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Tag: Kemi Adeosun

  • Re: So what about Kemi Adeosun’s exemption certificate?

    THERE were so many responses to last week’s Princess Files that I am featuring them this week.

    Meanwhile a quick update: the police command issued a statement midweek saying that they have received no complaint on alleged forgery against Kemi Adeosun. Also… there has been an official request now for serving government officials to verify their certificates!

    So here’s what you wrote-

    When did participation in the NYSC become part of the qualification to become minister in Nigeria? What a rhetorical question! Please answer this question Ma. If an NYSC Exemption Certificate was not necessary for her ministerial job, why did she apply for it?

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    Re. Adeosun. Now that oil price has appreciated how many people have they lifted out of poverty? The issue won’t die down because it was them who claim to be holier than angel. To cut the story short she lied that is why they won’t forgive her.

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    There is a great difference between job performance and forgery. While the former is a virtue, the latter is a vice and it is criminalized in our law book.

    The argument on whether or not discharge certificate is a condition precedent for the appointment of a minister is only within your knowledge. For me, I do not see the nexus between the issue of forgery and Ngozi Okonjo.

    Donatus Udo, Uyo.

    On Kemi Adeosun-

    You are using the leprous arm to cure something that is not important

    (Yoruba Proverb)

    Alhaji Lawal Adekunle, Abuja

    Princess, thank you for that great write up on Kemi Adeosun. It is very illuminating. It is the handiwork of the wounded corrupt politicians fighting back and with what I read from you, they have failed already. Please keep up the good work.

    Prince O.Y.Oyekunle.

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    Thanks Mikky Attah. This issue is vindictive and untoward. Has this certificate reduced her professionalism? Has she not been diligent, why now about discharge certificate, why not in the beginning? My dear corruption is still intact in Nigeria. God help us.

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    Madam thank you for your comment on Kemi Adeosun NYSC certificate issues. The major disease that is causing problems for Nigeria is pull him down syndrome, you will be surprised that the person who started this nonsense must be somebody who knows her and knows about the certificate issues.

    God will see her through.

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    Re. Mrs. Adeosun, Minister of Finance. Your article was straight to the point and brilliant. I suspect that the looters are fighting back and are scared of her continuing as Minister.

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    Lady, Happy Sunday. Your piece on the Finance Minister made interesting reading. The minister by my reckoning is a great performer. I agree with you that NYSC discharge certificate is not even a requirement.

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    With reference to your piece on Kemi Adeosun, the NYSC discharge certificate shouldn’t be a big issue, but the question is …….. Was an attempt made at procuring one through unwholesome means? That’s where the devil is!!

    HRH. Igwe Pius Omachonu

    Igwe, I’m with you on this, Princess.

    Princess Mikky, thank you for File on Kemi Adeosun. Nigeria is full of destroyers of light and many Nigerians prefer darkness to light. Is NYSC EXEMPTION certificate an Academic or Professional certificate?

    When we Nigerians change, our country shall change.

    Cyril from Akwa Ibom

    Your article: So what about Kemi Adeosun excemption certificate was quite well written. Honestly I don’t see any reason why an NYSC discharge certificate should be an issue when there are so many burning issues to discuss.

    How we descended so low to this level beats my imagination. We need to grow above trivial and frivolous issues.

    1. Agbamu, Delta State

    The question for me is how is she doing as Finance Minister? The discharge certificate issue is of no consequence.

    Yusuf from Kebbi State.

    I read your article on Kemi Adeosun and I like what you say. I agree with you.

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    It is the politicians from the other divide that are creating all these issues. The NYSC discharge certificate is not an issue.

    Adewole Olajire, Lawyer from Ibadan.

    When you are doing something well, people will look for ways to pull you down.

    They are talking balderdash.

    Afolabi Todoye, Sunnyville Estate

    (Responses to 07055547031)

  • Ogun flood: FGN to provide relief materials to victims – Osinbajo

    Vice President Yemi Osinbajo on Wednesday visited places affected by recent flood that occurred in Abeokuta and its environs, assuring that the Federal Government would come to the aide of the Ogun State government with relief materials for the victims.

