News
N625billion oil money: Heat on Udom, Okowa, others after Buhari’s confirmation
Emmanuel Udom of Akwa Ibom State, Ifeanyi Okowa of Delta and Godwin Obaseki of Edo, are some of the governors in the Niger Delta areas of the country, whose feet are presently under fire, as stakeholders are demanding explanation of the whereabouts of the N625billion released to them by President Muhammadu Buhari, as refunds of 13 per cent oil derivation backlog.
Governor of Rivers State, had during one of his outings a fortnight ago, exposed how nine states in the oil-bearing states of the federation collected huge sums of money as a result, the President, confirmed the payout on Friday.
Wike, had told his audience how the massive infrastructures being embarked in his state were funded from the N110billion he got as part of the state’s own share from the refund, and had gone ahead to throw a challenge to his colleagues to explain to their citizens, what they did with their own shares.
While some governors were still keeping mute over the issue, Buhari, through his spokesman, Garba Shehu, in a statement on Friday, confirmed that the nine oil-producing states received a total of N625.43 billion 13 per cent oil derivation, subsidy and Subsidy Reinvestment Programme (SURE-P) refunds from the Federation Account between 1999 and 2021.
He said in a statement: ”Data obtained from the Federation Account Department, Office of the Accountant General of the Federation, show that a total of N477.2 billion was released to the nine states as refund of the 13 percent derivation fund on withdrawal from Excess Crude Account (ECA) without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.
“The states also got N64.8 billion as refund of the 13 per cent derivation fund on deductions made by NNPC without payment of derivation to Oil Producing States from 1999 to December.” on in the oil producing states are turning on more heat on their governors over the handling of the N625.4 billion which the Presidency confirmed yesterday as having been released to them between October 2, 2021 and January 11, 2022.
“The nine oil producing states of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers are expected to share an outstanding balance of N860.59 billion in further refunds,” Shehu, Senior Special Assistant to the President on Media and Publicity, added.
The highest refunds already disbursed went to Akwa Ibom which got N128 billion, Delta N110billion, Rivers N103billion and Bayelsa N92.2 billion.
Vanguard quotes Port Harcourt –based Integrity Friends for Truth and Peace Initiatives (IFTPI), as slamming most governors of the oil producing states for impoverishing their people despite the huge sums of money released to them by the Federal Government, describing the actions as smacking of wickedness.
Echoing the same sentiment, Uyo, Akwa Ibom State based Policy Alert said the state government was not telling the people the whole truth about the money, demanding total accountability of its accruals.
Livingstone Wechie,Executive Director of IFTPI , said it was obvious that most of the governors had not been coming clean with the people on the finances of their states, adding: “The recent Pandora box of the 13 percent derivation payment by the federal government to the oil producing states leaves so much to be desired.
“The fact that the payment of these monies running into hundreds of billions which hitherto became a secret was made public by Governor Nyesom Wike of Rivers State speaks volumes on how monies meant for the development of the Niger Delta region are mismanaged or diverted.
“What is most appalling and curious is the fact that the figures the states claim to have received from the federal government during the period after the whistle blowing are conflicting with the records released by the federal government. It is important to state that these governors have been very unfair and wicked to their states particularly during this period of economic crisis.
“The federal government should be publishing every kobo paid to any state or local government at all times to show transparency and probity. This is what open governance should be about. This will help checkmate cases of excessive impropriety and malfeasance by public office holders. By this development, the federal government should take further steps to show commitment to fighting fiscal recklessness beyond the usual rhetoric. This is because the instant situation seriously indicts the federal government as aiding fiscal irresponsibility in the management of tax payers’ monies with states.
“This is unarguably expressed in the Nigeria National Petroleum Corporation (NNPC) which for years now has not been making remittance to the Federation Account and this administration sees nothing wrong with such lethal fraud. The federal government is therefore challenged to come out clean on the state of fiscal affairs as it concerns the NNPC as part of the anchors for economic rebounding plans to salvage Nigeria from further socio-economic woes.”
Tijah Bolton-Akpan, Executive Director of Policy Alert, a Non Governmental Organisation (NGO), said Akwa Ibom championing financial accountability and good governance, said Emmanuel’s government was being economical with the figures.
Akpan said: “The Akwa Ibom state government is not transparent when it comes to disclosing figures. The people want figures. Figures about the13 percent oil derivation refunds and other revenues are still shrouded in secrecy. The people want transparency and accountability.”
A foremost human rights activist, Kola Edokpayi, accused Edo State Governor, Godwin Obaseki, of taking for granted the residents of the South South state, for allegedly not being sincere and transparent in the utilisation of funds from oil derivation, subsidy and SURE-P refunds.
Edokpayi, who declared that Obaseki would not be allowed to continually deceive the residents of the state, added that people deserved more than they were receiving from the governor, in terms of infrastructural development, thereby asking him to stop his administration’s “hub” deceit.
