
News
Hardship: FG plans cash transfer for 20 million poor Nigerians
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the increase in Nigeria’s revenue recorded in the 2024 fiscal year is being strategically allocated to various social intervention programmes aimed at improving the living standards of citizens and addressing pressing societal needs.
The minister said the social investment programme is targeted to impact 60 per cent of the poorest, reaching 20 million persons.
He also revealed a comprehensive proposed agenda for economic reform, which aims to reduce inflation, create jobs, and stimulate growth in key sectors of the economy.
At his October 1, 2024 address, President Bola Tinubu announced that the government’s revenue for the first half of 2024 (January to June) stood at over N9.1tn—more than double the N4.06tn generated in the same period in 2023.
Speaking at a panel session titled ‘Fiscal Reforms for a More Secure Future’ during the 30th Nigeria Economic Summit in Abuja on Tuesday, Edun said the increased revenue is primarily being used to finance social programmes aimed at mitigating the impact of essential but challenging reforms that have affected the cost of living.
He said, “In terms of revenue, the number one place to look was inwards, domestic resource mobilisation. That’s where the government started. By the first half of this year, revenue had doubled.

“Aggregate government revenue was more than doubled. And that was achieved by applying technology very robustly.
“We have applied technology in a way that essentially reforms the civil service. Rather than waiting for compliance from government ministries, departments and agencies and government companies, we looked at what the rules and regulations were, how much a company was allowed to spend on its revenue, and then how much of its surplus it had to provide to government.
“The social investment programme is spearheaded by direct transfers to reach 60 per cent poorest in the population. And right now, 20 million households are being supported directly. And it’s going to rise to, well, 20 million people, four million households so far, and it will rise to 15 million households who will be paid directly by the government.
“That is how President Tinubu’s government is spending the money which is being yielded from better oil production.”
Edun also emphasised the government’s focus on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.
“We are looking to food production to help bring down inflation,” he explained.
“We aim to make food more available, affordable, and to reduce the cost of living for Nigerians.”
According to him, the interventions through direct cash transfers have reached 4m households already.
In the oil sector, Edun said the minister also discussed the government’s approach to the oil and gas sector, emphasising its critical role in generating foreign exchange.
Edun revealed that recent reforms have attracted significant investments, including an additional $10m from ExxonMobil and other key industry players.
“The oil sector is our first avenue for foreign exchange and global revenue,” he stated, expressing optimism about sustained contributions from local and foreign investors alike.
These measures, according to him, have encouraged Nigerian manufacturers to commit up to $4.2bn in investments, boosting the country’s economic prospects.
The minister also highlighted other initiatives, such as the student loan scheme and consumer credit made available to workers to enable them to purchase household goods or convert their vehicles to cheaper, cleaner Compressed Natural Gas fuel.
In the agricultural sector, the government is providing grants and loans worth up to N75bn to support one million small and micro enterprises.
For larger companies, Edun said an additional N75bn is being disbursed in tranches of N1bn per company at a nine per cent annual interest rate, helping them manage the cost of production and operations, particularly in light of the recent foreign exchange adjustments impacting their profit margins.
“This is how President Tinubu and his government are spending the increased revenue, which has been driven by improved oil production and macroeconomic reforms that are expected to save the country five per cent of GDP,” Edun explained.
“There is a broad array of social investment initiatives where these funds are being directed.”
Also speaking at the summit, the World Bank Country Director for Nigeria, Ndiamé Diop, acknowledged the country’s significant revenue increase, noting that its revenue-to-GDP ratio is expected to improve.
He pointed out that in 2022, Nigeria spent 12.9 per cent of its GDP, but revenue covered only 7.6 per cent, leaving the country with a substantial fiscal deficit funded mainly through debt. “This trajectory could have led to a crisis,” Diop warned.
The ongoing reforms, he suggested, are essential to stabilising Nigeria’s fiscal position and ensuring sustainable economic growth.
News
My name has been cleared, says Alison-Madueke after London Jury acquits her of corruption charges
Former Minister of Petroleum Resources, Diezani Alison-Madueke, has declared her complete vindication after being acquitted of all charges brought against her by a jury at Southwark Crown Court in London.
In a statement issued on Wednesday through her representative, Bolouere Opukiri, Alison-Madueke said the verdict marked the end of an eleven-year legal battle that had subjected her and her family to intense public scrutiny.
“Today, at Southwark Crown Court, I was acquitted of all charges brought against me,” she said.
Reflecting on the lengthy legal process, the former minister described the period as one of immense hardship and personal suffering.
“For eleven arduous years, this matter has weighed heavily upon me and my family. Today, a decade of unrelenting and unjust vilification, condemnation, and scrutiny has finally concluded,” she stated.
Alison-Madueke expressed gratitude to God, her legal team, family and friends for their support throughout the trial.

