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    SEC warns against investing with GVEST Global’s illegal schemes

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    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    • Nigeria
    • Africa
    • World
  • Economy
    • All
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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    UPDC REIT declare N0.16 dividend for 2022 Financial Year

    UPDC REIT announces ₦0.22 interim dividend for H1 2025

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

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    MTNN responds to alleged Tax indebtedness, “We make early payments”

    MTN Nigeria announces changes in leadership roles

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    UBA Board of Directors approves Interim Dividend for H1 2025

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Access Bank UK Limited launches Access Bank Malta Limited

    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

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    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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Trump cancels Biden’s security clearance, escalates Foreign aid Crackdown

Saturday, 8 February 2025, 4:59 pm
in News, World
0
Trump cancels Biden’s security clearance, escalates Foreign aid Crackdown
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In a series of rapid and bold moves, the 78-year-old billionaire has frozen aid to South Africa, the birthplace of his key donor, Elon Musk, and has appointed himself as the head of the Kennedy Center, a prestigious cultural venue in Washington. “There is no need for Joe Biden to continue receiving access to classified information,” Trump stated on his Truth Social network, adding that he was “immediately” revoking the Democrat’s security clearances and ending his daily intelligence briefings.

“JOE, YOU’RE FIRED,” he exclaimed in all caps. Traditionally, former US presidents are granted the right to receive intelligence briefings even after leaving office. Trump has also intensified his criticism of the United States Agency for International Development (USAID), which provides humanitarian aid worldwide. “THE CORRUPTION IS AT LEVELS RARELY SEEN BEFORE. CLOSE IT DOWN!” he declared on Truth Social, without presenting any evidence. USAID has faced severe scrutiny since Trump initiated a campaign, supported by Musk—who is the world’s richest person—to cut back or dismantle significant parts of the US government.

On Friday, Musk, along with Trump, shared misleading information regarding USAID’s finances and reposted images showing the agency’s signs being removed from its Washington headquarters. The Trump administration has halted foreign aid, ordered thousands of international staff to return to the US, and begun reducing USAID’s workforce from 10,000 employees to approximately 300.

Labor unions are contesting the legality of these actions, and a federal judge has temporarily paused the administration’s plan to place 2,200 USAID workers on paid leave by the weekend. Democrats argue that it would be unconstitutional for Trump to close government agencies without legislative approval.

The current US budget allocates about $70 billion for international assistance, which is a small portion of overall spending, yet it yields significant returns. USAID operates health and emergency programs in around 120 countries, including some of the world’s poorest regions, enhancing Washington’s efforts to compete for influence against rivals like China. Samantha Power, the former USAID chief under President Biden, criticized the situation in a harsh opinion piece in the New York Times, stating, “We are witnessing one of the worst and most costly foreign policy blunders in US history.”

Hard-right Republicans and libertarians have long questioned the necessity of USAID and have labeled its spending as wasteful. Additionally, Trump appointed himself as the chairman of the Kennedy Center, asserting that the venue did not reflect his values. “Just last year, the Kennedy Center featured drag shows specifically targeting our youth — THIS WILL STOP,” he wrote on Truth Social, without clarifying which show he was referencing.

Trump has consistently criticized gender-nonconforming individuals. He followed up on his promise to freeze US aid to South Africa, citing a law he claims allows farmland to be seized from white farmers, despite denials from Johannesburg. Musk has frequently criticized the South African government. Musk and his so-called Department of Government Efficiency (DOGE) have aggressively targeted agencies that Americans have typically taken for granted. While Democrats have found it challenging to counter these budget-slashing maneuvers, legal actions are slowly emerging. A judge recently blocked Trump’s attempt to overturn the constitutional guarantee of birthright citizenship and paused plans for mass buyouts of federal workers, pending arguments on Monday.

Vivian Ifunanya Gerald

Engineer, Entrepreneur, forex trader and Analyst

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