News
NEC Endorses Alternative Oil & Gas Joint Venture Funding Regime
NEC ENDORSES ALTERNATIVE OIL & GAS JOINT VENTURE FUNDING REGIME, ELIMINATING CASH CALLS
At its meeting presided over by the Vice President, Prof. Yemi Osinbajo, SAN, the National Economic Council, NEC, today endorsed a new funding regime for the oil and gas industry, eliminating the often arduous and onerous cash call regime which has dragged the industry in about a decade, stalling growth.
This is one of the highlights of today’s meeting of NEC, which is the constitutional body set up to advise the president on the economic affairs of the federation. Chaired by the Vice President, governors of all 36 states of the federation and the Central Bank governor are statutory members.
The alternative funding stream had been approved earlier this week at the Federal Executive Council meeting on Wednesday and then presented today to NEC, as the body mandated to come up with “measures necessary for the coordination of the economic planning efforts or economic programmes of the various Governments of the Federation.”
HIGHLIGHTS OF THE NATIONAL ECONOMIC COUNCIL’S 72ND NEC MEETING – THURSDAY, 17TH NOVEMBER, 2016
ENERGIZING THE MICRO, SMALL AND MEDIUM ENTERPRISES (MSMES) SECTOR AS MAJOR ECONOMIC GROWTH DRIVE
Council received a presentation from the Ministry of Industry, Trade and Investment and relevant agencies on Energizing the MSMEs sector as a major Economic Growth Drive.
The Ministry informed the Council that the total estimated number of MSMEs is 37,067,416 MSMEs in Nigeria, and their contributions to employment is 84.02%, 48.47% to GDP, and 7.27% to export.
Of the total number, micro enterprises account for the majority, (99.8%) of the MSMEs in Nigeria, with 36,994,578 enterprises, 68,168 small enterprises, and 4,670 medium enterprises.
According to the presentation, Lagos State has the highest number of Micro Enterprises – (3,224,324); followed by Oyo and Kano States (1,864,054 and 1,794,358 respectively, while Nasarawa State has the least (226).
PRESENTATION BY THE CBN GOVERNOR ON FINANCING OPPORTUNITIES CRITICAL FOR MSMES DEVELOPMENT
Following up on the presentation, the Governor of CBN made a related presentation to the Council on financing opportunities critical for MSMEs development.
The Governor reported that the reason for the CBN’s involvement in MSMEs is to increase lending, provide access to affordable credit facility, and diversify the country’s economic base, create jobs and improve microeconomic stability.
Other reasons include to boost the capacity of MSMEs, conserving foreign exchange reserve, encourage export and the expansion of agriculture, manufacturing and to service other sub-sectors.
He stated that the CBN has a fund for such purposes in excess of N200B meant to provide affordable loans to MSMEs, adding that for instance in about three states the Bank has helped 120, 290 small holder farmers under the Anchor Borrowers Programme launched by President Muhammadu Buhari, creating more than 500,000 jobs.
MEMORANDUM ON THE ADOPTION OF SUSTAINABLE OPTION FOR FUNDING JOINT VENTURE CASH CALLS BY THE HONOURABLE MINISTER OF STATE, PETROLEUM RESOURCES
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu stated that the current upstream Joint Venture arrangement in the Nigeria’s oil and gas industry is unincorporated Joint Venture (UJV) meaning that NNPC and the International Oil Companies (IOCs) partner in each Joint Venture as unique and separate legal entities.
The Minister also noted that while the NNPC pays the entire Oil and Gas revenues realised from the JV operations into the Federation account, the production costs are appropriated, calendarized and paid monthly as Cash Calls to the JV operations from the NNPC and IOCs.
According to the Minister, January – November 2016 underfunding of the NNPC Cash Calls is estimated at US$2.3 billion. This is in addition to the inherited arrears estimated at USD$6.8 billion for year ending 2015.
However he disclosed that through negotiations the $6.8B past due Cash Calls burden on the Federation has now been reduced to $5.1B, which would be paid based on an improved oil production output.
Under the new funding stream, the JVs would become incorporated and source for their own financing, freeing-up the FG from the budgetary obligations of coming up with the cash calls already put at $2.3B so far this year alone.
Under the alternative funding regime, the technical cost of oil production in the country would also come down from about $27 per barrel to $18.
The new arrangement, he assured would drive up investment in the oil and gas sector while also boosting production output and revenue significantly.
For instance net payment from oil production to the Federation account is expected to peak under the new arrangement to about $18B by year 2020 while raising output to 3million barrels per day.
REPORT ON THE EXCESS CRUDE PROCEEDS PRESENTED BY THE HONOURABLE MINISTER OF FINANCE
The Honourable Minister of Finance, Mrs. Kemi Adeosun reported to Council that as at November 2016, the balance of Excess Crude Proceeds stands at $2, 455,790,144- i.e. about $2.4B
UPDATE ON BUDGET SUPPORT LOAN FACILITY
A sum of N1.1 billion was disbursed in the month of October to 35 States and a total of N6.3 billion has now been disbursed to each of the 35 States.
LONG TERM FINANCIAL ABUSES BY SOME REVENUE GENERATING AGENCIES
Arising from previous Council deliberations on the matter, the Vice President informed that the Federal Government is paying diligent attention to the issue of abuses and excesses of certain Revenue Generating Agencies, RGA.
He then asked the Finance Minister to further brief the Council. The Minister detailed to Council certain activities of some Revenue Generating Agencies (RGAs) that amounted to financial abuses of the revenue they generate, meant to have been remitted to the Federation Account, but diverted through several undue and illegal means and ploys.
This include paying salaries above specifications of the Revenue Mobilization Allocation and Fiscal Commission, RMAFC, converting official cars to personal ownership under 48 hours of purchase, inappropriate and arbitrary monetization of medical allowances, undue and excessive overseas travels, lavish training allowances and conference spendings, excessive and personal loan approvals, including unapproved mortgages among others.
The Ministry of Finance and RMFAC are working together to rein in these abuses as this revenue agencies raise as much as 1.5 trillion Naira yearly, and spend almost 90% of it on recurrent expenditure in clear violation of due process and the constitution.
The Minister added that this financial abuses have been going on for a decade, whereby the agencies hide revenues that ought to go into the Federation Account. But assured Council that such activities will now be exposed and terminated as directed by the President.
AOB: ECOLOGICAL FUND
Governors brought up the alleged N2 billion said to have been paid to some States by the last Administration under unclear circumstances and criteria. There were complaints that state governments did not have equal access to the Fund amid allegations of political preferences.
Vice President Osinbajo assured the Council that the matter would be properly investigated, broadly reviewed, and forthright counsel would be made to the President regarding the matter.
Laolu Akande
Senior Special Assistant on Media & Publicity
Office of the Vice President
News
‘Gate of Hell’ Will Open on Gaza’– Israeli Defence Issues Finally Warning to Hamas

