Governor of Lagos State, Mr. Babatunde Fashola on Wednesday proposed a budget of N489.690bn for the year 2014 before members of the State House of Assembly.
The budget proposal, which he described as zero-deficit, is made of Recurrent Expenditure at N234.665bn and Capital Expenditure at N255.025bn with a Capital to Recurrent ratio at 52:48 as against 58:42 in Year 2013. According to Fashola, this is a budget of consolidation.“As I promised last year about reducing our deficit, a zero deficit financing requirement is proposed for Y2014,” he said, adding that General Public Service takes N100,215,966,990bn or 20.47 per cent, Public Order and Safety takes N17,977,368,027bn or 3.67 per cent, Economic Affairs takes N160,046,436,169bn or 32.68 per cent, Environmental Protection takes N39,727,711,248bn or 8.11 per cent, Housing and Community Amenities takes N50,537,201,984bn or 10.32 per cent.
Also, Health takes N37,812,553,057bn or 7.72 per cent; Recreation, Culture and Religion takes N3,482,081,806bn or 0.71 per cent billion, Education takes N77,423,827,872bn or 15.81 per cent, and Social Protection takes N2,466,309,939bn or 0.50 per cent.Delivering the budget presentation speech at the chambers of the Assembly, Fashola said that every time he has had the privilege to present a budget for the State, he did so with a lot of pleasure and with a deep sense of responsibility for the expectations that the budget raises for the people that things will get better.
“Year after year, we have met those expectations and things have got better. That feeling of pleasure and the sense of responsibility is no less different today as I present our budget proposals for 2014,” he said.
“As far as responsibility goes, it is incumbent upon me to report how far we have implemented the 2013 budget as proof, if one is needed, that budgets are important for us, and that we do our best to keep the promises that we make.
“Many will recall that we were the first Government at any level to begin the quarterly reporting of budget performances in this democratic dispensation and this year has not been an exception since we started the practice in 2007.
In the first quarter of this year, I reported a budget performance of 61 per cent, while the second quarter performance was 83 per cent and the recently reported third quarter performance was 70 per cent giving us a cumulative aggregate performance of 71 per cent.”
He expressed the commitment of the government to improving upon the fourth quarter performance and ultimately the total year 2013 budget performance, but gave explanations on why the performances he just reported were not exceeded.“Let me start by saying emphatically, that budget implementation in Lagos is no longer a matter of capacity. We have a highly resourceful and well-motivated workforce in the public service; budget implementation is constrained by the limitation of financial resources. As our population continues to grow, the provisions that we require to support them and meet their expectations are also growing. Regrettably, the financial resources are not growing at the rate of our people’s expectations.
“While I salute those who pay their taxes and whose contributions have helped to continuously develop our state by taking our destiny in our hands, I urge those who are yet to start paying to do so. It is a commonwealth that gives everybody a chance to realize their aspirations. It requires a common contribution to make it sustainable. While our tax contributions have helped to reduce our dependence on the Federal Government monthly FAAC remittance, to about 35 per cent of our financial needs, that 35 per cent is still critical. The recent inefficiencies that States have experienced in the process of Federal Government agencies accounting for revenues and the consequent delays in remittances owing to disputes over accounts have affected all States in different degrees.
“While salaries were delayed in other states; happily, that did not happen here, but the effect was felt in a slight reduction of our third quarter budget performance. This state of affairs, of delays in the discharge by Federal Government agencies of their responsibilities compels me to make a comment about the recent announcement by the Federal Government that a $200m World Bank loan had been approved for Lagos to fund capital projects such as the Light Rail, Adiyan Water Works and so on.
“While I thank them for finally giving the approval, it is instructive to contextualize the timing of the approval. You might all recall that in 2010 when I presented the year 2011 budget, I announced that we had negotiated a World Bank loan for $600m to fund a three-year medium term expenditure framework for years 2011, 2012 and 2013 which required Federal Government approval.