But Akwa Ibom State government said contrary to suggestions in some quarters it had over declared amounts received in respect of the 13 percent oil derivation and others.
Information Commissioner Iniobong Ememobong said the state has provided sufficient information backed with figures of the 13 percent refunds and other revenues.
Ememobong, who referred our correspondent to the Commissioner for finance, said, “the State House statement is self-explanatory. There is no ambiguity. The commissioner for finance can provide you with the figures but I can safely tell you that the government has even over declared. What that means is that the federal government is even owing the state.”
In a separate reaction, the Edo State Government said it had been vindicated on the matter as the figures “further validate the figures that we released on November 23, 2022.”
Communication and Orientation Commissioner Chris Nehikhare said in Benin yesterday that accountability would remain the watchword of the administration of Governor Godwin Obaseki and “all resources accruable to Edo State will be prudently and transparently utilised for the good of the majority of Edo people.”
He said the confirmation from the Presidency, “has put to rest the irresponsible pastime of political detractors and unprogressive elements who resorted to conjuring up very ridiculous and absurd figures in their desperation to dubiously market themselves in the political space in this electioneering campaign season.
“For the records, the State House Press Release said: ‘On the 13 per cent derivation fund on deductions made by NNPC without payment of derivation, the nine oil producing states were paid in three installments this year, with the remaining 17 installments outstanding.’
“Recall that on Wednesday, November 23, 2022, the Commissioner for Finance, Budget, Economic Planning and Development, Mr. Joseph Eboigbe, told journalists that Edo State ’s share of the one trillion naira 13 percent derivation refund that is due the oil producing States in Nigeria is N28 billion, and so far, N2.1 billion has been received.
According to Eboigbe, ‘Edo State’s share of that figure was N28 billion. A small figure out of the N1 trillion that was what got to us.
“So we have received three quarterly releases so far, N700 million, N700 Million, N700 million, totaling N2.1billion. That is what has come into the state’s coffers and it is verifiable in the bank, and the office of the Accountant General has the records.
“‘Our share was N28 billion, the net is to be distributed over five years, quarterly, that will be 20 quarterly installment releases, three have come so far, each has been N700 million, N700 million, N700 million and how that money was spent again, we have the records for anybody that wishes to see.’
“We stand by the figures that we released, which have been validated by the State House, and Edo people have no reason to worry as we are committed to finish stronger.”
President Bola Tinubu, on Tuesday, secured the nod of the House of Representatives to borrow $516,333,700 million in syndicated financing from Deutsche Bank AG.
The approval was consequent upon the presentation of a report by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans, and Debts Management, who said that the loan is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.
Tinubu in a letter to the National Assembly, last week, seeking the $516.3 million loan from Deutsche Bank to support the construction of the road, had said the facility, to be sourced from a syndicated financing facility, would fund sections 1, 1A, and 1B of the project, which covers about 120 kilometres.
Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.
The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.
The 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela in the northwestern state to Badagry.
According to him, the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
He said the Federal Government will provide counterpart funding of over ₦265 billion for land acquisition, compensation, and related infrastructure.
The former Lagos governor said the loan is structured for nine years and includes a three-year grace period.
It has an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.
Already, the Federal Executive Council (FEC), Nigeria’s apex decision-making and advisory body to the president on policy, has approved the financing plan.
The Nigerian National Petroleum Company (NNPC) Limited has denied reports that it is selling scrap materials, equipment, or components from its refineries to individuals and private companies.
A Friday statement titled ‘Fraudulent Claims on Sale of Refinery Scrap and Equipment’ issued by its Chief Corporate Communications Officer, Andy Odeh, in Abuja, described the circulating reports as misleading and false.
“The Company wishes to categorically state that this information is untrue. NNPC Limited has not issued any request for bids, tenders, expressions of interest, or approvals for the sale of scrap materials, refinery components, or any items from the warehouses or inventories of any of its refineries”.
It also distanced itself from persons reportedly presenting themselves as the company’s representatives or agents, claiming to facilitate the sale of so-called “scrap metals” or refinery equipment.
“These individuals are not authorised by NNPC Limited and are attempting to mislead members of the public.”
The Company therefore advised the public, corporate organisations, and industry stakeholders to disregard any such claims or solicitations and to exercise caution in dealing with anyone making such representations.
“For the avoidance of doubt, NNPC Limited is not conducting, nor has it authorised, any sale of scrap metals, equipment, or refinery components from any of its facilities”, the statement added, saying that any legitimate disposal of assets by NNPC Limited will only be conducted through established and transparent processes, publicly communicated through the Company’s official channels and in accordance with applicable regulations.
“Members of the public who encounter individuals or entities making such claims are encouraged to report the matter to the appropriate law enforcement authorities.
“NNPC Limited remains committed to transparency, accountability, and the responsible management of national energy assets”, the statement added.
“Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible,” were the words with which the Presidency, pushed back on Saturday to the allegation suppression of democracy in Nigeria by the African Democratic Congress (ADC).
Sunday Dare, spokesman to President Bola in a quick riposte after the ADC’s National Legislators Serving and Former Forum criticised President Bola Tinubu over remarks describing the convention as “noise and a street convention,” dismissed the coalition party as suffering from internal disarray.
Ukeje, on the heels of the ADC national convention recently at the Rainbow Event Centre in Abuja, despite a last-minute alleged attempt to block the gathering had argued that Nigeria is at a critical democratic juncture and accused the administration of shrinking political space.
The group also referenced Tinubu’s past as an opposition leader who once advocated political pluralism and judicial independence, saying his current leadership posture appears inconsistent with those democratic values.
Dare, who described the ADC as a party struggling to maintain “coherence and balance” in a statement titled: ‘WHAT’S THAT NOISE! Response to Hon. Nnenna Elendu Ukeje and the ADC Forum of National Legislators- Nigeria’s latest bunch of conspiracy theorists,’ wrote: “Even before the official commencement of the election season and before the Polls open, the “opposition”, a hurriedly stitched together contraption in search of a launch pad are screaming blue murder.
“The script is familiar: attack and blackmail the President, discredit and second guess the electoral process and hold Press briefings to flaunt unsubstantiated allegations and lies against the administration.
“All of these so that the international community will “help” them. In Honorable Nnenna, the ADC legislators found someone fit for the role. As former chair, foreign affairs committee, 7th and 8th House of Representatives she was their best voice.
“Sadly, ADC will need more than the sophistry and phonetics in her delivery. Let’s begin to tear apart her claims and that of her ADC Forum. The so-called ADC National Legislators Coalition delivered an outing remarkably full of theatrics but expectedly short on substance, restraint, and constitutional fidelity.
“What Nigerians just witnessed from the ADC motley crowed is not a principled defense of democracy, but a calculated attempt to weaponize rhetoric, manufacture outrage, and distract from internal disarray within a political party struggling to maintain coherence and balance. Ironically, the ADC press conference began on a note of truth.
“In their own words, they painstakingly chronicled the democratic credentials of President Bola Ahmed Tinubu—his historic role in strengthening opposition politics, expanding democratic space, defending pluralism, and standing firm even under military and authoritarian pressures.
“They reminded Nigerians that he mobilized resistance, nurtured political contestation, and remained a central pillar in sustaining democratic governance.
“On that point, they were correct and that is because they could not change that solid democratic foundation and narrative of President Bola Tinubu. Let’s give them some acknowledgement for stating it plainly.
“But having established those facts, they took a curious turn—attempting, without evidence, to portray the very same individual as a threat to the democratic values he has consistently upheld.
“That contradiction is not just weak—it is intellectually untenable. A leader’s record is not a switch that flips overnight. The same discipline, convictions, and democratic instincts that defined President Tinubu’s political journey have not suddenly evaporated.
“You cannot spend the first half of a press conference affirming a man’s lifelong commitment to democracy, and the second half alleging—without proof—that he has abandoned it. It simply does not hold.
“On the specific issue that triggered this reaction: the President did not mention the ADC—by name or by implication. His remarks were general, as is consistent with his style as a national leader addressing a broad audience.”
Dare noted that the decision by the ADC to assume those remarks were directed at them is, at best, an exercise in self-indictment. If the description of “noise” resonates, perhaps the issue is not with the statement—but with the conduct it reflects.
“This is not a matter of suppression; it is a matter of standards. Democracy thrives on competition, yes—but it also demands organization, coherence, and credibility. Disorder cannot be rebranded as authenticity simply because it occurs in public. The allegations regarding judicial interference are equally speculative and irresponsible.
“Nigeria’s judiciary remains constitutionally independent, and no amount of conjecture can substitute for evidence. Attempting to cast doubt on the integrity of the courts based on political disagreements is a dangerous path—one that weakens institutions rather than protects them.”
-
Columns2 weeks agoAbike Dabiri: Did Obi raise a monster or you’re drunk on Tinubu’s poisoned chalice?
-
Columns3 weeks agoSeun Okinbaloye saga: How does Tinubu survive if Wike resigns?
-
News3 weeks agoStop using Latin phrases, make clear, unambiguous orders – NBA tells courts
-
Columns1 week agoBe the hero that saved Nigeria! Open letter to Alhaji Atiku Abubakar
-
News1 week agoJandor: Tinubu didn’t endorses Hamzat *I’ve briefed President on my ambition
-
News3 weeks agoNafiu Gombe: Yes, I have sponsors! *I can’t fight ADC big men alone!
-
Columns3 weeks agoCentus Nweze (JSC): Death of legal purist, irony of Nigerian judiciary
-
Columns1 week agoNow VDM has become Sowore’s nemesis, does Peter Obi need anther advocate?