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Why we are taking loans to develop key infrastructure – Makinde gives reason

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Oyo State Governor, Engineer Seyi Makinde, on Wednesday, explained that his administration’s determination to fix the huge infrastructure deficit in the state and get the state on the right track for economic growth was behind the move to secure loans that target key infrastructure.

 

He added that the problem with loans is not in taking them, but in the way they are utilised, noting that with the extant economic reality in the state, it would be difficult for the state to get out of its infrastructure crisis and be well-placed to attract investments, without taking loans targeted at developing key infrastructure.

 

A statement by the Chief Press Secretary to the governor, Mr. Taiwo Adisa, indicated that the governor stated these during the signing of the reviewed 2020 Budget from N213 Billion to N174 Billion into law.

 

The governor explained that in the revised 2020 budget, N65.2 Billion has been earmarked for capital projects while N108.9 Billion is for recurrent expenditure, stating that the state plans to pay a huge chunk of its recurrent expenditure through allocations from the federation account and the state’s internally generated revenue.

 

The governor appreciated members of the Oyo State House of Assembly for reviewing the revised budget proposal in a timely manner and for approving the downward review, saying “it is heartening that the three arms of government have continued to work harmoniously for the good of the people of Oyo State.”

 

The budget signing ceremony, which took place at the Government House, Agodi, Ibadan, was witnessed by the Deputy Governor, Engr. Rauf Olaniyan; Speaker of the Oyo State House of Assembly, other top government functionaries and some lawmakers.

 

Speaking shortly after signing the reviewed budget, Governor Makinde maintained that the reason for the  review was due to economic meltdown, crash in oil prices and effect of the COVID-19 pandemic, which affected the economy of the state.

 

The governor reiterated his administration’s commitment to ensure an optimum performance of the budget, noting that the state will ensure that the 2020 revised budget is adequately funded by aiming at 70 per cent  performance.

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He said: “The reason for this latest revision is apparent to all. The economic meltdown we are experiencing, occasioned by the crash in oil prices, coupled with the COVID-19 pandemic, has greatly affected our state’s ability to stick with the original budget.

 

“So, after the review, which we submitted to the Oyo State House of Assembly, it was agreed that we should effect an 18.3 per cent downward review of the budget, from N213 Billion to N174 Billion.

 

“It is this revised budget that I am signing today. As I sign this revised budget, it is a good time to reflect on one issue that has plagued our budget implementation over the years – the issue of poor budget performance.

 

“We make robust presentations of plans that mostly end on paper, because the funds are not available to implement them.

 

“When you have an annual budget performance of about 30 per cent, you will understand why we keep having stagnation in economic growth. Or how else will you explain an IGR average of about N1.8 billion in the past four years?”

 

Governor Makinde maintained that the reason Oyo State continued to be referred to as a civil service state is because it failed, over the years, to take the needed action to boost its economy, stating that his administration is ready to make daring and ambitious efforts to reposition the state economically.

 

“So, we have taken some steps to ensure that the 2020 revised budget is adequately funded. As I said at the signing of the initial budget, we are aiming for a minimum of 70 per cent performance,” Governor Makinde said, adding that the steps taken by the government is to ensure that loans taken are used to fund priority capital projects.

 

He said: “One of the steps we have taken is to ensure that loans taken are used to fund priority capital projects.

 

“Another thing we are doing is using an Alternative Project Funding Approach to carry out key priority projects. This will be used for the twenty-one-kilometres Airport – Ajia – New Ife Express Road with a spur to Amuloko in Ibadan and few other projects.

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“What the alternative approach entails is that the contractor will fund the project and the Oyo State Government will pay for the project over thirty months. “I have seen some comments about the cost of the Airport Road. There is no basis for the comparison between the Airport Road and the Moniya-Iseyin road. Unlike the Moniya-Iseyin road, the Airport road will contain hydraulic structures.”

 

The governor also used the occasion to clear the air on the planned Oyo State Prosperity Bond, noting that though the government is aware that floating the bond is an ambitious move, it is a bold step that has to be taken for the development of the state.

