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Again, Obasanjo Fires Federal Lawmakers Over Jumbo Pay

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Former President Olusegun Obasanjo has described the National Assembly and the jumbo pay for lawmakers as a huge drain on national economy.

He said the Nigerian lawmakers enjoy huge pay, which he described as the highest in the world where, according to him, an estimated 75 percent of Nigerians populace lived in poverty.

Obasanjo said this at the book presentation of Prof. Mark Nwagwu entitled: “I am Kagara, I Weave the Sands of Sahara” at the University of Ibadan.

He was the Chief Host, while the former Minister of Education; Dr Obiageli Ezekwesili chaired the occasion.

The former President said he would continue to criticise the Nigerian lawmakers as long as they continue to receive huge pay, which he insisted, consume a huge percentage of the nation’s overhead cost.

He, however, urged the federal government and the National Assembly to reduce the cost expended on payment of overheads and salaries.

The former president said that government spending on overheads, salaries and allowances in the face of the prevailing economic situation would not boost the socio-economic development of the country.

“Ninety per cent of our revenue goes to pay overhead, allowances, salaries and not much is left for capital development.

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“We are not going to develop this way and we will only have ourselves to blame.

“It is even worse with the National Assembly, they are one of the highest paid legislatures in the world.

“We have 75 per cent of our population living in abject poverty, yet these people have refused to cut down their earnings.

“We must speak out to get corrected when we err, the behaviour and character of the National Assembly is one that should be condemned,” he said.

Reacting to the ongoing indefinite strike embarked upon by the Academic Staff Union of Universities, ASUU, Obasanjo urged the government to honour the agreement it entered into with the union.

“I have seen this in government; maybe it is a lesson government will learn. Government should not allow itself to be stampeded into signing agreement without full consultation with those within the government.

“Then, they run into the implementation of that agreement that has been signed; however, an agreement is an agreement and whoever is your agent who signed the agreement on your behalf, you are bound by it,” he said.

In her remarks, Oby Ezekwesili, a former Minister of Education, urged the society to offer the girl-child opportunity to excel by giving her equal right to education as her male counterpart.

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I am Kagara” is built around a female heroine; the book highlights the marked difference a woman can make if given the needed support.

“The greatest support a girl-child could have is that of a strong male who gives her a voice and is not afraid of her,” she said.

The News Agency of Nigeria reports that the book was set in contemporary Nigeria where terrorist organisations are threatening innocent residents in the Niger Delta and the North-east Zone.

(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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