    Osinbajo who described the last Friday flood that ravaged homes, business premises, bridges  and even claimed lives,  as “very very unfortunate,” said aside the immediate provision of succour to the victims, further assistance would  be provided on a permanent basis to help cushion the effects of flood in the state.

    The Vice – President gave hint of the assistance while fielding questions from reporters  in  Abeokuta, the state capital, during his on-the-spot  assessment of some of the ravaged areas.

    He was accompanied by the Minister of Finance, Kemi Adeosun and Director-General of the National Emergency Management Agency (NEMA), Mustapha Maihaja.

    He rued that despite the drainages and infrastructure put in place by the state government, the flood still wreaked havoc, assuring that the Federal Government would collaborate with the state to improve on the infrastructure in order to forestall future occurrence.

    “Let me say what has happened here is very  very unfortunate indeed.  A lot of the drainages have been done, but the level of the rain had been so heavy that it has overtaken the infrastructure in place.  So what we are looking at is how this can be enhanced and we are also discussing  with His Excellency on how to do this.

    Read Also: FG to assist, compensate victims of Jibia flooding – Osinbajo

    “We have to really sit down and look at those challenges properly.  We are providing immediate relief materials to support the state govt.  We learnt that NEMA was here to provide that immediate succour.  On a permanent basis, we are planning on how to sit with the state government on how to provide succour,” he said.

    He conveyed the Federal Government’s condolence to the families of the victims and Ogun State government, and advised residents to change behaviours that obstruct the drainages.

    “The unfortunate incident is unavoidable. Flash flooding where you have rain for hours,  especially rains in the tropics, the type in the area that we are, it is difficult  to avoid flash flooding. We are fortunate that it did not take place at nigh, because if it did, and there is a sudden surge of water,  it will naturally cause a lot of disaster.

    “One of the things that we have to do as a people is that we have to change our habit of blocking drainages. Inspite of channelisation, where you have this kind heavy rain falling within short hours,  it will be like this. What we might need to do when the rain is heavy, is that those who live in the valley, will have to move quickly to higher ground. This is because there is nothing we can do about a valley,  a valley is a valley.

    “On the whole, the loss of lives is very unfortunate. The FG commiserates with the families  of the victims and the state government. And I want to also say that God has been gracious to us because it would have been worse, but for the drainages and the infrastructure in place,  which has helped to move the waters away.

    “As you can see, it has been dissipated despite the huge surge of the flood.  So I think we should be thankful to God and the state government for providing this kind of infrastructure and the quick response to minimize the loss,”. Osinbajo said.

  • SERAP seeks reversal of passport fees increament

    Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Minister of Interior, Olubunmi Tunji-Ojo and the Comptroller General of the Nigeria Immigration Service (NIS), Kemi Nanna Nandap to immediately reverse the recent hike in international passports fees.

    SERAP described as “arbitrary, unlawful, unjustified, and excessive passport fees of between N100,000 and N200,000.”

    “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government, the Minister and Comptroller General to comply with our request in the public interest.”

    The NIS last week announced that from September 1, 2025, applications made within Nigeria will attract new fees of N100,000 for the 32-page, five-year validity passport and N200,000 for the 64-page, 10-year validity passport.

    The organisation noted that the unreasonable price increase came barely a year after a similar increase on September 1, 2024.

    Read Also: SERAP wants mandatory e-transfer of polls’ results

    In the letter dated August 30, 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “the unlawfully high fees amount to a discriminatory denial of access to a passport to millions of socially and economically vulnerable Nigerians and unlawful restrictions of their other citizenship rights.”

     SERAP said, “millions of disadvantaged Nigerians cannot realistically afford to pay the increased fees. These Nigerians should not be forced to spend their limited and grossly inadequate income to pay the increased fees instead of spending it on their basic living needs.”

    According to SERAP, “The Minister of Interior and the Comptroller General of the NIS ought to comply with the Nigerian Constitution and the country’s international human rights obligations in the exercise of their constitutional and statutory duties.”

