In a summit in Fiuggi, Italy, G7 foreign ministers are meeting for two days to discuss a variety of global challenges, including the recent arrest warrant issued by the International Criminal Court (ICC) for Israeli Prime Minister Benjamin Netanyahu.

Italian Foreign Minister Antonio Tajani, who is hosting the conference, stated on Monday that he does not expect difficulty in reaching a consensus on the matter.

“It’s not an immediate and actual problem. I don’t think Netanyahu will come to Italy or anywhere else,” Tajani told Corriere della Sera, downplaying the potential significance of the arrest warrant.

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The ICC issued arrest warrants on Thursday for Netanyahu, recently dismissed Israeli Defense Minister Yoav Gallant, and Hamas military leader Mohammed Deif, following allegations of war crimes connected to the ongoing Gaza conflict.

While Israel’s allies have criticized the decision, ICC member states are expected to uphold the warrants, despite ongoing debates about how to address Netanyahu’s case.

Along with the Middle East crisis, the G7 ministers will also discuss key global issues such as the war in Ukraine, the potential impact of a Donald Trump re-election, and the growing tensions surrounding Taiwan, which China considers part of its territory.

This summit, the final G7 foreign ministers’ meeting of the year, comes as Italy holds the G7 presidency until the end of December, making it a critical moment for the group to align on these significant global concerns.

The Nigerian government is pushing ahead with new borrowing plans to fund its 2024 budget deficit, even as several federal agencies report exceeding their revenue targets.

During a presentation at the Senate Joint Committees on Finance, National Planning, and Economic Affairs, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, defended the need for additional loans.

He stated that borrowing must be “productive and efficient” and based on Senate approval to ensure proper budget funding.

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Minister of Budget and Economic Planning, Senator Atiku Bagudu, echoed this position, noting that the ₦35.5 trillion 2024 budget includes a ₦9.7 trillion deficit. According to Bagudu, borrowing is necessary to address this gap.

Despite the government’s borrowing plans, key agencies presented strong revenue performances that raised questions about the necessity of additional loans.

The Economic and Financial Crimes Commission (EFCC) Chairman, Ola Olukoyede revealed that the EFCC has recovered over ₦197 billion in 2024.

He stated, “If the government works hard and derives the requisite collection from International Oil Companies (IOCs), the country would have enough to fund the budget.”

Also the Nigeria Customs Service Comptroller General, Bashir Adeniyi announced that Customs exceeded its ₦5.09 trillion target for 2024, collecting ₦5.352 trillion.

Adeniyi projected ₦6.3 trillion in revenue for 2025, with plans to increase targets by 10% annually for 2026 and 2027.

The Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari reported that NNPCL surpassed its ₦12.3 trillion revenue projection for 2024, generating ₦13.1 trillion. For 2025, the company aims to remit ₦23.7 trillion into the federation account.

Additionally, the Federal Inland Revenue Service (FIRS), Chairman, Zacch Adedeji confirmed that FIRS exceeded its revenue targets across various tax components.

Biztellers reports that the Senate had on Thursday, approved President Bola Tinubu’s request for a ₦1.77 trillion ($2.2 billion) loan to partially finance the 2024 budget deficit.

The decision followed a report from the Senate Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada.

Deputy Senate President Barau Jibrin presided over the voice vote that secured the loan’s approval. The request, submitted earlier in the week, is part of a broader external borrowing plan tied to Nigeria’s fiscal strategy.

The loan request has drawn sharp criticism from opposition figures and public commentators.

Former Vice President Atiku Abubakar called the government’s borrowing plans “bone-crushing” and harmful to Nigerians.

“These @officialABAT’s loans are bone-crushing to Nigerians and bringing insufferable pressure on the economy, especially when they are not properly negotiated and utilized,” Atiku wrote on his X (formerly Twitter) account.

He accused the government of prioritizing corruption over development, adding, “It is concerning that the voracious appetite for these humongous loans is powered by corruption and not for infrastructure and development needs.

A report by BudgIT, a budget watchdog, has disclosed that the 2024 Budget is a mess because of the level of pork associated with it.”

Atiku also criticized the National Assembly, labeling it “an accomplice once more” in enabling excessive borrowing.

The Minister for Youth Development, Ayodele Olawande, has disclosed that the Federal Government will soon issue a directive mandating all government agencies and parastatals to accept corps members posted to them under the National Youth Service Corps (NYSC) scheme.

Speaking at a press conference in Abuja on Monday, Olawande addressed concerns over the rejection of corps members despite the government’s recent decision to lift restrictions on their deployment to private sector organizations.

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He said, “Let them post them first, then we would tackle the rejection. In part of the memo we sent to the NYSC, we clearly stated that there is no barrier. Before now, there was a barrier that corps members could not be posted to certain places.

“Banks come and take them now. If you don’t have experience in banking, how do you want to know that you are good at accounting or whatever? This is also part of how you should learn whatever you studied.”

Olawande revealed that the ministry plans to submit a memo to President Bola Tinubu, requesting an executive order to compel all government agencies and parastatals to accept corps members assigned to them.

“It is a process; we can’t do everything at once. The one in our capacity, we have thrown it out. So, on the barrier, we are also waiting. I know about that too. We will work, and that is why teamwork is good,” the minister added.

Biztellers reports that the Federal Government on November 19, 2024, lifted a longstanding restriction that limited corps members’ postings to public sector institutions.

This policy change now permits the deployment of corps members to private organizations, including banks and oil companies, to broaden their professional exposure.

Olawande also addressed concerns about the delay in implementing the new N77,000 monthly allowance for corps members. While confirming the increase, he assured that the process is nearing completion.

“It is a process. When the government increases so and so, it will follow a process. We are in the process; very soon they will see it. It is not rocket science.

“It has been increased; nobody is saying it has not been increased. But the implementation is in process. And very soon, we are at the tip of it, it is going to start, and we will implement it perfectly,” he stated.

The minister’s remarks come as the government intensifies efforts to address challenges within the NYSC program and enhance the overall experience of corps members, ensuring their contributions to both public and private sectors are maximized.