise.
“Managing the UTME is like fighting a war. We need our team to be alert, energized, and healthy throughout the process. This walk is a first step to achieving that,” Abdulrahman said.
The director revealed plans to institutionalize periodic fitness activities and reactivate the board’s sports club to promote long-term wellness among staff.
For many participants, the event was more than a fitness session. Mrs. Halima Aliyu, one of the staff members, said the health walk offered a chance to socialize and unwind while promoting a culture of exercise.
“This walk is a perfect way for us to bond as colleagues while keeping fit. Many of us get so busy with work that we forget to take care of ourselves. This initiative reminds us of the importance of health,” Aliyu said.
She expressed hope that such activities would become a regular feature of JAMB’s calendar, contributing to both personal health and workplace productivity.
This health-focused initiative is part of a broader effort by JAMB to ensure its staff are equipped to handle the pressures of the annual UTME, which demands precision, focus, and stamina.
The board has promised to unveil details of the 2025 UTME process soon, raising expectations for what could be one of its most innovative and efficient examinations yet.
As JAMB gears up for a busy year, the health walk reflects a commitment to fostering a culture where productivity is powered by wellness. It’s a fresh reminder that a healthy team is a productive team—and JAMB seems poised to lead the charge.

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Kemi Badenoch Sparks another Controversy with Comments on Nigeria

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Kemi Badenoch

British Conservative Party leader, Kemi Badenoch, has again drawn sharp criticism following comments made during an event organized by the think tank Onward.
In her remarks, Badenoch expressed concerns about Britain potentially facing the challenges she attributes to Nigeria, describing her home country as plagued by “terrible governments.”
The Conservative Party leader, who was born in the UK but mostly raised in Nigeria, had repeatedly described growing up in fear and insecurity in a country plagued by corruption.
Nigerian Vice-President Kashim Shettima accused her of denigrating the country.
Speaking to the audience on Thursday, Badenoch recounted her upbringing in Nigeria and how her family struggled financially despite working hard. She noted that her experience shaped her determination to prevent similar circumstances in the UK.
“And why does this matter so much to me? It’s because I know what it is like to have something and then to lose it,” Badenoch said. “I grew up in a poor country and watched my relatively wealthy family become poorer and poorer, despite working harder and harder as their money disappeared with inflation. I came back to the UK aged 16 with my father’s last £100 in the hope of a better life.”
Badenoch’s comments drew attention for their critical tone, particularly her remark about the Nigerian government:
“I have lived with the consequences of terrible governments that destroy lives, and I never, ever want it to happen here.”
Badenoch further criticized Nigerian institutions, including the police, comparing her experiences in Nigeria to those in the UK.
She accused the Nigerian police of corruption, sharing a personal anecdote:
“The police in Nigeria will rob us,” she said, to laughter from the audience. “When people say I have this bad experience with the police because I’m black, I say well, I remember the police stole my brother’s shoe and his watch.”
These statements have been met with backlash from Nigerians, with many accusing her of reinforcing negative stereotypes and distancing herself from her roots.
Critics argue that Badenoch’s comments overlook the complexities of Nigeria’s challenges, while others see them as a betrayal of her heritage.
Some have taken to social media to express disappointment, accusing her of using her background to score political points.
While some observers have defended Badenoch’s remarks as honest reflections of her experiences, others have urged her to focus on contributing solutions rather than critiquing from afar.
This is not the first time Badenoch’s comments about Nigeria have stirred controversy. Recently, she distanced herself from the country’s northern region, stating she has “nothing to do with the Islamic northern region.”

As the leader of the UK’s Conservative Party, Badenoch’s remarks highlight the tension between personal narratives and political diplomacy, sparking debates about identity, governance, and the responsibility of leaders with multicultural roots.

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