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Lagos Generates 97.3b, Expends N110.2b in Q3, Says Ambode

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  • Lagos Generates 97.3b, Expends N110.2b in Q3

Lagos State Governor, Akinwunmi Ambode yesterday revealed that N97.3billion was generated as revenue in the last quarter by the state, though N110.2billion was expended, of which N55 billion was on capital projects.

Speaking at the 2016 third quarter town-hall meeting held at the Teslim Balogun Stadium, Ambode also revealed that the budget performance for January to September is 69 per cent as against 65 per cent for the same period in 2015.

“A total of N166.8 billion has been spent on Capital Projects this year more than double the N53.6 billion spent for the same period last year. We believe strongly that continuous increase in the capital expenditure spending is a necessity at this particular period.”

To stimulate the economy of the state, the Governor said that in this quarter, the state would concentrate more resources on capital projects and put money in the hands of our local contractors.

“Immediate payments will be made to contractors handling health sector and education sector projects within the next two weeks.”

Ambode also disclosed that efforts at stimulating and reflating the economy would be consolidated with the roll out of all empowerment programmes immediately to assist youth, artisans, people with disabilities and the needy.

“The funding for the N500 million Lagos State Persons Living with Disability Fund has been provided and beneficiaries will start getting support from this quarter.

“There is a lot of work to be done but our government is undaunted. We are, more than ever before, committed to the continuous development of the State and the prosperity of our people. Our guiding principle is to always channel our resources to areas and sectors that will positively affect the general wellbeing of all Lagosians.

“Let me thank you all for your perseverance, unflinching support and cooperation with our administration despite the harsh economic situation that confronts us and the entire country. We are the hope of today and the prosperity of tomorrow.”

Ambode also revealed that to put into effect the Neighbourhood Law signed into law by the state recently, 5000 personnel would be recruited in addition to the workforce of neighbourhood watchers.

During the question and answer period, the Oba of Lagos, HRM Oba Rilwan Akiolu, lamenting the rejection of the bill seeking special status for Lagos by the Senate, noted at that though enough lobbying was not done. He nonetheless said that Lagos enjoying special status is a matter of time, as it would surely come.

He said: “The suspension of the bill sponsored by our amiable daughter and wife, Senator Oluremi Tinubu is unfortunate but it is better and advisable to let these people know that this is not a matter of quarrel but a question of time. It will definitely happen.”

The monarch, who recalled the history of the agitation for special status for Lagos, urged the promoters of the bill to go back to the drawing board and do their homework well before representing it for consideration and passage. The need for special status for Lagos State was re-echoed by Alhaji Tajudeen Odunsi, who demanded that the special status should not rob the state of its independence.

The Governor, who also spoke on the issue, commended Senator Tinubu for her courage to push for the bill, while also lauding the Senate President, Bukola Saraki for his magnanimity in allowing the bill to be presented on the floor of the Senate.

He however expressed optimism that the bill would be reactivated and represented again, saying that the success of the bill was in the overriding interest of Nigerians.

There were several requests for intervention to repair dilapidated roads and the governor promised to look into them including revealing that the process for the award of the construction of the next phase of 114 roads would commenced in a couple of weeks.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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