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Nigeria Just Lost $4 Million — And You Won’t Believe Why

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6 months ago

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Nigeria Just Lost $4 Million — And You Won’t Believe WhyThe Federal Government is set to forfeit $4 million from a World Bank-funded loan after failing to meet auditing standards tied to a crucial revenue reform initiative involving the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

This amount is part of a $103 million Fiscal Governance and Institutions Project, a financial management reform program supported by a credit line from the International Development Association (IDA).

According to a June 2025 World Bank restructuring document, an audit covering revenue activities at FIRS and Customs between 2018 and 2021 did not meet international auditing standards. As a result, it was marked as “not achieved” by the World Bank’s Independent Verification Agent.

The document stated:

“Revenue assurance audit of Main Income Generating Agencies, including the FIRS and Nigeria Customs for FY 2018–2021, with a $4 million allocation, was assessed as not achieved due to failure to meet international auditing standards.”

The audit was one of ten performance-based indicators the government had to deliver before the project’s closing date of June 30, 2025. With these targets unmet, the Federal Ministry of Finance has formally requested to cancel $10.4 million in unused funds.

This includes $0.9 million unspent under the Technical Assistance component and $9.5 million tied to the unachieved performance targets. A major portion—$4.5 million—was linked to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the creation of a National Budget Portal, which also failed to materialize due to lack of evidence from the Budget Office.

The document outlined:

“The proposed change is to cancel $10.4 million—$9.5 million from PBCs that will not be achieved and $0.9 million uncommitted from Technical Assistance.”

This marks the second adjustment to the project, following a $22 million cancellation in June 2024, reducing the original $125 million facility to $103 million. With this latest cut, the total now stands at $92.6 million.

The Fiscal Governance and Institutions Project, launched in 2018 and operational since 2019, aimed to enhance public finance credibility through improved revenue systems, transparency, and data governance.

Despite falling short on key deliverables, the project made progress in certain areas. Non-oil revenue collection rose significantly—153% of the budgeted target in 2024, compared to 64.9% in 2018. This boost is credited to exchange rate unification, upgrades in tax administration via TaxProMax, and automation of remittances across ministries and agencies.

The project also exceeded expectations in publishing reconciled economic and fiscal data, releasing 10 datasets against a target of six.

However, capital expenditure execution remained sluggish at 50%, below the 65% goal, and project monitoring and evaluation received a rating of moderately unsatisfactory.

Other highlights included:

  • The Electronic Register of Beneficial Owners, now covering 40% of registered businesses.

  • A National Asset Registry and financial reports published by the Ministry of Finance Incorporated.

In total, the project is expected to disburse $96.04 million, which represents 93% of the revised $103 million allocation.

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Crime

Fresh Wave Of Insecurity: Pregnant Woman And Several Residents Abducted In Niger And FCT

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1 week ago

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November 28, 2025

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Fresh Wave Of Insecurity: Pregnant Woman And Several Residents Abducted In Niger And FCT

Nigeria continues to face serious security challenges as multiple communities in Niger State and the Federal Capital Territory (FCT) experienced coordinated attacks this week. These incidents come just days after the abduction of students from St. Mary’s Catholic School in Niger State……CONTINUE READING

New Abduction in Niger State

Residents of Palaita community in Erena Ward, Shiroro Local Government Area were thrown into distress on Wednesday when armed groups invaded a rice farm and abducted several workers, including a pregnant woman. Community sources estimated the number of kidnapped victims to be around 24, while the Niger State Police Command confirmed 10 abductions as investigations continue.

Eyewitnesses said the incident occurred around 2:00 p.m. while farmers were busy harvesting their crops. Despite the community’s close proximity to a military base in Erena, the attackers escaped before security personnel arrived.

In a separate incident in Kakuru community, also in Erena Ward, residents reported that a visually impaired man was assaulted after refusing to hand over a mobile phone. The victim was given first aid, though his current condition remains unclear.

Police spokesperson, SP Wasiu Abiodun, confirmed the attacks, assuring that security agencies are actively working to rescue the victims and restore calm in the affected areas.

Fresh Abductions in the FCT

In Abuja, communities in the Bwari Area Council faced renewed tension following another night attack in Gidan-Bijimi, a settlement near the Kaduna boundary. Six young women and a 16-year-old boy were taken during the raid, according to residents.

The attack, which occurred around 9:47 p.m. on Wednesday, created panic among locals already concerned by previous incidents in the region. Local vigilance groups attempted to intervene but retreated due to limited resources.

As of Thursday morning, families reported that no contact had been made with the attackers, while police were still verifying the details.

Church Confirms Passing of Kaduna Cleric

The Diocese of Kaduna, Anglican Communion, has announced the death of Venerable Edwin Achi, who was abducted in October along with his wife and daughter. His passing was described as a deep loss to the Diocese and the wider Christian community. The Church also announced the cancellation of the upcoming “Stand Up for Jesus 2025” event in his honour.

The Diocese assured that prayers continue for the safe return of his wife and daughter.

