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Tinubu Presented Box Without Documents for 2024 Appropriation Bill – Nigerian Lawmakers Say

By
Samuel Nwite
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0

Federal lawmakers in Nigeria have raised concerns over the 2024 appropriation bill presentation by President Bola Tinubu, alleging that he submitted an empty box without backup documents during the joint parliamentary session on Wednesday.

Two lawmakers, speaking anonymously to the Peoples Gazette, expressed frustration over the lack of detailed information on the proposed budget, calling it detrimental to the social contract between the parliament, the presidency, and the people of Nigeria.

According to one lawmaker, “No lawmakers can say they have seen what the president presented to the National Assembly on Wednesday.”

“They made us debate the matter yesterday (Thursday) and today (Friday) without showing us the facts and figures of the president’s proposals. This is unfortunate for the federal republic,” he told Peoples Gazette.

Another legislator said that Nigerians should demand transparency and accountability, urging the president to present all details before the National Assembly, which holds the power of appropriation.

“Nigerians should cry out and ask the president and his people when they would tell us what happened to his 2024 budget.

“He needs to present everything before us because we have the power of appropriation as members of the National Assembly,” the lawmaker said.

Both lawmakers spoke anonymously to avoid potential repercussions from the ethics committee of the assembly. One of them cited ties to the president as a reason for not openly commenting on the matter, fearing it could strain relations with the presidency.

Rumor went out on Friday about the incident after Yusuf Galambi, another federal lawmaker, accused President Tinubu of sending empty boxes without the 2024 budget to the National Assembly. In an interview with BBC Hausa Service, Galambi expressed confusion and labeled the situation as deceitful, questioning why the president presented the budget without providing the accompanying documents.

The legislators criticized Senate President Godswill Akpabio and other principal officers for allegedly allowing the president to present an overhead summary without the detailed breakdown traditionally provided in bulky paperwork.

President Tinubu presented a proposed appropriation of N27.6 trillion on September 29 but omitted the detailed breakdown to avoid scrutiny ahead of crucial votes. Lawmakers engaged in debates on Thursday and Friday without having access to the budget details, further deepening their frustration.

This incident comes amid historical challenges in Nigeria’s annual appropriation season, known for controversies and sharp practices.

President Tinubu’s failure to present a budget document to the parliament days after reading from it on live television has sparked serious concerns, drawing parallels to the public ridicule faced by the country in 2016 when a budget document presented by President Muhammadu Buhari was allegedly stolen, leading to a prolonged conflict between the parliament and the presidency.

The 2024 appropriation bill has passed second reading in the House, raising concerns about the diligence and effectiveness of Nigerian lawmakers in fulfilling their oversight responsibilities.

Congrats Tekedia Mini-MBA Edition 12: You’re #Ready2Lead

By
Ndubuisi Ekekwe
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0

Amazing People, thank you for co-learning with us, to master the mechanics of the market system. Knowledge brings the liberation of the mind, and I am confident that we delivered as promised, through our world-class program in Tekedia Mini-MBA. #Win the future. You are #ready2lead the world. Congratulations.

Walmart Becomes The Latest Company to Stop Advertising on X, After Musk Outburst at Advertisers

By
Ojukwu Emmanuel
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0

American multinational retail corporation, Walmart, has become the latest company to stop advertising on X (formerly Twitter).

Announcing this move on Friday, a spokesperson at the company said,

“We aren’t advertising on X, as we have found other platforms to better reach our customers”.

Speaking on Walmart’s decision, the head of operations at X, Joe Benarroch told CNN via a statement that disclosed that brands such as Wlamart and several others who advertise on the micro-blogging platform have continued to garner massive impressions and followers.

In his words,

“Walmart has a wonderful community on X, and with half a billion people on X, every year the platform experienced 15 billion impressions about the holidays alone with more than 50 percent of X users doing most or all of their shopping online”.

Benarroch further added that Walmart’s decision to halt its ads on X, is not a direct result of Musk’s recent outburst, noting that the giant retail company is still active on the platform.

Walmart joins the likes of other big brands such as IBM, Disney, Apple, and Amazon, amongst others, that have paused their advertisement on X.

Recall that earlier this week, while speaking at at the DealBook Summit in New York, X owner, Elon Musk hit hard at brands that have paused advertising on the platform, accusing them of blackmail.

Musk stated that if anybody is going to blackmail him with advertising, they should blackmail him with money instead. He further added that he would not hesitate to call out brands that want to kill the company, for the public to hold them responsible.

While defending his speech, X CEO, Linda Yaccarino said that Musk gave a candid interview at DealBook, noting that X is enabling information independence that is comfortable for some people.

