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A Canadian man has written about a Nigerian engineer who claimed asylum and is allegedly exploiting the system.

A Nigerian “engineer” flew here and immediately claimed asylum. and gets $3100 a month. He works for cash under the table.

When asked are you not afraid of being deported? He said thats the best part he already have a new name and documents ready to go so they pay for him to have a holiday then he just come back and do it again.

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Just because the Federal Reserve made a steeper interest rate cut last week than many expected, don’t count on central bankers to keep delivering sizable rate cuts, one central banker said Thursday.

Federal Reserve Gov. Michelle Bowman said in a speech Thursday at a bankers' conference that economic conditions may not permit Fed officials to cut the influential federal funds rate at the pace some investors are anticipating.

Last week, Bowman voted against the Fed’s decision to reduce interest rates, arguing that the half-percentage-point move was too large, though she agreed it was time to cut. 

Bowman said inflation was “uncomfortably” above its target while the labor market was still near full employment.

“Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility,” Bowman said.

Bowman said a bigger rate cut could signal to markets that the economy is weaker than it looked or that additional “jumbo”-size cuts may be coming down the pike.

She said rates won't need to be cut as steeply as some investors have priced in. According to the CME Group's FedWatch Tool, which forecasts rate movements based on fed funds futures trading data, traders are pricing in about a 50% chance of a half-point cut in the next meeting in November.

In their latest economic projections, Fed officials have forecast a quarter-percentage point cut at that meeting, another in the December meeting and a full percentage point of rate cuts next year.

While investors may be pricing in more than central bankers expect to cut, another Fed official reiterated that cuts are still on the way.

At a separate speaking event at Harvard University, Federal Reserve Gov. Adriana Kugler said the central bank’s move to lower interest rates would prevent “unnecessary pain and weakness” in the economy as price pressures continued to ease.

“If progress on inflation continues as I expect, I will support additional cuts in the federal funds rate going forward,” she said. 

While several Federal Reserve officials, including Fed Chair Jerome Powell, delivered remarks today, only Bowman and Kugler addressed interest rates and the economy. Powell will speak next Monday at an economic conference, where his remarks could include discussions on the Fed’s path for interest rates.

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Nigerian Police has began trial of officers caught on video hara§§ing corps members and extorting N1 million from them in Surulere, Lagos.

The men have been summoned and their trial has commenced. We urge the complainants to visit the Complaint Response Unit at the State Headquarters to testify at the ongoing trial.

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Treatment of state and local tax deductions on federal tax forms is fast becoming a hot topic during this presidential election cycle.

Calls for removing limits on state and local tax (SALT) deductions are gathering steam among politicians. Meanwhile, taxpayers—especially high-income earners—await more clarity.

Under current rules, SALT deductions allow taxpayers to deduct up to $10,000 in paid local taxes from their income, reducing the total federal income tax that would be owed.

The $10,000 limit was established by the Tax Cuts and Jobs Act of 2017 and is set to expire in 2025. Before that legislation, there was no cap on the amount of SALT deductions taxpayers could take.

According to the Bipartisan Policy Center, the SALT deduction primarily benefits high-income earners, along with taxpayers in states with high local taxes. Those taxpayers are talking to their financial advisors about how the result of this election could affect their tax bills.

In a reversal, Republican presidential candidate Donald Trump indicated support for removing limits on SALT deductions put in place by his administration. At a recent rally in Long Island, N.Y., Trump pledged to restore the original uncapped SALT deductions, which he said would save “thousands of dollars for residents of New York, Pennsylvania, New Jersey and other high-cost states.”

While prominent Democrats like New York Senator Chuck Schumer support restoring the full SALT deductions, Democratic presidential candidate Kamala Harris hasn’t addressed the issue.

The Bipartisan Policy Center said some legislators from high-tax states like California, New Jersey, and New York would also likely support eliminating the SALT deduction limits.

Eliminating the SALT deduction limits would come at a price.

The University of Pennsylvania’s Wharton School has estimated that axing limits on the deductions would cost the federal government up to about $1.2 trillion in tax revenue over 10 years, adding more pressure to the country’s fiscal deficit.

“It is unlikely that the policy would be passed in full, though there could be a less costly compromise, such as doubling the cap,” wrote Michael Pearce, deputy chief U.S. economist at Oxford Economics.

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The House of Representatives has thrown its weight behind the introduction of independent candidacy as part of the ongoing constitutional review on Thursday. The bill, sponsored by Akin Rotimi, spokesperson for the House and Chairman of the House Committee on Media and Public Affairs, was introduced for its first reading at the plenary session.

The bill, titled “A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” seeks to enable candidates unaffiliated with political parties to contest in presidential, governorship, National Assembly, state assembly, and local government elections.

Rotimi, speaking after the plenary, emphasized that the amendment is aimed at expanding Nigeria’s democratic space and promoting greater inclusion in the political process. He said, “This bill will broaden the democratic process, thereby allowing citizens who are not affiliated with any political party the opportunity to run for public offices.”

The proposed bill seeks to amend Section 7 of the Principal Act by introducing new subsections (4A) and (4B). Subsection (4A) would allow any eligible voter or candidate for the State House of Assembly to run for local government office, regardless of political party affiliation or sponsorship. In subsection (4B), the bill stipulates that independent candidates must meet certain criteria to contest elections. For Chairmanship elections, candidates must secure verified signatures from at least 10% of registered voters across two-thirds of the electoral wards in the local government area.

Similarly, for Councillorship elections, candidates must obtain signatures from at least 10% of registered voters in two-thirds of the polling units within the electoral wards. Furthermore, the bill proposes an amendment to Section 65, replacing subsection (2). The new provision states that a person is qualified for election if they have at least a School Certificate or its equivalent, and either (a) are a member of a political party and sponsored by that party, or (b) are an independent candidate with verified signatures from 10% of registered voters across two-thirds of the local government areas in their Senatorial District or Federal Constituency.

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