NEWS

The European Union (EU) Says No More Financial Assistance For Nigeria

Published

7 years ago

June 30, 2017

The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr Michel Arrion says EU will not increase its financial assistance to Nigeria.

Arrion made this known in Abuja while delivering a Distinguished Lecture organised by the IBB Golf Club, with the theme “40 years of European union in Nigeria: Lessons learned and the way forward”.

The ambassador who said that EU was not promising further assistance to Nigeria however said that Nigeria remains EU key partner in view of the role it plays in global affairs.

The envoy also stressed that the Union would scale up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

He said that Nigeria could not be said to be poor, as it is has enough resources to meet its developmental needs.

While expressing concern that on the economic level of the country Arrion called for a more equitable distribution of the nation’s wealth to ensure growth and stability and unleash its enormous economic potentials.

Arrion explained that the combine aides to the country were about ten per cent of the country’s annual budget.

According to him, the Official Development Assistance (ODA) flow in Nigeria is about 2.5 billion dollars yearly, which correspond roughly to about 10 per cent of the federal budget (N7,3trillion or 24 billion dollars).

This, he said has raised the question of should EU continue to give aide to Nigeria.?

Arrion, however said the regional block would scale up its efforts towards the country’s institutional, political and economic development for a more prosperous future.

“We are not offering more financial support, we are proposing more political and policy dialogue, technical assistance, capacity building, training, transfer of technology.

We also proposing more advocacies for more private investments and other innovative sources of funding,” the EU envoy said.

The envoy therefore called for improving in tax collection to finance the development of the country.

According to him Nigeria must find alternative funding to ODA including improved tax collection which must be improved at least five times more and also spend better.

READ: Pay your taxes in 9 months or face criminal prosecution – Osinbajo

Quoting Price Water Cooper (PwC 2016), he said: “Nigeria collects about N5.5 trillion or 18 billion dollars per year.

“About 10 million people (10 per cent of adult population) are registered for personal income tax (half of them in Lagos).

“The rate of VAT compliance by registered entities is about 12 per cent. The rate is lower for corporate income tax nine per cent.”

He also said Nigeria must attract more foreign investment five times more, to reach the level of Angola or Vietnam for instance and put in place more and better Public Private Partnerships.

Arrion said the evolution of vibrant relationship of equal partners between Nigeria and the EU was founded on shares values and aspirations and mutual trust.

According to him EU in its 40 years of engagement with Nigeria has identified development priorities, funded projects to stimulate the Nigeria’s economy, reduce hunger and disease.

He said that the union had also helped to enhance institutional capacities, strengthen governance and fight insecurity in Nigeria.

NEWS

Bobrisky Released On Bail After Denying 15 Million Naira Bribery Allegations

Published

23 hours ago

November 4, 2024

Reporter

Bobrisky granted bail after denying N15m bribery allegation | fab.ng

The Economic and Financial Crimes Commission (EFCC) recently granted bail to Idris Okuneye, popularly known as Bobrisky, following his detention.

On Thursday night, Bobrisky was apprehended and removed from a KLM flight bound for Amsterdam at Lagos’s Murtala Muhammed International Airport while attempting to travel to London.

Subsequently, Bobrisky took to social media to inform his followers about his arrest, claiming to have sustained injuries during the incident.

He posted, “Nigerians, help me, EFCC just arrested me. I’m badly injured.”

After his arrest, officials transported him to the EFCC headquarters in Abuja for questioning over alleged bribery claims involving the commission.

The allegations arose when social media critic Martins Otse, known as VeryDarkMan, released a voice note reportedly featuring Bobrisky’s voice. In the recording, Bobrisky allegedly claimed he had bribed EFCC officials with N15 million to drop money laundering charges.

However, late on Friday, November 1, authorities processed Bobrisky’s bail, and he regained his freedom shortly after. EFCC spokesperson Dele Oyewale confirmed the release on Saturday but declined to provide additional information.

A source close to the case disclosed that Bobrisky denied all bribery allegations in his official statement. He also challenged the voice note’s authenticity, urging the individual who shared it to prove the claims.

According to the source, Bobrisky asserted that no EFCC official had solicited money from him and insisted he had not offered any bribe.

Through this statement, Bobrisky maintained his innocence, asserting that the bribery accusations were baseless. Meanwhile, the EFCC has yet to comment further on the case. This leaves questions about the voice note’s origins and the nature of the allegations still unresolved.

