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2024 Budget Presentation: SEE President Tinubu’s Full Speech At National Assembly

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President Bola Tinubu, on Wednesday, presented the 2024 appropriation bill before a joint session of the National Assembly.

The President in his presentation outlined the major sectors of the economy under which the budget will be prioritised.

Tinubu outlined national defence and internal security, local job creation, macro-economic stability, human capital development, social security, poverty reduction and investment as some of the areas his Budget of Renewed Hope will focus on.

See full text of President Tinubu’s speech at the budget presentation…

— The Vice President, Senator Kashim Ibrahim Shettima, GCON
— The Senate President, Distinguished Senator Godswill Akpabio, GCON
— The Right Honourable Speaker, Tajudeen Abbas
— APC National Chairman, His Excellency, Abdullahi Umar Ganduje
— Executive Governors here present
— Distinguished Leaders and Members of the National Assembly
— Secretary to the Government of the Federation
— Chief of Staff to the President
— Other Senior Government Officials here present
— Gentlemen of the Press
— Ladies and Gentlemen

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly.

Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion to economic development and to the greater welfare of our people. It also highlights your desire to work in close collaboration with the Executive branch. We do not serve ourselves. We must always strive to work together to serve and benefit the people of our beloved country.

I am confident that the National Assembly will continue to work closely with us to ensure that deliberations on the 2024 Budget are thorough but also concluded with reasonable dispatch. Our goal is for the Appropriation Act to come into effect on the 1st of January 2024.

It is, by now, a matter of recorded history that my very first fiscal intervention as President of this great nation was to end the fuel subsidy regime which had proven to be so harmful to the overall health of our national economy. The second was to negotiate and subsequently present a supplementary budget to enable my government to fund the items needed to restore macro-economic stability and mitigate the harsh impact of subsidy removal.

The third was to secure a second supplementary budget, this time to enable us to keep our promises to promote national security, invest in infrastructure and provide much needed support to the most vulnerable households in our society.

In swearing-in my cabinet and reflecting on the unique challenges facing us, I invited the Ministers to imagine that we are attempting to draw water from a dry well. Today, I stand before you to present our Budget of Renewed Hope; a budget which will go further than ever before in cementing macro-economic stability, reducing the deficit, increasing capital spending and allocation to reflect the eight priority areas of this Administration. The budget we now present constitutes the foundation upon which we shall erect the future of this great nation.

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PREVAILING ECONOMIC ENVIRONMENT

Economic conditions remain challenging both abroad and at home. Despite lingering Post-Covid supply and production bottlenecks, armed conflict in various parts of the world and restrictive monetary policies in major economies, we expect global growth to hover around 3.0 percent in 2024. This relative low rate has significant implications for our economy due to our current reliance on importation.

Distinguished Senators, Honourable Members: despite the global headwinds, the Nigerian economy has proven resilient, maintaining modest but positive growth over the past twelve months.

Inflation has trended upward due to weak global conditions. To contain the rising domestic prices, we will ensure effective coordination of fiscal and monetary policy measures, and collaborate with sub-national governments to address structural factors driving inflation in Nigeria.
The Budget proposal meets our goal of completing critical infrastructure projects which will help address structural problems in the economy by lowering the costs of doing business for companies and the cost of living for the average person, The Honourable Minister of Budget and Economic Planning will provide full details of this proposal.

PERFORMANCE OF THE 2023 BUDGET

Distinguished Senators and Honourable Members, an aggregate revenue of 11.045 trillion naira was projected to fund the 2023 Budget of 24.82 trillion naira with a deficit of about 6.1 percent of GDP.
As of September 30, the Federal Government’s actual aggregate revenue inflow was 8.65 trillion naira, approximately 96 percent of the targeted 8.28 trillion naira.
Despite the challenges, we continue to meet our obligations.

THEME AND PRIORITIES OF THE 2024 BUDGET

Distinguished Senators, Honourable Members, permit me to highlight key issues relating to the budget proposals for the next fiscal year. The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed Budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.

Defence and internal security are accorded top priority. The internal security architecture will be overhauled to enhance law enforcement capabilities and safeguard lives, property and investments across the country.

Human capital is the most critical resource for national development. Accordingly, the budget prioritizes human development with particular attention to children, the foundation of our nation.
To improve the effectiveness of our budget performance, government will focus on ensuring value for money, greater transparency and accountability. In this regard, we will work more closely with development partners and the private sector.

To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024.

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A stable macro-economic environment is important to catalyse private investment and accelerate economic growth. We have and shall continue to implement business and investment friendly measures for sustainable growth.

