Fund
Official: TETFund spends N120 billion on academic staff training since 2008
Academic Staff from public institutions across the country have so far accessed over N120 billion for training, within and outside Nigeria, from the Tertiary Education Trust Fund (TETFund) since its inception in 2008. The Chairman, Board of Trustees of TETFund, Alhaji Kashim Imam, disclosed this on Wednesday when he led a delegation of the fund to the University of Maiduguri (UNIMAID) on an assessment visit. Imam said for 2021 alone, the fund was investing N25 billion on academic staff training and development. Imam said the team was in the university for a verification visit and to assess the impact of the training programmes, through interaction with management and beneficiaries. He noted that the fund had to suspend the sponsorship of academic staff attending international conferences, ...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
Senate summons insurance firms over failure to remit N17.4 billion pension fund
The Senate Public Accounts Committee, on Monday, summoned NICON Insurance Plc, AIICO Insurance and other insurance companies over alleged failure to remit N17.4 billion fund to Pension Transitional Arrangement Directorate (PTAD). The Executive Secretary of PTAD, Dr Chioma Ejikeme, had told the panel that PTAD took over the assets and liabilities of defunct pension offices without a formal handing over. She said, “On taking over, the Directorate wrote all underwriters to make returns and remit whatever amount is in their custody into a CBN dedicated account. Some of the underwriters responded to the request while some did not. “The bank certificate of balances, accounting statements, 3 years financial statements and policy files requested by the Federal Auditor were not handed over to PTAD ...
IMF, World Bank advocate flexible fiscal support, debt relief
Against the backdrop of a pandemic impacted global and national economies, the International Monetary Fund (IMF) and World Bank have urged fiscal authorities to execute flexible and supportive fiscal policies to support economic recovery and cushion the long-term impact of the pandemic. In a paper that was titled: ‘Tailoring Government Support’, IMF staff said until the pandemic is brought under control, fiscal policy will have to remain flexible and supportive. It advised governments to prioritize certain policy measures that include targeted support to vulnerable households, investment in health system and more focused support to viable firms, warning that if the pandemic persists, widespread corporate insolvencies could result, destroying millions of jobs, particularly in contact-intens...
Court urged to restrain Nigerian government on £4.2 million James Ibori loot
The Federal Government has been sued over its planned use of the £4.2million linked to former Delta State Governor James Ibori. The President, League of Ndokwa Professionals (LNP), Chief Tony Amechi and Legal Adviser, Evans Ufeli, on behalf of the people of Delta State, are challenging the Federal Government’s plan to deploy the funds to projects outside Delta. The Attorney-General of the Federation (AGF), the Federal Executive Council (FEC) and the Minister for Finance are the defendants. In their originating motion, the plaintiffs seek a declaration that the first and second defendants’ decision to deploy the yet to be repatriated sum of £4.2million belonging to Delta State government (when repatriated) for Federal Government’s projects is unconstitutional and repugnant to natural justic...
Namibian president caught in new fishing corruption allegations
Informante The president of Namibia has been implicated in new allegations of corruption involving the country’s lucrative fishing industry by an investigation released by the Organized Crime and Corruption Reporting Project (OCCRP) and The Namibian newspaper. According to a lawyer who allegedly arranged the deal, President Hage Geingob instructed his close associates to embezzle millions of dollars from a state-run fishing enterprise in order to bribe electors at the 2017 congress of the ruling SWAPO (South West Africa People’s Organization) party, reports the new investigation released on Friday. The lawyer, who is not named by the OCCRP, claims that Hage Geingob – elected as President of Namibia in 2014 and re-elected in 2019 – allegedly asked James Hatuikulipi, then chairman of the sta...
Coronavirus: Nigeria gets $15 million grant for safe school reopening
The Federal Ministry of Education says Nigeria has received 15 million dollars response grant from the Global Partnership on Education (GPE) for COVID-19 safe school reopening across the country. Hajia Binta Abdulkadir, Director, Basic and Secondary Education in the ministry, said this on Wednesday in Bauchi, at a Cluster Mobilisation and Sensitisation Meetings on COVID-19 Protocols, Surveillance and Safe School Reopening Readiness. Abdulkadir was represented on the occasion by Mr Achede Owoicho, Deputy Director, Basic and Secondary Education and the Focal person for the GPE. The workshop is initiated with the support of the United Nations Children Education Fund (UNICEF). Abdulkadir noted that through the grants, UNICEF had sent WASH and ICT materials to 16 states for preparation of digit...
LOC: Nigerian government yet to release funds for 20th National Sports Festival
The Federal Government is yet to release the funds it promised Edo for the hosting of the 2020 National Sports Festival (NSF) with less than a week to its commencement. Musa Ebomhiana, a Project Manager in the Media and Communications Sub-Committee of the festival’s Local Organising Committee (LOC), disclosed this on Sunday in Benin. He told newsmen however that, while the Edo State Government still remained hopeful the fund would be released, an early release would be better. “This will ensure smooth planning for the nation’s number one sports fiesta,” he said. Ebomhiana pointed out that the need to have a smooth planning was the reason the state’s Deputy Governor, Philip Shaibu, had last week appealed for the funds’ early release. “We are taking seriously the promise by the Minister of Y...
Nigerian government distributes N20,000 each to 2,900 women in Benue
The Federal Government has disbursed N20,000 each to 2,900 women in Benue to improve their living standards. Mrs Sadiya Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, said this on Saturday in Makurdi during the inauguration of the grant for rural women project. Farouq, represented by the Permanent Secretary, Alhaji Bashir Alkali, said that a cash of N20,000 would also be disbursed to about 125,000 poor women across the 36 states of the federation including the Federal Capital Territory. “Our target in Benue is to disburse the grant to about 2,900 beneficiaries across all local government councils. “The grant is expected to increase income and productive assets of target beneficiaries. “It is our hope that the beneficiaries of this programme will make ...
PIB: Rivers governor supports allocation of 10 per cent oil revenue to host communities
Rivers State Governor, Nyesom Ezenwo Wike, has advocated not less than 10 percent fund allocation to host communities in the Petroleum Industry Bill that is still before the National Assembly. Governor Wike said it is also necessary that the bill state in clear terms what specific development projects that the allocated fund should be spent on, so that development of host communities can be truly actualised. The governor gave the charge when the members of the National Assembly Committee on the Petroleum Industry Bill, visited him at Government House, Port Harcourt, on Thursday. Governor Wike stated that oil bearing communities have suffered the loss of their livelihood, good drinking water and their socio-cultural life disrupted because of the insensitivity of the International Oil compan...
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...
Coronavirus: CBN doubles loan disbursement to N300 billion – bank governor
The Central Bank of Nigeria (CBN) says it plans to double the Targeted Credit Facility (TCF) from the initial N149.21 billion to N300 billion following the resounding success recorded in the disbursement of the Covid-19 loans to the applicants. In his keynote address at the 2nd virtual seminar for Finance Correspondents and Editors at the weekend, the Governor said the Bank took the decision in order to accommodate many more beneficiaries as well as boost consumer expenditure which would positively stimulate the economy. He disclosed that the CBN initially created a N150 billion Targeted Credit Facility (TCF) for affected households and small and medium enterprises through the NIRSAL Microfinance Bank, adding that already, N149.21 billion has been disbursed to 316,869 beneficiaries. “Given...