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FCT: Fire engulfs popular Wuse market

Itoro ETUKUDO
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FCT: Fire engulfs popular Wuse market

POPULAR market in the Central Area of Abuja, Wuse market was engulfed in flames on Tuesday, March 12, causing panic and forcing several to flee the area.

It was gathered that the fire was a result of some angry youths setting parts of the market ablaze following the killing of a suspect by a police officer attached to a Federal Capital Territory Authority (FCTA) taskforce.

The pandemonium started after a young boy who was convicted by the task force of the Abuja Market Management Limited (AMML) attempted to escape while he was being taken to the police station located within the market. In reaction to this, a police officer escorting him shot and killed him.

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This led the youths to burn down some shops, the AMML office, and vehicles.

It also led to a stampede in the market as people rushed to save their property.

While it is unclear how many people were injured in the stampede and the number of cars and buildings affected by the fire, the AMML Public Relations Officer, Innocent Amaechina, said the operatives of the Fire Service and the police had restricted people from the market.

Traffic gridlock was on all the roads leading to the market as distraught traders and customers were seen running in different directions.

Meanwhile, policemen who arrived at the market barricaded the entrance to prevent people from moving into the market.

To forestall possible looting, they were seen shooting sporadically and firing tear gas into the air.

According to findings, a section of the market, specifically the car park at the northern side of the entrance, had been engulfed as smoke billowed into the atmosphere.

Some vehicles in the car park have been burnt already.

People inside the market also force themselves out by jumping the perimeter fence.

Amidst budget padding allegation: Senate suspends Ningi for 3 months

Bankole ABE
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Amidst budget padding allegation: Senate suspends Ningi for 3 months

On Tuesday, March 12, the Senate suspended Abdul Ningi, a senator, for three months over the allegation he brought that the National Assembly padded the 2024 budget.

The suspended Senator also alleged that the red chamber passed two budget versions.

The suspension of Ningi, representing Bauchi Central Senatorial District in the National Assembly on Tuesday resulted in a tense atmosphere at the Senate.

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Ningi, a member of the opposition Peoples Democratic Party (PDP), is the Senate Committee on Population chairman. He is a member of the opposition Peoples Democratic Party. 

Some senators from the northern part of the country had earlier rejected Ningi’s accusations, claiming the Senator from Bauchi State did not speak for them, even as the parties demanded an investigation into the allegation. 

On Monday, however, Ningi maintained that the 2024 budget could not account for N3.7 trillion.

A member of the Senate Appropriations Committee, Jimoh Ibrahim, proposed suspending Ningi for a year due to false information and violations of peace in the National Assembly and, by extension, the nation.

Additionally, Ibrahim, the Senator representing Ondo South Senatorial District, moved that the Senate issue a warning to Suleiman Kawu of Kano South on his posting of inflammatory material on social media and require him to submit an apology. 

Ede Dafinone of the Delta Central Senatorial District promptly seconded Ibrahim’s proposal.

Senate President Godswill Akpabio announced the motion to suspend Ningi on the Senate floor. 

Ningi had on Monday indicted the National Assembly for padding the 2024 budget with a whooping sum of N3tn.

In a press conference on Monday, March 11, the Senator told journalists that he never said that the president was running two budgets, but that was an N3.7 trillion that had yet to be accounted for.

He said he had not stated that President Bola Ahmed Tinubu was implementing two budgets at any time.

“There was no time, nor did I say Bola Tinubu was biased against the north. The Hausa version is there. At no time did I say Bola Ahmed Tinubu is implementing the N25 trillion budget.

“I said we have established beyond reasonable doubt that N25trillion so far has nexus in the budget.

“That means that there is money, there is a project, and then there is location. But we are yet to ascertain N3tn of that budget,” he said.

He explained that the budget evaluation is ongoing, and the northern senators’ intention regarding budgetary allocation was to meet the Senate President with their findings and subsequently meet President Tinubu.

Tinubu signed the 2024 appropriation bill into law ON January 1, 2024.