“Although the approval for the loan was given then and the year 2011 first tranche for $200m was released in that year, the year 2012 and 2013 tranches were frustrated by Federal Government agencies. It is the year 2012 component and year 2013 component that is now being approved in the last quarter of 2013.
In truth and in fact, our state’s development was held up and slowed down for two years.“Progress on the Rail was held back, supply of additional 70 million gallons from Adiyan Water Works was slowed down, progress on Lagos Badagry Expressway was slowed down. Improvement in the quality of life of Lagosians was slowed down. But we did not sit idly by and moan. We are the Centre of Excellence. Our tax payers’ contributions were our inspiration. We went to the financial market to raise money, knowing that our state is solvent. So the projects such as Lagos Rail, Adiyan Water Works have started and the Lagos-Badagry Road progresses, even though the approval is just coming.”
Fashola lamented that the state has had to borrow money at shorter tenures of seven years and higher interest rates of 17 per cent and 14 per cent, instead of 1 per cent and 40-year tenure, which the delayed World Bank loan offered.
“But nevertheless, our spirits are high, the high interest costs notwithstanding; I am pleased to report progress on these construction sites which provides employment for 1000 workers on the rail project and 500 workers at Adiyan Water Works. The promise of reliable rail transport system for Lagos and an additional 70 million gallons per day of water when Adiyan is completed makes it all worthwhile.
‘Ti eni be igu loju. Igi ma ru we’.“As if all these were not enough, FERMA, another Federal Government agency, is threatening to start collecting fuel levies, which is a matter within the residual revenue authority of the state. As I have said before, we will resist this incursion by taking legal action to stop the desecration of our fiscal federalist principles.
“Distinguished ladies and gentlemen, in spite of the slowdown, whether by commission or omission, I am pleased to report that ‘Eko o ni baje!’ Our dear state is making progress on all fronts. Except for our cynical opponents who need ‘jigi Bola’ to see the progress, the overwhelming consensus within the state, outside the state and all over the world, is that Lagos is working. Our commitment to Power, Agriculture, Transportation and Housing is manifesting incredible results.
“We have just commissioned the 10mw Alausa Power Plant, which I promised in my budget speech last year. In the aftermath, we have de-commissioned over 120 generators and our secretariat is now on its own dedicated electricity power, run on clean gas fuel. It is the first government secretariat that I know of in our country that has its own dedicated IPP. We have also extended street lighting earlier in the year to Ikorodu Road from Jibowu to Anthony, as we have done across Lagos including 12 streets in Alimosho, and on Carter Bridge to mention a few.
“In total, we have now provided about 70km of street lighting across Lagos, to improve safety and stimulate our night economy.
We have dedicated the month of October as our Energy Month, during which we have commenced an energy saving initiative and just yesterday we flagged off a clean cooking energy initiative of Liquefied Petroleum Gas (LPG) to reduce wood cutting.“We are in the process of converting the remaining functional generators to LPG fired generators, which will save us 50 per cent in fuel costs. Pole by pole, IPP by IPP with Lekki and Ikeja GRA IPPs to come next year, we are committed to lighting up Lagos. In the area of Agriculture, we are gradually inching towards our objective of improving on food security. The governor of Ogun State graciously approved land for us pursuant to my request as I promised in 2011.
Although I told you that our rice cultivation moved from 20 hectares to 250 hectares and that we were targeting 500-hectare cultivation, I am pleased to report that we are now cultivating 850 hectares of rice and we are milling at our Imota Rice Mill.“From our farm in Araga, in Epe, we are now producing 150,000 eggs per day, translating to over 50 million eggs a year. Our fish and poultry farming programmes are empowering young and old farmers and agriculture has become a business as well as a strategic security initiative in our state. We are determined to also improve the quality of nutrition available to our citizens especially beef. Accordingly, the Ministry of Agriculture is acting appropriately to restore best practices to cattle rearing, slaughter and processing, including the sanctioning of operators of illegal abattoirs. We are not only enforcing, we are also training. This is why we sponsored 35 cattle dealers and butchers in Oko-Oba Abattoir on a training excursion to Kenya and Bostwana to sensitize them about the vision for cattle and beef production standards that we think our citizens deserve.
