The House of Representatives Ad hoc committee on the Naira redesign and currency swap policy of the Central Bank of Nigeria (CBN), has summoned the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and the Minister of Finance, Budget and National Planning, Zainab Ahmed, to a meeting on Thursday.
The committee headed by the House Majority Leader, Ado Doguwa, also invited the National Security Adviser Babangana Monguno, as part of its investigations into the scarcity of naira votes and the country’s preparations for this month’s elections.
The invitation came a few hours after the Supreme Court stopped the Federal Government and the Central Bank of Nigeria (CBN) from implementing the February 10 deadline for the use of old naira notes in the country.
Nigerians have continued to keep vigil at banks and Automated Teller Machines (ATMs) posts as the scarcity of the naira notes hits many homes across the country.
Speaker Femi Gbajabiamila says the House of Representatives will reconvene before the general elections if the hardship being faced by Nigerians over the new redesigned Naira persists.
Gbajabiamila, according to a statement by his spokesman, Lanre Lasisi, said this yesterday at a town hall meeting with some ethnic groups in Surulere, Lagos.
He said the House would continue to monitor the Central Bank of Nigeria’s implementation of the policy.
He said: “The House of Representatives intervened on several occasions. We summoned the CBN governor the first time and again, but he refused to answer, because we had many hard questions for him.
“It was until I issued the threat of warrant of arrest before he came, and I would’ve signed that warrant; it would’ve been the first time in the history of National Assembly that a CBN governor would be arrested. I would’ve done it.
“Many have argued on the independence of CBN, the autonomy of CBN. That does not make CBN above the law. The constitution gives the House the power to issue an arrest warrant against anyone, we can summon anybody, and that was exactly what the House was going to do until the CBN governor came.
“So, we’re watching, and we’re monitoring very closely. If need be, we will reconvene the House, even though we’ve all been away for our elections. I will call the House back if need be”.
Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against the Senate President, Dr Ahmad Lawan and the Speaker of House of Representatives, Mr Femi Gbajabiamila over their failure to cut National Assembly budget of N228.1 billion.
In a statement on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the suit followed the move by the National Assembly to increase its 2023 budget from N169bn proposed by President Muhammadu Buhari to N228.1bn.
The approved budget indicated an increase of about N59.1bn. The country’s budget of N21.83 trillion is based on a N10.49 trillion revenue, and N11.34 trillion deficit.
In the suit number FHC/ABJ/CS/152/2023 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel Dr Lawan and Mr Gbajabiamila to review and reduce the budget of N228.1 billion the leadership and members of the National Assembly allocated for their own benefit.”
The suit also asked the court to stop the Minister of Finance, Budget and National Planning from releasing National Assembly Budget until impact analysis is conducted.
It argued that the NASS budget is unnecessarily higher than the budget for Education.
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The Chairman of the House of Representatives Committee on Diaspora, Tolulope Akande-Sadipe, on Saturday decried the scarcity of the new naira notes in circulation.
Nigerians had in the last few days kept vigil in banks and Automated Teller Machines (ATMs) stands across the country in a bid to get cash for their daily needs.
In a statement issued by her Special Assistant on Media and Publicity, Olalekan Olusada, the lawmaker also expressed concern over the crippling fuel scarcity in the country.
She lamented that the fuel scarcity reportedly caused by the smuggling of products to neighboring countries has compounded the hardship faced by Nigerians.
Akande-Sadipe alleged that the Central Bank of Nigeria (CBN) had become a willing tool for the fifth columnists in the All Progressives Congress (APC).
The statement read: “It is unacceptable for the CBN to leave the citizens of this great nation to suffer because of its lack of foresight and planning, the redesign of Naira is a good initiative but the deadline was not well thought out, and the implementation and procedural policy a major failure.
“Turning a good initiative into a bad idea impact the economy. The CBN must take responsibility for its actions and work to rectify this situation urgently.
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“Anyone with the intent to sabotage for political gains does not have the interest of the nation in mind and such behaviour is unacceptable.
“We will not allow a few individuals to hold this nation hostage for their own selfish interests. The APC presidential candidate, Asiwaju Bola Ahmed Tinubu, means well for Nigerians. His antecedent and blueprint as Governor of Lagos State speak for itself.
“We understand the difficulties of today. Please let’s stay calm and remain resilient in the face of these hardships. The end of the tunnel is not far off.”
Godwin Emefiele, the Governor of the Central Bank of Nigeria, on Tuesday finally appeared before the House of Representatives Committee, investigating the Naira swap exercise.
The Committee and delegation of the CBN are currently meeting at the National Assembly.
The meeting commenced around 12:05 pm after over one-hour behind closed doors.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that several threats of arrest were issued by the House and the Committee on Thursday after Mr Emefiele shunned the House.
The CBN boss had announced an extension of the deadline for the new currency swap till 10th February. However, the committee has insisted that Emefiele must appear before them.
At the commencement of the meeting, the Chairman of the Committee, Ado Doguwa said the CBN boss provided reasons for missing previous invitations
Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele.
Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that the lawmakers had accused Emefiele of breaching section 20 of the CBN act.
According to the Speaker of the House, Femi Gbajabiamila, the CBN Act mandates commercial banks to accept old notes.
“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr Gbajabiamila had said in a speech on Thursday.
While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.
“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he said.
