FG TO PRIORITIZE RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES. (PHOTO). #PRESS RELEASE

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 PRESS RELEASE  FG TO PRIORITIZE  RESOURCE ALLOCATION IN THE FACE OF LOW OIL PRICES The Federal Government of Nigeria will pursue diversification of its revenues and adopt greater prudent resource allocation measures to mitigate the impact of low oil prices should it continue, according to Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Speaking at a meeting with investors during the ongoing IMF/World Bank Spring Meetings in Washington DC yesterday, Mr Wale Edun emphasized that with the recent reforms embarked upon by the present administration, Nigeria is better positioned to deal with global economic uncertainties. The meeting was also attended by the Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; the Permanent Secretary of the Federal Ministry of Finan...
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2 PEOPLE WERE ARRAIGNED BY THE EFCC FOR N156 MILLION FRAUD,IN OYO STATE.

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                           Today the 8th of October 2015,The Economic and Financial Crimes Commission {EFCC},arraigned Adebola Adeseye Idowu and Isiah Kayode Ajisafe before a Oyo state High Court on 16 count charge bordering on conspiracy,stealing,abuse of office,and contract inflation.The accused persons are alleged to have connived and used their positions as Executive Director and Chief Accountant,respectively,to defraud their former employer,National Horticultural Research Institute,NIHORT,of various sums of money amounting to N156 million.The money was allegedly stolen by siphoning staff arrears during the implementation of 15 percent increments on consolidated emoluments and illegal deductions of 7.5% as pension fund.The accused persons were said to have pocketed N70,000,000 purported to be meal subsidy.Also the accused persons are alleged to have approved contracts beyond their limit of N50,000,000 by splitting the contract valued at N123,526,941.10 into three parts.Further investigation revealed that most of the contracts were awarded to companies which never existed.The accused persons pleaded not guilty to all the charges.The Judge granted the accused persons bail in the sum of N10 million each with one reliable surety in like sum.The case was adjourned to 10th and 16th of November 2015.

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