“As we embrace these standards, things can only get safer, businesses can only get stronger and opportunities will certainly expand for jobs and jobs seekers, if we move from sub-optimal practices to global best practices. As we deal with increasing capacity in the production of carbohydrates sources such as rice and cassava, and protein sources such as fish, poultry and beef, fruit and vegetable production are also increasing within the State in Araga Epe and from our farm in Osun state.”According to the governor, Lagos is also providing ready sales outlets and guaranteed market in farmers marts, which first started in Alausa and has now extended to Ajah and Surulere with a further three coming up in Shomolu, Ikorodu and LASU. He added that public transportation, the state’s biggest challenge, is by many parameters one of our biggest successes, as the history of the world shows that many cities and states often address one major transport solution at a time.
“The Boston Road Tunnel, the Mumbai Mono-Rail and the Madrid Bypass Calle 30 are examples of transport solutions individually undertaken in cities.
In this area, our state has set an unprecedented record of five simultaneous transport solutions undertaken by one government, from the 40.5km Lekki-Eti-Osa Epe Expressway, to the 61km Lagos Badagry Expressway, the 13.5km Mile 12-Ikorodu Expressway, the 27km Okokomaiko-Marina Lagos Blue Line Light Rail; to the ferry terminals in Ipakodo, Osborne, Badore, Mile 2-Ebute Ojo, it is obvious that your government has its hands full and remains committed to developing first class multi-modal transport solutions befitting of the economic and financial capital of West Africa. In the area of traffic management, about 2,406 personnel of LASTMA have been in intensive training for almost one year, and have written competence examinations and they are now set to graduate with a new ethos to traffic management.“Junction by junction, the number of traffic light installations are increasing and kilometer by kilometer, lane marking and traffic signs are appearing on our roads to make motoring a safer experience. We are encouraged that these solutions are working because of the feedback we get from citizens. On Friday 25th October 2013 a citizen sent me a text message saying: ‘The traffic light at Ojuelegba has been adjusted. No more hold up.’ As far as road repairs are concerned, the Public Works Corporation is building three new asphalt plants in Ojodu Berger, Ikorodu and Ajido Badagry to increase the speed of response to repair potholes; and the Ministry of Works is currently executing over 200 inner city road projects, which I promised in my budget speech last year.”
While he stated that it is impossible to list all the roads in the address, it was important to mention completed or ongoing works, such as:
Ago Palace Way in Okota
Salabiu Olanrewaju in Epe
Ado Kekere in Ajah Badore
Medical Road/Kodeshoh in Ikeja
Igi Olugbin in Somolu
Adetola Road in AgudaSinari Daranijo Street in Victoria Island
Glover Road in IkoyiIsaac John/John Ogunnaike in Ikeja
Balogun Amodu/Alhaji Dodoyowa in Ejirin Epe
Awolumate/Oguntande Street in Ifako Ijaiye
Showonuola Street in Agege
Akinola/Victor Fagbemi/Kollington/Imulokanle in Alimosho
Okusanya/Kufeji/Idowu Williams/Olaniyi at Ifako Ijaiye
Roundabout to Moshalashi/Ipaja/Ayobo Road in Alimosho
Bamgbose/Lewis, Alakoro, Marina/Kosoko Roads in Lagos Island
Orile Ilasan/Iroko Awe Road in Eti Osa
Continuing, the governor said: “In addition to these, there are bridge works in Ajao Estate, Agiliti, Tedi and Ijegun which are at different stages of construction and making progress towards completion. I have also recently approved the commencement of another 25 roads and as these roads and bridges are being completed, we expect to see improved connectivity and improved journey times.