He explained further that “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it. Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated
The House of Representatives Committee investigating the removal of old currency notes from circulation has rejected the 10 days extension by the Central Bank of Nigeria (CBN).
Ado Doguwa, the Chairman of the Committee and Majority Leader of the House, in a statement on Sunday, rejected the extension and maintained that the CBN Governor, Godwin Emefiele must appear before the House.
He described the extension by the CBN as a political gimmick and asked Emefiele to appear before the Committee or risk warrant of arrest.
It would be recalled that the House had invited Mr Emefiele on two occasions but he refused to appear.
Doguwa said, “The 10-day extension for the exchange of the old naira notes is not the solution. We as a legislative committee with a constitutional mandate of the house, would only accept clear compliance with section 20 sub 3, 4, and 5 of the CBN act and nothing more.
“Nigeria as a developing economy and a nascent democracy must respect the principle of the rule of law. And the House would go ahead to sign arrest warrant to compel the CBN Governor to appear before the ad-hoc committee.”
The Minority Caucus in the House of Representatives has commended the Central Bank of Nigeria, CBN, for listening to Nigerians and extending the deadline for changing the old naira notes for new ones by ten days.
The Caucus also commended Atiku Abubakar, the Presidential Candidate of the Peoples Democratic Party, PDP, for intervening by persuading president Muhammadu Buhari to extend the date, saying it shows him as a compassionate leader.
It also said the ten days extension of the deadline from January 31, 2023, to February 10, 2023, was a welcome decision to ease the suffering and social and economic discomfort faced by many Nigerians in accessing the new naira notes within the earlier stipulated deadline.
This was disclosed in a statement signed by the Minority Leader of the House of Representatives, Rt. Hon. Ndudi Elumelu, on Sunday.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’known that the apex bank had announced extension of its previous deadline for full transition to new naira notes.
The CBN governor, Godwin Emefiele announced the extension of the date by 10 days in a press statement issued on Sunday.
The new deadline, according to Emefiele, is now February 10, 2023.
However, the Minority Caucus urged the CBN to remain focused and strengthen its sensitization actions while putting every measure in place to assist Nigerians, especially those in the rural areas, to access the new naira notes.
It, therefore, called on Nigerians not to relax but to take full benefit of the ten days extension to exchange their old naira notes for new ones.
Part of the statement read: “As lawmakers and representatives of the people, our Caucus commends the CBN for being considerate towards the well being of Nigerians, which is the essence of democratic governance all over the world.
”Our Caucus applauds the Presidential Candidate of the Peoples Democratic Party (PDP), His Excellency Atiku Abubakar, for his intervention in persuading President Muhammadu Buhari and CBN to extend the earlier deadline in the national interest.
”His Excellency Atiku Abubakar’s patriotic intervention at this time further shows him as a compassionate leader who is always concerned and committed towards the wellbeing of Nigerians. He has again demonstrated his experience, capacity, and competence to get the system to work in the interest of Nigerians at a very critical time.”
A Federal High Court sitting in Abuja has adjourned hearing on the substantive suit seeking disqualification of a House of Representatives candidate for Igbo-Etiti/Uzo-Uwani Federal Constituency, Hon. Martins Oke.
Oke is the Peoples Democratic Party, PDP, candidate in the forthcoming election.
𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 reports that the plaintiffs, Chief Samuel Ekwueme and the All Progressives Congress, APC, are challenging his candidature on the claim that he did not emerge in line with the relevant laws.
Joined as defendants are the PDP and the Independent National Electoral Commission, INEC.
The plaintiffs alleged that the PDP primary election which produced the serving lawmaker was in contravention of section 77(3) of the Electoral Act.
The Electoral Act made it mandatory for the PDP to submit its membership register to the INEC not later than 30 days to its primary election.
At the resumed hearing on Thursday, the presiding Judge, Hon Justice J. B. Omotosho asked the defendants’ counsels to file all their defences on time to allow the plaintiff’s counsel, Chief Chukwudi Igwe to reply before the adjourned date.
The Judge warned that he wouldn’t want any delay on the matter, adding that after the hearing on 10th February, 2023, the matter would be adjourned for judgement
Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has failed to appear before the House of Reps.
He shunned the invitation by the House of Representatives over the bank’s decision to stick to its January 31 deadline for the phasing out of the old naira notes.
He said there was no other issue more important to the CBN at the moment than its new cashless policy, which threatens the well-being of Nigerians.
He said the Committee was going to recommend to the House to go ahead with its position to invoke relevant sections of the law to issue a warrant of arrest on Emefiele.
The House during plenary presided over by Speaker Femi Gbajabiamila threatened to issue a warrant of arrest if he failed to turn up for the meeting to engage over the issue.
Doguwa said there was “a dark horse behind this agenda.”
At the moment of filing this report, the committee was meeting with the Chief Executive Officers of commercial banks over the same issue.
He said the engagement was to guide the House to take necessary decisions for the well-being of Nigerians.
The House reached these resolutions following a motion of urgent public importance moved by Leke Abejide on Wednesday.
Moving the motion, Abejide said despite the approval of the budget for PMS subsidy, the country is still battling fuel scarcity.
He lamented the disparity in the price of PMS across the country, noting that there is an “allegation of drop in petrol supply to marketers by private depots which is creating a dangerous mindset in the country.”
Abejide said the “scarcity is associated with saboteurs among some of the key stakeholders who deliberately manipulated the system.
