National Assembly Faces Calls for Part-Time Operation or Unicameral System to Cut Costs, Fear Job Loss

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The Association of Senior Civil Servants of Nigeria (ASCSN) has advised President Bola Tinubu to consider making the National Assembly operate on a part-time basis or adopt a unicameral system. This comes as workers in the Federal Civil Service express fears over the recent approval by President Tinubu for the adoption and implementation of some recommendations from the Steve Orosaye Report, suggesting it could lead to job losses.

Speaking at a press briefing in Abuja, ASCSN President, Comrade Tommy Etim Okon, emphasized the need for government to cut down the cost of governance across all arms, calling for a review of the report in line with current national realities. He highlighted the importance of eliminating overlapping responsibilities, increasing efficiency, and directing resources to critical sectors such as Education, Health, and National Security.

“The National Assembly should either operate on a part-time basis or become a unicameral legislature to reduce the cost of governance,” Okon stated. He urged the government to repeal the acts establishing certain government agencies before implementing the report to avoid legal issues. He also emphasized the need for the government to cushion the effect of any job losses on workers and to involve organized labor in the implementation process.

Responding to concerns about job losses, Okon stressed the need for holistic measures to make governance more efficient, cost-effective, and productive. He noted that the Orosaye Report identified 541 federal government parastatals, commissions, and agencies, recommending a reduction in the number of statutory agencies to enhance efficiency.

The report recommends the abolition and merging of certain agencies, including the EFCC, ICPC, and NTA, among others. It also suggests reverting some agencies to departments within ministries. The ASCSN calls for more public enlightenment campaigns to educate the populace on the benefits of implementing the report and warns against job losses during this challenging time of socio-economic crisis.

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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.

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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