Echotitbits – Nigeria News

Tag: Transparency

  • FAAC review flags weak responses from firms in road tax credit scrutiny

    FAAC review flags weak responses from firms in road tax credit scrutiny

    2025-12-29 09:00:00
    In an update published by Punch, FAAC’s post-mortem sub-committee reviewing the Road Infrastructure Tax Credit Scheme reportedly received responses from only three of seven companies contacted, raising fresh questions around transparency and project accountability.

    The scheme allows companies to build eligible roads and offset costs against future tax liabilities, making it a large fiscal lever that directly affects distributable revenue.

    The central issue now is governance: whether project valuation, scope, and delivery milestones align with tax credits claimed across participating firms.

    ThisDay reports that “a combined $577.6 million and N822.3 billion were utilised under the scheme,” while ARISE News says the panel is probing “the scale of deductions, transparency of project execution and accountability.”

    Echotitbits take: Tax-credit infrastructure can be smart—if procurement and monitoring are airtight. If not, it becomes a quiet drain on FAAC. Watch for the committee’s recommendations and whether disclosure rules get tougher.

    Source: The Punch — December 29, 2025 (https://punchng.com/faac-flags-poor-responses-in-road-tax-scheme/)
    The Punch 2025-12-29

    Photo Credit: The Punch

  • NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    NNPC Directors’ Pay Jumps to N4.1bn, Renewing Corporate Governance Questions

    Photo Credit: The Punch
    2025-12-26 07:20:00

    In a report published by *PUNCH*, the Nigerian National Petroleum Company (NNPC) Limited’s directors’ fees and expenses reportedly increased sharply, reigniting scrutiny of cost discipline and transparency at the state-backed energy giant.

    The report is likely to energise debate around value-for-money, board oversight standards, and how corporate governance practices are evolving under the “commercial” NNPC Limited framework.

    For citizens, the optics matter: in a period of tight public finances and cost-of-living strain, governance headlines at strategic national companies quickly turn into political accountability tests.

    Market watchers will look for clearer disclosure context—what drove the increase, how it compares to peer benchmarks, and whether board performance metrics are publicly defensible.

    *PUNCH* reported directors’ pay “soars 58% to N4.1bn.”

    Echotitbits take: Governance credibility is part of energy-sector reform. Watch for fuller annual-report disclosures, audit commentary, and whether oversight bodies demand stronger explanations for board-related cost movements.

    Source: The Punch — Dec 26, 2025 (https://punchng.com/nnpc-directors-pay-soars-58-to-n4-1bn/)

  • Tax reform credibility test: lawmakers demand probe into ‘altered’ bills after passage

    Tax reform credibility test: lawmakers demand probe into ‘altered’ bills after passage

    Photo credit: The Punch
    2025-12-22 09:00:00

    Reporting by *The Punch* indicates Nigeria’s ongoing tax reform drive has hit a credibility storm, with fresh claims that versions of tax bills circulating publicly may differ from what lawmakers passed.

    The dispute is fueling calls for a formal probe to confirm the authentic text, track the legislative handling from committee to final transmission, and determine whether any post-passage changes occurred.

    Stakeholders argue that even the perception of tampering can undermine compliance, investor confidence, and the legitimacy of any reforms meant to widen the tax net and strengthen revenues.

    Pressure is also mounting for certified copies to be made publicly available—so citizens, businesses, and tax professionals can compare what was debated, what was passed, and what was ultimately forwarded for assent.

    Vanguard’s coverage of the controversy described growing calls for lawmakers to “probe” the alleged changes, while *The Guardian (Nigeria)* also framed the episode as a trust issue around “tax reform” that could complicate implementation if not clarified quickly.

    **Echotitbits take:** In tax policy, process legitimacy is policy legitimacy. If government wants compliance, it must publish final gazetted versions fast, show redlines where possible, and make legislative documentation audit-proof—otherwise reform becomes litigation and politics, not revenue.

    Source: The Punch — December 22, 2025 (https://punchng.com/alleged-alterations-in-tax-laws-spark-calls-for-probe/)

  • ICPC summons Dangote as petition over alleged $7m school-fees spending enters probe phase

    ICPC summons Dangote as petition over alleged $7m school-fees spending enters probe phase

    Photo Credit: The Nations
    2025-12-21 08:30:00

    In an update published by The Nation, the ICPC has invited Aliko Dangote in connection with his petition against the immediate past NMDPRA boss over allegations tied to public funds and overseas school fees.