    The letter further read in part: “The increased fees will hit hardest those at the bottom of the economy. The Minister of Interior and the Comptroller General of the NIS have a legal responsibility to ensure an appropriate balance between the imposition of excessive passport fees on citizens and the safeguarding of citizens’ rights.

    “Nigerians who cannot afford to pay the excessive fees would be denied the effective enjoyment of their citizenship rights conferred by the Nigerian Constitution 1999 [as amended] and human rights treaties to which the country is a state party.

    “The unreasonable and disproportionate increase in passport fees is incompatible with the provisions of chapters 2 and 4 of the Nigerian Constitution covering fundamental objectives and directive principles of state policy and fundamental rights.

    “The excessive fees would also result in disproportionate financial burdens on poor Nigerians. The Minister of Interior and the Comptroller General of the NIS failed to assess the effects of the excessive fees in light of the poor financial conditions of millions of Nigerians and the growing economic challenges in the country.

    “The Minister of Interior and the Comptroller General of the NIS acted unlawfully when they arbitrarily increased the passport fees. The Minister of Interior and the Comptroller General of the NIS have rendered nugatory Nigerians’ fundamental rights by impermissibly and unlawfully increasing the passport fees.

    “The unlawful increase in passport fees at a time the country is facing economic and financial crises would contribute further to the impoverishment of the population.

    “The increased fees would also violate Nigerians’ right to travel or leave their country including the right to obtain the necessary travel documents. The Minister of Interior and the Comptroller General of the NIS have failed to sufficiently justify the increased fees.

    “The increase is discriminatory as it would undermine the effective enjoyment of citizens’ fundamental rights as guaranteed under the Nigerian Constitution and the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights to which Nigeria is a state party.

    “According to our information, the Nigeria Immigration Service (NIS) on Thursday 28 August 2025 announced an upward review of Nigerian Standard Passport fees with effect from September 1, 2025.

    “The NIS stated that in the new rates, applications made in Nigeria, which cost N50,000 for a 32-page booklet with five-year validity, will now cost N100,000 for the same page and validity period. It also stated that a 64-page passport booklet with 10 years validity will now cost N200,000 from N100,000.

    “The increase in passport fees is set to take effect on September 1, 2025. SERAP notes that the NIS in September 2024 also increased the cost of a 32-page passport booklet with a five-year validity from N35,000 to N50,000. It also increased the 64-page passport booklet with a 10-year validity from N70,000 to N100,000.” the organisation stated.

  • So what about Kemi Adeosun’s discharge certificate?

    I saw the headline that the Finance Minister did not have a genuine NYSC Exemption Certificate and sighed.

    Is there nothing else to report on or follow up- the killings and murder cases in Taraba and now Sokoto, the miraculous survival: the partial and then full recovery of the Thai boys and teacher in a cave, which held the world spellbound? How about the mergers, alliances and alignments of the various political parties ahead of the 2019 polls? Then the breakup of the alliances almost in one breadth!

    I dismissed the Adeosun story and looked out for better things to read about.

    Behold day by passing day, the issue I thought would just be a flash in the pan refused to go away; rather it got bigger and bigger, with reports that a legal practitioner had even sued Mrs. Adeosun, praying the court to go as far as demanding a refund of all salaries paid her so far!

    The fact that the matter has now been taken to court has made me write on it.

    Mrs. Kemi Adeosun was appointed to head up the Ministry of Finance in 2015 alongside other Ministers who make up the Federal Executive Council. Well-spoken and articulate, Adeosun had her job cut out for her – the Nigerian economy was on a downward spiral at the time she came on board. Recall that oil prices were at an all-time low, the value of the naira to the dollar was outrageous, and inflation was spiraling out of control. The country slumped into recession.

    Two years down the line and there is no talk of her works; good or bad. Rather, we are now being informed that the National Youth Service Corps (NYSC) has launched an investigation into an alleged forgery of an NYSC exemption certificate by the Honourable Minister of Finance, Mrs. Kemi Adeosun!

    The NYSC issued a statement at the beginning of last week and in three paragraphs averred that the Minister had indeed applied for an exemption certificate from the NYSC. The statement read in part,

    “Checking our records, Mrs. Adeosun did apply for an Exemption Certificate”.