His action followed the passing of the appropriation bill by the Senate after its third reading and consideration and approval of the report of the Joint Committee on Appropriation of the House of Representatives and the Senate on December 30, 2023.

The version of the bill passed by the Senate showed an increase of over N1.2 trillion from the N27.5 trillion proposal that Tinubu laid before the joint sitting of the National Assembly on November 29.

A breakdown of the approved budget by the Senate showed an aggregate expenditure of N28.7 trillion, including N1.7 trillion for statutory transfers. 

Unity Bank projects negative growth in Q2 on continued asset deficiency

Ehime ALEX
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Unity Bank projects negative growth in Q2 on continued asset deficiency

UNITY Bank Plc has forecast a negative performance across all its profitability lines in the second quarter (Q2) of the year as the bank continued to report asset deficiency in its financial position.

The bank disclosed this in its earnings forecast for Q2 2024, which was released on Monday, March 11.

Over the last six years, Unity Bank has raised concerns over its financial health as total liabilities have exceeded total assets (see the table below).

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In December last year, Unity Bank also projected a negative performance for the first quarter (Q1) of this year amid plans to shake off and completely reverse opposing financial positions.

In second-quater (Q2) 2024, the bank expects to post a loss after tax of N21.58 billion, a pre-tax loss of N20.75 billion, a net operating loss of N13.23 billion, and an impairment credit loss of N941.85 million.

Unity Bank also projected an N20.90 billion in revaluation loss, indicating that the revaluation and impairment credit losses would bring its bottom-line profit to the negative territory.

It put its gross earnings at N24.89 billion as the company swims to stay afloat.

Unity Bank also projected its net cash flow from operating and investing activities to be at a loss of N255.28 billion. In contrast, the loss in net cash flow is to be provided and used in its investing activities at N276.92 billion.

Unity Bank’s financial position in the last six years (Figure in N’B)
Year Total Assets Total Liabilities Total equity
2017 134,957,181 405,873,267 (270,916,086)
2018 210,800,841 495,175,495 (284,374,654)
2019 293,052,070 571,907,958 (278,855,888)
2020 492,020,329 767,430,125 (275,409,796)
2021 538,868,756 815,022,211 (276,153,455)
2022 510,143,959 785,092,126 (274,948,167)
Sept. 2023 423,351,773 613,575,114 (190,223,341)
Source: Unity Bank’s audited financial statements and interim report 

The ICIR reported that Unity had proposed a loss after tax of N8.49 billion, a pre-tax loss of N7.83 billion, and negative operating expenses of N7.404 billion and anticipated positive gross earnings of N21.56 billion in its Q1 2024 financial performance.

Some analysts believe that negative cash flow from investing activities has been challenging for the company, as it could be a warning sign that the bank’s management was not efficiently using its assets to generate revenue.

The bank has shown signs of financial distress since it started to report the following performances as total liabilities continue to exceed total assets, raising concern that it might default on its obligations to creditors and be headed for bankruptcy.

The bank’s managing director/chief executive officer, Tomi Somefun, had, in a statement to The ICIR, said the operating environment impacted the positions of the bank in income generation on the back of the revaluation of the bank’s net foreign liabilities following the Naira devaluation.

The negative performances of the bank have continued to erode shareholders’ funds. As of September 30, 2023, Unity Bank posted negative total equity of N190.22 billion as its total liabilities of N613.58 billion exceeded its total assets of N423.35 billion.

The bank has yet to release its fourth quarter/full-year financial statement for the year ended December 31, 2023.

A financial analyst who spoke anonymously with The ICIR said the negative worth of Unity Bank worries many people even though the central bank has yet to take action.

The analyst pointed out that Unity Bank is in a financial mess because of its asset structure. “You can see that they have foreign currency liabilities more than foreign currency assets, so the value of those liabilities will increase more than the assets due to the devaluation of the naira.”

“The owners (majority shareholders) of the bank are powerful people,” the analyst asserted, adding that there are rumours already of a merger.”

A check by The ICIR on the bank’s Beneficial Ownership Register revealed it has six persons with significant control (PSC) whose names and identities were undisclosed.

