Tuesday, February 10, 2026
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Senate Approves Customs N5.09 Trillion Revenue Target, N706.4 Billion Budget for 2024

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The Nigerian Senate has granted approval for a revenue target of N5.079 trillion and a budget of N706.4 billion for the Nigeria Customs Service (NCS) in the fiscal year 2024. The approval came after the presentation of a report by Jibrin Isah, the Committee Chairman on Customs, Excise, and Tariff, during the plenary session last Thursday.

According to Isah, the breakdown of the budget includes personnel costs at N225.99 billion and overhead costs at N111.76 billion, constituting 31.99% and 15.82% of the budget, respectively. Ongoing capital projects are set at N148.42 billion, while new projects, representing 52.19% of the budget, have been allocated N220.26 billion.

Isah emphasized the importance of timely implementation of the 2024 fiscal policy, stating that it would enable the Nigeria Customs Service to commence the execution of its plans promptly. He highlighted the strategy of providing a flexible window to curb illegally imported vehicles and ensure the proper collection of import duties and penalty charges.

“As part of Customs strategy, the provision of the flexible window will help curb illegally imported vehicles and ensure the proper collection of expected import duties and 25 percent penalty charge from such category of transactions,” he explained.

Isah also noted that mechanisms such as systems audit, real-time auditing, post-clearance auditing, the institution of a revenue recovery committee, and other intelligence gathering tools would contribute to an intensive revenue recovery drive. He highlighted that the revised penalties and charges in the new Nigeria Customs Service Act, 2023, would enhance revenue generation for the service.

In terms of anti-smuggling and cargo tracking, Isah stated that the Nigeria Customs Service anticipates collaboration with the Shippers Council and other relevant government agencies to decongest and achieve efficient port operations, ultimately leading to increased revenue.

“As provided within the confines of Customs law, all required operational guides will be utilized to ensure that illicit trade that creates a sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum,” he concluded.

Maiden Investment Summit to Project Benue as Economic Hub in North Central – Addingi

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The Special Adviser to the Governor of Benue State on International Investments, Sir Alex Addingi, has announced preparations for the 2024 Benue International Investment Summit (BIIS), scheduled for the second quarter of the year.

The summit aims to position Benue State as a pivotal economic hub in North Central Nigeria, focusing on various development pillars outlined by the Governor Alia-led government.Sir Addingi, also the Vice Chairman of the Local Organising Committee (LOC) of BIIS, emphasized the significance of the event in attracting both local and international investors, industry experts, and stakeholders.

The inaugural LOC meeting took place last week with the State Deputy Governor, Barr. Samuel Ode, who is also the Chairman of BIIS, in attendance.Speaking to reporters, Sir Addingi explained, “The Summit would serve as a platform to project Benue State as a North Central Nigeria strategic hub for economic development to investors.

The overarching goal is to set in motion collaborative partnerships and possibly create hubs in the state.”He highlighted that BIIS goes beyond discussions and is a call to action, envisioning the birth of an ‘economic city’ that attracts foreign direct investment and nurtures a vibrant ecosystem for local businesses.

The Summit aims to capitalize on the unique resources, skilled workforce, and untapped opportunities in Benue State.Drawing inspiration from the seven pillars of the Rev Fr Hyacinth Alia-led Government of Benue State, BIIS focuses on functional education, employment generation, agricultural development, and growth with a particular emphasis on food production and processing.

Sir Addingi revealed that his office has been in contact with numerous investors already expressing interest in the Summit.

The Deputy Governor, Barr. Sam Ode, emphasized that BIIS would give rise to the “Benue Economic City (BEC),” a highly commercialized city with mixed development projects.

BEC is envisioned to have various commercial properties, including industrial parks, mega malls, cinemas, film studios, a mini health city, a world-class entertainment center, restaurants, hotels, banks, Diaspora estate, International conference center, luxury apartments, a golf course, and a mini sports center. Additionally, the project promises dedicated independent power supply, portable water, high-speed internet, high-tech security, and emergency services.