    The statement was issued by the NYSC Director of Press and Public Relations, Adenike Adeyemi.

    I was thinking that since Adeosun had applied for it and that is on record, wasn’t it enough?

    In any case: WHEN did participation (or non-participation) in the NYSC become part of the qualification to become Minister in Nigeria?!

    Every time I look at the faces on the round table when the Federal Executive Council meetings are shown on television, I find Adeosun to be the smallest (youngest) of them all. Of course one cannot judge by appearances, but in a cabinet of elderly men, how can a YOUTH service scheme certificate possibly be an issue?

    Or how about someone like Chief Audu Ogbeh who is a typical example? Ogbeh (the Minister of Agriculture and Rural Development) I believe was a senior government official before the NYSC scheme even began! Is he, and others like him in the Exco required to present an NYSC Certificate of Exemption to remain as Minister?

    So why the Finance Minister then?

    I would have thought if there had ever arisen any allegation of misappropriation of funds under Adeosun’s watch, then would there be the urgent need to launch a full-scale investigation into the allegation.

    Possibly it would be required for a Finance Minister to hold to first degree. I understand Adeosun does have one, from the Polytechnic of East London, now the University of East London.

    It might be that since then, Adeosun had been in the employ of the private sector, in which case, NYSC is not a compulsory requirement for employment. Her current position is in focus here, and it appointive- meaning it would definitely end at the end of the Buhari administration. It may or may not end even before!

    But what should be of utmost importance to ask is; does Adeosun have the capacity? Evidently, President Muhammadu Buhari believed so and gave her the job.

    The question several months the down the line now is, how has she performed so far?

    In two clear areas, comparison can be made between Adeosun and her predecessor in office. While Dr. Ngozi Okonjo-Iweala boasts an impressive CV with jobs at executive level in the World Bank; as Finance Minister, she simply proposed the use of the Single Treasury Account (TSA) system; and then continued with Business as Usual- multiple, bogus accounts for each government agency, ministry or department.

    It is Adeosun who has implemented the TSA with attendant tightening of loopholes which had previously created financial leakages of significant proportions.

    The Federal Ministry of Finance also introduced a new whistle- blowing policy which yielded immediate results.

    That new policy led to the recovery of N3 billion and $160 million in only its first two months of operation.

    The Whistle-blower Policy was introduced in December, 2016. The Whistle blower Unit itself is resident in the Federal Ministry of Finance, Abuja with staff seconded from the Economic and Financial Crimes Commission EFCCC, the Department of State Services DSS the Nigeria Police and the Presidential Initiative on Continuous Audit, as well as other related agencies.

    Mid-year this year, Adeosun confirmed the payout of the first tranche of payment under the new Whistle-blower Policy. 20 whistle-blowers were paid N375.8 million as their due for facilitating the recovery of N11.6 billion from treasury looters. It now remains to be seen what the recovered loot is used for.

    In contrast to Adeosun’s efforts at promoting transparency and accountability in the management of public funds, the immediate past Finance Minister has openly, and in print, admitted to bribery. In a book she wrote and released a couple of weeks age, Dr. Okonjo-Iweala said that in 2015, she paid a bribe to the tune of N17 billion to the leadership of the National Assembly which she claimed the executive arm was forced to part with before the lawmakers would pass that year’s budget.

    Kemi Adeosun has never been mentioned in any scam or in any shady financial deals, nor has she ever been involved in such in the past.

    So having covered the base-lines, and seeing that the youth service demand has no pertinence here, then all scrutiny should be for Adeosun’s ministerial performance.

    It is a pointless distraction to pay much mind, to what we should not even mind.

    07055547031

  • Buhari didn’t meet Bakare, Adeosun – Presidency

    The Presidency on Friday night denied the stories claiming that Pastor Tunde Bakare of Latter Rain Assembly and Minister of Finance, Mrs Kemi Adeosun, met together with President Muhammadu Buhari at State House, Abuja.

    According to a statement by the Special Adviser on Media and publicity, Femi Adesina, the stories are far from the truth.

    On arrival at the State House after the jumaat prayer, Bakare and Adeosun had walked together moving towards the President’s office.

