President Bola Tinubu has urged the media to extend their scrutiny to State and Local Governments, noting that his administration’s reforms have significantly increased their financial allocations.

During an interfaith breaking of fast with media executives on Friday, the President emphasized that sub-national governments now enjoy greater financial autonomy and should be held accountable for grassroots development.

Tinubu said his administration’s economic reforms, especially the removal of the petrol subsidy, have increased funds available to states.

“We have opened up the principle of federalism to the extent that local governments are now getting their money. But how they use it is in your hands, so don’t bombard me alone. Look at local governments too, and equally, the sub-national,” Tinubu said.

“Today, there is no state that is borrowing to pay the salaries of employees. Yes, we can complain that it is not enough. We can complain we are not where we should be, but we have to manage what we have to sustain today, survive tomorrow, and make progress”.

Tinubu commended the media for criticising his government, saying it challenged and provoked him to serve Nigerians better.

“Thank you for inspiring me and challenging me in critical moments of my life. If I look at various barrages of negative comments as opposed to positive aspects of the assignment, I shouldn’t be standing here. That is the truth,” the president said.

“You didn’t spare me, but you challenged me, provoked that intellectual curiosity of a leader that must perform. There is no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you, it might not be in full detail, but the headlines, the ones that hit me.

“Leadership is about taking responsibility to make decisions at the right time. Otherwise, it’s a failure. At the time, we had to confront the subsidy. Nigeria was on the verge of bankruptcy.

“But having asked for the job and getting it, I cannot look back other than make corrections as I move along, save the nation, bring it back from the brink. Today, I can stand proudly before you that we are back from that brink.”

Tinubu added that he will continue to do his job with “patriotic dedication” to improve Nigeria.

A prosecution witness, Captain Ezekiel Bala-Agaba, testified in a Lagos Federal High Court on Thursday, that he personally delivered $15 million in cash to former NIMASA DG, Patrick Akpobolokemi.

The witness, Bala-Agaba, a former Executive Director of Maritime Safety, Shipping Development and Marine Operations at NIMASA, made the disclosure while testifying before Justice Ayokunle Faji of the Federal High Court in Lagos.

Captain Agaba, who appeared as the 15th prosecution witness, told the court that funds meant for pipeline surveillance were withdrawn from NIMASA’s accounts, converted into dollars, and handed over to Dr Akpobolokemi.

According to him, the money was taken to a Bureau de Change, which converted it into $15 million before the cash was delivered to the NIMASA office on Burma Road, Apapa, Lagos.

He said he subsequently took the money to the office of the then Director-General.

“The money was sent to a Bureau de Change, which later brought the dollar equivalent to our office at Burma Road, Apapa, Lagos. I asked my Personal Assistant, Ekene Nwakuche, to carry the bag and follow me to the Director-General’s office,” he told the court.

The witness explained that he collected the bag from his aide before entering the office.

“When we got to the door of the Director-General’s office, I collected the bag from him and asked him to wait outside. I then personally delivered the sum of $15 million to the Director-General.”

The witness was initially a defendant in the case but later opted to testify for the prosecution.

While being led in evidence by prosecuting counsel, Suleiman Suleiman, he explained the chain of command within NIMASA and how financial approvals were processed in the agency.

According to him, the Director-General is the overall head of the agency and issues instructions to directors, who then implement policies in line with the NIMASA Act.

He told the court that he chaired the agency’s Intelligence Committee, which was responsible for certain security-related operations.

“As chairman of the committee, I oversaw its activities and reported directly to the Director-General, Dr. Patrick Akpobolokemi,” he said.

During the proceedings, the witness was also shown a document containing a letter from Access Bank to the Economic and Financial Crimes Commission (EFCC) detailing transactions in NIMASA’s accounts between 2013 and 2015.

When asked how much money he took to the former Director-General, Agaba replied: “$15 million.”

After listening to the testimony, Justice Faji adjourned the matter until April 22 and 23 for cross-examination of the witness.

The EFCC had in December 2015 arraigned Dr. Akpobolokemi and seven others before the court on a 30-count charge bordering on conspiracy, fraudulent conversion of funds and money laundering.

Those charged alongside the former NIMASA boss include, Warredi Enisuoh, Governor Juan, Ugo Frederick, Timi Alari, as well as Alkenzo Limited and Penniel Engineering Services Limited.

They pleaded not guilty to the offences.

The anti-graft agency alleged that the defendants conspired to divert funds running into over N1.15 billion under the guise of providing security intelligence in Nigeria’s maritime domain.

According to the EFCC, the NIMASA Intelligence Committee allegedly received N1,153,000,000 between December 2013 and July 2015.

Investigations further revealed that several companies contracted to execute the intelligence operations were either unregistered or lacked the capacity to perform the services, while some were allegedly linked to the defendants.

The prosecution also alleged that the defendants nominated or owned many of the companies used to execute the contracts.

One of the charges stated that the defendants conspired to commit offences punishable under the Money Laundering (Prohibition) Act, 2012.

The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions to immediately restrict certain banking services for large-ticket borrowers with non-performing loans (NPLs).

This move is aimed at strengthening credit discipline and protecting the stability of the Nigerian financial system following a rise in the industry’s NPL ratio to approximately 7%, exceeding the regulatory 5% threshold.

This order is specifically targeted at large-ticket obligors.

The CBN issued the directive in a circular to banks on Monday.

The latest instruction comes almost a week after the CBN asked financial institutions to stress test.

It is uncertain if the two directives are connected or what may have triggered the loan-related instruction, but the apex bank said it furthers its mandate to protect Nigeria’s financial system.

“In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial system, from accessing specified banking services,” the circular reads in part.

“Any large-ticket obligor with a non-performing facility recorded in the CRMS and/or any licensed private credit bureau shall not be granted additional credit facilities. For the purpose of this restriction, credit facilities include loans and other forms of direct credit.

“In addition, such obligors shall not be granted banking facilities or contingent liabilities such as bankers’ confirmations, letters of credit, performance bonds, or advance payment guarantees.”