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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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NNPCL Raises Fuel Price

Published

3 days ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

5 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

6 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.