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FAAC Allocate N2.07 Trillion To Nigerian States

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In February 2024, the Federation Account Allocation Committee (FAAC) distributed a staggering N2.07 trillion to Nigeria’s three tiers of government, derived from the previous month’s revenue influx.

FAAC’s allocation of N2.07 trillion is to reshape Nigeria’s economic landscape, empowering states to embark on crucial developmental projects for citizen welfare and prosperity.

In a bid to enhance productivity and eradicate vulnerabilities, Nigeria must pivot away from its current paradigm of unproductive federating units.

The nation’s trajectory towards sustainable development hinges on revitalizing states, fostering resilience, and reducing dependency.

Every citizen, irrespective of level, must remain vigilant against the misappropriation of resources earmarked for state growth and advancement.

Strengthening oversight mechanisms is imperative to curb wastage and promote effective resource allocation.

Mismanagement of resources at all levels has precipitated a decline in economic growth, exacerbating multi-dimensional poverty affecting approximately 133 million Nigerians, constituting 65% of the nation’s populace. Urgent reforms are indispensable to reverse this trend and uplift livelihoods.

Examining the allocation breakdown across states underscores the imperative for judicious resource allocation and management.

Each state’s share, reflective of its unique needs, demands astute governance and strategic investment for sustainable development.

Governors wield a pivotal role in fostering citizen welfare through prudent resource allocation towards critical infrastructure and developmental initiatives.

Prioritising citizens’ needs ensures optimal utilisation of resources for tangible socio-economic progress.

Transparency and accountability are paramount in managing public resources effectively. By fostering greater visibility and oversight, governments can mitigate wasteful expenditure, bolster efficiency, and curb corruption, ultimately fostering trust and confidence in governance.

Maximising resource utilisation guarantees a favourable return on investment for state governments, propelling economic prosperity and enhancing citizens’ quality of life. Strategic project management and prudent fiscal policies are indispensable for sustainable growth.

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Governors’ propensity for extravagant spending has significantly contributed to the escalation of poverty levels in Nigeria.

Addressing systemic inefficiencies and promoting responsible governance are imperative to alleviate poverty and foster inclusive development.

Ameh Peter, Former National Chairman of IPAC and National Secretary of CUPP

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NCSP DG: Nigeria, China Will Soon Sign Digital Currency Deal 59 Reduce Dollar Reliance

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Joseph Tegbe, director-general (DG) of the Nigeria-China Strategic Partnership (NCSP), says Nigeria will soon sign a deal on ‘Digital RMB’ with China to enable a direct conversion of naira to Chinese Yuan.

The digital renminbi (RMB) is a central bank digital currency issued by China’s central bank, the People’s Bank of China.

Speaking at the digital asset markets strategy masterclass series held recently in Lagos, Tegbe said the agreement is expected to reduce Nigeria’s dependence on the United States dollar.

He described the pact as a major step in Nigeria’s transition from a trade relationship with China to a mutually-beneficial development partnership.

The NCSP DG also said Nigeria has secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies within the last five months.

Tegbe also noted the importance of leveraging Chinese technology, particularly in the digital asset market and knowledge transfer, adding that the NCSP remains committed to supporting the globalisation of Nigeria’s capital market.

The director-general outlined the objectives of the partnership, which include driving infrastructure development, scaling up Chinese investments, strengthening trade and economic ties, promoting transparency, and advancing cultural exchange between both countries.

Also speaking at the event, Babajide Sanwo-Olu, governor of Lagos, said the state is developing a securitisation policy to monetise idle assets and raise green bonds to fund infrastructure needs.

Sanwo-Olu, who was represented by Abayomi Oluyomi, the commissioner for finance, said Lagos will become the first sub-national in the country to implement such a policy.

In his remarks, Nicholas Okoye, convener of the masterclass and a global investment advisor, said the digital transformation ushered in by the fourth industrial revolution has impacted all sectors and will open new frontiers of wealth for investors, institutions, nations, and sub-nationals.

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“The most strategic ecosystem of this digital transformation has got to be ‘Digital Asset Markets’, which includes investment in cryptocurrencies as well as the tokenisation (digitisation) of traditional asset classes,” Okoye said.

“The proposed full adoption of ‘Digital Asset Markets’ in Nigeria’s capital markets and subsequently across Africa is going to be a game changer for wealth creation and economic growth sustainability.

“In addition, it will completely redefine the future of African finance, investment and capital market industries.”

Okoye said the digital assets present a unique opportunity for Africans to build wealth regardless of location or profession, providing for the first time, an accurate reflection of Nigeria and Africa’s true wealth position.

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Taraba NUJ Honour Chief DSK as the philanthropist Man of the year

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By Nahum Sule, Jalingo

Making the event that marked the Nigeria Union of Journalists at 70, the Taraba State chapter of the NUJ Honour chief David Sabo Kente as the philanthropist man of the year

The award presentation was held in Jalingo, the state capital, at the grand finale of the NUJ Press Week celebration.

 

Speaking at the ceremony, the state chairman of NUJ, Mr Eliud Jen, noted that the awards were carefully chosen base on concrete evidence of performance in various categories and meant to spur the awardees to do more.

 

Chief Kente, who was the governorship aspirants of the All Progressives Congress APC, in 2023, has used his foundation, The DSK foundation, to help thousands of Taraban through scholarship, Small Medium Enterprises and lot more.

While congratulating the union for attaining 70 years, Kente called on government investors and everyone to give the union a support hand to enable its members to continue discharging their duties effectively.

Others who were awarded for outstanding performance are His Excellency Dr, Agbu Kefas the governor of Taraba State, Alhaji Yakubu Jafaru Chiroma, member representing Bali/Gassol Federal constituency, Dr Aisha Adamu, the CMD of Federal Medical Centre Jalingo, Hon. Aminu Hassan, ALGON chairman in the State, Professor Joseph Albasu Kunini, former Speaker of Taraba State and Professor Sunday Bako, Vice Chancellor Taraba State University Jalingo, the state Commissioner of Women Affairs and Child Development Mrs Mary Sinjen, Commandant 6 Brigade Jalingo Gen. Kinsley Uwa and several others were also given recognition as friends of the press.

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Kente further appreciated journalists for finding him worthy to be honour, emphasizing that the award will spur him to do more.

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Christian Youth Group Condemns Killings In Plateau, Benue States

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The Concerned Christian Youth Forum has strongly denounced the ongoing violence in Nigeria’s Plateau and Benue states, describing the attacks by bandits as an “affront to natural justice” and a violation of human dignity.

In a statement issued on Thursday by the group’s convener, James Paul Adama, the forum called for an immediate end to the “relentless onslaught” against innocent civilians.

“This human carnage must stop,” Adama said, urging the government to take swift action to halt the attacks and support affected communities in their recovery and rebuilding efforts.

The group demanded that the perpetrators of these “atrocious acts” be brought to justice, stressing that all Nigerians deserve safety and security.

“The time for action is now,” the statement added.

While commending the efforts of Nigeria’s security agencies, the forum called for intensified measures to curb the violence.

“We ask that they redouble their efforts to nip this menace in the bud,” Adama said, acknowledging the sacrifices of security personnel.

“Your courage and commitment to safeguarding the lives and properties of our citizens are an inspiration to us all.”

The statement also highlighted the constitutional duty of the government and security forces to ensure the safety and well-being of Nigerians, describing the violence as a threat not only to the affected communities but to the nation’s survival.

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