A PSC has directly or indirectly held at least a five per cent stake in the company and voting rights to appoint or remove a majority of the directors.

The bank’s December 2022 financial statements indicated that no shareholders hold up to five per cent of the bank’s issued share capital of 11,689,337,942 units except for the Asset Management Corporation of Nigeria (AMCON) and a few other companies.

AMCON holds 34.22 per cent, Panafrican Capital Nominee 12.67 per cent, Lighthouse Capital Limited 9.01 per cent, Ibad Limited 6.14 per cent and El-Amin (Nig.) Limited 5.27 per cent.

Nigerians react as Kidnappers’ latest N40 trn demand is higher than national budget

Bankole ABE
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Nigerians react as Kidnappers’ latest N40 trn demand is higher than national budget

Many Nigerians have expressed worry over the demands of N40 trillion ransom by bandits to free 16 kidnapped residents of the Gonin Gora area of Kaduna state.

Some of them who spoke to The ICIR described the amount as ‘mind-boggling’ as it is higher than the 2024 National Budget of N28.77 trillion Naira.

Multiple media reports also said apart from the N40 trillion demands, the bandits also requested 11 Hilux vans and 150 motorcycles.

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Recall that 16 people were taken hostage on Wednesday, February 28, when bandits raided the Gonin-Gora neighbourhood in the Chikun Local Government Area, a suburb of Kaduna.

In a phone chat with The Nation Newspaper on Monday, March 11, a local community leader, John Yusuf, confirmed this information in Kaduna.

He claimed that after getting in touch with them, the bandits demanded N40 trillion, 11 Hilux vans, and 150 motorcycles in exchange for the release of the 16 hostages they were holding.

“Where are we going to get this kind of money? Even if we sell the entire community, we cannot raise N40 trillion. Even Nigeria as a country has never made a budget of N40 trillion,” Yusuf claimed.

Yusuf said the bandits invaded the community at least two times within a week.

He said that during the first attack, three people were kidnapped, while in the second attack, 13 people were abducted, bringing the total number of people being held captive to 16.

He voiced concerns about the thick bush surrounding the neighbourhood and the state’s Birnin Gwari Local Government Area.

He advocated for the construction of a military post nearby to stop the criminals’ activities. 

Nigerians react

Commenting on the ransom demand, a security analyst with the SBM Intelligence, Emeka Okoro, said this is the first-time bandits would make such a massive demand since abduction for ransom started in Nigeria.

“It’s the usual thing they do in cases like this. They go for a very high ransom demand, and when negotiations start, they come down to a lower yet substantial amount. We have seen it play out in previous cases in Katsina and Zamfara states.

“Sometimes, they do this to get the government involved in paying the ransom, and unfortunately, because they have succeeded in the past, it has become their strategy, Okoro stated.

The ransom demand was made barely four days after 287 pupils in Kuriga, another Chikun community, were kidnapped.

Accordingly,some Nigerians on Social Media App X have also commented on the massive ransom demand by the bandits.

An X user, @Mindset_Post, placed the ransom alongside Nigeria’s 2024 budget.

“2024 budget: N28.77 trillion 

Akpabio’s Padding: N3.7 trillion

Kidnappers Ransom demand: N40 trillion

This is Nigeria!”

Another X user, @Stazingar, joked in his post that the ransom was padded.

“I have a feeling that the N40 trillion ransom was padded.” he posted.

In his remark, @ENIBOY said the ransom demand is difficult to believe.

“The total budget of the federal govt and all 36 states combined is N43.4 trillion. I find it difficult to believe that kidnappers would demand N40 trillion for the release of less than 300 individuals. How?”

Another X user, @shehu_mahdi, attributed the demand to corruption under former President Muhammadu Buhari.

“REASONS WHY BANDITS ARE DEMANDING N40 TRILLION RAMSOM FROM 15 GONIN GORA ABDUCTEES: Perhaps they are aware that outright stealing and theft under Buhari escalated from Billion to Trillion and nobody seems to be at fault. That is how bad Buhari’s legacy is,” he posted.

