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Alia Mismanaged Benue’s Rising Revenue, Left State Stranded? Financial Expert Questions N11bn Loan

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A financial expert, James Ayati, has questioned the Benue State Government’s decision to obtain an N11 billion commercial loan for infrastructure projects despite a reported N55.92 billion in unspent capital receipts at the end of June 2026.

Ayati raised questions over the state’s financial position under Governor Hyacinth Alia, particularly against the backdrop of increased government revenue and a reported decline in the state’s domestic debt.

In an analysis, Ayati asked whether Benue was financially constrained despite the state government’s own financial reports indicating that significant funds remained unspent as of June 2026.

He also questioned why the administration opted to borrow N11 billion instead of deploying part of the reported N55.92 billion available for capital expenditure.

Ayati further queried why additional debt was being placed on Benue taxpayers if the state had sufficient funds to finance infrastructure projects.

He said the questions became more significant because, according to his analysis, the N11 billion loan was obtained with a cash-backed collateral of N54 billion in a government account that remained unused.

According to Ayati, the Alia administration owes the people of Benue an explanation for borrowing N11 billion from a commercial bank for infrastructure when the state’s financial reports showed N55.92 billion in unspent capital receipts at the end of June 2026.

He said his analysis was based on figures contained in financial reports published by the Benue State Government.

Ayati noted that at the end of the 2025 financial year, Benue State had N44.74 billion in unspent capital receipts, citing the Benue State 2025 Audited Financial Statement.

He said the state’s financial position changed further in the first quarter of 2026.

According to the Benue State Budget Implementation Report (BIR) for Q1 2026, the state recorded N128.17 billion in earned revenue between January and March 2026, while total expenditure stood at N82.28 billion.

Ayati said the figures left N45.89 billion in unspent capital receipts at the end of March 2026.

He further cited the Benue State BIR for Q2 2026, which he said showed that the state earned another N94.26 billion in statutory revenue between April and June 2026.

According to his calculation, when the N45.89 billion balance carried forward from Q1 was added to the revenue recorded in Q2, the reported capital receipts available amounted to N140.15 billion.

He said the state recorded N84.23 billion in actual expenditure during the second quarter, leaving N55.92 billion in unspent capital receipts at the end of June 2026.

Ayati said the figures raised broader questions about the state’s financial planning and debt management, particularly as Benue’s revenue has reportedly increased substantially in recent years.

He noted that the state’s annual actual revenue rose from about N100 billion in 2022 to approximately N148 billion in 2023, N328 billion in 2024 and N443 billion in 2025.

At the same time, he said Benue’s domestic debt reportedly declined by nearly 40 per cent, from about N188 billion in the first quarter of 2023 to N113 billion, citing reports from the State Debt Management Office.

Ayati further claimed that since 2023, the state had paid about 15 per cent of its actual total revenue towards debt servicing, amounting to approximately N171 billion.

Against that background, he questioned why the state needed to contract another N11 billion commercial loan for infrastructure despite its reported increase in revenue and reduction in domestic debt.

He described the issue as one of financial planning, cash management and value for money rather than simply whether the state had money available on paper.

“If the state had N55.92 billion in unspent capital receipts at the end of June 2026, why was an additional N11 billion commercial loan needed for infrastructure — an amount equivalent to only about one-fifth of the reported unspent balance?” Ayati asked.

He also questioned whether the existing funds could have been deployed before resorting to commercial borrowing and whether there were legal, contractual or other restrictions preventing the use of the reported funds.

“If the N55.92 billion was genuinely available for capital spending, why borrow at a cost to taxpayers when significant funds remained unspent?” he asked.

Ayati stressed that the questions were legitimate for any government entrusted with the management of public resources.

“The figures come from the government’s own financial reports. The issue, therefore, is not whether Benue has money on paper,” he concluded.

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NNRA Allegations: IADI Demands Evidence, Says Audit Queries Not Proof of Fraud

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The Integrity Advocacy for Development Initiative (IADI) has called for a thorough, evidence-based examination of allegations of financial misconduct involving the Nigerian Nuclear Regulatory Authority (NNRA), warning against treating audit observations and media reports as established cases of fraud.

IADI Executive Director, Comrade Ofomhi Christopher, made the call on Wednesday at a press briefing in Abuja titled, “On the Allegations Concerning the Nigerian Nuclear Regulatory Authority (NNRA): Facts, Clarifications and the Need for Evidence-Based Accountability.”

The group was reacting to a publication by Secrets Reporters dated October 1, 2026, which alleged that about N6.69 billion was involved in contract fraud and misappropriation at the NNRA.

It also referred to a protest held on October 5 by Global Integrity Watch (GIW) at the NNRA headquarters, where the organisation demanded accountability, responses to audit observations and Freedom of Information requests, as well as changes in the leadership of the regulatory authority.

