Recovery
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
Official: Nigerian government to establish central database for forfeited assets
The Federal Government’s inter-ministerial committee on assets disposal said Tuesday that it would create a central database of assets for finally forfeited assets. The chairman of the committee, Dayo Apata, said this during a courtesy visit of the committee to the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja. Mr Apata, who is the Solicitor-General of the Federation and Permanent Secretary, Ministry of Justice, said: “the committee will create a central database of assets that had been forfeited to the Federal Government to ensure the Federal Government gets value for all the forfeited assets”. “Introducing uniform process of assets disposal, and avoiding wastages, so that the Federal Government can have the full benefit of what has been forfeited,” a statem...
Nigerian government gets revenue boost as oil prices near $60
File Photo Nigeria revenue profile may get a further boost in the days ahead as oil prices near $60 per barrel in a move propelled by the Organisation of Petroleum Exporting Countries (OPEC). U.S. West Texas Intermediate crude oil futures rose to their highest levels in nearly a year on Friday with Brent traders zeroing in on the psychological $60 a barrel level on economic revival hopes led by strong compliance with the planned output cuts by OPEC+. Also contributing to the gains were a government report that showed another draw in crude stockpiles, optimism over a speedier U.S. economic recovery on the prospect of additional stimulus from Washington and a successful rollout of the U.S. vaccination program. OPEC+ maintained its oil output policy at a meeting last Wednesday, a sign produce...
NESG: Nigerian economy to beat IMF growth forecast in 2021
The Nigerian Economic Summit Group has predicted a growth rate of 2.9 per cent for the Nigerian economy in 2021, higher than the 1.5 per cent growth rate suggested by the International Monetary Fund. The NESG identified eight key policies and events that will help shape the outlook of Nigerian economy in 2021. This is contained in the group’s 2021 Macroeconomic Outlook Report titled, “Four Priorities for the Nigerian Economy in 2021 and Beyond,” launched virtually on Tuesday. According to the report, for Nigeria’s economy to get back on track, the economy needs a high, robust and sustained economic growth that will deliver a significant reduction in unemployment and poverty. The report said the government’s most important agenda in 2021 must be to address these problems as a foundation for...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’
The Peoples Democratic Party, PDP, has commends United States President Joe Biden for lifting the immigration visa restrictions on regular Nigerians but urged him to impose firm sanctions on leaders of the All Progressives Congress (APC) and officials of the Buhari administration involved in acts of corruption and undermining our nation’s democracy. The post PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’ appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share...
Coronavirus takes toll on federal roads’ construction in Lagos
The ravaging effect of Coronavirus (COVID-19) was, perhaps, the biggest challenge faced by stakeholders in the road sub sector of the construction industry in 2020. As the virus gained ground, several contractors soon abandoned work and shut their operations, consequently, many hitherto gainfully employed Nigerians were thrown into the labour market. Even when the government later introduced partial lockdown measures, the number of workers on site was scaled down by many contractors in line with COVID-19 protocols, which slowed down progress of work. Virtually all road projects in Lagos State suffered the effect of the pandemic, with every project having its own peculiar challenge. The reconstruction of 46km Agbara-Seme section of the Lagos-Badagry Expressway project awarded to CGC Nigeria...
Aston Villa winger Trezeguet tests positive for coronavirus
Mahmoud Hassan ‘Trezeguet’ has tested positive for coronavirus, the Aston Villa star has confirmed. Since his head injury during an English top-flight game where the Claret and Blue Army stuttered to a 2-1 defeat by West Ham United in November 2020, the Egyptian is yet to feature for the Villa Park giants. The 26-year-old went down under the challenge of Declan Rice while trying to connect to Douglas Luiz’s flick in the 71st minute. Upon his return to first-team training at their Bodymoor Health training ground on Thursday, Trezeguet contracted the virus alongside several first-team players and staff. “After being hit in the head with six stitches, I was exposed to a tear and a hindquarter and I was not able to play for a month, then after rehabilitation and the beginning of the return to ...
Coronavirus: Nigeria now at tipping point – PTF
The Federal Government, yesterday, took stock of its response to the COVID-19 pandemic vis-a-vis the attitude of Nigerians to embracing safety precautions, and concluded that the country was now at a tipping point. This came as government announced its decision to establish oxygen plants in all states of the federation as part of measures to resolve the “oxygen crisis” that had engulfed some of the isolation and treatment centres in the country. Meanwhile, Edo State has recorded 28 new cases of coronavirus, bringing the total number of confirmed cases in the state to 270, as the state government cautions residents to abide by the precautionary health and safety guidelines. Vanguard, meanwhile, gathered that former vice-chancellor of the University of Lagos, Prof. Oyewusi Ibidapo-Obe and th...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
Kogi Assembly passes 2021 budget estimate of N130.54 billion into law
The Kogi House of Assembly on Tuesday passed the N130.54 billion Appropriation Bill tagged “Budget of Accelerated Recovery” into law. Newsmen report that the House considered the bill Clause-by-Clause at the “Committee of the Whole” of the House at plenary in Lokoja. Aderonke Aro (APC-Yagba West) and Chairman, House Committee on Finance, Budget Monitoring and Economic Planning, presented the committee’s report for consideration. Aro declared that Ministries, Departments and Agencies (MDAs) with genuine reasons for adjustments in their allocations were taken care of during the defence of their respective budgets. In the budget presented to the House on Dec. 1, Gov. Yahaya Bello of Kogi had said that the budget was indicative of the assessment of the amount the state could generate on its ow...