Happily, the Lagos Traffic radio continues to remain the City’s favourite source of advance traffic information, while the Lekki-Link Bridge has achieved its iconic design purpose by becoming a favoured destination for residents and visitors alike and in the same vein is successfully performing its travel time reduction objective.“In response to public appeal, and after extensive consultations, our party the APC and our government have acquired the concession rights to the Lekki-Eti-Osa Expressway with the approval of the House of Assembly and plans are underway to complete the due diligence and takeover of the assets and to complete the road.
I am also happy to report that one year after its implementation, the Traffic Law has recorded huge successes in its life and property saving objectives.
Traffic accidents have reduced from 646 reported accidents in August 2012 to 118 reported accidents in July 2013, and deaths from motorcycle accidents have reduced from an average of 12 per month to one per month and indeed no deaths were recorded in August, September, and October.“We are concluding plans to implement the next phase of the Law, and we have been working with the Transport Unions to sensitize them. But before I move to housing; a little but serious word must be said about the Traffic Law.
Let me reiterate that out of over 10,000 roads in Lagos, the law restricted motorcycles from plying only 475, which are highways, if such motorcycles were not up to the 200 cc capacity. The law also provided that in the over 9,000 roads where there is no restriction, the riders must wear safety helmets and not carry more than one passenger.“While I must commend the operators for largely complying, I cannot say the same for a few law enforcement agents and few military personnel who have either turned enforcement into an extortionist exercise for money or have seen themselves as above the law by violating our traffic laws and BRT Laws. Let me say to them clearly, that it is bad enough if law enforcement personnel violate the laws they are constitutionally paid to enforce; it is the height of impunity if they do so in uniform. That uniform is the symbol of the authority of the state and it is funded from tax payers’ money. I have news for those bad eggs who give law enforcement a bad name in this country. We will bring you to justice and make examples of you; before you bring dishonour to these timeless institutions that have produced officers and true gentlemen.
“In the area of housing, I will not take more time than is necessary. I will only state that the LagosHoms programme is on course. Many of our housing units are making progress on 15 different construction sites, employing a total of 7,757workers, in Shitta, Gbagada, Ajara, Ilupeju, Sangotedo, Igbogbo, Mushin, and Omole to mention a few. At least 3,192 housing units will be added in the first quarter of 2014 to the already completed 1092 units.
“We intend to commence more developments to ensure that there is no shortage of supply once we start the allocation process. Apart from Power, Agriculture, Transport and Housing, we have not relented in other sectors. Our commitment to improving on the successes we have made in the area of security remains at an all-time high. We are consistently breaking up criminal gangs, arresting their members, recovering illegal arms and effecting seizures of hard drugs.”
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Tinubu Meets Bolloré in Paris Over Expanded Investment in Nigeria’s Creative, Digital Economy
President Bola Ahmed Tinubu has held talks with French businessman Vincent Bolloré in Paris on plans to expand investment in Nigeria’s creative and digital economy.
The meeting, held during the President’s working vacation, focused on opportunities to deepen the localisation of operations by the Bolloré Group and increase investment in sectors including film, entertainment, fibre-optic infrastructure and digital services, according to a statement issued by the presidency.
Bolloré and members of his executive team outlined proposed investments centred on Nigeria, highlighting the country’s growing influence in global entertainment through Nollywood and Afrobeats.
The group also expressed interest in expanding its operations and local presence in Nigeria, with the presidency saying the plans could support increased production, investment and employment opportunities in the country.
Tinubu reaffirmed his administration’s focus on economic growth, job creation and digitalisation, while welcoming the group’s reported plans to deepen its activities in Nigeria.
The President said the government would continue to support investments aimed at developing the creative and digital economy, strengthening infrastructure and creating opportunities for Nigerian talent.
According to the statement, Tinubu also emphasised the potential for Nigeria to serve as a base for companies seeking to operate across Africa and international markets.
The meeting comes as Nigeria continues to promote its entertainment and technology sectors as areas of economic opportunity, with the government seeking to attract investment while expanding employment opportunities for young Nigerians.
