NewsReports

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 …

Iran-backed militias are preventing civilians and opposition fighters from leaving the besieged districts of east Aleppo as Russia struggles to convince the Assad government and allied militants to abide by a ceasefire agreement. Shelling of the besieged districts resumed on Wednesday morning despite the agreement brokered by Turkish intelligence and the Russian military on Tuesday that would have offered a …

Gov. Ayo Fayose of Ekiti State on Tuesday cancelled the recent employment of 400 persons by Ekiti State University (EKSU), Ado Ekiti. Chief Press Secretary to the Governor, Mr Idowu Adelusi said in a statement in Ado Ekiti on Tuesday that the action was consequent upon irregularities that characterised the exercise. Adelusi said the university failed to advertise the vacant …

The Edo House of Assembly on Monday directed the ministry of Local Government and Chieftaincy Affairs to release vehicles to 15 former local government vice chairmen in the state The directive was sequel to the consideration of the report of the house committee on local government and chieftaincy affairs on the non release of the official vehicles to 15 of …