BREAKING NEWS

Quincy Jones, Michael Jackson’s Producer, Dies At 91

Published

1 day ago

November 4, 2024

Reporter

Quincy Jones, Michael Jackson's producer, dies at 91 | fab.ng

Quincy Jones, a legendary music producer renowned for his collaborations with iconic artists, passed away on November 4, 2024, at the age of 91.

His publicist, Arnold Robinson, confirmed the news. Jones’ family released a heartfelt statement, expressing their grief and celebrating his extraordinary life and enduring legacy.

They said,

“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing. And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him.”

They added, “We take comfort and immense pride in knowing that the love and joy, that were the essence of his being, was shared with the world through all that he created. Through his music and his boundless love, Quincy Jones’s heart will beat for eternity.”

Born in Chicago in 1933, Quincy Jones’s lineage was a complex tapestry of history. His mother descended from slave owners, while his father, half-white, was the son of a Welsh slave master and one of his enslaved women.

Jones’s early exposure to music began at home, where his mother’s singing and a neighbour’s piano ignited his passion. At the tender age of seven, he started learning to play the piano.

Following his parents’ divorce, Jones and his father moved to Washington State. There, he joined his high school band, mastering the drums and various brass instruments.

His musical journey took a significant turn at the age of 14 when he began performing in Seattle bars. A remarkable moment arrived in 1948 when he backed Billie Holiday, sharing the stage with a young Ray Charles.

After a brief stint at Seattle University studying music, Jones ventured to Boston to complete his education. His illustrious career, spanning over seven decades, was marked by groundbreaking collaborations with legendary artists.

He worked alongside Michael Jackson, Frank Sinatra, Ray Charles, and many others. Indeed, one of his most iconic achievements was producing Michael Jackson’s historic album, “Thriller.”

Check out more news updates here.

MOVIES

AMAA 2024: “The Weekend” & “Jagun Jagun” Take Home Major Wins

Published

1 day ago

November 4, 2024

Reporter

AMAA 2024: The Weekend & Jagun Jagun Wins Big | fab.ng

The 20th edition of the Africa Movie Academy Awards (AMAA) took place yesterday, November 2nd, 2024, at the Balmoral Convention Centre in Ikeja, Lagos.

This year, the AMAA 2024 ceremony honoured first-time winners and celebrated the best in African cinema. This brought filmmakers from across the globe together under one roof.

Notably, Nollywood actor Segun Arinze and Ghanaian actress Joselyn Dumas hosted the event. In addition, legendary Afrobeat musicians Femi Kuti and Yinka Davies performed, adding a unique flair to the ceremony.

A line-up of pan-African artists, including Narh Tettey, Bedwei Kwaku, and Adina Thembi, further entertained the audience.

Leading the jury, filmmaker and curator Dorothee Wenner, along with a distinguished panel, reviewed the nominated films, recognizing exceptional talent and storytelling in African cinema.

Among the major highlights in AMAA 2024, the Nigerian-directed drama “The Weekend” dominated the evening. It won the “Best Film Award” for both Nigeria and Africa.

Furthermore, Femi Adebayo won the “Best Actor in a Supporting Role” award for his performance in the historical thriller “Jagun Jagun.”

Notably, after receiving seven nominations, the film also claimed awards for Achievement in Visual Effects and Make-up.

Meanwhile, Elsie Abang earned “Best Actress in a Supporting Role” for her performance in “KIPKEMBOI.” Likewise, Michell Lemuya claimed the “Best Young Promising Actor” award for her role in “NAWI.”

In the leading roles category, South Africa’s Zolisa Xaluva took home “Best Actor in a Leading Role” for his work in “The Queenstown King.”

Similarly, Ghana’s Jackie Appiah won “Best Actress in a Leading Role” for her performance in “Red Carpet.”

Continuing the list of accolades, “Letters to Goddo,” directed by Harry Bentil, won the “Best Feature Film by a Director” award. Meanwhile, Jahmil X.T. Qubeka earned the “Best Director” title for his work on “The Queenstown Kings.”

In recognition of lifelong achievements, the Academy presented Lifetime Achievement Awards to notable filmmakers Souleymane Cissé from Mali, Nacer Khemir from Tunisia, and Haile Gerima from Ethiopia.

Additionally, Alain Gomis from Senegal and Gabon, along with Zimbabwean author and filmmaker Tsitsi Dangarembga, received special recognition awards in AMAA 2024 for their valuable contributions to African cinema.

See the full list of AMAA 2024 winners below: