Little or No Alternative to Nigeria Borrowing; Past Govt Left Empty Treasury, Osoba

Former Ogun State Governor, Olusegun Osoba, stated in an interview that there is little or no alternative to Nigeria borrowing, attributing it to the empty treasury left by the previous administration.

He emphasized the necessity of borrowing for now to fill the financial gap but added that it doesn’t mean the culture of borrowing will continue indefinitely.

Osoba also mentioned that President Bola Tinubu is preparing a document to encourage Nigerians to bring out hidden funds currently out of the banking system.

He justified the delay in Tinubu’s visit to Plateau State, emphasizing the need for a well-organized, broad-based policy to address intercommunal conflicts.

Osoba acknowledged the expected hardship due to subsidy removal but stated that it was necessary for the government to abide by the law.

The Federal Government has initiated the deployment of food and non-food relief materials to communities affected by the Christmas Eve attacks in Plateau State.

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, is coordinating the humanitarian responses and has conducted an on-the-spot assessment in the affected area.

The relief materials, including food items and non-food items, are part of the government’s efforts to address the immediate needs of the victims.

The minister emphasized President Bola Tinubu’s commitment to providing lasting solutions in terms of security and resettlement for the affected residents.

The government will collaborate with the military and the Plateau State Government for the distribution of the relief materials.

The Nigerian Meteorological Agency (NiMET) has forecasted sunny and hazy weather for the North and North Central states of Nigeria starting from Wednesday, January 3, 2024.

The agency also warned of cloudy and hazy weather with slim chances of isolated thunderstorms over coastal cities like Delta, Bayelsa, and Rivers states during the afternoon and evening.

NiMet advised airline operators to obtain updated weather reports for effective planning of their operations. Additionally, individuals with asthma and respiratory issues were cautioned to be careful about the weather conditions.

The report mentioned a slight dust haze expected over inland areas of the South during the forecast period.

The detailed three-day climate forecast includes sunny and hazy conditions over the North and North Central regions, with slim prospects of isolated thunderstorms over specific states in the South. NiMet emphasized the suspension of dust particles in the air, urging the public to take necessary precautions.

The Economic and Financial Crimes Commission (EFCC) has arrested and detained Halima Shehu, the National Co-ordinator and Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), in connection with the ongoing probe into the alleged N37,170,855,753.44 money laundering case within the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, under former Minister Sadiya Umar-Farouk.

EFCC operatives reportedly stormed NSIPA’s office in the Federal Secretariat, Federal Capital Territory, on Tuesday at 9 am, taking Shehu to the EFCC headquarters in Jabi, Abuja. As of the latest report, she remains in detention and is being interrogated.

Anonymous senior officers from the anti-graft agency disclosed that Shehu, former National Coordinator of the Conditional Cash Transfer Programme under the Ministry, was implicated in the alleged fraud. She is being questioned over funds that allegedly left the ministry’s coffers during her tenure.

President Bola Tinubu suspended Halima Shehu from office on Tuesday. Former Minister Sadiya Umar-Farouk is also expected to appear before the EFCC today (Wednesday) for questioning regarding the N37.1bn money laundering case. The investigation revolves around funds allegedly laundered during her tenure through a contractor, James Okwete.

Umar-Farouk was asked to report for an interview at the EFCC Headquarters in Jabi, Abuja, in connection with the money laundering case, according to a document seen by our correspondent. The document cites the Economic and Financial Crimes Commission (Establishment) Act 2004 and the Money Laundering (Prohibition) Act, 2011, as the basis for the request. The scheduled interview is set for Wednesday, January 3, 2024, at 10:00 am.

In a bid to achieve cost-saving measures, the Federal Government has excluded 26 professional bodies and councils of agencies from its budgetary allocations for the year 2024. The decision aims to target savings amounting to N27.72 billion, as outlined in a document published on the website of the Budget Office of the Federation.

The Director-General of the Budget Office of the Federation, Ben Akabueze, had previously announced the discontinuation of budgetary allocations to professional bodies and councils, effective December 31, 2023. This policy is now being implemented in the 2024 budget, underscoring the government’s commitment to fiscal responsibility.

A letter dated June 26, 2023, addressed to the Registrar of the Nigerian Council of Food Science and Technology, conveyed the formal communication of this decision. This strategic move is part of broader efforts to streamline budgetary allocations, enhancing financial discipline across government agencies.

The excluded professional bodies are now considered self-funded organizations, responsible for covering all personnel, overhead, and capital expenditures. The shift aligns with the recommendations of the Presidential Committee on Salaries, emphasizing greater financial autonomy for these entities.

The suspension of budgetary allocations affects entities across various ministries, including Trade and Investment, Information and Communication, Agriculture and Rural Development, Transport, Mines and Steel, Justice, Works and Housing, as well as Environment. Entities like the Advertising Regulatory Council of Nigeria, the Council for Registered Engineers of Nigeria, the Nursing and Midwifery Council, and the Optometrist and Dispensing Opticians Board of Nigeria will need to explore alternative revenue streams such as registration fees, licensing fees, renewal fees, examination fees, and membership fees for funding.

This transition signifies a significant shift towards financial self-sufficiency for the affected organizations, marking a new era in their funding dynamics.