Cloned Nigerian Anchor

Author: Chike Ozohili

  • Nigeria’s equity market gains N204bn

    Nigeria’s equity market gains N204bn

    Domestic equities on Monday opened the week on a positive note gaining N204 billion, with a market capitalisation of listed equities appreciating by 0.59 percent to N34.273 trillion from the N34.069 trillion reported on Friday.

    The NGX All Share Index also went up by 373.62 basis points to 62943.35 points from 62569.73 points reported on Friday.

    A breakdown of investment for the day showed that Daar Communication, Unilever Nigeria Plc, and Fidelity Bank led the gainers’ table during the day in percentage terms, gaining 10 percent each to close at N0.33 per share, N15.95 and N7.37 per share respectively. Sterling Bank followed with a gain of 9.97 percent to close at N3.42 per unit, JohnHolt recorded an increase of 9.94 percent to close at N1.99 per unit.

    On the contrary, PZ Cusson, Veritas Kapital, Union Bank of Nigeria, and SFS REIT topped the losers’ chart on Monday in percentage terms with 10 percent to close at N16.20 per unit, N0.27, N6.30, and N69.30 per share to N0.27 per share, N6.30 and N69.30 per share respectively.

    FTNCocoa trailed with a drop of 9.93 percent to close at N2.54 per unit.

    Volume of shares increased during the day as investors traded 710.018 million shares valued at N13.829 billion in 8979 deals against 600.487 million shares worth N8.827 billion exchanged hands the previous day in 9554 deals.

    Transactions in the shares of Sterling Bank led market activities during the day with an account of 65.948 million shares valued at N216.572 million, Transnational Corporation of Nigeria followed with an account of 62.200 million shares valued, Unity Bank traded 59.665 million shares worth N79.965 million, AccessCorp exchanged 51.054 million shares valued at N828.767 million while Universal insurance traded 49.806 million shares worth N12.338 million.

  • Kyari is new APC National Chairman

    Kyari is new APC National Chairman

    The Deputy National Chairman (North) of the All Progressives Party (APC) Senator Abubakar Kyari, has taken over the National Working Committee (NWC) of the ruling party.

    The development confirms the widely reported resignation of the National Chairman Senator Abdullahi Adamu at the weekend.

    Adamu was reported to have tendered his resignation with the National Secretary, Senator Iyiola Omisore.

    Around 10:40 am on Monday, the Deputy National Chairman led a team of seven other members of the NWC to a meeting in his office.

    The Nation also noted that the official car of the Deputy National Chairman was parked in the slot reserved for the National Chairman.

    Around 11:20 am, the National Secretary, Senator Iyiola Omisore, arrived at the secretariat and joined others in the meeting.

    Kyari came in with the Deputy National Chairman (South) Emma Enukwu; National Vice Chairman (North West) Salihu Lukman; National Vice Chairman (North East) Salihu Mustapha; National Vice Chairman (North Central) Muazu Bawa; National Vice Chairman(South West) Issacs Kekemeke; National Vice Chairman (South East) Ejoroma Arodiogu and the Deputy National Secretary, Barrister Festus Fuanter

    Security around the national secretariat has been beefed up with those driving into Blantrye Street, where the party headquarters is situated subjected to checks while passers-by are also stopped for questioning.

  • Updated: Nigeria’s inflation rates jumps to 22.79% in June

    Updated: Nigeria’s inflation rates jumps to 22.79% in June

    *As food inflation rises to 25.25%

    Headline inflation rate rose to 22.79 percent in June relative to May 2023 headline inflation rate which was 22.41 percent, the National Bureau of Statistics (NBS) has said.

    In its CPI and Inflation Report June 2023, the Bureau noted that the figure indicates a 0.38 percentage point increase when compared to May 2023 headline inflation rate.

    On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.

    This shows that the Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022). 

    According to the Statistics Bureau, the headline inflation was driven by food inflation which stood at 25.25 percent year-on-year, higher by 4.65 percent relative to the rate recorded in June 2022 (20.60%).

    The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

    The removal of fuel subsidy by the Tinubu-led administration led to a transport increase with businesses passing the burden to the final consumers.

    On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).

