Africa’s youthful energy is driving economic and social progress with its innovative ideas and entrepreneurial drive. With 40 percent of the population under the age of fifteen, and another 100 million children expected by 2050, Africa is projected to have the youngest and largest workforce globally by 2035. This presents the continent, and the world, with an unprecedented opportunity to increase food security, improve health, heal our planet, and create jobs. But it hinges on a critical factor: harnessing the full energy and talents of young women and girls across Africa.

The Mastercard Foundation’s new report, “Young Women in Africa: Agents of Economic Growth and Transformation by 2030,” forecasts that accelerating young women’s economic productivity can unlock an estimated $287 billion in economic value in Africa—equivalent to a 5 percent increase in GDP —and create 23 million jobs on the continent by 2030. What would it take to achieve this? Several factors. First and foremost, we must ensure that girls and young women have access to education and stay in school.

Right now, 34 million adolescent girls of secondary school age are not in school. Only 26 percent of young women in Sub-Saharan Africa complete secondary education. About 8 percent are enrolled in tertiary education. This translates into staggering losses in life-time productivity and earnings equivalent to a $10 billion loss in GDP across the continent.

The Mastercard Foundation is guided by our vision of a world where everyone has the opportunity to learn and prosper. We have worked with extraordinary organizations over the past decade to support girls’ education and increase women’s participation in the workforce. Substantial progress has been made, thanks to the dedication and grassroots efforts of our partners.

To date, the Mastercard Foundation Scholars Program has enabled over 45,000 young women and men to access quality education and develop their leadership capabilities, working with more than 40 education partners. Additionally, we work with young ed-tech entrepreneurs to deliver education via digital platforms to two million young people. About 70 percent of them are young women.

Much more remains to be done.

We are scaling successful programs to advance access to secondary education and improve post-secondary school pathways, including tertiary education, Technical and Vocational Education and Training (TVET) and work opportunities. These will enable girls and young women to access and complete their education. Over the next seven years, the Foundation will significantly expand our long-standing partnerships with CAMFED and the Forum for African Women Educationalists (FAWE) with $360 million – to support over 70,400 young women and girls who live in economically disadvantaged communities to complete their education, start their own businesses or access employment.

Take the example of Juliana: Born into a family of seven in the Northeast Region of Ghana, Juliana’s journey to becoming a qualified nurse was fraught with challenges. Her parents, who are farmers, struggled to pay for her school fees and learning materials. Through our partnership with CAMFED, she completed her secondary education and went on to study nursing at Central University in Ghana. Today, she not only serves her community as a Nursing Officer, but also leads a social enterprise, the Sumwaana Shea Butter Processing and Marketing Co-operative, which is providing employment for over 100 women in her region. Juliana is a powerful illustration of how access to education and support transforms lives and communities.

Working with CAMFED and FAWE, we will deepen our collaboration with ministries of education across 10 African countries, over 500 universities and tertiary institutions and more than 1,400 secondary schools, to ensure education systems are responsive to the needs of girls and young women. Through these partnerships, we will continue to foster collaboration with government entities, schools, and community stakeholders to integrate important program components such as implementing re-entry policies for young mothers and promoting equitable allocation of education budgets. These programs will provide in-school mentorship to enable girls to access and complete secondary education. Additionally, they provide opportunities for those who left school to transition to tertiary education. These systems-level initiatives are expected to reach close to 3 million young people.

Education is the bedrock for realizing and sustaining Africa’s economic growth. As you’ll see in our report, integrating women into the workforce and enabling them to succeed as employees and entrepreneurs requires more than education. We also need policies that ensure young women have access to affordable capital, land, equipment, as well as business networks and markets.

Importantly, we must understand and respect the unique roles many women play in their families and provide them with the right support. For example, many young mothers need affordable childcare options, transportation, and flexible work arrangements. This essential footing will enable them to pursue higher-paying jobs and entrepreneurial opportunities, driving both innovation and economic diversification.

At the upcoming UN General Assembly, we are convening leaders and practitioners who play an influential and impactful role in girls’ education and women’s economic empowerment in Africa. This exchange of ideas is focused on insights of successful programs and how they can be expanded.

