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NPA Spends N150bn of N170bn Annual Revenue, Senate Panel Alleges



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  • NPA Spends N150bn of N170bn Annual Revenue, Senate Panel Alleges

The Senate President, Bukola Saraki, at the plenary on Thursday demanded the report by the Senate Ad Hoc Committee on Alleged Misuse, Under-remittance and Other Fraudulent Activities, which was mandated to investigate Federal Government ministries, departments and agencies.

Chairman of the Committee, Senator Olamilekan Adeola, however, said the report was not ready.

Saraki made the demand after the Senate passed the recommendation by the Goje-led joint committee on the mismanagement of operational surpluses by MDAs.

The Senate President said, “We had a committee under (led by) Senator Adeola Olmilekan on this revenue (matter), I don’t know what happened to the report. The committee we set up for Internally Generated Revenue (probe), I have not gotten its report yet.”

Adeola, however, said an interim report would be presented to the Senate soon.

He said, “On the issue of agencies of government to explore the operating surplus for financing the budget, I want to bring to the notice of the Senate that just eight of these agencies constitute 80 percent of the operational surpluses.

“However, most of these agencies hide under frivolous expenditures to take out these operational surpluses and pay peanuts to the government.”

“But where is your report,” Saraki asked.

Adeola responded that the reports presented by the defendants were inadequate, stressing that his panel had asked the MDAs to present their audited financial reports.

He said, “You will not find the Central Bank of Nigeria carrying out the functions of the Federal Government; like a government within a government. We asked them yesterday to furnish us with more documents so that we can have a full-fledged report on the CBN, Nigeria Maritime Agency and Nigerian Ports Authority.

“On the issue of NPA, we have an agency that is operating in isolation. This is one agency that has taken me aback. How can an agency generate over N170bn in a year and come to you to say that over N140bn or N140bn has been expended the same year? Where is the money they are going to pay into government coffers?

“It is a whole lot of job but I can assure you that an interim report will be forwarded to the Senate on these eight agencies.”

In his final remarks, Saraki stated, “This matter is now urgent and important because based on the recommendation we have agreed here, it is going to affect 2018 budget and 2017 budget implementation.

“Whatever it takes, you need to dedicate time and let us have a report, at least on these three agencies within the next one week – two weeks maximum.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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China and EU Seek Partnership: Xi Jinping Proposes Key Trade Alliance




Chinese President Xi Jinping expressed his desire for China and the European Union (EU) to become key trade partners and foster trust in supply chains, during a meeting with EU leaders in Beijing.

The talks marked the first in-person summit between the two sides in four years and addressed a range of economic concerns, including data flows and market access.

Xi emphasized China’s commitment to high-quality development and opening up, positioning the EU as a crucial partner in economic and trade cooperation.

He envisioned the EU as a trusted collaborator in industrial and supply chain cooperation, aiming for mutual benefits and win-win results.

The summit delved into longstanding issues, such as efforts by Europe to “de-risk” its supply chains and the EU’s anti-subsidies investigation into Chinese-made electric vehicles.

China criticized the investigation, urging the EU to avoid using it for “trade protectionism.”

Xi called for the elimination of interference between China and the EU, a statement likely directed at the United States, which has taken actions, including enlisting the Netherlands, to curb China’s development of high-end semiconductors.

The EU leaders, Ursula von der Leyen and Charles Michel, described their conversation with Xi as “good and candid.”

They discussed the main challenges amid increasing geopolitical frictions, emphasizing a commitment to balanced trade relations and pledging to enhance people-to-people exchanges.

During the meeting, Italy formally informed China of its exit from the Belt and Road Initiative, highlighting ongoing strains between the EU and China.

Xi discussed Belt and Road with EU leaders, expressing a willingness to connect it with the EU’s Global Gateway infrastructure plan.

However, deep issues remain, including Russia’s war in Ukraine, trade imbalances, and Chinese overcapacity exported to Europe.

Jens Eskelund, president of the European Union Chamber of Commerce in China, stressed the need to address these issues to foster a positive relationship between Beijing and Brussels.

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UAE Commits $30 Billion as COP28 Climate Talks Kick Off in Dubai



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UAE President Sheikh Mohammed bin Zayed inaugurated the COP28 United Nations climate talks in Dubai on Thursday with a groundbreaking commitment of $30 billion to bolster climate solutions.

Notable world leaders, including Saudi Crown Prince Mohammed Bin Salman, German Chancellor Olaf Scholz, and Brazil President Luiz Inacio Lula da Silva, are scheduled to address the summit.

The unprecedented scale of this year’s COP is evident with tens of thousands of delegates in attendance, making it one of the largest gatherings in COP history.

Beyond politicians and diplomats, the summit attracts campaigners, financiers, and business leaders, providing a diverse platform to address pressing climate challenges.

The urgency of the discussions is underscored by the UN’s declaration of 2023 as the hottest year on record, coupled with the ongoing rise in greenhouse gas emissions.

One early success at COP28 is the agreement among nations on details for managing a fund designed to aid vulnerable countries in coping with extreme weather events intensified by global warming.

Also, rich countries have pledged at least $260 million to initiate this facility.

UAE’s COP28 President, Sultan Al Jaber, announced the launch of ALTERRA, the largest private finance vehicle for climate change, in collaboration with BlackRock, Brookfield, and TPG.

ALTERRA aims to mobilize $250 billion by the end of the decade, with $6.5 billion allocated to climate funds for investments, particularly in the global south.

As the summit unfolds, other pivotal topics include agreements to expand renewables, commitments to phase out fossil fuels, rules for a forthcoming UN carbon market, and the first formal evaluation of global progress in combating climate change since the signing of the Paris Agreement in 2015.

The UAE’s decisive move in financing climate solutions sets a significant tone for COP28, emphasizing the imperative for collective action to address the escalating climate crisis.

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Nigeria Eyes BRICS Membership within Two Years as Foreign Minister Emphasizes Strategic Alignment



In a strategic move towards global economic collaboration, Nigeria is aspiring to join the BRICS group of nations within the next two years.

The Minister of Foreign Affairs, Yusuf Tuggar, affirmed that Nigeria is open to aligning itself with groups that demonstrate good intentions, well-meaning goals, and clearly defined objectives.

Tuggar stated, “Nigeria has come of age to decide for itself who her partners should be and where they should be; being multiple aligned is in our best interest.”

He emphasized the need for Nigeria to be part of influential groups like BRICS and the G-20, citing criteria such as population and economy size that position Nigeria as a natural candidate.

BRICS, comprising Brazil, Russia, India, China, and South Africa, stands as a formidable bloc of emerging market powers.

In a recent move to expand its influence, BRICS invited six additional nations, including Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates, to join the group.

Nigeria, as Africa’s largest economy, has been absent from the BRICS alliance, prompting discussions on the potential economic and political advantages the bloc could offer the country.

Analysts have noted that BRICS membership could provide Nigeria with significant leverage on the global stage.

Vice President Kashim Shettima clarified that Nigeria did not apply for BRICS membership after the bloc’s announcement of new members in August.

Shettima emphasized the principled approach of President Bola Ahmed Tinubu, highlighting a commitment to consensus building in decisions related to international partnerships.

As Nigeria eyes BRICS membership, the move is seen as a strategic step towards enhancing its global economic and diplomatic influence.

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