The earlier date of December 31, 2023, has been extended by the Apex Court to allow the old N200, N500, and N1,000 notes to coexist alongside the new currencies. The court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders.
President Bola Tinubu arrived at the National Assembly complex earlier on Wednesday morning to present his first full-year National Budget to the National Assembly since he was sworn in May 2023. The president who presented the 2024 Appropriation Bill before a joint session of the Senate and the House of Representatives was accompanied by some ministers and aides, and senior officials.
Governor Charles Soludo of Anambra State has said that the administration of President Bola Ahmed Tinubu inherited a dead economy. The former governor of the Central Bank of Nigeria (CBN) said part of the problem was that the apex bank was illegally printing money in total violation of the 2007 Act governing the financial institution. Soludo made this assertion on Thursday while commenting on policies of the Central Bank of Nigeria (CBN) in an interview on Channels Television’s Politics Today programme.
President Bola Tinubu on Monday made a fresh appointment to the Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) in compliance with Section 59 (2) of the Petroleum Industry Act, 2021, to take effect from 1st December 2023. In a statement released by Tinubu's spokesman, Ajuri Ngelale, Tinubu appointed Pius Akiyelure as the Non-Executive Board Chairman of NNPCL and also retained Mele Kyari as the organization's Group Chief Executive Officer (GCEO).
Nigeria’s largest non-interest bank, Jaiz Bank Plc has appointed Mr. Haruna Musa as the substantive Managing Director/Chief Executive Officer. The appointment has been approved by the Central Bank of Nigeria (CBN) on Novembermber 21, 2023. In a statement, the bank said the new MD/CEO’s cognate experience in the banking industry spans over 27 years. He is an alumnus of Ahmadu Bello University, Zaria, Bayero University, Kano, and Cranfield University, United Kingdom. He is currently in the final stage of a PhD programmed in Islamic Banking and Finance at the University Utara in Malaysia.
The Federal Government (FG) has revealed plans to solve the challenges involved in the supply and pricing of Liquefied Petroleum Gas (LPG) better known as cooking gas. This was made known by Louis Ibah, the spokesperson for the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, stating that the minister decided to wade into the issue as a result of the rise in the price of LPG per kg from about N700 to above N1,100 in some parts of the nation.
The Nigeria Civil Aviation Authority (NCCA) has suspended all wet-leased aircraft operated by United Nigeria Airlines (UNA). This development is coming hours after one of the aircraft of UNA, flight NUA 0504, operating from the Murtala Muhammed Airport two (MMA2) in Lagos en route to Abuja on Sunday, diverted to the Asaba International Airport. A source close to the NCAA claims that the regulatory body made the decision on Monday and sent a letter to the airline’s chief operating officer (COO). The source claimed that until the inquiry into the Sunday incident involving one of the airline’s wet-leased aircraft concluded, all wet-leased aircraft used in airline operations would stay stopped.
Following the agreement reached earlier in the year between the 36 governors and the Nigerian Financial Intelligence Unit (NFIU), Governors will henceforth draw their security votes from the Central Bank of Nigeria (CBN). With the agreement, the governments in the states were mandated to open dedicated accounts for their governors’ security votes with the apex bank. The opening of such accounts will enable the NFIU to monitor cash withdrawals for security purposes by the governors.
The Senate Committee on Gas, would this week begin an investigative hearing on the N130.8 billion Nigeria Gas Expansion Programme (NGEP) intervention fund disbursement. Following the investigation, the upper chamber summoned the Government of Delta State and 14 other engineering, oil, and gas companies for the investigative hearing. The Chairman of the Senate Panel who is the Senator representing Cross River North, Jarigbe Agom Jarigbe, had in a paid advertisement last Thursday, mandated the affected companies to appear on Thursday this week by 2 pm.
The World Bank has initiated the disbursement of $300 million out of the approved $800 million for the National Social Safety Net Program-Scale Up. The documents from the World Bank confirm the recent disbursement of about $299.99 million to Nigeria under the National Social Safety Net Programme-Scale Up, approved on December 16, 2021. With approximately 37.5% of the total loan disbursed, there remains a pending balance of about $442.88 million. The $800 million social safety net program involves a conditional cash transfer planned to be executed by the Federal Ministry of Humanitarian Affairs & Poverty Alleviation. This loan aims to support a monthly cash transfer program for poor and vulnerable Nigerians impacted by recent policies, including the removal of fuel subsidies. In October 2023, President Bola Tinubu officially launched the conditional cash transfer program, targeting 15 million households nationwide to receive N75,000 within three months.