We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024.

In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium term expenditure framework is Nigeria’s commitment to a greener future.

Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

As we approach COP 28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria’s energy transition.

It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

Together, we will strive for Nigeria to emerge from COP 28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship.

Distinguished members of the National Assembly, the revised 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) sets out the parameters for the 2024 Budget.
After a careful review of developments in the world oil market and domestic conditions, we have adopted a conservative oil price benchmark of 77.96 US Dollars per barrel and daily oil production estimate of 1.78 million barrels per day. We have also adopted a Naira to US Dollar exchange rate of 750 naira per US Dollar for 2024.

Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira.

Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

Budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP.

The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured for specific development projects.

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Our government remains committed to broad-based and shared economic prosperity. We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households. In addition, efforts will made to graduate existing beneficiaries toward productive activities and employment.

We are currently reviewing our tax and fiscal policies. Our target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the term of this Administration. Government will make efforts to further contain financial leakages through effective implementation of key public financial management reforms.

Distinguished Senators and Honourable Members, in view of the limited resources available through the federal budget, we are also exploring Public Private Partnership arrangements to finance critical infrastructure.

We, therefore, invite the private sector to partner with us to ensure that our fiscal, trade and monetary policies, as well as our developmental programs and projects succeed in unlocking the latent potential of our people and other natural endowments, in line with our national aspirations.
Distinguished Senators and Honourable Members, this Budget presentation would be incomplete without commending the patriotic resolve of the 10th National Assembly to collaborate with the Executive on our mission to renew hope and deliver on our promises to the Nigerian people. I assure you of the strong commitment of the Executive to sustain and deepen the relationship with the National Assembly.

As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year.
I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs which are in line with the sectoral mandates of MDAs and which are capable of realizing the vision of our Government should be included in the budget.

As a Government, we are committed to improving the lot of our people and delivering on our promises to them. The 2024 Budget has the potential to boost performance, promote the development of Micro, Small and Medium-sized Enterprises, enhance security and public safety, and improve the general living conditions of our people.

In closing, I am confident that these budgetary allocations and directives will set Nigeria on a transformative path towards a sustainable and resilient energy future, fostering economic growth, job creation, and environmental preservation.

It is with great pleasure, therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2024 Budget Proposals of the Federal Government of Nigeria, titled The Renewed Hope Budget.

I thank you most sincerely for your attention. May we collectively chart the course towards a brighter and cleaner future for our great nation.

May God bless the Federal Republic of Nigeria

Ojogwu Godwin Chukwudi hailed from Delta State. A young talented personality, Alumnus of Delta State university,Abraka Studied Library and information science. He is an intellectual cyber communicator expert and a prolific blogger professional.

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Police Foil N50m Kidnap Plot Against Chinese National, Arrest Suspects

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The Ogun State Police Command has successfully thwarted a planned abduction of a Chinese expatriate, arresting two suspects in connection with an alleged N50 million ransom plot.

 

The command’s spokesperson, DSP Oluseyi Babaseyi, confirmed the development in a statement on Thursday, revealing that the suspects were apprehended on Tuesday based on credible intelligence.

According to the police, intelligence reports pointed to a planned kidnapping operation along the Ijebu-Ode/Odogbolu Expressway.

 

Officers from the Obalende Division moved swiftly to the area and intercepted the suspects before they could execute their plan.

Preliminary investigations showed that the suspects had conspired to kidnap the Chinese national and demand a N50 million ransom.

 

One of the arrested individuals allegedly used his role as an interpreter and driver in the victim’s company to gather information and facilitate the plot.

Police said a third suspect is still at large, and efforts are ongoing to apprehend him while broadening the investigation.

 

The case has been transferred to the State Criminal Investigation Department (SCID) for further probe.

 

Reacting to the operation, the Ogun State Commissioner of Police, CP Bode Ojajuni, commended the officers for their professionalism, vigilance, and prompt action, which prevented what could have become a major kidnapping incident.

 

Ojajuni emphasized the critical role of intelligence and public cooperation in combating crime.

 

He reassured residents and the business community of the police command’s commitment to proactive, intelligence-driven policing and urged the public to report any suspicious activities promptly.

This intervention highlights ongoing efforts by security agencies to protect expatriates and curb kidnapping threats in the state.

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2027: Kwankwaso Meets Igbo Leaders, Gains Support for Obi Partnership

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Rabiu Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress (NDC), has hosted a delegation of the Igbo Elders Consultative Forum at his Abuja residence.

