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Tuesday, February 4, 2014 - 16:51
ACID

The EURO logo is pictured in front of the European Central Bank (ECB) in Frankfurt/Main, Germany, on February 3, 2014. (DANIEL ROLAND/AFP/Getty Images)BRUSSELS (AP) — An EU report says corruption affects all 28 member countries of the European Union and costs their economies around 120 billion euros ($162.19 billion) a year.

 

The report, the EU's first on corruption, was issued Monday by European Commissioner Cecilia Malmstrom.

 

The report, summarized in a news release before publication, finds that EU member states have taken many steps in recent years to fight corruption, but that the results are uneven and that more needs...

Sunday, February 2, 2014 - 10:55
ACID

Corruption is by far not the main factor behind persisting poverty in the Global South. - Jason Hickel

Transparency International recently published their latest annual Corruption Perceptions Index (CPI), laid out in an eye-catching map of the world with the least corrupt nations coded in happy yellow and the most corrupt nations smeared...

Sunday, February 2, 2014 - 10:55
ACID

Corruption is by far not the main factor behind persisting poverty in the Global South. - Jason Hickel

 

Transparency International recently published their latest annual Corruption Perceptions Index (CPI), laid out in an eye-catching map of the world with the least corrupt nations coded in happy yellow and the most corrupt...

Saturday, February 1, 2014 - 12:59
ACID

The Nigerian Senate has come under intense pressure from the presidency, the petroleum ministry and the Nigerian National Petroleum Corporation [NNPC] to abandon a planned investigation into the disappearance of a staggering $48.9 billion (about N8 trillion) crude oil money, senators have told PREMIUM TIMES.

 

A Senate investigative hearing into the scandal, regarded as one of Nigeria’s biggest fraud, billed to commence Thursday, was rescheduled for next Tuesday.

 

Senators told ...

Monday, January 27, 2014 - 00:39
ACID

After days of hiding to evade arrest by operatives of the Department of State Security (DSS), the interim Deputy National Secretary of   All Progressives Congress (APC), Mallam Nasir el-Rufai, will today report to the office of the security agency in Abuja.

THISDAY  reported that the former Minister of the Federal Capital Territory  (FCT) would be submitting himself for interrogation early in the morning.

The SSS had said it only invited el-Rufai to clarify media reports that quoted him as threatening that unless certain things were put in place, the 2015 general election would be marred by violence.

 

The SSS, in a...

Thursday, January 16, 2014 - 00:45
ACID

Abuja – The three tiers of government in the country have shared N581.498 billion as allocation for the month of December, 2013.

 

A communiqué issued by the Technical Sub-Committee of the Federal Account Allocation Committee, FAAC shows that the distributable revenue for the month was N538,332 billion against N702,541 budgeted for the month and N675,650 billion distributed last month.

 

This comprised N473,607 billion and N64,725 billion from statutory and Value Added Tax, VAT respectively. The communiqué indicated that there was no augmentation for the month.

 

Also distributed for the month was N7,617 billion refunded by NNPC and the sum of N35,549 billion from SURE-P from the Subsidy Reinvestment and Empowerment Programme,...

Monday, January 13, 2014 - 19:45
ACID

The political crisis in Rivers State escalated Sunday morning as the Chairman of the Senate Committee on Petroleum (Downstream), Senator Magnus Abe, was shot when the police used tear gas and rubber bullets to disperse members of Save Rivers Movement (SRM).

 

Unconfirmed reports also said two children who were going to church in the company of their mother were choked to death from an overdose of the tear gas.

 

Also two buildings located opposite Eligbam Junction along Rumuola Road were burnt.

 

But in a swift reaction, the Rivers State Police Command has denied shooting the senator, describing the reports emanating from the state as a “blatant lie”.

 

The Rivers State Government, nonetheless, introduced...

Saturday, January 4, 2014 - 01:45
ACID

court480

The Supreme Court is set to meet on the cases of the 23 judges, who are being investigated over large scale corruption.

 

This is just as the Economic and Financial Crimes Commission, EFCC, moves in to take over the matter from where the council stops.

 

Saturday Vanguard learnt that that already the commission’s operatives had established enough evidence of corruption against seven of the affected judges and was ready to charge them to court any moment from now.

 

The Chairman of...

Friday, January 3, 2014 - 03:39
ACID

Barring adjustments by the legislature and supplementary appropriations, Federal Government and 34 of the 36 states of the federation will spend at least N10.67 trillion this year, Vanguard checks have revealed.

