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Reps Move to Recover Over N2.6trn Owed FG by Oil & Gas Companies
By Ubong Ukpong, Abuja
The House of Representatives, yesterday commenced processes to recover outstanding debts of over N2.6trillion, owed to the Federal Government (FG) by 77 Oil and Gas companies.
Following a motion brought before it by Hon.
Ahmed Munir, the House urged the Nigeria Extractive Industries Transparency Initiative (NEITI), the National Oil Spill Detection and Response Agency (NOSDRA), and the Federal Inland Revenue Service (FIRS) to provide necessary data needed to facilitate recovery of debts owed the Federal Government by Oil and Gas Companies.It also mandated its Committee on Finance to liaise with relevant agencies to ensure that the 77 Oil and Gas companies pay the respective accrued debts to the Federal Government.
Munir in the motion noted that the report by the Nigeria Extractive Industries Transparency Initiative (NEITI) that 77 Oil and Gas Companies operating in Nigeria, were owing the Federal Government over N2.6 trillion.
He also noted that the debts accrued from failure of the Firms to remit Petroleum Profit Tax, Company Income Tax, Education Tax, Value Added Tax, Withholding Tax, Royalties, Penalties and Concession on rentals to the Federal Government.
The lawmaker expressed concerns that such a huge debt was being overlooked at a critical time when the country needed funding for its annual budget.
He said that if the debts are recovered, the money could be used to service some of the Federal Government’s debts as well as fund up to 16.2 per cent of the 2022 budget deficit.
He also added that recovery of the debts was critical in this period of dwindling revenues especially as the Covid-19 pandemic has grossly affected the country’s economy.
The motion was widely supported and adopted by the House presided by Speaker Femi Gbajabiamila.
Raise Panel to Probe NNPC, Subsidiaries
The House of Representatives yesterday, raised a panel to conduct investigations into the consolidated Inventory, Assets, Interest and Liabilities of the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries, to ensure a legitimate transition process of NNPC/NNPC Limited.
The Ad-hoc committee was given eight weeks to conclude work and report back to the House for further legislative action.
The decision followed a motion by Hon. Ibrahim A. Isiaka, on the need to ascertain the total consolidated inventory, assets, interests and liabilities of the Nigerian National Petroleum Corporation (NNPC) and its Subsidiaries before transfer to the NNPC Limited to ensure a glossary accounting system.
Isiaka reminded the House that the Nigerian National Petroleum Corporation (NNPC) was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources.
He also noted that the NNPC was empowered to manage the joint venture between the federal government and several foreign multinational corporations with assets and interests on land, swamp, continental shelf and deep waters.
The lawmaker said that in 1988, the NNPC was commercialized into 12 strategic business units covering the entire spectrum of oil industry operations including exploration and production, gas development, refining, distribution, petrochemicals engineering and commercial investments among others.
Also, he said that in line with Section 53 (1) of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Company Limited was registered and incorporated by the Corporate Affairs Commission on September 22, 2021 as a Limited Liability Company with an initial capital of N200 Billion, which was regarded as the highest share capital holding in Nigeria.
Isiaka reminded the House of Section 53 (3) of the PIA, which vested ownership of the NNPC Limited on the Federal Government through the Ministry of Finance, which are both financed by the Nigerian People, but recognizes NNPC limited as an Agent.
He also reminded that Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), empowered the National Assembly to carry out investigations into matters to which it has powers to make laws;
He further spoke of the need to boost investors’ confidence and enhance transparency and efficiency in the supply chain management of the newly established NNPC Ltd owing to the outstanding credit sales and the much-needed revenues by the Federal Government to support annual budgets.
His motion gained overwhelming support by the House presided by Speaker Femi Gbajabiamila, who approved that membership of the committee should be carefully and discreetly selected to achieve the required results.
Most of the members would come from the Committees on Finance, Petroleum Resources (Upstream), Petroleum Resources (Downstream) and Gas Resources, which the Speaker said in constituting the committee, priority should be given also to floor members who are not very busy with other assignments.
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
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NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


