By Abigail David

The Senate of Nigeria on Wednesday rejected a motion seeking a comprehensive investigation into the budgetary allocation, operations and controversy surrounding the purported Presidential Foreign Intervention Promotion Council (PFIPC).

The motion was sponsored by Senator Suleiman Kawu, who raised the matter during plenary under the Senate Standing Orders.

Kawu argued that the controversy surrounding the PFIPC threatened the integrity of the Senate, the credibility of the National Assembly and the legislature’s constitutional oversight and appropriation responsibilities.

He called on the Senate to condemn the alleged administrative lapses or fraudulent actions that led to the inclusion of the purported council under Budget Code 0111062001 in the 2026 Appropriation Act.

The lawmaker also sought a probe into how the budgetary allocation of ₦1,302,978,784 was proposed, scrutinised and approved, the officials and agencies responsible for its inclusion in the national budget, and whether any funds had been released or spent under the budget line.

However, the Deputy President of the Senate, Barau Jibrin, who presided over the session, declined to allow debate on the motion.

Jibrin said the Executive had already taken action on the matter, noting that President Bola Ahmed Tinubu had directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged scandal.

He urged senators to allow the Executive’s investigation to run its course rather than commence a separate legislative probe.

By Abigail David

The Federal Government has denied claims that it spent more than N8 trillion outside the approved budget, describing the allegation as false and based on a misrepresentation of the International Monetary Fund’s 2026 Article IV Consultation Report.

In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said reports suggesting that about two per cent of Nigeria’s Gross Domestic Product was spent outside the budgetary framework were misleading and created a false impression of the country’s public financial management.

Oyedele maintained that the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework.

He cited Sections 80 to 83 and 162 of the 1999 Constitution (as amended), noting that public funds can only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly.

According to the minister, government spending is carried out through duly enacted Appropriation Acts, Supplementary Appropriation Acts and other statutory authorities approved by the National Assembly.

He explained that multi-year capital projects implemented across several budget cycles are executed under existing laws and approved capital rollover provisions, stressing that such projects should not be interpreted as off-budget spending.

Oyedele also dismissed claims that trillions of naira had been secretly spent without legislative approval, saying no evidence had been presented to show that any project was executed without appropriation.

He further clarified that Nigeria’s public finance framework includes statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These cover allocations to development agencies, revenue collection costs, approved capital expenditure for certain agencies and the Federal Capital Territory, special interventions for national priorities and debt service obligations.

The minister said these expenditures are lawful, publicly disclosed in fiscal reports and subject to legislative oversight and audit, adding that differences in their presentation under international reporting standards should not be construed as evidence of illegal spending.

He also rejected suggestions that the reported amount reflected an increase in Nigeria’s fiscal deficit, explaining that fiscal deficits are determined by the gap between government revenue and expenditure, not by the financing method for approved projects.

According to Oyedele, the IMF’s observations relate to the comprehensiveness, timing and presentation of Nigeria’s fiscal reporting rather than the legality of government expenditure. He added that the Federal Government is implementing reforms to align its budget presentation with international fiscal reporting standards.

The minister recalled that President Bola Ahmed Tinubu had, during the presentation of the 2026 Appropriation Bill to the National Assembly, called for the harmonisation of multiple and overlapping budgets into a single fiscal framework.

By Abigail David

The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure petroleum marketers do not exploit consumers through excessive fuel pricing despite the deregulated downstream market.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive on Monday in Abuja during the NMDPRA General Counsel and Legal Advisers Forum.

Lokpobiri said the recent decline in global crude oil prices following eased tensions in the Middle East should be reflected in lower pump prices for Premium Motor Spirit (PMS), commonly known as petrol. He noted that marketers have yet to reduce prices despite crude oil falling from about $120 to around $72 per barrel.

He stressed that while market forces determine prices under deregulation, the regulator has a statutory duty under the Petroleum Industry Act (PIA) to prevent profiteering and protect consumers. He also directed the NMDPRA to intensify monitoring to ensure motorists receive the exact quantity of fuel paid for at filling stations.

The minister credited fuel supply stability during recent geopolitical tensions to the deregulated downstream sector and increased domestic refining capacity, while urging regulators to promote transparency, regulatory certainty and investment confidence.

NMDPRA Chief Executive Rabiu Umar said the agency remains committed to creating a predictable regulatory environment that supports investment and industry growth.

Meanwhile, depot petrol prices recorded slight reductions across Lagos, Port Harcourt, Calabar and Warri, with adjustments ranging between ₦1 and ₦6 per litre, indicating gradual moderation in the downstream market.

Reacting to the pricing situation, Managing Director of 11 Plc, Osagie Ogedegbe, said the Dangote Refinery currently exerts significant influence on petrol pricing because it is the primary supplier to marketers.

The Nigeria Labour Congress (NLC) also called on the Federal Government to strengthen regulatory oversight, dismantle monopolistic practices and promote genuine competition to ensure Nigerians benefit from lower international crude oil prices.