    The average annual rate of food inflation for the twelve months ending June 2023 over the previous twelve-month average was 24.03%, this was a 5.41% points increase from the average annual rate of change recorded in June 2022 (18.62%).

    The NBS stated that Core inflation stood at 20.27 percent in the month under review. On a year-on-year basis, the rates were up by 4.53 percent when compared to the 15.75 percent recorded in June 2022.

    NBS said: “The highest increases were recorded in prices of Passenger Transport by Air, Gas, Vehicles, Spare Parts, Liquid Fuel, Fuels and Lubricants for Personal Transport Equipment, Medical Services, passenger transport by Road, etc.

    “On a month-on-month basis, the Core Inflation rate was 1.74% in June 2023. It stood at 1.81% in May 2023, down by 0.07%. The average twelve months annual inflation rate was 18.71% for the twelve months ending June 2023; this was 4.65% points higher than the 14.06% recorded in June 2022,” the report said.

    “On a year-on-year basis food inflation in the month of June was highest in Kwara (30.80%), Lagos (30.37%), and Kogi (29.71%), while Zamfara (21.38%), Sokoto (21.60%) and Borno (21.75%) recorded the slowest rise in Food inflation on a year-on-year basis.

    “On a month-on-month basis, however, June 2023 Food inflation was highest in Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%), while Rivers (0.75%), Zamfara (1.33%) and Adamawa (1.47%) recorded the slowest rise in Food inflation on a month-on-month basis.”

  • Car smuggler kills Customs officer in Kebbi 

    Car smuggler kills Customs officer in Kebbi 

    The Nigerian Customs Service (NCS), Kebbi Area Command, on Sunday, confirmed the killing of one of its personnel, Aminu Abdullahi, by a suspected car smuggler in Yauri Local Government Area of the state.

    The Spokesperson of the Service, ASC Mubarak Mustapha, confirmed the incident in a statement in Birnin Kebbi.

    He said: “The NSC, Kebbi Area Command, has commiserated with the family of one officer, Aminu Abdullahi, who was killed by a suspected car smuggler in the line of duty.

    “The incident took place on July 13, at about 4:00 am, when a 2015 Toyota Corolla model with chassis no: 2TBURHE3FC456204 rammed into the victim along Tarmac Road, Yauri Local Government Area of the state”.

    He said the officer was rushed to General Hospital, Yauri, for immediate medical attention, after proper first aid.

    “He was later transferred to Wamakko Orthopaedic Hospital in Wamakko LGA of Sokoto State.

    “Unfortunately, he give up the ghost this morning after responding to treatment during the night,” he said.

    Mubarak prayed Allah to grant the decease enternal rest and grant the family the fortitude to bear the loss.

    The Spokesman said that one, Abdulwasiu Salawudeen, who was driving the vehicle, had since been arrested and brought to the command’s headquarters for further investigation.

    Meanwhile, the Service said that it had organised a parade for the first time in three years to reinvigorate the morale of its officers and men.

    “The essence of the parade was to encourage, instill discipline, bond the officers uniformly and to carry out the NCS core mandates of revenue generation, suppression of smuggling, trade facilitation, provide security and enhance customs civil relationship to the host communities.

    “The Area Controller of the command, Dr Ben Oramalugo stressed the need for the officers to be their brother’s keepers and should see each other as brothers in uniform, and also help each other with intelligence and reinforcement”.

  • Bad Loans: CBN warns of sanctions against bank directors

    Bad Loans: CBN warns of sanctions against bank directors

    The Central Bank of Nigeria (CBN) has said it would sanction any bank directors with loans that remain non-performing for more than 12 months.

    The warning is contained in a new corporate governance guideline for commercial banks, financial holding Companies (FHCs), merchant banks, and non-interest and payment service banks signed by Director, financial policy and regulation in the CBN, Chibuzo Efobi.

    The new guidelines which are expected to take effect on August 1, 2023, will supersede all previous codes, circulars, and related directives on corporate governance issued by the CBN.

    The apex stated that any director whose credit facility or that of his/her related interests remains non-performing in the banking subsidiary of an FHC, for more than one year, shall cease to be on the Board of the Financial Holding Company (FHC).

    “Shall be blacklisted from sitting on the Board of such a banking subsidiary or that of any other financial institution under the purview of the CBN,” the guidelines stated.