The economic future of Africa depends on the empowerment of all young people, especially girls and young women playing a full and meaningful role. Through education, economic integration, and a shift in mindsets, we can build a future where every girl can learn and every woman can earn, lead, and thrive.

This is not just a vision; it is an imperative to create a prosperous and sustainable Africa.

Roy is the president and CEO of the Mastercard Foundation.

Vice-President Kashim Shettima on Tuesday addressed the 79th session of the United Nations general assembly in New York.

Below is the full text of his speech.

Mr. President,

As you assume the leadership of this august Assembly, our world is confronted by profound moral questions that will require more than the habitual remarks from this elevated podium to resolve. There are questions about the ultimate purpose of our Organisation, the United Nations itself, and how it can remain relevant and resilient.

2. It is with these sentiments that I convey to you the warm and fraternal greetings of my countrymen and women, and to congratulate you on your assumption of the Presidency of this Assembly. Let me assure you of the full cooperation of my delegation in discharging your onerous responsibilities during your tenure. In the same vein, I wish to extend my appreciation to your predecessor, His Excellency, Dennis Francis, for the many remarkable achievements recorded during his stewardship.

3. It gives me particular pleasure to commend His Excellency, António Guterres, the Secretary-General of the United Nations, for his commitment to the cause of peace and development, and the democratisation of the United Nations to reflect the need to correct the historical injustice that has been done to Africa. I am also delighted to note the steadfast support given to the Secretary-General by our own sister and compatriot, Amina Mohammad, Deputy Secretary-General, while sharing the burden of responsibility in leading a complex organisation like the United Nations.
Mr. President,

4. The theme of this year’s General Assembly leaves us in no doubt that there is still work to be done to bridge the gap between aspirations and the realities confronting our world today. It also underscores the need to remind ourselves that the United Nations stands for inclusiveness – anchored on the tripod of peace, sustainable development and human rights.

5. Today, these pillars of our organisation are threatened. They risk being broken by the relentless pursuit of individual national priorities rather than the collective needs of the nations that are assembled here today. While commitment to multilateralism offers us the surest guarantee of global action to address the existential challenges we face, singularity and nationalism are undermining the aspirations towards the peaceful and collective resolution of such challenges.

6. From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations. The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict.

7. Yet, we always recoil from bringing out the resources we need to build peace and to deliver life’s necessities to people. The question of governance is at the heart of our problems – and also the solution to them. We recognised this in Nigeria when on 12th June this year, we celebrated a quarter of a century of unbroken democratic rule. We are no less proud of this achievement than the fact that during the last two decades, a sustained process of democratisation has swept over Africa.

8. However, the return of unconstitutional changes of government and forceful military take overs in some countries of the Sahel underscore the fragility of democracy when it is not backed by economic development and sustained peace and security. It is this fragility, rather than the milestones that democratic governance has achieved in Africa, that should matter most in our deliberations at this and other High-Level Segments of the 79th Session of the General Assembly. While we abhor all forceful changes of government, we can also recognise the impatience in cities and villages at the sometimes slow and grinding turn of the wheel of democracy.

9. Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity. They desire to live in peace and tranquillity, to pursue whatever gives them happiness and contentment. When governments fail to deliver, the people are bound to question the utility of democracy and other ideals, like rule of law.

10. The global debt burden undermines the capacity of countries and governments to meet the needs of their citizens. Creeping trade barriers and protectionist policies are destroying the hopes for prosperity of peoples and nations. Unbridled competition rather than cooperation is discouraging incentives and driving away investments.

11. Above all, general insecurity is driving people into unprecedented hardship and misery that in turn, affect the people’s confidence in democracy. It is the duty of the international community to bring back confidence in democratic rule and constitutional order, by paying more attention to the needs and aspirations of the people, rather than paying lip service to human rights, sustainable development and peace. We need the substance of democracy, not just the form.