Tinubu said his administration’s Renewed Hope Agenda seeks to harness Nigeria’s talent, entrepreneurship and growing global cultural influence to create greater economic opportunities and improve livelihoods.
News
Banks Shut 476 Branches as Nigeria’s Banking Landscape Goes Digital
Nigeria’s banks are rapidly abandoning the traditional banking model, shutting down hundreds of branches and cash centres as customers increasingly move to digital and electronic channels.
Data from the Central Bank of Nigeria show that banks closed a net 476 branches and cash centres between 2022 and 2025, cutting the country’s physical banking network by 8.8 per cent in just three years.
The number of bank branches and cash centres plunged from 5,410 in 2022 to 4,934 in 2025, signalling a dramatic shift away from brick-and-mortar banking.
The contraction has gathered pace in recent years.
Banks closed 37 locations in 2023, followed by a much steeper reduction of 229 locations in 2024. Another 210 branches and cash centres disappeared in 2025.
In effect, more than nine out of every 10 locations lost during the three-year period were closed in 2024 and 2025.
The figures, contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector, cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the CBN and the Nigeria Deposit Insurance Corporation.
Lagos bears the biggest hit Lagos, Nigeria’s financial powerhouse, recorded the largest decline.
The state had 1,602 bank branches and cash centres in 2022. That figure dropped to 1,532 in 2023, 1,521 in 2024 and just 1,444 in 2025.
That represents a loss of 158 locations, or nearly 10 per cent, in three years.
Despite the closures, Lagos remains overwhelmingly dominant, accounting for almost 29 per cent of all physical banking locations in Nigeria.
The Federal Capital Territory also suffered a significant contraction. Abuja went from 400 locations in 2022 to 362 in 2025, a decline of 38, or 9.5 per cent.
But some states experienced far more dramatic cuts.
Ekiti lost almost half of its banking locations, falling from 107 in 2022 to just 57 in 2025 — a staggering 46.7 per cent decline.
Enugu lost 44 locations, dropping from 162 to 118, while Oyo shed 41, falling from 237 to 196.
Other notable declines were recorded in Ondo, Plateau, Osun, Cross River and Rivers.
Northern banking centres also feel the squeeze
The contraction was not confined to the South.
Kano, for instance, initially expanded its banking footprint, rising from 164 locations in 2022 to 183 in 2024. But the reversal was sharp in 2025, when the figure crashed to 157.
Kaduna followed a similar pattern. Its locations climbed from 148 in 2022 to 164 in 2024 before falling back to 146 in 2025.
Yet not every state is losing branches.
Delta recorded the strongest expansion among the states highlighted, adding 23 locations and rising from 173 in 2022 to 196 in 2025.
Edo added 10, while Jigawa and Kogi gained six and five locations respectively.
A widening banking divide
The figures expose a striking disparity in access to physical banking infrastructure across Nigeria.
While Lagos had 1,444 branches and cash centres in 2025, Yobe had only 23, Taraba 26 and Zamfara 28.
Bayelsa and Gombe had 31 each, while Ebonyi had 32.
The imbalance underscores how heavily physical banking infrastructure remains concentrated in Nigeria’s major commercial and economic centres.
The bank branch may be losing its battle
The shrinking branch network comes despite the number of banks operating in Nigeria initially increasing.
The country had 32 banks in 2022, 33 in 2023 and 35 in 2024, before the figure slipped slightly to 34 in 2025.
That means the branch closures cannot simply be explained by a shrinking number of banks.
Instead, the figures point to a much bigger transformation: Nigerian banking is moving away from physical locations and towards digital platforms.
The CBN has itself been pushing greater adoption of alternative payment channels, particularly among farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
Speaking at the 2026 CBN Fair in Lokoja, the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, stressed the importance of alternative payment channels in expanding financial access and stimulating economic activity.
The message from the numbers is even clearer.
The era of banking halls on every major street may be fading.
With hundreds of branches disappearing in just three years — and the pace of closures accelerating — Nigeria’s banking industry is betting increasingly on phones, apps, electronic payments and other digital channels rather than physical walls and counters.