    But the statement said that the Minister was at the Presidential Villa in connection with the Annual General Meeting and 25th Anniversary Celebration of African Export-Import Bank (AFREXIMBANK) holding Saturday in Abuja, which would be graced by President Buhari.

    It added “She ran into Pastor Bakare, who was on a scheduled visit to see the President, and they exchanged pleasantries.

    “The cleric particularly thanked the Minister for finding time to attend his mother’s funeral, which took place in Abeokuta, Ogun State, penultimate weekend.

    “Mrs Adeosun had seen President Buhari not fewer than three times earlier in the week, and did not need to meet with him again on Friday.

    “This statement is to put events in proper perspective, and dispel all conjectures and fictive reporting.” it stated

  • Buhari, Adeosun, Bakare meet in Aso Rock

    President Muhammadu Buhari on Friday met with the Minister of Finance, Kemi Adeosun and the Senior Pastor of the Latter Rain Assembly, Tunde Bakare, at the Presidential Villa, Abuja.

    The duo arrived the Villa at 2:30 p.m. and moved straight to the President’s office.

    It was not clear why Bakare was in company of the minister who is facing public scrutiny over alleged forgery of National Youth Service Corps (NYSC) exemption certificate.

     

     

  • FEC okays N35.613 billion for roads, bridge projects

    The Federal Executive Council (FEC) meeting on Wednesday approved a total sum of N35.613 billion for roads and bridge projects in the country.

    The Minister of Power Works and Housing, Babatunde Fashola, briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

    He was with the Minister of Information and culture, Lai Mohammed.

    According to Fashola, N8.9 billion was approved for construction of Ikom bridge and roads in Calabar, Cross River State.

    The roads and 330 meter bridge, which will be completed in 24 months, he said, will create access to the port for trucks to move freely with their containers.

    “This will help to facilitate further activity in the Calabar port and ease the challenges being faced.” he added

    The Minister said that N11.78 billion was approved for the 37 kilometers of section two of Nguru-Gashua-Biamari road project in Yobe State, while N8.6 billion was approved for section one of Ilorin-Igbeti-Kishi road project in Kwara State.

    While N5.4 billion was approved for re-award of section one of Bende-Arochukwu-Ohafia road project in Abia State.

    “The previous contractor was unable to satisfactorily execute the project in terms of capacity and equipment. And therefore we terminated and re-awarded the project to a new contractor.” he stated

    He said that N933.7 million was approved for automatic meter reading machine and services for Transmission Company of Nigeria (TCN).

    The Minister said “This is to facilitate remote meter reading of wholesale meters at the custody and trading points. This is different from remote reading of retail meters used by consumers like you and I.

    Read Also: The anti-obesity effects of pineapple

    “If this is successful implemented, it will eliminate all of the delays. It will also help in dispute resolutions because data can be then produced quicker online.” he said

    On what he is doing to enforce supply of retail electricity meters to Nigerians, he said “The control that the Minister of Power before me, before 2013 had over PHCN and all its assets have been taken by the privatization of the sector.

    “But as a people as a government, we are not helpless. Powers that the Minister used to have are now vested in NERC.

    “But the Minister has the power to direct NERC to do its job. There are clear statutory and legal  limits to what I can do as minister in order not to send a wrong message to investors.” he said

    On why the Federal Government is yet to speak on the Finance Minister, Kemi Adeosun’s allegedly forged National Youth Service Corps (NYSC) certificate  Lai Mohammed said, “The government has spoken. NYSC is part of government and I have nothing to add to what the NYSC has said”

  • PDP cautions NYSC over Adeosun’s alleged forgery

    The People’s Democratic Party (PDP) has cautioned the leadership of the National Youth Service Corps (NYSC) not to cover up the alleged forgery of its Exemption Certificate by the Minister of Finance, Mrs. Kemi Adeosun.

    The Minister is presently embroiled in controversy over her NYSC Exemption Certificate, which she was alleged to have forged in 1999.

    In a statement on Wednesday by its spokesman, Kola Ologbondiyan, the party reminded the NYSC that the matter was already in the public domain and that any attempt at cover up would hurt the Corps’ reputation.