    The CBN said no loan/advance and interest thereon to a director of an FHC by the banking subsidiary shall be written-off without its prior approval.

    “A subsidiary of the FHC, which renders services to the FHC may extend similar services to other entities within the Group that so desire, on the same terms and conditions, the guidelines stated.

    It says all intra-group transactions shall be conducted at arm’s length and in compliance with the extant laws and regulations guiding the operations of the entities

    The apex bank’s guideline also prescribed that all services between an FHC and its subsidiaries will be guided by Service Level Agreements (SLAs) and/or shared services arrangements in line with the CBN Guidelines for Shared Services Arrangements for Banks and Other Financial Institutions.

    Under protection of shareholders’ rights, the guidelines stated that except where prior approval of the CBN is granted, no individual, group of individuals, their proxies or corporate entities shall own controlling interest in more than one FHC.

    It says except with the prior written approval of the CBN, no FHC or any of its director, shareholder or agent shall enter into an agreement which results in: a change in the control of the FHC, the transfer of shareholding of 5 per cent and above in the FHC; and/or an increase in shareholding to 5 per cent or more in the FHC.

    The CBN said its prior approval and no objection shall be sought and obtained, before any acquisition of shares of an FHC by an investor (including through the capital market), that would result in equity holding of five per cent (5 per cent) and above.

    “Banks and financial holding companies are invited to note the responsibilities imposed on their boards by these guidelines and especially on the executive compliance officers (where applicable)”, the circular stated.

    The Financial Reporting Council (FRC) of Nigeria in 2019 issued the Nigerian Code of Corporate Governance (hereinafter referred to as “NCCG 2018”) as the single Corporate Governance Code for the country.

    The guidelines stated that the government’s direct and indirect equity holding in a bank shall not be more than ten percent (10 percent), which shall be divested to private investors within a maximum period of five years from the date of investment.

    Get our approval before acquiring a 5% stake in any bank, CBN tells investors

    The Central Bank of Nigeria (CBN) has said that any investors planning to acquire a five percent stake in any bank operating in the country will need to obtain prior approval and no objection from the apex bank.

    The new Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks released by CBN over the weekend, the apex bank said that no individual or group of individuals or corporate entities shall own controlling interest in more than one bank.

    Under the protection of shareholder’s rights provisions, the new regulations attempt to address recent events in the capital market affecting some commercial banks in the country.

    The guidelines specifically said, “CBN’s prior approval and No Objection shall be sought and obtained before any acquisition of shares of a bank (including through the capital market), that would result in equity holding of five percent and above, by any investor.”

    “Except where prior approval of the CBN is granted, no individual, group of individuals, their proxies or corporate entities shall own controlling interest in more than one bank,”

    The new regulation also states that where the apex bank has an objection to any of the acquisition, the notice of the objection must be communicated to the bank. The bank then has 48 hours to notify.

    “Where the CBN has an objection on any acquisition as stated in Section 20.2 notice of the objection shall be communicated to the bank, and the bank shall notify such investor(s) within forty-eight (48) hours.”

    For government ownership in the bank the protection of shareholders rights regulation also said “Government’s direct and indirect equity holding in a bank shall not be more than ten per cent (10%), which shall be divested to private investors within a maximum period of five years from the date of investment,” it added.

    For existing investments above five years, the central bank said the bank shall within two years from the effective date of this Guideline, comply with the provision.”

    The central bank regulation also addresses Financial Holding Companies (FHC), and activities around mergers and acquisitions.

    According to the regulation, no director or shareholder can change control of a bank without the prior approval of the bank. It also does not allow the transfer of 5 per cent and above of a bank to any shareholder without the prior approval of the CBN.

    No FHC or any of its directors, shareholders, or agents shall enter into an agreement that results in a change of control of the holding.

    It said CBN’s prior approval and no objection shall be sought and obtained, before any acquisition of shares of an FHC by an investor (including through the capital market), that would result in equity holding of five percent and above.

  • Drought Crisis: Borno farmers seek divine help, call for prayers

    Drought Crisis: Borno farmers seek divine help, call for prayers

    Farmers in Borno have resorted to special prayers over the imminent drought crisis experienced in the state.

