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November 28, 2023

November 28, 2023 IFMNEWS

Reps Probe Mismanagement Of Covid-19 Funds

The House of Representatives Committee on Public Accounts has kicked off a full-scale probe into the alleged mismanagement of the COVID-19 intervention funds by government ministries, departments, and agencies (MDAs).

It would be recalled that last month, a member of the House, Nyampa Zakari, moved a motion for the probe of MDAs, accusing them of mismanaging funds totalling 183.9 billion naira meant to address the COVID-19 pandemic from 2020 to 2023.

Addressing the opening session, the Committee Chairman, Bamidele Salam, warned MDAs that the Committee would not listen to pleas for an extension of time, adding that the Committee is not after any individual or groups and will be diligent in carrying out its assignment.

This is just as the lawmaker charged the Office of the Accountant-General of the Federation to make relevant and competent personnel available to assist the committee in delivering its assignment.

Some of the MDAs that appeared before the Committee were Abubakar Tafawa Balewa University Teaching Hospital, Bauchi; the Federal Ministry of Communication, Innovation, and Digital Economy; the Federal Ministry of Agriculture and Food Security; the Federal Ministry of Water Resources; and the Federal Road Maintenance Agency, among others.

November 28, 2023

November 28, 2023November 28, 2023 IFMNEWS

Tinubu Names Akinyelure NNPC Chair, Reappoints Kyari CEO

President Bola Tinubu has retained Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) and appointed Pius Akinyelure as the Non-Executive Board Chairman of the organisation.

In a statement, Presidential Spokesperson Ajuri Ngelale said the duo is part of the new board and management of the NNPCL.

Ngelale stated that their appointment, which complies with Section 59(2) of the Petroleum Industry Act, 2021, takes effect on December 1, 2023.

Apart from Kyari and Akinyelure, other members of the board and management include Umar Isa Ajiya (Chief Financial Officer), Ledum Mitee (Non-Executive Director), and Musa Tumsa (Non-Executive Director), among others.

President Tinubu also approved the appointment of Okokon Ekanem Udo as the Permanent Secretary for the Federal Ministry of Finance and Ambassador Gabriel Aduda for the Ministry of Petroleum Resources.

Callers on our breakfast talk show, The Big Story, commented on the re-appointment of Kyari by the President.

November 28, 2023

November 28, 2023November 28, 2023 IFMNEWS

Ondo Lawmakers Meet Today, May Declare Aiyedatiwa Acting Governor

Following the peace meeting with President Bola Tinubu in Abuja last Friday, members of the Ondo State House of Assembly are scheduled to convene today (Tuesday) to address the political situation in the state.

A reliable source within the Assembly revealed that a significant item on today's plenary agenda is the deliberation on whether to declare the state deputy governor, Lucky Aiyedatiwa, as the acting governor due to the prolonged absence of Governor Rotimi Akeredolu.

"The House plans to sit tomorrow (Tuesday), and Aiyedatiwa may be declared acting governor during the sitting. This is part of the outcome of the meeting with President Tinubu," stated the source.

When contacted for confirmation, the Speaker of the House, Olamide Oladiji, mentioned that he was currently in a meeting. "I will let you know whether the meeting will be held tomorrow because we are at a meeting now; after the meeting, I will let you know," the speaker remarked.

As of the time of filing this report, there was no update from the Speaker.

It was reported that President Tinubu met last Friday with the leadership of the Assembly and the ruling All Progressives Congress in Ondo State, Abuja, to address the protracted political crisis.

Following the meeting with Tinubu, the Assembly announced that it had abandoned the move to impeach the deputy governor over alleged gross misconduct. Aiyedatiwa also expressed his commitment to moving past past events and ensuring collaboration with all stakeholders.

The rift between Akeredolu and his deputy emerged after the governor's return from an extended medical vacation in Germany. The Assembly's attempt to impeach the deputy governor had led to divisions among the lawmakers.

All parties in the Friday meeting reportedly agreed to maintain the status quo, with Akeredolu remaining the governor, Aiyedatiwa as the deputy governor, and a resolution against impeachment.

November 28, 2023

November 28, 2023 IFMNEWS

President Tinubu To Unveils Budget On Wednesday As FEC Approves $1 Billion Loan

President Bola Tinubu is set to unveil the 2024 Appropriation Bill before a joint session of the National Assembly this Wednesday.

The development follows the Federal Executive Council's approval of the 2024 Appropriation Bill on Monday, which now stands at N27.5 trillion, marking an increase from the initial N26.01 trillion under consideration.

Minister of Budget and Economic Planning, Abubakar Bagudu, shared this information with State House correspondents after the conclusion of the weekly FEC meeting, presided over by President Tinubu at the Aso Rock Villa in Abuja. Bagudu revealed that the Federal Government anticipates a revenue projection of N18 trillion for the 2024 fiscal year. He assured that further details of the appropriation bill would be disclosed during the President's presentation to the National Assembly.

The minister also highlighted ongoing reviews of the Medium-Term Expenditure Framework by the Council. He stated, "Equally, the Federal Executive Council approved the 2024 Appropriation Bill and the presentation of such to the National Assembly by His Excellency, Mr. President." The revised bill reflects an aggregate expenditure of N27.5 trillion, a significant increase from the previous estimate, incorporating the old reference prices.

Bagudu went on to share specifics, saying, "The forecast revenue is now N18.32 trillion, which is higher than the 2023 revenues, including that provided in the two supplementary budgets." He emphasized that the deficit is lower than that of 2023, and further details of the "Renewed Hope Budget" would be unveiled by President Tinubu during the presentation to the National Assembly.

In addition to these updates, the minister announced adjustments to the MTEF benchmarks by FEC. "Today, the Federal Executive Council further revised the Medium-Term Expenditure and Fiscal Policy Framework," he said. Notably, the exchange rate was revised from N750 to $1, and the benchmark crude oil reference price increased to $77.96, representing a $4 increment from the previous approval.

Bagudu stressed that these changes significantly boost government revenue to support key priority areas, including health, education, infrastructure, security, and other developmental initiatives.

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