Business

Budget Office DG Defends Presidential Assent of Executive Order 9

If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.

Published

6 months ago

February 23, 2026

OCHEFA

346 Views

Tanimu Yakubu, Director-General, Budget Office of the Federation Secretary, clarified that Executive Order 9 signed last week by President Bola Tinubu was consistent with the 1999 Constitution and does not amount to an overreach of executive authority.

President Tinubu had, last Wednesday, signed Executive Order 9 of 2026, formally titled Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity.

Yakubu, while responding to criticism suggesting that Executive Order 9 (EO9) amounts to the President “making law,” misstates both the Constitution and the fiscal question at issue.

Quoting Section 80(1) of the 1999 Constitution (as amended), he said: “Section 80(1) of the Constitution (1999, as amended) is mandatory: all revenues or other moneys raised or received by the Federation shall be paid into and form one Consolidated Revenue Fund of the Federation.”

He emphasised that EO9 does not create law; it enforces constitutional custody of Federation revenues.

Public revenue cannot lawfully be retained, applied, or warehoused outside constitutional funds.

Section 162 complements this rule by requiring revenues accruing to the Federation to be paid into the Federation Account for distribution in accordance with constitutional allocation principles.

The order of legality is clear: revenue must first enter constitutionally recognised accounts before it can be appropriated, shared, or spent.

EO9 operationalises these provisions in the oil and gas sector by directing direct remittance of petroleum revenues – including royalties, taxes, profit oil and gas, penalties, and related receipts – into constitutionally recognised accounts, and by tightening reconciliation and transparency across collection, custody, and reporting.EO9 does not intrude into legislative competence.

Section 60(1) preserves the procedural autonomy of the National Assembly; EO9 does not regulate legislative procedure, amend the Petroleum Industry Act (PIA), or repeal any statute.

It is an executive instrument issued under Section 5 to ensure faithful execution of the Constitution and applicable laws.

If any party disputes the constitutional validity of EO9, the judiciary remains the proper forum for determination.

Pending any judicial pronouncement, the Executive is duty-bound to protect Federation revenues, uphold constitutional supremacy, and strengthen fiscal integrity for FAAC distributions, budget credibility, and macroeconomic stability.”

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Cybercriminals cloning DStv, other brands to steal bank accounts across Africa

According to cybersecurity company NordVPN, the campaign distributes Remote Access Trojans (RATs) and banking trojans, forms of malware that can give criminals control over infected devices and access to sensitive information.

Published

2 days ago

August 21, 2026

OCHEFA

26 Views

Cybercriminals are impersonating popular companies and government agencies across Africa in a campaign designed to take over smartphones and bank accounts.

More than 100 fake websites linked to the malware campaign have been identified since August 2025.

Brands including DStv, Takealot and South African Airways, as well as the South African Revenue Service (SARS), are being used to make fraudulent messages and websites appear legitimate.

The attacks are particularly concerning in South Africa, where Android dominates the mobile operating system market.

NordVPN said the attacks typically begin with social engineering, where criminals send convincing messages through SMS, WhatsApp or social media.

The messages may contain urgent offers or requests involving job opportunities, tax refunds, identity renewals or pension verification.

Victims are then directed to fake websites designed to closely resemble the official websites of trusted organisations.

The sites encourage users to download an Android application. Once installed, the malicious software can operate quietly in the background, including after the smartphone is restarted.

Business

Cement price hits N16,000 per bag

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

Published

2 days ago

August 21, 2026

OCHEFA

33 Views

• Chairman of BUA cement, Abdul Samad Rabiu (ASR)

Cement dealers across Nigeria have announced fresh price increases, with a 50kg bag now selling for as much as N16,000 in some markets, up from N13,000 recorded by buyers just days earlier.

The current cement prices mark a steep rise from late 2024, when a bag sold for around N7,500.

By the third quarter of 2025, that had risen to about N9,000 before reaching the N12,000 to N16,000 range now seen across different locations.

Other building materials have followed a similar upward path. Blocks have climbed from around N600 to N1,100 each.

Sand has gone from N165,000 to N250,000 per 30 tonnes. Granite has risen from N530,000 to N780,000 per 30 tonnes.

Reinforcing steel now costs N1.15 million per tonne, up from N850,000.