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After Recovering N11.6bn, FG Pays N375.8m to 20 Whistleblowers



Federation Account Allocation Committee
  • After Recovering N11.6bn, FG Pays N375.8m to 20 Whistleblowers

The federal government wednesday confirmed that it had released N375,875,000 to the first batch of 20 providers of information under the Whistleblower Policy, culminating in the recovery of N11,635,000,000.

Of the N375.8 million, the 20 whistleblowers were paid various amounts, the government stated.

Under the Whistleblower Policy, anyone who provides information leading to the recovery of public funds is entitled to between three and five per cent of the recovered amount.

The Ministry of Finance, in a statement quoted the minister, Mrs. Kemi Adeosun as saying: “This payment, which is the first under the Whistleblower Policy, underscores the commitment of the President Muhammadu Buhari-led administration in meeting obligations to information providers. The policy is an essential tool in the fight against corruption.”

The statement issued by the Director (Information) in the ministry, Mr. Salisu Na ‘Inna Dambatta, said Adeosun further disclosed the recent amendments to the Whistleblower Policy, including the introduction of a formal legal agreement between information providers and the federal government, which is executed by the Minister of Justice and Attorney-General of the Federation (AGF).

Procedures have also been introduced to ensure the protection of the identity of information providers during the payment process, she added.

The minister explained that all payments are taxable and are only made upon confirmation of the final recovery of the assets and confirmed by the AGF as being free of legal disputes or litigation.

The minister also provided details of the Whistleblower Unit (WBU), a multi-agency team, which is resident in the Ministry of Finance.

Adeosun added that the unit is staffed by people seconded from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Department of State Services (DSS), Nigeria Police Force and Presidential Initiative on Continuous Audit (PICA), among others.

“The WBU is the first line of response to whistleblower information, where the initial review is undertaken before cases are forwarded to the relevant investigative agencies,” Adeosun added.

The finance ministry recently reported that the WBU had received 2,150 communications and 337 tips through its dedicated channels from many patriotic Nigerians, leading to the recovery of substantial assets that were illegally acquired by various individuals.

The primary purpose of the policy is to support the fight against financial crimes and corruption, promote accountability and enhance transparency in the management of public finances.

Adeosun said the federal government would continue to encourage all Nigerians with information on misconduct, violation or improper activity that can impact negatively on the country to report same to the appropriate authorities.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


NNPC Supplies 1.44 Billion Litres of Petrol in January 2021



Petrol Importation -

The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.

The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.

NNPC said the 1.44 billion litres translate to 46.30 million litres per day.

Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).

The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.

Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.

For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.

Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.

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NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021




The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.

This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.

It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.

NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.

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Nigeria’s Food Inflation Hits 22.95 Percent in March 2021



food storage

Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.

Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.

Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.

On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.

Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.

Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.

The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.

However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.

Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.

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