Kwankwaso revealed the meeting in a post on X, noting that the elders pledged their support for the proposed Peter Obi/Kwankwaso ticket ahead of the 2027 general elections.

The delegation was led by Dr. S. N. Okeke, Chairman of the Ohanaeze Council of Elders for 19 states and the Federal Capital Territory (FCT), alongside former Enugu State Governor, Okwesilieze Nwodo.

According to Kwankwaso, the elders commended the strengthening partnership between him and Peter Obi within the NDC and assured the movement of electoral backing across the South-East and beyond.

He expressed satisfaction with his collaboration with Obi, reaffirmed his commitment to the OK Movement, and emphasized the party’s determination to secure victory in 2027.

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Reps Confirm Fred Agbedi as House Minority Leader

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The House of Representatives has officially named Bayelsa lawmaker Fred Agbedi as its Minority Leader, ending weeks of intense lobbying and consultations among opposition members.

Speaker Abbas Tajudeen made the announcement on Thursday at the start of plenary, also confirming Sokoto’s Abdusamad Dasuki as Deputy Minority Leader and Bauchi’s Mansur Manu Soro as Minority Chief Whip.

Agbedi, who represents the Peoples Democratic Party (PDP), will lead the minority caucus alongside Dasuki of the African Democratic Congress (ADC) and Soro of the Allied Peoples Movement (APM).

The appointments follow heated disputes over the leadership position, with some lawmakers previously staging protests in the chamber.

Notably, Ikenga Ugochinyere of Imo State and his allies had opposed the process, chanting “No announcement, No sitting” during an earlier session.

With Thursday’s announcement, the House appears to have settled the leadership tussle, paving the way for opposition lawmakers to focus on legislative business under Agbedi’s leadership.

 

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Wike Opens Up: How Road Construction Stress Landed Me in Hospital

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has disclosed that he resorted to fasting and prayers while battling hypertension in his bid to secure funds for key road projects in Abuja.

Speaking at the commissioning of the newly constructed Airport Expressway to Kuje road, inaugurated by Vice President Kashim Shettima on behalf of President Bola Tinubu, Wike recounted the challenges faced in completing the project.

He explained that persistent funding requests to contractors often left him stressed, saying: “Each time I call, my BP goes high.

“When they request money, my BP also goes high. I don’t use to fast before, but I started fasting from morning till night because of this particular road.”

Wike assured that the administration remains committed to further infrastructure development, including the dualization of the Kuje–Gwagwalada road, stressing that God’s guidance and determination would see the projects through.

He praised Arab Contractors for their resilience despite health challenges faced by its managing director, while reaffirming his dedication to accountability and service delivery in the FCT.

The commissioning formed part of events marking President Tinubu’s third year in office.

 

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Seven-Year Jail Term for Fake NIN Registration, ICPC Warns

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a stern warning to front-end enrolment partners of the National Identity Management Commission (NIMC), stating that involvement in fraudulent National Identification Number (NIN) registrations could result in a seven-year prison sentence upon conviction.

 

The warning was delivered on Thursday in Abuja during a security briefing organised by NIMC for its enrolment partners in collaboration with the Office of the National Security Adviser and other security agencies.

 

Assistant Director at the ICPC, Mark Faison, emphasised that enrolment agents must strictly adhere to the terms of their engagement, describing any deviation as an abuse of office and an act of corruption.

 

“If you abuse the privilege you have been given, that amounts to abuse of office because you are operating on behalf of NIMC to register Nigerians. And if you do otherwise, you are abusing the trust that has been placed in you, and you will be punished for it if you are caught,” Faison said.

 

He added: “Seven years’ imprisonment is the punishment for that kind of offence. So I urge you, please, for the sake of the safety of our country, do the little you can do in your own corner.”

 

Faison particularly flagged the registration of non-Nigerians as citizens, noting that such actions constitute a serious national security threat.

 

He revealed that security agencies have arrested individuals who obtained NINs through some enrolment centres only to be discovered as foreigners by immigration officers.

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The NIMC Director-General and Chief Executive Officer, Abisoye Coker-Odusote, explained that the briefing was necessary due to the expanding role of digital identity in government services, finance, telecommunications, healthcare, education, and social interventions.

 

She stressed the need for stronger security controls and system integrity, warning that only NIMC-approved and certified software would be permitted in the ecosystem.

 

The commission plans to intensify audits of enrolment partners to prevent data leakages and ensure compliance.

 

Other speakers, including NIMC’s Head of IT and Identity Data Department, Suleiman Falade, and a representative from the Office of the National Security Adviser, Kayode Oni, reinforced the call for diligence, warning that violations would attract sanctions.

