Yahaya Bello reports to EFCC office with lawyers

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

Why we’re borrowing despite surplus revenues – FG

The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.

Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.

During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.

The agencies reported exceeding their 2024 targets.

• Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
• NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.

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• FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.

Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.

Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.

Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”

Edun also reiterated that loans were critical for adequately funding the budget.

The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.

The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.

Why we’re borrowing despite surplus revenues – FG

N’Assembly will pass Tinubu’s tax reform bills after review – Rep Jibrin

Hon. Abdulmumin Jibrin, Chairman of the House of Representatives Committee on Housing and Habitat, has assured that the National Assembly will soon pass President Bola Tinubu’s tax reform bills.

Speaking during an interview on Politics Today, which aired on TVC News, Jibrin emphasized the importance of the reforms, stating that they are designed to secure Nigeria’s economic future.

“We will pass the tax reform bills. I have no doubts about their consideration and approval,” he affirmed.

Jibrin acknowledged public concerns, particularly in northern Nigeria, but urged citizens to understand the reforms’ benefits.

“For those who have thoroughly reviewed the bills, the advantages outweigh any perceived disadvantages,” he said.

He noted that the reforms aim to enhance revenue generation and ensure equitable distribution, bolstering the country’s economic survival.

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“President Tinubu and the Federal Inland Revenue Service (FIRS) are not pushing for these bills as a battle but as a means to improve the nation’s revenue system,” Jibrin explained.

Addressing concerns over contentious clauses, Jibrin assured that the National Assembly would subject the bills to proper legislative scrutiny and allow amendments where necessary.

“The bills are not set in stone. If contentious clauses exist, the legislative process provides an avenue to address them,” he added.

Jibrin also pointed out that many critics of the bills had not read them but were influenced by misinformation. He called for broader sensitization efforts to educate Nigerians on the necessity of these reforms.

He further highlighted that Tinubu’s earlier decisions, such as removing fuel subsidies and eliminating the parallel FOREX market, are steps toward transforming Nigeria’s economy despite the temporary hardships they impose.

“These reforms may be challenging now, but they are essential for a better and more stable tomorrow,” Jibrin concluded.

N’Assembly will pass Tinubu’s tax reform bills after review – Rep Jibrin