“Due to the scarcity, Nigerians are exposed to all sorts of hardships which has resulted in a hike in transportation fares and high cost of some major food items.”
The House, therefore, resolved and directed relevant House Committees to investigate the matter within 48 hours and report back.
It also resolved to invite relevant regulatory authorities to appear before the Leadership of the House on Thursday 26/01/2023 by 2pm.
The House of Representatives has asked the Central Bank of Nigeria to extend the deadline for acceptance of the old naira notes by 6 months.
The House also resolved to invite some Managing Director of some banks and the CBN to brief the leadership of the House on the availability of the notes.
The decision was sequel to a motion of urgent public importance moved by Sada Soli, a lawmaker from Katsina State.
He stated that the January 31 deadline set by the CBN is not feasible as traders have started rejecting the old notes in his constituency.
He stated that banks and other financial institutions do not have the capacity to deal with the rush.
Speaking in support of the motion, Ahmed Jaha from Borno State informed the House that CBN officials were in his constituency to help, however, the measure is not enough.
“The CBN are in my constituency helping people to swap the old notes. The amount taken to my constituency, the amount is not enough. For 10 years, my constituents have not had access to banks.
“We have a lot to lose if the deadline is allowed to stand,” Jaha said.
The Speaker of the House, Femi Gbajabiamila, in his reaction to the motion said there was a need for an investigation into what is stalling the disbursement of the new notes.
“CBN is making spirited efforts. They were at the central mosques in Lagos. I am not sure if it is enough. As they say, the road to hell is paved with good intentions. The timing is what we have problems with.
“There is a need to review the policy. I think there is a need to add another prayer. The bank is saying they don’t have the money but the CBN is saying they have the money. We should invite the bank MDs to brief either the leadership or a small committee,” he said.
The House consequently resolved that an ad hoc committee headed by the Majority Leader, Hassan Doguwa should meet with the invited MDs.
President Muhammadu Buhari has signed into law the Appropriation Bill, 2023 totalling N21.83 trillion.
Speaking at the signing of the eighth and final annual budget of this Administration, the President said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.
President Buhari explained that the 2022 Supplementary Appropriation Act would enable the administration to respond to the havoc caused by the recent nationwide floods in the infrastructure and agriculture sectors.
He also said the Minister of Finance, Budget and National Planning will subsequently provide more details of the approved budget and the supporting 2022 Finance Act.
”We have examined the changes made by the National Assembly to the 2023 Executive Budget proposal,” he said.
”The amended fiscal framework for 2023 as approved by the National Assembly shows additional revenues of N765.79 billion and an unfunded deficit of N553.46 billion.
”It is clear that the National Assembly and the executive need to capture some of the proposed additional revenue sources in the fiscal framework. This must be rectified.
”I have also noted that the National Assembly introduced new projects into the 2023 budget proposal for which it has appropriated N770.72 billion. The National Assembly also increased the provisions made by Ministries, Departments and Agencies (MDAs) by N58.55 billion.”
Detailing his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly, President Buhari claimed it was to enable its implementation to commence without delay, considering the imminent transition process to another democratically elected government.
He, however, directed the Minister of Finance, Budget and National Planning to engage with the Legislature to revisit some of the changes made to the Executive budget proposal, expressing the hope that the National Assembly will cooperate with the Executive arm of Government in this regard.
He urged the National Assembly to reconsider its position on his proposal to securitize the Federal Government’s outstanding Ways and Means of balance at the Central Bank of Nigeria (CBN).
”As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings,” he said.
”I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.”
”Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40year repayment period on the securitised debt of the Ways and Means.”
To ensure more effective implementation of the 2022 capital Budget, President Buhari thanked the National Assembly for approving his request for an extension of its validity date to 31st March 2023.
The President directed the Ministry of Finance, Budget and National Planning to work towards the early release of the 2023 capital votes to enable Ministries, Departments and Agencies to commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.
Reiterating that the 2023 Budget was developed to promote fiscal sustainability, and macroeconomic stability and ensure a smooth transition to the incoming Administration, the President said it was also designed to promote social inclusion and strengthen the resilience of the economy.
He pledged that adequate provisions have been made in the Budget for the successful conduct of the forthcoming general elections and the transition programme.
On achieving revenue targets for the budget, the President directed MDAs and Government Owned Enterprises (GOEs) to intensify their revenue mobilization efforts, including ensuring that all taxable organizations and individuals pay taxes due.
To achieve the laudable objectives of the 2023 Budget, the President said relevant Agencies must sustain current efforts towards the realization of crude oil production and export targets.
”To augment available fiscal resources, MDAs are to accelerate the implementation of Public Private Partnership initiatives, especially those designed to fast-track the pace of our infrastructural development,” he said.
”This, being a deficit budget, the associated Borrowing Plan will be forwarded to the National Assembly shortly.”
”I count on the cooperation of the National Assembly for a speedy consideration and approval of the Plan.”
On the Finance Bill 2022, the President expressed regret that its review as passed by the National Assembly is yet to be finalized.
”This is because some of the changes made by the National Assembly need to be reviewed by the relevant agencies of government. I urge that this should be done speedily to enable me to assent into law,” he said.
Those who witnessed the signing of the budget include Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila.
The President thanked the Senate President, the Speaker of the House of Representatives, and all the distinguished and honourable leaders and members of the National Assembly for the expeditious consideration and passage of the Appropriation Bill.