Christopher said while the allegations deserved scrutiny, they should not be treated as established facts without verification of the underlying records.

According to him, the public deserves to know the specific audit observations, periods and transactions involved, the nature of the contracts, the status of the projects or services, responses provided by the NNRA and whether the issues had been resolved or referred for further investigation.

“An audit observation is a serious matter requiring explanation and verification, but it is not, by itself, a judicial finding of fraud or personal misappropriation,” he said.

The IADI chief also referred to an explanation reportedly provided by the NNRA Director-General concerning the authority’s 2024 capital budget.

He said the explanation put the NNRA’s total 2024 capital budget at about N2.7 billion, comprising approximately N200 million belonging directly to the authority and about N2.5 billion for constituency projects, with an additional N200 million regional project bringing the figure referenced to about N2.9 billion.

Christopher, however, stressed that the explanation should not be regarded as conclusive, urging that it be tested against appropriation documents, budget releases, project records, procurement documents, payment records and audit reports.

“That is how responsible accountability should work: a claim is made, the response is heard, the records are examined, and the evidence determines the conclusion,” he said.

On allegations concerning unexecuted projects, the organisation called for physical verification of the specific projects, while allegations of inflated contract prices should be subjected to scrutiny of contracts, bills of quantities, procurement records and relevant price benchmarks.

It also urged that allegations concerning contractors be examined through relevant procurement and ownership records, while any claim of diversion or misappropriation should be established through the financial trail.

Christopher said where audit authorities had raised observations on expenditure, the public should be informed of the precise observations, the affected institution’s response and the current status of the issues.

The organisation also addressed the October 5 protest by GIW, acknowledging the constitutional right of civil society organisations to peaceful assembly and association under Section 40 of the Constitution.

It, however, urged CSOs to exercise such rights responsibly and within the law.

On Freedom of Information requests, IADI said there should be a distinction between the right to protest and the legal mechanism available where an FOI request is not answered.

The organisation noted that the Freedom of Information Act provides a judicial mechanism for applicants who have been denied access to information, adding that Section 20 allows an applicant to approach the court for a review.

IADI clarified that it was not suggesting that CSOs must obtain a court order before organising peaceful protests.

Rather, Christopher said, where non-compliance with an FOI request was the central grievance, the statutory and judicial mechanisms should be considered alongside legitimate civic action.

“An unanswered FOI request may justify further action to obtain the information. It does not, by itself, establish that fraud, misappropriation or any other wrongdoing has occurred,” he said.

The group also urged organisers of protests at government agencies to take public safety, access to government premises and the safety of protesters, workers and other citizens into consideration.

At the same time, it cautioned government institutions against using the possibility of confrontation as a justification for suppressing lawful civic expression.

“The answer to institutional disagreement should be law, evidence and due process, not intimidation or retaliation,” Christopher said.

He stressed that IADI was neither seeking to shield the NNRA from scrutiny nor dismiss legitimate questions concerning public expenditure at the authority.

He called on relevant audit and oversight bodies to state the status of the observations in question, the responses received from the NNRA and whether the matters had been resolved, sustained or referred for further investigation.

The organisation also encouraged CSOs pursuing accountability to make full use of available legal and institutional mechanisms while retaining their legitimate right to peaceful civic action.

“The public deserves accountability. But the public also deserves accuracy, fairness and evidence.

“A headline is not a verdict. An allegation is not evidence. An audit observation is not automatically a finding of personal guilt,” Christopher said.

He added that public institutions should not expect their expenditure to escape scrutiny merely because questions were raised through the media or civil society.

“Let the records be examined. Let the questions be answered. Let the evidence speak,” he said.

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Dogara Mourns Victims of Air Force Plane Crash, Condole President Tinubu, Military

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Former Speaker of the House of Representatives and Chairman of the Board of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, CFR has expressed deep sorrow over the Nigerian Air Force aircraft crash that claimed the lives of 32 persons near Igbokoda, Ondo State. Dogara described the tragedy as a heartbreaking loss to the nation, noting that the deaths of the victims have left a painful void in the country’s defence and security community.

In a statement, the former Speaker extended his condolences to President Bola Ahmed Tinubu, Commander-in-Chief of the Armed Forces, the Nigerian Air Force, and the families of those who perished in the unfortunate incident.

He said the nation shares in the grief of the bereaved families and the Armed Forces at this time of immense sorrow, adding that the sacrifices of those who lost their lives in service to the country will not be forgotten. “The nation mourns with the families of the deceased and stands in solidarity with the Armed Forces during this difficult period,” Dogara stated.