    The statement said, “Moreover, Nigerians are closely monitoring this issue and the public is already aware of pressure on the NYSC leadership to announce a misplacement of relevant files and other excuses to achieve a dead end in the investigation.

    Read Also: Alleged forgery: PDP wants Adeosun sacked, prosecuted

    “The NYSC must therefore know that its reputation is highly at stake as Nigerians are already agitated over the questionable delay by the Corps in coming out with an answer on a direct issue that requires a simple computer or even manual file check at its headquarters.

    “Indeed, a simple process of matching the serial numbering, date and authorizing signature on Mrs. Adeosun’s certificate does not require a lengthy investigation or the current shenanigan going on at the NYSC headquarters.

    “NYSC is advised to have in mind that in this age of global Information Communication Technology (ICT), there is nothing anybody can do to suppress or distort facts, even in the public service.  Any attempt to cover up will invoke the wrath of Nigerians and irredeemably rubbish the integrity and respect the Corps has earned over the years.

    “The NYSC must therefore not allow its reputation to be dragged in the mud by the discredited All Progressives Congress (APC)-led administration that has become notorious for concealment of fraud and sharp practices by its officials”.

  • NYSC to investigate Finance Minister’s exemption certificate

    The National Youth Service Corps said on Monday that it has launched an investigation into an alleged fake exemption certificate in possession of Minister of Finance, Mrs. Kemi Adeosun.

    The organisation, in a three paragraph statement issued on Monday by its Director, Press and Public Relations, Adeyemi Adenike, confirmed that the minister applied for an exemption certificate from the NYSC.

    The statement reads: “Our attention has been drawn to the issue of the alleged forgery of an NYSC Exemption Certificate by the Honorable Minister of Finance, Mrs. Kemi Adeosun.

    “Checking our records, Mrs. Adeosun did apply for an Exemption Certificate.

    “We shall investigate the origin of the purported Exemption Certificate in question.”

    An online publication, Premium Times had reported that the Minister skipped the mandatory one year national service and obtained a forged exemption certificate.

    Adeosun is yet to respond to the publication at press time.

  • Salaries may be delayed over FAAC deadlock, Says Adeosun 

    …Says NNPC’s explanation on cost not justified

     

    The Minister of Finance, Kemi Adeosun on Thursday warned that if the issues that led to the federation accounts and allocation committee (FAAC) meeting with governors that ended in a deadlocked is not resolved; salaries might be affected in the states.

    The committee members of FAAC, she said, felt that some of the costs presented by the Nigerian National Petroleum Corporation (NNPC) couldn’t be justified hence have decided that rather than approve the accounts, the negotiations continue until the agreements are reached.

    She also explained that President Muhammadu Buhari and Vice President Yemi Osinbajo, have been fully briefed and have supported the Ministry of Finance and the commissioners of finance not to approve those accounts until further explanations on some of the cost being implemented are given.

    The revenue sharing meeting had ended in a deadlock on Wednesday for the third time since January 2018.

    Read Also:FG receives N263.28bn from FAAC allocation in Feb – NBS

    The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo, has demanded explanations from the NNPC for unclear costs the corporation made from FAAC.

    State Commissioners of Finance, who had converged on Abuja with the expectation to collect their states’ share of the monthly allocation, reportedly walked out of the FAAC meeting as they protested the deductions.

    Adeosun, who chairs FAAC, said she brought the matter to the NEC chaired by Osinbajo, with State Governors, Central Bank Governor, and others as members.

    Briefing the State House correspondents at the end of the NEC meeting, Adeosun said “Also in my capacity as chairman of FAAC, I briefed governors on the deadlock that we have got currently in the federation account and explained what happened. And there was quiet and extensive debate on what to do.

    “For the purpose of this briefing, we operate NNPC as a business, we have invested public capital in that business and we have expectations of return and when that return fails lower than our expectations then the owners of this business which in this case is the federal government and states need to act. So, that was what caused the deadlocked yesterday (Wednesday) and we really felt the figures the NNPC was proposing for FAAC were unacceptable. We felt that some of the costs couldn’t be justified and so we have decided that rather than approve the accounts, we will go back and do further work.

