The Minister of State for Petroleum Resources, Timipre Sylva has on Monday disclosed that the Federal Government plans to commence oil production in the Northeast. “I have said it a few times that we have found oil in the northeast and we have started drilling activities in the Lake Chad Basin,” he said. “I don’t know how the discovery of oil in the area will impact all the issues there but on our side, we believe that in a very short time, we will start production.” Speaking in an interview on Channels Television, the minister expressed dismay over the negative impact the COVID-19 pandemic has placed on the world, including the oil and gas industry.
The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. It stated that dealing with cryptocurrencies and facilitating payments through them is illegal in the country. This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.
The Federal Government has directed the Nigerian Electricity Regulatory Commission (NERC) to immediately suspend the recently adjusted electricity tariff. This was disclosed on Thursday in a statement by the Minister of Power, Sale Mamman. On Tuesday, NERC increased electricity tariff to be paid by power consumers nationwide. The commission claimed the adjustment was due to inflation amongst other factors. Mamman said, “The public is aware that the Federal Government and Labour Centres have been engaged in positive discussions about the electricity sector through the joint ad-hoc Committee led by the Minister of State for Labour and Productivity and Co-Chaired by the Minister of State for Power. Great progress has been made in these deliberations which are set to be finalized by the end of January, 2021.
The Presidency last night said that it was currently analyzing the sources of data used by Transparency International in arriving at the Corruption Perceptions Index in Nigeria. A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said that the report was not an accurate portrayal of the facts on the ground. The Presidency further claimed that some persons at Transparency International in Nigeria were against President Muhammadu Buhari’s administration.
The Minister of Communications and Digital Economy, Dr. Isa Pantami, has approved the development and release of an improved National Identity Number (NIN) slip and a mobile application that will help in securing NIN. Dr. Femi Adeluyi, Technical Assistant, Information Technology to the ministry, made this known in a statement late Thursday in Abuja. Adeluyi said this development was part of the Federal Government’s policy to improve the process of obtaining NIN and linking it to Subscribers Identification Module (SIM) and also aligning with the national digital economy policy for a digital Nigeria.
The Nigeria Customs Service (NCS) has said it is awaiting directive from the Ministry of Finance, Budget and National Planning to commence the implementation of the reduced import levy for vehicles. The Controller-General, Hameed Ali made this known while speaking at the 2021 International Customs Day on Tuesday, adding that the 2020 finance act set a downward review of levy paid on imported cars from 35 percent to 5 percent, while that of tractors and motor vehicles for transportation of goods was slashed to 10 percent. “The president has signed the bill now an act, we are now waiting for the minister of finance to formally send to us directing for implementation. If that is done today, by tomorrow, we will inform all our commands to fully begin to implement the act,” Ali said.
President Muhammadu Buhari has on Thursday in Abuja signed the 2021 appropriation bill into law, the Presidency disclosed. This is after both chambers passed the N13.6 trillion (13,588,027,886,107) on December 21st, approving the proposed budget. The assenting of the budget will sustain the 1st January to 31st December 2021 fiscal cycle.The budget comprises total Capital Supplementation of N1,060,751,051,650 while, statutory transfer is at 496,528,471,273; recurrent expenditure is N5,641,970,060,680. Also, N3,324,380,000 trillion for debt servicing while N5,641,970,060,680 is for Recurrent Expenditure; and N4,125,149,354,222 for Capital Expenditure.
President Muhammadu Buhari has today nominated Mr. Aghughu Arhotomhenla Adolphus for appointment as the Office of the Auditor-General of the Federation. Accordingly, Buhari has transmitted the letter of the nomination for ratification by the national Assembly in-line with section 86(1) of the Constitution of the Federal Republic of Nigeria (as amended).
The Central Bank of Nigeria (CBN) announced the take-off of the Federal Government’s N200bn social housing scheme. The housing scheme which is targeted at providing low-budget housing for 300,000 Nigerians is part of the Economic Sustainability Plan (ESP). This was disclosed in a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande. He said 20 states, including the Federal Capital Territory (FCT), had already shown interest in the housing scheme, adding that it would provide jobs for 1.8 million Nigerians.