BY TAIWO OYEDELE, Abuja Taiwo Oyedele The attention of the Federal Ministry of Finance has been drawn to recent media reports and commentaries that misrepresent the findings of the latest Nigeria Development Update by the World Bank, particularly claims suggesting that a significant portion of federation earnings is being “diverted” or constitutes “hidden spending". These interpretations misrepresent the World Bank’s analysis and reflect a misunderstanding of the fiscal system. MISINTERPRETATION OF FAAC DEDUCTIONS The misreporting in question incorrectly characterises Federation Account Allocation Committee (FAAC) deductions as “waste” or missing funds. This is incorrect. FAAC deductions, as presented in the World Bank report, include: Statutory transfers, Savings and investments, Security-related expenditures, Cost-of-collection charges, Refunds to Ministries, Departments and Agencies (MDAs), Transfers and interventions benefiting subnational governments. It is...
BY CHIKA OKEKE, Abuja Alhaji Musiliu Smith President Bola Tinubu rejoiced with the former Inspector General of Police, Alhaji Musiliu Adeola Kunmi Smith as he clocked 80 years on April 17, 2026. Tinubu alongside family, friends and associates, celebrated the remarkable police officer for his integrity, humility, professionalism and outstanding contributions to the nation and the police force. Smith joined the Nigerian Police Force in Enugu in 1972 as an Assistant Superintendent. He later served as an Instructor in the Police College, Ikeja and a Divisional Police Officer in Mubi, Adamawa State. He served in various capacities in the force until he reached the zenith as Inspector General of Police on May 29, 1999. In 2018, President Muhammadu Buhari recalled Smith from retirement to serve as chairman of the Police Service Commission, a body that oversees police appointments, promotions, and discipline. He resigned from the position in 2022. President Tinubu ...