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By Obinna Chima
Nigeria presently lags behind its peers in Africa in terms of public expenditure-to-Gross Domestic Product (GDP) ratio, the Director-General, Budget Office of the Federation, Mr. Ben Akabueze, has said.
Compared with an African average of about 22 per cent, Nigeria’s public expenditure-to-GDP ratio is at 12 per cent, he added.
Akabueze, in a presentation titled: “Key Objectives and Expected Impact of the FGN 2021 Budget,” he delivered at KPMG’s Tax Breakfast seminar, a copy of which was obtained by THISDAY, yesterday, said the size of the federal, states and local governments’ budgets relative to the needs of the three tiers of government were too small, compared with their levels of expenditures.
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Democrats retained control of the House in November 2020, though the party enjoys a notably smaller majority after losing several seats to Republicans. Additionally, after Democrats prevailed in both runoff elections in Georgia on January 5, 2021, Vice President Kamala Harris can provide the tie-breaking vote to give Democrats the majority in the Senate.
Leadership of the House committees in the 117th Congress, which convened on January 3, 2021, remains largely the same. At least nine Senate committees are slated to have new Republican minority leadership, mostly due to term limits. The majority of Democratic committee chairs for the Senate committees are yet to be announced, though we expect some Democratic members who formerly held Senate minority leadership roles in the 116th Congress to serve as chairs. The three committees that have announced chair changes thus far include the Banking Committee, which Sen. Sherrod Br
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Forecasting the enforcement priorities of the Department of Justice (DOJ) under a new administration is difficult at best. However, the Biden administration is widely expected to be tougher on corporate crime than its predecessor, consistent with the approach of prior Democratic administrations. If that is the case, the DOJ’s policies and priorities over the past four years that have emphasized individual culpability while incentivizing robust corporate compliance programs presumably will continue unchanged. However, Trump administration policies that arguably reflect a more business-friendly approach to corporate prosecutions will likely be revised or abandoned by the new administration, which is expected to more closely scrutinize and aggressively pursue corporate misconduct, including on the part of financial institutions. In addition, Foreign Corrupt Practices Act (FCPA) investigations, a key enforcement area in the