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How govs spent $50bn excess crude funds – NESG 

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The Nigerian Economic Summit Group has explained how state governors spent the country’s $50bn Excess Crude Account in 2010, which would have served as a buffer for subsidies and other pressing financial concerns of the nation.

The Chief Executive Officer of NESG, Dr Tayo Aduloju, disclosed this during a courtesy visit to the headquarters of PUNCH Nigeria Limited on Wednesday.

He recalled that the global financial crisis of 2007 and 2008 had minimal effects on Nigerian firms because the country had a substantial fiscal buffer in the ECA, which greatly shielded it from external economic shocks.

However, in 2010, the state governors approached the Supreme Court to declare the ECA illegal, giving them the basis to share the funds domiciled in the account.

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According to him, the Federal Government disbursed the $50bn fund to the 36 state governors between when late President Umaru Musa Yar’Adua died and when former President Goodluck Jonathan took charge.

He said that depleting the fiscal buffer the country had built over a decade shifted the subsidy operations from a savings model to a revenue-based approach, forcing the Federal Government to fund the fuel subsidy through crude oil sales instead of ECA funds.

“Between 1999 and 2010, we operated a savings-based subsidy operation. In other words, we were paying for the subsidy from savings. We were not borrowing to pay the subsidy.”

We were simply paying from the Excess Crude Account because we managed our first boom well. I think when former President Obasanjo left office, the Excess Crude Account had over $60bn.

“If you remember, Okonjo Iweala once told us we were broke. And her argument at that time was that a country cannot call spending all its money progress. But something happened, and Jonathan’s government was in a boom. So we moved from a transformative agenda to a Change agenda under President Buhari, and in the first six months of his government, he had concerns with the production of crude oil.

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“Shale oil in the US crashed the price of crude oil to less than $22 a barrel, which is lower than the production cost. With this, every oil-producing country automatically entered deficit financing in oil production. Saudi Arabia defended its economy in 2015 with $45bn. But Nigeria didn’t have savings at that time because it had shared the savings among the 36 state governors. So we went into deficit financing in oil production. In other words, we were selling crude at a loss. And we maintained this deficit position for eight years (during Buhari’s regime),” he explained.

Aduloju argued that since 1999, successive administrations in the country have operated different fuel subsidy models, but the poor management of fiscal resources has compounded the financial crisis resulting from the mismanagement of the fuel subsidy.

“The subsidy removal that Tinubu inherited is not the same as the subsidy removal that Buhari inherited, and it’s also not the same as what Jonathan faced. They are different operations. But the consistent issue is that each mismanagement of our fiscal resources by previous governments compounded the problem for the next government,” he stated.

According to him, the biggest challenge under the current administration is not the removal of the fuel subsidy, but the lack of transparency. Until the Federal Government fully examines the financial strain on the economy, there will be no headway.

He said, “When President Tinubu took over, I insisted that what we needed was transparency before choices. Somebody should have first turned on the light and answered the simple question: what are we looking at? What is the size of the fiscal deficit? What were the commitments made in selling crude forward into the future? How much was committed? How much do we owe? How much of our reserves are encumbered?

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“Without answering these questions, the policy choice—such as balancing the current account, of which subsidy removal is one option—becomes a facade. And therein lies the problem.”

He emphasized that the fuel subsidy itself isn’t the country’s core issue but rather the lack of transparency, which has created a massive trust gap between the government and the people.

“Subsidy itself is not the problem. The challenge is that the lack of transparency does not allow for choices. Historically, Nigerians have agreed that subsidy is fraudulent. Where they disagree is whether what they would receive after the government removes the subsidy would be of commensurate or greater value. But there is no trust that the government will provide this.

“So basically, there has been a transparency liability. We need to know how much we owe. How deep is the hole? How far does it go? On asset transparency, let’s know which assets are encumbered. I think if we want to make progress, subsidy removal should have been premised on a fiscal baseline. But it wasn’t.”

He said the myriad of economic problems facing the country would be effectively addressed at the upcoming NESG at 30 Summit, which will take place between the 14th and 16th of October, 2024, in Abuja.

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Responding, the Acting Editor of The PUNCH, Oyetunji Abioye, who led the company’s team to receive the visitors, said the vision of NESG aligns with that of The PUNCH, and the company would offer its strong support for the upcoming summit, beginning with its press conference slated for Friday (tomorrow).