He also recognised the roles played by the Ministers of Finance, Budget and National Planning, the Budget Office of the Federation, the Senior Special Assistants to the President (Senate and House of Representatives), the Office of the Chief of Staff, as well as all who worked tirelessly and sacrificed so much towards producing the 2023 Appropriation Act.
”As I mentioned during the presentation of the 2023 Appropriation Bill, early passage of the budget proposal is critical to ensure effective delivery of our legacy projects, a smooth transition programme and effective take-off of the incoming Administration.
”I appreciate the firm commitment of the 9th National Assembly to the restoration of a predictable January to December fiscal year, as well as the mutual understanding, collaboration and engagements between officials of the Executive and the Legislative arms of government.
”These have made the quick consideration and passage of our Fiscal bills possible over the last four years.”
The President expressed the belief that the next Administration would sustain the early presentation of the annual appropriation bill to the National Assembly to ensure its passage before the beginning of the fiscal year.
”I firmly believe the next Administration will also sustain the current public financial management reform efforts, further improve the budgeting process, and particularly maintain the tradition of supporting its Appropriation Bills with Finance Bills designed to facilitate their implementation.
”To sustain and institutionalize the gains of the reforms, we must expedite action and conclude work on the Organic Budget Law for it to become operational before the end of this Administration.”
Acknowledging that ‘‘these are challenging times worldwide,’’ the President concluded his speech at the ceremony by expressing deep appreciation to Almighty God for His Grace while commending the continuing resilience, understanding and sacrifice of Nigerians in the face of current economic challenges.
”As this Administration draws to a close, we will accelerate the implementation of critical measures aimed at further improving the Nigerian business environment, enhancing the welfare of our people and ensuring sustainable economic growth over the medium- to long-term,” he said.
The President of the Senate, Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila have congratulated Nigerians amid the New Year celebrations.
They shared their New Year messages in separate statements on Saturday, saying the Ninth National Assembly remained unwavering in the implementation of its Legislative Agenda and kept faith with Nigerians.
Lawan appreciated and commended the people for having faith in their country and for always supporting efforts at building a virile nation.
Meanwhile, Gbajabiamila said he is optimistic about the opportunities and possibilities that lie ahead and urged Nigerians to remain resolute and determined as a people.
He noted that 2023 is a defining year for Nigeria and urged citizens to “be united and speak with one voice.”
See the Senate President and Speaker’s full statements below:
We have kept faith with the Nigerian people, Senate President says in New Year Message
***urges Nigerians to take active part in electoral process
The President of the Senate, Ahmad Lawan said in his New Year Message that the Ninth National Assembly has remained unwavering in the implementation of its Legislative Agenda and kept faith with Nigerians.
The Senate President also urged Nigerians to seize the opportunities provided to take active part in the ongoing electoral process.
Lawan said the Electoral Act 2022 had ignited hope in the system and heightened expectations about the forthcoming general elections.
The full text of the Senate President’s 2023 New Year Message reads:
“I join fellow Nigerians in the joyful celebrations of this season with the great hope of a happy and prosperous 2023.
“As the year 2022 recedes into history, like any other year in history, we should thank Almighty God for the blessings and challenges of today, and for the hope of a better tomorrow.
“We also appreciate and commend our citizens for having faith in our nation and for always supporting efforts at building a virile nation.
“The ninth National Assembly has been a very active participant in this process of nation building.
“At our inception in 2019, we set out a robust Legislative Agenda to advance our collective aspirations as a nation and make positive impacts in the lives of our people. A senate that works for Nigerians. We have remained unwavering in our commitment to the Agenda.
“It is less than six months to the end of this Assembly. I am proud to say that all of us have kept faith with the Nigerian people as their representatives.
“The ninth Assembly has been the breaker of many legislative jinxes in this Fourth Republic, having recorded breakthroughs in many areas of our national legislative environment that had defied the interventions of previous Assemblies.
“First and foremost, we have enhanced stability in governance through productive cross-party collaboration with the other arms of government, particularly the Executive. This has yielded fruits in the unprecedented number of quality Bills passed by the National Assembly and duly signed into law by the President.
“Some of the most critical of such Bills that have been signed into law include the Deep Offshore and inland Basin Production Sharing Contract (amendment) Act, 2019, Companies and Allied Matters Act 2020, Nigeria Police Reform Act, 2020, Petroleum Industry Act, 2021, and Electoral Act, 2022, just to mention a few. These are critical legislative interventions relevant to the promotion of good governance in our dear nation.
“For instance, the Electoral Act (amendment) Bill 2022 has rekindled interest in political participation in our country and raised confidence in our electoral process. We passed this Bill early enough and with some innovations to guarantee better conduct of our elections especially beginning from the 2023 elections.
“We were also able to reset our financial years to make our budget cycle stable and predictable. This change has helped immensely in the implementation of projects and programmes, as well as in general performance of the national budgets. This is one legacy of the ninth National Assembly that we have sustained since 2019, as reflected again, in the passage of the 2023 Appropriation Bill on Wednesday, 28th December, 2022.
“I am immensely proud that the new Electoral Act has ignited fresh hope in the system and heightened expectations about the forthcoming general elections.
“In addition, we have provided every possible support to the Independent National Electoral Commission (INEC) to successfully conduct credible polls and we will continue to do so until that goal is accomplished.
