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Senate Uncovers How Jonathan, Sambo, INEC, FAAN, Others Diverted N665.8bn


Deji Elumoye in Abuja
The Senate has uncovered how former President Goodluck Jonathan, his deputy, Namadi Sambo, Independent National Electoral Commission (INEC), Nigerian Army, Federal Airports Authority of Nigeria (FAAN) and some Ministries, Departments and Agencies (MDAs) benefitted from alleged diversion of N665.8 billion Solid Minerals Development and Stabilisation Funds through the Accountant General of the Federation (AGF).
The upper legislative chamber has, therefore, ordered the AGF to ensure that the misappropriated funds in form of loans and Special allocations were recovered and paid back to the Special Funds Accounts within 60 days.
The Senate gave the marching order to the AGF after consideration and approval of the 2015 Auditor-General’s report presented at plenary by the Chairman of the Senate Committee on Public Accounts, Senator Mathew Urhoghide. ....

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Policy Summersaults and Growth of Nigeria's Aviation Industry


Aviation industry stakeholders attribute stunted growth of the sector to policy summersaults and have called on government to review some policies that are antithetical to the development of the sector and its subsequent impact on the profitability of airlines and other businesses in the country. Chinedu Eze writes.
Airline operators and other private investors in the Nigerian aviation industry have consistently made the claim that government policies and interventions are often misdirected, especially when operators in the sector are excluded from making input into such policies. The consequence is that Nigerian airlines are not profitable, which explains the short life span of domestic carriers that survive for an average age of 10 years. ....

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2020 revised budget: Reps approve $7.031bn, £995m external loan for FG, States


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The House of Representatives on Wednesday approved President Muhammadu Buhari’s request to obtain $7.031 billion and £995million external loan.
Breakdown of the external loan approved showed that the sum of $5.513 billion is to finance Federal Government’s revised 2020 budget deficit, £995 million to improve food security while $1.5 billion is for state governments facing fiscal challenges arising from the COVID-19 pandemic.
According to the report, the House had in June 2020 approved the request to obtain the $5.513 billion to finance the proposed revised 2020 budget deficit, but “due to the absence of adequate information on the second and third terms on Mr President’s request, the Committee in agreement with the Hon Minister, Federal Ministry of Finance, Budget & National Planning deferred consideration of the external borrowing request relating to funding of priority projects of the Federal Government to be captured in the budget estimates for 2021 ....

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