On Wednesday, the House of Representatives instructed its Committees on Finance, Petroleum (Upstream and Downstream) to investigate reports from the Revenue Mobilisation Allocation and Fiscal Responsibility Commission “alleging that the NNPC (now Nigerian National Petroleum Company Limited) withheld N8.48tn as claimed subsidies for petrol.”

The House also emphasized that “the investigation will address the NEITI report stating that NNPC (now NNPCL) failed to remit $2bn (N3.6tn) in taxes to the Federal Government.”

The committees were tasked with verifying the total cumulative amount of unremitted revenue (under-recovery) from the sale of petrol by the NNPC between 2020 and 2023.

Meanwhile, the House approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) ahead of President Bola Tinubu’s presentation of the 2025 Appropriation Bill to the National Assembly next week.

The MTEF is a multi-year plan for public expenditure that sets targets for budget spending and fiscal policy, ensuring these goals are met throughout the budget process.

The FSP outlines a country’s fiscal policy and medium-term macro-fiscal framework. It is a critical part of the annual budget process and the Medium-Term Budget Framework.

President Tinubu had transmitted the MTEF/FSP to the National Assembly on Tuesday, November 19, 2024, following the approval of the Federal Executive Council.

The Tinubu administration set the oil benchmark for 2025 at $75 per barrel, with oil production projected at 2.06 million barrels per day. The government also pegged exchange rate parameters at N1,400 per dollar, with a projected Gross Domestic Product growth rate of 6.4% per annum.

During the Committee of Supply meeting to consider the report of the Committees on Finance and National Planning and Economic Development, presiding officer and Deputy Speaker Benjamin Kalu expected the usual “carried” chorus from members when he began the clause-by-clause consideration of the 15 recommendations. However, the Minority Leader of the House, Kingsley Chinda, changed the tone of the discussion.

• Oil Benchmark Controversy

Chinda spoke out on the $75 oil benchmark, suggesting that the 2025 figure should reflect the 2024 benchmark, pointing to the higher prices reached in early 2024.

He said, “Because of the importance and sensitivity of MTEF, I will advise that we consider it thoroughly before we pass. This is one of the most important bills this parliament will ever pass. They recommend a $75, $76.2, and $75.3 benchmark per barrel of crude for 2025, 2026, and 2027 respectively.

“We are aware that for 2024, what we recommended was $77.96, which is the current budget. Today, it is about $85 per barrel. That is, in the first quarter of 2024, we achieved $85 and it increased further. If we are recommending $75 for next year, which is one month away, against the $77 we recommended for this year, I will advise that we retain the minimum we adopted for this year.

“Rather than increasing, we are reducing. I am not unaware of the issue of moving to gas-propelled vehicles, leaving fossil fuel. I am aware that the world is moving that way, and reliance on crude may be a bit reduced, but going for $75 might be a bit too low,” he said.

In response, the Chairman of the House Committee on Finance, Abiodun Faleke, defended the $75 per barrel benchmark as “responsible.”

He stated, “Crude oil prices in the international market are not controlled by any country. In 2024, we were fortunate that crises in some oil-producing countries led to higher prices. In 2025, there is likely to be more stability. If you set the benchmark too high, it bloats expectations. Today, the price has crashed to $74. I think our benchmark is reasonable.”

Ibrahim Isiaka, the member representing Ifo/Ewekoro Federal Constituency, Ogun State, supported this view, saying, “If we pass this MTEF today and there is a need for amendment, this House can sit and do the necessary review. There was a time when crude sold for $120 per barrel and a time it sold for $20. Let us see this as a working document subject to review.”

At the conclusion of the debate, the $75 benchmark was adopted.

• Oil Production

Another contentious point was the significant increase in domestic crude oil production, projected to rise from 1.78mbdp in 2024 to 2.06mbdp, 2.10mbdp, and 2.35mbdp in 2025, 2026, and 2027, respectively.

Chinda questioned the rationale behind the 2025 projection of 2.06mbpd, saying, “We are making projections for domestic crude oil production from 1.78mbpd in 2024 to 2.06, 2.10, and 2.35mbdp for 2025, 2026, and 2027. If you look particularly at the social media, they will tell you that we are producing about 2mbpd, but the truth is, we are not. Although there is improvement, as of yesterday, the volume was 1.05mbpd.

