NewsReports

The Senate has rejected Ibrahim Magu’s nomination as Chairman of the EFCC. The Chairman, Senate Committee on Media and Public Affairs, who addressed journalists after a closed-door session on Thursday, said the rejection was based on “security report.” He said the rejection would be communicated to President Muhammadu Buhari to take further action. (Punch)

The President of Nigeria Agribusiness Group, NABG, Sani Dangote, has expressed optimism over massive revolution in agribusiness in 2017 based on collaborations and synergies formed by the Federal Government and the group. Dangote stated this at the 2nd Annual General Meeting of NABG in Abuja, where he also disclosed that NABG Presidential Committee in partnership with the Federal Ministry of …

Reacting to the 2017 budget where the Ministry of Education is expected to get N398.01billion in the recurrent expenditure, the Chairman of Academic Staff Union of Universities, University of Lagos chapter, Dr Laja Odukoya, described the education budget as budget of hatred for the sector. He said: “Clearly this government has a pathological hatred for knowledge and education. What other …

The Economic and Financial Crimes Commission on Wednesday re-arraigned a former Governor of Oyo State, Chief Rashidi Ladoja, alongside one Waheed Akanbi for an alleged fraud of N4.7bn. The EFCC claimed that Ladoja and Akanbi committed the offence in 2007. The charge, marked FHC/L/336c/08, was filed against them in 2008 and they were first arraigned before Justice A. R. Mohammed …

President Muhammadu Buhari on Wednesday, presented the N7.298 trillion 2017 Appropriation Bill before the joint session of the National Assembly. In this report we captured 10 take-aways from President Buhari’s Budget Presentation speech, where he said: 1. For the record: For many years we depended on oil for foreign exchange revenues. In the days of high oil prices, we did …

Members of the Senate have called for the resignation, probe and prosecution of the Secretary to the Government of the Federation, Babachir Lawal, for allegedly owning one of the companies awarded contracts in the rehabilitation of the North-East. Lawal was alleged to have resigned his directorship of the company after becoming the SGF and the company had executed the contract. …

Assumptions, projections Benchmark crude oil price – $42.5 per barrel Oil production estimate – 2.2 million barrels per day Average exchange rate – N305 to the US dollar. Aggregate revenue available to fund the federal budget is N4.94tn Deficit – N2.36tn (about 2.18% of GDP) The deficit will be financed mainly by borrowing which is projected to be about N2.32tn. …

Suspected members of the Boko Haram sect on Monday laid an ambush between Sari and Gudumbali areas of Borno State, killing another Lieutenant Colonel, Otos Umusu, and his unnamed security aide while heading to their base in Baga. Our correspondent learnt that Umusu, who was the Commanding Officer of the 118 Task Force Battalion, Operation Lafiya Dole, in Borno, and …

President Muhammadu Buhari on Wednesday in Abuja presented a budget of N7.30tn for 2017 before a joint session of the National Assembly. Buhari, who arrived at the assembly Chambers at 1.55p.m., apologised for shifting the time for the presentation of the appropriation bill from 10a.m. to 2 p.m. He explained that the delay was informed by his sudden trip to …

The West African Examinations Council says it will soon begin the conduct of its examination for private candidates twice in a year with effect from 2017. The council Registrar, Dr Iyi Uwadiae, who spoke on the sidelines of the council’s “Registrar’s Staff Appraisal Committee’’ meeting on Wednesday in Accra, Ghana, said, “The West Africa Senior School Certificate Examination for private …