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Reps Probe MOFI For Unauthorised Expenditure

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By Gloria Ikibah 
 
The House of Representatives has quizzed the Ministry of Finance Incorporated (MOFI) for using money from the budget for its operation without authorization.
 
Chairman House Committee on Public Assets, Rep. Ademorin Kuye, expressed displeasure as the Managing Director, Dr Armstrong Takang, failed to appeared before it to give account of their activities.
 
The Committee was not satisfied on the efforts to shore up the revenue of government as MOFI failed to live up to expectations.
 
The lawmakers criticized the agency for reckless expenditure without improving government revenue.
 
Takang had in his presentation told the Committee they took money from the budget.
 
The Chairman queried, “In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office?”
 
Rep. Kuye said the agency wasted the Commitee’s time as it did not provide any answer to its questions.
 
In his ruling, he directed that the various documents from the agency on the assets it was managing be submitted within seven days.
 
His words, “This is an agency we had high hopes of. What we request of you now is this classes of assets, including shares of publicly traded entities, limited liability entities and foreign based and other businesses. A list of these assets home and abroad. Improvements that you have made thereupon and how it has helped the GDP.
 
“Another class is assets is the financial assets, which includes public and private equities investments, fixed income and hedge funds, the fixed assets includes the real estates. We need you to give us a list of those estates.
 
“We would like to have the value of each if these real assets, revenue made through them for the past ten years and the contributions they have made to the GDP.
 
“Another class is the cash flow generating transactions such as the concession agreement and the public private partnerships. We want a list of those concessions under your care and tell us the revenue with evidence from such concessions.
 
“The last class of assets are the minerals and the intangible assets, which includes the hydrocarbon. We want to know the extent of your investments in them and what has come to Nigeria as a result of those investments.
 
“According to the record that you furnished us with you said 80 percent of whatever you get are put into new investments fund and then you put them into identified sectors including manufacturing, digital services and agriculture. 
 
“We want you to furnish the committee is real time what the specific amount and where did it go? Whether it was into manufacturing or into digital services or into agriculture.
 
“According to you, you have a list of of 52 companies in your portfolio, with an estimated 18 trillion naira value. and over 15, 000 employees according to your records which make you a major driver of our economy.
 
“We want a list of those companies, your employees and how much you have recouped for Nigeria from such investments.
 
“Since inception and since your appointment, we want to know how many titled documents you have been able to obtain for our assets and how many you have been able to protect from further encroachment.
 
“You said part of your of your mission is to invest with intent of preserving your socioeconomic value through catalysing growth. In your report we would like you to refer us to the section of the law where you are permitted to take money from the budget. How you have been getting funded since you came into office
 
“Lastly we would like to know how much has been voted for MOFI in the last five years and for what purpose you spent those money. You wasted the time of Nigerians
 
“We would give MOFI seven days to furnish the committee with those documents after which we would fix another date for hearing because so far MOFI has just wasted our whole time for today. MOFI has just wasted the time of Nigerians, taxpayers money and time today and we must not allow that to happen again”, the chairman stated.
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US cancels ex- president ,Nobel Peace Prize winner Oscar Arias visa

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A former president of Costa Rica, Oscar Arias, says his US visa has been revoked.

Arias, a Nobel laureate, said he was informed of the decision weeks after he had publicly criticised Donald Trump, comparing the behaviour of the US president to that of a Roman emperor.

The 84-year-old, who was awarded the Nobel Peace Prize for his role in brokering an end to conflicts in Central America, said US authorities had given no explanation.

Arias hinted, however, that it may be due to his rapprochement with China during the time he was president from 2006 to 2010.

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Speaking at a news conference in the Costa Rican capital, San José, Arias said he had “no idea” what the reason for the cancellation was.

He said he had received a “terse” email “of a few lines” from the US government informing him of the decision.

He added that he thought that it was not President Trump but the US State Department, which had taken the decision.

While he said it would be conjecture on his part to speculate about the reason behind the visa revocation, he did point out that “I established diplomatic relations with China.

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“That, of course, is known throughout the world,” he told journalists of his 2007 decision to cut ties with Taiwan and establish them with China instead.

The Trump administration has sought to oppose China’s influence in the Western hemisphere and has accused a number of Central American governments of cosying up to the Chinese government and Chinese companies.

However, it has been supportive of the current Costa Rican President, Rodrigo Chaves, praising his decision to exclude Chinese firms from participating in the development of 5G in Costa Rica.

But this perceived closeness between President Chaves and the US was criticised by Arias, who wrote a post on social media in February saying that “it has never been easy for a small country to disagree with the US government, less so when its president behaves like a Roman emperor, telling the rest of the world what to do”.

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He added that “during my governments, Costa Rica never received orders from Washington as if we were a banana republic.”

Arias is not the only Costa Rican to have had his US visa revoked. Three members of the country’s national assembly who opposed President Chaves’s decree to exclude Chinese companies from participating in the development of 5G have also had theirs cancelled. [BBC]

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Natasha: Kogi PDP hammers Ododo, reiterates unfeigned support for her

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…says state govt’s attempts to silence opposition won’t stand

…calls on IGP to immediately release detained members

Following the desperate, despicable and perfidious attempts by the Kogi state Government to gag, and hound opposition parties through the restrictions on rallies, convoy movements, and similar solidarity activities across the state, Kogi state chapter of the Peoples Democratic Party, (PDP) has roundly criticized, and totally condemned such moves.

