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The President of the Senate, Dr. Abubakar Bukola Saraki, on Tuesday accused the country’s anti-graft agencies of scuttling the Federal Government’s efforts to recover looted funds in foreign countries.

Saraki, who hinged his argument on the mismanagement of looted funds by the anti-graft agencies, stressed that several assets recovered were re-looted by the agencies in Nigeria.

Saraki, who spoke at one-day strategic retreat on tackling the slow progress of anti-corruption bills in the National Assembly, added that due to the mismanagement of the looted funds, President Muhammadu Buhari decided to inaugurate an audit committee for the assets recovered by anti-graft agencies.

The Senate President, who was represented by the Deputy Leader of the Senate, Bala Na’Allah, said: “Nigeria is finding it difficult to convince other nations to return funds looted from our treasury.

“This is because of other nations’ exasperation over the management of returned assets.

“Only recently, Mr. President inaugurated a committee to audit all assets recovered by various government agencies.

“The National Assembly has been strident about the opacity shrouding the management of recovered funds, which in many cases get reported by the agencies that investigated and recovered them.

“An Ad-hoc committee of the Senate, which is investigating some administrative infraction in the Executive, has discovered that many properties recovered from fugitives from the law, have not been accounted for by the investigating agency.

“This gives global community great concern about the commitment of Nigeria to the anti-corruption drive.”

Speaking earlier at the retreat, the Chairman of the committee, Senator Chukwuka Utazi, stated that Nigeria’s struggle against entrenched corruption is a global concern.

Utazi, who expressed dismay with the suspension of Nigeria by the Egmont Group of Financial Intelligence Unit, lamented that it would greatly impede the fight against corruption in Nigeria.

He said: “The suspension activated the immediate shutdown of the EGMONT secure Web against Nigeria, with the implication that Nigeria can no longer exchange sensitive information with about 172 other member countries in order to carry out investigative and regulatory responsibilities as they affect local and international issues bothering on money laundering, terrorism financing.

“This has dreadful consequences on sharing criminal intelligence and financial information bothering on money laundering, terrorism financing, proliferation of arms, corruption, financial crimes, economic crimes and such like offences geared towards the support of local and international investigations, prosecution and asset recovery.”

In his own remarks, the Director of Africa network for Environment and Economic Justice, Rev. David Ugolor, revealed that the Federal Government is at the final stage of recovering $321 million of Abacha’s loot in Swiss banks.

Ugolor applauded the Federal Government for its steadfastness in ensuring the money is recovered.

According to him: “The return of $321 million Abacha loot is at the final stage.

“We want to commend the Federal Government for making sure that the country takes recovery of Abacha’s loot in Swiss bank.”

BIG STORY

UPDATE: Uncover Negligence, Deliberate Actions Behind Ibadan Stampede — Tinubu To Security Agencies

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President Bola Ahmed Tinubu has ordered an investigation into the incident at the children’s funfair in Ibadan, which resulted in the death of 35 persons.

In a statement issued on Thursday by Bayo Onanuga, his special adviser on information and strategy, the president called for a “thorough” inquiry to determine whether negligence or deliberate actions contributed to the stampede.

“In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event,” the statement reads.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.”

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.

“Among the essential actions are a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.”

The president also called on event organisers to prioritise the safety of all attendees, especially children.

He noted the importance of integrating professional security, protocol, and logistics at events to ensure the safety of all participants.

“Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives,” he added.

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BIG STORY

2025 Budget Proposal Scales Second Reading At National Assembly

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The 2025 appropriation bill has passed the second reading at the national assembly.

The budget cleared the second reading during plenary on Thursday following an extensive debate by legislators in the Senate and the House of Representatives.

On Wednesday, President Bola Tinubu presented a record N49.7 trillion as the proposed budget for 2025 to a joint session of the upper and lower legislative chambers.

The lawmakers, during plenary on Thursday, took turns discussing the general principles of the money bill, offering recommendations that included thorough scrutiny of the budget breakdown during engagements with heads of ministries, departments, and agencies (MDAs).

Leading the debate, Julius Ihonvbere, majority leader of the green chamber, said the budget would improve the nation’s economy and consolidate the achievements of the president.

In his debate, Kingsley Chinda, minority leader, said Tinubu’s assertion that the budget would reduce inflation from the current 34.6 percent to 15 percent is “ambitious” and not realistic.

The ranking lawmaker said the allocation of N4.91 trillion to defence and security “will not take us to the promised land.”

He added that the budget should also prioritize human capital development and environmental sustainability.

“The budget might appear very beautiful, but there is much more for us to do as a nation,” Chinda said.

‘2025 BUDGET IS INADEQUATE’

Oluwole Oke, a Peoples Democratic Party (PDP) member from Osun, stated that the budget is “grossly inadequate” and won’t sufficiently fund development projects.

Abdussamad Dasuki from Sokoto supported Oke’s position, describing the budget as inadequate.

“The budget may look robust on paper, but if you convert it to dollars, you will realize that the budget is not where we should be,” he said.

“With the challenges we have, if you convert it to dollars, the nation will be inadequately provided for. I urge the relevant committees, particularly the committee on finance, to work on this.”

Also speaking, Ismaila Dabo from Bauchi called for an increased allocation to the agricultural sector to boost food production.

“Inflation is on food items, and Nigerians are finding it difficult to cope. I urge the house to do everything possible to ensure enough allocation is reserved for agriculture,” he said.

Some lawmakers from the north-east and south-east geopolitical zones demanded more funding for their development commissions.

The lawmakers unanimously voted in support of the bill when it was put to a voice vote by Benjamin Kalu, the deputy speaker, who presided over the session.

Kalu referred the bill to the committees on appropriation for further legislative work.

He said the bill will be passed before January 30.

In November, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

Also, the national assembly maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.

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BIG STORY

JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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