The 2024 BIIS, fueled by the vision of economic development and prosperity, is poised to be a transformative event for Benue State and its potential investors.

House Lauds TETFUND for Promoting Research, Innovations Amongst Nigerian Students, Youth

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The Federal House of Representatives commended the Tertiary Education Trust Fund (TETFund) for its pivotal role in fostering creative research and establishing innovative hubs, enhancing science and technology education among Nigerian students and youth. The Deputy Speaker, Rt. Hon. Benjamin Okezie Kalu, expressed this appreciation at the closing ceremony of a two-week cohort learning program held at the Abuja Innov8 Hub.

During the ceremony, Deputy Speaker Kalu lauded TETFund’s “Research for Impact Initiative (R4i)” as a collaborative effort with Innov8 Hub, launched in 2022. This initiative aims to usher in a new era of innovation, technology, research, and development in Nigeria, with the objective of fostering economic growth and comprehensive national development.

“The House is interested in providing solutions to the hydra-headed needs of the Federal Republic of Nigeria. The call for innovation that will challenge tradition, to increase production; that call cannot be overemphasized,” stated Kalu. He emphasized the necessity of innovation in addressing the country’s challenges and acknowledged the role of programs like Innov8 Hub in empowering young minds.

Deputy Speaker Kalu also acknowledged the support of the Embassy of the State of Israel in Nigeria and the Israeli community in fostering innovation and entrepreneurship in Nigeria.

Speaking about President Bola Ahmed Tinubu’s vision for innovation, Kalu expressed his satisfaction with TETFund’s efforts, stating, “I’m proud of the work you are doing, and you should do some more. I’m impressed that you are planning to multiply this and incorporate innovators outside this hub.”

Furthermore, Deputy Speaker Kalu called for the establishment of similar innovation hubs across the South East region of Nigeria, aligning with the objectives of the Peace in South East Project (PISE-P). He emphasized that engaging young people in innovation and entrepreneurship can contribute significantly to lasting peace and development in the region.

In response, the Executive Secretary of TETFund, Arc. Sonny Echono, highlighted the initiative’s role in repositioning public tertiary institutions as catalysts for national development and appreciated Innov8 for its partnership.

The event concluded with the presentation of certificates to participants, an exhibition of group works developed during the two-week training, and a tour of the facilities for Deputy Speaker Kalu to witness the ongoing creative activities at the hub.

FG Chides PDP Governors, Says Resignation Call to Tinubu, Distraction

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The Federal Government has dismissed the recent call for the resignation of President Bola Ahmed Tinubu by the governors of the Peoples Democratic Party (PDP) as a mere distraction. Mohammed Idris, the Minister of Information and National Orientation, stated in response that the call is an attempt to divert attention from the President’s ongoing efforts to provide economic relief to Nigerians.

According to a statement by Rabiu Ibrahim, Special Assistant (Media) to the Minister of Information and National Orientation, Minister Idris emphasized, “It is our considered view that the PDP and its Governors should not be seeking, through the back door of intimidation, what they have consistently failed to achieve by democratic means since 2015.”

The statement further highlighted the administration’s commitment to the economic well-being of the country. It pointed out the financial support extended to all state governments, irrespective of partisan affiliation, and the removal of the petrol subsidy, a key element of the PDP’s previous campaign.

“The President and his administration recognize the unfinished business of revamping our national economy kickstarted by the administration of President Muhammadu Buhari,” the statement noted, citing achievements in infrastructure, social welfare, military and security agencies’ support, and efforts against insurgency and criminal activities.

Highlighting the accomplishments of the All Progressives Congress (APC) administration, the statement mentioned clearing liabilities left by the previous government, major oil sector reforms, and successful management during the COVID-19 pandemic.

