Economy
Whistle Blower Policy Fetches N700billion for FG
By Tony Obiechina, Abuja
The Federal Government has realised over N700 billion from the Whistle Blowers Policy since its introduction by the present administration in 2016.
Minister of Finance, Budget and National Planning Zainab Ahmed made this disclosure when she spoke with Newsmen at the national conference on the whistle blower policy in Nigeria on Tuesday in Abuja.
Zainab Ahmed said the government was able to recover this huge amount of money from the activities of whistleblowers who came forward with actionable claims of corruption.
According to the Finance Minister, “there were recoveries and the cleaning of the Integrated Personnel Payroll Information System (IPPIS); stoppage of non-compliance with the Treasury Single Account (TSA) and violations of the procurement Act 2007, etc”.
The Minister lamented that “at inception there was widespread enthusiasm as Nigerians volunteered numerous actionableinformation”.
Such information or tips she said were referred for further investigation by the EFCC, ICPC, NFIU or DSS.
“However, after sometime, interest in the implementation of the policy nosedived. Our attempt to reawaken public interest on the policy did not quite materialize. It was then we realized that there was apparent confusion in the public mind on several issues” she said.
To address these issues, a Committee with representatives from anti-graft and security agencies chaired by a representative of the Federal Ministry of Justice was set up to draft a Whistle Blower Bill, taking into account all the complaints received from the public and the observations of the various stakeholders.
Also speaking at the event, Vice President Prof. Yemi Osinbajo said the whistle blower policy “was developed as a tool towards the exposure of corruption and corrupt actors in Government”.
The whistleblower policy he said “presents a unique opportunity for men and women of conscience who are appalled by the level of corruption in the society and are looking for safe avenues to expose the perpetrators of such corrupt activities to do so in a way that their identities are protected and their positions in their places of work are secured”.
The Vice President urged the developers of the new whistle blower bill to expand “the scope of wrongful acts that may be reported by whistleblowers”.
According to the Vice President, “it appears that under the current policy whistle blowing is only with respect to acts of corruption. However there are a whole range of issues that may not endanger public finance directly but may constitute public safety or security risks”.
Reporting issues he noted may save lives and or property. The Vice President wants “as a violation of law, gross mismanagement, waste of public resources, or acts inimical to public health or safety” to be included in the scope of activities that whistle blowers can report to the authorities.
Prof. Yemi Osinbajo noted that “the law should also provide for comprehensive protection of whistleblowers, including against reprisals from their employers and those whose activities they expose. These may include witness protection type provisions should the whistleblower have to appear in court”.
The ability of our Government to deliver on promises in the areas of human capital development, provision of quality infrastructure and the general economic progress of the country the Vice President said “depends significantly on the protection of the scarce resources from being looted and its application for the benefit of Nigerian citizens”.
The Vice President also wants the policy to operate “widely in States and Local Governments as the tiers closest to the people and overseers of about half of the nation’s revenues”.
Government’s goal he said “is to harness the huge potential of the people to deliver on their moral obligation to report cases of corruption within their immediate environments”.
The new whistle blower policy he insisted “will energize the people to guard and police their resources through increased exposure of financial and related crimes”.
Prof. Yemi Osinbajo told the gathering that “certainty and clarity of the reporting processes and adequate protection of the blowers would improve confidence in the initiative. Similarly, enhanced transparency and accountability in the implementation of the Policy will result in more discoveries and recoveries”.
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
FG Reforms will Improve Nation’s Economy – Bagudu
Share The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, on Friday said that the ongoing reforms by the ...
Police Confirm Death of DPO in Lagos
Share The Police Command in Lagos State has confirmed the death of a Divisional Police Officer (DPO) in charge of...
Man Jumps into Lagos Canal to Evade Arrest, Dies
Share The Police Command in Lagos State says a man allegedly jumped into a canal and died to avoid arrest...
National Vehicle Registry to Curb Revenue Leakages – FG
Share The Federal Government says the National Vehicle Registry (VREG) Policy will plug revenue leakages associated with vehicle importation and...
GTP Wants Organised Labour Give Attention to Issues Aside Salary, Fuel
ShareThe Chief Consultant of Global Transport Policy (GTP), Dr Segun Musa, has urged the organised labour to pay attention to...
Military kills over 101 Terrorists, Nabs Commander, 182 others
Share The Defence Headquarters says troops have eliminated 101 terrorists, apprehended a terrorist commander, Usman Maisaje, and 182 others in...
Naira Gains 3.59%, Closes at N1,600.78 to Dollar
Share The Naira strengthened on Friday, closing the week at N1,600.78 to the dollar in the official market. Data from...
FCTA Begins Post-development Audit of Buildings in FCT
Share The Federal Capital Territory Administration has began a post-development audit of buildings in the FCT. Chief Felix Obuah, Coordinato...
Price of 5kg Cooking Gas Stood at N6,699.63 in September- NBS
Share The National Bureau of Statistics (NBS) says the average price of 5kg of cooking gas increased from N6,430.02 recorded...
FG Revokes Section of Abuja-Kaduna Road Contract Handled by Julius Berger
Share The Federal Government has revoked a section of the Abuja-Kaduna highway contract being handled by Julius Berger over irregularities....