Unremitted Funds: Reps Order NEPZA To Refund N13.3bn To FG   The House of Representatives on Tuesday asked the Nigerian Export Processing Zones Authority (NEPZA) to refund to the sum of N13.3 billion unremitted funds to the federal government’s treasury. The House adhoc committee on unclaimed funds,...

Abacha Loot: FG, US Sign Agreement For The Return Of Fresh $23.4m   The Federal Government, on Tuesday, signed a fresh agreement with the Government of the United States of America, USA, for the repatriation of a total sum of $23, 439, 724 that was allegedly...

Reps Probe NIPC Over N1.19bn Unapproved Spending   The House of Representatives’ Committee on Public Accounts has commenced investigation of the Nigeria Investment Promotion Commission for spending N1.19bn in the 2018 and 2019 financial years without appropriation by the National Assembly. The probe is based on an...

In One Month, FG Recorded N643.09bn Fiscal Deficit The Federal Government’s fiscal deficit rose from N491.28bn in March to N643.09bn in April, according to figures obtained from the Central Bank of Nigeria. The banking regulator’s April economic report stated that, “The 14.3 per cent increase in...

Undisbursed Loans Raise Nigeria’s World Bank Debt To $21.15bn   Undisbursed loans may drive Nigeria’s debt to the World Bank from $12.72bn to $21.15bn. This shows that the yet-to-be disbursed loans can increase Nigeria’s debt to the lending institution by 66.27 per cent. The audited financial statements of...

FG Spent N1trn On Steel Imports In Nine Months Federal Government has spent $1.038 trillion on iron and steel imports in the last nine months. In a similar fashion, the Federal Government pumped N21.3 billion into the moribund Ajaokuta Steel Complex between 2016 and early 2022. The...