Arising from the state Exco meeting, held Tuesday, April 1st, 2025, the PDP, having done proper analysis of the situation, believes that the move is targeted at Senator Natasha Akpoti-Uduaghan.

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This was contained in a statement signed by Alhaji Umoru Tijani Aruwa State Publicity Secretary
Peoples Democratic Party, (PDP) further declaring that:

“Obviously afraid of our highly performing, and resourceful Senator, the state government had to resort to jittery, fearful, and incongrous instructions which are glaring infringement on her fundamental rights to freedom of movement and association.

“The undemocratic actions which have the tone, tenor, and texture of autocratism and despotism was clearly targeted at preventing Kogi state’s (and Nigeria’s) legislative amazon from meeting her constituents who organized the home-coming for her.

“It is highly shameful, preposterous, and cynical that the state government in their failed attempt to silence Akpoti-Uduaghan, effected the arrest of some officials and key personalities of our party in Kogi Central District; days before the event. From reports, many party faithful across the five LGAs that make up the District suffered varied degrees of harassment, intimidation, and coercion. Indeed, there were inglorious, and shameless attempts by alleged agents of the state government to induce some of our party members. But, all these desperate moves failed, comprehensively!

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“Happily, all these tongue-follery attempts, ludicrous activities, and wanton shenanigans failed woefully; as the constituents and supporters, across all political parties thronged out in their numbers to solidarize and re-enact their support for Akpoti-Uduaghan.

” The visit, has once again shown that the people of Kogi Central District are not only with but also identify with her despite attempts to silence her progressive and patriotic voice by few, privileged individuals in the Senate, and collaborators in Kogi state.

“Given the outpouring of love, commendation, and eulogies extended by the people to Akpoti-Uduaghan at the event, irrespective of the numerous bobby-traps and devilish bottlenecks orchestrated by the APC government in Kogi, it clearly shows that the constituents are at home with their daughter. That the tumultuous gathering, which was organic defied all man-made encumbrances to proudly identify with her, and pass resounding confidence-vote on Akpoti-Uduaghan has rubbished every earlier plans by the Kogi state government to put forward wrong narratives about the Senatorial District.

“While we strongly urge the state government to allow the freedom of speech, movement, and association to fully thrive; without let or hate amongst the people of Kogi, we appeal that every dictatorial actions, and totalitarian tendencies that are capable of truncating democratic ethos must be put away by the present administration in the state.

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“As a party, the Kogi state PDP chapter, declares unequivocal support, and stands; firmly without reservations with Senator Akpoti-Uduaghan. We also reiterate that the good people of Kogi state will continue to show utmost solidarity with her, as she forges ahead in her fight against abuse, harassment, intimidation, and segregation.

“The PDP commend the courage, doggedness, and sacrifices of the people of Kogi Central District who defied all odds to attend the home-coming event, and have also remained consistent and resolute in their respective and collective support for Akpoti-Uduaghan. Be assured that we have resolved; as always to stand with you, all.

“Finally, we call on the Inspector-General of Police, the leadership of all relevant security agencies to ensure the immediate release of all our party members that were unlawfully arrested under nebulous, and spurious guises by the state government.

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Just in: Finally, Trump imposes 14% tarriff on Nigeria oil, others

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The United States President Donald Trump has announced sweeping global tariffs on all imports into the country, slamming 14 percent on Nigeria.

According to 2023 data published by Observatory of Economic Complexity (OEC), Nigeria exported $6.29 billion to US.

The main exports were crude Petroleum ($4.73 billion), Petroleum gas ($920 million), and nitrogenous fertilisers ($167 million).

Over the past five years, according to OEC, Nigeria’s exports to the US have increased at an annualised rate of 1.59 percent, from $5.81 billion in 2018 to $6.29 billion in 2023.

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Stocks had closed higher before Trump’s announcement but later buckled under the weight of the new order, disrupting business decisions and raising fears of a global trade war.

Trump said he was optimistic the numbers would improve, maintaining that the decision was critical for America’s restoration as the world’s sole superpower.
After delivering his speech, Trump signed the decision as an executive order.

The executive order imposes a “baseline” 10 percent tariff on all imports as well as individualised reciprocal tariff rates on over 60 countries.
He told foreign leaders “who will soon be calling to ask for exemptions from these tariffs” to drop theirs first.

Parts of the order had different implementation timelines, with some beginning as early as in a few hours.
“Effective at midnight, we will impose a 25-percent tariff on all foreign-made automobiles,” Trump noted.

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The “baseline” 10 percent tariff would start on April 5, while higher rates on various partners would begin on April 9.

According to the US government, Nigeria charges 27 percent tariffs to the US. The report included currency manipulation and trade barriers as contributors to the amount.

In retaliation, Trump imposed a 14 percent retaliatory tariff on Nigeria.
Countries like China and Mexico already grappling with previously imposed tariffs were hit with additional rates.
Here are the country-specific tariff rates:
China –34 percent
India — 26 percent
South Korea — 25 percent
Japan — 24 percent
Taiwan — 32 percent
United Kingdom — 10 percent
Vietnam — 46 percent
Switzerland — 31 percent
Cambodia — 49 percent
South Africa — 30 percent
Indonesia — 32 percent
Brazil — 10 percent
Singapore — 10 percent

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