For millions of Nigerians, the next bank branch may no longer be a building. It may be sitting in their hands.
Business
In The Spotlight
Dangote: OPM Made You 36th Globally—How Many Investors Will Become Billionaires?
Alhaji Aliko Dangote has done what very few Africans have ever done. He has built a business empire of extraordinary scale, crossed the $50 billion mark in personal wealth, and reportedly risen to the 36th position among the world’s 3,397 billionaires.
That is an achievement Nigerians can acknowledge. But today, I want to ask a different question. Alhaji Dangote, how many of the Nigerians who are now investing their hard-earned money in your businesses will you help turn into millionaires—and eventually billionaires? That, in my view, is the more important question. Because behind every great fortune is an army of people whose money, labour, patronage, trust and participation helped create that wealth. And that brings us to OPM—Other People’s Money.
Other People's Money Built More Than One Fortune
Let us be honest: no business empire is built by one person alone. Investors provide capital. Banks provide financing. Workers provide labour. Consumers provide revenue. Suppliers provide goods and services. Governments provide infrastructure and an operating environment. And ordinary Nigerians have been buying Dangote products for decades. Now, Nigerians are being invited to take another step—from being customers to becoming owners.
The public offering of shares in the Dangote Petroleum Refinery gives ordinary Nigerians an opportunity to put their money into one of the country's biggest industrial projects. That opportunity comes with risk, of course. Nobody should invest money they cannot afford to lose, and nobody should assume that buying shares automatically guarantees wealth.
But there is a bigger principle here.If Nigerians are going to put their money into Dangote's business, Nigerians should also have a meaningful opportunity to participate in the wealth that business creates.
Don't Take Nigerians for Granted
Alhaji Dangote, Nigerians have supported your businesses.They have bought your cement.They have bought your sugar. They have bought your flour. They have bought countless other products connected to your business empire.Nigerian workers have built factories, transported products, operated plants, sold products and provided services.
Now, ordinary Nigerians are being asked to invest directly. That creates a responsibility—not merely to shareholders, but to the broader Nigerian public.
Don't take Nigerians for granted. Treat the small investor with the same seriousness you would give the institutional investor. Give shareholders transparency. Give them accountability. Give them information. Give them confidence that their money is being managed responsibly. And when the business succeeds, shareholders should have the opportunity to benefit from that success.
Your Greatest Legacy Should Be Bigger Than Your Net Worth
There is nothing wrong with becoming extraordinarily wealthy by building successful businesses.But there comes a point when the conversation should move beyond “How much is Dangote worth?" The more interesting question becomes:How many people became wealthy because Dangote built these businesses?
Imagine the impact if hundreds of thousands of Nigerians who invest today eventually build substantial wealth from their investments. Imagine a young Nigerian who starts with a modest investment and, over decades, builds an investment portfolio capable of paying school fees, buying a home, funding a business or securing retirement. Imagine Nigerian families passing shares from one generation to another. That is how an ownership culture is created.And Nigeria desperately needs an ownership culture.
We Need More Than One Dangote
Nigeria does not simply need another Dangote. Nigeria needs 10,000 Dangotes in different industries.
We need Nigerians who build technology companies, manufacturing companies, agricultural businesses, energy companies, financial institutions, pharmaceutical companies and global brands.But we also need millions of Nigerians who can become shareholders in those businesses. A country becomes economically stronger when wealth creation spreads beyond a handful of extraordinarily wealthy individuals.
The refinery therefore presents an interesting test. Can a Nigerian industrial giant create not just a massive fortune for its founder, but also a new generation of Nigerian investors? Can ordinary Nigerians who put their money into the company eventually look back and say:I was there when it started, and I benefited from its growth”?
That would be a powerful story.
From Billionaire to Wealth Creator
Dangote has already demonstrated that he knows how to create enormous corporate value. The next challenge is different.Can he help create enormous shareholder value for ordinary Nigerians?That is where the conversation about his $51.3 billion fortune becomes relevant.