“I give thanks to Almighty God for His faithfulness and for the complete vindication I have received. I am grateful to my legal counsel for their diligence, and to my family and friends for their steadfast support and encouragement throughout this period,” she said.
The former minister said the verdict had brought a sense of relief and closure after years of legal uncertainty.
“I am profoundly relieved. My name has been cleared, and this ordeal has come to an end,” she added.
Despite the acquittal, Alison-Madueke indicated that she intends to speak further about the events of the past decade and outline her future plans.
“This, however, is not the final chapter. In due course, I shall address this difficult period in greater detail and share my intentions for the future. For now, I intend to embrace the freedom that has been unjustly denied me for many years,” she said.
The statement followed her acquittal at Southwark Crown Court, bringing to a close a legal case that had attracted significant public attention over the past eleven years.
News
London court acquits Alison-Madueke of all corruption charges
Diezani Alison-Madueke, the former Minister of Petroleum Resources, was on Wednesday acquitted by a London jury of six bribery charges, after a rare corruption trial of a high-profile former energy official.
Alison-Madueke was minister between 2010 and 2015 under then-president Goodluck Jonathan.
She stood trial charged with five counts of accepting bribes and a charge of conspiracy to commit bribery, which she denied.
Prosecutors alleged Alison-Madueke, 65, was given “a life of luxury” in London from oil and gas industry figures seeking lucrative contracts in Nigeria, which has long grappled with mismanagement and corruption.
But the former minister, who was also briefly president of the Organization of the Petroleum Exporting Countries, said she never took any bribes and had no real influence over awarding of lucrative government contracts.
After a trial at London’s Southwark Crown Court, Alison-Madueke was acquitted by a jury of all six charges she faced after more than 46 hours of deliberation.

The not guilty verdicts are a major blow to British authorities, which began their investigation into corruption allegations against Alison-Madueke more than a decade ago.
Alison-Madueke stood trial alongside oil industry executive Olatimbo Ayinde, 54, who was charged with one count of bribery relating to Alison-Madueke and a separate count of bribery of a foreign public official.
Alison-Madueke’s brother Doye Agama, 69, was charged with conspiracy to commit bribery with his sister relating to payments made to Agama’s church.
Both Ayinde and Agama denied the charges against them and were also acquitted by the jury. (Reuters)
News
Court martial: 12 soldiers face trial over alleged murder, other criminal offences
The Commander, 4 Special Forces Command, Nigerian Army, Doma, Maj.-Gen. Olurotimi Awolo, has inaugurated a General Court Martial (GCM) to try 12 soldiers accused of various offences, including alleged murder, assault and aiding criminality.
Speaking during the inauguration on Tuesday in Doma, the Commander, represented by the President of the General Court Martial, Col. Salihu Ibrahim, said the convening order was issued pursuant to powers conferred on him by Section 131(2)(d) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004.
He said the court was constituted to hear the cases of all accused personnel and determine each matter strictly on its merit.
“The court will be guided throughout the trial by the principles of natural justice as enshrined in the Constitution of the Federal Republic of Nigeria, 1999 (as amended).
“We are also mindful of the cardinal principle of criminal justice that every accused person is presumed innocent until proven guilty.
“Where the prosecution fails to establish any allegation beyond reasonable doubt, the court will discharge and acquit the accused person.

“Conversely, where an accused person is found guilty, the law will take its course in accordance with the provisions governing such offences,” he said.
He assured all parties of the court’s commitment to fairness, justice and professionalism, urging prosecution and defence counsels to avoid unnecessary delays and frivolous adjournments.
The court president maintained that speedy disposal of the cases would serve the interest of justice and ensure confidence in the military justice system.
However, trial could not commence immediately after the inauguration as six of the accused persons present in court were declared medically unfit to stand trial.
The court’s Medical Orderly, Sgt. Audu Ahmadu, informed the panel that five of the six accused persons had elevated blood pressure levels.
Following the development, the prosecutor, Capt. Shamsondeen Sadiq, urged the medical orderly to ensure that the affected personnel received adequate medical attention to enable the trial to commence.
The President of the court subsequently adjourned proceedings to a later date, which would be communicated to all parties.
Speaking with newsmen after the inaugural sitting, Barr. George Illah, counsel to one of the accused persons, commended the Command for constituting the court martial.
He expressed confidence in the competence of the panel, noting that the president of the court, other members and the Judge Advocate were qualified to discharge their responsibilities.
“As a defence counsel, I will do my best to ensure that the soldiers standing trial before this honourable court martial get the justice they deserve.
“It is important for people to understand that military personnel standing trial before a court martial are entitled to all constitutional and legal rights guaranteed under the law, and we will ensure that those rights are protected,” he said.
The News Agency of Nigeria (NAN) reports that members of the General Court Martial include Col. A.A. Buhari, Lt.-Col. Victor Yamu, Lt.-Col. A.K. Karma and Lt.-Col. S. Abdullahi.
Others are Maj. J.M. Usendeng, Maj. A.D. Ahmed, Maj. U. Ahmed, Maj. S.L. Sagu, while Capt. U. Nna serves as Judge Advocate. (NAN)
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