The NESG team included the Chairman of the Media and Publicity Subcommittee for the 30th NESG Summit, Mr Udeme Ufot; NESG Senior Communications Specialist, Francis Jakpor; NESG Associate, Oluwatobi Abodunrin; and Executive Assistant to the NESG CEO, Biodun Shittu.

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Traveller Praises Enugu Air, Says Airline Has Made Enugu More Accessible

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A traveller who arrived in Abuja aboard an Enugu Air flight has praised the airline for its service, describing the flight as smooth, calm and comfortable despite unfavourable weather conditions.
The traveller, Wordshot Amaechi Ugwele, in a viral social media post said Enugu Air had become a source of pride for the South-East and had significantly improved connectivity between Enugu and other parts of Nigeria.
Ugwele said the airline’s expansion to destinations including Benin and Kano had made air travel more accessible to residents of the region.
He said, “Today, our people can also fly directly from Enugu to Kano, a travel convenience that would have seemed unimaginable not too long ago, until Enugu Air made it a reality.”
Ugwele also commended Enugu State Governor, Peter Ndubuisi Mbah, for what he described as his vision, meticulous planning and disciplined execution in driving development across the state.
According to him, the governor’s achievements in infrastructure, connectivity and economic transformation had contributed to Enugu’s emergence as one of Nigeria’s fastest-growing states.
He said the establishment and expansion of Enugu Air demonstrated the administration’s commitment to improving transportation and connecting Enugu with other parts of the country and beyond.

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Canada based Prophetess Sparks Controversy After Celebrating Mother-in-Law’s Death

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Prophetess Ezinne Nwanorue, a Nigerian preacher based in Canada, has sparked controversy online after appearing to celebrate the death of her mother-in-law in a social media post that has drawn widespread criticism.

The cleric shared the funeral poster of the deceased, Comfort Nwanorue, on Facebook on Monday, accompanying it with remarks in which she accused her late mother-in-law of being responsible for some of the challenges she had faced in the past.

Ezinne claimed she had endured years of spiritual attacks and persecution, saying she believed God had exposed those she held responsible for her struggles.

She also issued stern warnings to individuals she described as agents of evil, urging them to repent.

Her comments triggered a wave of reactions on social media, with many users criticising her for publicly expressing what they perceived as joy over the death of a family member.

The incident has also renewed public interest in Ezinne’s marriage to Franklin Nwanorue, which previously made headlines over a controversial fidelity oath he took before relocating to Canada.

Before leaving Nigeria, Franklin reportedly recorded a video in which he pledged to remain faithful to his wife, declaring that he should die if he ever cheated on her after relocating abroad.

However, Ezinne later accused her husband of violating the oath, alleging in a separate Facebook post that he had become involved with another woman despite his public declaration.

As of the time of filing this report, Franklin Nwanorue and other members of his family had yet to publicly respond to Ezinne’s latest social media post.

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Nnamdi Kanu Terminates Ifeanyi Ejiofor’s Legal Representation, Withdraws IPOB Mandate

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The detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has formally terminated the services of his longtime personal lawyer, Barrister Ifeanyi Ejiofor, directing him to stop representing him, his family or IPOB in any capacity.
In a letter dated July 22, 2026, and written from the Sokoto Correctional Centre, Kanu said Ejiofor’s engagement as his personal legal representative had previously been terminated verbally, adding that the latest letter served as formal written confirmation of the decision.
Kanu also withdrew any authority previously granted to Ejiofor to act for or represent IPOB, insisting that the lawyer no longer had any express, implied or ostensible authority to speak or act on behalf of the group.
Citing Section II, Subsection A of the IPOB Code of Conduct, Kanu said the power to appoint, suspend or dismiss principal officers rests exclusively with the IPOB leader unless expressly delegated.
He argued that no individual, committee or former office holder acting outside the provisions of the IPOB Code of Conduct could validly appoint or retain legal representatives for the organisation.
Kanu directed Ejiofor to immediately stop making public statements, granting interviews, issuing press releases or publishing social media posts on behalf of him, his family or IPOB.
He also instructed the lawyer to stop presenting himself as his legal representative or that of IPOB in any court, forum or public space, and to take the necessary legal steps to withdraw from any pending matters in which he remains counsel of record.
See also: Nnamdi Kanu engages new legal team as terrorism trial begins today
In the letter, Kanu warned Ejiofor against disclosing or misusing confidential information obtained during their lawyer-client relationship.
“Accordingly, I hereby place you on formal notice that you are not authorised to disclose, publish, communicate, exploit, or otherwise use any confidential or privileged information acquired in the course of your retainer, whether directly or indirectly, for any purpose whatsoever, except as required by law or by order of a court of competent jurisdiction, without my express written authorisation.
“Any unauthorised disclosure or misuse of privileged information may constitute professional misconduct and may give rise to disciplinary proceedings before the Legal Practitioners Disciplinary Committee, as well as any other remedies available under the law.”
Kanu further cautioned that any breach of client confidentiality or unauthorised disclosure of privileged information could amount to professional misconduct and attract disciplinary proceedings before the Legal Practitioners Disciplinary Committee (LPDC), in addition to other legal remedies available under Nigerian law.
I tightened the language, removed repetition and improved the flow while retaining the substance of the original report.