In her words,

“Today Elon Musk gave a wide-ranging and candid interview at Dealbook 2023. He also offered an apology, an explanation, and an explicit point of view about our position. X is enabling information independence that’s uncomfortable for some people. We’re a platform that allows people to make their own decisions.

“And here’s my perspective when it comes to advertising: X is standing at a unique and amazing intersection of Free Speech and Main Street, and the X community is powerful and is here to welcome you. To our partners who believe in our meaningful work. Thank You”

The exit of advertisers on X began when Musk promoted and endorsed anti-Semitic and racist statements on the platform. Things started to go bad when a report from liberal watchdog group Media Matters said that several ads had appeared next to antisemitic posts.

It got worse when Musk commented, “the actual truth” on a post that claimed that Jewish people have a “dialectical hatred” of white people. His inflammatory posts on the microblogging platform, among other things have led to the exit of about 200 big advertisers on the platform.

American journalists Casey Newton, said that every day more brands are waking up to the reality that X is a cesspool. He added that the global town square is now dispersed across many different platforms and increasingly most conversations are taking place elsewhere.

According to reports, if advertisers continue to pause their ads on X, it could cost the company up to $75 million this quarter, which could spell disaster for the company. Musk acknowledged that an extended boycott could bankrupt X, stating that the public would blame the brands for the collapse, rather than put the blame on him.

Meanwhile, X seems to have a new survival plan to stay afloat as advertising revenue continues to decline. A report by the Financial Times disclosed that X is ramping up a new advertising strategy.

As brands continue to exit the platform, the company is looking to turn to small and medium-sized advertisers to generate revenue.

A spokesperson at X said,

“Small and medium businesses are a very significant engine that we have definitely underplayed for a long time”. The spokesperson added that roping in small and medium brands was “always part of the plan” and the company will now go even further with it.

Bitcoin Spot ETF will “unleash tens of thousands of Wall Street Salesmen” – Anthony Scaramucci

By
Paul Ugbede Godwin
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0

Anthony Scaramucci, the founder of SkyBridge Capital and a former White House communications director, has expressed his bullish views on Bitcoin in a recent interview with CNBC. He said that the approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) will “unleash tens of thousands of Wall Street salesmen” who will promote the cryptocurrency to their clients.

Scaramucci argued that Bitcoin is a superior store of value than gold or fiat currencies, and that it has the potential to become a global reserve asset. He said that the current market capitalization of Bitcoin, which is around $1.2 trillion, is only a fraction of the total value of gold, which is estimated at $10 trillion. He also said that Bitcoin has a fixed supply of 21 million coins, unlike fiat currencies that can be printed endlessly by central banks.

He added that the launch of a Bitcoin spot ETF, which would allow investors to buy and hold the actual Bitcoin rather than a derivative product, would increase the demand and liquidity of the cryptocurrency. He said that this would attract more institutional and retail investors, as well as hedge funds and family offices, to invest in Bitcoin. He estimated that “tens of billions” of dollars would flow into Bitcoin as a result of the spot ETF approval.

However, the SEC has repeatedly delayed or rejected applications for a spot ETF, citing concerns over market manipulation, fraud and investor protection. The latest deadline for a decision on the VanEck Bitcoin Trust, one of the most prominent proposals, is November 14, 2023. If the SEC does not approve it by then, it will have to either deny it or initiate a rule change process that could take several months.

So, what would happen to the price of bitcoin if the spot ETF were not approved? There are different scenarios and opinions on this question, but here are some possible outcomes:

The price drops temporarily but recovers quickly. Some analysts believe that the market has already priced in the low probability of a spot ETF approval, and that a rejection would not have a significant impact on the long-term trend of bitcoin. They argue that there are other positive factors supporting the demand and adoption of bitcoin, such as institutional interest, innovation and regulation in other jurisdictions, and the growth of the decentralized finance (DeFi) sector. Moreover, they point out that there are already other types of bitcoin-related products available to investors, such as futures-based ETFs, trusts and funds.

The price drops significantly and stays low for a while. Some analysts believe that a spot ETF rejection would be a major blow to the credibility and confidence of the bitcoin market, and that it would trigger a sell-off among investors who were hoping for a positive outcome.

They argue that a spot ETF would have been a game-changer for the industry, as it would have opened the door to a massive influx of capital from retail and institutional investors who are currently deterred by the complexity and risk of buying and storing bitcoin directly. Moreover, they point out that the lack of a spot ETF could widen the gap between bitcoin and other asset classes, such as stocks and bonds, which have more regulated and diversified investment options.

