My Reforms not chosen for ease, but for necessity, Nigeria's Finances were in severe strain before I came in - Tinubu

President Bola Tinubu says the economic reforms undertaken by his administration since 2023 have restored stability, improved fiscal management and renewed investor confidence in Nigeria.

The president stated this on Friday in his Democracy Day address to the nation.

While stating that the reforms were driven by necessity rather than convenience, he noted that Nigeria’s public finances were under severe strain before his administration embarked on major economic adjustments.

“The reforms we are undertaking were not chosen for ease, but for necessity.

“Three years ago, our public finances were under severe strain, investment was discouraged and economic uncertainty threatened our future,” he said.

According to the president, the reforms have strengthened economic management and increased revenues available to states and local governments for development projects.

“Since 2023, our reforms have restored stability and credibility to economic management.

“Federation revenues have risen, providing states and local governments with more resources for infrastructure, education, healthcare and security,” he said.

Tinubu added that fiscal transparency had improved, leakages reduced and public funds better aligned with national priorities.

He said that investor confidence had returned, resulting in increased investments in agriculture, energy, manufacturing, technology, mining, transportation and the creative industry.

The president further stated that domestic refining capacity had expanded, this enhancing energy security and reducing dependence on imported petroleum products.

On electricity, Tinubu said his administration inherited a sector plagued by generation shortfalls, unreliable gas supply, weak transmission infrastructure, huge distribution losses and a metering deficit exceeding four million.

He said the sector was further constrained by substantial legacy debts across the electricity value chain.

To address the challenges, Tinubu said he signed the Electricity Act, which empowered states to generate, transmit and distribute electricity.

He added that the Presidential Power Sector Task Force had been mandated to tackle the metering deficit and raise a N4 trillion bond to settle verified legacy debts.

According to him, the Rural Electrification Agency, with support from the World Bank and African Development Bank, has expanded off-grid and mini-grid power solutions to underserved communities, universities, markets and hospitals.

“Electricity is a democratic dividend we owe every Nigerian. We intend to deliver it,” he assured.

Tinubu said the ongoing infrastructure projects across the country were connecting producers to markets, while creating employment and business opportunities.

He disclosed that the National Agricultural Development Fund would deploy 10,000 tractors over a five-year period, while more than 1,000 small and medium enterprises (SMEs) had been certified for export.

The president added that non-oil exports grew by 21 per cent in the past year.

He, however, acknowledged that many Nigerians still faced economic hardship, assuring that the administration remained focused on reducing inflation, boosting food production, creating jobs and improving living standards.

“We are moving from uncertainty to stability. The next phase is about accelerating growth and ensuring the benefits are felt in every home, every community and every region.

“We believe that democracy must be felt in the pocket,” Tinubu said.

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Missing N210trn: Senate slams Oshiomhole over labelling of NNPCL as 'Criminals and Thieves'

The Senate has dissociated itself from remarks attributed to Adams Oshiomhole (APC-Edo), describing Nigerian National Petroleum Company Limited (NNPCL) as “a bunch of criminals and thieves”.

The upper chamber clarified that the statement did not represent its official position, findings, resolutions or opinions.

The resolution was sequel to a motion sponsored by Senate Leader, Opeyemi Bamidele, during plenary on Thursday.

Oshiomhole had, on Wednesday at a meeting of the Senate Public Account Committee with NNPCL, described the company as “a bunch of criminals and thieves”.

The committee, chaired by Ibrahim Dankwambo, had ordered the arrest of a former Group Managing Director of NNPC, Mele Kyari, for refusing to appear before it over unaccounted N210 trillion from 2017 to 2023.

Presenting the motion, Bamidele argued that while Sections 88 and 89 of the Constitution grant investigative and oversight powers to the National Assembly, the authority to issue warrants compelling the attendance of witnesses is vested in the presiding officer of the legislative chamber.

According to him, Sections 4, 5 and 6 of the Legislative Houses (Powers and Privileges) Act confer the power to issue warrants exclusively on the Senate President in matters relating to Senate proceedings and committees.

Bamidele warned that any attempt by a senate committee to independently issue or execute a warrant of arrest without authorisation from the senate president could amount to an unlawful exercise of power.

“The power to issue a warrant affecting the liberty of a citizen is an extraordinary statutory power which must be exercised strictly in accordance with the procedure prescribed by law,” he stated.

The senate leader further maintained that legislative investigations were not substitutes for criminal prosecution and that neither individuals nor institutions should be presumed guilty before the conclusion of investigations or judicial determination.

“The constitutional doctrine of fair hearing and the presumption of innocence require that no person or institution be adjudged guilty except by a court of competent jurisdiction after due process of law,” he said.

Bamidele argued that describing NNPCL as “a bunch of criminals and thieves” was capable of conveying a conclusion of criminal culpability before the completion of any lawful investigation.

He warned that such statements could be interpreted by the public as the official position of the senate and undermine confidence in the impartiality of ongoing oversight proceedings.