Israeli Defence Minister Israel Katz has issued a fierce warning to Hamas, declaring that Gaza City will face complete destruction if the militant group refuses to accept Israel’s conditions for ending the war.
Katz, in a statement shared on social media on Friday, August 22, 2025, used sharp words to describe Israel’s next steps.
He said the “gates of hell” would open on Hamas if it failed to disarm and release all hostages.
“Soon, the gates of hell will open upon the heads of Hamas’s murderers and rapists in Gaza until they agree to Israel’s conditions,” Katz wrote.
He added that if Hamas refused, Gaza City would suffer the same fate as Rafah and Beit Hanoun, two cities previously flattened by Israeli offensives.
His comments mark one of Israel’s strongest warnings since the escalation of the conflict.
The minister’s remarks came only hours after Prime Minister Benjamin Netanyahu announced that negotiations had been ordered to free the hostages held in Gaza.
Netanyahu explained in a video address that Israel’s military operation in Gaza City would not stop during talks. “Defeating Hamas and releasing our hostages go hand in hand,” he said.
The prime minister also confirmed the mobilisation of 60,000 reservists to join the offensive.
Meanwhile, mediators have been waiting for Israel’s response to a ceasefire plan that Hamas accepted earlier in the week.
The proposal suggests a phased release of hostages, but Israel insists that only a deal ensuring the release of all captives at once will be accepted.
Israel’s hardened stance has sparked growing concern worldwide.
International leaders have cautioned that an expanded assault on Gaza City could worsen the humanitarian disaster already unfolding in the region.
Gaza’s health ministry says more than 62,000 Palestinians, most of them civilians, have been killed since Israel’s military campaign began.
The United Nations considers these figures credible.
The war was triggered by Hamas’s October 2023 attack, which left 1,219 people dead in Israel, mostly civilians.
Since then, the conflict has intensified, with both sides showing little sign of compromise.
With Katz’s threat to turn Gaza City into rubble if demands are not met, the conflict appears to be entering an even deadlier stage.
The international community continues to press for a ceasefire, but Israel’s leadership insists that victory over Hamas and the release of all hostages remain its top priorities.
Health
NAFDAC Raises Alarm as Fake Cowbell Milk Floods Nigerian Markets

