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2018 Budget Faces Fresh Threats from N/Assembly

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  • 2018 Budget Faces Fresh Threats from N/Assembly

Members of the House of Representatives are demanding increased funding of the 2017 budget as a condition for treating the 2018 budget expected to be presented to the National Assembly on November 7 by President Muhammadu Buhari.

Lawmakers have generally assessed the funding of the budget, particularly the capital component, as “poor and far from encouraging.”

Investigations showed that very dear to the hearts of the members were their zonal intervention projects, which have so far been neglected by the Executive.

There is a provision of about N100bn in the budget for the zonal intervention projects of members of the National Assembly.

However, checks revealed that the releases so far made did not cover the zonal projects.

One source stated, “Nothing has been released for the constituency projects of members. These people are politicians and elections are not far away.

“They have to present something to their people as dividends of democracy to guarantee some votes at the next polls. If the zonal projects are not funded, there will be setbacks for the 2018 budget.”

Another top official of the legislature also said that it was unlikely that members would approve the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper, which must be done before touching the 2018 budget.

The official explained, “You know that the MTEF is a requirement of the Fiscal Responsibility Act, 2007.

“Without the approval of the MTEF, there will be no new budget. So, let the executive wake up.”

The Federal Government plans to spend N8.60tn in 2018. While work is progressing on next year’s budget, the 2017 budget of N7.441tn is still running until May 2018.

However, members are worried over the slow releases of funds for the current budget.

For instance, out of the N2.2tn budgeted for capital projects in the 2017 budget, only N336bn has been released till date.

Findings further revealed that out of the N336bn, the Ministry of Power/Works/Housing got the highest allocation of N90bn.

The Ministry of Defence got N71bn; Ministry of Transportation, N30bn; Agriculture, N30bn; and Water Resources, N12bn.

All other sectors, combined, received a total sum of N103bn, bringing the grand total to N336bn.

Asked to comment on the development, the Chairman, House Committee on Media and Public Affairs, Mr. Abdulrazak Namdas, said members wished the funding of the budget was sped up.

“They (the executive) have done some releases, but it can be better. What we notice is that some ministries and agencies are well-funded, but many others have no money at all. So, let them spread the releases so that all the agencies can begin to work on capital projects,” Namdas stated.

But, he declined to speak on the threat by members not to touch the 2018 budget if their zonal projects were not funded.

On whether the country would run two budgets concurrently from January 2018, assuming a new budget is added to the one of 2017, Namdas replied that the budget known to law “for now is the 2017 budget.”

He also explained that receiving the 2018 budget from the President did not mean that it would be passed the next day.

“We are still implementing 2017 budget. If the 2018 one comes, it will take some period to pass it. It will not start running immediately.

“So, in actual sense, it is 2017 that will be running, while work is in progress on 2018’s.

“I am certain that by the time it will be passed and signed into law, the period left for 2017 will be almost negligible,” he added.

The Leader of the Senate, Ahmed Lawan, had while speaking with reporters after a meeting with President Buhari on Thursday said the early passage of the 2018 budget would depend on the time it was submitted by the executive and what the budget contained.

He further explained that federal lawmakers would not pass the budget by December 31st “at all cost.”

Lawan said although it was the desire of all stakeholders that the bill was passed latest by December 31, he and his colleagues in the National Assembly were determined to do a thorough job.

The Senate leader said, “It (passing the budget by December 31) depends on how it goes. You know we are supposed to be working for the same people of Nigeria and we will like to see the National Assembly working with the executive arm of government.

“You know these things will be determined by what the budget looks like, the estimates presented to us, because naturally, we always try to do a very thorough job, a very patriotic job to ensure that the budget is implementable, to ensure there is equity, fairness, and justice in the distribution of projects across the country.”

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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