Federal Government Responds to Rising Insecurity

Minister of Defence, Mohammed Badaru Abubakar, reaffirmed that the Nigerian military is intensifying efforts to eliminate criminal networks responsible for attacks across the country. He explained that intermittent assaults are typical of guerrilla-style tactics but insisted that security forces are “working day and night” to restore normalcy.

He further confirmed that the Federal Government has launched a full investigation into recent school abductions, including claims that security personnel were withdrawn prior to an incident in Kebbi State.

Police Redeploy Over 11,000 Personnel

Inspector-General of Police, Kayode Egbetokun, revealed that 11,566 police officers previously assigned to VIP protection have now been deployed to underserved communities to strengthen grassroots security.

He stated that the initiative is part of broader reforms aimed at improving community policing and ensuring fair distribution of manpower nationwide.

Cardinal Onaiyekan Calls for Better Equipment, Not More Personnel

Catholic Cardinal John Onaiyekan called on the Federal Government to prioritize properly equipping the officers already serving across the country rather than recruiting additional personnel. The Cardinal emphasized the need for immediate action, stressing that adequately supported police officers are capable of confronting insecurity.

Experts and Community Leaders Advocate Unity

Former Senator Shehu Sani and humanitarian organizations participating in the 9th International Conference on Love and Tolerance urged Nigerians to embrace unity, understanding, and dialogue. They highlighted the importance of addressing root causes of conflict, promoting peaceful coexistence, and supporting security agencies with the resources they need to protect communities.

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Crime

Dalung Breaks Silence: TikTok Chat With Bandit Exposes Deep Secrets Behind The Violence

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1 week ago

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November 28, 2025

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Dalung Breaks Silence: TikTok Chat With Bandit Exposes Deep Secrets Behind The Violence

Former Minister of Sports, Solomon Dalung, has opened up about a surprising and thought-provoking conversation he once had with a young man who claimed to be living in the bush as a bandit. Dalung shared the experience during an interview with News Central, explaining how the encounter gave him a deeper understanding of the issues fueling insecurity……CONTINUE READING

According to Dalung, he was browsing TikTok when he came across the young man, who openly described himself as someone living in the forest due to ongoing conflict. Curious, Dalung asked why they engaged in violent activities. The young man responded that they had suffered losses themselves and felt targeted by vigilante groups who, according to him, harmed their people and took their cattle. This, he said, pushed them into retaliation and led them deeper into the bush.

Dalung explained that he challenged the young man, pointing out that innocent people—including other Fulani individuals—were being harmed in the process. The young man replied that, from their viewpoint, only those living in the bush were considered part of their community, while anyone living in town was seen differently. It was a response that, according to Dalung, revealed how distorted perceptions can worsen the cycle of conflict.

Wanting to know if there was any path toward peace, Dalung asked what could help end the violence. The young man shared that they were open to negotiation and discussions that could encourage them to give up their weapons and reintegrate into society. Dalung noted that the confidence with which the young man spoke was unsettling, but it also showed that dialogue could be part of the solution.

Reflecting on the experience, Dalung urged the National Assembly to consider constitutional changes that would allow Nigerians the legal right to defend themselves responsibly, especially in areas affected by insecurity.

His conversation serves as a reminder of how complex the nation’s security challenges are—and how personal engagement, understanding, and strategic dialogue may help chart a way forward.

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Oyo State: Millions Lost As Fire Damages Two Residential Buildings In Ibadan And Kishi

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1 week ago

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November 28, 2025

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Oyo State: Millions Lost As Fire Damages Two Residential Buildings In Ibadan And Kishi

Oyo State

Two separate fire incidents have destroyed properties worth millions of naira in Oyo State, affecting residential buildings in both Ibadan and Kishi on Wednesday night…..CONTINUE READING

The first incident occurred at 17 Prestige Estate, Joop Bad Hour Crescent, Onirele, Ibadan, where the living room of a four-bedroom duplex was severely damaged. Although the fire consumed valuable household items, no injuries or loss of life were recorded.

In Kishi town, a second fire broke out at 1 Alhaji Rosco Street, Ajangba Area, where the generator room of another four-bedroom residence was engulfed. The blaze also affected property worth millions of naira before firefighters arrived.

Chairman of the Oyo State Fire Service, Hon. Maroof Akinwande, confirmed both incidents on Friday. He praised the swift response of fire officers, noting that their timely intervention prevented the flames from spreading to other parts of the buildings.

According to Akinwande:

“When we arrived, the living room of the duplex was already on fire. Our officers launched a prompt and coordinated attack, preventing the fire from spreading further. No casualty was recorded, and properties worth millions were saved. The cause of the incident is still under investigation.”

He added that the Kishi incident was also contained quickly:

“Upon arrival, we discovered the generator room was completely engulfed. Our firemen acted immediately and stopped the fire from reaching the main building. It was fully extinguished in record time.”

The Oyo State Fire Service has urged residents to prioritize safety measures, maintain electrical and generator installations, and report emergencies promptly to reduce losses.

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