“The ninth National Assembly will keep providing the necessary legislative interventions for good governance till the end of its tenure in June, 2023. I urge all of us Nigerians to take active part in the electoral process, towards achieving our collective goal of good governance for national prosperity and unity.
“I wish you all a happy and prosperous 2023.”
Signed:
Ola Awoniyi Special Adviser(Media) to President of the Senate
Saturday, 31st December, 2022
Press Statement from the Office of the Speaker, House of Representatives December 31, 2022
Gbajabiamila greets Nigerians at New Year
…says 2023 is a defining year
The Speaker of the House of Representatives Rep. Femi Gbajabiamila has congratulated Nigerians for witnessing the New Year 2023.
The Speaker said the year 2023 will be significant for Nigerians, being the year that citizens will elect new leaders to pilot the affairs of the country.
Gbajabiamila said he is optimistic about the opportunities and possibilities that lie ahead and urged Nigerians to remain resolute and determined as a people.
He noted that 2023 is a defining year for Nigeria, which is why the citizens should be united and speak with one voice.
The Speaker wished Nigerians success individually and collectively in 2023, calling for prayers for successful elections.
Signed: Lanre Lasisi, Special Adviser on Media and Publicity to the Speaker, House of Representatives, Federal Republic of Nigeria.
The House of Representatives has passed the 2023 appropriation bill at N21.83 trillion.
This shows an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari. (Watch Video Here)
A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure.
Meanwhile, the Senate has passed the 2022 supplementary budget of N819.5 billion. (Watch Video Here)
According to the upper chamber, the amendment of the 2022 Appropriation Act is to ensure the implementation of the key capital project in the Act which has not been funded as at this time.
The upper chamber said it is expedient that the capital projects be extended to prevent the problem of abandoning projects in the budget.
The supplementary budget is to address food security following devastating floods (Watch Video Here) across the country as well as damages to road infrastructure and the water sector.
A breakdown of the supplementary budget in the report by the Committee of Finance shows that the Ministry of Agriculture is to get N69 billion, the Ministry of Water Resources – N15.5 billion, FCT – N30 billion, Ministry of Works and Housing – N704 billion.(Watch Video Here)
Speaker of the House of Representatives Rep. Femi Gbajabiamila has said that the political pedigree of the presidential candidate of All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu stood him out from other candidates
Gbajabiamila said Tinubu has done what none of the other presidential candidates has ever done when he served as the governor of Lagos State for 8 years from 1999 to 2007. (Watch Video Here)
Speaking during a meeting with leaders of Community Development Associations (CDAs) in Surulere, Lagos State on Tuesday, Gbajabiamila said Nigerians should vote for Tinubu because he is the only candidate that has something to show for what he did in the recent past.
“Today, they say there are four, three or four front-runner presidential candidates. There was something that I used to say many years ago. I used to say it is not by mouth, it is by what you do, the seeds that you’ve sown. (Watch Video Here)
“So, today, I ask people of all the front runners, they all have records; Asiwaju has a record of 8 years as governor; Peter Obi has a record of 8 years as governor in Anambra; Atiku has a record as Vice President for 8 years. When you put their records side by side: there is no competition whatsoever, Asiwaju stands tall shoulders above everybody.
“In his (Tinubu’s) case, Lagos is not even like a state; Lagos is like a country in terms of population, in terms of density, in terms of different people in the state and look at what he has been able to do,” he said. (Watch Video Here)
The Speaker noted that because of Tinubu’s track record, “this election is the one that we must campaign based on persuasion, for us to go out there and talk to those who are still sitting on the fence, who are persuaded based on religion, or ethnicity. Let them be persuaded by records, that is what I want from you.”
Gbajabiamila said he had been able to fulfill thousands of requests from people in Surulere and beyond, noting that “I am only now asking for one request, that we all come together, go and knock on the doors of those who are not with us, go and campaign vigorously for Asiwaju Bola Ahmed Tinubu.” (Watch Video Here)
The Speaker thanked the people of Surulere through the leaders of the CDAs for electing him during five different election cycles to represent Surulere 1 Federal Constituency as well as for their support since 2003.
He noted that CDAs were the backbone of democracy anywhere in the world, which was why he always accorded them respect and reached his constituents through them.(Watch Video Here)
Speaker of the House of Representatives ,Rep Femi Gbajabiamila says the presidential candidate of All Progressives Congress (APC) , Sen. Bola Tinubu will serve the interests of all parts of Nigeria if elected in 2023. (Watch Video Here)
Gbajabiamila made the statement on Saturday in Lagos, while speaking at the Surulere Constituency 2 APC Town Hall meeting.
He said the APC presidential candidate was passionate about the development of Nigeria, adding he would care for all the peoples of the country, if elected. (Watch Video Here)
“One thing I can assure all Nigerians is that when Asiwaju Bola Tinubu becomes the president of this country, he will be president for all.
“He will care for the Yoruba people, he will care for South South , he will care for the Igbos, he will care for the Nupes and the northerners. (Watch Video Here)
“He is the only candidate that has proven himself well.He has the capacity and will deliver”, Gbajabiamila said.
The Speaker particularly appealed to Igbos to invest their votes in Tinubu to take the country to greater heights. (Watch Video Here)
He said it was unfair not to vote for Tinubu, simply because he is not from the South East or any other region apart from his. (Watch Video Here)
Gbajabiamila said Tinubu had done well for the Igbos and urged people from the region to give him all the support to lead the country.
“To our brothers and sisters from the South East, has Asiwaju done anything to offend anybody in the South East? Has he done anything wrong? (Watch Video Here)
“Tell me one state in Nigeria where you have a non -indigene in the cabinet. I can tell you ,the only state where that happens is Lagos state.
“The Director-General of Budget Office in Nigeria, one of the highest positions in Nigeria, what is his name? Ben Akabueze. Is he from from Lagos? No ,he is from the South East and Asiwaju put him there. (Watch Video Here)
” He determines the budget.Whatever any money any agency or department is looking for, it must come Akabueze’s table. He determines whether to give or not to give.That is a man from the South East, put there by Asiwaju Tinubu. (Watch Video Here)
“And I can give you many more names. So, why will a man that has done much for the Igbos now come to you for votes ,and you tell him he has not done bad ,he has done well ,but because he is not from the South East ,we have somebody from the South East to vote for. I think that is not the way to go,” he said .
Gbajabiamila said the 2023 election was about the progress of the country, and urged Nigerians to vote for competence rather than tribe or religion . (Watch Video Here)
The Speaker said though he represents Surulere 1 Federal Constituency in the House of Representatives ,he was at the Surulere 2 APC Federal Constituency meeting to ensure victory for the party in the area.
He said it was regrettable that APC lost the constituency to the opposition Peoples Democratic Party in 2015 and 2019, adding that it was time for APC to take back the area.
He urged party members to shun in-fighting and mobilise support for the victory of the party in the area, come 2023.
Speaking ,Mr Agboola Dabiri , a former Commissioner for Youths and Sports in Lagos State, described APC as the party for Nigerians.
He urged the people of Surulere Constituency 2 to vote the party’s candidates. (Watch Video Here)
Dabiri, chairman of an APC task force set up to deliver the constituency to the party, said voting APC in the area would mean delivery of democratic dividends to the people .
“You all know what the people of constituency 1 ,represented by the Speaker ,are enjoying .
“They are too numerous to mention.You too will enjoy the same and more if you vote our candidates to represent you at the House of Representatives.
“The PDP that is representing you now is not the best for you .You should do the right thing in 2023.”he said.
He said though Gbajabiamila represents Surulere 1 Federal Constituency, he had executed many projects in Surulere 2 .
Dabiri said the Speaker had installed streetlights in many streets in Itire- Ikate and Coker Aguda in Constituency 2 and had constructed many roads in the constituency.
He said it would be better for the people of the area if they have an APC Rep in 2023.
Mr Ahmed Apatira ,Chairman ,Itire- Ikate Local Council Development Area, commended Gbajabiamila for all his projects in Surulere 2 despite not representing the area.
He promised that the council and the party would do their best to deliver the area to APC in 2023.
Also speaking ,Mr Rasak Olalekan ,Chairman ,Coker -Aguda LCDA ,commended the Speaker for extending love to the people of constituency 2,saying the Speaker had demonstrated that he was a caring leader with his many projects in the constituency.
Barring any last minute change, the House of Representatives is set to insist on the reversal of the cash withdrawal limit policy of the Central Bank of Nigeria (CBN), Daily Trust gathered last night.
A ranking lawmaker told this paper that it is the general opinion of the lawmakers that the policy be reversed.
This is just as a former governor of Sokoto State, Senator Aliyu Magatakarda Wamakko (APC, Sokoto) has urged President Muhammadu Buhari to sack the CBN governor, Godwin Emefiele, over the policy.
The apex bank, under the new withdrawal policy was restricted the maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week to N100,000 and N500,000 respectively.
Following the uproar that trailed the policy, the apex bank on Wednesday reviewed the withdrawal limit upward to N500,000 for individuals and N5 million for corporate bodies.
Daily Trust reports that the lower chamber had earlier passed a resolution asking the bank not to proceed with the implementation of the cash withdrawal limit, which is due to come into effect from January 9, 2023 until the CBN governor appears before it to clarify issues on the new policy.
Deputy Governor of the CBN in charge of Financial Stability, Aisha Ahmad, yesterday appeared before the House of Representatives to brief lawmakers on the policy.
But after the briefing and responses to lawmakers’ questions by the CBN deputy governor, Speaker Femi Gbajabiamila did not make any ruling, saying the House will deliberate on the briefing by the apex bank and come up with its resolution.
A lawmaker who spoke to Daily Trust yesterday, said a decision will be taken on the matter next week.
The lawmaker who spoke on condition of anonymity, said it is the general opinion of the lawmakers that the policy be reversed.
“Yes, next week we will take a stand. But, they have contravened a provision of the CBN Act, which requires the Central Bank to consult and discuss with the National Assembly before initiating or implementing any policy.
“They must come to the National Assembly and discuss with the lawmakers.
“The CBN must always come; we discuss the merits and demerits of their policies. It must be reversed. It wouldn’t hold. We will sanction them, but, one; they must first reverse the policy and we then look at the issue. Aside from the reversal, the bank would be sanctioned for violating its Act,” he said.
Why policy is essential – CBN
Speaking earlier, the CBN deputy governor told the lawmakers that the cashless policy of the apex bank was first launched in 2012 under the CBN’s mandate in Section 2(d) and 47 of the CBN’s Act.