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APC to Deploy 4.4 Million Polling Agents for Tinubu’s 2027 Bid, Uzodinma Says

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Imo State Governor Hope Uzodinma has disclosed that the All Progressives Congress (APC) plans to deploy approximately 4.4 million polling unit officials as part of its strategy to secure President Bola Tinubu’s re-election in the 2027 general elections.

 

Speaking at a recent party event, Governor Uzodinma emphasised the ruling party’s commitment to mobilising a massive grassroots structure to ensure victory at the polls.

 

He described the deployment as a key component of the APC’s preparation to dominate every polling unit across the country.

 

The announcement underscores the APC’s early and aggressive positioning ahead of the 2027 presidential election.

 

With Nigeria’s electoral system requiring officials and agents at hundreds of thousands of polling units nationwide, the figure of 4.4 million suggests an ambitious plan that includes core party officials, ad-hoc staff, and reserve agents to guarantee strong representation and minimise any potential gaps on election day.

 

Political observers note that such large-scale mobilisation is typical for major parties in Nigerian elections, where ground-level presence often plays a decisive role in voter turnout and result management.

 

However, critics may view the early declaration as a sign of over-confidence or an attempt to psychologically dominate the political space well before the official campaign period.

 

Further details on the exact breakdown of the 4.4 million figure or the timeline for training and deployment of these officials isn’t yet ascertained.

 

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‘Busted’: Sirika Accused of Renting Plane for Fake Nigeria Air Launch

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The 12th Prosecution Witness (PW12) Christopher Odofin, in the ongoing trial of the former Minister of Aviation, Hadi Sirika, on Wednesday, told Justice S.C. Oriji of the Federal Capital Territory, High Court, Abuja, how Sirika allegedly passed off an aircraft belonging to Ethiopian Airline as that of the promised Nigeria Air by the government of the late President Muhammadu Buhari.

The decoy aircraft, adorned with the livery of the promised Nigeria Air, found its way on the tarmac of the Nnamdi Azikiwe International Airport, Abuja on May 27, 2023, being three days to the expiration of the tenure of the Buhari government and was flown back to Addis Ababa in the morning of May 29, 2023, being the handover date to the successor government.

Hadi Sirika is facing prosecution by the Economic and Financial Crimes Commission (EFCC) on amended six-count, bordering on alleged abuse of office and misappropriation of public funds to the tune of over N2 billion.

He is being tried alongside his daughter, Fatima Hadi Sirika, son-in-law, Hamma Jalal Sule, and Al Buraq Global Investment Limited.

The contract for the setting up of Nigeria Air was awarded to Tianaero Nigeria Limited, belonging to Gabriel Tilmann, a close associate and friend of the former minister.

 

Reading from a portion of contract agreement with Ethiopian Airline, the witness, an investigator with the EFCC said, “The aircraft will depart from Addis Ababa (ADD) late evening of May 26, 2023 for it to be positioned early morning of May 27, 2023 at the Abuja (ABV) airport.

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“The aircraft will stay in ABV airport for static display of Nigeria Air livery until May 28, 2023. The aircraft will leave ABV airport early morning on May, 29, 2023. The chartered flight will be operated by the Ethiopian Airline crew in Ethiopian Airline uniform.

 

“The Federal Government of Nigeria and Nigeria Air may put together local models who will be in Nigeria Air uniforms to pose for ceremonial pictures. The models may come to Addis Ababa so they may fly with the chartered flight to ABV.”

 

The witness told the court that the display of the aircraft in Abuja International Airport was deliberately planned to coincide with the end of the first defendant’s tenure as Nigeria’s Minister of Aviation and Aerospace Development on May 29, 2023 and to pass the aircraft off as the actualization of his promise of the return of Nigeria Air.

 

After the less than 72 hours display of the aircraft, he stated that the Nigeria Air logo was removed from the aircraft and flown back to Ethiopian Airlines in Addis Ababa.

 

The witness further disclosed that the investigating team was also able to ascertain that Ethiopian Airlines entered into a charter arrangement for the static display of the Nigeria Air livery for a duration of just three days, beginning from May 27 to May 29, 2023 based on information and documents received from the airline following a letter from it, dated June 12, 2023, in response to the EFCC’s request for information regarding Nigeria Air.

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Though the purpose of the contract was for the establishment of Nigeria Air, the charter agreement with Ethiopian Airlines was entered on May 24, 2023, five days to the expiration of the defendant’s tenure for just a static display of the Nigeria Air logo on an aircraft.