 

“Let me use this opportunity to talk about the N100 Billion bond, also known as the Oyo Prosperity Bond, which was recently proposed and approved by the Oyo State Executive Council. There is no arguing that floating this bond is an ambitious move. But I want to believe that we were voted into office to take bold steps in developing our economy.

 

“The facts before us are clear. Our state has huge infrastructural deficits. If those deficits are not addressed, it means we will be maintaining the status quo. Any person with sound financial knowledge will tell you that the only way to get out of this cycle of poverty is through massive investment in infrastructure.

 

“As I have always said, the problem with loans is not in taking them, but in the way loans are utilised. Oyo State cannot get out of its infrastructural deficit without taking loans targeted at developing key infrastructure. “For example, we are targeting economically strategic roads such as the fifty-kilometres Iseyin-Ogbomoso road and the Ibadan Circular Road. We are also giving attention to the health sector by either constructing or upgrading one public hospital in each of the three senatorial districts of the state. In the transport sector, we are focused on building the Ibadan Dry Port and rail corridor and upgrading the Ibadan Airport.

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“Oyo State cannot attract investments into our economy without showing that we are worthy of these investments. Investors will go to Lagos and even our neighbouring Ogun State if we continue running our economy with the same level of unseriousness that the state has come to be known for.

 

“Tell me, what excuse do we have for not making it into the list of top ten economies in Nigeria? How can we, despite being in these dire conditions, not recognize the urgency of growing our economy?

 

“I took an oath to lift Oyo State from poverty to prosperity using our Roadmap to Accelerated Development of Oyo State 2019-2023. I am determined to keep my word. Every step we have taken as an administration since our being sworn in on May 29, 2019, till date is geared towards ensuring that every promise made will translate to promises kept. I pledge to continue carrying you along as we make the best decisions for the overall good of the people of Oyo State.”

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Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

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In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

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He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

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‘Catch And Kill’ Architect Details Trump-Boosting Scheme

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TOPSHOT – Former US President Donald Trump, with attorney Todd Blanche (L), walks toward the press to speak after attending his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City on April 23, 2024. (Photo by Yuki Iwamura / POOL / AFP)

In the 1990s, Donald Trump famously gossiped to the tabloids about — who else — himself, a headline-chaser who loved none other than to see his name in lights, or at least in the supermarket checkout line.

 

But those were Trump’s good old days, an era of clubs and models, long before he launched a bid for the US presidency and found himself needing to squash the lewd, party boy stories he once boasted about.

 

Cue David Pecker, the former publishing executive whose titles included the National Enquirer, and who on Tuesday in a Manhattan courtroom laid out the “catch and kill” strategy he carried out in a bid to support Trump’s 2016 presidential campaign.

 

In a then-secret meeting in August 2015, Trump and his former personal lawyer Michael Cohen met with Pecker to ask how he and his publications could “help the campaign,” the 72-year-old witness testified

Trump “dated the most beautiful women,” Pecker explained, “and it was clear that, based on my past experience, that when someone is running for a public office like this, it is very common for these women to call up a magazine like the National Enquirer to try to sell their stories.”

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‘Fake news’ sells

Speaking under oath, Pecker, who sported a pink tie and slicked back hair, essentially confessed to trafficking so-called “fake news” to both his and Trump’s benefit, while simultaneously paying off several people whose tales had the potential to damage candidate Trump’s reputation.

He said “popular stories about Mr. Trump” as well as “negative stories about his opponents” would “only increase newsstand sales.”

“Publishing these types of stories was also going to benefit his campaign,” Pecker said. “Both parties benefited from it.”

Pecker offered a portal into the editorial practices of outlets like his own, which had no shame in paying for stories and focused far more on the cover than the content.

“We would do a lot of research to determine what… the proper cover of the magazine would be,” Pecker said.

“Every time we did this, Mr. Trump would be the top celebrity,” Pecker said, describing the magnate’s pre-politician days and pointing to his star turn as the top guy on his own reality show “The Apprentice,” and its celebrity-starring sequel.

In recalling Trump’s first campaign era, the prosecution presented bombastic headlines disparaging the Republican’s opponents, such as “Bungling surgeon Ben Carson left sponge in patient’s brain” and “Ted Cruz shamed by porn star.”

