NORTH KOREA FIRED SEVERAL BALLISTIC MISSILES INTO THE SEA. (PHOTO).

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 North Korea fired several ballistic missiles into the sea Monday, South Korea’s military said, hours after South Korean and U.S. troops kicked off their large annual combined drills, which the North views as an invasion rehearsal.  South Korea’s Joint Chiefs of Staff said the missile firings, North Korea’s fifth missile launch event this year, were detected from the North’s Hwanghae province but gave no further details such as how far they flew.  Earlier Monday, the South Korean and U.S. militaries began their annual joint military exercises, which are scheduled to last 11 days. The Freedom Shield command post exercise began after the South Korean and U.S. militaries paused live-fire training while Seoul investigates how two of its fighter jets mistakenly bombed a civilian area during a warm-up drill last week.  The drills' start drew the condemnation of nuclear-armed North Korea, which issued a government statement calling the exercises a “dangerous provocative act...
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REPS APPROVE FINANCE MINISTRY AMENDMENT BILL FOR SECOND READING. (PHOTO).

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 Reps Approve Finance Ministry Amendment Bill for Second Reading


The House of Representatives on Tuesday passed for a second reading a Bill aimed at repealing the Ministry of Finance Incorporated Act of 1959 and replacing it with the Ministry of Finance Act of 2024.


Leading the debate on the Bill's general principles, Ademorin Kuye explained that the Ministry of Finance Incorporated (MoFI) was established in 1959 by an Act of Parliament to act as the sole custodian of Federal Government assets across the country. However, Kuye pointed out that since its inception, MoFI has failed to function effectively due to issues such as asset mismanagement, diversion, and abuse.


Kuye emphasized that the 1959 Act, which consists of only six sections, is outdated and lacks the framework necessary for MoFI to operate efficiently in modern Nigeria. He highlighted that the proposed new Act would introduce a comprehensive framework with 49 sections, addressing the conduct, management, and custodianship of Federal Government assets.


He further explained that, if enacted, the Bill would revitalize MoFI by establishing a robust institutional framework, improving its corporate governance, and outlining its organizational structure. The Bill aims to ensure better ownership, accountability, and management of federal assets, as well as to empower the corporation to contribute to economic growth through efficient asset management, preventing abandonment and misappropriation.


Kuye also noted that the Bill would provide a strong legal foundation for creating a national corporation capable of managing and optimizing over N300 trillion worth of federal assets. This would be achieved by granting MoFI specific powers and ensuring that its board is properly incentivized.

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