She said the policy was not intended to disenfranchise anyone particularly those in vulnerable situations, rural areas and markets, adding it was meant to bring everyone into the significant economic opportunity.
She said the policy pronouncement of the apex bank on December 5 was a continuation of the cashless policy that was started 10 years ago, adding that it was in recognition of the positive changes that have happened in the financial and payment system since the cashless policy was first launched.
“Some of these changes included a wide proliferation of financial access points. In 2012, thereabouts, we were still talking about bank branches as the only source of access to financial services. Today, we have a very robust payment system that includes bank branches; branches of micro-finance banks, POS machines, ATM machines, agent banking, E-Naira and many other options.
“To be specific, between the bank and the micro-finance banks, we have 6,500 locations, 900,000 POS terminals, 14,000 ATMs across the country and 1.4 million agents nationwide and every single local government in Nigeria has agents represented. We also have a proliferation of electronic transactions. Just by way of quick example, in 2012, we had N48 billion in POS transactions. Today, we have N6 trillion in POS transactions.
“On electronic transfers, we had N3 trillion in 2012. Today, we have 300 trillion as of October, 2022. That’s a 7,000 per cent increase. We have also seen an improvement in financial inclusion to 54.1 per cent and lastly, perhaps, more importantly, we have seen the evolution of the Nigerian payment system on the global stage.
“Nigeria is ranked 6th in the world for instant real payment and we are only behind countries like India, China, Thailand, Brazil and South Korea. We are the only African country in the top 10 and this has been as a result of some of the initiatives that have gone on. Also, electronic payment and real time data payments have been estimated to contribute about 0.67 per cent to our GDP.
She told the lawmakers that the essence of the cashless policy was among others to reduce cash processing cost, minting cost, the cost of destroying old notes and the cost of moving physical cash from place to place.
Lawmakers express concerns
Speaker Femi Gbajabiamila expressed concerns over the failure of the apex bank to brief the House as required by the Section 8 of the CBN Act before proceeding on its policy.
He also said that the apex bank ought to have given an adequate timeline for the implementation of the policy as was the case in the US and the UK.
But responding, the deputy governor said the CBN remains open to continue to engage with the House.
“You talked about comparing our situation with what just happened with the Bank of England; I think when we are making the comparison, consider all the factors; global best practices say you need to redesign your currency every five to eight years. We have not done that in two decades. So, the Bank of England routinely does this. The amount of cash outside circulation in the UK is much lower than what we have today. We have about 80 outside circulation”, she said.
A Borno lawmaker, Satomi Ahmed in his question said there were many wealthy people in his state but there were not enough banks to exchange their old notes and wondered what would be their fate.
But responding, Ahmad said Borno State has over 52 deposit money banks, 16, 547 locations and 16,000 agents where people can deposit their money.
Rep Ali Shettima from Yobe State, also expressed concern over the counterfeiting of the new notes and asked the apex bank over measures being put in place to address it.
On his part, Chinedu Obidigwe from Anambra queried the rationale behind the CBN’s urgency in the implementation of the policy, wondering if it was an opportunity for the ruling party to rig out opposition parties.
Responding, Ahmad said the policy was not politically motivated but done in the best interest of the country’s economy.
Isiaka Ibrahim from Ogun State asked her to speak on the level of advocacy and public enlightenment on the new policy, saying many Nigerians were not yet carried along.
Responding, she said that the apex bank is collaborating with the National Orientation Agency (NOA) to enlighten Nigerians at the grassroots on the apex bank’s cashless policy.
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Rep Sada Soli from Katsina in his question raised concerns over the non-availability of the redesigned notes days after they were released to the public and asked her to disclose the quantities of the notes printed.
Responding, she said the apex bank ordered for printing of 500 million pieces of the redesigned notes from the Mint.
She however did not give the breakdown of the figures for each denomination and the amount spent on the printing.
Rep Tolulope Sadipe from Oyo State sought to know the fate of over 1.4 million POS agents in the country in view of the new policy.
Responding to this, she said “I believe that the reversed limit that we have actually takes the agents into consideration and from the data that we received from the agents themselves, in terms of transaction size is less N2.5 million so they will not be affected.
Rep Dennis Idahosa while expressing support for the policy, however, urged the CBN to address the concerns raised by the House to ensure the policy works well.
Wamakko urges Buhari to sack Emefiele
Meanwhile, a former governor of Sokoto State, Senator Aliyu Magatakarda Wamakko, has urged President Buhari to sack the CBN governor.
In a phone interview, he said the policy was capable of causing confusion in the country.
He wondered why Emefiele would “so disrespectfully impose a policy on Nigerians without, at least public sensitization for one year”, adding that “the CBN Governor thinks Nigerians are stupid to just follow him without questioning”.
He further explained that by the naira redesign and cash withdrawal limits, Emefiele was “grossly unfair to the federal government”.
Wamakko said all Nigerians of good conscience should call out Emefiele over what he called, “thoughtless monetary policy direction, otherwise President Buhari should immediately sack him before he plunges the country into chaos”.
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Carlo Ancelotti’s team successfully added to their four cups from 2014 to 2018, and their triumph meant European teams have won the past 10 editions of the tournament.
The Central Bank Governor, Godwin Emefiele has once again failed to appear before the House of Representatives over the cash withdrawal limit policy of the CBN. (Watch Video Here)
The CBN Governor, in a letter written by the Deputy Governor, (Watch Video Here)Corporate Services, Edward Adamu, said he is currently outside the country for an official assignment.