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Pecker said such ideas often came from or were shaped by Cohen, Trump’s then-fixer who is expected to be a star witness in the New York state trial.

But Pecker also said he wanted to keep his “agreement among friends” with Trump and Cohen “as quiet as possible.”

Among the times he said he killed a story regarding Donald Trump, it centered on a Trump Tower doorman who was peddling a false claim that Trump had fathered a child out of wedlock with one of his former employees.

Pecker said he thought it was important to buy the story and keep it quiet for Trump’s benefit — as well as his own.

He said had the story been true, he planned to publish it “after the election.”

“If the story was true, and I published it, it would be probably the biggest sale of the National Enquirer since the death of Elvis Presley.”

 

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In 2023, Report Finds 282 Million Faced Acute Hunger

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Pedestrians and vehicles move along a road outside a branch of the Central Bank of Sudan in the country’s eastern city of Gedaref on July 9, 2023. (Photo by – / AFP)

Food insecurity worsened around the world in 2023, with some 282 million people suffering from acute hunger due to conflicts, particularly in Gaza and Sudan, UN agencies and development groups said Wednesday.

Extreme weather events and economic shocks also added to the number of those facing acute food insecurity, which grew by 24 million people compared with 2022, according to the latest global report on food crises from the Food Security Information Network (FSIN).

The report, which called the global outlook “bleak” for this year, is produced for an international alliance bringing together UN agencies, the European Union and governmental and non-governmental bodies.

2023 was the fifth consecutive year of rises in the number of people suffering acute food insecurity — defined as when populations face food deprivation that threatens lives or livelihoods, regardless of the causes or length of time.

Much of last year’s increase was due to report’s expanded geographic coverage, as well as deteriorating conditions in 12 countries.

More geographical areas experienced “new or intensified shocks” while there was a “marked deterioration in key food crisis contexts such as Sudan and the Gaza Strip”, Fleur Wouterse, deputy director of the emergencies office within the UN’s Food and Agricultural Organization (FAO), told AFP.

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Some 700,000 people, including 600,000 in Gaza, were on the brink of starvation last year, a figure that has since climbed yet higher to 1.1 million in the war-ridden Palestinian territory.

 Children starving

Since the first report by the Global Food Crisis Network covering 2016, the number of food-insecure people has risen from 108 million to 282 million, Wouterse said.

Meanwhile, the share of the population affected within the areas concerned has doubled 11 percent to 22 percent, she added.

Protracted major food crises are ongoing in Afghanistan, the Democratic Republic of Congo, Ethiopia, Nigeria, Syria and Yemen.

“In a world of plenty, children are starving to death,” wrote UN Secretary-General Antonio Guterres in the report’s foreword.

“War, climate chaos and a cost-of-living crisis — combined with inadequate action — mean that almost 300 million people faced acute food crisis in 2023.”

“Funding is not keeping pace with need,” he added.

This is especially true as the costs of distributing aid have risen.

For 2024, progress will depend on the end of hostilities, said Wouterse, who stressed that aid could “rapidly” alleviate the crisis in Gaza or Sudan, for example, once humanitarian access to the areas is possible.

Floods and droughts

Worsening conditions in Haiti were due to political instability and reduced agricultural production, “where in the breadbasket of the Artibonite Valley, armed groups have seized agricultural land and stolen crops”, Wouterse said.

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The El Nino weather phenomenon could also lead to severe drought in West and Southern Africa, she added.

According to the report, situations of conflict or insecurity have become the main cause of acute hunger in 20 countries or territories, where 135 million people have suffered.

Extreme climatic events such as floods or droughts were the main cause of acute food insecurity for 72 million people in 18 countries, while economic shocks pushed 75 million people into this situation in 21 countries.

“Decreasing global food prices did not transmit to low-income, import-dependent countries,” said the report.

At the same time, high debt levels “limited government options to mitigate the effects of high prices”.

On a positive note, the situation improved in 17 countries in 2023, including the Democratic Republic of Congo and Ukraine, the report found.

 

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