 

In other words, they will be spending at least N889.231 billion a month or N29.235 billion a day.

 

The hefty sum is the summation of budget proposals of the two tiers of government for 2014.

 

Rivers State, Jigawa State and the Federal Capital Territory, FCT, Abuja, are yet to release their 2014 budget proposals.

 

The crisis in Rivers State House of Assembly may have taken its toll on the presentation of the state’s 2014 budget.

 

There are indications that the National Assembly...

Friday, January 3, 2014 - 00:39
ACID

The Independent Corrupt Practices and Other Related Offences Commission, ICPC, in partnership with the National Orientation Agency, NOA, has resolved to keep the public abreast of corruption prone-processes in their daily activities, as means of tackling the vice in the country.

 

The Memorandum of Understanding, MoU, jointly signed by the two bodies covers many aspects of the ICPC’s preventive, education and public enlightenment functions, which would be driven through a joint operational task team comprising  highly professional and skilled and experienced personnel.

 

Speaking on the agreement in Abuja, the Chairman of ICPC, Bar. Ekpo Nta, said:  “The MoU underscores the imperative of synergy, collaboration and partnership among...

Friday, December 20, 2013 - 10:24
ACID

World Bank President Dr. Jim Yong Kim is interviewed by the President of the Economic Club of Washington David Rubenstein (not pictured) during a morning breakfast session in Washington December 10, 2013. REUTERS/Gary Cameron

WASHINGTON (Reuters) - The World Bank took a bold stance on fighting corruption on Thursday, with President Jim Yong Kim saying that corruption at both the public and private level is the scourge of the developing world.

The development institution, which long shied away from tackling corruption...

Thursday, December 19, 2013 - 16:45
ACID

President Goodluck Jonathan on Thursday presented the budget estimate of N4.6 trillion for the 2014 fiscal year to the National Assembly against the N4.7 trillion that was budgeted last year.

 

According to the budget estimate, the Federal Government is to spend N1.1 trillion for capital expenditure, while N3.7 trillion is expected to come from the Internally Generated Revenue, IGR.

 

President Jonathan who was represented by the Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala did not give details of the budget and the amount for the recurrent expenditure as he only laid the well packed budget proposal on the floor of the Senate.

 

Speaking to Journalists after laying the budget estimate, the...

Thursday, December 19, 2013 - 12:55
ACID

Asaba— DELTA State Government, yesterday, announced a budget proposal of N391.51 billion for 2014 fiscal year.
Tagged Budget of Consolidation, Sustainable Economic Growth and Development, it comprises N159.78 billion (48.8 per cent) for Recurrent Expenditure and N231.72 billion  (59.1 per cent) for Capital Expenditure.

 

The year 2014 budget proposal shows a decrease of N80.49 billion, when compared to the year 2013 approved budget of N472.00 billion.

 

Presenting the budget proposal before members of the state House of Assembly, Governor Emmanuel Uduaghan said “the main focus of year 2014 budget is to sustain the drive towards Delta State beyond oil initiative.

“We have in this respect put together a...

Saturday, December 14, 2013 - 16:47
ACID

The federal government yesterday shared the sum of N675, 650 billion with the States and Local government councils as federal allocation for the month of March, 2013. “The three tiers of government in the country have shared a total of N731, 133 billion as federal allocation for the month of March, 2013.“

 

A communiqué issued by the Technical Sub-Committee of the Federal Account Allocation Committee, FAAC reveals that the gross revenue of N597,752 billion received for the month was higher than the N539,553 billion received in the previous month by N58.199 billion.

 

The distributable statutory revenue for the month was N540.754 billion.

...

Saturday, December 14, 2013 - 00:45
ACID

NNPC defends itself against the CBN governor’s allegation.

 

‪The Nigerian National Petroleum Corporation, NNPC, on Friday hit back at the Central Bank of Nigeria, CBN, governor, Lamido Sanusi, accusing him of playing politics with his controversial letter to President Goodluck Jonathan on alleged $49.8 billion (N8 trillion) unremitted oil money.‬

 

‪In a memo to the President, the CBN governor had accused the NNPC of systematically diverting more than 76 per cent of revenues realised from crude oil sales between January 2012 and July 2013, paying only 24 per cent of the proceeds from all crude oil sales within the period into the federation account.‬

 

‪In its initial reaction, the NNPC, through its General...

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