General
Reps to Probe Funds to MDAs from 2015-2020
By Adedapo Adesanya
The House of Representatives has set up an ad-hoc committee to investigate the disbursement of funds to Ministries, Departments and Agencies (MDAs) of the federal government from 2015 to 2020.
This followed a motion raised by Mr Henry Nwawuba (PDP–Imo), calling for the investigation into the disbursement of special funds for public interventions received by agencies of government on the floor of the lower chamber of the parliament in Abuja.
He said that it was in a bid to ensure that such funds were properly utilised, expressing concerns that despite the huge amount of funds invested on special intervention funds, citizens continued to undergo untold hardship.
The lawmaker said that the House was also concerned that despite the huge loans to boost the economy, Nigeria still slipped into its second recession in less than five years.
He further expressed concerns that those agencies in charge of disbursing some of the special funds are unable to give proper accounts of how the monies were utilized.
He said that members were worried that most of the funds were not captured in the appropriation processes, adding that the National Assembly was not aware of such monetary allocations.
Mr Nwawuba stated that alleged fraudulent practices by agencies of government were sabotaging the efforts of the federal government, adding that if left unchecked, it could lead to the total collapse of the country’s economy.
He said that the federal government was constrained to revert to external and internal borrowings to augment domestic savings, the balance of payment deficits, and shortfalls in revenue.
“The federal government has also been borrowing quite substantially to fund projects and a range of public interventions;
“[I am] aware that some of the funds established by the federal government between 2015 — 2020 and the amounts released include; N7,689,002,462, Special Intervention MDGs, 2015 and N22,469,358,143, MDG special projects.
“Others include contingency, N7,229,622,307; special intervention 2020; N39,933,338,086 Special Intervention and Constituency projects of N3,002,315,957 among others,” he submitted.
General
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General
FG, AFC to Fund $1.3bn Alumina Refinery, Two Other Mining Projects
By Adedapo Adesanya
The federal government, through the Solid Minerals Development Fund (SMDF), has signed an investment agreement with the Africa Finance Corporation (AFC) to jointly fund three major mining initiatives, including a $1.3 billion alumina refinery project.
Alumina is a chemical compound extracted from bauxite. It is composed of two elements: oxygen and aluminium. It has wide applications across metallurgy, ceramics, electronics, and chemical processing.
The agreement also covers a comprehensive geoscience mapping exercise and the establishment of a joint strategic investment vehicle to drive exploration and development across the sector.
According to a statement on Sunday by Mr Segun Tomori, the Special Assistant on media to the Minister of Solid Minerals Development, the refinery will utilise a modern Bayer-process flowsheet and feature an on-site gas-fired cogeneration plant for steam and power generation.
The ministry said the agreement is the culmination of discussions between AFC and SMDF to co-finance the construction of a $1.3 billion alumina refinery expected to process about one million tonnes of bauxite ore per annum.
“The facility is designed to operate for approximately 20 years at 95 per cent utilisation, with total alumina output projected at 19 million tonnes over its lifespan,” the statement reads.
Speaking at the signing ceremony, Mr Dele Alake, the Minister of Solid Minerals Development, described the deal as a landmark transaction that will transform the mining sector and increase its contribution to Nigeria’s gross domestic product (GDP).
Mr Alake said the deal aligns with the ministry’s reform agenda, noting that efforts to modernise the regulatory framework and strengthen the mineral licensing regime have begun attracting significant private capital.
Demonstrating the federal government’s commitment to fast-tracking the investments, the minister said all necessary approvals have been granted to accelerate implementation of the agreement.
He directed relevant agencies under the ministry to ensure seamless processing of permits, titles, and regulatory clearances.
On her part, Mrs Fatima Shinkafi, the Executive Secretary of the SMDF, said the transaction represents the agency’s largest funding project since inception.
“We are very proud and honoured to facilitate this phenomenal milestone, which is quite unprecedented since the inception of SMDF,” Mrs Shinkafi said.
“It is a $1.3 billion CAPEX. SMDF has come of age and can sit here and sign this deal with AFC. I thank the AFC for collaborating with us to boost the value addition policy of my boss, Dele Alake.”
On his part, Mr Farouk Yabo, permanent secretary of the ministry, said the development could position Nigeria more prominently on the global mining map.
The ministry further said the project is projected to be Nigeria’s largest private investment in the mining sector and will contribute about “$1.2 billion to GDP annually, inject over $25 billion into the national economy across its lifecycle, and generate $8 billion in foreign exchange earnings”.
The statement said initial feasibility studies conducted by the AFC and SMDF confirmed the project’s competitiveness and commercial viability, reinforcing efforts to position Nigeria as a globally competitive minerals destination.
“As part of the agreement, both parties will undertake a comprehensive geoscience mapping exercise aimed at generating mineral data, de-risking exploration for investors, and unlocking the sector’s full potential,” the statement further reads.
“AFC and SMDF also agreed to set up a joint strategic investment vehicle to accelerate the development of identified exploration assets across Nigeria, to drive rapid exploration, development, and production of selected exploration leases upon the execution of a successful exploration campaign.”
Mrs Shinkafi signed the deal on behalf of the federal government, while Mr Franklin Edochie, deputy director and head of metals and mining at AFC, signed for the corporation.
The statement added that Mrs Samaila Zubairu, president and chief executive officer of AFC, witnessed the ceremony alongside the minister.
General
NISO Attributes Electricity Woes to Inadequate Gas Supply
By Adedapo Adesanya
The Nigerian Independent System Operator (NISO) has attributed the poor power supply facing a considerable number of Nigerians to inadequate gas supply to thermal power plants.
Business Post reports that epileptic power supply has plagued consumers in Lagos, Oyo, Abuja, and Osun, among others, this month, leading to worries. Also, some businesses have recorded losses due to the epileptic power supply in their areas.
In a statement posted on its X handle, NISO disclosed that average available generation on the national grid currently stands at about 4,300 megawatts (MW), with the low output primarily attributed to gas supply constraints.
The system operator noted that thermal power plants, which account for the dominant share of Nigeria’s electricity generation mix, require an estimated 1,629.75 million standard cubic feet (MMSCF) of gas per day to operate at optimal capacity. However, as of February 23, 2026, actual gas supply to the plants was approximately 692.00 MMSCF per day.
The available supply represents less than 43 per cent of the daily gas requirement, resulting in constrained generation output and reduced electricity allocation to Distribution Companies (DisCos).
NISO, which independently manages the nation’s electricity grid, explained that any disruption or limitation in gas supply directly affects available generation capacity and overall grid output, given the heavy reliance on thermal plants.
It added that when total system generation drops significantly, the operator is compelled to implement load shedding across the network while dispatching available energy in line with allocation percentages approved under the Multi-Year Tariff Order (MYTO) framework of the Nigerian Electricity Regulatory Commission (NERC), to maintain grid stability and prevent system disturbances.
While expressing regret over the inconvenience to electricity consumers and market participants, NISO said it is working closely with relevant stakeholders to restore full energy allocation once gas supply improves and generation capacity returns to normal levels.
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