“These are the things that will help us in proper planning so that the government does not have to always come to the National Assembly for borrowing, which also exposes us further to criticisms by Nigerians.

“We must be critical about how we set our benchmark. Our target has always been to produce 2mbpd. OPEC’s quota for us is 1.8mbpd. Putting this ambitious target of 2.06mbpd and 2.35mbpd, we might not really achieve it. If we don’t achieve it, we know we will be tightening our belts. We are already projecting that we will sell 2.06 million barrels, and if we sell less, we will get less funds. Let us reduce our target rate to 2 million barrels per day, which has always been our target,” Chinda argued.

Faleke defended the recommendation, stating, “As of today, production is close to 2mbpd. It is getting better. Operators of NUPRC gave us the details. If you put a lower projection, you are indirectly telling the operators not to work hard. Let us push them to work harder and get more funding for our country. There was a time during the era of Goodluck Jonathan when we were around 2.5mbpd. Mind you, this 2.06 projection includes all the concentrates. It is not just crude oil alone.”

Regarding the proposed exchange rate of N1,400 to the dollar for the next three years, a lawmaker from Nasarawa State, Gbefwi Gaza, said, “In the past few years, we have seen the volatility in our currency. In this country, virtually everything we do is pegged to the dollar. If we don’t have a very good proposed rate, what that means is that we have to increase our borrowing for any deficit.

“What do we have on the ground to make the naira stronger and make the dollar weaker? Yes, we have the Dangote Refinery, but we are in a phase of energy transition. We are going to the era of using more batteries and fewer fossil fuels; yet, fossil remains our main source of income.”

The House also adopted inflation rate projections of 15.75%, 14.21%, and 10.04% for 2025, 2026, and 2027, respectively.

Additionally, the House agreed that “The 2025 Federal Government of Nigeria budget proposed spending of N47.9tn, of which N34.82tn was retained. New borrowings stood at N9.22tn, made up of both domestic and foreign borrowings.”

Capital expenditure is projected at N16.48tn, with statutory transfers at N4.26tn and sinking funds at N430.27bn.

The acting Chief of Army Staff, Lt. Gen. Olufemi Oluyede, appeared before the two chambers of the National Assembly on Wednesday for screening, asserting that he is well-experienced and qualified to lead the Nigerian Army. While the Senate conducted the screening behind closed doors, the House of Representatives held the exercise in an open session.

President Bola Tinubu appointed Oluyede as acting COAS following the passing of the late Lt. Gen. Taoreed Lagbaja, who died recently.

Addressing the House of Representatives Joint Committee on Defence and Army, Oluyede said, “I humbly appear before you today to be confirmed as the 24th Chief of Army Staff of the Nigerian Army simply because tragedy befell our Army and the Armed Force when the 23rd Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, passed after a brief illness.”

Reflecting on his military career, Oluyede spoke about his extensive experience. “I have served this great nation as an officer of the Nigerian Army for over 30 years. My exposure to national security issues at the junior, middle, and senior cadres of the military profession has prepared me adequately for the assignment I am being screened for here today.”

He continued, “In the past five years or thereabouts, I have operated at the senior operational and management levels of the Nigerian Army, and I have somewhat been part of the running of the service in its entirety. Thus, I cannot completely distance myself from the successes or setbacks of our great Army in the past couple of years. However, I see my nomination as the Chief of Army Staff as a privileged opportunity to be in the driver’s seat and bring about more positive changes to the Nigerian Army to enable it to fulfil its constitutional responsibilities.”

“If confirmed by this joint committee and given the common mandate to lead the Nigerian Army during this period, I promise to do my best to justify the confidence reposed in me by the appointing authority, which is His Excellency Asiwaju Bola Tinubu, the confirming authority which is you members of the National Assembly and the generality of Nigerians,” Oluyede added.

He emphasized the need for aircraft to support the Army’s operations in addressing security challenges. “The Nigerian Army requires aircraft for its operations to combat the challenges of insecurity,” Oluyede stated.