Mr President,

12. We cannot build durable societies with the threat of terrorism, banditry and insurgency growing in our countries and regions. Indeed, violent extremism remains an existential threat to both national and international peace, security and development. We are making concerted efforts to contain and rollback this threat. The High-Level African Counter-Terrorism Meeting hosted by Nigeria in April 2024 and its outcome – “The Abuja Declaration” – promises to provide solutions to the challenges presented by terrorists and insurgents.

Mr. President,

13. Climate change is a driver of insecurity, which also poses a veritable challenge to sustainable development. A few weeks ago, large areas of my country were inundated by seasonal flood waters, including one of our largest cities, Maiduguri, in the North-East. Other parts of Nigeria also experienced similar tragedies, occasioning the loss of lives and property.

14. We need not remind ourselves to remain faithful to the implementation of the commitments that we all gave voluntarily at the various COP Meetings. Failure to do so is merely to postpone the inevitable. No country is immune from the effects of climate change.

15. It is better that we cooperate and collaborate to meet this ever-increasing challenge rather than remaining in our shells, waiting for the inevitable to happen. A common challenge requires a common solution. Nigeria stands ready to meet her obligations in terms of mitigation and adaptation measures nationally and regionally, with the active participation of other countries and international partners.

Mr. President,

16. Conflict prevention is the main reason why the UN exists. But the task of prevention becomes all the more difficult when conflict becomes normalised, when even the condemnation of violence and civilian casualties, and calls for a ceasefire, are somehow regarded as controversial.

17. As we emphasised at the Abuja High-Level Ministerial meeting, we must renew our focus on conflict prevention. Indeed, addressing the root causes of conflicts is often the first step towards providing long-term solutions. Clearly, some of the root causes of conflicts are social in nature, including poverty, hunger, ignorance, inequality and exclusion, as well as other forms of injustice. In Sudan, other parts of our continent and further afield, foreign actors are exacerbating those tensions to prolong conflict and deepen the suffering of innocent people.

18. Today, we are all witnesses to the heart-wrenching situation in Gaza and other Palestinian Territories. We cannot discuss war and peace, conflicts and reconciliation or humanitarian imperatives today without reflecting on the Israeli-Palestinian conflict that has been raging since 7th October last year.

19. Of course, the conflict predates this period and has been simmering for a better part of half a century. What this tells us is that the international community has failed to live up to the spirit and aspirations of the United Nations to rid the world of inequality, violence and domination of one people by another. Justice is antithetical to revenge.

20. Freedom is an inalienable right and a natural entitlement that cannot be denied to any people. The Palestinian people deserve their independence. They deserve to have a home of their own on territories already recognised by this very Assembly and by international law, which is being routinely ignored. Nigeria continues to urge efforts to bring back on track the ‘two state solution’ that offers the prospect for a new beginning for the region.

21. Nigeria reaffirms its commitment to supporting United Nations Peacekeeping Operations. We recognise the need for Africa to build strong and professional armies to meet the multiple challenges we face. Consequently, we reiterate the call for international support to operationalise the African Standby Force, in addition to the provision of requisite support and resources to ensure the upgrade, take-off and effectiveness of a Centre of Excellence on issues of counter-terrorism in Africa.

Mr. President,

22. Reform of the Security Council is critical if the UN is to strengthen its relevance and credibility in our rapidly changing world. Some permanent members of United Nations Security Council have offered encouraging if tentative indications of support on the issue of reform of the Council. We welcome the change in tone and urge an acceleration in momentum to the process.

23. The Security Council should be expanded, in the permanent and non-permanent member categories, to reflect the diversity and plurality of the world. We fully support the efforts of Secretary-General Guterres in this regard.

24. Africa must be accorded the respect that it deserves in the Security Council. Our Continent deserves a place in the permanent members category of the Security Council, with the same rights and responsibilities as other Permanent Members.

Mr. President,

25. Your assumption of stewardship of the General Assembly presupposes that you will be seized with the progress of the implementation of the UN’s Sustainable Development Goals. We note that most developing countries are significantly behind in the achievement of these Goals, largely due to a lack of resources available to finance their implementation and the burden of unsustainable external debt.

