₦airaland Forum

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.

The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.

The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.

post=106727558:
There was a country!!!

Nemere2020:
https://www.thecable.ng/matters-arising-will-direct-primaries-be-the-game-changer-for-party-democracy/amp
Mynd44
Lalasticlala

poiZon:
What are the duties of pacac?
Why is itse sagay still sitting as a chairman of a commission that is ghostly ineffective?
The NASS will always blackmail any corrupt officials, once u present skeletons and padded budget to them, they will inturn make u pay for it.
Master itse sagay, u have faiked in your duties and should have long ago step aside for competent and patriotic person to man that post.
U r after ur pocket so u don't have any right to blackmail the lawbreakers.

bobowaja:
Across the country? Nah.... The southern leaders are more aware that Fulani is coming to displace the ruling class. They will come for their families first and Fulani don't share powers. Example of this is the north. How many emirs, politicians elder statesman are Hausa? Negligible.

That is Fulani for you.

The President, Major General Muhammadu Buhari (retd.), has set aside N100bn for constituency projects of National Assembly members in the latest budget proposal.

The projects, under the heading, Zonal Intervention Projects, bring the total to N700bn in the last six years.

The ZIP is a fund under the service wide vote which is used in implementing interventionist projects across all constituencies across the country. The projects mostly include renovation of health centres and schools, drilling of boreholes, road constructions and supply of materials for financial empowerment.

Although the projects are usually executed by Federal Government agencies, the contractors are most times nominated by lawmakers.

Buhari had in 2019 lamented that the constituency fund was just a waste of money, adding that there was nothing to show for it.

He had said, “It is on record that in the past 10 years N1tn has been appropriated for constituency projects, yet the impact of such huge spending on the lives and welfare of ordinary Nigerians can hardly be seen.”

Speaking with The PUNCH on Wednesday, the Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), said he remained opposed to constituency projects, adding that the legislative arm of government should have no business with such.



The PACAC chairman said, “I have always been opposed to constituency projects because first, National Assembly should not be involved in projects at all. So, it is an invasion of the executive sphere. It is just how to lay their hands on more money. That is the whole idea.

“But we have the Independent Corrupt Practices and other related offences Commission that is up to the task. So, if they take the money, the ICPC will monitor them. Many of them have been taken to court, either for not utilising the funds properly or misapplying them.

“For example, money that is meant for medical equipment was diverted to the house of a legislator. Same for some farm machines in an attempt to either covert the money or misuse it. So, now that the ICPC is on their trail, they will find it difficult to engage in this adventure of trying to involve themselves in executive duty of awarding contracts and construction of infrastructure.”

On why the President was still imputing constituency projects into the budget, Sagay said the legislative arm of government could frustrate Buhari if he failed to do so.

“It is a Nigeria thing, it is unconstitutional, it is illegal but we do it because they are blackmailing the executive that ‘if you don’t give it to us, we will not approve any other thing you bring into the budget.’ But thank God the ICPC is on their trail,” Sagay added.

Also in a chat with The PUNCH, Head of Research and Policy Advisory Department at BudgIT, Abel Akeni, said the ZIP nominated by lawmakers was an absurdity.

“The Zonal Intervention Projects nominated by lawmakers broadly speaking are an anomaly that should be scrapped immediately for a variety of reasons. Lawmakers’ involvement in designing capital projects across 774 local governments are a distraction from their core functions of lawmaking, especially when there are functions within different MDAs that should be doing so in tandem with relevant national development plans,” he said.


Akeni added that the defence put forward by lawmakers for the project is often that they know the needs of their people better than the executive arm.

“This argument is no more tenable, especially with the advent of participatory budgeting frameworks that allow lawmakers and indeed citizens to mainstream their needs directly into the FG budget.

“Also, the scenarios where ZIPs are situated by lawmakers in government agencies that have no capacity for their implementation or supervision, creates reason to doubt if the funds would be utilized for the intended purposes or diverted,” he said.

bobowaja:
Agenda that will fail. You can't snatch people's land for foreigners just because they are from same ethnic stock as you. All their disguise agenda keep failing.

From ruga down to farm estates and them never still get sense say Nigerians no go gree them.

But one worrying factor is that these people have a huge zeal to succeed in this devilish plan. They keep bringing up new schemes everyday in disguise thinking people will buy it. They will keep failing by the way cos people are watching their every moves.

AntiBMC:
What is really wrong with this people? This thing na curse o.

christistruth01:
Why should Nigerians pass a bill that may donate all Nigeria's Rivers and Waterways and the Fish inside them to Cows and Herdsmen ?


Is it so that Nigerians would need to beg to drink water

Nigerians don't need such a ridiculous bill

By the time Malami and the Cabal interpretes the Law It may even end up preventing Nigerians from freely eating Fish from their Local Stream as an alternative to beef

All the Fishermen in Nigeria may be put out of Business and only Cows would have the right to Swim in the Rivers

The North Controls Cattle and by God's Grace the South Controls Fish and Fish is the most Popular alternative to beef in Nigeria

Let us Pray the Cabal are not trying to wipe out the Fishing Industry

AntiBMC:
This is a purposeful attempt to drag Nigerians into perpetual poverty and strangulating stagnation. That's why they have added taxes to cooking gas. Something they flare all the time. Fuel price is continuously being increased and food prices keep going high.

Saao:
Same person that marketed bubu to us.

Racoon:
Borrowing, Borrowing, Borrowing and Borrowing.Yet Nigeria is not better for it.

Maxymilliano:
Buhari is an example of God forbid ..

A bad thing you don't wish for, even to your worse enemy.

checkmatez:
railway that generate 1. Billion but need 61. Billion for upkeep??