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The South African
15-07-2025
- Politics
- The South African
Muhammadu Buhari: Nigeria mourns its ex-president and military man
Muhammadu Buhari, former president of Nigeria, a figure synonymous with anti-corruption efforts and military discipline, died on 13 July 2025 in London. Nigeria is currently experiencing a deep period of national mourning and for seven days, President Bola Tinubu has mandated that flags be flown at half-mast. Buhari's death marks the end of an important chapter for Africa's most populous country. He leaves behind a legacy, characterised by both heroic service and difficult obstacles. Muhammadu Buhari was born in Daura, in Northern Nigeria's Katsina State, in December 1942. Buhari enrolled in the Nigerian Military Training College in Kaduna in 1962 at age 20, approximately two years after Nigeria gained independence from Britain on 1 October 1960. Buhari ascended to prominence in 1983, assuming the role of Nigeria's military head of state following a coup that resulted in the ousting of President Shehu Shagari. During this period, the 'War Against Indiscipline' policy aimed to promote a thorough reorientation of social norms. The government implemented stringent measures to combat corruption and maintain discipline. From January 1984 to August 1985, his military rule was characterised by a firm stance against corruption. In 1985, General Ibrahim Babangida executed a coup d'état, resulting in the ousting of Buhari. Subsequent to this, Buhari encountered a phase of confinement. Despite his prior military command, he subsequently embarked on a career in democratic governance. His ascension to power was a protracted and challenging endeavour. After three unsuccessful attempts to become president, Buhari finally achieved a significant victory in the 2015 election, beating then-incumbent President Goodluck Jonathan for the first time. During his campaign, Buhari declared his commitment to addressing the pressing issues of corruption, insecurity and the economy in the country. After taking office, Buhari's administration had to deal with several issues, chief among them being the Boko Haram insurgency in the northeast. His administration made key gains against Boko Haram from 2015 to 2023, but faced new security threats. Recessions and high rates of inflation have plagued the economy, partly due to the decline in oil prices. To consolidate government revenue, the administration implemented several policies, with the Treasury Single Account being the most notable. Buhari's unwavering personal integrity has always distinguished his public persona. Many Nigerians were impressed by Buhari's apparent honesty in a political climate often characterised by corruption. His administration faced criticism for human rights violations, especially concerning the 2020 End of Special Anti-Robbery Squad demonstrations. The administration's approach to various issues, including the tensions between agriculturalists and pastoralists and the need for economic diversification, has sparked significant discourse. Given these obstacles, his supporters claimed that he made a sincere effort to further Nigeria's development. Many individuals perceived him as a steadfast patriot. Buhari's anti-corruption campaign faced opposition from several industries. Atiku Abubakar and other opposition figures have accused him of shielding dishonest associates. Legal experts, including senior advocate of Nigeria Olisa Agbakoba, described the campaign as politically motivated and discriminatory. Bishop Matthew Kukah was among the religious leaders who criticised the government for using anti-corruption initiatives as tools for political manipulation. Watchdog groups such as Transparency International and the Socio-Economic Rights and Accountability Project criticised the administration for failing to pursue its close associates. Buhari passed away at the age of 82 following a lengthy illness, according to Bayo Onanuga, the spokesperson for President Tinubu. Details of his illness were not disclosed, but it is known that he had been receiving medical treatment in London for a few days prior to his death. Vice-President Kashim Shettima will accompany Buhari's body back to Nigeria, and the governor of Katsina State, Dikko Umaru Radda, announced that Buhari's remains would arrive in Katsina on 15 July 2025, for burial in his hometown of Daura. WHAT WILL BUHARI'S ENDURING LEGACY BE IN NIGERIA'S HISTORY? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Zawya
07-07-2025
- Business
- Zawya
Congo gets $262mln from IMF on treasury reforms
The Democratic Republic of Congo (DRC) has received the second instalment of a $1.7 billion loan from the International Monetary Fund (IMF) under the Extended Credit Facility, totalling $261.9 million. This is the result of progress on financial reforms. This followed Kinshasa meeting some of the deal's key requirements, including implementing a Treasury Single Account (TSA). On Wednesday, the IMF executive board completed the first review of DRC's performance under the programme, unlocking an immediate disbursement. This brings total disbursements under the 38-month programme to $523.4 million, including the $261.5 million released when the facility was approved earlier this year. The funds –equivalent to 190.4 million Special Drawing Rights (SDRs), a basket of foreign currencies—will support DRC's balance of payments, bolster foreign exchange reserves, and strengthen its ability to engage in international trade. The board, chaired by IMF deputy managing director Kenji Okamura, noted that aside from a few missed structural benchmarks, DRC met all the quantitative performance criteria set for the first review period. A key reform under the programme was the rollout of a Treasury Single Account, aimed at consolidating thousands of government-linked accounts into one, to enhance transparency and curb corruption. To facilitate this, the IMF asked Kinshasa to phase the TSA, starting with stress tests to assess potential impacts on local banks and to invest in software upgrades at the Central Bank of Congo (BCC). A steering committee was established in January to spearhead the reforms, and the IMF noted that the DRC government is making 'concomitant progress' on its implementation. The push for a TSA is also intended to support revenue mobilisation by eliminating parallel tax collections outside official accounts. Although Congo began working on the reform in May 2023, progress was limited until the ECF programme was launched this year.'Performance under the programme was mixed, as the intensification of the conflict has placed significant strains on the budget,' the IMF said in a dispatch after the board meeting. Among the missed targets was the commitment to keep the fiscal deficit below 0.3 percent of GDP, which was overshot to 0.8 percent due to increased security spending in response to escalating conflict in eastern DRC. The government also missed the target for BCC's foreign exchange assets held with local correspondents, attributed to higher-than-expected tax payments in foreign currency on government accounts. The board approved waivers for these missed targets, allowing the disbursement to proceed. Mr Okamura noted that the recent peace agreement signed between DRC and Rwanda in Washington could improve the outlook, with the possibility of missed targets being met by 2026.'The authorities have committed to accompany these efforts to preserve macroeconomic stability with an acceleration of structural reforms in key areas, including strengthening the AML/CFT framework, improving the business climate, enhancing transparency and governance, combating corruption and upgrading national statistics,' he said. TSA implementation is not unique to DRC. Other countries in the region, including Kenya, Uganda and Tanzania, have been required to adopt similar reforms under their IMF programmes. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Hindustan Times