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Rescue Operations Ongoing After Three-Storey Building Collapses in Oko

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Rescue operations are ongoing following the late-night collapse of a three-storey building known as Elite Five Star Lodge, located beside Tonimas Filling Station in Amokpala, Oko, Orumba North Local Government Area of Anambra State.

The building collapsed on Sunday night, July 26, 2026, trapping some occupants beneath the rubble.

According to the Anambra State Police Command, a police-led joint security team was immediately deployed to the scene following a distress report.

The state Police Public Relations Officer, PPRO, SP Tochukwu Ikenga, disclosed this in a statement made available to newsmen on Monday.

Ikenga said, “On receipt of the distress report, the police, in collaboration with other security agencies, immediately mobilised to the scene, secured the area to prevent further danger, and coordinated rescue efforts.

“The Anambra State Fire Service and the Anambra State Emergency Management Agency (SEMA) also responded promptly and joined in the rescue operation.

“The Command notes that rescue operations are ongoing to reach other persons who may still be trapped, as the number of casualties or affected persons cannot yet be confirmed.

“Also, some injured victims have been rescued from the debris and evacuated to a hospital in Oko, where they are currently receiving medical attention.

“To this end, members of the public, especially residents in the area, are urged to remain calm, avoid spreading unverified information, and stay away from the scene to allow emergency responders unrestricted access.

“Further updates will be communicated as more verified information becomes available.”

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Oji River College Gets N127.1bn for 393 Empowerment Projects — Tracka

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The Federal Cooperative College, Oji River, Enugu State, has been allocated 393 empowerment projects valued at N127.1bn in the 2026 Appropriation Act, according to civic technology organisation, Tracka.

The allocation is part of N947.70bn earmarked for 2,579 empowerment projects across the country, with Tracka raising concerns over transparency and accountability.

The organisation said the projects were spread across 184 implementing agencies, including institutions whose statutory mandates do not ordinarily cover empowerment programmes.

The Federal College of Horticulture, Dadin-Kowa, Gombe, received 216 projects worth N88.1bn, while the Federal Cooperative College, Ibadan, was allocated 94 projects valued at N36.9bn.

The National Agricultural Development Fund received six projects worth N89.5bn, including N89.09bn for the Renewed Hope Fertiliser Support Programme.

Tracka said only 70 of the 2,579 empowerment projects had clearly identified locations, making it difficult for citizens and oversight bodies to track implementation.

The projects include buses, tricycles, motorcycles, electric vehicles, sewing machines, fertilisers, vocational equipment and grants.

Overall, N962.83bn was earmarked for SUVs and empowerment projects, comprising N15.13bn for 39 SUVs and N947.70bn for the empowerment programmes. Tracka said the amount exceeds the combined N960.27bn allocated to seven federal ministries.

The organisation warned that poorly designed empowerment schemes could become channels for political patronage, while calling for greater transparency and accountability.

Its concerns come amid rising government borrowing. The Federal Government has increased its 2026 borrowing plan to N29.20tn, while total spending is projected at N68.32tn against revenue of N36.87tn, leaving a deficit of N31.46tn.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, warned that rising deficits and debt could threaten Nigeria’s fragile economic stability and create a risk of a debt trap.

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