26. It is our expectation that the adoption of the “Pact for the Future” will change the narrative, reposition economies and translate into concrete measures that provide solutions to the challenges faced by developing and least developed countries. This is particularly significant in our region and the Sahel, where human development indices are low and depressing.

27. It is for this and other reasons that we reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system.

28. We are aware of the debilitating impacts of corruption on global prosperity and national progress. Proceeds of corruption and illicit financial flows constitute a huge chunk of resources needed for sustainable development. The recovery and return of such funds to States of origin is a fundamental principle of the United Nations Convention against Corruption.

29. Therefore, the international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies.

30. There is also the urgent need to promote fair and inclusive tax regimes in the world. Nigeria helped introduce the resolution on “Promotion of inclusive and effective international tax cooperation at the UN”. We acknowledge the progress made in the adoption of the terms of reference of the UN Framework Convention on Tax Cooperation. We should deepen this initiative and work towards a UN Framework Convention on Tax Cooperation.

31. Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development. Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden.

32. My government pays due regard to the imperatives of creating a conducive national environment for investment and the ease of doing business. Last year, I signed four Executive Orders to curb double taxation. I also established the Presidential Taskforce on Review of Fiscal Policy and Tax Reform. These measures are geared towards not only boosting investor confidence in Nigeria, but also to ensure investors make reasonable profit from their investments.

Mr. President,

33. While the world is transitioning into the Fourth Industrial Revolution, Africa remains energy deficient. The push for the accelerated implementation of SDG 7: “Affordable and Clean Energy”, therefore, must take into account Africa’s precarious situation. Nigeria believes that natural gas remains central to the search for solutions to the energy challenges that Africa and the international community face. Access to affordable, reliable, cleaner sources of energy is more than an environmental or developmental issue. It is a key factor in social peace and international security.

Mr. President,

34. Nigeria remains unwavering in its commitment to SDG 13: Climate Action, including the net zero ambition and transition from fossil fuel energy to clean energy. As a demonstration of this commitment, I established the Presidential Committee on Climate Action and Green Economy Solutions and appointed a Special Presidential Envoy on Climate Action.

35. We will redouble our efforts to address the challenges posed by climate change, including the urgent need to transition from fossil fuel energy. Yet such commitments must be juxtaposed with the principle of Common but Differentiated Responsibilities and the relevant provisions of the Paris Climate Agreement back in 2015. The Paris Agreement provided for developed countries to take the lead in the quest to achieve net zero and to offer support, including finance, to developing countries for the actualisation of the climate change goal.

36. Worthy of note is the ‘loss and damage funding for vulnerable countries’ secured at COP 27 in Egypt and expanded in COP 28 in the United Arab Emirates. It is our expectation that this year’s 79th Session of the UN General Assembly and the upcoming COP 29 in Azerbaijan this November, will go a step further by providing developing countries, especially African countries, with access to the loss and damage funds, including the 100 billion dollars pledged by developed countries to mitigate the negative impacts of climate change.

Mr. President,

37. In this age of digital innovation, we must address the emerging divide between the Global South and the Global North, which, with the evolution of artificial intelligence, risks becoming wider still. The UN should work towards eliminating barriers to digital economy in Africa, such as high costs of Internet services and intellectual property rights.

38. Moreso, there is a need to work towards common global standards to regulate crypto-currency trading platforms. This is the most effective way to provide confidence in these new markets and limit the potential for instability. Our own experience in Nigeria, as in other countries, shows that new technologies, when not properly regulated, can facilitate organised crime, violent extremism and human trafficking. In our own case, the trading of crypto-currency helped fuel speculation and undermined macro-economic reforms.

39. Separately, we have also witnessed, in rich and poor countries alike, the corrosive impact of unfiltered hate speech and fake news across social media. There is much more that we could and should do, together, to strengthen those guard rails that will help release the most progressive elements of the new technologies shaping our world – and curb those more destructive tendencies.

Mr. President,

40. We are particularly mindful of the imperatives of achieving the advancement of youth and women as a factor in national development, peace and security. Nigeria has developed its own National Action Plan on Women, Peace and Security, as well as a National Action Plan on Youth, Peace and Security, to ensure the participation of both women and youth in the peace and security sector.