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the circulation of fake Cowbell “Our Milk” 12g sachets in Nigeria.
In a statement issued on Friday, August 22, 2025, the agency explained that the counterfeit milk is packaged to look like the discontinued Cowbell “Our Milk,” but it is unauthorised and unsafe for consumption.
NAFDAC clarified that Promasidor Nigeria Ltd, the authentic manufacturer, stopped producing Cowbell “Our Milk” in September 2023.
The product was replaced with Cowbell “Our Creamy Goodness.” Despite this, fake versions of the old product have found their way into Nigerian markets.

Picture of Fake cowbell milk.
The counterfeit sachets bear the brand name, NAFDAC registration number, and familiar packaging design, making them difficult for unsuspecting buyers to identify as fake.
Health Dangers of Fake Cowbell Milk
NAFDAC warned that the consumption of these counterfeit products poses serious health risks.
Fake milk could contain toxic chemicals, harmful additives, or diluted ingredients that endanger human health.
Infants, children, pregnant women, and the elderly are the most vulnerable. Possible dangers include:
- Foodborne illnesses
- Allergic reactions
- Organ damage
- Long-term health complications
- In extreme cases, death
Counterfeit Product Details
- Product Name: Cowbell “Our Milk” 12g sachet
- Purported Manufacturer: Promasidor Nigeria Ltd
- Production Date: 04/2025
- Expiry Date: 12/2028

Picture of original cowbell milk.
NAFDAC Issues Strong Warning
The agency urged Nigerians to remain vigilant and avoid purchasing the counterfeit milk.
Healthcare professionals, distributors, and consumers have been advised to report suspicious sales of substandard or fake products immediately.
Reports can be made through:
The nearest NAFDAC office
Toll-free line: 0800-162-3322
Email: sf.alert@nafdac.gov.ng
NAFDAC also called on traders and retailers to stop selling the fake sachets.
The agency assured the public that strict enforcement measures are being taken to remove the counterfeit products from circulation.
This is not the first time Nigerians have faced risks from fake food and beverages.
Experts warn that counterfeit consumables are becoming more sophisticated, often making them difficult to spot.
Consumers are advised to always check product details, expiry dates, and packaging changes announced by manufacturers.
By highlighting the dangers and raising awareness, NAFDAC says it hopes to protect Nigerians from avoidable health crises linked to fake milk products
Africa
‘Misplaced Priority’: Peter Obi Blasts FG’s ₦142bn Bus Terminal Project

Former Labour Party presidential candidate Peter Obi has slammed the Federal Government’s approval of ₦142 billion for the construction of bus terminals across Nigeria, describing it as a reckless misplacement of priorities.
Obi issued a statement on Friday, August 22, via his Official X formerly Twitter platform, warning that the project reflects poor leadership and lack of focus in managing Nigeria’s limited resources. He titled his statement, “₦142 Billion for Bus Terminals.”
According to him, the true test of leadership is how scarce resources are prioritized.
He stressed that investing such a huge amount in bus terminals while critical sectors like healthcare suffer shows a government that is out of touch with citizens’ realities.
Obi said: “The difference between success and failure in any nation is how leaders prioritise resources.
The decision to spend ₦142 billion on six bus terminals exposes a lack of competence and vision. It is a clear sign of poor leadership.”
The Federal Executive Council had recently approved the funds for the construction of one modern bus terminal in each of the six geopolitical zones.
The government described it as part of efforts to modernise transport infrastructure and improve mobility nationwide.
But Obi strongly disagreed. He compared the allocation to healthcare funding, pointing out that the combined budget for all teaching hospitals and federal psychiatric centres in Nigeria is less than ₦100 billion in the 2024 budget.
“This is disturbing,” Obi continued, “because health remains one of the most critical sectors of development. Yet it is underfunded and deteriorating rapidly.
The World Health Organization has reported that over 20 million Nigerians live with mental health conditions.
This is a tragic irony. How can the government ignore this crisis and focus on bus terminals?”
He argued that the health sector, alongside education and poverty reduction programs, deserves priority attention.
Obi insisted that until government spending reflects the real needs of Nigerians, the country will remain trapped in poor governance.
Many Nigerians have also taken to social media to express anger, echoing Obi’s concerns. Critics argue that the decision proves the Federal Government is disconnected from the economic struggles of ordinary citizens.
For Obi, the ₦142 billion project is not just a case of wrong timing.
He sees it as a clear example of governance failure and misplaced priorities.
News
Why I’ll never encourage my son to visit Nigeria — Taribo West

