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Immigration Fails To Submit Annual Financial Statements For 10 Yrs – Report

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The Nigeria Immigration Service (NIS) has failed to submit its Annual Financial Statements (AFS) to the Fiscal Responsibility Commission (FRC) since 2012.

The Fiscal Responsibility Act (2007) provides that each government agency must submit its AFS three months after the end of each financial year.

However, a report “Where is the Money”? by the Growth Initiatives for Fiscal Transparency (GIFT) Nigeria Project, presented in Abuja, yesterday, indicated that the NIS has defaulted in the submission of its AFSs in the last 10 years.

The GIFT Nigeria Project is under the Strengthening Civic Advocacy and Local Engagement (SCALE) Project implemented by Palladium Group with funding from the United States Agency for International Development (USAID).

The report identified several other federal government agencies which were grouped under the “Below Average Compliance Category” to include: Solid Minerals Development Fund, Nigeria Bulk Electricity Trading PLC, Federal Mortgage Bank of Nigeria, Abuja Security and Commodity Exchange Commission, National Drug Law Enforcement Agency and National Food Reserve Agency, all of which have not submitted AFSs since 2016.

According to the report, the Administrative Staff College of Nigeria, Gurara Water Management Authority, Nigerian Content Development and Monitoring Board were in arrears of AFSs submission since 2017.

The Centre for Management Development was identified as having submitted its AFSs to date, as it topped 58 other agencies which had only 2021 AFSs to submit.

Detailed analysis of the report showed that 73 agencies had outstanding AFSs between 2018 to 2021; with 19 others having outstanding AFSs pre-2018.

The Fiscal Responsibility Commission (FSC) carries out the reconciliation of accounts of MDAs based on the financial statements from the previous year which they are mandated to publish latest by the end of the first quarter of every year.

The reconciliation was meant to lead to the exposition of possible shortfalls in remittance to government coffers by MDAs and concomitant demand to pay up established balances.

Section 22 of the FRC Act provides, “Notwithstanding the provisions of any written law governing the corporation, each corporation shall establish a general Reserve Fund and shall allocate thereto at the end of each financial year, one-fifth of its operating surplus for the year.

“The balance of the operating surplus shall be paid to the Consolidated Revenue Fund (CRF) of the Federal Republic of Nigeria, not later than one month following the statutory deadline for publishing each corporation’s accounts.”

BIG STORY

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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BIG STORY

JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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