The Chairman of the House Committee on Defence, Babajimi Benson, affirmed that Nigeria had the resources to tackle its security challenges.

Meanwhile, the Senate Committee on Army, chaired by Senator Abdulaziz Yar’Adua, conducted Oluyede’s screening in a closed session in Room 211 of the Senate New Building at the National Assembly Complex.

In his opening remarks, Senator Yar’Adua welcomed committee members and stakeholders, emphasizing the importance of the screening as a critical legislative function. He referenced the letter from President Bola Tinubu, Commander-in-Chief of the Armed Forces, nominating Oluyede for confirmation as Chief of Army Staff.

“The nomination complies with Section 18(1) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004,” Yar’Adua said.

He further explained, “The National Assembly is constitutionally vested with the power to ensure peace, order, and good governance of the country. This screening exercise is a demonstration of our commitment to upholding the laws of the federation and the constitutional principles guiding national security.”

Highlighting the nation’s security challenges, Yar’Adua acknowledged the ongoing threats, including terrorism and criminal activities, and commended the armed forces for their efforts in combating these threats.

“This screening aims to evaluate the nominee’s professional skills, strategic security vision, and ability to address the country’s pressing security issues. We will also assess his proposals for improving military funding and the welfare of personnel,” Yar’Adua noted.

Due to the sensitive nature of the proceedings, Yar’Adua explained that the screening would be conducted behind closed doors. He encouraged Oluyede to share his vision for strengthening Nigeria’s security sector and addressing both internal and external threats.

The committee then moved into a closed-door session for the screening. The committee is expected to submit its report and recommendations to the Senate after deliberations.

There are indications that President Bola Tinubu is preparing to transmit the names of ambassadors-designate to the Senate for screening and confirmation. The list will include nominees who are set to serve as Nigeria’s ambassadors and high commissioners to various countries and multilateral organizations.

Government officials with knowledge of the matter have informed our correspondent that the names of the nominees will be transmitted in early December. This development follows 14 months after 83 ambassadors were recalled in September 2023.

Nigeria currently has 109 missions worldwide, comprising 76 embassies, 22 high commissions, and 11 consulates.

A report from November 21, 2024, had indicated that the Federal Government had begun deploying consular officers to diplomatic missions globally, ahead of the expected release of the ambassadorial list.

On Wednesday, President Tinubu left Abuja for a three-day state visit to France, at the invitation of President Emmanuel Macron. Afterward, he is expected to visit South Africa for a state visit, marking his second trip to the country after attending President Cyril Ramaphosa’s inauguration last June.

Upon assuming office in May 2023, President Tinubu reassessed Nigeria’s foreign policy, which led to the recall of 83 career and non-career ambassadors. These envoys were instructed to return to Nigeria by October 31, 2023.

The Minister of Foreign Affairs, Yusuf Tuggar, stated that the ambassadors served at the President’s behest in their respective host nations, and it was the “prerogative to send or recall them from any country.” However, 14 months later, they have yet to be replaced, leaving a diplomatic void.

Section 171(2)(1c) and Subsection 4 of the 1999 Constitution (as amended) stipulate that appointments to the office of ambassador, high commissioner, or other principal representatives of Nigeria abroad must be made by the President and shall not take effect unless confirmed by the Senate.

On March 25, Tuggar confirmed that the Ministry of Foreign Affairs had compiled and submitted the names of prospective career diplomats to the President for consideration.

“We have collated everything on our part and forwarded it to Mr. President,” Tuggar said.

Although it remains unclear whether the nominees are political or career diplomats, indications suggest that most are career diplomats. Career diplomats are typically promoted through the Foreign Service, while political appointees are often chosen by the President.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, previously spoke about the process, stating that nominations must undergo a thorough review before a final list is transmitted to the National Assembly. “Don’t forget that the ambassadorial list has two components. There are career ambassadors and political ambassadors. The foreign affairs list and the consolidated list will still go through certain processes before it is released,” he said.

