LCCI to FG: Replace oil price benchmark with exportable goods index in annual budget – Newstrends
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LCCI to FG: Replace oil price benchmark with exportable goods index in annual budget

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The Lagos Chamber of Commerce and Industry (LCCI) says the federal government needs to replace the oil price benchmark in its annual budget with an index of key exportable primary goods as a means of widening the revenue base.

Toki Mabogunje, LCCI president, said this during a visit by a delegation of the Nigerian Institute of Policy and Strategic Studies (NIPSS) to the chamber on Monday.

In the 2020 approved budget, the benchmark oil price was $57 per barrel, however, in the revised budget it was reduced to $28 per barrel; while in the 2021 budget, the benchmark oil price is $40 per barrel.

Mabogunje said since independence, Nigeria has been involved in the creation of national development plans to align government actions and programmes with specific national outcomes.

“One of the major shortcomings of leadership in both public and private sectors is the quality of strategy and programme implementation. This has significant implications for policy and strategy outcomes.

“Most often, strategies and programmes are excellent on paper but translating such programmes into concrete outcomes are often very big issues.

“We are generally not short of programme strategies and excellent policy documents, but implementation has always been the bane.

“The specifications on government revenue sources, institutional and regulatory frameworks sustained by government’s spending, and the projects set out in the yearly budgets indicate the commitment of the government to financing subsisting national development plans.

“Fiscal policy remains fixated on oil, contradicting government’s often-repeated goal of broadening its revenue base.

“As a solution, the government needs to replace the oil price benchmark with a weighted average price, or a composite price index, of key exportable primary, semi-finished and finished goods.”

Mabogunje further explained that this would serve as a robust indicator that would be more resilient to external shocks than just crude oil price while broadening the focus of economic policy and ensuring sectoral development.

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Time to reset our country, says Mahama on inauguration as Ghana’s President

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Time to reset our country, says Mahama on inauguration as Ghana’s President 

John Mahama has taken the oath of office as Ghana’s new president in a ceremony attended by world leaders.

He said in his inaugural address that he was prepared for the job, adding that the time had come to reset the country.

He was sworn in at Black Star Square in Accra, the Ghanaian capital, on Tuesday.

The new President took over from Nana Akufo-Ado who succeeded him in 2017. Before Mahama’s swearing-in, Naana Jane Opoku-Agyemang was inaugurated as the country’s first female vice president.
The Chief Justice of Ghana Gertrude Torkornoo administered the oath of office at the event.

“Today should mark the opportunity to reset our country,” the 66-year-old new President said.

Wearing the West African country’s national dress, Mahama spoke to a jubilant crowd decked in the green, red, black, and white hues of his National Democratic Congress (NDC) party.


Some of those present are Nigeria’s President Bola Ahmed Tinubu, Senegal’s Bassirou Diomaye Faye, Burkina Faso’s leader Ibrahim Traore, Kenyan President William Ruto, President Felix Tshisekedi of the Democratic Republic of Congo and Gabon’s Brice Oligui Nguema.

Others are Presidents Julius Maada Bio of Sierra Leone and Mamadi Doumbouya of Guinea as well as former leaders.

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Reactions as Mahama calls Tinubu ‘president of Ghana’ during inaugural speech

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Reactions as Mahama calls Tinubu ‘president of Ghana’ during inaugural speech

 

President of Ghana, John Mahama, on Tuesday made a slip calling President Bola Tinubu of Nigeria Ghana’s president.

This happened while the new Ghana’s President was giving his inauguration speech.

“Your excellency, Bola Ahmed Tinubu, President of the Federal Republic of Ghana,” Mahama said while acknowledging dignitaries at the event.

This immediately sparked huge reactions on social media including users of the X platform.

For instance, Albert Forson

@kwameforson14, wrote:

“John Mahama announces his co president, Bola Ahmed Tinubu, President of the Federal Republic of Ghana.

“He’ll be ruling hand in hand with him.”

Another commentator, Shady Bunny🇬🇭🐇🔰@BYKAdanko, stated, “Mahama just called Tinubu president of the Federal Republic of Ghana….we’re doomed.”

Meanwhile, President Tinubu has reaffirmed Nigeria’s strong support for Ghana’s newly inaugurated President, John Dramani Mahama.

Speaking at the inauguration ceremony in Accra on 7th January 2025, Tinubu conveyed his solidarity and expressed his commitment to strengthening the relationship between the two neighbouring nations.

Addressing the gathering, President Tinubu shared a heartfelt message of brotherhood with President Mahama.

“My dear brother, I am here to walk with you. You know you can count on my support at any given time you call on me. We are your brothers and sisters. We shall always be there for you,” Tinubu said.

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Two fake EFCC officers demand $1m bribe from ex-NPA MD 

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Two fake EFCC officers demand $1m bribe from ex-NPA MD 

 

The Economic and Financial Crimes Commission has exposed two impostors claiming to be officers of the anti-graft agency demanding $1 million bribe from a former Managing Director of the Nigerian Ports Authority, Mr Mohammed Bello-Koko.

The pair were said to have asked for the money in order to secure a “soft landing” for the ex-NPA MD in a non-existent investigation.

Spokesman for the EFCC, Dele Oyewale, disclosed this in a statement and revealed names of the two members of the syndicate as Ojobo Joshua and Aliyu Hashim.

He said the suspects had been arrested and were recently arraigned before Justice Jude Onwuebuzie of the Federal Capital Territory High Court in Abuja.

The commission noted that similar criminal elements were still at large and urged members of the public to report such individuals.

“The commission also wishes to alert the public to the sinister activities of impersonators and blackmailers using the name of its executive chairman to extort money from high-profile suspects being investigated by the EFCC,” the statement read.

Oyewale emphasised that the EFCC Chairman, Ola Olukayode, is a man of integrity who could not be influenced by monetary offers.

“Olukoyede remains a man of integrity who cannot be swayed by monetary influences. The public is enjoined to report such disreputable elements to the commission.”

The anti-graft agency also said it was investigating “a trending $400,000 claim of a yet-to-be-identified supposed staff (member) of the EFCC against a sectional head.”

Meanwhile, the agency said it dismissed 27 of its officers last year for misconduct and fraudulent activities.

He said the dismissal was based on recommendations from the EFCC Staff Disciplinary Committee and ratified by the EFCC chairman

“In its quest to enforce integrity and rid its fold of fraudulent elements, the Economic and Financial Crimes Commission dismissed 27 officers from its workforce in 2024,” Oyewale said.

“Their dismissal, following the recommendation of the Staff Disciplinary Committee of the EFCC, was ratified by the Executive Chairman, Ola Olukoyede.”

The statement quoted the EFCC chairman as reaffirming the commission’s zero-tolerance policy towards corruption.

He also said all allegations against EFCC staff members would be thoroughly investigated.

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