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Presidency Accuses N’Assembly of Frustrating 2017 Budget Submission

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  • Presidency Accuses N’Assembly of Frustrating 2017 Budget Submission

By refusing to consider and approve the 2017-2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), a statutory prerequisite for the submission of next year’s budget, the presidency is of the firm view that the National Assembly is doing everything possible to put pressure on the executive arm to fund the controversial constituency projects contained in the 2016 budget.

The MTEF is a three-year expenditure framework that sets out the medium-term expenditure priorities and hard budget considerations against which sector plans can be developed and refined. It also contains the outcome criteria for the purpose of performance monitoring.

In the past few weeks, however, the Senate had consistently dismissed the MTEF sent to it by President Muhammadu Buhari, describing the documents as “empty” and not worthy of legislative consideration.

The Senate’s action came after it rejected the president’s $30 billion borrowing plan, part of which was meant to provide support for the 2016 budget. It said the borrowing plan lacked supporting information.

Speaking on the presidency’s frustration with the antics employed by the National Assembly, a senior presidency official involved in budgetary preparation said that the reasons given by the lawmakers for not accepting the MTEF were “frivolous”, adding that the intention of the lawmakers is to use it to force the president to fund and implement their N100 billion constituency projects.

“The same MTEF the lawmakers said was empty was the same document presented to a forum of economic experts in Lagos for debate and their input; it was also presented to civil society groups in Lagos and Abuja for debate and their input, before it was later presented to the Federal Executive Council for approval,” the presidency source said.

He added: “It was the same MTEF that was given to the African Development Bank, upon which the bank recently approved the $600 million loan as the first tranche of the one-billion-dollar budget support to help finance Nigeria’s economic governance, diversification and competitiveness programme.

“It was the same MTEF, which the National Assembly said was empty that was presented to the World Bank for part of the proposed borrowing plan of $29.96 billion for infrastructure development.

“So, we don’t understand what they are talking about. Are the lawmakers more knowledgeable than these institutions on economic and financial matters?”

The source added that the “plot” by the National Assembly to frustrate the entire country because of their selfish interests was totally against the nation’s interest.

“We all know the state of our economy today. We don’t have enough funds to implement the constituency projects for now, and they will add very little value to the growth of the nation’s economy.

“In any case, if they say the MTEF we prepared is empty, let them come up with their alternative,” the source added.

In the document submitted to the National Assembly, the executive arm is proposing an oil benchmark of $42.5 per barrel for the 2017 budget, which ought to have been presented to the National Assembly last October.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, had said that the 2017 budget would also be based on an average daily oil production target of 2.2 million barrels per day.

In the MTEF, the crude oil benchmark for 2018 and 2019 was also put at $45 per barrel and $50 per barrel, respectively, while the oil production target for 2018 was set at 2.3 million barrels per day and 2.4 million barrels per day in 2019, expecting that the activities of the militants in the oil-producing region would be a thing of the past before the end of 2016.

According to Udoma, inflation rate may not drop to single digit in the next two years as the government assumed 11.88 per cent and 12.57 per cent in 2018 and 2019, respectively.

However, the GDP growth rate is projected to rise to 4.04 per cent in 2019, averaging 3.77 per cent between 2017 and 2019.

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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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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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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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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