X user @ayemojubar suggested that those demanding such ransom are not mere bandits.

“They demanded N40 trillion, 11 Hilux vans, 150 motorcycles for the release of the kidnapped Kaduna residents, and yet you’re still calling them merely “bandits”.

There has been rising spate of kidnapping in some states across the country.

The ICIR reported that at least 287 students and a principal, Abubakar Isah, were abducted on Thursday, February 7, when bandits invaded the Local Education Authority (LEA) Primary and Junior Secondary School, Kuriga, in Chikun Local Government Area of Kaduna State, a school teacher, Sani Abdullahi said.

Abdullahi revealed this during the visitation of Governor Uba Sani and some other state government officials to the school hours after the incident, noting that 187 students were abducted from the secondary school section and 125 from the primary school section, totalling 312 students.

The ICIR, on Thursday,further reported  how the assailants invaded a school and reportedly kidnapped over 100 children, alongside some staff of the school.

Meanwhile, reacting to the tragedy during his visit, the state governor, Sani, pledged that the state government has started making efforts to rescue all abducted children.

Nigeria’s external reserves’ inflows dip in February despite $1bn capital inflow

Ehime ALEX
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Nigeria’s external reserves’ inflows dip in February despite $1bn capital inflow

INFLOWS into Nigeria’s external reserves were higher in January despite the Central Bank of Nigeria’s (CBN) receipt of over $1 billion capital inflow in February.

The apex bank reportedly disclosed that foreign portfolio inflows exceeded $1 billion in February, driven by interest rate hikes.

At the end of its two-day monetary policy committee (MPC) meeting on February 27, the CBN raised the benchmark interest rate by 400 basis points to 22.75 per cent, The ICIR reported.

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According to the CBN spokesperson, Hakama Sidi-Ali, foreign investor demand for Nigerian assets and money sent home by citizens living abroad surged in February as portfolio investor asset purchases exceeded $1 billion, bringing the total receipts so far this year to at least $2.3 billion, compared with $3.9 billion for the whole of 2023, Bloomberg reported on Friday, March 8.

Sidi-Ali said overseas remittances rose more than fourfold to $1.3 billion in February from a month earlier, “driven by increased investor interest in short-term sovereign debt following the recent adjustment to benchmark interest rates.”

However, checks by The ICIR show that Nigeria’s external reserves improved more in January than in February, as the external reserves rose by $441.24 million in January compared to 364.94 million in February.

Data from the CBN shows that at the beginning of the year, Nigeria’s total gross external reserves stood at $32.91 billion and rose to $33.35 billion as of January 30, representing a $441.24 million increase.

In February, the gross external reserves at $33.35 billion at the beginning of the month rose to $33.72 billion at the end of the month, February 29, and represented a $364.94 million increase.

Nigeria’s crude oil production declined in January; however, the increase in external reserves was still higher in January compared to February, according to data from the Organisation of Petroleum Exporting Countries (OPEC).

It showed that the country’s crude oil production dropped to 1.149 million barrels per day (bpd) in January from 1.422 million bpd in December 2023; the increase in external reserves was higher in January than in February.

The external reserves, which include assets denominated in a foreign currency and held by the CBN central bank, are derived mainly from the proceeds of crude oil production and sales and complemented by diaspora remittances, including foreign direct investment (FDI), foreign portfolio investments (FPI), and other capital inflow.

The gross external reserves, which stood at $35.094 billion as of May 30, 2023, had declined by $1.374 billion to $33.72 billion as of February 29.

Since assuming office on May 29, 2023, President Bola Tinubu has initiated reforms impacting the country’s economy.

Notably, the reform on the unification of foreign exchange has weakened the Naira significantly against the dollar, from about N461 at the beginning of his administration to N1,627.40 per dollar as of yesterday, March 8.

Analysts believe the reform has eroded investors’ confidence as the government takes measures to attract investors back into the economy and support the Naira, which has lost more than 225 per cent of its value since May last year.