41. The “Summit of the Future” cannot be deemed successful without setting clear, ambitious and achievable developmental goals to address the various challenges facing our youth. In line with this aspiration, my government will continue to invest in Nigerian youth through initiatives like the revitalisation of the National Youth Investment Fund for 2024, focused on youth empowerment and entrepreneurship.

Mr. President,

42. As much as the global family still grapples with the crippling consequences of the COVID-19 pandemic, the greatest lesson that we have learnt is never again to take any health situation with levity. In line with SDG 3, we must continue to work together to ensure the good health and well-being of all. There is no disease that should be relegated to the background due to some perceived classification of their seriousness or importance.

Mr. President,

43. Migration is a complex and polarising issue that impacts on rich and poor countries alike. Nigeria is a country of origin, transit and destination. We are a major stakeholder in the global migration dynamic, and understand the challenges and benefits it brings. Accordingly, I wish to reiterate our support for the Global Compact for Safe, Orderly and Regular Migration (GCM). The GCM, which all of us should continue to support, represents our collective efforts at providing major safeguards for the treatment of migrants.
Mr. President,

44. I will conclude by reaffirming Nigeria’s steadfast commitment to the deepening of multilateralism, just as we did sixty-five years ago on this podium when we joined the United Nations as the 99th Member-State. We remain committed to that “desire to remain friendly with all nations and participate actively in the works of the United Nations”, as expressed by our founding Prime Minister, Sir Abubakar Tafawa Balewa.

45. It is my hope that our deliberations this year will result in solutions that would address our collective challenges and accelerate the attainment of the Sustainable Development Goals, as well as the advancement of peace and human dignity for the sake of present and future generations.

I thank you.

Binance, the largest crypto exchange in the industry has helped Indian authorities trace $47.6 million from a trending game project which scammed its players.

Binance announced this development stating how it helped India’s Enforcement Directorate recover millions from an online gaming platform Fiewin.

The investigation and detection of the loot was carried out by Binance’s Financial Intelligence Unit which provided crucial information that led to the crackdown on the culprits and the arrest of four of them.

The Online game in question is known as Fiewin an Android application that allows users to play wagering games and earn cash.

Binance in its announcement explained the ulterior motive of the people behind the game and how they used it to scam people.

“The Fiewin app lured users into online gambling and gaming with false promises of easy profits”,  Binance said.

Binance’s team in their investigation found that the flow of funds was distributed to various crypto-wallets linked to a global crypto exchange.

At the moment it has not been revealed whether the traced $47.6 million has been recovered or not.

Binance explained that the case was still ongoing and that they would continue to assist the Indian Enforcement Directorate in tracking down the broader criminal network behind the fraud.

India’s Enforcement Directorate Reacts  

The Indian Enforcement Directorate reacted to the statement by Binance explaining the importance of the public and private sectors working together to combat Financial crime.

A spokesperson for the Indian Agency admitted that Binance’s role was crucial in untangling the complex network behind the Fiewin scam.

The Fiewin Scam  

Fiewin is an online gaming app where users can play mini-games and earn money in return. The platform was initially promoted as a legitimate project until players noticed that once their earnings reached a certain amount their accounts would be frozen making them unable to withdraw funds.

Several victims of the gaming app reported to the police which took the case to India’s Enforcement Directorate after receiving multiple complaints.

A thorough investigation by the ED revealed that Fiewin was part of a much larger international crime network that orchestrated the movement of illicit funds through various methods. The international crime syndicate uses bank accounts and crypto wallets to move money which accumulates in a complex web of difficult-to-trace transactions.

What to Know  

• Binance Ltd and Indian authorities were involved in a Spat earlier this year which led to Binance being ordered to pay a fine. The renewed collaboration between both parties spells an amended relationship between Binance and Indian Authorities.
• In May 2024, The ED and Binance’s FIU also managed to uncover the E-Nugget scam, a digital investment fraud that used a gaming platform to lure in victims.