In response to the PDP Governors, Minister Idris stated, “This is not the time for distraction. It is time instead for the rolling up of sleeves, to support and complement the hard work of the President and his administration.”

President Tinubu’s resilience and commitment to addressing the challenges facing the nation were reiterated, with a focus on laying a durable foundation for the emerging new Nigeria. The statement emphasized that he will not abdicate his responsibilities and remains dedicated to steering the country toward lasting prosperity and national development.

EFCC Press Release: Banker , POS Agent Arrested for Currency Racketeering

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In a swift operation, the Economic and Financial Crimes Commission (EFCC) apprehended Soberechukwu Inya Ewa, a banker, and Azubuike Mamwu Obasi, a Point of Sales (POS) cashier, for their alleged involvement in currency racketeering.

The arrests were conducted by operatives of the Port Harcourt Zonal Command in the early hours of Friday, February 15, 2024, at Ecobank, Rumuobiakani, and Maddox Night Club, New Government Reservation Area (GRA), Port Harcourt, Rivers State.

Investigations revealed that Ewa, the banker, specialized in selling new naira notes of various denominations to POS cashiers for commercial purposes. On the other hand, Obasi was apprehended while engaging in currency racketeering, charging fees for the acquisition of new naira notes. At the time of his arrest, Obasi was found in possession of N554,600.00 (Five Hundred and Fifty-Four Thousand, Six Hundred Naira).

Dele Oyewale, Head of Media & Publicity for EFCC, confirmed the preliminary findings and announced that the two suspects would soon face charges in court. The EFCC remains committed to curbing illicit financial activities and maintaining the integrity of the nation’s currency.

Matawalle Caution’s Against Inflammatory , Inciting Comments

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The Honourable Minister of State for Defence, Dr. Bello Muhammed Matawalle, has cautioned Nigerians against using inflammatory comments against the government, saying that such comments are unnecessary.

This was made know in a release signed by Henshaw Ogubike, Director (Information , Press& Public Relations)

The Minister made this call against the backdrop of some unguarded utterances coming from some sections of the populace.

“Such comments are
incisive and destructive and can exacerbate tensions and lead to violence in our beloved nation,” he said.

Dr. Matawalle said that President Bola Ahmed Tinubu GCFR has the capacity and political will and he is working round the clock to see that Nigeria is better and a well secured nation.

The Minister also highlighted the various policies Presidy Tinubu’s government has put in place so far to reshape and modernize our economy and to secure lives, liberty and property of the people.

Accordingly, Mr. President has given priority to the safety of citizens by equipping the Nigerian Military to function optimally while the Service Chiefs have also been charged to rebuild the capacity of the security Services.

Speaking on the economy of the nation, Matawalle said that the President understands the nexus between insecurity and poverty and that was why the government is increasing
its investment in MSMEs. This is in addition to the 15 Million vulnerable households that will be added to the extended social safety net.

Continuing, the Minister said that: “Just few days ago, the President approved the creation of a committee that included the State Governors and Federal representatives that will explore among other things the possibility of establishing State Police that will help in check mating crimes.

The Minister however underscored the importance of unity, stating that what affects one Nigerian ultimately affects the entire nation.

“It is imperative for us as Nigerians to embrace dialogue and understanding in addressing our differences. We must remember that our strength lies in our diversity, and only through unity can we overcome the challenges facing our nation,” he said.

Furthermore, the Minister said that President Bola Ahmed Tinubu GCFR is trying his best in tackling the economic challenges being experienced by Nigerians. While acknowledging the global nature of the challenges, Dr. Matawalle reassured the public that the President and his team are tirelessly working to alleviate the burdens on the Nigerian populace. He advised the agents of disunity to refrain from further unwarranted utterances, as such will have consequences.

Accordingly, Dr. Matawalle urged all citizens to prioritize peace, tolerance, and national cohesion in their words and action, as we collectively strive towards building a prosperous and harmonious Nigeria.