Former Super Eagles defender, Taribo West, has strongly criticized the treatment of Nigerian football legends, vowing never to encourage his son to set foot in Nigeria due to the neglect shown to the country’s sports heroes after their deaths.
Speaking passionately during the burial ceremony of late goalkeeper Peter Rufai, in a video shared by News Central on Friday, the former Inter Milan star expressed his deep disappointment with the Nigeria Football Federation (NFF) and the Lagos State Government for allegedly abandoning Rufai’s family during their time of need.
“It’s disheartening that you have Lagos State, you have the Nigerian Football Association, and yet they drop the entire burden on the family,”West lamented.
He revealed how deeply Rufai’s passing affected him, saying: “My mother passed on, I never shed tears. My father passed on in my hands, I never shed tears. But when Rufai passed on, I had goose pimples all over my body. Tears were rolling down my cheeks. What kind of nation is this?”
West didn’t hold back in recalling similar neglect faced by other late football icons like Stephen Keshi, Rashidi Yekini, and Thompson Oliha.
He condemned the consistent abandonment of ex-players who had sacrificed so much for the country, stating that such treatment discourages him from allowing his children to represent Nigeria in football.
“With this kind of example, I will never advise even my son to put his feet for this country. Send me out! Do we have a Football Federation or a Football Association in this Lagos State? That this hero, this soldier, this football evangelist, has to be treated this way in his family”, he said.
The former defender also highlighted the financial struggles faced by Rufai’s family, revealing that they had to solicit funds from friends and well-wishers just to cover burial costs.
“Could you imagine that the family would be crying just to solicit within our groups to ask for money? That is madness”, he exclaimed, visibly frustrated.
Peter Rufai, fondly known as “Dodo Mayana,”was Nigeria’s first-choice goalkeeper during the nation’s victorious 1994 Africa Cup of Nations campaign and its debut at the FIFA World Cup the same year.
He passed away in July 2025, leaving behind a legacy that has reignited conversations about the lack of support and respect for retired athletes in Nigeria.
News
Hardship: Man commits suicide in Imo

A heartbreaking tragedy unfolded on Friday morning in Amakpu Okuku community, Owerri West Local Government Area of Imo State, as residents discovered the lifeless body of a man in his 50s, identified simply as Odomma, who reportedly died by suicide.
The father of four, who earned a living selling water in jerry cans and buckets, had been battling severe financial hardship, leaving him unable to adequately provide for his family.
Odomma’s body was found hanging in an unfinished building near his home, a grim discovery that shook the community as locals went about their daily routines.
According to residents, Odomma had expressed frustration about his struggles months earlier, threatening to end his life due to the alleged neglect by his wife and children, who reportedly stopped providing him with food because he couldn’t support the household.
A community member, Ikenna, shared insights into Odomma’s despair, saying:
“He said if the situation continued, he would take his life to end the misery. We advised him to report the matter to the village head for settlement. Sadly, he chose this path. Just see how this man ended his life because of money. He could have sold his GP tank or generator to get food, but he decided to take his life. Now others will gather to eat, and he won’t be part of it.”
Eyewitnesses described a chaotic scene as dozens of residents rushed to the unfinished building, some capturing videos of the lifeless body on their phones.
Known for his affordable water sales, with prices starting from ₦100, Odomma was regarded as a hardworking man, though visibly depressed in recent months.
Efforts to confirm the incident with the Imo State Police were inconclusive. Police Public Relations Officer Henry Okoye initially promised to verify the details with the Divisional Police Officer in Owerri West but could not be reached for further updates as of the time of this report.
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