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FG paid $700m on debt servicing, Edun tells Senate

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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.

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“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.”

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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.

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“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.

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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”

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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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The Top Five Strongest Currencies In The World (+Photos)

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By Ojomah Austin.

Currencies are one of the most important factors in the global economy and play a large role in determining trade agreements, as well as representing the strength and stability of varying nations.

There are over 180 currencies recognised worldwide by the United Nations as legal tender, all with varying strengths. The strongest currency globally doesn’t owe its value to its popularity or usage, but rather to its purchasing power.

Express.co.uk has looked into the strongest currencies of 2024 – and found that neither the British pound nor the US dollar top the list.

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British Pound Currency Note (GBP)

5. British pound

The British pound comes in at fifth on the strongest currency list. First introduced in the 1400s and decimalised in 1971, the independent, free-floating currency is very strong.

The Gibraltar pound, which is ‘pegged’ to the British pound, also comes in at number 5, with the British territory introducing its currency in the 1920s.

Jordanian dinar Currency Note

4. Jordanian dinar

The Jordanian dinar is the fourth strongest currency in the world, with one dinar being valued at 1.07 Pound sterling, and £1 being worth 0.94 Jordanian Dinar.

The dinar entered circulation in Jordan in the 1950s. The land-locked country in the Middle East has an economy largely dependent on oil and gas exports, but also tourism, banking and pharmaceutical sectors.

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Omani Rial Currency Note

3. Omani rial

Largely dependent on oil reserves, Oman’s prosperous economy has led to the nation having one of the world’s strongest currencies. The rial was introduced in Oman, which lies on the southeastern coast of the Arabian peninsula, in the 1970s.

One rial is worth 1.97 Pound sterling, and £1 is worth 0.51 Omani Rial.

Bahraini Dinar Currency Note

2. Bahraini Dinar

Another Middle-Eastern currency tops the charts, with the Bahraini Dinar being the second strongest currency in the world. The diversified economy of Bahrain contributes to its currency’s success, with strong oil, gas, finance and tourism industries.

The dinar was introduced in 1965, with 1 dinar being worth 2.01 Pound sterling, and £1 being worth 0.50 Bahraini Dinar.

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Kuwaiti Dinar Currency Note

1. Kuwaiti Dinar

The strongest currency in the world is the Kuwaiti dinar. One dinar is equal to 2.48 Pound sterling, and £1 is equal to 0.40 Kuwaiti Dinar.

Kuwait, which is a country in the Middle East, introduced the dinar in 1961. The nation’s lucrative oil reserves can attest to its currency’s considerable economic strength, which lies in the Persian Gulf.

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FG shuts Eko Bridge, ramps for 8-week repairs

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The Federal Government has shut down the Eko Bridge and Ramps for eight weeks for essential asphalt resurfacing.

The Federal Controller of Works, Lagos, Mrs Olukorede Kesha, made this known in a statement on Saturday in Lagos.

Kesha said the Federal Ministry of Works plans essential asphalt resurfacing work on Eko Bridge and Ramps for eight weeks effective from Friday, September 20, by 7.00 a.m, through November 20.

According to her, due to the closure, there will be detours and alternate routes for drivers.

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Providing information on how to navigate the area during the closure, she said motorists going to the Island from Funsho Williams Avenue, should use the service lane at Alaka to connect Costain and access Eko Bridge.

“The closure will be full at some sections of the bridge and partial at other sections.

“This critical project aims to improve road safety and enhance the driving experience of motorists.

“The work involves milling of the existing asphalt and relaying new asphalt on the bridge and Ramps. This will address wear and tear and ensure a smoother, safer roadway,” she added.

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‘Fraudster’ Arrested After Murder Attempt  On Hookup Girl In Abuja

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By Ojomah Austin.

 

A 30-year-old internet fraudster, known locally as a “Yahoo Boy,” have been apprehended while attempting to rob and potentially kill a hookup girl at an Abuja hotel, has confessed to luring and robbing four other victims he met through dating sites before being caught by a team from the Nigeria Security and Civil Defence Corps (NSCDC).

The suspect, Joseph Efe, who hails from Edo and Ondo States, was arrested at Top View Hotel in Wuse Zone 5, Abuja, as he attempted to flee after allegedly leaving his victim tied up in the hotel room.

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FCT Commandant of the NSCDC, Olusola Odumosu, who paraded the suspect noted that Efe was apprehended following the officers’ keen observation.

“When he came out of the hotel premises allegedly to meet his accomplice, our officers noticed something was off and stopped him. He tried to escape, but we pursued and apprehended him, and on returning to the hotel, we found a young woman, Olivia Ijeoma Chukwuemeka, bound and gagged,” Odumosu explained.

According to the Commandant, Efe targeted women through dating platforms like Badoo, Tinder, and Insta Love, luring them to hotels with the intention of robbing them.

He met his latest victim, Olivia Ijeoma Chukwuemeka on a dating site – “Coded Runs” before luring her into the said hotel. ‘

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Odumosu revealed that after conducting a thorough investigation, it was revealed that Efe had arrived in Abuja from Lagos on Tuesday, September 17, and had already victimised another woman at a different hotel, FAB, by Top Rank Hotel, adjacent Old Federal Secretariat, Area 1, where he managed to escape due to inadequate security.

Sadly, rather than retreat upon his escape, the adamant suspect then proceeded to Top View Hotel, checked in by 2:30am on Wednesday, September 18, 2024, where he invited his latest victim who arrived at 9am with a promise to pay her a N100,000.

Odumosu who urged hotel owners to prioritise the safety of their guests and to be vigilant against criminal activities occurring on their premises, emphasised that the NSCDC operates with professionalism and does not condone the release of unverified information to the media.

He emphasied that the video circulating on social media regarding the incident was not recorded or released by his team, which he described as highly professional.

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“We are committed to performing our duties with diligence before taking any necessary steps to prosecute or transfer a suspect to the appropriate agency,” he stated.

According to him, the incident serves as a stark reminder of the dangers associated with online dating, highlighting the importance of caution and awareness among users.

The victim, a beautician from Enugu, shared her harrowing experience, stating, “He used my clothes, a cellotape and a pillowcase to tie me up and threatened to kill me with a poisonous injection if I didn’t comply.”

She recalled how he confiscated her Android phone and demanded access to her Opay mobile banking app. “He

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was contemplating what to do next when, thankfully, I was rescued.”

In a separate case, the Commandant also presented another suspect, Usman Ibrahim, who was arrested for vandalising armored cables from a transformer at the Nigeria Atomic Energy Commission’s Nuclear Technology Centre in Sheda Village, Abuja.

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