If one man's wealth can grow by tens of billions of dollars, Nigerians are entitled to ask whether the people who invest alongside him can also experience meaningful wealth creation. Not necessarily overnight.Not necessarily without risk. But over time.That is what investing is supposed to be about.
The Question Nigerians Should Keep Asking
So, Alhaji Dangote, congratulations on reaching another extraordinary milestone.But don't stop at building your own fortune. Build an ecosystem in which others can build theirs. Don't let Nigerians remain merely consumers of Dangote products. Make them owners. Don't let the story end with one Nigerian becoming one of the world's richest people. Let the next chapter be about thousands, perhaps millions, of Nigerians building meaningful wealth through ownership and investment. Because the real measure of an economic giant is not only how high the founder climbs. It is how many people rise because of the platform he created.
So here is the question Nigerians should be asking: Aliko Dangote, OPM has helped take you to the 36th richest person in the world. Now that Nigerians are putting their own money into your empire, how many of those investors will you help turn into millionaires—and, ultimately, billionaires? That is the legacy question.
By Emmanuel Emeke Asiwe (EEA) Publisher/Editor-in- Chief)
In The Spotlight
Mixed metaphors: Eating them young
On this page, I have praised former Minister Nasir el-Rufai for his work in the Federal Capital Territory.
As governor, I praised some of his work, including when he fired state teachers. I also criticised him when he became arrogant and presumptuous.
Powerful people tend to misjudge distance, in terms of how long they will remain powerful, as well as the depth of their relevance, measuring how power, once in the hands of others, can remain in their favour.
El-Rufai made both miscalculations. Following over two decades of untouchability in power from Olusegun Obasanjo to Muhammadu Buhari, he has now spent 200 days in pre-trial detention on ICPC and DSS charges.
This should not happen to a citizen, any citizen. But some citizens, when fate grants them the winning lottery ticket, become Cronus, the Titan in Greek mythology who, to maintain his power, swallowed five of his six children soon after birth.
But not Zeus, his youngest son, who miraculously survived and, becoming the supreme ruler of the Olympian gods and the “Father of Gods and Men, “would exact vengeance.
In power, el-Rufai forgot not only the principle of right and wrong, but also the concept of justice.
But it was right there the whole time: on the flip side of injustice. The truth is that wearing glasses to be able to see arms, nobody to see through clouds.
Last Tuesday’s disruption by political thugs of the visit to Benue State of Peter Obi, the presidential candidate of the Nigeria Democratic Congress, is an early reminder of the temptations of power in a Nigerian election year.
The ruling party controls the state, which is in the thick of Nigeria’s insecurity crisis. Its governor, Hyacinth Alia, is a Catholic priest. Having, in 2025, been involved in trying to prevent the same Obi from a humanitarian visit, claiming that his intervention was purely on security grounds, Mr Alia is trying to persuade the country that his are not the hands behind the crude attempt to stop, particularly Mr Obi, from travelling freely and safely in the state.
As Minister Festus Keyamo wisely said, this kind of menace is not a part of our democracy. Mr Alia, show the world your strengths, not your limitations.
Big news: the 2024 Auditor-General’s Non-Compliance report, published last month, identified over N1.34trn in audit lapses.
It found that the National Cash Transfer Office paid N33.751 billion to 3,295,207 households in 35 states in 2023 with no evidence that the money reached genuine beneficiaries.
The Office could not produce REMITA records to authenticate the payments. SERAP has written to President Tinubu demanding a published audit trail and investigation of the flagged N78.8bn in total irregularities.
Similarly, Femi Falana (SAN) has called on the EFCC to investigate and prosecute officials.
Given that we are dealing with a specific regime of governance coated in colours of ruthlessness, it is doubtful that these calls will yield anything.
The truth is that the situation is worse than what we know so far, and so, I have a different call: that Nigerians pay close attention to what is actually a long-running looting spree of our poorest and most vulnerable. There is a scorched-earth assault going on.