    According to reports, farmers, mostly in northern and central parts of the state have resorted to seeking divine intervention.

    Many farmers in Maiduguri metropolitan, Jere, Konduga, Kaga and Mafa Local Government Areas said the development was disturbing and needed prayers.

    “You will see clouds as if it’s going to rain but after some time there will be strong wind pushing the clouds to another place and that’s the end.

    “If things continue this way there will be drought,” a farmer on the outskirts of Maiduguri, Malam Ibrahim Ali, said.

    Farmers who also spoke on the disturbing development, said they have resorted to prayers.

    Meanwhile, the Borno Emirate Council has started mobilising the public for special prayers for rain, known as “Salatul Istisqa’a”.

    A statement from the Shehu of Borno, Alhaji Abubakar Umar Garbai El-Kanemi, urged Muslims to converge at Ramat Square Maiduguri on Monday for the prayer.

    The statement signed by the Shehu’s Private Secretary, Malam Zannah-Umar Ali, urged Muslims to troop out irrespective of age, gender, and status for the special prayer.

  • Vehicle importation declines due to exchange rate unification, says ANLCA

    Vehicle importation declines due to exchange rate unification, says ANLCA

    The Association of Nigerian Licensed Customs Agents (ANLCA) on Saturday said that the floating of the nation’s currency has caused a drop in vehicle importation in the nation’s ports.

    The agents also said that vehicles imported into the country were trapped at the ports due to the rise in exchange rate which pushed up duties on vehicles.

    ANLCA Taskforce Chairman, Alhaji Rilwan Amuni, noted that the floating of the naira was inevitable because the government wanted a uniform rate.

    Amuni, however, urged the government to look into other levies paid at the ports.

    He told said that the challenges faced by customs agents at the ports were enormous because of the high dollar rate which hiked duties on vehicles to over 50 percent.

    “The job we used to do after the advent of the Vehicle Identification Number (VIN) in which we charged N1.4 million, is now like N2.2 million and this has resulted in vehicles being trapped in the ports.

    “Also, there has been a drop in importation because things are really biting hard,” he said.

    Amuni added that the development had affected goods already imported, noting that they had no choice but to clear at the current rate.

    He also urged the government to look into the levy placed on used goods, adding that they are proposing a dialogue with the Federal Government on ways to jettison this levy so that there would be a relief.

    “Some people are confusing the tax that was suspended recently with the issue of levy. It is not the levy that they removed, it’s the Import Adjustment Tax that was supposed to have started.

    “We are appealing to the government to remove the levy because what does a poor man derive when he buys a Corolla 2004 and pays duty and fine again? The only goods that are supposed to have a levy are luxury goods.

    “Maybe you are a big man and you want to ride a yacht or helicopter, that is what they are supposed to levy not on used goods,” he said.

    Also, ANLCA Secretary, TinCan chapter, Mr. Michael Imonitie, said goods were not being cleared at the port due to the challenge.

    Imonitie disclosed that out of 100 importers, only 20 were taking their goods out of the ports.

    According to him, this means that most goods will be incurring demurrage and overtime or even abandoned.

    “We all know that there is going to be a negative effect on the clearance of vehicles at the port.

    “Since the government announced the uniform exchange rate, the exchange rate has risen from N422.3 to N589.55 and now N770.88 which is the pure black market rate. The exchange rate of CBN is N756/N757, the government was supposed to have given us a notice of either 60 or 90 days before implementation.

    “This is because a lot of importers have opened their Form M at the old exchange rate. I have not seen any importer that have done any new importation. Most of the goods in the port are old stock.

    “This means that the end cost of goods will be high. If I am forced to pay the exchange rate twice what I have paid before it means that the end users will be the ones to suffer it,” he said.

    He said that the burden was on importers and being felt by the clearing agents, and the customs brokers, due to the jobs they do, and most of their clients do not have the difference to pay for the exchange rate,” he said.

  • IMF urges collaboration in addressing global economic challenges

    IMF urges collaboration in addressing global economic challenges

    The International Monetary Fund (IMF) has emphasized the importance of agile multilateral support in addressing common challenges related to debt vulnerabilities, climate change, and limited concessional financing, particularly for countries affected by shocks.

