Breaking News
Senate Discovers, About N300b Crude Oil Proceeds Unaccounted For
The recent discovery by the Senate’s ad-hoc committee investigating crude oil theft in the Niger Delta that about N300 billion crude oil proceeds were unaccounted for has been generating reactions from Nigerians.
The committee’s interim report to the Senate detailed massive discrepancies, weak oversight mechanisms and systemic lapses that have enabled large-scale diversion of Nigeria’s crude oil revenue.
A forensic review of domestic crude proceeds and tax oil proceeds records, according to the report, revealed crude oil sale’s differentials, mismatches and unaccounted funds, amounting to about $22 billion. It further found a shortfall of $81 billion between receipts declared by the Nigerian National Petroleum Company Limited, NNPCL, and those recorded by the Central Bank of Nigeria, CBN, for 2016 and 2017.
The committee also said its review of crude oil sales from 2015 to date, supported by investigations from international consultants projected that over $200 billion proceeds from the crude oil sales remained unaccounted for globally.
The interim report, which followed months of document reviews, written submissions and public hearings, traced the problem to faulty measurement systems, weak regulatory oversight and poor coordination among the government’s agencies.
It identified the use of unverified measuring instruments, lack of metrological control, ineffective interagency collaboration and uncoordinated enforcement mechanisms as major enablers of crude oil theft.
The report, however, faulted the suspension of the Weights and Measures Department’s activities in the upstream sector under the Petroleum Industry Act (PIA) 2021, saying the decision undermined accountability and accurate measurement in crude oil operations.
It also noted that the absence of a special court to prosecute oil thieves and the non-implementation of the Host Communities Development Trust Fund, HCDTF, under the PIA had contributed to persistent sabotage and theft in oil-producing areas.
The committee projected that the unaccounted proceeds from the domestic crude sales amounted to about N300 billion, calling for urgent local and international tracking, tracing and recovery of stolen crude oil funds for the benefit of the country.
It urged the Federal Government to mandate the Nigerian Upstream Regulatory Commission, NUPRC, to enforce international crude oil measurement standards at all production sites and export terminals or restore the Weights and Measures Department to its former regulatory role.
They also urged the government to provide the security agencies with modern surveillance technology and equipment, including unmanned aerial vehicles, to strengthen monitoring of oil facilities and detect theft and leakages in real time.
It called for the establishment of a Maritime Trust Fund to support the development and maintenance of maritime infrastructure, training and safety operations, as well as the creation of a special court to promptly prosecute crude oil thieves and their collaborators.
Breaking News
Ogun State Government Announces Pension, Gratuity Backlog Clearance Between 2012 and 2020
The Ogun State Government has announced the clearance of pension and gratuity arrears owed to workers who retired between 2012 and 2020, reaffirming its commitment to the welfare of retirees.
The Economic Adviser and Commissioner for Finance, Dapo Okubadejo, disclosed this on Tuesday during a media parley organised by the Ogun State Ministry of Budget and Planning.
Okubadejo explained that the backlog was linked to the Defined Benefits Scheme, under which retirees receive monthly pension payments, stressing that the present administration of Governor Dapo Abiodun has not defaulted on pension obligations since assuming office.
“Since the inception of this administration, we have not missed a single month of pension payment. What we inherited were arrears tied to the Defined Benefits Scheme,” he said.
According to him, annual pension payments rose from ₦6.7 billion in 2019 to ₦20 billion in 2025, with projections showing a possible increase to ₦40 billion by 2029.
He disclosed that the state had so far paid ₦23.3 billion in gratuities covering retirees from 2012 to 2020, alongside ₦32.8 billion in outstanding gratuities for local government retirees inherited by the administration.
Okubadejo added that between 2019 and July 2, 2025, the state disbursed ₦93.26 billion in pensions under the Defined Benefits Scheme and ₦94.78 billion to local government pensioners.
He assured that the remaining backlog would be cleared as Internally Generated Revenue (IGR) continues to improve, noting that over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending the completion of their pension documentation.
The commissioner also described the newly approved Additional Pension Benefits (APB) as the first of its kind in Nigeria, adding that amendments to the state’s pension law would be pursued to formally integrate the scheme.
On the state’s fiscal outlook, Okubadejo revealed that the 2026 budget increased from ₦1.054 trillion in 2025 to ₦1.668 trillion, while Ogun’s economy expanded from ₦3.5 trillion in 2019 to ₦18.96 trillion in 2026.
He added that IGR grew from ₦50 billion in 2019 to ₦240 billion in 2025, with projections of ₦512 billion this year.
Also speaking, the Commissioner for Budget and Planning, Olaolu Olabimtan, said the 2026 budget reflects strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.
Other commissioners highlighted sectoral achievements, including massive road construction, increased healthcare funding, rail extension plans, education support programmes, and expanded housing projects across the state.
African Democratic Congress, ADC, chieftain, Peter Obi, has urged Nigerians to focus on the country’s future and vote for a change in leadership.
Obi spoke at a meeting with Hausa/Fulani chiefs in Abuja on Wednesday.
“We have to talk about the future of our country. All of you know what is happening to our country today. That’s why we are campaigning that you vote out this government,” he said.
He described the situation in Nigeria as dire, citing insecurity, hunger and hardship.
“today we have insecurity across Nigeria. We have hunger across Nigeria. We are suffering across Nigeria. The only thing that is working in Nigeria today is bad news. Every morning you wake up is bad news,” Obi stated.
The former Labour Party presidential candidate said a new administration would prioritize social services.
“We’re urging you to vote for a change and bring a new Nigeria, where our children will be in school. Our hospitals will work,” he added.
Obi also questioned government spending priorities, particularly in the health sector.
“today, if you’re sick in Nigeria you’re praying to Almighty God because we’re now in a country where our president spends 360 billion to buy and refit his plane and spends 36 million in capital vote for the Ministry of Health. There’s nothing working,” he said.
He appealed to Nigerians to use their votes to usher in what he described as a “new Nigeria” focused on improving citizens’ welfare and restoring key public services.
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