funds

The Challenges of Revenue Audits: A Closer Look at Nigeria’s Fiscal Landscape In recent months, Nigeria has faced a significant setback, primarily stemming from shortcomings in the revenue assurance audit reports submitted by two pivotal government bodies: the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service. These reports cover the period from 2018 to 2021 and reveal a troubling picture of inefficiency and gaps in accountability. This disconnect contributes to a broader narrative of fiscal…

Unlocking Africa's Financial Potential: A Call for Inward Investment In a bold statement, the Africa Finance Corporation (AFC) has urged African governments to turn their gaze inward, suggesting that they tap into an estimated $4 trillion in capital held by domestic institutional investors. This figure is striking, particularly as it highlights the potential for home-grown investment to fuel development. The question arises: how can Africa mobilize these untapped resources effectively? Currently, a substantial portion of…

The Alarming State of Blocked Airline Funds: A Deep Dive Into Africa's Aviation Sector The International Air Transport Association (IATA) recently published a comprehensive report that’s raising eyebrows across the globe. What’s particularly striking is that out of fifteen nations listed, twelve from Africa are responsible for approximately 65% of the total blocked airline funds, which resonates to the tune of $846 million—that's quite a hefty sum. Altogether, these funds, which stand at an alarming total of $1.3…

Mogadishu (AX) — Somalia stands at a critical juncture. The country risks losing millions in unspent reform funds unless it accelerates a much-needed governance overhaul supported by the African Development Bank (AfDB). It's a timely reminder of how the window for progress can close faster than we anticipate. Eighteen months into the $13 million Institutional Support for Economic Governance Project (ISEGP), only 15.2% of the funds have been utilized. This dismal pace has left federal finance officials scrambling to triple…

Reevaluating U.N. Peacekeeping Funding: A Proposal from the White House Budget Office The recent proposal from the White House budget office to cut funding for United Nations peacekeeping missions has sparked significant concern. The reasoning behind this decision primarily hinges on what officials describe as operational failures in regions such as Mali, Lebanon, and the Democratic Republic of Congo. These areas have faced numerous challenges, making the efficacy of peacekeeping missions a point of contention. Can…

In a significant step forward for infrastructure and economic development in Ethiopia, a memorandum of understanding was signed for the ambitious Bishoftu International Airport Development Project. This collaboration marks a new chapter, not just for Ethiopian connectivity but for the entire African aviation landscape. The ceremony was graced by the presence of Mr. Mesfin Tasew, the visionary CEO of Ethiopian Airlines Group, and the insightful Mrs. Nnenna Nwabufo, Vice President for Regional Development,…

Mogadishu (AX) — In a passionate appeal to the heart of Somalia's legislative body, a federal lawmaker, Abdullahi Farah Mire, has turned the spotlight on what he describes as a troubling diversion of national security funds. At the core of his concern is a claim directed at officials within the orbit of President Hassan Sheikh Mohamud. The essence of Mire’s charge is both critical and evocative: he alleges that money intended for the national fight against the pervasive threat of Islamic State militants is being…

Columbia University Faces Federal Funding Cuts Amidst Controversy In a surprising twist last Friday, the Trump administration announced its decision to cut approximately $400 million worth of federal contracts and grants to Columbia University. This substantial figure accounts for nearly 8% of the university’s current $5 billion portfolio in federal grant commitments. A bold move, isn’t it? Yet, it wasn't entirely unexpected given the atmosphere of heightened scrutiny towards educational…

Mogadishu (AX) — In the bustling yet often turbulent landscape of Ethiopian politics, the Somali Federalist Party has raised an alarming voice against what they see as a rising tide of corruption and mismanagement within the Somali region of Ethiopia. These accusations, centered on financial malpractice, ring alarm bells about the worsening quality of life for the inhabitants of the area. As the saying goes, "Integrity is doing the right thing, even when no one is watching." Yet, the party contends that the integrity of…

Mogadishu (AX) — In a revelation that can ruffle some feathers, the International Air Transport Association (IATA) brought to light that a hefty $950 million of airline moolah is stuck in African nations. This chunk represents a whopping 57% of the world’s aviation money that’s caught in a web due to scarce foreign exchanges. During a pow-wow at the African Airlines Association's big annual shindig in Cairo, IATA's head honcho, Willie Walsh, sounded the alarm, pleading for someone to get a move on and fix this jam!—astating…