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FG Owes NDDC N1.8 Trillion

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The Head, Media and Public Affairs, Niger Delta Development Commission, NDDC, Ibitoye Abosede, on Tuesday said that Federal Government owed NDDC N1.8 trillion since its inception 17 years ago.

Mr. Abosede disclosed this in Uyo at a one-day Media Capacity Building Workshop for members of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Akwa Ibom Council.

He lamented that non-remittance of the backlog of statutory allocations had hampered accelerated development in the region.

He said the federal government had mandated the Ministries of Niger Delta Affairs, Budget and National Planning to sit with the Board of NDDC with a view to ascertaining exactly how much was owed the commission.

“The federal government has set up a committee to ascertain the exact money owed the commission,” he said.

According to him, this is the first time that a sitting president will demonstrate this kind of political will towards ensuring sustainable development of the region.

Mr. Abosede, represented by Chijoke Amu-Nnadi of the department, explained that aside the arrears from the commission’s statutory allocations, other associated funds for ecology, oil and gas, among others, had not been remitted.

“These problems of funding and the challenges of the terrain in Niger Delta, which prides itself as the third largest wetland in the world, have hindered development in the region,” he said.

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He said that several projects worth N200 billion were cancelled across all the nine states of the region due to the challenge.

He noted that the present federal government under President Muhammadu Buhari is committed to addressing the challenges of funding in the commission.

Mr. Abosede said the current NDDC Board led by Nsima Ekere had been doing its best to sustain the tempo of development in the region.

He recalled that due to discontents that translated to arm struggle in the region, the setting up of the NDDC became necessary for sustainable development, economic and socio-political stability of the region.

Mr. Abosede said that the NDDC had intervened in no fewer than 64 roads projects, with about 50 per cent already completed in Akwa Ibom.

“Because of funding challenge, it is difficult for the commission to complete some major projects in the region,” he said.

He enjoined other development partners to work in tandem with the agency for sustainable development to thrive in the region.

He explained that the commission was heavily complementing the state government administration’s development plans for the people.

Also speaking, Samuel Frank, NDDC Commissioner, Akwa Ibom, said that the commission was not at war with the Akwa Ibom Government.

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He said that the commission was focusing on providing infrastructure to alleviate the suffering of the people.

Mr. Frank said that NDDC had done well in the state by rehabilitating roads in rural and urban centres of the state.

He solicited more cooperation with the media to foster development in the region.

*NAN

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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