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‘Missing’ N89 trillion: Presidency speaks *Says scammers at work
“If the Federal Government can find N89 trillion, it can pay off all its debt, both foreign and local currency and all state government debts and still have over N10 trillion left.”
This was the way the Presidency waved off claims of a missing N89.09 trillion from stamp duty, as false, saying scammers who had earlier tried to hoodwink the Federal Government, were currently at work in promoting the ridiculous narrative.
Presidential spokesman, Garba Shehu, who responded to the scandalous claims, said in a statement on Tuesday that the claims being made by Gudaji Kazaure, member of the House of Representatives on mismanagement or embezzlement of stamp duty funds, was patently false.
Kazaure, who said he is also the Secretary of the Presidential Committee on the reconciliation and recovery of all stamp duties, had in a recent interview, not only made the allegation, but accused the Central Bank of Nigeria (CBN), the Office of the Secretary to the Government of the Federation (OSGF), and the protocol department of the State House, of conspiring to prevent him from briefing President Muhammadu Buhari on the findings so far made, in order to brief him on progress reports on efforts to trace trapped N89.09 trillion.
But, the statement, in dismissing the claim, explaining how the issues surrounding the development, began when the President came into office in 2015 and discovered that a law, which stipulated for the collection of a “token on banking transactions existed but was not being correctly implemented,” because certain characters apparently formed a cartel with collaborators in the Nigerian Postal Service (NIPOST) and were allegedly “collecting and pocketing this money.”
A Non Government Organisation (NGO) was said to have brought up the issue before the new government, claiming that the country had lost the sum of over N20 trillion to the Nigerian Inter-bank Settlement System ((NIBSS) between 2013-2016 in this regard, assuring that the money could be recovered and paid back into the government coffers.
“The consultants asked to be paid a professional fee of 7.5 percent and were placed under the supervision of the Secretary to the Government of the Federation (SGF). Following the lack of progress in the promised recovery, the late Chief of Staff to the President, Abba Kyari, wrote on March 8, 2018 to the SGF conveying a presidential directive that following the lack of progress and several expressed concerns received, the activities of the consultants be discontinued.
“In the aftermath of this dismissal, the consultants sued the government. A court of competent jurisdiction subsequently ruled in favour of the government.
“Arising from the outcome of the litigation and the well-known controversy on the legally responsible agent for collecting this levy, the administration went to the National Assembly and caused an amendment to the law and removed NIPOST from the duty of its collection.
“Having lost a potentially lucrative line of business, the characters returned to the drawing board to formulate one form of trick or another to intimidate the government but the vigilant teams of the administration kept them at bay. They returned lately to the government through honourable Muhammadu Gudaji Kazaure with a plan to track the so-called lost stamp duties with the erstwhile consultant as chairman and honourable Gudaji as secretary.
“When it emerged that the petitioner and lead consultant of the committee the President had dissolved via the late Abba Kyari’s letter of March 28 had masqueraded himself and re-emerged as the chairman of the new recovery committee championed by the Hon. Gudaji, the President rescinded the approval he gave and asked that it be stopped from operating under the seal of his office.
“In addition to this committee being chaired by a petitioner, there were also other concerns relating to natural justice and fair hearing in having the Chief Justice of the Federation as a committee member and a serving member of the house of representatives as secretary, which are not in line with section 5(1),(a)&(b) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).
“Once the President rescinded his approval to constitute this committee, (it) lost all legitimacy. Arguments have in recent days been flying left and right over the rightfulness of a committee being dissolved. People are entitled to hold opinions. But these opinions do not change the fact that under our constitution, the power of the President to appoint and remove persons or groups is duly entrenched and unless such powers are shared with the parliament, the President can hire and fire literally at will, and in line with the law.
“Therefore, there is evidence to debunk claims Kazaure’s claims on the missing funds. The same set of consultants claimed in 2016 that there was N20 trillion to be collected, but it was found to be false. To go back to the main issue though, it is now evident that the consultants and petitioners’ claims of a missing N89 trillion from stamp duty appears false and a figment of their malicious imaginations. The entire banking sector deposit is not even up to half of N89 trillion.
“Indeed, if the Federal Government can find N89 trillion, it can pay off all its debt, both foreign and local currency and all state government debts and still have over N10 trillion left. So, the claim by these so-called consultants and the disbanded committee is totally ridiculous and a complete mockery.”
Meanwhile, in a recent a video clip in Hausa and a press release in English, Kazaure had asked Shehu to answer pertinent questions relating to the matter particularly the sources of the $171 billion in the CBN’s I&E window account; N23.4 trillion CBN gave as a loan to some banks; and N13 trillion loan to the federal government from FMDQ;
In response, Shehu said: “To my knowledge, the CBN-established investors and exporters (I&E) window is a foreign exchange trading platform where banks and other authorised dealers can buy or sell foreign exchange. These trades are recorded by the CBN daily and reported as turnover or activity in the market.”
“Contrary to Hon. Kazaure’s assertion, the I&E window is NOT an “account” where foreign exchange is deposited. It is simply a platform for trading foreign exchange. As of April 2020, the total amount of foreign exchange traded (either bought or sold) in the window was about $171 billion. The size of this amount suggests that there is adequate liquidity or availability of foreign exchange and that anyone who wants to buy or sell would easily find a counterparty to trade with. The amount does not mean that we have $171 billion stacked away in some vault or saved in any account.
“Note that both the CBN and authorised dealers are free to bring foreign exchange to the window, and in fact, the CBN is not the major seller of foreign exchange in that segment of the market.”
On the N23.4 trillion loan the apex bank was to have given some banks, he described the lawmaker’s assertion as “baseless,” adding: “The CBN is best placed to respond to this question though I must say the assertion itself is both baseless and misleading. The total balance sheet of the CBN is not anywhere near N23 trillion. So how can it give such an amount in loans to any or some banks?”
Also speaking on the source of the FMDQ loan to the federal government, the presidential spokesman, quoting data from Debt Management Office (DMO) said the total amount of Nigeria’s domestic debt as of September 2022 is N21.6 trillion, wondering that if Kazaure suggesting that a “small company in Lagos holds over 60 percent of Nigeria’s domestic debt.
“More also, of the N21.6 trillion domestic debt, only N4.5 trillion are in treasury bills? How then can a company in Lagos hold more treasury bills (N13 trillion) than the entire treasury bills issued by the federal government? For the avoidance of doubt, I also took time to reach out to the FMDQ (Financial Markets Derivative Quotes) and understand from their audited financial statements that their holdings of FGN treasury bills is just N7.99 billion as of December 2021.”
Stating that he could not provide a response to Kazaure’s enquiry on the ‘total equity of CBN and its national budget.’ he said: “Anyone who understands this question should provide an answer. I can offer this information: on an annual basis and in line with the fiscal responsibility act, the CBN transfers 80 percent of its operating surplus to the federal government as part of the budget revenues. In the last six years, this contribution has amounted to over N150 billion.
“Let me inform, that Mr. President has not completely ignored these matters. Indeed, a duly authorised committee under the attorney-general and minister of justice, Abubakar Malami (SAN) is working to reconcile, recover and transfer all stamp duties into stamp duties central account. The work is ongoing, it is not finished yet and the President will continue to show his keen interest in the matter of stamp duty collection.”
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.”
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