National

We’ll Borrow N13trn to Finance Budget Deficit – Wale Edun

Published

6 months ago

December 17, 2024

Eric

The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, announced on Monday that the N13 trillion deficit in the N48 trillion 2025 budget would be financed through borrowing.

The minister said this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
The total projected revenue for 2025 stands at N34.8 trillion, out of which the expenditure is projected at 47.9 trillion, an increase of 36.8 per cent from the 2024 estimate.

The deficit for 2025 is projected at 13.1 trillion, representing 3.89 per cent of GDP.
Edun said the budget was designed within the context of how far and how much progress that have been made under the leadership of President Bola Tinubu, in the last 18 months.

“And even looking at it from an international context, we, like governments around the world, are concerned about how to achieve fiscal sustainability, revenue to expenditure and borrowing that is balanced, to create an environment in which the economy can grow.

“Private sector-led economies such as ours and others, rely on investors to put down their money in various projects, increase productivity, create jobs, grow the economy and in the case of countries such as ours, bring the people out of poverty,” Edun said.

He explained that the Tinubu administration has put in place policies that ensure market pricing of petroleum products, foreign exchange, and efforts had been made to improve the pricing of electricity.

Edun said: “Just recently Shell announced a $5 billion investment, Total announced a multi-billion dollar investment just before that, and there are so many others expressing interest in investing in this country.

“So, progress has been made. There is greater fiscal sustainability and as I said, even the European countries are struggling to achieve some of these critical macroeconomic reforms.

“This budget is based on government spending in critical areas, but also more importantly, encouraging and making room for private sector investment.”
He further stated that the improvements in the economy were encouraging.

“For the first time in about 25 years we have domestic refinement of petrol, not just to produce petrol but also raw materials for industries across a whole range, from pharmaceuticals to building products to textiles,” the minister said.

NAN

National

Immigration Crackdown: Nigeria Listed Among Countries to Face US Visa Ban

Published

3 days ago

June 16, 2025

Eric

Nigeria has been listed among 36 countries that could face new travel restrictions to the United States under a proposed expansion of the Trump administration’s travel ban, according to a State Department memo reported by The Washington Post.

The extensive list includes 25 African nations, several Caribbean countries, Central Asian states, and Pacific Island nations. Nigeria, Africa’s most populous country with over 200 million people, is the largest population that could be affected by the proposed restrictions.

Countries given a 60-day timeline

The memo, signed by Secretary of State Marco Rubio and sent Saturday to US diplomats working with the affected countries, gives the listed governments 60 days to meet new benchmarks established by the State Department. Countries must provide initial action plans by 8 am on Wednesday, showing how they will address the requirements.

The document outlines various issues the administration believes these countries need to address. Some nations are described as having “no competent or cooperative central government authority to produce reliable identity documents or other civil documents,” whilst others allegedly suffer from “widespread government fraud.” Additionally, the memo cites high numbers of visa overstays by citizens from certain countries.

Furthermore, other factors mentioned include the availability of citizenship through investment programmes without residency requirements, and claims of “antisemitic and anti-American activity in the United States” by people from those countries. However, the memo states that countries willing to accept third-country nationals removed from the US or enter “safe third country” agreements could mitigate other concerns.

The timing for implementing potential restrictions remains unclear if countries do not meet the demands.

Complete list of affected countries

The 36 countries under review are: Angola; Antigua and Barbuda; Benin; Bhutan; Burkina Faso; Cabo Verde; Cambodia; Cameroon; Democratic Republic of Congo; Djibouti; Dominica; Ethiopia; Egypt; Gabon; Gambia; Ghana; Ivory Coast; Kyrgyzstan; Liberia; Malawi; Mauritania; Niger; Nigeria; Saint Kitts and Nevis; Saint Lucia; Sao Tome and Principe; Senegal; South Sudan; Syria; Tanzania; Tonga; Tuvalu; Uganda; Vanuatu; Zambia; and Zimbabwe.

This proposal would significantly expand restrictions already implemented on 4th June, which fully restricted entry from Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. In addition to these complete bans, the US also partially restricted travellers from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela under that order.

Source: BusinessDay

National

‘Gwo Gwo Ngwo’ Crooner, Gentleman Mike Ejegha, Dies at 95

Published

2 weeks ago

June 7, 2025

Eric

A popular Nigerian highlife musician, Mike Ejeagha, has died at the age of 95.

Popularly known as “Gentleman Mike Ejeagha,” the music legend died on Friday night.

The musician’s eldest son, Emma, who confirmed his passing on Saturday to journalists in Enugu said he died on Friday evening at approximately 8 p.m. at the 32 Garrison Hospital in Enugu after a prolonged illness.

“My father passed away due to a long-standing ailment,” said Emma.

Ejeagha’s legacy is marked by his distinctive style of Igbo folk music, which resonated across multiple generations.

Born on April 4, 1930, in Imezi Owa, Enugu State, Ejeagha rose to prominence during the 1960s and 1980s with timeless hits like Omekagu, Uwa Mgbede Ka Mma, and Ka Esi Le Onye Isi Oche (Gwogwogwongwo).

Ejeagha’s contributions to preserving and promoting Igbo culture through music are monumental, with over 300 recordings archived in the National Archives of Nigeria.

His recent resurgence in popularity, sparked by the viral dance challenge of his 1983 track Ka Esi Le Onye Isi Oche in 2024, introduced his music to a younger audience.

Ejeagha’s passing marks the end of an era for Nigerian highlife music, but his legacy endures through his extensive discography and the impact he left on Igbo folklore and music.

The Punch

National

EFCC Obtains Court Permission to Arrest, Charge Alleged Promoters of CBEX Scheme

Published

2 months ago

April 25, 2025

Eric

A Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged investment fraud amounting to over one billion dollars.

Justice Emeka Nwite, who issued the order on Thursday after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion, stated that the detention would be pending the conclusion of the investigation into the alleged offenses and possible prosecution.

“I have listened to the submission of the learned counsel for the applicant (EFCC). I have also reviewed the affidavit evidence, including the exhibits, along with the written address. I am of the view and I so hold that the application is meritorious. Consequently, the application is granted as prayed,” the judge held.

The six suspects listed as the 1st to 6th defendants are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In the ex-parte motion filed on April 23 by Yusuf, the EFCC sought an order from the court to issue warrants of arrest for the defendants and an order remanding the defendants in custody pending the conclusion of the investigation into the alleged offenses and possible prosecution.

The lawyer stated four grounds for the motion, noting that the EFCC has a statutory duty to prevent and detect financial crimes through investigation. She also mentioned that there was intelligence received by the office of the commission’s chairman regarding the defendants, concerning various criminal offenses.

She said: “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”

In the affidavit supporting the motion, the EFCC stated that in April 2025, it received intelligence about an alleged investment scheme fraud involving the defendants.

It was alleged that the defendants and their company, ST Technologies International Limited, in collaboration with another company, Crypto Bridge Exchange (CBEX), orchestrated the fraud. The case was assigned to the EFCC’s Cybercrimes Section for investigation.

The agency revealed that preliminary investigations into the intelligence revealed:
“That Messrs. Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, through their company, ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by advertising and luring unsuspecting members of the public to invest in cryptocurrencies on the CBEX investment platform.”

The EFCC also stated that the defendants promised unrealistic returns of up to 100% on investments.
“That the victims were made to convert their digital assets into USDT stablecoin for deposit into the suspects’ crypto wallet.
“That the victims were initially given full access to the platform to monitor their investments. However, following deposits worth over $1 billion by the victims, the CBEX investment platform became inaccessible, and they could no longer withdraw their investments.
“That the victims later discovered that the scheme was a scam.”

During the investigation, it was discovered that although ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

The EFCC also uncovered that the defendants had moved out of their last known addresses in Lagos and Ogun states. The agency added that a warrant of arrest was necessary to place the defendants on a red watch list so they could be traced and apprehended to face the charges against them.

According to the commission, the investigation into the allegations revealed a prima facie case of investment fraud, and it would be in the interest of justice to grant the application.