    In a recent article on the IMF Blog, the Fund’s President, Kristalina Georgieva, highlights additional challenges posed by weakness in the manufacturing sector, financial fragilities, and global headline inflation.

    According to the IMF’s projections in April, global growth for 2023 was forecasted at 2.8 percent, down from 3.4 percent in 2022.

    The Asia-Pacific region is expected to contribute the majority, accounting for over 70 percent of the growth.

    To effectively tackle these challenges, Georgieva emphasizes the need for global leaders to unite and address the worsening global headwinds collectively.

    Drawing attention to countries like Zambia and Chad, the IMF’s President highlighted the potential for significant progress when the international community sets aside differences and works together.

    It said by fostering cooperation and collaboration, countries can navigate these challenges more effectively and develop sustainable solutions.

    The IMF further stressed the importance of concerted efforts and cooperation among global leaders to combat weak global growth, rising inflation, and other economic challenges.  

    It said that by pooling resources and working together, countries can tackle these issues head-on, fostering stability, and paving the way for sustainable and inclusive economic growth.

     “But the work is not yet done. More effort is needed to accelerate the debt restructuring process through clear timelines, debt service suspension during negotiations, and improved creditor coordination on debt treatment for countries outside the Common Framework,” Georgieva said.

    The Fund’s President further called on developed economies to support vulnerable emerging markets and low-income economies that are at the sharp end of multiple shocks and fundamental transitions.

    She said, “Take climate change, where they have contributed very little to the problem, but are most vulnerable to the consequences. Or the cost-of-living crisis and high-interest rates, which take a disproportionate toll, pushing more countries toward debt distress and threatening development prospects. Add to this increasing economic fragmentation that could deprive them of the benefits of an integrated global economy that delivered high growth and raised living standards for billions of people.

    “Taken together, these challenges mean countries will need more support in the months and years ahead—to ensure economic stability and get back on the path to income convergence with advanced economies. Strong multilateral institutions have a vital role to play in providing this support, especially IDA, the World Bank’s fund for low-income countries, and the IMF.”

    She said the Fund will continue to support global efforts to navigate the present situation.

    According to her, the Bretton Woods Institute will continue to adapt and respond with agility through both timely policy changes and stronger resources.

    “The overriding priority is a prompt and successful completion of the 16th quota review: increasing the overall size of the IMF’s quota resources—which are critical for a robust global finance safety net— with mindfulness of how the global economy has evolved.

    “This must be complemented by decisions to replenish the Fund’s concessional resources for vulnerable countries: a fully funded PRGT and a replenished Catastrophe Containment and Relief Trust that provides debt service relief when countries are hit by large shocks.

    “In parallel, we are exploring reforms to our lending toolkit, including adjustments to precautionary instruments to better suit the needs of our membership. We are also looking at ways to better account for how climate change affects debt sustainability and to enhance our support for countries hit by climate-related shocks.

    “Together, these steps will ensure the IMF remains an inclusive institution capable of serving the needs of its entire membership, especially vulnerable emerging and developing economies,” she added.

  • CBN, UniAbuja collaborate to drive e-Naira adoption

    CBN, UniAbuja collaborate to drive e-Naira adoption

    The Central Bank of Nigeria (CBN) has initiated a partnership with the University of Abuja to promote the adoption of the eNaira within tertiary institutions across the country. This collaboration aims to encourage the use of the eNaira as a digital currency within the university.

    As part of the plan, the CBN intends to work closely with third-party agents of the eNaira to launch a campaign that promotes its utilization specifically at the University of Abuja. Mr. Joseph Angaye, a Deputy Director at the CBN, stated that discussions are ongoing with various universities throughout Nigeria.

    The CBN team has already engaged with universities across all the geopolitical zones of the country, emphasizing the benefits of the eNaira and seeking partnerships to facilitate its adoption for financial transactions, particularly for revenue collection and payments.

    By partnering with the University of Abuja, the CBN aims to demonstrate the advantages of digital currencies and encourage students, staff, and the wider academic community to embrace the eNaira as a secure and efficient means of conducting financial transactions.

    This collaboration not only showcases the CBN’s commitment to digital transformation but also highlights the potential for the eNaira to revolutionize the way financial transactions are carried out within educational institutions and beyond.

