Financial Regulations

NECO, UI, 22 Other MDAs Face 2025 Budget Exclusion for Failing to Account for Funds

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Reps Push For 5% Levy On Petrol

The Public Accounts Committee of the House of Representatives has recommended excluding the National Examination Council, University of Ibadan, Federal Ministry of Labour and Employment,  21 other Ministries, Departments, and Agencies (MDAs) from the 2025 budget. EKO HOT BLOG reports that this recommendation follows the repeated failure of these MDAs to provide accountability for previous … Read more

Auditor-General Report Uncovers N197.72bn Irregular Payments Across MDAs

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A report by the Auditor-General of the Federation has revealed irregular payments totaling over N197.72 billion across various ministries, departments, and agencies (MDAs), raising significant concerns about systemic lapses in financial compliance and procurement processes. The findings, detailed in the Auditor-General’s Annual Report on Non-Compliance and Internal Control Weaknesses, cover activities from 2020 to 2021 … Read more

SERAP Drags Akpabio, Abbas to Court Over National Assembly Running Costs

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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Senate President Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas. EKO HOT BLOG reports that the lawsuit challenges the alleged unlawful practice by the National Assembly of setting its own allowances and running costs without transparency or accountability. This legal … Read more

EFCC Declares War Against Schools, Hotels, Others Charging Customers In Dollars

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Customers In Dollars

EFCC has announced a crackdown on businesses charging customers in foreign currencies Schools, hotels, and supermarkets are among the entities targeted for accepting dollars and other foreign currencies The commission has deemed this practice illegal, putting pressure on the Naira, and vows to take action against offenders. EKO HOT BLOG reports that the Economic and Financial … Read more

NNPCL Given Seven Days To Account For ‘Missing $2.04 Billion, N164 Billion Oil Revenues’

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NNPCL

EKO HOT BLOG reports that the Nigerian National Petroleum Company Limited (NNPCL) has been given a seven-day ultimatum by the Socio-Economic Rights and Accountability Project (SERAP) to account for alleged missing oil revenues totaling USD$2.04 billion and N164 billion, as documented in the latest annual report by the Auditor-General of the Federation. In a letter dated … Read more

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