[Nairametrics]

Lawyers have analyzed the legal implications and consequences associated with the Central Bank of Nigeria’s (CBN) reaffirmation that its Ways and Means Advances to the federal government will continue to be maintained at the 5% threshold for the fiscal years 2024-2025.

Last Tuesday, the CBN revealed it can advance up to 5% of the previous year’s actual collected revenue to the federal government, which must be repaid within the year to prevent a long-term fiscal burden.

The Ways and Means facility allows the apex bank to provide short-term financing to the federal government to address budget shortfalls.

This aligns with its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released by the CBN on Tuesday.

In an exclusive interview with Nairametrics, prominent legal practitioners shared their thoughts on the development in relation to relevant financial laws in Nigeria.

CBN to Consider Sub-Accounts of MDAs in Calculating Threshold 

The Ways and Means advances from the CBN have been associated with various forms of misappropriation in the past.

In guidelines previously reported by Nairametrics, the CBN clarified that the advances would now be determined by recognizing the sub-accounts of various Ministries, Departments, and Agencies (MDAs) linked to the Consolidated Revenue Fund (CRF), ensuring a consolidated cash position for the federal government in line with Treasury Single Account (TSA) arrangements.

The apex bank noted: “Consistent with the banking arrangement of the Treasury Single Account (TSA), Ways and Means Advances would now be determined after recognizing the sub-accounts of the various MDAs, which are now linked to the Consolidated Revenue Fund (CRF), to arrive at the Federal Government’s consolidated cash position. This will continue in the 2024/2025 fiscal years.”

What Nigerian Lawyers Are Saying 

Dr. Olisa Agbakoba, SAN, in an exclusive interview with Nairametrics, said the CBN guidelines on Ways and Means are a complex issue intertwined with legal, economic, and political realities.

According to him, the reason for limiting Ways and Means borrowing to 5% by the CBN is to control public sector borrowing requirements, which are generally not appropriated.

He also stated that the 5% cap is intended to control inflation; otherwise, a government might continuously print money to fund its public spending.

However, he maintained that this approach lacks economic basis and fundamentals.

“In simple terms, you cannot borrow without the underlying fundamentals that the economy will benefit from. Therefore, it makes sense to set a ceiling on Ways and Means borrowing. Unfortunately, this legal ceiling is often not observed. In the context of the CBN statement of policy, what it implies is that the CBN, as a lender of last resort, is available to assist the government,” he said.

He further explained that the reason why the government needs the money is of vital importance to relevant stakeholders and the economy.

He noted that if the borrowing is for productive purposes, then Ways and Means “is in principle good.”

On the other hand, Agbakoba stressed that “borrowing to pay recurrent obligations is not a good idea, as it has inflationary pressures and consequences” for the country and its citizens.

Professor Mike Ozekhome, SAN, also in an exclusive interview with Nairametrics, said the CBN’s plan to advance up to 5% of last year’s revenue may appear suspicious or even illegal on the surface.

He noted, however, that the CBN’s enabling statute, namely the CBN Act of 2007, expressly confers on the bank under Section 38, the powers to grant temporary advances to the Federal Government in respect of temporary deficiencies of budget revenue at such rate of interest as the Bank may determine.

He stated that by virtue of Section 38 of the CBN Act, the National Assembly has authorized the apex bank to grant advances (which it calls “Ways and Means”) to the federal government under strict compliance with the provisions of the CBN Act regarding the modalities, conditions for the grant of the advances, as well as their tenor and repayment.

According to him, it would be difficult to fault the CBN on the issue of Ways and Means.

He explained that regarding Ways and Means, a supplementary budget is required to be passed by the National Assembly, in line with Section 81(4) of the Constitution, emphasizing that this is the norm, as the 1999 Constitution is supreme.

He posited that in the absence of authorization by the National Assembly for a supplementary budget to capture the said Ways and Means advances by the CBN to the federal government, the advances become beyond the powers of the apex bank and unconstitutional.

