The Federal Government has secured the sum of $800 million from the World Bank under the National Social Investment Programme as part of palliatives to cushion the negative effects of the plan to remove subsidy on petroleum products by June 2023. The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, announced this Wednesday after the weekly Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari at the State House Abuja. “There’s a provision (of the Petroleum Industry Act) that says 18 months after the effectiveness of the PIA that all petroleum products must be deregulated. That 18 month takes us to June 2023.
Naira Redesign: Traders Rejecting Old Notes To Be Prosecuted
Governor of Ekiti State, Biodun Oyebanji has appealed to residents within the state to accept the old naira notes as means of the transaction and added that any trader and service provider caught rejecting the old notes shall be prosecuted. The governor further urged commercial banks and the Central Bank of Nigeria,(CBN) to make both the old and new notes accessible.
Experts Conflicted Over Interest Rate Hike Ahead Of MPC Meeting
Just as the management of the Central Bank of Nigeria, CBN, is set to host a two-day Monetary Policy Committee, MPC, a meeting penciled to hold today, financial experts are at loggerheads over the threat posed by the uncertainties that may result from the interest hike. As part of its annual rituals for the apex bank, it has slated today for its 289th Annual General Meeting for the year 2023 in Abuja, Federal Capital Territory, FCT, to discuss the way forward.
BREAKING: FG Extends The Validity Of Old 200 Naira Notes
President Muhammadu Buhari, in a national broadcast on Thursday morning, extended the validity of the old N200 notes till April 10, 2023. The president addressed the nation following a series of protests across the country on Wednesday over scarcity of new naira notes.
Naira Re-Design: CBN Launches Cash Swap Across LGAs
As part of efforts to facilitate the circulation of its new naira notes, the Central Central Bank of Nigeria (CBN) has launched a cash swap programme across Local Government Areas in Nigeria. The apex bank said the new cash swap programme takes effect from Monday, January 23, 2022. The bank said the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
Supreme Court Orders Suspension Of Deadline For Old Naira Notes
Supreme Court on Wednesday instructed a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN). The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes no the Friday February 10, 2023 deadline. A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks, from implementing the February 10, deadline for the old 200, 500, and 1000 Naira notes to stop being a legal tender.
Federal Government Seeks Understanding As Work Resumes On Lagos-Ibadan Exp.
The Federal Government on Tuesday appealed for further understanding and support of road users as work resumed on the Lagos-Ibadan Expressway reconstruction/rehabilitation project. The Federal Controller of Works in Lagos State, Mr Umar Bakare, made the appeal while monitoring resumed work and laying of crash barriers along construction zones between OPIC and Berger, on the Lagos-bound lane.
CAN Urges FG To Probe Banks Hoarding New Naira Notes
The Christian Association of Nigeria, Kaduna State Chapter, has demanded the probe of banks hoarding the new naira notes. This was as the association hailed the President Muhammadu Buhari, for insisting that the 2023 elections must be free and devoid of vote-buying.
Niger Delta Oil Spills: Shell To Pay $15.9Mn Compensation
Shell disclosed on Friday that it would pay the sum of $15.9 million (approximately N7.1 billion) as compensation to Niger Delta communities that were damaged as a result of multiple pipeline leaks. 4 Niger Delta farmers and an environmental group, Friends of the Earth sued shell in 2008, seeking compensation for lost income from contaminated land and waterways in the communities of Oruma, Goi, and Ikot Ada Udo which were affected by multiple oil spills between 2004 and 2007.
AfriGo: CBN Launches National Domestic Card
In its bid to enhance electronic payment in the country and address the challenges associated with foreign exchange usage, the Central Bank of Nigeria (CBN) on Thursday launched the Nigerian National Domestic Card, AfriGo. Speaking virtually during the launch, the CBN governor, Godwin Emefiele said the card would reduce operating cost and charges.
Finance Bill 2022: FG Set To Reorganize, Rename FIRS
The Federal Government (FG) is set to reorganize and rename the Federal Inland Revenue Service (FIRS) according to the proposed amendments of the Finance Bill 2022 which was sent to the National Assembly by President Muhammadu Buhari. The Minister of Finance, Budget and Economic Planning, Zainab Ahmed disclosed this on Thursday to the Senate Committee on Finance stating that the amendments would change the FIRS to the Nigerian Revenue Service (NRS).