The measures include relaxing foreign exchange controls, easing rules on international money transfers and reducing the gap between the central bank’s policy rate and yields on the short-dated paper it sells at auctions.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” the CBN governor, Olayemi Cardoso, stated.

Meanwhile, since the apex bank’s February MPC meeting, the Naira has lost 2.81 per cent to N1,627.40 per dollar in official trading on Friday, March 8.

The ICIR reports that managing the external reserves is one of the core mandates of the CBN as stipulated in Section 2 (c) of the CBN Act of 2007.

The Act vested the maintenance and management of Nigeria’s external reserves on the CBN to safeguard the Naira’s international value, maintain confidence in its monetary and exchange rate policies, and provide confidence to the international community that the country can meet its external obligations.

‘Don’t be like Buhari,’ Gumi asks Tinubu to negotiate release of kaduna students

Mustapha USMAN
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‘Don’t be like Buhari,’ Gumi asks Tinubu to negotiate release of kaduna students

CONTROVERSIAL Islamic cleric Ahmad Gumi has appealed to the federal government to dialogue with the bandits who abducted schoolchildren in Chikun Local Government Area of Kaduna state as a way of rescuing the students.

Gumi, in a statement on Monday, March 11, also urged Tinubu not to repeat the mistake made by former President Muhammadu Buhari, who refused to dialogue with bandits during the many abductions of Nigerians

The ICIR, on Thursday, March 7, reported how the assailants invaded the schools and reportedly kidnapped over 100 children, alongside some staff of the school.

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Kaduna abductions: We must ensure safe, secure nation for our children – Obi

Abdullahi, who escaped the abduction along with others, said 25 of the pupils from the primary section had returned, leaving the number of abducted to 287.

“At GSS Kuriga, 187 students are presently missing. In the primary school, 125 pupils were initially missing, but 25 of them escaped and retired home,” Abdullahi told the governor.

While narrating how the assailants invaded the school,  Abdullahi said a member of the Kaduna State Vigilante Service (KADVS) was killed by the bandits during the attack.

Meanwhile, with the Kaduna government refusing to engage in dialogue with the bandits to release the schoolchildren and refuting claims that it had hired a private negotiator to facilitate their release, Gumi condemned the decision, calling on Tinubu to allow him to lead the dialogue.

He also recalled how negotiations were used to rescue victims of the Abuja-Kaduna train kidnap of March 28, 2022, and urged the government to allow the method to be used again.

Gumi said, “The government’s stand of no negotiation with the bandits is an unfortunate position. My advice is that the government should dialogue with the bandits not only for these Kuriga school children abductions but all the cases.

“Also, the government should use the same approach it used in releasing passengers that were abducted on Abuja – Kaduna train in 2022 to release the Kuriga school children and others.

“I am ready to lead a holistic dialogue between the government and bandits. It is a religious duty for me to do so for peace. I hope the present government of President Bola Ahmed Tinubu will listen by dialoguing with the bandits because the past administration of former President Muhammadu Buhari refused to do”

Previously, Gumi has acted as a negotiator between the Nigerian government and terrorists whose hideouts he had visited in different states.

He had also called for dialogue with the terrorists on several occasions, saying that terrorists had taken up arms due to government neglect, injustice and in self-defence.

Gumi predicted that the country would be peaceful if terrorists were granted free education and basic amenities. He also warned against using the military approach in addressing insecurity in the North, recommending that amnesty be granted to the offenders.

A day after bandits were declared terrorists in Nigeria, Gumi had described it as an exercise in futility as it would have no practical value.

“The decision by the government will not have any practical value because even before the declaration, they had been fought and treated as terrorists. So is just a nomenclature which I believe will not change the dynamics on ground,” he said.

African Games: Nigeria wins nine gold in weightlifting 

Dotun OMISAKIN
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African Games: Nigeria wins nine gold in weightlifting 

NIGERIA has won nine gold medals at the Weightlifting event in the on-going 2023 African Games in Ghana.

The country’s weightlifters continued in their dominance as they hauled all the nine gold medals on display on Monday, March 11 in each category of snatch, clean and jerk and total.

