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National Assembly Passes ₦7.441tn 2017 Budget

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  • National Assembly Passes ₦7.441tn 2017 Budget

The National Assembly on Thursday passed the 2017 Appropriation Bill, with estimates totalling N7.441tn.

The passage followed the consideration and adoption of a report by the Senate and House of Representatives’ Committees on Appropriations on the bill.

Of the total, N434,412,950,249 is for statutory transfers; N1,841,345,727,206 for debt service; N177,460,296,707 for sinking fund for maturing bonds; N2,990,920,033,435 for recurrent (non-debt) expenditure; while the sum of N2,174,496,775,867 is for contribution to the Development Fund for Capital Expenditure (exclusive of capital expenditure in statutory transfers) for the year ending on December 31, 2017.

The Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, while presenting the report, recalled that President Muhammadu Buhari, during the presentation of the bill to a joint session of the National Assembly on December 14, 2016, tagged it ‘Budget of Recovery and Growth’ with the aim of “bringing Nigeria’s economy out of recession into a path of steady growth.”

Goje said, “I want to say that the committee also made some landmark interventions in some critical sectors of our national life. These include the provision for a second (Nnamdi Azikiwe) Abuja airport runway; the funding for the resumption of work on the long abandoned Bwari-Aladja rail line.

“We have also made additional appropriation for the Amnesty Programme to ensure stability and peace in the Niger Delta for increase in oil production. This has increased the aggregate figure to N7,441,175,486,758.”

The President of the Senate, Bukola Saraki, said the lawmakers scored a number of firsts in the processing and passage of the budget.

He said, “This is the first time we had public hearing as part of the process for the 2017 Appropriations Act. The level of engagement and contributions of the civil society has played a part in making this budget a remarkable one.

“Another first that we achieved is seeing that the line-by-line details of the budget were laid down along with the bill. Again, this is a great achievement on the part of us and I commend you all.

“Another first we have achieved is making the budget of the National Assembly available to the public, which has been an issue for a long time. I am very proud for what we have been able to achieve and we do hope, that this budget of recovery that we believe has reflected equity, has ensured efficiency and adequate resources to all relevant sectors and will go a long way in helping Nigerians to come out of the economic recession and create growth.

“I want to appreciate the level of consultations and the good working relationship and cooperation that exist between us and the executive for us to get to this point. This is a remarkable difference from what we saw in 2016 and it shows that the entire country is better for it.”

The Deputy President of the Senate, Ike Ekweremadu, also said a lot of innovations were introduced in the budget process, citing the example of the public hearing held on the bill.

He stressed that there were consultations between the legislature and the executive during the process.

Ekweremadu said, “For the first time since some of us have been canvassing for public hearing, this happened this year. It must be added that the appropriation bill is the most important bill for any national assembly. For us, all these years, to consider this bill without public hearing has been a mistake. Now, we are back to the right path by ensuring that there is public hearing.”

 

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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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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