Buhari Praises Tinubu’s Government Amidst Rising Cost of Living

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Amidst widespread outcry over the soaring cost of living and hunger in Nigeria, former President Muhammadu Buhari has expressed satisfaction with the performance of President Bola Tinubu’s administration. Buhari commended the government’s efforts to stabilize the situation and its apparent concern for the welfare of Nigerians.

The former president’s statement was relayed by Stanley Nkwocha, spokesperson for Vice President Kashim Shettima, following a visit to Buhari in Duara, Katsina. Buhari’s praise for the current administration comes at a time when protests are escalating across Nigeria over the high cost of living and food prices.

Despite the economic challenges predating Tinubu’s government, the recent removal of fuel subsidies and the floating of the naira have led to a significant increase in petrol prices, reaching N630 from N145. This, coupled with the freefall of the naira against the dollar, trading at over N1,600, has caused food prices to skyrocket.

In response to public outcry, Tinubu directed the Ministry of Agriculture and Food Security to release 42,000 metric tonnes of grains, including maize, millet, and garri. However, this has not quelled the discontent, as protests continue in various parts of the country, including Ibadan, Osun, Niger, Kano, and Lagos, Tinubu’s home state, with protesters chanting “Tinubu ole” (Tinubu is a thief).

Critics, including the Sultan of Sokoto, Muhammad Sa’ad Abubakar-led Northern Traditional Council, have warned that rising poverty, hunger, and insecurity could lead to a revolt against Tinubu’s government. Recent incidents, such as the looting of a government-owned warehouse in Abuja by citizens in search of food and other items, highlight the gravity of the situation.

Peoples Gazette

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.

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.

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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