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Rep Raises Alarm Over Depletion Of Excess Crude Account

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Federal lawmaker representing Degema/Bonny Federal Constituency, Hon. Doctor Farah Dagogo has raised alarm over dwindling excess crude account.
He described as “mind boggling” following a statement by the Federal Government that the country’s excess crude account has depleted from $2.1billion in 2015 to $60million 2021.
The lawmaker wondered the justification on how such huge amount of money was expended while the masses in the country, especially the Niger Delta region where the revenue comes in from, are in such a perilous state.
It would be recalled that, last Friday, the Minister of State for Budget and National Planning, Clem Agba, gave the update during the National Economic Council (NEC) meeting at the State House in Abuja.
According to a statement by the spokesperson to Vice President Yemi Osinbajo, Laolu Akande, the minister was quoted as saying: “Excess Crude Account (ECA) balance as at October 13, 2021 stands at $60, 857,773.43; Stabilisation Account, balance as at October 13, stands at N25,009,892,511.55; Development of Natural Resources Account balance as at October 13, 2021 stands at N56,144,024,000.71.”
Responding to the development in Abuja, at the weekend, Dagogo said the depletion of the funds without anything tangible to show is ‘unacceptable and abhorrent to people of good conscience’.
He said, “Today in Nigeria, the cost of living has risen astronomically. We were in paradise in 2015, if we were to make a comparative analysis of what was applicable then and now as to what majority of the masses are facing and passing through daily. To feed a day in Nigeria is akin to the camel passing through the eyes of a needle. Yet, we hear mind boggling depletion of our common wealth with nothing tangible to show for it.
“For clarity, the purpose of the Excess Crude Account that was set up in 2004, which later metamorphosed to Sovereign Wealth Fund in 2011, has been clearly defeated. Has it three cardinal objectives; of supporting the budget in times of economic stress, including to hedge against volatile crude oil prices; to save for future generations of Nigerians; to invest in domestic infrastructure; being met?
“The answer is a capital NO and unacceptable to the people of my region, who semantically speaking are the goose that laid the golden eggs that is being pilfered unhindered. I strongly believe that this daylight stealing and mismanagement should be a grave concern and abhorrent to people of good conscience,” Dagogo said.

By: Kevin Nengia

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Why Wike Is Playing God In Rivers -Asari Dokubo

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A former Niger Delta militant, Asari Dokubo, has claimed that the Minister of the Federal Capital Territory, Nyesom Wike, is “playing god” in the current political crisis that has pitched him against the Rivers State Governor, Sir Siminalayi Fubara.
Dokubo also chided President Bola Tinubu for, according to him, handing over “Rivers and Bayelsa” to the ex-governor.
“He is now playing god. It is dead on arrival, all those things that he is doing,” Dokubo said in a video that surfaced on X.com on Monday.
He added, “I advise my friend, President Bola Tinubu; what you are doing to all Ijaw, Ikwerre people in Rivers State (sic). You took Rivers state and gave it one man”
In April, Fubara revealed that the administration has raised the monthly Internally Generated Revenue of the state from N12 billion which he met upon assumption of office to N27 billion.
Dokubo described the development as commendable while alleging that the governor only had access to N6 billion when he assumed office.
“The governor had come out to say that the IGR for Rivers State is now N27bn up from N12bn. The governor is even being economical with the truth. When the governor came in, they were giving him a paltry sum of N6bn,” he said.
Meanwhile, in another twist to the ongoing crisis, Fubara on Monday said that he would set up a panel of inquiry to look into the affairs of governance in the state.
He disclosed this during the swearing-in and administration of the oath of office on Dagogo Iboroma, SAN, as the Attorney General of the state and Commissioner for Justice.
The governor criticized recent comments by the former Attorney-General of the State and Justice Commissioner, Prof. Zacchaeus Adangor, SAN, who resigned from his cabinet over a fortnight ago and urged the new Attorney-General to defend the state.
He stated, “It is not the one that while you were here… the only thing you do is to sabotage the government.
“Instead of you to close your mouth, you publicly claim that you’re a learned person to tell people that you’re the Chief Law Officer. Chief Law Officer, you were here and went to stand before a Magistrate Court.
“At that time you didn’t remember that you’re a Chief Law Officer going against the ethics of your job.”

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Investors, Tourists To Get Visa Within 48 Hours, FG Assures

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The Federal Executive Council chaired by President Bola Tinubu has approved the establishment of a tripartite committee to streamline visa processes and acquisition for investors interested in investing in Nigeria.
The Minister of Information and National Orientation, Mohammed Idris, revealed this, yesterday, after the FEC meeting held at the Council Chambers of the Presidential Villa, Abuja.
“Our visa processes are becoming cumbersome. The ease of doing business is also tied to our visa processes.
“Going forward, those investors, tourists would find it easy to acquire a visa within the next 48 hours,” Idris said.
The meeting which began on Monday was adjourned till Tuesday to allow for other “far-reaching” decisions, the information minister had told journalists.

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Panel To Probe Governance In Rivers Underway -Fubara …Swears In Iboroma As New Attorney-General

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Rivers State Governor, Sir Siminalayi Fubara, has declared his readiness to set up a panel of inquiry to look into the affairs of governance in the state.
Fubara disclosed this during the swearing-in and administration of the oath of office on Dagogo Iboroma, SAN, as the new Attorney General of the state and Commissioner for Justice.
The governor criticised recent comments by the former Attorney-General of the State and Justice Commissioner, Prof. Zacchaeus Adangor, SAN, who resigned from his cabinet over a fortnight ago and urged the new Attorney-General to defend the state.
Fubara stated, “It is not the one that while you were here… the only thing you do is to sabotage the government.
“Instead of you to close your mouth, you publicly claim that you’re a learned person to tell people that you’re the Chief Law Officer. Chief Law Officer, you were here and went to stand before a Magistrate Court.
“At that time you didn’t remember that you’re a Chief Law Officer going against the ethics of your job.”
Addressing the new AG, the governor said, “You have a big task. As it is today in the local parlance, they say the jungle has matured. We will be setting a panel of inquiry to investigate the affair of governance.”
The governor further said there was a deliberate attempt to sabotage his administration, saying, “If we disagree, no matter how bad it is, it should be resolved.
“But it has become very clear that this disagreement there is no headway to it, and for many reasons, there is very visible evidence that there is sabotage, a deliberate attempt to sabotage this administration.
“Maybe where they are they are telling them nothing will happen, it is happening here live, we have our own legislators that are performing their duties according to the Constitution. So that record is threatened.”

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