    “So further negotiations and interactions is going on with NNPC as we speak. However, we did briefed both Mr. President and Mr. Vice President on the deadlock and asked for their support and their forbearance in this because the consequence of this is that, salaries might well be delayed in many states as a result of this. But we feel that in order to get to the accurate figures that we need, we have asked for forbearance and the governors and the federal government are all in agreement that we need to get to the bottom of those figures.

    “In particular, now that the oil price is now $76 per barrel in the spot market which means that bonny light is about $78, we want to be aggressively putting money away into the excess crude account. So we are very conscious that this period, this window of relatively high oil price might not last and we will like to be able to save. If we cannot get into the federation account the sort of revenues we are expecting then we will not be able to save. So it was a very important point really underscored by all the governors and they really want action taken and they are fully in support of the positions of the Federal Ministry of Finance and the commissioners of finance not to approve those accounts until we get further explanations on some of the cost being implemented.

    On the exactly issue with the NNPC, Adeosun said, “Based on oil price, oil quantity you can pretty much calculate what you are expecting to see in the federation account and if the figure is less, then the right question that any stakeholder must ask is why.

    “So we have been going back and forth with NNPC to try and understand these figures before we can accept them. Remember that the FAAC figures have to be formally accepted by the federation-account committee and we were simply not comfortable with the quantum of some of the deductions made and therefore we could not approve those figures. So even as we speak, there is an interface going on between the commissioners forum, ministry of finance, office of the accountant general, CBN and NNPC but we hope to be able to convene FAAC within next few days.”

    While giving updates on the balances of the federation accounts, Adeosun said, “Items to note on the excess crude account is that in May we had an additional credit of $80.6 million that accrued into the excess crude account.

    “The balances on the excess crude account $1,916,742,289.60, stabilization 18,892,864,216.65, Natural Resources N133, 715,427,387.37.”

    Governor Ifeanyi Okowa of Delta State, who briefed the press alongside Adeosun, disclosed that the NEC approved the financial report of the Nigeria Sovereign Investment Authority (NSIA), for 2016 and update for 2017.

    He said the report indicated a positive profitability over the past five years, at about $8m per year; and $1.25m as assets at a rate of 6.6% return on assets.

    He said, “At the meeting today, we did take the annual reports and accounts of National Sovereign Investment Authority (NSIA) for the year ended 2016 and an update on 2017 activities.

    “The main issue was the NSIA report on five years so far of profitability in all forms with core profits of about N26.28 billion which is about $88 million in 2016. NSIA also reported that the total profit on that management was about $1.25 billion for most part of the year but they had received an extra of $250 million that was received in the third quarter of 2017.

    “It also did report that the returns on assets was up to 6.6 per cent in dollar terms which we considered to be quite good in terms of returns. It is actually shifting its focus now to infrastructure and direct investment locally in the country which is of great benefit to us as a nation.

    “The 2017 activities of the NSIA also include the implementation of Presidential Fertilizer Initiative (PFI) in 2017. They commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State. They continued with the work, the funding of the work on the second Niger bridge in which they had been involved in the past.

    “They also did invest and own 13 per cent of Bridge Academy Ltd, a network of schools which delivers high quality affordable primary education to lower income earners and it is hoped that they will do that too in other states of the federation.

    “They also did invest in Babagona, an agricultural franchise, that empowers small holder farmers across the country, and in 2018, they intend to focus on executing infrastructure investment across the nation which includes roads, investment in agriculture and health.

    “We are hoping that all this will impact on infrastructure development and development of industrial real estates across the country. Council eventually resolved that the account of NSIA presented to us should be approved and council so approved.”

    The NEC also resolved that a Committee comprising Governors of Kano, Osun, Delta, Anambra, CBN Governor and the Minister of Education should look into what needs to be done urgently in the education sector at the State level and report back to the Council.

    The minister of education said this was in recognition of the fact that more investment is needed in the education sector, while emphasising that collaboration among the Federal, States, Local Governments, Private Sector and Development Partners is very necessary, as the standard of basic education at the State level has fallen drastically.