Finance

Nigerian officials signed loan documents in Chinese language-Ben Ibakpa, Reps member.

Published

11 months ago

May 15, 2020

GiftUgbede

officials loan Nigerian chinese language

Nigerian officials signed loan documents in Chinese language-Ben Ibakpa, Reps member.

Ben Ibakpa, a member of the house of reps, said Nigerian officials signed loan documents in the Chinese language without looking at the terms properly.

He added that the National Assembly is not being carried along by the federal government when taking loans from China.

The lawmaker who represents Ethiope Federal Constituency said the national assembly will start playing more active roles in the loan procurement process.

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On Tuesday, May 14, Ben Ibakpa, a member of the house of reps made the allegation while appearing as a guest on Channels Television.

The member of the house of reps, Ibakpa said that the loans are obtained via the China Civil Engineering Construction Corporation (CCECC). According to him, the loans are overpriced.

His words: “The National Assembly is kept in the dark in all these loans. The National Assembly is not part of it.”

President Muhammadu Buhari-led administration which campaigned with an anti-corruption mantra to do better, saying corruption is fueled by awarding of contracts. The lawmaker said.

The Senate had resolved to give approval to President Buhari’s request to raise a fresh loan of N850 billion from the domestic capital market to fund projects in the 2020 budget.

On Tuesday, April 28, the request made by President Buhari was read by Ahmad Lawan, the president of the Senate, on the floor of the Senate.

Which after the letter was read, the Senate approved the request made by the President.

The Senate also made mandated its finance and Appropriation Committees to liaise with Zainab Ahmed, the minister of finance, budget and national planning to obtain more information on the loan request.

Related Topics:budget and national planning Ethiope Federal Constituency President Buhari the minister of finance the National Assembly

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Finance

Nigeria Exited Recession Faster Than Expected – World Bank

Published

1 week ago

April 3, 2021

Onyebuchi Aniekeyi

Nigeria Exited Recession Faster Than Expected - World Bank

The World Bank has said Nigeria moved out of last year’s recession faster than expected.

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Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter.

Finance

ICPC cautions Federal hospitals, finance directors against budget-padding

Published

2 weeks ago

March 27, 2021

Onyebuchi Aniekeyi

ICPC cautions Federal hospitals, finance directors against budget-padding

The Chairman of the Independent Corrupt Practices and Other Related Offences Commission ICPC, Prof Bolaji Owasanoye, SAN, has condemned the padding of budget by government officials, warning that the Commission won’t tolerate breach of government financial rules and regulations.

Owasanoye, according to a statement on Friday, by the ICPC spokesperson, Azuka Ogaga, advised the hospitals managements to carry out a proper evaluation of the number of personnel needed and for which services so as not to overshoot the number of non-regular staff required.

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He pointed out that it was an aberration for Federal Medical Centres to have more staff than teaching hospitals and criticised the fraudulent practices associated with outsourcing of services which was prevalent in the hospitals.

He noted that a review of the health sector undertaken by the Commission revealed that funds meant for specific projects in hospitals had been diverted to other unimportant areas.

On internally generated revenue, Owasanoye told the finance directors that agencies which receive allocations from government were expected to pay 100 per cent of their IGRs into the government treasury to avoid abuse.

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Finance

Osinbajo Calls For Coordination Between Govt, MDAs To Promote Economic Diversification

Published

2 weeks ago

March 27, 2021

Onyebuchi Aniekeyi

Osinbajo Calls For Coordination Between Govt, MDAs To Promote Economic Diversification

Vice President, Yemi Osinbajo, has called for synergy between various tiers of government, Ministries, Departments, and Agencies at all levels.

Professor Osinbajo stated this on Friday in a keynote address delivered virtually at the 19th meeting of the National Council on Development Planning themed “National Development Planning in Nigeria: Issues and Challenges”.

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He said the coordination between the government and the MDAs was important to ensure that national plans are inclusive In other to promote high growth and economic diversification.

According to him, Nigeria’s economic plan should be modern and ambitious but yet realistic and flexible enough to absorb shocks and adapt to swiftly changing domestic and international conditions.

He further stressed that these plans must accelerate domestic resource mobilisation and capacity building While noting that the best possible environment for the private sector to invest and operate must be created in other for Nigeria’s economy to thrive