He also commiserated with the Chief of Air Staff, officers and men of the Nigerian Air Force, praying that God grants them the fortitude to bear the painful loss.
According to him, moments such as this call for national unity, reflection and collective support for the families and institutions affected by the tragedy.

Dogara paid tribute to the victims, describing them as patriotic Nigerians whose commitment and service contributed to the security and stability of the nation. He further applauded the efforts of emergency responders, rescue teams and all personnel involved in the aftermath of the crash, commending their courage and professionalism under difficult circumstances.

The former Speaker prayed God to comfort their families, friends and colleagues.
He also offered prayers for the safety and protection of members of the Armed Forces and for continued peace, unity and progress in Nigeria.

The Nigerian Air Force aircraft crashed near Igbokoda, Ondo State, resulting in the death of 32 persons and plunging the nation into mourning. Authorities are yet to make public the cause of the accident as investigations continue.

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Centre for Credible Reforms Lauds Transparency in Ongoing Insurance Sector Reforms

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The Centre for Credible Reforms and Institutional Accountability (CCRIA) has commended the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olusegun Ayo Omosehin, for promoting transparency and accountability in the ongoing reforms of Nigeria’s insurance industry.

The centre said the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 had ushered in a new phase of development for the sector, with stronger regulatory standards, improved capitalisation and greater emphasis on protecting policyholders.

Dr Aminu Abubakar Aminu, president of the centre, said this in a statement at the weekend.

Aminu commended President Bola Tinubu and the National Assembly for the enactment of NIIRA, describing the legislation as a major step towards addressing longstanding challenges in the insurance industry.

“The enactment of the Nigerian Insurance Industry Reform Act is a significant milestone in the development of Nigeria’s insurance sector. We commend Mr President and the National Assembly for recognising the need to modernise the legal and regulatory framework governing the industry. NIIRA provides the foundation for an insurance sector that is better capitalised, more accountable, more responsive to policyholders and better equipped to contribute meaningfully to the Nigerian economy,” he said.

The centre also praised Omosehin for his leadership of NAICOM, saying his extensive experience as an insurance professional had positioned him to effectively implement the new regulatory framework.

“We consider the appointment of Mr Olusegun Ayo Omosehin as Commissioner for Insurance and Chief Executive Officer of NAICOM a timely and appropriate decision. He is a seasoned insurance professional with many years of experience in the industry, and his understanding of the sector gives him the practical knowledge required to lead an important reform process of this nature. We commend him for the direction he has provided since assuming office and for his commitment to strengthening the industry,” Aminu said.

According to the centre, the ongoing recapitalisation exercise was among the important steps taken to strengthen the financial capacity of insurance companies and improve their ability to meet obligations to policyholders.

Aminu said the reforms were already producing early gains and should be sustained through consistent implementation.

“The early developments under NIIRA demonstrate that the reform is not merely a legislative exercise but a process capable of producing measurable improvements in the industry. Stronger capital requirements, improved supervision and greater attention to policyholder protection will ultimately create an insurance market that Nigerians can trust. We encourage NAICOM to remain focused on the implementation of the Act and to continue providing clear guidance to operators and other stakeholders,” he said.

The centre noted that the reforms would also help deepen insurance penetration and strengthen the industry’s contribution to national economic development.

It urged insurance companies, brokers, reinsurers, professional bodies and other stakeholders to embrace the new framework and work with NAICOM to achieve the objectives of the legislation.

“The success of NIIRA will require the cooperation of every stakeholder in the insurance ecosystem. Operators must see the reforms as an opportunity to strengthen their institutions, improve their services and regain the confidence of Nigerians. A well-regulated insurance industry can mobilise long-term capital, protect businesses and households against risks and support investment and economic growth. These are benefits that go beyond the insurance industry itself,” Aminu said.

Aminu emphasized that the centre was particularly encouraged by the emphasis on policyholder protection under the new framework, noting that public confidence remained critical to the growth of insurance in Nigeria.

He said Nigerians should be able to purchase insurance products with confidence that operators had the financial capacity and institutional structures required to honour legitimate claims.

The president further urged NAICOM to sustain its engagement with stakeholders while ensuring that the provisions of NIIRA were implemented transparently and consistently.

“What is required at this stage is continuity, professionalism and commitment to the objectives of the law. The reforms must be sustained beyond the initial implementation period so that the gains can become permanent features of the industry. We believe NAICOM, under the leadership of Mr Ayo Omosehin, has an important responsibility to ensure that the momentum is maintained, and we encourage all stakeholders to support the commission in delivering on this mandate,” he said.

The centre said the successful implementation of NIIRA would strengthen confidence in the insurance sector, improve the protection available to policyholders and position the industry to play a greater role in Nigeria’s economic transformation.

It also called for continued collaboration between NAICOM, insurance operators and other stakeholders to ensure that the objectives of the new law were fully achieved.

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