The price does not change much or increases slightly. Some analysts believe that a spot ETF approval or rejection would not have a major impact on the price of bitcoin, as it is not the main driver of its value. They argue that bitcoin is primarily influenced by its own supply and demand dynamics, which are determined by factors such as its scarcity, security, innovation and network effects.

Moreover, they point out that bitcoin has shown resilience and growth in the past despite regulatory uncertainty and setbacks, and that it has proven to be uncorrelated with other asset classes, making it an attractive hedge against inflation and market volatility.

Scaramucci also commented on the recent volatility of Bitcoin, which dropped from an all-time high of over $69,000 to below $55,000 in a matter of days. He said that this was normal for a new and emerging asset class, and that he was not worried about the short-term price movements. He said that he was focused on the long-term potential of Bitcoin, and that he believed that it would reach $100,000 by the end of 2024.

BlackRock vs SEC as Frank Templeton files an Updated Spot ETF BTC Application

By
Paul Ugbede Godwin
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0

BlackRock, the world’s largest asset manager, has not given up on its ambition to launch a spot Bitcoin?ETF in the US. The company has been in talks with the Securities and Exchange Commission (SEC) to address the regulator’s concerns and demonstrate the feasibility of such a product.

A spot Bitcoin?ETF would track the price of the underlying cryptocurrency directly, rather than relying on futures contracts or other derivatives. This would provide investors with a more transparent and cost-effective way to gain exposure to the digital asset class.

However, the SEC has been reluctant to approve any spot Bitcoin?ETF proposals, citing issues such as market manipulation, custody, liquidity, and investor protection. The regulator has repeatedly delayed or rejected applications from various firms, including VanEck, Valkyrie, and WisdomTree.

BlackRock, which already offers two funds that invest in Bitcoin futures, believes that it can overcome these challenges and convince the SEC to greenlight its spot Bitcoin?ETF. The company has been working closely with the regulator to address its questions and provide evidence of the maturity and robustness of the Bitcoin market.

According to sources familiar with the matter, BlackRock has presented data and analysis on various aspects of the Bitcoin ecosystem, such as price discovery, volatility, arbitrage, trading volume, and custody solutions. The company has also highlighted the benefits of a spot Bitcoin?ETF for investors, such as diversification, hedging, and innovation.

BlackRock is confident that its spot Bitcoin?ETF would meet the SEC’s standards and expectations and hopes to receive a positive response from the regulator soon. The company believes that a spot Bitcoin?ETF would be a game-changer for the crypto industry and would attract significant inflows from institutional and retail investors alike.

Franklin Templeton submitted an update for its spot Bitcoin ETF application.

Franklin Templeton, one of the world’s largest asset managers, has filed an amendment to its Bitcoin spot ETF application with the US Securities and Exchange Commission (SEC). The firm is seeking to launch the Franklin Templeton Bitcoin ETF, which would track the performance of Bitcoin based on the prices from selected spot exchanges. The ETF would not use derivatives or futures contracts, but rather hold Bitcoin directly in a custodial arrangement with NYDIG Trust Company.

The amendment, submitted on November 29, 2023, provides additional details on the proposed ETF’s investment objective, strategy, risks, fees, and valuation methods. The document also outlines how the ETF would comply with the SEC’s requirements for investor protection, liquidity, transparency, and market integrity. According to the filing, the ETF would have a total annual operating expense ratio of 0.75%, which includes a management fee of 0.50% and other expenses of 0.25%. The ETF would trade on the NYSE Arca exchange under the ticker symbol FTBT.

The Franklin Templeton Bitcoin ETF is one of several spot Bitcoin ETF applications that are currently under review by the SEC. The regulator has not yet approved any such products in the US, despite growing demand from investors and increasing competition from other jurisdictions that have already authorized Bitcoin ETFs. The SEC has expressed concerns about the potential for fraud, manipulation, and volatility in the Bitcoin market, as well as the lack of reliable and consistent pricing data.

Franklin Templeton believes that its Bitcoin spot ETF would address these issues by using a robust methodology to select the spot exchanges that would provide the reference price for the ETF. The firm also claims that its custodial arrangement with NYDIG would ensure the security and safety of the Bitcoin holdings, as well as facilitate the creation and redemption of ETF shares.

Moreover, the firm argues that its Bitcoin spot ETF would offer investors a convenient and cost-effective way to gain exposure to Bitcoin without having to deal with the technical challenges of buying, storing, and transferring the digital asset.

The SEC has not yet announced a decision date for the Franklin Templeton Bitcoin ETF application, but it is expected to do so within 45 days of receiving the amendment. If approved, the Franklin Templeton Bitcoin ETF would be the first spot Bitcoin ETF in the US, and a major milestone for the crypto industry.

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