National Assembly Allocates Billions for Recreation Centre Amidst Rising Debt Concerns

GovernMend Nigeria January 6, 2024 0

The National Assembly (NASS) has allocated substantial sums for various projects, including a recreation centre and car parks, despite Nigeria facing a significant debt burden of over N87.91 trillion. The budget allocations have raised concerns, especially considering Nigeria’s growing debt and its impact on the economy.

The breakdown of the allocations reveals that N4 billion has been set aside for the National Assembly Recreation Centre, while N3 billion each has been allocated for the House of Representatives and Senate car parks. Additionally, N3 billion has been earmarked for the procurement of books for the NASS Library, with another N3 billion for upgrading key infrastructure. The budget also includes N3 billion for the design, construction, furnishing, and equipping of a modern printing press for the National Assembly.

Further scrutiny of the National Assembly’s budget shows that N78.624 billion has been allocated for the House of Representatives, N49.145 billion for the Senate, and N36.727 billion for the National Assembly Office. Other significant allocations include N30.807 billion for General Services, N20.388 billion for Legislative Aides, and N15.189 billion for a Service Wide Vote. Moreover, N15 billion has been allocated for the National Assembly Hospital Project, N12.326 billion for the National Assembly Service Commission (NASC), and N9.008 billion for the National Institute for Legislative and Democratic Studies (NILDS). The budget also includes N4.500 billion for the completion of an ongoing NILDS building project.

Out of the total budget of N28.7 trillion, N1.74 trillion has been allocated for statutory transfers, N8.27 trillion for debt service, N8.76 trillion for recurrent (Non-debt) expenditure, and N9.99 trillion for capital expenditure for the year ending December 31, 2024.

The allocations have raised eyebrows, given the country’s mounting debt and the need for prudent financial management. Critics argue that such significant allocations for non-essential projects amidst Nigeria’s economic challenges could further strain the country’s finances and hinder efforts to address pressing socio-economic needs.

The ICIR

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BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

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Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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