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FG paid $700m on debt servicing, Edun tells Senate
The Senate on Wednesday urged the Federal Government to intensify efforts in funding the capital components of the three national budgets running concurrently in the country.
The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola gave the task when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein, appeared before the panel over the budgets’ performances.
Adeola lamented the poor funding of the capital components of the budgets and urged Edun to improve on it.
Adeola said, “It is the capital component of the budgets that will showcase this government largely in terms of performances.
“The capital components tend to showcase various projects that will be executed by this government and people can say the government is doing this, it’s doing that.
“That is why we are emphasising the performance of the 2024 capital component of the project.”
Adeola added that “the N1.84 billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.
“I would want you to please look towards this direction. And I want you to do more engagement with the Ministries, Departments and Agencies of the government.”
Adeola urged the Minister to engage more with the MDAs because most of them were not aware of the current arrangement regarding the funding of capital projects.
The Senate panel chairman also hinted at plans by the red chamber to organise a public hearing on the Nigerian National Petroleum Company Limited which stakeholders in the oil and gas sector would be invited including the Finance Minister.
Adeola nevertheless commended the Minister for achieving 100 per cent funding for the 2023 supplementary budgets.
He said, “We did the supplementary budget, which we have achieved 100% release, which is highly commendable.
“It will not be out of place for you to have a periodic report on the implementation level of these agencies so that at least you can be guided on why transiting to the new method of payment as you can be guided.
“As for the main 2023 budget, we are lagging by over 50 something per cent, I also strongly believe that we should work around the clock.”
The Finance Minister told the senators that the FG had made progress in its ongoing forensic investigation into the N30tn Ways and Means.
He also said that the take-off of the electric and Compressed Natural Gas vehicles has been held up by a spike in freight costs.
Edun pledged that his ministry would intensify efforts in monitoring the revenue-generating agencies, adding that the debt service is up to date.
Edun said, “The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs.
“It’s just the ingenuity of one of the young men that is in that business that when I’ve got a bulk carrier that has a lower freight cost. Otherwise, the trade cost per bus became daunting and it made people just hold up to see whether this procurement was profitable for them.”
On debt payments, he said, “We have paid $700m in debt services for 420 national development agencies and others”
Speaking on the Ways and Means, “We are also interrogating the N22.7tn that we met on the ground. We instituted a forensic audit to see the impact.
“We are also interrogating the revenues that are due to us from everybody because we need to. The view of the fact that ways and means are going down rather than up, so we are servicing all the debts.”
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Mahama’s inauguration: Ghanaian police IG controls traffic
Being a typically busy day in Accra, due to the inauguration of the President-Elect, John Dramani Mahama, and his vice, Prof Naana Jane Opoku-Agyemang, the traffic situation especially around the Independence Square is expected to be challenging.
And, although he had already deployed many police personnel to the grounds of the inauguration to ensure security, law, and order, the Inspector General of Police, Dr. George Akuffo Dampare, was forced at a point to help in the work itself.
In images shared by Daily Graphic on Facebook, the IGP was captured directing traffic at a certain part of the city.
This is believed to have happened as he headed to the Black Star Square to join other invited guests and dignitaries for the inauguration of John Mahama as the president of Ghana.
“The IGP stepped out of his car en route to the inauguration grounds to direct traffic,” the caption of the post on Facebook said.
The momentous and historic occasion has drawn significant attention both domestically and internationally.
It is expected to be attended by 21 Heads of State, alongside three vice presidents, four ministers, and 24 envoys.
According to a statement from the Ministry of Information, the swearing-in ceremony will also feature a number of dignitaries from across the world, including 21 Heads of State from Africa and beyond.
Other dignitaries from across all sectors of the economy, including foreign leaders and security service personnel are also in attendance.
Source: www.ghanaweb.com
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ICPC drags El-rufai’s ex-Chief of Staff to court over alleged money laundering
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has charged former Chief of Staff, to former Governor Nasir El-Rufa’i of Kaduna State, Alhaji Muhammad Bashir Saidu, to the Federal High Court.
Saidu who was also a one-time Commissioner of Finance in Kaduna State during the El Rufai’s administration, was charged along with one Ibrahim Muktar, ‘’a public officer in the employment of Ministry of Finance,’’ on Tuesday.
According to charge No FHC/KD/IC/2025, the defendants are being accused of a two-count charges of Money Laundering, contrary to earlier claim that Alhaji Muhammad Bashir Saidu had been exonerated of all charges after 10 months of investigation.
The court document stated that sometime in March 2022 or thereabouts, Alhaji Muhammad Bashir Saidu, who at that time Commissioner of Finance, ‘’did accept cash payment of the sum of N155,000,000.00 from one Ibrahim Muktar exceeding the amount authorised by law, which sum you received in cash through proxy to wit: Muazu Abdu, your Special Assistant and you thereby committed an offence contrary to Section2(a) and punishable under the Section 19(d) of the Money Laundering(Prevention and Prohibition) Act, 2022.’’
The ICPC also alleged that in the same March 2022 or thereabouts, Bashir Saidu ‘’indirectly took control of the sum of N155, 000,000.00 received in cash for and on behalf of you by one Muazu Abdul from Ibrahim Muktar, which fund you reasonably ought to have known formed part of the proceeds of an unlawful activity to wit: corruption and you hereby committed an offence contrary to section 18(2)(d) and punishable under Section 18(3) of the Money Laundering(Prevention and Prohibition) Act, 2022.’’
Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022 states that ‘’any person who contravenes the provisions of subsection(2) is liable on conviction to imprisonment for a term of not less than four years but not more than fourteen years or a fine not less than five times the value of the proceeds of the crime or both.’’
The charge which was signed by the Assistant Chief Legal Officer of ICPC, Dr Osuobeni Ekoi Akponimisingha, was filed on Tuesday, January 7, 2025 at the Federal High Court of Nigeria, Holden in Kaduna.
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Enugu State Government System Hacked, Over N1 Billion Stolen — Police reveals
Police authorities on Tuesday, revealed how a cyber criminal hacked into the system of the Enugu State Government and stole the whooping sum of N1,097,700,300 from its coffers.
The police said it took the swift intervention of the operatives of its departments, National Cybercrime Centre (NPF-NCCC), to trace the hacker and recover the stolen money.
The spokesman of the Force, Mr. Olumuyiwa Adejobi, who disclosed this to newsmen in Abuja during a press briefing, gave the name of the suspected hacker as Onuma Osita.
The police image maker told newsmen that the hacker had already been taken into custody while the funds estimated to be $754,977 had been recovered and returned to the state government purse.
Adejobi said, “NPF-NCCC investigated a report by the Enugu State Government against one Onuma Osita who defrauded the Enugu State Government of over N1bn in a procurement fraud.
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