The nine gold were won among Nigeria’s Adijat Olarinoye, Rafiatu Lawal and Edidiong Umoafia at the University of Ghana, Legon.

The 2022 Commonwealth Games gold medalist, Adijat Olarinoye, who competed in the 55kg class, won three gold medals in all three categories.

She won the gold medal in snatch with an 80kg lift, in clean and jerk with a 105kg lift and in total with a 185 kg lift.

Also Rufiatu Lawal won all the three gold medals in the 59kg class.

The 2022 Commonwealth Games gold winner won in the snatch 85kg lift, in clean and jerk worth 105kg lift and in total with 190kg lift.

In the male category, Edidiong Umoafia who made his debut in 67kg class amassed all the gold medals in that category.

He won in snatch with 135kg lift, in clean and jerk with 165kg and a total of 300kg.

Since the commencement of weightlifting, Team Nigeria Weightlifting has won a total of 14 medals in Weightlifting events of the 13th Africa Games.

It can be recalled that in the 2019 Africa Games, Nigeria Weightlifters won a total of 50 medals comprising 16 gold, 16 silver and 18 bronze.

Nigeria weightliers Ruth Ayodele and Joy Eze will be competing in 64kg and 71 kg women categories respectively today, Tuesday March 12.

The President, Nigeria Weightlifting Federation, Ibrahim Abdul thanked the team for their commitment at the 2023 Africa Games Weightlifting event.

“The commitment and sacrifices of the players are paying off and also the organisational disposition of the federation. Nigeria is a dominant force in weightlifting and that is what we are targeting in Accra,” he said.

UK bans migrant health workers, others, from bringing family members

Mustapha USMAN
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UK bans migrant health workers, others, from bringing family members

THE United Kingdom (UK) has announced a robust approach to significantly reduce net migration by banning care workers from bringing family members.

With this move, the UK hopes to radically cut net migration and tackle visa abuse while acknowledging clear evidence of care workers being offered visas under false pretences, often travelling thousands of miles for nonexistent jobs or to be paid far below the minimum wage, thereby exploiting them and undercutting British workers

According to a statement by the UK Home Office on Monday, March 11, the care workers are being restricted from bringing dependants after a disproportionate 120,000 dependants accompanied 100,000 workers on the route last year.  

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The UK also emphasised that care providers in England acting as sponsors will need to register with the Care Quality Commission (CQC), the industry regulator for Health and Social Care, adding that the measure is aimed at combatting worker exploitation and abuse within the sector.

It’s also noted that the decision was part of a broader package being swiftly implemented, resulting in 300,000 eligible individuals unable to come to the UK last year.

Home Secretary, James Cleverly, was quoted to have said, “Care workers make an incredible contribution to our society, taking care of our loved ones in times of need. But we cannot justify inaction in the face of clear abuse, manipulation of our immigration system and unsustainable migration numbers.

“It is neither right nor fair to allow this unacceptable situation to continue. We promised the British people action, and we will not rest until we have delivered on our commitment to bring numbers down substantially. Our plan is robust but fair – protecting British workers while ensuring the very best international talent can work and study here, to add value to our society and grow the economy

“These changes come into force as the government is set to lay rules in Parliament later this week (14 March) to prevent the continued undercutting of British workers, which includes raising the salary threshold that a skilled worker must meet in order to get a visa and removing the 20% ‘going-rate’ discount for migrant workers in shortage occupations,” he said.

On his part, Minister for Social Care, Helen Whately, underscored the invaluable contribution of international care workers in looking after our loved ones.

She, however, stressed that relying solely on international recruitment and increased immigration is not a sustainable solution for our social care needs, noting that these regulations offer a more ethical and enduring approach.

“We are boosting our homegrown workforce by reforming social care careers. These include the first ever national career path for care workers and a new care qualification. Our reforms will grow the domestic workforce and build on our success over the last year that saw more people working in social care, fewer vacancies and lower staff turnover,” the statement quoted her saying.

