House Of Reps Decry Non Conduct Of Census In The Last 15 Years

The House of Representatives has decried the non-conduct of population census in the country in the last 15 years by the National Population Commission. The Chairman, House Committee on Sustainable Development Goals (SDGs), Rotimi Agunsoye, expressed the concern yesterday at a public hearing on a bill for the establishment of SDGs Fund to enhance the actualisation of the development goals in the country, urging the NPC to put machinery in place for the exercise.

LGAs, States, And FG Share N605.958 Billion For May 2021

The Federation Accounts Allocation Committee (FAAC) on Wednesday at its virtual meeting disbursed a total sum of N605.958bn as federation allocation for the month of May to the three arms of government. From the above amount, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government, got N242.120bn, the States received N194.19bn, and Local Government councils got N143.742bn, while oil-producing states received N26.901bn as derivation. These were revealed in a statement issued in Abuja by the spokesperson of the Federal Ministry of Finance, Budget, and National Planning, Charles Nwodo. The communique issued by the committee at the end of the meeting specified that the Gross Revenue available from the Value Added Tax for May was N181.078bn as against N176.710bn distributed in April, resulting in an increase of N4.368bn.

New Revenue Formula Ready Before End Of The Year- RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) in a statement issued today 28th June 2021 in the nations' capital has revealed that a new Revenue Allocation Formula (RAF) will be made available before the end of the year 20221.

NSE Ends Week In High Hopes With Naira Gaining Against The Dollar

Nigeria’s stock exchange (NSE) market which is currently valued at N20.13 trillion ended the day's trading session in high hopes with the All-Share Index making a 0.09% increase to close at 38,648.91 from 38,615.11. As the NSE ended the week on high, the exchange rate between the naira and the dollar at the parallel market strengthened, rising from N503/$1 to N485/$1.

Crypto: UK Bans Binance

The United Kingdom government has banned one of the world’s largest cryptocurrency exchange, Binance from any regulated business in the country, extending a global crackdown on cryptocurrency. The UK Financial Conduct Authority (FCA) who made this known on Monday, stated that “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”Britain’s financial regulator has said Binance cannot conduct any regulated activity and has issued warnings to consumers about the platform, which is coming under growing scrutiny globally.

Air Peace Takes Delivery Of New Aircraft As FG Gives Waivers For New Planes

Air Peace airline has on Thursday received the third brand new Embraer 195-E2 aircraft out of the 13 new aircraft expected to be delivered to the airline by the Embraer Aircraft Manufacturing Company in Brazil. Chairman of Air Peace airline, Allen Onyema said this during the delivery ceremony at the Nnamdi Azikiwe International airport in Abuja, adding that two additional aircraft are expected to be delivered by August. The purchase of the new aircraft comes after the Federal Government’s waiver of customs duty on airlines, encouraging the airline’s purchase of new aircraft for better operations and the improvement of the aviation sector.

President Buhari Constitutes FHA Board

President Muhammadu Buhari has approved the constitution of the board of the Federal Housing Authority (FHA) for 3 years while reappointing Lawal Shuaibu from Zamfara State as its Chairman.

The Nigerian Economy Is Gradually Recovering From Negative Impact Of COVID-19 – IMF

The International Monetary Fund (IMF) said on Thursday that Nigeria’s economy has started to gradually recover from the negative impact of COVID-19 but noted that both unemployment and inflation rates remain elevated. The IMF, in a statement at the end of its virtual meetings with the Nigerian authorities to converse recent economic, financial developments and outlook described the recent removal of the official exchange rate from the Central Bank of Nigeria (CBN) website as “encouraging”. It was revealed that following the sharp output contractions in the second and third quarters, gross domestic product (GDP) turned positive in Q4 2020 and growth reached 0.5 percent year-on-year in Q1 2021 supported by agriculture and services sectors. “Nevertheless, the employment level continues to fall dramatically and, together with other socio-economic indicators, is far below pre-pandemic levels. Inflation slightly decelerated in May but remained elevated at 17.9 percent, owing to high food price inflation,” the statement reads.

Just In: Buhari Appoints Chairman, Executive Secretary For PPPRA

President Muhammadu Buhari has approved the appointment of Mr. Atuonwo A. Obinna and Mr. Abdulkadir Saidu as Chairman and Executive Secretary, respectively for the Petroleum Product Pricing Regulatory Agency (PPPRA). The appointment was disclosed in a statement by presidential spokesperson, Mr. Femi Adesina, noting that Saidu was reappointed as Secretary for another four years.

President Buhari Flags-Off Long-Awaited Train 7 Project

President Muhammadu Buhari on Tuesday flagged off a long-awaited project to construct Train 7 project in Bonny Island, Rivers state. The flag-off for the construction work for the Nigerian Liquefied Natural Gas (NLNG) came amidst uneasy calm trailing last week Thursday’s protest by the host Finima community. President Buhari during the virtual event had sought stakeholders cooperation to ensure completion of the Train 7 project “safely and on time” to pave way for a Train 8 expansion, but leaders in Finima insist they won’t lend support to the project till NLNG accords to the community desires host status. The project was delayed last year following the impact of COVID-19-induced economic slowdown and lower gas demand worldwide. The Train 7 project is a joint venture consortium that seeks to boost Nigeria’s Liquefied Natural Gas (LNG) output to 30 million tons per annum (mtpa) from 22 mtpa. On May 13, 2020, NLNG had awarded the engineering, procurement, and construction (EPC) contracts for the Train 7 project to SCD JV Consortium, comprising affiliates of Saipem, Chiyoda, and Daewoo.