24-06-2025
- Business
- Hindustan Times
Jal Shakti Minister Patil reviews progress on Ganga conservation projects
New Delhi, Union Jal Shakti Minister C R Patil chaired the 15th meeting of the Empowered Task Force on Ganga Conservation on Tuesday, where he reviewed the progress made by the National Mission for Clean Ganga . Jal Shakti Minister Patil reviews progress on Ganga conservation projects Patil reaffirmed the government's commitment to an integrated, time-bound and technology-led approach for Ganga conservation and called for continuous vigilance to preserve the ecological gains made so far, according to an official statement. He acknowledged the "accelerated pace" of infrastructure project and lauded the improved coordination between central and state-level stakeholders, particularly highlighting the inauguration and foundation stone laying of 10 projects in Bihar under the Namami Gange programme. Significant strides in financial management by the NMCG were also presented at the meeting as officials reported a marked reduction in the pendency of Utilization Certificates and resolution of longstanding taxation issues. The jal shakti minister also launched two major initiatives, including a hackathon, to strengthen scientific and community engagement in river rejuvenation, the statement said. Patil also welcomed the shift towards Treasury Single Account systems and the adoption of insurance surety bonds as alternatives to bank guarantees, noting that such reforms would reduce financial pressure on contractors and expedite project execution. In a push to sustain gains made under the Namami Gange programme, the meeting discussed protocols to ensure zero untreated sewage discharge and the upkeep of interception and diversion structures, especially in urbanising areas, the statement said. Patil stressed that District Ganga Committees must play a central role in implementing and monitoring these guidelines. Workplace safety also came under focus, with the minister directing NMCG to conduct regular safety audits and drills at sewage treatment plants . Third-party evaluations of STPs will now be undertaken by top academic institutions, including IIT-BHU and IIT-Delhi, to ensure operational efficiency. Top officials from the Ministry of Jal Shakti, NMCG, and representatives from the ministries of power, tourism, housing and urban affairs, and environment, along with state officials from Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, and West Bengal attended the meeting. This article was generated from an automated news agency feed without modifications to text.
Zawya
17-02-2025
- Business
- Zawya
BankDhofar elevates government financial management with Treasury Single Account integration
Muscat – BankDhofar, the second-largest bank in Oman by branch network size, continues to lead in financial innovation by leveraging cutting-edge technology to enhance customer experience, empower businesses, and streamline operations. By aligning with key government initiatives, the Bank contributes significantly to effective financial management and operational efficiency. As part of its commitment to providing seamless banking solutions for government entities, BankDhofar has successfully integrated its internal systems with the Ministry of Finance's Unified Treasury Accounts platform. This sophisticated integration ensures that the Bank's systems operate in perfect synchrony with any government agency—an intricate task that BankDhofar accomplished in under two weeks. Additionally, the Bank has updated its financial infrastructure to align with the Treasury Single Account (TSA) framework, enabling real-time synchronization with government revenue and expenditure accounts. The Treasury Single Account (TSA) is a pivotal financial management reform spearheaded by the Ministry of Finance to optimize the handling of public finances. By centralizing government cash resources, the TSA enhances efficiency, minimizes idle funds, and provides greater oversight of revenue and expenditure. This unified structure not only reduces banking fees and transaction costs but also strengthens the government's ability to monitor budget execution and cash flows effectively. The TSA enables the government to consolidate cash balances, optimize fund utilization to reduce short-term borrowing costs, improve cash flow forecasting, and enhance transparency by ensuring real-time oversight of budgeted revenue and expenditures. As a leading financial institution, BankDhofar has ensured that its banking systems remain state-of-the-art while fully integrated with Oman's financial ecosystem. In compliance with the Ministry of Finance's Treasury Single Account framework, the Bank now seamlessly processes government payments, reinforcing its role as a key partner in the country's economic infrastructure. The year 2024 has been a landmark for BankDhofar, marked by expansion, innovation, and strong financial performance. The Bank now boasts a national network of 131 branches, including Dhofar Islamic branches, further strengthening its presence across the Sultanate. BankDhofar remains at the forefront of digital transformation, being among the first banks in Oman to introduce Apple Pay and Samsung Pay, while also offering wholesale cash deposit machines and EasyBiz, a digital collection and settlement platform. It leads in integrated direct debit operations, allowing businesses to manage transactions seamlessly through digital banking channels. A significant milestone this year was BankDhofar's success as the Issue Manager for the Initial Public Offering (IPO) of OQ Basic Industries, marking a first for the Bank. The Bank also closed fiscal 2024 with a 12.5% increase in net profits, reaching OMR 43.6 million compared to OMR 38.7 million in 2023. As BankDhofar continues to innovate and expand, it remains committed to supporting the Omani government and private sector with advanced financial solutions that drive efficiency, transparency, and sustainable growth.