Senate sets up committee to probe N30trn loan obtained by Buhari

Bankole ABE
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Senate sets up committee to probe N30trn loan obtained by Buhari

THE Senate has set up an ad-hoc committee to probe the N30 trillion Ways and Means loans of the Central Bank of Nigeria (CBN obtained under former President Muhammadu Buhari.

The probe committee, inaugurated on Monday, March 11, was also tasked with looking into the Anchor Borrowers’ Program that Buhari’s administration ran.

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The president of the Senate, Godswill Akpabio, stated during the occasion on Monday in Abuja that the probe panel is important since it is tasked with looking into the methods and means, including the Anchor Borrowers’ Program.

The committee was established in response to a report by joint committees on national planning, appropriations, banking, insurance, and other financial institutions, finance, and agriculture, produced following discussions with the federal government’s economic management team.

The ICIR reported that despite sanctioning the approval, the Senate on Tuesday, February 20, resolved to probe the N30 trillion Ways and Means loan obtained by the administration of Buhari from (CBN).

The upper chamber has, as a result, constituted an ad hoc committee to interrogate disbursement and usage of the loan.

The Senate President, Akpabio, announced the resolution after most senators supported it through voice votes.

Chairman of the joint committee, Abdullahi Abubakar, who presented the report, explained that the violation of the ways and means of debt caused the current economic hardship.

Abubakar, a Peoples Democratic Party (PDP) senator representing Kebbi North, advised the Federal Government to settle the N30 trillion debt.

The lawmaker also urged the CBN to ensure repayment of various intervention programmes and loans to reduce the money supply.

Ways and Means is a loan facility through which the Central Bank of Nigeria finances the Federal Government’s budget shortfalls.

During the plenary, lawmakers blamed the leadership of the immediate past Senate, led by Ahmad Lawan, for approving such tremendous advances by the federal government.

In his defence, the immediate past Senate President, Ahmad Lawan, said his leadership approved N23 trillion for the ways and means, not N30 trillion.

He, however, urged his colleagues to investigate the approval and disbursement of funds under the ways and means.

The ICIR reported at different times how the CBN violated lending to the Federal Government by exceeding the threshold stipulated by the Fiscal Responsibility Act.

There were concerns over failed oversight by the senators who sanctioned the approval without following what the Fiscal Responsibility Act said.

Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.

 

Czech Republic gets 2nd win at Miss World

Itoro ETUKUDO
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Czech Republic gets 2nd win at Miss World

A MODEL and contestant at the just concluded Miss World beauty pageant Competition from Czech Republic, Krystyna Pyszkova has won the title, becoming Miss World 2024.

This is the second time Czech Republic is clinching the crown after their first win in 2006 by Tatana Kucharova.

Miss World 2022, Karolina Bielawska passed on the crown to the new winner at the finale of the competition held at Jio World Convention Centre in Mumbai, India, on Saturday, March 9.

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71st Miss World: Nigeria’s rep earns automatic qualification to finale

 

Miss World 2022, Karolina Bielawska from Poland crowning her successor, Krystyna Pyszkova
Miss World 2022, Karolina Bielawska from Poland crowning her successor, Krystyna Pyszkova

Despite making it to the top 40 cut, Nigeria’s representative, Ada Eme did not proceed to the next level of the competition.

The new Miss World also earned the title of Miss Europe during the top 4 selection alongside other continental winners including, Yasmin Azaytoun from Lebanon who emerged 1st runner up and Miss Asia and Oceania, Ache Abrahams from Trinidad and Tobago as Miss America and Lesogo Chbo of Botswana as Miss Africa.

Speaking on her victory, Krystyna Pyszkova expressed gratitude stating that it is a dream come true for her.

“Beng crowned Miss World is a dream come true. I am deeply honored to represent my country and the values of ‘beauty with a purpose’ on a global platform,” she said.

Pyszkova’s ‘Beauty With A Purpose’ project centered on quality education for children. After helping over 300 children with education in different countries including Tanzania, she hopes to use the Miss World platform to expand her advocacy.

The event which had contestants from 112 countries of the world was hosted by Bollywood filmmaker Karan Johar and Miss World 2013 Megan Young.

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