President Muhammadu Buhari has directed the Minister of Finance, Zainab Ahmed to halt plans on the deduction of $418 million from the federation account to settle consultants over Paris Club debt. This was discussed during the August 3rd Federal Executive Council (FEC) Meeting. The Nigeria Governors' Forum (NGF) last week had resisted attempts to begin the deduction plan. The governors, in a letter to the federal government, through the Secretary to the Government of the Federation (SGF), Boss Mustapha, argued that an attempt to restart the deduction process, which is being challenged in the courts and for which the Supreme Court has made a pronouncement, would be unconstitutional.
The World Bank says it has committed $8.5billion to fund critical infrastructure, agriculture and education in Nigeria. This was stated by the World Bank Emergency Coordinator Director to Nigeria, Shubham Chaudhuri during a summit organised by his office in Abuja yesterday. Though he noted that the amount allocated for the country is still meagre compared to what the country actually needs to cater for its teeming population, saying about $2.5billion to $3 billion of the said money has been channelled to fund Education. According to Mr Chaudhuri, half of the Nigerian population is less than 17years, and this signified that the country need prioritise investing more in human capital development than other non-critical sectors.
Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday raided Wuse Zone 4, Abuja, a major hub of Bureau De Change (BDC) operators in the Federal Capital Territory. According to a source, the raid was a result of weeks of surveillance by the Commission to identify and dislodge currency speculators who are allegedly mopping up available foreign currencies especially the United States of America dollars, thereby causing scarcity.
Following the persistent crisis that is yet to be sorted out, over the plans by the Federal Government to deduct four hundred and eighteen million dollars ($418) Paris Club Refund from the Federation Account, the 36 Governors under the aegis of the Nigeria Governor's Forum (NGF) renewed opposition against FG's unilateral decision to deduct the fund from the treasury. They maintained that the “deduction of the allocations due to the 36 States of the Federation from the Federation Account to liquidate the London/Paris Loan refund-related judgment debts is the subject of an Appeal filed by the 36 States of the Federation at the Court of Appeal Abuja.
The Federal Government (FG) has announced that it would commence the implementation of a 5% inclusive excise duty on telecommunications services in Nigeria. This was disclosed on Thursday by the Minister of Finance, Budget, and National Planning, Zainab Ahmed at a stakeholder’s forum organized by the Nigerian Communications Commission (NCC).
The Nigerian Civil Aviation Authority (NCAA) has expressed dissatisfaction over challenges affecting traveling at night. Amongst which the Federal agency listed scarcity of funds, poor infrastructure, and a rise in insecurity. While speaking with the News Agency of Nigeria, citing the Africa Development Bank (AfDB) the Director-General, Capt. Musa Nuhu reported that the nation would need over 1.5 trillion naira to fix airports, noting that airports that plan to operate beyond dusk will require large financial outlay and compliance with aircraft safe landing and taking off. which include an adequate number of competent personnel, adequate power supply, and availability of ancillary service providers.
The Federal Executive Council (FEC) has approved the lease of 3 aircraft to enable the country’s national carrier, Nigeria Air to begin operations. This was disclosed to State House correspondents at the Presidential Villa, Abuja by the Minister of Aviation, Hadi Sirika on Wednesday after the Council’s meeting which was presided over by President Muhammadu Buhari.
The Corporate Affairs Commission (CAC) through its Registrar-General, Garba Abubakar has revealed during the 2022 Management Retreat in Kano that it will be replacing the present means of identification for individuals who are to register their businesses and companies with the National Identification Number (NIN).
The Senate on Wednesday invited Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), over the depreciation of the naira. The senators lamented that the United States dollar to naira had now risen to N700 which is a disturbing development and calls for immediate attention. On Friday, despite starting the day at N675/$1, the exchange rate between the Naira and the US dollar on Wednesday fell beyond the N710/$ threshold at the black market. The Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded two weeks ago. The motion to invite Emefiele was brought forward by Olubunmi Adetunmbi, senator representing Ekiti north.
The Nigeria Labour Congress (NLC) has embarked on a two-day nationwide protest today over the reopening of public universities for academic activities and has revealed its preparedness to begin a three-day warning strike from 28th July 2022 immediately after its ongoing rally.
The NLC via its president Mr Ayuba Wabba has noted that the supposed warning strike might end up being indefinite if the federal government fails to meet up with its demands by resolving its lingering academic issues that have kept public varsities students home for the past five months.