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Budget: Senate Committee Walks Out Trade Ministry Officials Over Missing N177 Million

Published

4 years ago

November 8, 2021

The Ministry of Trade and Industry on Monday could not account for the sum of N177 million being revenue generated by its department of Weighs and Measures, a critical revenue generation of the agency.

The officials who represented the Minister at the 2022 budget Defence at the Senate Committee on Trade and Industry stage managed a document they couldn’t explain on the budget performance for 2021 before seeking approval for 2022.

The failure to explain how the sum of N177 million angered the Committee, wondering what would have happened to the fund between January and September despite the 2021 budget approval for capital and recurrent for the agency.

The Senate Committee on Trade & Investment on Monday walked out representatives of the Ministry for presenting an “unreadable document” containing a N1.6 billion projection as its budget proposal for 2022.

The Committee also described the Ministry’s action as vague documentation, accusing it of misappropriating N177 million retention from its 2021 internally generated revenue (IGR).

Vice Chairman of the Committee, Senator Kola Balogun called for an end to impunity while he described the Ministry’s budget document as unreadable and an attempt to confuse Senators.

“These documents are not readable. It is very difficult for us to read it. It is also very difficult for us to make any sense out of it I think the Ministry should do better than this”, he said, adding that the revenue realized from the Department of Weights and Measures was slim.

“N500 million is too low from Weights and Measure. We were expecting that it should be tripled”, he said.

Lamenting on the situation, a member of the Committee and Senator representing Taraba Central, Yusuf Abubakar Yusuf, said the document presented by the Minister and her team clearly suggested that funds retained by the Department of Weights and Measures were misappropriated because they were not captured in figures.

According to him, “You have a projection of N1.6 billion, you realized N1.19 billion”, requesting that the Department of Weights and Measures furnish the Committee on how the money was utililsed.

“It is not what they have spent. Do they have the appropriation for what they have spent? Because all these things are happening every year. Once they retained revenue, the just go and spend it without referring to the committee of appropriation.

“For me, it is variation of the approval of the national assembly. If you don’t do that, for me, it is misappropriation,” he said.

The Minister of State for Trade and Investment, Hajiya Aisha Abubakar had earlier told the Senator Saidu Alkali led- Committee that the Ministry projected to generate the sum of N1.6 billion in 2021, part of which N1.19 billion was already realised between the month of January and September 2021.

She referred the Committee to the Permanent Secretary of the Ministry to explain how the twenty percent retention was utililsed.

In a swift reaction, the Permanent Secretary urged Senators to excuse him as he only resumed resumed three months ago which he doesn’t have adequate information to furnish Senators.

Meanwhile, both Director Finance and Administration and Director, Weights and Measures could not explain how and what exactly the money was used for, as they were both interrupted by the Chairman of the Committee, requested that they give details of how the N177 million was expended.

Senator Alkali queried: “this is performance. You are supposed to bring the details with underlying items.

“What we are saying is, how did you spend the 20% you retained as percentage from the revenue you realised? Where are the details? This is what we are asking. How did you expend the amount you retained under your department? You have indicated here, this you have realised, this is what you have remitted to CRA and this is what you have retained. So we are asking, how did you spend the amount you retained?.

“You are not supposed to tell us this is how it is spent. It is supposed to be clearly written under a subject. The Ministry is supposed to have it under a subject, which the details are not here.

“Who give you the authority to spend N177 million and how did you spend it because you are supposed to get the approval of the National Assembly”, he further queried.

(DAILY POST)

Related Topics:Senate Committee Trade Ministry

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Report Any MRS Filling Stations Selling Fuel Above N739 Per Liter — Dangote Refinery To Nigerians

Published

2 days ago

December 23, 2025

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Dangote Refinery has urged Nigerians to report any MRS filling station outlets nationwide selling fuel above the N739 per liter announced price.

The company disclosed this in a statement on Sunday.

The refinery insisted that its petrol being at retail outlets remain N739 per liter while the gantry price is N699.

It further called on other filling station owners to patronize its refined petroleum products at the N699 rate.

“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market.”

Recall that Aliko Dangote, the president of Dangote Refinery, had pegged the retail price of his petrol at a maximum of N740.

DAILY POST reports that MRS filling and other filling stations had reduced fuel prices to between N739 and N912 per liter in Abuja.

However, reports emerged that some MRS filling stations were selling above the N739 per liter announced price benchmark.

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Naira Records Significant Appreciation Against US Dollar

Published

2 days ago

December 23, 2025

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The Naira recorded significant appreciation against the United States dollar on Monday at the official foreign exchange market to begin the week ahead of Yuletide on a good note.

The Central Bank of Nigeria’s data showed that the Naira strengthened to N1,456.56 per dollar on Monday, up from N1,464.49 traded on Friday last week, 19th December 2025.

This means that the Naira gained N7.93 against the dollar when compared with the N1,464.49 was exchanged as of Friday, December 19, 2025. DAILY POST reports that Monday’s gain at the official FX market is the first since December 15th.

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CBN Revokes Licences Of Aso Savings, Union Homes As NDIC Begins Deposit Payments

Published

1 week ago

December 16, 2025

Editor

The Central Bank of Nigeria (CBN) has revoked the operating licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent regulatory infractions and deepening financial distress in the two primary mortgage banks.

The revocation, which took effect on December 15, 2025, was carried out under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Section 7.3 of the Revised Guidelines for Mortgage Banks in Nigeria, the CBN said in a statement issued on Tuesday.

According to the apex bank, the affected institutions failed to meet minimum paid-up share capital requirements, had insufficient assets to cover their liabilities, recorded capital adequacy ratios below prudential thresholds, and consistently breached regulatory directives.

“The CBN remains committed to its core mandate of ensuring financial system stability,” a statement, signed by the apex bank’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali said.

Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) was appointed liquidator of the defunct banks in line with the law.

The Corporation said it has commenced the liquidation process and begun verification and payment of insured deposits to customers.

Under the deposit insurance framework, depositors are entitled to receive up to two million naira per depositor, with payments made through BVN-linked alternate bank accounts.

Depositors with balances above the insured limit will receive the initial two million naira while the remaining sums will be paid as liquidation dividends after the realisation of the banks’ assets and recovery of outstanding loans.

The NDIC said depositors may submit claims either online or physically at designated branches of the closed banks, while creditors will be paid after all depositors have been fully settled, in accordance with statutory provisions.

The two mortgage banks have faced prolonged operational challenges, including depositor complaints, governance concerns, and delisting from the Nigerian Exchange (NGX) in 2024 for failure to submit audited financial statements for more than six years.

The CBN assured the public that the action was taken to strengthen the mortgage banking sub-sector and protect depositors, adding that banks whose licences have not been revoked remain safe and sound.

This means the two financial institutions can no longer operate as licensed financial institutions.