“Beyond this requirement for a supplementary budget before the CBN can grant the federal government any advances, either by way of the so-called ‘Ways and Means’ or under any other guise, it is my humble opinion that this method has always been shown to be opaque and susceptible to multiple layers of corruption. A government should plan thorough budgets, not knee-jerk ad-hoc appropriations that lack transparency and accountability,” Ozekhome said.

For public interest lawyer Opatola Victor, he told Nairametrics in an exclusive interview that Nigerians must pay close attention to the issue of Ways and Means advances granted by the Central Bank of Nigeria (CBN) to the federal government, as the consequences of misuse and abuse can be far-reaching and detrimental to the country’s economic stability.

He said a major concern lies in how the CBN funds these advances and the accountability for the use of these funds, as the apex bank has no independent revenue stream to cover these large sums, leading to the conclusion that it prints vast amounts of money to meet the government’s borrowing needs.

“This unchecked money printing inevitably fuels inflation, as more money circulates without a corresponding increase in goods and services. The consequences of this are felt directly by the average Nigerian in the form of rising prices, diminishing purchasing power, and an overall decline in economic well-being,” he added.

He stated that while the Debt Management Office (DMO) recently issued 37 FGN bonds, effectively converting the unpaid Ways and Means advances into long-term debt that will be serviced with interest over the next 37 years, this move, which seems like a solution, carries significant implications.

“The securitized debt is now part of the national debt, meaning that servicing it will come from future budget allocations. This not only burdens future administrations but also reduces the funds available for critical infrastructure, social services, and other developmental needs,” he added.

The lawyer warned that without vigilant oversight from the public and a concerted effort to hold the government accountable, accumulated debts will continue under different guises.

According to him, “inflation, currency devaluation, and a growing national debt are direct outcomes of the government’s fiscal irresponsibility,” which can erode the economic prospects of ordinary Nigerians.

What You Should Know 

The Senate and the House of Representatives recently passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the federal government.

The upper chamber of the Nigerian legislature raised the credit facility obtainable by the federal government from the apex bank from 5% to 10% of the revenue of a fiscal year.

However, Murtala Sabo Sagagi, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), expressed concerns that the proposed increase in the federal government’s Ways and Means limit from 5% to 10% could lead to a significant surge in excess liquidity within the Nigerian economy.

Sagagi noted that this development poses a risk of exacerbating inflationary pressures and undermining the efforts of the CBN to stabilize the economy through its tight monetary policy stance.

In May 2023, shortly before the end of the Muhammadu Buhari government, the Senate approved the request of the then President to restructure the N22.7 trillion loans the CBN extended to the federal government under its Ways and Means provision.

Earlier in the year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, stated that the apex bank will no longer grant Ways and Means to the federal government until the previous loans are repaid.

Cardoso noted that this was one of the measures taken by the apex bank to address the economic issues currently plaguing the country.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently announced that the federal government has repaid N7.3 trillion in Ways and Means advances to the apex bank.

[Nairametrics]

TikTok has removed accounts associated with two Russian media groups for trying to exercise what it called “covert influence” on the upcoming US presidential election, in violation of its guidelines.

The accounts are linked to Rossiya Segodnya and TV-Novosti, the organizations behind the Sputnik news agency and the RT broadcaster respectively, the social media platform said on its website Monday, labeling the groups “state-affiliated.”

The move mirrors an announcement by Meta (META) last week that it had banned Rossiya Segodnya, RT and “other related entities” from its apps globally for “foreign interference activity.”

Rossiya Segodnya and RT did not immediately respond to a CNN request for comment on the TikTok measure.

Earlier this month, the US Justice Department announced charges against two RT employees for funneling nearly $10 million into a US company, identified by CNN as Tenet Media, to create and amplify content that aligned with Russian state interests. The covert influence campaign was aimed at the American public ahead of the presidential election, US officials said.

Tenet Media boasts a slate of high-profile right-wing, pro-Trump commentators, including Tim Pool, Dave Rubin, Benny Johnson and several others. All of them released statements saying they were victims of the alleged Russian scheme.

After the Justice Department announcement, RT responded with mocking statements that did not address the specifics of the US allegations.

