Business

Kenya: Ruto Says Borrowing Only Way To Plug Deficit

Published

7 months ago

July 10, 2024

Kenya: Ruto Says Borrowing Only Way To Plug Deficit

Kenyan President William Ruto has announced that the country will seek additional borrowing to address its growing budget deficit. This decision comes after the rejection of a finance bill that aimed to increase tax revenue.

The finance bill was rejected following protests against tax increases. Despite the protests, lawmakers approved the bill, but President Ruto declined to sign it and instead withdrew it from parliament.

Ruto stated in a TV interview that the failure to pass the finance bill has hindered efforts to reduce Kenya’s debt burden. Currently, approximately 60% of the country’s revenue is allocated towards servicing debt.

The new taxes proposed in the finance bill were expected to generate around $2.7 billion in revenue. Instead, the government plans to borrow one trillion Shillings ($7.6 billion) to fund social services and programs.

K e n y a ‘ s current debt stands at over $80 billion, with a significant portion denominated in foreign currency. In a separate development, President Ruto has emphasized the need for the African Union (AU) to achieve financial autonomy and reduce its dependence on external partners. He highlighted that less than 40% of AU member states pay their annual contributions, resulting in a significant reliance on international partners for funding.

This move to increase borrowing has sparked concerns about Kenya’s growing debt burden and its ability to manage its finances effectively. The government’s decision to resort to borrowing to address its budget deficit has raised questions about the long-term sustainability of this approach.

Business

The Rising Tide of Cyber Threats: How to Protect Your Personal Devices and Prevent Financial Loss

Published

1 week ago

January 18, 2025

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The Rising Tide Of Cyber Threats: How To Protect Your Personal Devices And Prevent Financial Loss

In today’s interconnected world, cybercriminals are be-coming increasingly adept at exploiting vulnerabilities in personal devices to extract sensitive information from unsuspecting victims. As hacking attempts grow more sophisticated, experts are sounding the alarm on the importance of adopting robust security measures to safeguard personal devices and prevent devastating financial losses. The alarming rise in cybersecurity breaches has resulted in staggering financial losses, with the International Monetary Fund reporting that losses from cyber incidents have quadrupled since 2017. While the average loss hovers around $0.5 million, severe at-tacks can have catastrophic consequences, costing companies as much as $2.5 billion once every decade.

The sheer scale of these losses reiterates the urgent need for individuals and organizations to prioritize cybersecurity and protect their personal devices from the ever-evolving threats posed by cybercriminals. As the digital landscape continues to shift and vulnerabilities are exploited, it is crucial that we adopt a proactive approach to cybersecurity, rather than simply reacting to threats as they arise. Experts agree that a multi-layered approach to cybersecurity is essential, incorporating robust security measures, regular soft-ware updates, and a healthy dose of skepticism when interacting with online content.

One of the most critical steps in protecting personal devices is to ensure that all software and operating systems are up-to-date. In addition to regular updates, it is essential to adopt robust security measures, such as fire-walls, antivirus software, and encryption. These measures can help to prevent cybercriminals from gaining access to personal de-vices and extracting sensitive information. However, even with robust security measures in place, it is still possible for cybercriminals to exploit vulnerabilities in personal devices. This is why it is crucial to adopt a healthy dose of skepticism when interacting with online content. This includes being cautious when clicking on links or opening attachments from unknown sources, as well as being wary of phishing scams and other types of social engineering attacks.

As the digital landscape continues to evolve and cyber threats become increasingly sophisticated, it is clear that cybersecurity must be a top priority for individuals and organizations alike. By adopting a proactive approach to cybersecurity, incorporating robust security measures, regular software updates, and a healthy dose of skepticism, we can help to prevent devastating financial losses and protect our personal devices from the rising tide of cyber threats.”

Cybersecurity is no longer a luxury, it’s a necessity,” said Beckham Anderson, a leading cybersecurity expert. “As cyber threats continue to evolve, it’s essential that we stay one step ahead by adopting a multi-layered approach to cybersecurity. This includes regular software updates, robust security measures, and a healthy dose of skepticism when interacting with online content. “The rising tide of cyber threats poses a significant risk to individuals and organizations alike. However, by prioritizing cybersecurity and adopting a multi-layered approach to protecting personal devices, we can help to prevent devastating financial losses and safeguard our sensitive information. As the digital landscape continues to evolve, it is crucial that we remain vigilant and proactive in our approach to cybersecurity, ensuring that we are always one step ahead of the cybercriminals.

The Rising Tide of Cyber Threats: How to Protect Your Personal Devices and Prevent Financial Loss - Diaspora Watch newspaper

Business

Nigerian Banks’ Upgrade Chaos: A Call for Customer-Centric Solutions

Published

3 months ago

October 15, 2024

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Diaspora Watch Newspaper-Vol.20

Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.

Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.

Oando PLC Makes Historic Acquisition Of Nigerian Agip Oil Company, Reshaping Nigeria’s Oil And Gas Landscape

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Business

Echoes Of Unfulfilled Promises In Nigeria’s Journey

Published

4 months ago

October 10, 2024

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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.

The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.

High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.

The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.

DWN OCT -7 - 13, 2024_Page_03-Nigerias-Unfulfilled-Promises