A government official, who requested anonymity, confirmed that the appointment of ambassadors is imminent. “Ambassadorial appointments require approval from the National Assembly. So, the list will be submitted to the Senate President, who will then announce it. But it has not been submitted yet. Yes, I can confirm that. Once submitted to the Senate President, they will publish it the following day. So, that means it would be until he (President Tinubu) comes back from France and South Africa because he is going to South Africa from France for a state visit. After that, he will release it,” the official said.

In April 2024, the government appointed 12 consuls-general and five chargés d’affaires to represent Nigeria in 14 countries, but these interim appointments have failed to fill the leadership vacuum in key missions. Consuls-general and chargés d’affaires can carry out routine administrative duties and oversee embassy operations, but they lack the diplomatic authority to engage at the highest levels, such as with heads of state or in critical international negotiations.

On May 28, the foreign affairs minister cited a lack of funds as the main reason for the delay in appointing new ambassadors. A few days later, former Ministry of Foreign Affairs spokesperson Eche Abu-Ode said any new ambassadorial appointments would depend on budget allocations.

A senior official in Nigeria’s Foreign Service, who is familiar with the developments, stated that while the names of the appointees would be released in early December, they will not begin their diplomatic duties for several months. The official explained, “This is the last week of November. Within the first week of December, it should be out. It’s long overdue. What happens is that the Senate will screen those appointed.”

“There’s usually an agreement; it’s like one president writing to another president informing them that ‘I am sending such and such a person as my principal representative to your country.’ The other country will write back saying they have accepted such a person. That ambassador will now take a letter of credence to the host president. Once a foreign government receives an agreement, it does serious background checks on the persons nominated for ambassadorial roles to know the person’s standing and to ensure that they don’t have inimical intentions for the country. But we haven’t gotten to that stage yet.”

“Those nominated have to be announced first. When they are announced, it will take a minimum of three months and a maximum of six months for them to begin their tour of duty. This depends on the country. For instance, if Nigeria wants to send an ambassador to the Niger Republic, given the current state of the relationship, Niger would understandably take its time to run this check.”

On the identities of the nominees, sources suggest that a senior member of the President’s media team may be among those appointed. “The ambassador thing is coming up very soon. It’s coming soon and it’s going to be announced in about a week. Maybe not all the countries, it’s going to be African countries first. But it will soon be released. What I’m hearing is that one of the presidential media aides is likely going to be made an ambassador to one of those African countries. If there’s any announcement, his name will be mentioned,” said a senior State House official close to the President.

Reports also suggest that a founder of a top-tier bank, a former Deputy Governor of Lagos State, and the Speaker of a House of Assembly in the North are being considered for ambassadorial roles.

Another official noted that the prolonged delay in appointments has created a diplomatic void, leaving key foreign missions without proper leadership. “It has been a long time coming. Many decisions are on hold because our missions and embassies are still expecting new diplomats. Major meetings are happening around the world without us because we have no representation at such levels. The President cannot be everywhere at the same time. The minister of foreign affairs cannot do everything by himself,” the official said, requesting anonymity due to the sensitivity of the matter.

Meanwhile, former diplomats have expressed concern over the eight-month delay in posting ambassadors, warning that Nigeria’s absence from the international stage could have long-term consequences for its global reputation.

Dr. Ogbole Amedu-Ode, a former Nigerian Ambassador to Mexico and Singapore, stated, “In a situation of negotiations taking place at the highest level of the mission hierarchy, it means that those missions that do not have their principal envoys would be placed at a disadvantage of non-representation. However, it is not too much of an issue in the practice of diplomacy. This is because, in the absence of a principal envoy of ambassadorial rank, the Chargés d’affaires will hold watch until a substantive head of mission arrives. Government and governance, which extends to diplomacy and diplomatic practice, have continuity as one of their hallmarks.”

Similarly, Ambassador Rasheed Akinkuolie, a retired consul to Cameroon and delegate to the World Expo and Economic Development Centre in Paris, expressed concern that host governments may question Nigeria’s delay in replacing its recalled ambassadors, seeing the prolonged absence as a sign of instability. He said, “It is not the best option not to have resident ambassadors at a post. Chargés d’affaires may not be able to relate with host governments at the highest level, which includes heads of state.

A chargé d’affaires can generally only relate with foreign ministries and other officials.”