Tag Archives: Finance Minister

Mountains of Raw Cash: Army Arrests Finance Minister, Recover $10m Cash in His House 

As the crisis in Zimbabwe continues, the military has arrested the country’s finance minister, Ignatius Chombo and found large sums of money at his home. 

According to multiple online reports, the Zimbabwean Minister of Finance, Ignatius Chombo, has been arrested by the country’s army who recovered a whopping $10 million from him.

Chombo is reported to have been arrested after gunfire was exchanged between his security and members of the Zimbabwe Defence Forces (ZDF) last night.

Chombo is reported to be in custody after the ZDF arrested a number of ministers and senior party officials over allegations of “committing crimes that are causing social and economic suffering in the country in order to bring them to justice.“

While speaking on Al Jazeera, Norton MP, Temba Mliswa, backed the military’s intervention and says that it was necessary because Grace Mugabe had usurped power from Mugabe.

Mliswa said: “Just for your own information, Minister Chombo’s house which was invaded and he was arrested. He had 10 million dollars on him.”

Mliswa said that former Vice President, Emmerson Mnangagwa will take over from President Robert Mugabe, but could neither deny nor confirm that Mnangagwa is in Zimbabwe, adding that Mugabe’s mistake was to fire Mnangagwa.

SOURCE: 247NIgerianewsupdate.co


​Kemi Adeosun, Finance minister plays down recession fears

Nigeria’s finance minister on Thursday played down an International Monetary Fund forecast that the country’s growth would shrink this year, seeking to allay fears of recession in Africa ‘s top economy.

The IMF said on Tuesday it expected Nigeria’s economy to contract by 1.8 percent in 2016 after having forecast a 2.3-percent expansion in April.

But Kemi Adeosun said she was “not too worried ” about the prediction, as the world body monitors global trends and had also warned about the impact of Britain’s vote to leave the European Union.

“I don’t think we should panic. I think we need to be confident around what we are doing and where we are going,” she told a Senate committee hearing in Abuja.

“I remain extremely confident about Nigeria. The IMF has given their projection, which is that we may continue into negative territory. I’m not sure that what we are seeing suggests that.”

– Recession? Technically –

Nigeria — on paper Africa’s biggest economy — depends on oil sales for 70 percent of government revenue but that has been slashed by low prices worldwide in the last two years.

The situation has complicated the task for the government, which has complained of being left a “virtually empty ” treasury by the previous administration and the theft of vast sums of public money.

It has struggled to pay public sector wages, while the naira currency has weakened, foreign exchange dried up and investment stalled.

The National Bureau of Statistics said this week that inflation rose to 16.5 percent in June — the highest for nearly 11 years — with predictions it could reach 20 percent by the end of the year.

The central bank in May said recession was “imminent” after negative growth in the first quarter of this year. Figures for the second quarter are expected soon.

Asked whether Nigeria was already in recession, Adeosun replied: “Technically. If you go into two quarters of negative growth, technically you are in recession.

“But I don’t think we should dwell on definition. I think we should really dwell on where we are going ,” she added, predicting any recession would be “very short”.

“The policy that we have will ensure that we don’t go below where we need to go ,” she told senators.

– Right direction –

Adeosun said she was encouraged by agricultural output and that despite the high headline inflation year-on-year, the rate had slowed month-on-month.

“That tells you that things are moving in the right direction, ” she added.

Nigeria’s economic woes have been exacerbated by sabotage to oil and gas facilities in the oil-producing south by militants wanting self-determination for the delta region.

That and the forex shortage has hit fuel supplies, driving up costs of imported petrol, diesel and electricity.

But Adeosun said the government decision in May to effectively abandon the fuel subsidy on petrol, which saw prices go up 67 percent per litre, had helped cut government expenditure.

“If you look at what happened in the petroleum sector, before, we were subsidising around 45 million litres of fuel per day and now without subsidy, it has dropped to 26 million litres, ” she said.

“That tells you that all the smuggling that was going out of the country based on the subsidy that we were providing has stopped.

“These are real savings to the economy which we are now re-directing into the essential infrastructure that will keep the economy going .”

​In Zimbabwe, Finance minister says sanctions to blame for cash crunch

Zimbabwe’s finance minister blamed international sanctions on Sunday for a cash crunch that has forced the government to delay wages to soldiers and civil servants as President Robert Mugabe faces rare popular protests.

Western countries imposed sanctions in 2001 on Mugabe’s government over allegations of vote-rigging and human rights abuses, which he rejects, while lenders such as the International Monetary Fund (IMF) have frozen financial aid since Harare defaulted in 1999.

Zimbabwe failed to pay the army on time for the second straight month, military sources said on Friday, and Finance Minister Patrick Chinamasa said the sanctions were hurting the government’s ability to meet its obligations.

“Sanctions crippled our capacity to own our international obligations (debt payment),” Chinamasa told Reuters when asked about the wage-payment delays during an African Union summit in Kigali, Rwanda. He did not say specifically which international obligations had been affected.

“Our industry sector collapsed, the formal corporate structure collapsed and it translated itself into informal sector. So we have now a situation where revenue collection from the informal sector is not easy. We need to come up with new policies, ” he added.

Anger is rising in Zimbabwe over high unemployment, corruption in government and shortages of money, which has seen people spending hours in bank queues to withdraw their money.

Without balance of payment support and foreign credit, the government is seeking to clear $1.8 billion arrears to the IMF, African Development Bank and World Bank in a bid to unlock new funding.

The IMF said on Thursday it was still far from a financial programme with Mugabe’s government, which would need to resolve issues of governance, accountability, transparency and carry out economic reforms before receiving any cash.

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  • Source: Pulse

We spend N165bn on salaries and allowances every month- Finance minister says


Minister of Finance, Kemi Adeosun, today disclosed that the Federal government spends N165 Billion every month to pay salaries. Adeosun disclosed this during a joint meeting with the security chiefs of paramilitary agencies under the ministry of interior on continuous audit and migration from manual to automated payment system in Abuja today May 24th.
‘As you know, we spend N165bn every month on salaries and allowances and we have to check it and the first step to do that is to know, who are those we pay. With automated platform, we can trace these persons to make it more transparency. ‘‘We started that process and as we speak, the biometric data of personnel in the security agencies have been captured to ensure that they are not captured at random,’’she said
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Source: Lindaikejisblog.com