    The report says the invitation is linked to preparations for a formal investigation panel, as the matter fuels debate about accountability in high-value regulatory offices.

    At the center is an allegation that more than $7 million was spent on children’s education abroad, prompting calls for a lifestyle and governance audit around the regulator.

    Premium Times confirmed Dangote “formally submitted a petition,” while ThisDay reported the petition “alleged that Ahmed spent over $7 million” on education-related expenses.

    Echotitbits take:
    High-profile petitions only matter if evidence is traceable. Watch for payment trails, asset declarations, and whether the probe expands into institutional controls that enabled the alleged spending.

    Source: The Nation — December 21, 2025 (https://thenationonlineng.net/icpc-invites-dangote-over-7m-school-fees-claim-against-ex-nmdpra-boss/)
    The Nation 2025-12-21

  • NBA ref backlash turns personal again as Last Two Minute Report fuels online fire

    NBA ref backlash turns personal again as Last Two Minute Report fuels online fire

    Front Office Sports

    2025-12-19 15:00:00
    Front Office Sports reports that referee criticism is sliding from performance review into personal attacks—an issue the NBA keeps confronting as transparency tools meet social media outrage.

    A flashpoint cited in coverage is a Last Two Minute Report tied to a Nuggets–Rockets ending, adding fresh oxygen to the debate about accountability versus harassment in NBA discourse.

    – NBA (Official L2M Report page): “Last Two Minute Report…”
    – Houston Chronicle (News outlet): “Last Two Minute Report says errors… benefited Nuggets…”

    Analysis/Echotitbits take: The NBA’s transparency era is a double-edged sword: more data to explain calls, but also more receipts for online mobs. Watch for league messaging and platform measures aimed at protecting officials—without looking like the NBA is avoiding legit scrutiny.

    Source: Front Office Sports — 19 Dec 2025 — https://frontofficesports.com/nba-refs-personal-attacks/
    Photo Credit: Front Office Sports
    2025-12-19

  • Court Orders NDDC to Publish Forensic Audit Within 90 Days, Raising the Bar on Transparency

    Court Orders NDDC to Publish Forensic Audit Within 90 Days, Raising the Bar on Transparency

    Photo Credit: Punch

    2025-12-17

    From court filings cited by *The Punch*, a court has reportedly given the Niger Delta Development Commission (NDDC) a 90‑day window to publish its long-awaited forensic audit report.

    The decision renews public attention on how intervention funds have been spent in the Niger Delta and whether alleged project inflation, abandoned contracts, and procurement lapses will be formally documented.

    If the report is released in full, it could influence prosecutions, contract reviews, and a broader reset of how the NDDC plans and executes projects.

    Other reporting on the same development includes:
    – Channels TV: “Civil society groups say publication is essential for accountability in the Niger Delta.”
    – Premium Times: “Transparency advocates argue the audit should be released without redactions.”

    Analysis/Echotitbits take: Publication is only step one—action is step two. Watch whether the report triggers recoveries, blacklisting, and a credible reform plan, or whether it becomes another document that sparks headlines without consequences.

    Source: The Punch — December 17, 2025 (https://punchng.com/court-gives-nddc-90-days-to-publish-forensic-audit-report/)

     

  • NELFUND says ₦154.3bn disbursed to nearly 789,000 students since loan scheme launch

    NELFUND says ₦154.3bn disbursed to nearly 789,000 students since loan scheme launch

    Photo credit: NELFUND
    2025-12-17

    At a virtual briefing, NELFUND says it has disbursed ₦154.3 billion in student loans since the scheme began, with almost 789,000 students counted as beneficiaries across 262 public tertiary institutions.

    The figures suggest the programme has scaled quickly, with the fund splitting disbursements between institutional fees and upkeep allowances to students, while still managing verification and duplicate‑application challenges.

    Beyond the headline number, the policy stakes are high: the scheme is meant to expand access to education without immediate repayment pressure, but its credibility depends on transparent reporting, timely payments to schools, and fair beneficiary selection.

    As the programme grows, questions around repayment administration after graduation, fraud controls, and institutional compliance will become more prominent.

