Poor remuneration as minus for auditors’ integrity

Auditors’ poor remuneration remains a dent as it propels corruption in government agencies. Abdulwahab Isa reports   The major obstacle on Nigeria’s path to economic prosperity is prevalence   of corruption in public sector institutions, ministries, departments and agencies (MDAs) of government. The inglorious padding of budgets, cooking up financial figures and falsifying financial records are still prevalent across MDAs. All measures, devices hatched by government to tackle corruption at MDAs are neutralized by employees reaping from corrupt system.    Recently, the Chairman of the Independent Corrupt Practices and other…

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Nigeria has revenue problem, not debt crisis –Finance Minister

Late budget passage depresses economy – Gbajabiamila   Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday, declared that in spite of Nigeria’s huge external and domestic debt stock, Nigeria does not have a debt crisis, but rather has a revenue generation challenge. Ahmed, who disclosed this in a keynote address at the opening ceremony of the 2020 national budget public hearing organised by the Joint Senate and House of Representatives’ Committees on Appropriation, said it was erroneous to regard the current situation as debt crisis considering the…

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FG requires $3trn to close infrastructure gap -Ahmed

The Nigerian government would have to commit about $3 trillion into   infrastructural investment for the next 30 years to close the infrastructure gap, according to the Minister of Finance, Mrs. Zainab Ahmed. She said that only by such quantum of investment, would Nigeria be able to match the pace of her rapidly growing population, and increase the current infrastructure stock from 30 per cent of the GDP to at least 70 per cent by the year 2043. Speaking yesterday in Abuja at a one-day workshop on Maximizing Finance for…

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Nigeria seeks fresh $2.5bn World Bank loan

Even as concern continues to mount about the country’s rising debt profile, the Federal Government is set to secure an additional $2.5 billion loan from the World Bank. World Bank’s Vice President for Africa, Mr. Hafez Ghanem, told Bloomberg yesterday that the Bank is holding talks with Nigeria over a new tranche of concessionary lending to Africa’s most populous country. Ghanem stated that Nigeria received $2.4 billion from the World Bank in the past year, adding that: “We’re talking about a new set of programmes of about the same amount;…

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NBS: Food prices push inflation up to 11.37%

The Consumer Price Index (CPI), which measures monthly inflation, recorded a slight increase of 0.12 per cent in April settling at 11.37 per cent compared to March figure of 11.25. The National Bureau of Statistics (NBS) in its “CPI and Inflation Report for April’’ released yesterday said the high inflation was caused by increase in prices of some foodstuff. The Bureau, in its monthly inflation bulletin posted on its official website, disclosed that on month-on-month basis, headline index increased by 0.94 per cent in April 2019, which is 0.15 per…

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FAAC kicks over NNPC’s failure to offset NPDC’s $1.7bn debt

The Federation Account Allocation Committee (FAAC) is irked by refusal of the Nigerian National Petroleum Corporation (NNPC) to offset an outstanding sum of $1.7 billion indebted to it by the Nigerian Petroleum Development Company (NPDC), a subsidiary of NNPC. The oil firm, it was learnt, had given commitment to settling the debt, having secured necessary government’s approvals to procure a loan to offset the debt. A FAAC document sighted by New Telegraph over the weekend that captured FAAC members’ position, berated the Nigeria’s oil firm for reneging on payment after…

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N15trn revenue: Why FG couldn’t fund N9trn 2018 budget

•NNPC collected N4.69trn, remitted N1.341trn   •Senate accuses NPA of not remitting N177bn   •Budget based on wrong premise –Analyst     As speculations trail the alleged N15trillion revenue earned by the Federal Government in 2018, it has been disclosed that it was actually a shortfall in expected revenue accruable to government in the 2018 fiscal year that was responsible for its inability to fund its N9.12 trillion budget in the review year.   It will be recalled that a recent post that went viral in the social media indicated…

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Atiku’ll reactivate LG Administration, says Ahmed

The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, will reactivate local government administration if elected in the forthcoming general election. Kwara State Governor, Alh Abdulfatah Ahmed, gave this assurance yesterday at Isanlu Isin in Isin Local Government Area of the state, during the PDP campaign rally in communities across the local government area. The governor said Atiku would give the local governments a new lease of life to enable administrators at that level of governance discharge their responsibilities to the people at the grassroots as he…

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Journalist shot dead in Ghana

Unidentified gunmen shot and killed a Ghanaian investigative Journalist, Ahmed Hussein-Suale, Musa Mohammed a family member said on Thursday. Hussein-Suale had helped to expose a massive corruption scandal, in the Country’s National football leagues. He was killed while driving his car near his home in the Madina neighbourhood of the capital Accra, his cousin Mohammed told dpa. “A few minutes after he left the house, we heard gunshots and when we rushed out, we saw him in his car. “He was shot twice in the chest and once in the…

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FG mulls new tax regimes to fund 2019 budget

Zainab Ahmed

A new set of tax regimes may be introduced next year by the Federal Government to take care of revenue shortfall of N8.3 trillion 2019 budget proposal. Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS), two prominent key government revenue agencies may have portion of their Act amended for better enforcement and compliance, Minister of Finance, Mrs. Zainab Ahmed hinted yesterday in Abuja. The occasion was at the public presentation of Federal Government’s 2019 budget highlight organized by the Ministry of Budget and National Planning. “Our current…

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