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Magu: 90% of The Cause of our Recession is Corruption

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  • Magu: 90% of The Cause of our Recession is Corruption

Acting chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has said that corruption is virtually the sole reason for the country’s current economic slump. In an interview with Arise TV yesterday, Magu said it was because of the central place of corruption in the present economic woes that the federal government was paying a lot of attention to the recovery of stolen funds.

“I maintain that the economic recession is caused by corruption. About 90 per cent of the cause of recession is corruption, because there was fund and people stole the funds and kept them where they cannot be reached,” the EFCC chairman stated during the interview programme anchored by ace broadcaster Jeff Koinange.

Magu added that if a sizable part of the funds looted from the public treasury in Nigeria were recovered, the country would be out of recession within a short period. “If we can lay hands on this hidden wealth, we won’t stay for more than three months in this recession. It is sufficient for us to get out of economic recession,” he stated.

Appealing to all those still holding or hiding looted money to voluntarily return them, Magu said, “I think they should just come out and approach the government and say, ‘this is what I have.’ Our emphasis now is on the recovery of the looted fund. People should come out and give us full disclosure, we would go after it.”

On the suggestions in some quarters about possible amnesty for those who heed the call for the return of fleeced public assets, Magu said, “I’m not sure of that. But we encourage recovery if you can voluntarily bring out this thing, disclose this thing. It is the government that would decide. We encourage people to come out and disclose the looted funds.”

He said, “They should cooperate with the government. They should come forward and declare what they have looted and the government will take its decision.

“Everybody must join in the fight against corruption. It’s very necessary for the future of this country, for a better tomorrow.”

In a related development, EFCC said yesterday that the former Group Managing Director of the Nigerian National Petroleum Corporation, Mr. Andrew Yakubu, will remain in the commission’s custody until investigation into the corruption allegations against him were concluded.

Yakubu was arrested over an alleged discovery of about $9.8 million cash in one of his houses in Kaduna State by EFCC operatives. Another £74,000 was also allegedly found in his house.

The monies, discovered at Sabon Tasha, a slummy suburb located in the outskirts of Kaduna town, were suspected to be illicit funds and proceeds of money laundering. The house where the money was found was under the custody of one Mr. Bitrus Yakubu, a brother to the former NNPC GMD.

EFCC’s head of media and information, Wilson Uwujaren said that Yakubu “will remain under custody” until thorough investigation was conducted, before he will be charged to court.

Uwujaren did not give details of the investigation and when Yakubu would be taken to court.

Yakubu had during interrogation by the EFCC said the money was “a gift” from a close associate.

He was the NNPC GMD between 2012 and 2014, when he was sacked by the then president, Dr. Goodluck Jonathan. His sack had raised controversy at the time, as some observers, especially from the opposition camp, attributed it to political witch-hunt.

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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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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