 

All the documents tendered in evidence by the prosecution were shown to have been duly signed, authorized, and accompanied by certificates of identification and were not objected to by any of the counsels to the four defendants.

 

Among the exhibits is a compact disk containing a voice note from the first defendant, Hadi Sirika, marked Exhibit 37, which the prosecution counsel applied to be played in the court at the next adjourned date.

 

Further in his testimony, the witness told the court told that though the contract for the start-up of Nigeria Air, which was awarded to Tianaero Nigeria Limited for over N299 million on April 4, 2022, saw a contract extension award to the company on October 17, 2022, to a sum, exceeding N599 million on the instructions and directives of the first defendant, based on his relationship with the company’s alter ego.

 

According to him, “The investigating team arrived at this position when the phone of one Enitan Muyiwa Abel, who was a Permanent Secretary in the first defendant’s ministry was analysed, showing a voice note sent to the Permanent Secretary while the first defendant was in Spain instructing him to ensure that the contract was awarded to Tianaero Nigeria Limited.”

 

Justice Oriji adjourned the matter till next week June 17, 2026 for the continuation of the trial.

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Adamawa Gov Gives Appointees ‘Join APC or Resign’ Ultimatum

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Adamawa State Governor Ahmadu Fintiri has given political appointees in his administration a stark choice: defect to the All Progressives Congress (APC) or resign their positions immediately.

In a statement issued on Wednesday by the governor’s Chief Press Secretary, Humwashi Wonosikou, the government directed all political office holders who have declared allegiance to or defected to other political parties to submit their resignation letters to the Office of the Secretary to the State Government within 48 hours.

The directive aims to maintain loyalty, discipline, and the integrity of public service. According to the statement, appointees are expected to fully support the policies, programmes, and political direction of the current administration.

 

“Continued service by persons who have aligned with another party poses a clear risk of sabotage, information leakage, and obstruction of policy implementation and party strategy,” the statement read.

It further warned that failure to comply within the stipulated time would lead to immediate termination of appointments, stoppage of salaries and entitlements, and additional administrative actions.

 

The Office of the Secretary to the State Government and the Head of Service have been tasked with compiling a list of affected appointees for monitoring.

The move comes after Governor Fintiri defected to the APC, while many of his appointees remained in the Peoples Democratic Party (PDP) or joined other parties, reportedly working against the APC in the state.

Governor Fintiri emphasised that public office is held in trust and must align with the vision and mandate of the administration, adding that divided loyalty would not be tolerated.

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Senate Directs Arrest of Ex-NNPC GMD Mele Kyari Over N210tn Missing Funds

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The Senate Committee on Public Accounts has ordered the arrest of former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, for repeatedly failing to appear before it to explain allegations of N210 trillion in unaccounted funds between 2017 and 2023.

The directive was issued on Wednesday during an investigative hearing into queries raised by the Office of the Auditor-General of the Federation regarding the company’s financial records for the period under review.

 

Kyari’s absence prompted the committee to rule against further delays, leading to the issuance of a warrant for his arrest and production before the panel.

 

During the sitting, some senators, including Saliu Mustapha (Kwara Central) and Tony Nwoye (Anambra North), appealed for caution, noting that Kyari was reportedly ill and receiving treatment in Germany. They urged the committee to grant him another opportunity to appear.

However, other members strongly opposed the plea. Senator Abdul Ningi (Bauchi Central) insisted that verbal excuses were unacceptable without documented proof, while Senator Victor Umeh (Anambra Central) formally moved the motion for Kyari’s arrest.

 

The motion was seconded by Deputy Chairman Senator Peter Nwaebonyi (Ebonyi North).

Senator Adams Oshiomhole (Edo North) also backed the decision, warning that the Senate risked diminishing its authority if it failed to enforce compliance with its summons.

 

“Some people believe they are bigger than Nigeria. The law must be effective when it catches the lion, not only when it catches the rabbit,” he said.

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Chairman of the committee, Senator Ibrahim Dankwambo (Gombe North), subsequently ruled that Kyari should be arrested wherever he is and brought before the committee.

 

At the centre of the probe are alleged financial discrepancies totalling N210 trillion flagged in NNPCL’s accounts. However, the former Chief Financial Officer of the NNPCL, Umar Isa, who appeared before the committee, challenged the figure, describing it as misleading.

Isa insisted that no funds were missing and noted that NNPCL’s total revenue for the period was about ₦54.5 trillion before production costs.

 

He argued that publishing audited accounts would have been impossible if such a massive sum had disappeared.

The committee directed Isa and former Chief Upstream Investment Officer Bala Wunti to reappear before it within two weeks as the investigation continues.

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