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Presidency: Diligent Consideration of Budget 2017 Commences

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  • Presidency: Diligent Consideration of Budget 2017 Commences

The National Assembly yesterday transmitted the N7.4 trillion 2017 budget it passed last week to the Presidency, with the Media Assistant to Acting President Yemi Osinbajo, Laolu Akande swiftly confirming that the bill was already undergoing prompt executive consideration.

“2017 Appropriation Bill now officially received in the Acting President’s office. Following the receipt, it is now undergoing very prompt and diligent consideration,” Akande tweeted.

In a related development, the Nigerian Stock Exchange (NSE) continued on a positive momentum this week as the market capitalisation of the NSE improved by 2.2 per cent to close at N9.72 trillion yesterday, compared with the N9.51 trillion it closed on Monday.

Also, the NSE All Share Index closed higher at 28,113.38 basis points yesterday, as against the 27,513.69 basis points it attained on Monday.

Similarly, the Naira exchange rate against the dollar appreciated significantly on the parallel market during the week as it gained N6 to close at N380/$ yesterday, stronger than the N386/$1 it was as at Monday, as the central bank sustained its dollar injection strategy.

The National Assembly had raised the budget of N7.2 trillion presented by Buhari to it last year to N7.4 trillion with the appropriation document predicating sources for the funding on oil revenues pegged at N1.985 trillion; non-oil revenues at N1.73 trillion and other federal government’s independent revenues derivatives.

Besides increasing the total budget by N143 billion, the National Assembly also increased its own budget by N10 billion, thus raising its earlier budget proposal by the executive from N115 billion to N125 billion.

The government had ahead of the presentation of the budget in December last year, stated that Nigeria would borrow more from foreign sources than locally sourced funds to finance the budget with a view to deriving greater benefits from lower debt costs and consequently reducing pressure on its interest bill.

On Monday, Barely five days after the budget was passed, the Economic Management Team (EMT) chaired by Osinbajo met in the Presidential Villa to discuss modalities for funding the budget ahead of its transmission.

The team which explored available funding options for the budget with a view to avoiding delay in its implementation after transmission, also constituted a smaller committee saddled with the responsibility of exploring funding options for the budget.

“The EMT discussed the funding of the budget so that we can hit the ground running once we receive the budget formally and sign. That was what was discussed in relation to the budget, revenues and loans. There are basically ongoing discussions. There is a smaller group in the EMT that is responsible for the funding and it is just an ongoing discussion,” Akande had disclosed.

Crude Oil Prices Rise

Meanwhile, crude oil prices rose yesterday, heading for a second week of gains on growing expectations that OPEC and other producing countries will agree at a meeting next week to extend crude output cuts.

Brent crude closed at $53.53 per barrel, while U.S. benchmark crude oil was up 94 cents at $50.29. Both benchmarks slipped back from session highs after a report that U.S. energy companies added oil rigs again in the latest week.

The Organisation of Petroleum Exporting Countries (OPEC) and other producers including Russia are to meet on May 25. Market watchers expect them to extend output cuts of 1.8 million barrels a day until the end of March 2018.

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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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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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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