TikTok, for its part, has itself faced questions over whether or not the Chinese government can manipulate its algorithm to influence the American public. The platform, which 170 million Americans use to watch videos about sports, fashion and politics, is owned by Chinese company ByteDance.

In April, President Joe Biden signed a bill that could lead to a nationwide ban on TikTok in the United States unless the app finds a new owner, which the company has since challenged in court.

[CNN]

Here’s what to do

On Wednesday, Bharti Airtel, the second largest telecom operator in India introduced India’s first AI-powered spam detection solution, which according to the telco will significantly reduce the spam calls and SMSs for its network users.

Airtel calls it a first-of-its-kind solution, where it will alert users in real-time about suspected spam calls and SMSes for free and it is auto-activated for all Airtel network users.

 Spam detection works on calls and SMS. (Image credit: Airtel)

According to Gopal Vittal, Managing Director and Chief Executive Officer, Bharti Airtel “Designed as a dual-layer protection, the solution has two filters – one at the network layer and the second at the IT systems layer. Every call and SMS passes through this dual-layered AI shield. In 2 milliseconds our solution processes 1.5 billion messages and 2.5 billion calls every day. This is equivalent to processing 1 trillion records on a real-time basis using the power of AI.”

https://www.youtube.com/watch?v=ba9XMEmexsw

 

Vittal added that the solution has been able to successfully identify 100 million potential spam calls and three million spam SMSes originating every day. “For us, keeping our customers secure is a burning priority.”

This product is designed and developed in-house by Airtel, which uses a proprietary algorithm to identify and classify calls and SMSes as “Suspected SPAM”, which can analyse calls and SMS by pattern, frequency, duration, and several other parameters. This solution also alerts users when they receive a spam SMS, which might include blacklisted URLs by analysing frequent IMEI changes.

However, users will continue to receive service, and transactional calls with the prefix 160 from institutions like Banks, Mutual Funds, Insurance Companies, Enterprises, SMEs, and promotional calls with the prefix 140 to those who have not enabled do-not-disturb (DND) service.

[indianexpres]

[reuters]

The Petroleum and Natural Gas Senior Staff Association of Nigeria has offered reasons why independent marketers are unable to purchase petrol directly from Dangote Refinery.

The President of the association, Festas Osifo, offered the explanation when he spoke with newsmen in Lagos on Tuesday. 

Osifo said the major reason is the pricing disparity between the costs at which the Nigerian National Petroleum Company Limited buys petrol and the price it sells to independent marketers.

He said while the NNPC may purchase petrol at N950, it sells it to independent marketers for around N700.

He said the NNPCL then manages the significant shortfall.

Osifo said if the major marketers buy directly from Dangote at a price similar to that at which NNPCL purchases it, they will need to sell for at least N1,000 anywhere in the country.

He added that this accounted for why the marketers still buy petrol from NNPCL.

He noted that some part of Nigeria’s crude oil has been tied to loan repayments, thus limiting the available supply for local consumption.

He said the ongoing divestment by International Oil Companies poses both risks and opportunities for Nigeria, including potential reduction in foreign direct investment and production level.

Afrobeats megastar, David Adeleke popularly known as Davido is set to perform at United Nations General Assembly (UNGA) event.

UNGA is one of the six principal organs of the United Nations, serving as its main deliberative, policymaking, and representative organ with its headquarter in New York.

In a post via X on Tuesday, Davido announced he will be performing at one of the events at the UNGA tonight.

The Grammy-nominated artiste also urged his fans to anticipate his performance.

“Touch down New York City for the @UN General Assembly. My first time attending should be interesting,” he wrote.

“Also performing tonight at one of the events ! Catch me if u can!”

Davido’s announcement comes a few days after DJ Cuppy, the Nigerian disc jockey, made history at the UNGA. She hosted an opening session at the event.

During her session, Cuppy emphasized the importance of engaging young people worldwide in meaningful conversations.

She revealed her passion for quality education — the Sustainable Development Goals (SDG 4).

The disc jockey also highlighted her foundation’s efforts in funding education for underprivileged Africans.

After her keynote session, Cuppy also gave a musical performance at the event.

[PM News]