PHOTO SPEAK:

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THE HONOURABLE MINISTER OF DEFENCE,
MUHAMMED BADARU ABUBAKAR, CON, MNI
AND OTHER DIGNITARIES RECEIVED PRESIDENT BOLA AHMED TINUBU, GCFR IN ADDIS ABABA FOR THE 37TH AFRICAN UNION SUMMIT SCHEDULED TO HOLD IN ADDIS ABABA, ETHIOPIA.

Reps Task IGP on Community Policing to Arrest Incidences of Killings

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The Federal House of Representatives in Nigeria has urged the Inspector General of Police, Mr Kayode Egbetokun, to fully implement community policing as outlined in Section 15 of the Nigeria Police Act 2020. This resolution was made following the adoption of a Matter of Urgent Public Importance presented by Hon. Asama Ago (LP-Plateau).

Despite several resolutions passed by the House on attacks in communities across Nigeria, the lawmaker noted that these resolutions seemed inadequate in addressing the issue as communities continued to be victims of heinous attacks. He specifically mentioned the recent attacks in Nkienzha community of Bassa LGA, Plateau State.

The Police Act of 2020 provides for the establishment of Community Policing, explicitly outlined in various sections. Hon. Ago emphasized the need for the full implementation of this aspect of the Act, urging the Commissioner of Police in each state to establish Community Policing Committees at various levels.

In response, the House observed a minute of silence in honor of innocent victims of attacks across the country. The Speaker of the House, Rep. Tajudeen Abbas, mandated the Committees on Police Affairs and Legislative Compliance to ensure compliance and report back within four weeks.

House Urges FG to Checkmate Activities of Sports Betting Platforms

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The Nigeria’s House of Representatives has called on the Federal Government to conduct enlightenment campaigns exposing the negative effects of sports betting, especially concerning the participation of young Nigerians. This resolution followed a motion presented during Thursday’s plenary by Hon. Nwogu Kelechi, representing Etche/Omuma Federal Constituency, Rivers State.

Kelechi highlighted the expansive growth of sports betting globally, including various Nigerian platforms, with approximately 60 million Nigerians aged 18 to 40 engaging in such activities. He emphasized the mental health problems, strained relationships, financial difficulties, and legal issues associated with excessive sports betting.

The lawmaker expressed concern over the weak or neglected regulations in the sports betting industry, citing the National Lottery Act of 2005, which is intended to ensure fair operation and the protection of players and the public. The House believes that proper regulation could generate tax revenue for the government and contribute to economic growth.

As part of the adopted motion, the House urged the Federal Ministry of Information and National Orientation to conduct nationwide campaigns raising public awareness about the negative impacts of youth participation in sports betting. Additionally, the Committee on Inter-Governmental Affairs was mandated to conduct a public hearing on the effects and benefits of sports betting in Nigeria, reporting back within four weeks for further legislative action.

Reps Urge FG to Subsidise N5m Hajj Fare

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The Federal House of Representatives has urged the administration led by President Bola Tinubu to reduce the cost of this year’s Islamic pilgrimage to Saudi Arabia, officially fixed at N5 million. The motion, titled “Need to review the 2024 Hajj fare payable by intending pilgrims,” was adopted during Thursday’s plenary.

Umar Ajilo, representing Makarfi/Kudan Federal Constituency, Kaduna State, led the debate, emphasizing the importance of pilgrimage in the Islamic religion. He noted that the N5 million fare is exorbitant and unsuitable for middle- and low-income intending pilgrims.

The House expressed concern about the economic reality and urged the Federal Government to reassess the processes and procedures adopted by the National Hajj Commission to arrive at the fare. The aim is to make the fare more affordable for intending pilgrims.

In response, the House mandated the Committee on Muslim Pilgrimage to engage the National Hajj Commission in reviewing and reassessing processes and strategies. The goal is to ensure that the pilgrimage fare becomes more affordable. The committee is expected to report to the House within four weeks.