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Reps Increase Virement Request to N208.8bn, Reject Coins

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SPEAKER of the House of Representatives, Yakubu Dogara
  • Reps Increase Virement Request to N208.8bn, Reject Coins

A report of the House of Representatives Committee on Appropriation has recommended the raising of President Muhammadu Buhari’s virement request to N208.8bn.

The new figure is higher than the President’s original request of N180.8bn by over N28bn.

The committee, which is chaired by Mr. Mustapha Bala-Dawaki, had laid the report before the House in Abuja on Wednesday, preparatory to approval by the lawmakers.

A breakdown showed that N169.6bn would be vired for recurrent expenditure in the 2016 budget. The capital expenditure component had a total of N39.2bn.

Under recurrent expenditure for instance, the omnibus Service Wide Vote had N71.8bn, while the National Youth Service Corps was allotted N19.7bn.

The Ministry of Defence is to get N12.7bn; payment to local contractors, N25bn; and the Presidential Initiative for the North-East, N1.5bn.

The President had written the National Assembly on October 25, seeking approval to move N180.8bn to other sub-heads in the budget.

The House admitted the virement report just as it asked the Minister of State for Aviation, Mr. Hadi Sirika, to halt the planned concession of airports in the country, pending when he had briefed “the House and Nigerians on how the proposed concession will remedy the challenges facing the aviation sector.”

The House also directed the minister to stop any action on the “concession agreement between the Federal Airports Authority of Nigeria and Bi-Courtney Aviation Service till the case on the transaction is determined by the Supreme Court.”

In addition, it asked the Economic and Financial Crimes Commission to investigate the alleged diversion of the N120bn aviation intervention funds provided by the Central Bank of Nigeria in 2012.

The recommendations were contained in a report by the House Committee on Aviation, which the lawmakers considered and approved on Wednesday.

The committee, which is headed by Mrs. Nkiruka Onyejeocha, had conducted an investigation into the need to rescue the airline industry from imminent collapse and produced a report for the House to consider and approve.

The House also summoned the Asset Management Corporation of Nigeria to appear and fully brief the House on its plan of action to resuscitate Aero Contractors Airlines and investigate the status of payment to Aero by Chevron and discover full details and where the funds were currently domiciled.

For Arik Air and other airlines that are indebted to the Federal Airports Authority of Nigeria, the House directed them to “reconcile their accounts with FAAN with a view to paying off their debts.”

Similarly, all regulatory agencies in the industry, including FAAN, the Nigerian Civil Aviation Authority and the Nigerian Airspace Management Agency were directed to look into the possibilities of collecting their charges in naira.

Meanwhile, a motion seeking to enforce the use of naira coins to transact business in the country, failed.

The motion, which was sponsored by Prof. Mojeed Alabi, failed after the majority of lawmakers rejected it on the grounds that coins had lost value because of rising inflation in the country.

Members suggested that the Federal Government should first put the economy on a recovery path, cut down inflation and raise the buying power of the naira before coins could regain value.

 

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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