    BusinessDay: “NELFUND has disbursed a total of ₦154.37 billion to 788,947 students…”

    TheCable: “The Nigerian Education Loan Fund (NELFund) says 788,947 students have so far benefited… out of 1,193,228 applications received…”

    Analysis/Echotitbits take: If the data holds up under scrutiny, the scheme could be one of the most consequential social programmes of this cycle. Watch for independent audits, repayment‑tracking systems, and how the fund handles application surges without delays.

    Source: Punch — December 17, 2025 — https://punchng.com/n154-3bn-student-loans-disbursed-in-19-months-nelfund/

  • Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Reps set January deadline for CBN to reconcile alleged ₦5.2trn unremitted surplus

    Photo Credit: Punch
    2025-12-16

    Nigeria’s House of Representatives committee investigating public revenue flows has fixed January deadlines for the Central Bank of Nigeria to submit reconciliation reports over an alleged ₦5.2 trillion unremitted operating surplus.

    According to the committee’s position, the reconciliation is to be completed with the Ministry of Finance and the Fiscal Responsibility Commission, after which the CBN governor is expected to appear before lawmakers for further clarification.

    The dispute goes to the heart of fiscal transparency: how government revenues are recorded, what qualifies as ‘operating surplus’, and whether remittances are made on time into the federation’s accounts.

    While investigations can improve accountability, they also raise questions about institutional friction between fiscal authorities and the apex bank at a time Nigeria needs coherent policy messaging to investors.

    The Guardian: Wale Edun said “Federal Government revenue is a critical aspect of government operations… We need clarity and accuracy in both fiscal and monetary management.”

    Channels TV: “The resolution was reached following a motion alleging non-remittance of over ₦5 trillion operating surplus and ₦11 trillion government revenue by the CBN.”

    Analysis/Echotitbits take: Expect more hearings and document requests — and possibly legislative pressure for quick remittances. Watch the reconciliation timeline, any updated figures, and whether this spills into broader debates about CBN governance and oversight.

    Source: Punch — December 16, 2025 — https://punchng.com/reps-give-cbn-deadline-to-reconcile-n5-2tn-unremitted-operating-surplus/

     

  • SERAP threatens legal action over ₦6tn NDDC judgment and transparency demands

    SERAP threatens legal action over ₦6tn NDDC judgment and transparency demands

    2025-12-14 13:23:00

    According to The Punch, SERAP says it may sue the Attorney-General of the Federation over issues linked to a reported ₦6tn judgment involving the NDDC and broader accountability concerns.

    The group’s stance, as reported, focuses on transparency demands and what it argues should be the public’s right to clarity on large judgment-related liabilities.

    Such legal threats can trigger official responses, document releases, or court filings that shed more light on how liabilities are incurred and handled.

    Analysis/Echotitbits take: If litigation proceeds, the most important developments will be court filings and verified documents—not social media summaries. Watch for statements from the AGF’s office, NDDC, and any court timetable that could force disclosures.

    Source: The Punch — December 14, 2025 — https://www.worldstagenews.com/serap-threatens-contempt-to-sue-agf-fagbemi-over-failure-to-enforce-judgment-on-alleged-n6tn-nddc-scandal/

    Photo credit: WorldStage

    WorldStage https://www.worldstagenews.com/serap-threatens-contempt-to-sue-agf-fagbemi-over-failure-to-enforce-judgment-on-alleged-n6tn-nddc-scandal/ December 14, 2025

  • Lawmakers Move to Place CBN Operations Under Tighter Oversight

    Lawmakers Move to Place CBN Operations Under Tighter Oversight

    Photo Credit:Punch Newspapers

    The House of Representatives is considering a bill that would subject key operations of the Central Bank of Nigeria to stronger legislative oversight and transparency requirements. Sponsors of the proposal say recent controversies over foreign‑exchange management, Ways and Means financing and intervention funds justify clearer rules and reporting obligations.

    While acknowledging the need for central‑bank independence, proponents argue that accountability to the Nigerian people through parliament cannot be compromised. The bill could reshape the balance between monetary authorities and elected officials, with implications for banking regulation, inflation management and investor confidence.

    Source: Punch Newspapers – 12 Dec 2025

    2025-12-12 10:00:00 Punch Newspapers – 12 Dec 2025 2025-12-12