Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.

FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).

Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.

Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.

The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.

He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.

Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.

“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.

He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.

Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.

He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.

The Senate Wednesday launched a full-scale investigation into the operations of Ponzi schemes in the country. The development followed the catastrophic collapse of the Crypto Bullion Exchange (CBEX), a digital investment platform that allegedly defrauded Nigerians of over N1.3 trillion ($847 million), making it one of the most devastating financial scams in the nation’s history.

The motion, sponsored by Senators Mukhail Adetokunbo Abiru (Lagos East) and Osita Izunaso (Imo West), received overwhelming support from lawmakers during the debate at plenary.

The federal lawmakers unanimously described the proliferation of such schemes as a direct threat to national security, economic stability and public trust in government institutions.

Rising in support of the motion, senators from across the country decried the systemic regulatory failure that allowed CBEX and similar fraudulent platforms to operate unchecked.

They lamented that the fraudulent operators leveraged on technology, social media influence, fake testimonials, and referral commissions to lure millions into financial ruin.

Presenting the lead debate, Senator Abiru detailed how CBEX capitalized on weak oversight by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC) to dupe unsuspecting investors.

He warned that beyond financial losses, such platforms are fueling depression, suicides and the erosion of public confidence in legitimate financial institutions.

“Over N1.3 trillion was lost to CBEX alone. This is not an isolated incident. It is a continuation of a troubling pattern, from MMM in 2016 to MBA Forex in 2020. Nigerians are being robbed, again and again,” Abiru said.

Senator Tahir Monguno (Borno North) called the situation “alarming” and stressed that existing laws must not only be amended but “strengthened” to prevent further exploitation.

He said: “These operators prey on vulnerable and gullible citizens. Some victims have died by suicide. It is time we acted decisively.”

Senator Sadiq Suleiman Umar (Kwara North) emphasized the trust Nigerians place in their government and urged agencies to live up to their mandate.

“People trust that the government will protect them. We must ensure that SEC, CBN, EFCC and others never allow such lapses again,” Umar said.

Senator Solomon Adeola (Ogun West) lamented the regulatory gap in Nigeria’s rapidly evolving fintech space. He warned that many digital platforms operate under the radar.

He said: “It’s not just Ponzi schemes. There are several other unregulated online payment platforms riding on fintech buzzwords. CBN must tell us what rules are in place.”

Senators Abdul Ningi (Bauchi Central) and others urged the National Assembly to utilize its constitutional powers under Sections 88 and 14 of the 1999 Constitution (as amended) to hold regulatory agencies accountable.

“These laws exist, but for too long we’ve failed to enforce them. The people are suffering,” Ningi declared.

Senate President Godswill Akpabio recounted a personal experience from the early 1990s involving a now-defunct Ponzi scheme in Port Harcourt, drawing parallels with today’s CBEX.

Akpabio said: “That scheme collapsed. People lost everything. History is repeating itself, only now on a bigger scale—N1.3 trillion gone. Students, civil servants, even pensioners were affected. This is an emergency.”

He backed calls for nationwide public sensitization and zonal public hearings.

According to the Senate President, “We must educate our people. Many of these victims are not literate in financial matters. If it doesn’t concern you directly, it will affect someone close to you.”

In its resolution, the Senate mandated a joint investigation by its Committees on Capital Market; Banking, Insurance and Other Financial Institutions; Anti-Corruption and Financial Crimes; and ICT & Cybersecurity.

The committees, to be led by that of Banking and Finance, are expected to conduct a comprehensive investigative hearing, including public sessions, and submit their report within four weeks.

The inquiry, according to Akpabio, will focus not only on CBEX but also on the broader Ponzi ecosystem, regulatory lapses and proposals for legislative and administrative reforms.

The Senate also called for immediate steps to educate the public, especially the youth and rural populations on the dangers of fraudulent investment schemes.

As the motion passed unopposed, Senator Akpabio declared: “We cannot sit back while Nigerians are being robbed blind. “We must act to prevent more suicides, restore trust, and reclaim our economy from digital predators.”

UpSkill Universe has announced the launch of the Skills for Business programme, a new initiative to help 10,000 small and medium-sized enterprises (SMEs) in Nigeria and South Africa build critical digital and business skills for economic and business growth.

Delivered in collaboration with Google, HP Inc and UpSkill Universe, the programme is designed to equip entrepreneurs with practical tools to thrive in an increasingly digital economy, in addition to having access to a range of courses on the HP LIFE platform.

UpSkill Universe, a leading digital skills training provider, will manage programme delivery and partner engagement. “Entrepreneurs and business owners throughout Africa are already leading change within their communities,” said Gori Yahaya, CEO of UpSkill Universe.

“We understand the challenges SMEs face as they navigate a difficult business landscape, prevalence of AI, and rapidly changing customer behaviour. Through collaboration with HP Inc.  and Google, we see an immense opportunity to empower businesses with the practical tips, tools, and technology – including AI – they need to grow, scale, and succeed.”

Building on the success of the Hustle Academy Business Bootcamp, which has supported over 15,000 SMEs across Africa since 2022, this new initiative will focus on action-oriented learning. Participants will gain hands-on skills through modules such as Unlock growth with practical skills in AI, digital marketing, and e-commerce, which are designed to help SMEs boost their productivity, attract more customers, and grow their businesses online, complemented by access to HP LIFE  – the HP Foundation’s free global online business skills training program.

The programme is also committed to inclusivity, with a goal of at least 50% participation from women-owned businesses.

“The Hustle Academy training reshaped how we connect with customers online,” shared one SME from Lagos. “These skills make a real difference for us.”

Small businesses are the backbone of Africa’s economy, accounting for nearly 80% of jobs across the continent. Yet despite their significance, many still face barriers to accessing the digital skills and tools needed to compete and grow in a changing marketplace.

The Skills for Business programme aims to bridge this gap by providing entrepreneurs with practical, locally relevant training that meets the real-world demands of today’s market.

Google’s involvement brings additional expertise in digital growth and strategy for small businesses.

“Small businesses are a driving force for progress across Africa and beyond. It’s more critical than ever to help them access the skills and tools they need to grow, especially as digital technologies transform business operations,” said Kristy Grant, Google SSA’s Head of B2B & Brand Marketing. “We are proud to collaborate on initiatives like this that enable entrepreneurs to translate their ambitions into lasting positive impact for their communities and economies.”

At the heart of the initiative is HP LIFE, the HP Foundation’s free global business skills training program, which is available in eight languages online, via mobile app, and offline. Small business owners and their employees will gain access to more than 30 practical training modules covering topics such as boosting productivity with AI, digital marketing essentials, and starting an e-commerce journey.

This will be delivered alongside expert-led virtual workshops by Google and UpSkill Universe to ensure that SMEs can build the capabilities needed to grow their customer base, strengthen operations, and drive long-term success.

“When small businesses thrive, entire communities thrive with them. The Skills for Business program is about empowering entrepreneurs to access the future of work.” said Michele Malejki, Global Head of Social Impact, HP Inc. and Executive Director, HP Foundation.

“Since 2021, HP has been on a journey to accelerate digital equity for 150 million people by 2030 by providing access to technology and digital skills content that enhances skills and economic opportunity. We are very proud to support this deeply impactful program, which will provide the support SMEs need to grow, scale, and succeed.

The Skills for Business programme aims to directly train 10,000 SMEs and indirectly impact an additional 59,000 individuals by the end of 2025, demonstrating the powerful role of partnerships in advancing Africa’s digital transformation and economic development.