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February 7, 2024 Nigeria Was On The Road To Economic Disaster Before May 29 – Edun

Nigeria Was On The Road To Economic Disaster Before May 29 – Edun

The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, has said he believes the country is on the path to recovery, saying Nigeria was heading to economic disaster before President Bola Tinubu assumed office in May 2023.

Edun disclosed this when he appeared before the House of Representatives on the second edition of its sectorial debates and dialogue as part of its periodic policy brief series.

Key financial sector stakeholders include the Minister of Budget and Planning, Atiku Bagudu; the Governor of the Central Bank of Nigeria, Olayemi Cardoso; and the Chairman of the Federal Inland Revenue, FIRS, Zacch Adedeji.

Edun hinted at the wasteful and unsustainable way the country’s economy was run before the current administration.

The finance minister assured Nigerians of the president’s resolve to improve the state of the economy, even as he acknowledged the challenges that Nigerians are going through.

In his remarks, the CBN governor addressed the rising cost of living.

July 3, 2023 Ex-Minister Of Finance, Zainab Ahmed Lands World Bank Job

Ex-Minister Of Finance, Zainab Ahmed Lands World Bank Job

Mrs. Zainab Ahmed, the former Minister of Finance, has secured a role as an Alternate Executive Director at the World Bank.

Assuming all goes as planned, she will commence her duties at the bank's headquarters in Washington on July 10.

However, there have been allegations from certain quarters suggesting that the former minister did not follow proper procedures in her appointment.

According to an online publication, sources in Washington claim that Mrs. Ahmed bypassed the appointment protocols by nominating herself. The report further states that the World Bank had requested nominations for three economists for an AED position several months prior to the end of President Muhammadu Buhari's administration, but the minister kept the letter to herself.

It has also been alleged that Mrs. Ahmed neither obtained President Buhari's approval for her self-nomination nor the approval of the new President, Sen. Bola Tinubu.

Nevertheless, a reliable source within the federal government, familiar with the World Bank system, informed Vanguard that Mrs. Ahmed did nothing wrong in her appointment.

The source explained, "It's impossible for her to nominate herself, and she didn't. She was validly nominated by the Ministry (of Finance), and President Buhari approved her nomination before he left."

The source further emphasized that such nominations are routine, citing the example of a former Director-General of the Budget Office who was nominated at the end of the Jonathan administration to serve as an Executive Director at the African Development Bank.

The source clarified that the AED position is typically filled by former Ministers of Finance (Governors of the World Bank) or Permanent Secretaries in the Federal Ministries of Finance (Alternate Governors of the World Bank).

It is intended for individuals knowledgeable about development policy issues, the transfer of resources to developing countries, and familiar with World Bank Executive Board matters.

The source concluded by stating that the AED position is not suited for theoretical economists lacking experience working with the Ministry of Finance in sovereign member countries.

December 16, 2022 We’ve Recovered Over N30bn From Suspended Accountant-General – EFCC

We’ve Recovered Over N30bn From Suspended Accountant-General – EFCC

The Economic and Financial Crimes Commission (EFCC) has disclosed that it has recovered over 30 billion naira out of the 109 billion naira allegedly siphoned by the suspended Accountant-General of the Federation, Idris Ahmed.

Chairman of the Commission, Abdulrasheed Bawa, stated this today while appearing at the Ministerial Media Briefing organised by the Presidential Communications Team at the Presidential Villa, Abuja.

It would be recalled that Idris was arrested by the EFCC on May 16, 2022, in connection with a series of frauds that was initially thought to be 84 billion naira. He was suspended three days later by the Minister of Finance, Zainab Ahmed, to enable him face probe.

Also, the anti-graft commission said it recovered over 134 billion naira in monetary funds from 1st January to 31st October, 2022 as well as other non-monetary assets, noting that the funds will be used to provide critical infrastructure in the country,

The EFCC boss also said apart from automobiles being auctioned by the agency, over 160 apartments will equally be auctioned whilst urging Nigerians to work with security agencies to curb the menace of cyber-crime.

He further noted that as at 9th December 2022, the Commission has secured over 3,615 convictions.

December 15, 2022 Whistle Blower Policy: FEC Approves 2022 Draft, Says Response Has Lost Momentum

Whistle Blower Policy: FEC Approves 2022 Draft, Says Response Has Lost Momentum

The Federal Executive Council (FEC) has reviewed and approved the 2022 draft whistle blower bill to strengthen the fight against corruption and protect whistle blowers who provide information used by the government.

Minister of finance, Zainab Ahmed disclosed this after the FEC meeting chaired by the Vice President, Professor Yemi Osinbajo.

She also stated that the review became imperative because the Whistle blower policy response has become weak.

She also spoke about the effect of the redesigned naira notes on the economy.

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