    As discussions continue and partnerships are formed, the CBN remains focused on expanding the adoption of the eNaira nationwide, driving financial inclusion, and promoting a cashless economy in Nigeria.

    “I won’t say we are late in coming here, maybe we have probably saved the best for the last, eNaira has really evolved from the inauguration of the eNaira by the former president almost two years ago”.

    “We’ve achieved a number of milestones and there has been further development in terms of improving the functionality based on Feedback input we have been getting from various stakeholders we are coming here with a lot of experience in implementing it and as you know central bank digital currency is a new concept globally and Nigeria is one of the early adopters of central bank digital currency, and our own as you recall is called the eNaira, so the eNaira is central bank’s digital currency of Nigeria, he said.

    The Director explained that the eNaira will not replace the naira or the existing payment structure on ground saying it was introduced to deepen the payment system, “to address some challenges we saw in the payment system infrastructure and to complement what we already have.”

    Angaye said the e-naira was not introduced to be a competitor to what the banks are doing or other service providers but to provide a platform they can leverage to provide more effective service.

    “I am sure some of us have been experiencing some challenges from time to time using the payment system, but eNaira will help to promote financial inclusion and reduce congestion in the infrastructure so we are not brought down by downtime registering the number of interfaces that it takes to initiate and complete transaction and giving an opportunity to provide additional services that are not even available in the Nigeria system, like facilitating payment even when there’s no network,” he said.

    He added that the said e-Naira will reduce leakages when it comes to the collection and will reduce stress when it comes to issues of reconciliation of your accounting function.

    The Deputy Vice Chancellor of Uniabuja, Prof. Aisha Sani Maikudi, who represented the Vice Chancellor, assured that the university is ready to partner with the CBN to educate Nigerians.

    She stressed that the University has a robust virtual learning program that can help deliver mojo and can also help develop content education in ways that can improve the knowledge and confidence of Nigerians in the eNaira.

  • FG urges GOEs, MDAs to timely remit revenues to CRF

    FG urges GOEs, MDAs to timely remit revenues to CRF

    The Special Adviser to President Bola Tinubu on Revenues Matters, Mr. Zacchaeus Adedeji, has called on all Government Owned Enterprises (GOEs) Ministries, Departments, and Agencies (MDAs) to ensure timeous remittance of all revenues due to the FGN to the Consolidated Revenue Fund (CRF).

    Adedeji said in line with his mandate to bring sanity and improvement to the revenue architecture of the Federal Government of Nigeria, he had been taking measures to secure the FG’s basic revenue framework.

    The recently appointed Special Adviser (SA) to Mr President made the remarks at an unscheduled visit to the Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako at the weekend.

    The SA apprised the Executive Chairman of FRC of the determination of the President Tinubu-led Administration to ensure that all revenues of the FGN, under various subheads, are properly articulated and timeously remitted into the Consolidated Revenue Fund (CRF) of the FGN.

    He warned MDAs that it was no longer business as usual on generation and remittance of IGR, adding that agencies that have the capacity to generate more funds should contribute to government coffers.

    He also harped on the need for inter-agency co-operation amongst all Government Owned Enterprises (GOEs), to ensure optimum result.

    The Executive Chairman of FRC, Victor Muruako used the occasion to congratulate Mr. Adedeji on his appointment and assure him of the full co-operation and maximum efforts of the staff and Management of FRC.

    Muruako informed the visiting Special Adviser that FRC has long developed a culture of not letting any revenue due to the FG slip through the cracks.

    He said the president’s effort to check the level of irregularities in the system and sanitise the management of the nation’s resources, therefore, deserves commendation.

    He however stressed that issuing the directive to the various ministries, agencies, and departments (MDAs) should be seen as just a first step.

    “It is imperative for the president to go further by mustering the political will to enforce it because similar directives issued in the past to MDAs to close all their accounts with commercial banks and deposit their monies with the CBN, were largely ignored most of the time.

    “The FRC had on several occasions frowned at how MDAs default and practically keep money away from the federal government’s reach.

    “Several revenue-generating agencies also dissipate funds on excessive overhead expenditure and extra-budgetary expenditure thereby reducing their operating surplus,” he said.