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Senate Says FG Idle, Bemoans Abandoned Projects

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The Senate has returned a damning indictment on the Presidency which it accused of underperformance and policy somersaults as well as failure to use national budgets to impact positively on Nigerians.

The upper legislative house also took a swipe on the Presidency over the over planning and implementation of national budgets which has resulted in many abandoned projects.

David Mark, Senate President  criticised the Federal Government for abandoning projects and maintaining inconsistent economic policies, which he said are not in the best interest of the nation

He spoke during the debate of a motion sponsored by Senator Olubunmi Adetunmbi (ACN, Ekiti North and 46 others calling for a review of the national planning and budgeting process.

Mark said: “Over the years, our budgets have not brought growth, have not improved the employment rate and have not brought dividends of democracy to Nigerians, as fast as expected. There is basically a problem with the envelope system, and that must change.

“Our committees would take full responsibility if they’re unable to effect changes in the next budget because if things are alright on paper and practically on ground things are not alright, we need to review the way we go about things.

“Some people have failed in their responsibilities; while others who have become powerful have hijacked other people’s work. If you go through the National Planning Commission Act, the objectives and functions of the commission, the system has not worked because those operating it are simply resistant to changes. They don’t want to change the system because changing it means they’ll lose the authority they’ve arrogated to themselves.”

Senate Leader Victor Ndoma-Egba slammed the executive for allegedly side-lining the legislature in budget planning and process. He said this has made it possible for the government to grossly under-develop the country.

“Those who see the budget proposal presented to the National Assembly as a scripture, to which no amendment can be allowed, should now know that they’re in error. If the ultimate responsibility for budget planning and the appropriation power resides with the National Assembly, it is only logical that the legislature should be part of the process that leads to that annual budgetary process,” the Senate leader said.

“But now, there is a disconnect between the body that has the ultimate responsibility for appropriation and the body that does the planning. That is why we’re in a situation where national plans that should deliver development, employment are rather delivering uncompleted projects, unemployment and poverty,” he added.

Ndoma-Egba, who condemned the envelope system of budgeting, said: “I’ve tried to rationalise the logic behind the envelope system and I must confess that the more I think about it, the more confused I get. It’s like building a house and putting the rafters around April and you’re hurrying to roof before the rain sets in.

“The Ministry of Finance brings an envelope that tells you that out of the four rooms in the house, the envelope can only deliver the roofing of one room so that if you roof one roof, the rain comes to destroy the other three rooms. The next year, you’re back to square one where you’ve a house without the roof. The envelope system has no meaning and we must take a second look at it.”

“This is an opportunity for us to look at the ratio between recurrent and capital expenditures. It’s the capital expenditure that delivers development. In a situation where over 70 percent of our national budget is dedicated to the recurrent expenditure, we can only deliver poverty, not development. The time has come for us to take a surgical view of our planning and budgeting process”.

Deputy Senate Leader Abdul Ningi (PDP, Bauchi Central) described the powers given to the finance minister over budget as too excessive, saying “we’ve never had the opportunity to listen to ministers of National Planning on budget matters. We’ve always been overwhelmed by the powers of finance ministers over the years. The finance minister cannot continue to plan and execute budget. The planning should be done by the National Planning Minister. We need to have a budget office of the National Assembly to analyse national budgets.”

Senator Bernabas Gemade (PDP, Benue) chairman of the Senate Committee on National Planning, bemoaned what he called lack of national infrastructural plan, Senator Adamu Gumba (PDP, Bauchi) suggested that the budget office of the federation be moved to the National Planning Commission to ensure budget discipline. He said arbitrary budget process must stop.


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NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

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National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors.

NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

The website unexpectedly shut down, blocking users from withdrawing their funds and locking in their investments.

Just like all other investment scams, victims were lured with promises of doubling their money in few weeks.

When National Reading Culture eventually crashed, the operators vanished with users’ funds, leaving investors devastated.

How the Platform WorkedTask-Based Earning:

According findings, National Reading Culture lured users with promises of making money by completing simple daily tasks like reading articles, clicking links, or inviting friends.

They also offered investment tiers to  earn higher daily profits, where users had to deposit their own money into the platform.

Evidence showed the website previously operated as a Chinese job search platform before rebranding into an “earning” scheme.


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NSITF Partners South African Insurer on Digital Transformation

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The Nigeria Social Insurance Trust Fund (NSITF) has signed a memorandum of understanding (MoU) with Rand Mutual Assurance (RMA) to collaborate on digital transformation aimed at strengthening worker protection systems and support economic growth.

According to RMA, the agreement was concluded during a visit by its delegation to Abuja.

The partnership will focus on institutional capability development, modernising operating models, improving service delivery and sharing knowledge between the two organisations.

Through the partnership, RMA and NSITF will collaborate to strengthen institutional capability, modernise operating models, accelerate digital transformation and improve services for workers and employers.

The organisations will also explore opportunities for knowledge exchange and the adoption of best practices in social security administration.

RMA said the agreement forms part of its broader engagement with governments, regulators and social security institutions across Africa to support improvements in governance, operational resilience and service delivery.

“Our partnership with NSITF reflects much more than the signing of an agreement,” said Mandla Shezi, group chief executive officer of RMA. “This partnership is not simply about sharing knowledge. It is about co-creating the next generation of African social security systems.”

He added: “By combining our respective strengths, we can help build institutions that are more resilient, more responsive and better equipped to protect workers while supporting national development.”

Shezi said the future of social security depends on integrated systems where prevention, insurance, healthcare, rehabilitation, technology, investment management and institutional capability work together.

 


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Microsoft to Lay Off 4,800 Workers

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Microsoft has announced plans to cut about 4,800 jobs, representing roughly 2.1 percent of its global workforce, with  Xbox, its gaming division, expected to bear the largest share of the layoffs.

Microsoft to Lay Off 4,800 Workers

The company said more than 1,600 positions at Xbox would be eliminated immediately, while another 1,600 jobs would be phased out over the next year as part of a major restructuring of the gaming business.

In a memo to employees, Amy Coleman, executive vice president, Microsoft, said the company was streamlining its operations to focus on areas that deliver greater value to customers in a rapidly changing technology industry.

Asha Sharma, chief executive officer, Xbox, described the move as “the most significant restructure in Xbox history,” saying the changes are intended to position the gaming business for long-term growth rather than downsizing.


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