Deputy Senate President, Jibrin Barau, backed the motion, describing it as part of the constitutional responsibilities of the senate leader.

Barau stressed that committees were subordinate organs of the senate and could only make recommendations rather than independently exercising powers reserved for the chamber.

“The committee overstepped its bounds, and he (Senate Leader) has done the right thing by drawing attention to it,” Barau said.

Also, the Senate Chief Whip, Mohammed Monguno, described the motion as a necessary intervention to preserve the credibility of the legislature.

According to him, it will be contradictory for lawmakers to make laws for national governance while simultaneously violating those same laws.

“The senate, being the highest law-making body of the country, should not only be above board but should be seen manifestly to be above board,” he added

Senate Minority Leader, Abba Moro, equally emphasised the importance of maintaining decorum and avoiding statements capable of damaging reputations.

“We should not make statements that seek to impugn the characters of public officers or individuals in the society,” Moro said.

However, while defending himself, Oshiomhole stated that his remarks were made in reaction to what he described as provocative conducts by officials appearing before the Public Accounts Committee.

He said that the committee was investigating audit reports indicating that NNPCL had not properly accounted for approximately ₦210 trillion, findings he said originated from auditors appointed by the company itself.

“I acted under provocation because distinguished senators were being attacked unjustly,” he explained.

Oshiomhole insisted that he was defending the integrity of the senate and denied any intention to embarrass the institution.

In his remarks, Senate President, Godswill Akpabio, said: “I must say that sometimes provocation can lead to unfortunate situations.

“If you understand the role of the NNPCL in our economy, you will appreciate how damaging such an impression could be.

“The corporation enters into important bilateral agreements on behalf of Nigeria and remains critical to the country’s economic interests.

“If the Nigerian senate is perceived as criminalising the institution, it could undermine confidence in Nigeria and affect international business relationships,” Akpabio said.

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Former NNPCL CFO: When People claim N210trn is missing, they should be asked where exactly did it go?

A former Chief Financial Officer (CFO) of Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, says no money is missing, contrary to reports that the company could not account for N210 trillion audit queries of the Auditor-General for the Federation.

Ajiya stated this on Wednesday in Abuja after presenting his report on the queries raised in the audit reports from 2017 to 2023.

“Mr Chairman and distinguished senators, I want to assure this committee and indeed, all Nigerians that no money is missing.

“Many of us appearing before this committee today have, over the past five or six years, consistently presented and defended the accounts and reports of the company.

“If any money had gone missing during our period of supervision, we would not have had the courage to publish our audited accounts.

“For over 44 years, the company’s accounts were either not prepared or, when prepared, were not made public. In many instances, they were not even made available to the auditor-general.

“We decided to change that culture by ensuring that the accounts were submitted to the auditor-general and published on our website for public scrutiny.

“We wanted Nigerians to examine them, ask questions and help restore trust in NNPC by moving away from the era of opacity.

“Having carefully reviewed the report, I observed that two key figures generated significant public concern.

“The first is the claim that N5.8 billion was spent to register the new company, NNPC Limited,” he said.

Ajiya described the claim as inaccurate, adding that the actual amount used for the registration was N2.9 billion, and was paid directly to two government agencies.

He said that the money was paid to the Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS), now known as Nigeria Revenue Service (NRS).

“This can be independently verified with both agencies,” he stated.

Ajiya stated that someone might have misinterpreted the accounting records under the Petroleum Industry Act (PIA) or from the Federal Ministry of Finance.

“They are the shareholders representing the Nigerian people. ”

“Since MOFI did not provide the funds for the registration, NNPC paid the registration fees on behalf of the shareholders.

“Subsequently, the relevant entities recorded the transaction in their respective books, as required under standard accounting procedures.

“It appears that whoever advised the committee may have added the figures recorded in different books and mistakenly concluded that N5.8 billion was spent.

“No third party was paid to register the company. The funds were paid directly by NNPCL to government agencies, and that fact can be verified,” he said.

The former NNPCL chief said that unfounded claims had done real damage and harmed the reputations of individuals, the company and Nigeria in general.

“International rating agencies use public information to assess countries; negative, inaccurate reports can hurt Nigeria’s credit rating and our national interests.

“We have seen this before, while seeking about 2.5 billion dollars in Chinese financing for the Ajaokuta-Kaduna-Kano gas pipeline.

“An unpatriotic petition was submitted to Chinese authorities. Despite a sovereign guarantee, the financing was disrupted and the project remains uncompleted.

“Actions like that discourage public servants. At times, it is frustrating.

“But as Nigerians, we remain committed to serving our country and contributing to its development.

“When people claim N210 trillion is missing, they should be asked: where exactly did it go?

Agencies like the Nigerian Financial Intelligence Unit and the EFCC should investigate and establish the facts so Nigerians can trust the truth,” he said.

The committee consequently adjourned hearing and directed Ajiya and Bala Wunti, who served as Chief Upstream Investment Officer during the period under review, to reappear before it in two weeks.

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