Buhari will address joint National Assembly Thursday – Onochie – Newstrends
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Buhari will address joint National Assembly Thursday – Onochie

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President Muhammadu Buhari will on Thursday address a joint session of the National Assembly on security situation in the country, his Personal Assistant on Social Media, Lauretta Onochie, has said.

She stated this in a message she posted on her Twitter handle, @Laurestar, on Monday.

It read, “President @MBuhari will address a joint session of the National Assembly (@nassnigeria) on Thursday, December 10, 2020.”

Speaker of the House of Representatives, Femi Gbajabiamila, said last week that the President had agreed to honour the House’s invitation to speak on the efforts being made by his regime to address the security challenges being witnessed across the country.

The Reps had last week Tuesday invited the President to appear on the floor of the parliament and explain the rising spate of insecurity in the country.

The decision was based on a motion of urgent national importance moved by the Borno State caucus on the last weekend’s killing of farmers in the state.

The Senate had also in a separate resolution asked the President to sack his service chiefs.

 

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IMF predicts 3.3% growth for Nigeria’s economy in 2024

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IMF predicts 3.3% growth for Nigeria’s economy in 2024

The International Monetary Fund (IMF) has adjusted upwards it’s forecast for Nigeria’s economic growth for the year 2024 to 3.3 percent.

This revision was announced in the IMF’s World Economic Outlook for April, which was released on Tuesday during the 2024 Spring Meetings of the World Bank and IMF in Washington, United States.

The updated forecast marks an increase of 0.3 percentage points from the previous 3.0 per cent growth prediction published in the IMF’s January 2024 World Economic Outlook.

However, the IMF has taken a more conservative stance for the year 2025, reducing Nigeria’s economic growth forecast to 3.0 per cent, a slight decrease from the 3.1 percent projected earlier in January.

Within the broader Sub-Saharan Africa region, the IMF has maintained its 3.8 per cent economic growth forecast for 2024 but has revised the 2025 forecast downward to 4.0 per cent, from the previously projected 4.1 percent.

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The global economic outlook also received a modest boost, with the IMF raising its growth forecast for 2024 to 3.2 percent, up from the 3.1 percent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 percent.

The IMF stated, “Global growth, estimated at 3.2 per cent in 2023, is projected to continue at the same pace in 2024 and 2025.

“The projection for 2024 is revised up by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point to the October 2023 WEO forecast. Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 per cent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth.

The report further elaborates on the expected trends in various economies.

“Advanced economies are expected to see growth rise slightly, with the increase mainly reflecting a recovery in the euro area from low growth in 2023, whereas emerging market and developing economies are expected to experience stable growth through 2024 and 2025, with regional differences.”

Specifically for sub-Saharan Africa, the IMF projects an increase in growth from an estimated 3.4 per cent in 2023 to 3.8 per cent in 2024 and 4.0 per cent in 2025.

This positive outlook is attributed to the diminishing impact of previous weather shocks and gradual improvements in supply issues.

The forecast for 2024 remains consistent with the January 2024 WEO update, as negative adjustments for Angola due to a contraction in the oil sector are largely balanced by positive revisions for Nigeria.

IMF predicts 3.3% growth for Nigeria’s economy in 2024

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Naira abuse: EFCC moves against Cubana chief priest

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Cubana Chief priest

Naira abuse: EFCC moves against Cubana chief priest

The Economic and Financial Crimes Commission (EFCC) will, on Wednesday, arraign Pascal Okechukwu, aka Cubana Chief priest, over alleged naira abuse.

This comes few days after popular cross-dresser, Idris Okuneye aka Bobrisky, bagged a six-month jail term over naira abuse.

According to the anti-graft agency, Cubana Chiefpriest will appear before the Federal High Court in Lagos for spraying and tampering with the naira.

This was contained in charge sheet filed on April 4, 2024, by EFFC’s prosecutor Rotimi Oyedepo (SAN) alongside seven other lawyers representing the chairman of the anti-graft agency.

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It reads: “That you, Okechukwu Pascal on 13th Feb. 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007”.

“That you Okechukwu Pascal sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.”

”That you Okechukwu Pascal sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.”

Naira abuse: EFCC moves against Cubana chief priest

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Kano anti-corruption agency slams fresh charges against Ganduje

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Abdullahi Ganduje

Kano anti-corruption agency slams fresh charges against Ganduje

The Kano State Anti-Corruption and Public Complaints Commission has filed a fresh corruption charges against former Governor of Kano Abdullahi Ganduje.

The commission’s chairman, Muhuyi Magaji disclosed this in an interview on Channels Television’s Sunrise Daily programme on Tuesday.

According to Magaji, investigations uncovered the diversion of N51.3 billion from local government funds to unauthorized individuals during Ganduje’s tenure.

Magaji alleged that the Ganduje administration withdrew N1 billion monthly from state coffers before its tenure ended in May 2023, purportedly for road renovation, but diverted to Bureau de Change operators instead.

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He also cited a case involving N4 billion transferred to an agricultural company from Kano’s consolidated revenue account.

“What is happening now is a tip of the iceberg. As I am talking to you, we are investigating a case whereby N51.3bn local government funds were directly taken from the government coffers (and) sent to other individuals, and we traced it to people.

“We have filed a series of cases. We have a case whereby N1bn in April last year (2023) was removed from government coffers under the allocation of renovating 30 roads in the metropolis, and it was taken away and sent to Bureau de Change.

“We have a case of N4bn whereby it was sent from the consolidated revenue account of Kano State to an agricultural company. All these cases are before the court,” he said.

Recall that the state government has said it will arraign Ganduje, alongside his wife and son, for money laundering, later this week.

Kano anti-corruption agency slams fresh charges against Ganduje

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