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THE Ministry of Mines and Steel Development has been accused of committing multiple acts of fraud, ranging from its inability to account for over N5 billion to the payment for a road contract without evidence of execution. These were contained in the 2022 Auditor-General of the Federation (AGF) Report seen by Economy Post, which alleged […]
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THERE are no fewer than seven red flags in the budget presented to Nigerians by the Dele Alake-led Ministry of Solid Minerals Development. Economy Post‘s data department, known as Postlytics, found that these red flags are loopholes that could lead to embezzlement of public funds. The entire ministry’s five agencies got a budget of N16.649 […]
IMMEDIATE past Nigeria’s President, Mr Muhammadu Buhari, appropriated N32.63 billion ($107m) for the dormant Ajaokuta Steel Complex, approved millions of naira in export grant for the company and paid about $446 million in judgment debt to compensate a bankrupt firm, Economy Post has found. Mr Buhari spent the huge amount of money to save the […]
IN eight years of President Muhammadu Buhari administration, a government agency named the National Steel Raw Materials Exploration Agency (NSRMEA) Kaduna was allocated N12.457 billion to explore steel-related inputs for industrial uses but it failed to deliver results. Schedule 2 of the Act establishing the National Steel Raw Materials Exploration Agency Kaduna says that the […]