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National Assembly’s N344.85 Billion Budget Sparks Outrage Amid Economic Hardships

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Senate President Akpabio

The Nigerian public has been left in shock and anger after it was revealed that the National Assembly’s 2024 budget has ballooned to N344.85 billion, a figure that surpasses the individual budgets of more than 20 states across the nation.

At a time when millions of Nigerians are grappling with severe economic hardships, the lavish spending of the country’s 469-member legislative body has drawn widespread criticism and sparked calls for accountability and reform.

The data, obtained from a recent analysis by BusinessDay, highlights a glaring disparity between the budgetary allocations of the National Assembly and the funding for critical sectors such as education.

For instance, the combined budget of over 27 federal universities, including prominent institutions like the University of Lagos (N19.4 billion) and Obafemi Awolowo University (N17.02 billion), falls far short of the amount earmarked for the National Assembly.

The stark contrast has fueled public discontent, with many questioning the priorities of their elected representatives.

Adding to the controversy, Senator Abdurrahman Kawu Sumaila of Kano South recently disclosed that each senator receives a monthly “running cost” of N21 million, a figure that far exceeds the official salary of less than N1 million.

This revelation has further inflamed public sentiment, especially as millions of Nigerians continue to struggle with inflation, unemployment, and the rising cost of living.

Critics have pointed to the National Assembly’s history of extravagant spending, which has long been a source of contention in a country where poverty remains widespread.

Former Senator Shehu Sani, known for his outspoken criticism of legislative excesses, reiterated that lawmakers’ earnings far surpass the figures officially stated by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).

Sani’s comments echo his previous efforts to shed light on the opaque financial practices of the National Assembly, which he described as a “national burden” on the economy.

The revelation of the National Assembly’s 2024 budget comes on the heels of President Bola Tinubu’s Supplementary Appropriation Bill, which allocated an additional N70 billion to help lawmakers “settle in” following the 2023 general elections.

This move, coupled with the already enormous budget, has prompted renewed calls for a drastic overhaul of Nigeria’s legislative structure.

Many are advocating for a leaner, more efficient body that can better serve the needs of the people without burdening the nation’s finances.

As the outrage continues to mount, the National Assembly faces increasing pressure to justify its spending and demonstrate a commitment to the welfare of the Nigerian people.

In a country where economic challenges are deepening, the demand for greater transparency, accountability, and fiscal responsibility has never been more urgent.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Finance

CBN New Policy Boosts Nigeria’s Economy and Increases FX Reserve to Over $40 Billion

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Dr. Olayemi Michael Cardoso

In celebration of one year in office, the Central Bank of Nigeria (CBN), under the leadership of Olayemi Cardoso, has recorded another milestone with an over $40 billion increase in Nigeria’s foreign exchange reserves.

The announcement of the increase was made on Thursday by Cardoso during a symposium in Abuja titled Promoting Stability in an Era of Economic Reforms: The Journey So Far.

It was noted that the increase followed a policy of reform implemented by the administration of Cardoso as the CBN Governor to address Nigeria’s decade-long challenges with declining foreign direct investment and portfolio investments. 

It was gathered that, to further strengthen the nation’s economy, the CBN increased monthly foreign remittances to $1 billion by establishing new operational guidelines for Bureau de Change operators.

“According to Governor Cardoso, the reforms have started to yield positive results, including marked improvements in the FX market and a stabilization of foreign reserves, which have now surpassed the $40 billion mark, the highest in 33 months,” the statement read.

“While noting that inflation remains elevated, he said it is on a downward trend, signaling that the reforms are taking hold in restoring market equilibrium and fostering growth,” the statement added.

Additionally, the CBN had raised the Monetary Policy Rate by 850 basis points to 27.25% and also increased the Cash Reserve Ratio for commercial banks to 50%.

It was gathered that the previous administration had created arbitrage opportunities and discouraged foreign investment. 

In a way to correct these issues, the present administration has streamlined Nigeria’s foreign exchange system and eliminated multiple exchange rates to reduce delays in foreign exchange settlements and prevent revenue losses that had reached 6.2 trillion Naira in 2022. 

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Banking Sector

NDIC Issues Fresh Directives to Unpaid Heritage Bank Customers, List Requirements for Refund

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The Nigeria Deposit Insurance Corporation (NDIC) has issued fresh directives to customers of the defunct Heritage Bank who are yet to receive the refund of their money deposited in the bank.

The managing director of NDIC, Bello Hassan, through the director of communications and public affairs, Nuhu Bashir, issued the fresh directive during the corporation’s ‘special day’ event at the 36th Lagos International Trade Fair.

Urging unpaid customers to come forward, Hassan said that the requirements needed to claim a refund include the customer’s BVN, proof of account ownership, and alternative account details.

He detailed that affected customers can process their claims via the NDIC website, email, and social media platforms.

Highlighting the corporation’s role in liquidating Heritage Bank and facilitating the ongoing recovery and refund of depositors’ funds, Hassan stated, “Depositors who are yet to receive their payment should come forward with their BVN, proof of account ownership, identification, and alternative account details.”

NDIC reaffirmed its commitment to protecting depositors and ensuring financial stability.

“Our mandate is to safeguard depositors and ensure financial stability,” he stated.

Hassan assured customers that banks that are still in operation are safe saying, “All banks with active licenses from the CBN are safe and healthy,” Hassan said.

He pledged the corporation’s commitment to providing a safe and stable financial environment for Nigerians.

According to him, a stable financial environment will boost public confidence in financial institutions and enable businesses to thrive.

He stated, “The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development.”

Gabriel Idahosa, the president of the Lagos Chamber of Commerce and Industry (LCCI) praised the NDIC for its vigilant monitoring of banks and its proactive intervention in distressed institutions.

Idahosa said, “The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector.

“These ensure that banks can continue to serve businesses and individuals even in uncertain economic times.

“Its unwavering commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.”

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Banking Sector

Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank - Investors King

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

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