I begin in 2019, the start of the second term of the fake anti-corruption champion Muhammadu Buhari:
The Auditor-General’s 2019 report on the FGN Consolidated Financial Statements discovered that 36 MDAs made individual transfer payments,totalingN15,534,467,561.26, without identifying the beneficiaries, ignoring the relevant budget lines for “Transfers–Payment to Unemployed” and “Transfers–Payment to Aged/Vulnerable Group.” The Auditor-General flagged the risk of “diversion of public funds” and “misapplication of funds.”
The 2020 report is more curious. In the MDA-by-MDA budget-performance schedule, the National Social Investment Office shows: Approved Budget N0.00, Supplementary Budget N0.00, Total Budget N0.00, but the actual spending is N275,010,764,595.02! That is, the NSIO somehow recorded spending N275bn with no budgetary authorisation at all.
Surely, somebody has an explanation?
The 2021 Non-Compliance report, Volume II, found under the Ministry of Humanitarian Affairs that N54,630,000,000 in N-Power Batch C1 stipends (the August–December 2021 backlog) was recorded as paid but, per the Auditor-General’s own field visits, “was not actually effected to the beneficiaries.”
The same section found N2,617,090,786 paid for the National Home-Grown School Feeding Programme (COVID-19 period), the Auditor-General recommending full recovery to the Treasury: a combined N58.05bn flagged in that one ministry in that one year.
Surely, somebody has an explanation?
The 2022 Non-Compliance file is titled as Volumes I and II merged, but despite that filename, Volume II appears to be absent, as it excludes Humanitarian Affairs, NSIPA, NCTO or NASSCO, meaning that their work was either not audited at all, or that that specific audit has yet to be published.
Again, and similarly, despite examining the two volumes of the 2023 Non-Compliance report, neither the Ministry of Humanitarian Affairs, NSIPA, NCTO, NASSCO, N-Power, GEEP nor school feeding appears anywhere, although many other agencies were thoroughly audited.
Surely, somebody has an explanation?
That brings us to the 2024 itemised findings SERAP has publicized: N33.751bn in cash transfers with no beneficiary confirmation; N36.744bn paid in December 2023 without prepayment audit; N4.616bn in unsupported expenditure which the Auditor-General says “may have been diverted”; N350.18m in enrolment payments to state coordinators with no supporting documentation; N89.51m for store items never delivered or logged; N17.42m in diesel cash advances with no traceable purchases; and at NASSCO, N2.24bn paid through 158 vouchers without prepayment audit.
These appear to be the patterns that Nigerian MDAs exhibit in their work every year, with vulnerable Nigerians exploited every year.
But the first challenge is for journalists to track Humanitarian Affairs/NSIPA through every audit year to establish the full carnage.
There is another crisis: that despite all of this, a lot of MDAs still fail to submit audited accounts to the Auditor-General, representing one of Nigeria’s worst accountability challenges. This is a problem that worsened significantly under the Buhari administration despite his anti-corruption rhetoric. According to the Auditor-General, the 2016 audit year saw the highest number of non-submissions (324) in modern Nigerian history: more than double the previous 22-year high of 148. In 2016-2017 alone, 436 agencies failed to submit accounts. Think about that.
President Bola Tinubu is in the middle of a three-week foreign trip, departing without formally informing the National Assembly or handing over to Vice President Shettima, violating the constitution.
For a man who is seeking a second term of office, this is a stark reminder of how little the rules, or for that matter, Nigeria, really matter to Mr Tinubu. Keep in mind that when he headed north, Mr Shettima headed south, to Angola.
The general debate of the 81st United Nations General Assembly will begin on 22 September. Mr Tinubu is scheduled to speak the following morning.
At a time of chaos and doubt in his leadership, and in democracy under his watch, he will confront the theme: “Restoring trust, managing transformation: a United Nations that delivers for all.”
By Sonala Olumhense