He stated that he will communicate with the House on an appropriate date. (Watch Video Here)
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“Regrettably, the governor is unavailable to brief the House of Representatives at this time, because he has other scheduled official engagements he is currently addressing abroad. (Watch Video Here)
”Accordingly, he has requested that we respectively convey his inability to honour this invitation on the rescheduled date. (Watch Video Here)
”The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment,” the letter read in part.”
Recall with Noble Reporters Media that the briefing has been postponed twice by the lawmakers, as Mr Emefiele has been outside the country. (Watch Video Here)
Reacting to the letter, Femi Gbajabiamila, the Speaker of the House, said the CBN governor must brief the House on his reason for spending two weeks outside the country.
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Adeniran claimed his daughter was hale and hearty when the school picked her up for the activities, saying the school had not said anything regarding the incident.
The House of Representatives has asked Nigerian Midstream and Downstream Petroleum Regulatory Authority to collaborate with Nigerian Police Force and DSS to clamp down on petroleum retailers that are selling above the regulated price.
The lawmakers asked NNPC Limited to end the artificial scarcity within the next week. These resolutions followed a motion of urgent public importance moved by Saidu Abdulahi during Tuesday’s plenary session.
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The lawmaker said intelligence at the disposal of the government shows the shortage is a result of deliberate sabotage by some elements. He added that some fuel stations sell for as high as N300 per litre in some states.
“Most of those fueling stations have resorted to selling fuel at over N300 per litre. It is observed with dismay that those who are gaining from this artificial fuel scarcity appear to be smiling home as a result of this ugly development and this has the potency to provoke innocent Nigerians against the Government,” he articulated,
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The House of Representatives Ad-hoc Committee investigating the Structure and Accountability of the joint Venture (JV) Business and Production Sharing Contracts (PSCs) of the Nigerian National Petroleum Limited on Wednesday grilled Shell Petroleum Limited over the alleged tax evasion.
The Committee is empowered to investigate the alleged tax evasion by some oil companies for the past 22 years.
The representatives of Shell Petroleum Development Company of Nigeria, Total Energies and First E & P appeared before the House panel on Wednesday.
Initially, Chairman of the Committee, Hon. Abubakar Hassan Fulata indicated that the Committee could only attend to the Chief Executive Officers of Oil Companies, but waived that stance since the invitees presented letters of authorisation to the panel, while he added that the CEOs would appear at a later date.
Panelists expressed anger after discovering that their operations regarding the payment of taxes was not in line with Federal Inland Revenue Service Stock.
Fulata said: “FIRS does not rely on Stock Certificate of Crude Oil, as well as Certificate of Acceptance of fixed Assets (CAFA).
“The Stock Certificates gives clearer pictures of the oil being lifted while the CAFA certificate is the basis for capital allowances claims.”
The leader of the Shell delegation, Bashir Bello said SPDC has been in operation since 1929 and promised the probe panel to furnish them with the relevant documents being requested in exception of CAFA certificate.
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The panel affirmed that Shell, Total and First E & P are in violation of Nigeria Law for making capital allowances claims without the CAFA Certificate.
In their separate submissions, the Companies revealed that they have been relying on Petroleum Tax Act to make capital allowance claims, and not the controversial CAFA that is domiciled with the Ministry of Industry.
Reacting, the Committee noted that activities of Oil Companies was not only guided by Petroleum Act, but other laws which they were bound to obey.
The panel demanded that the oil companies among other things furnish the committee with stock certificate, capital allowance enjoyed, contributions to NNPC- JV & PSCs Account.
The committee said in the event FIRS and other organizations failed to honour their invitation, they will have no option than to direct Inspector General of Police to compel them to appear.
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The lawmakers made the resolution on Monday during plenary session after the motion of urgent public importance moved by Henry Nwawuba and Isiaka Ibrahim.
They asked Buhari to propose a supplementary budget of N100 billion, while they also mandated the House Committee on Appropriations to include N200 billion in the 2023 budget.
In addition, the lower chamber also directed the Ministry of Finance and the Office of the Accountant General of the Federation to release N5 billion for ecological funds to mitigate the effect of flooding.
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Moving the motion, Nwawuba said the country risks food insecurity if government fails to take proactive action by careful intervention.
He stated that the flooding has affected prices of certain agricultural products. He warned that certain industries may be affected.
“In 2012, 32 out of 36 states were affected by flooding, with 363 people killed, over 2.1 Million people displaced, about N7 million people affected and a total loss estimate of N2.6 trillion recorded.
“In 2022, 33 out of 36 states and the FCT are affected, that is 92% of the entire country, over 600 people killed. Over 1.4 million people displaced and over 2.5 million people in need of humanitarian assistance with over 60% of this number being children,” he said
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The bank noted that the programme is in its bid to equip small and medium-scale enterprises (SMEs) in the state with adequate knowledge and skills to boost their businesses.
The House of Representatives Committee on Women in Parliament has said it would step up interventions to reverse the decline in the number of women participating in governance at the National Assembly.
According to the Committee Chairperson, Hon. Taiwo Oluga (Ayedoade/Irewole/Isokan federal constituency Osun state), this is necessary to boost the country’s chances of attaining the 35 percent affirmative action in elective and appointive offices.
Oluga said this on Monday when she spoke at a briefing jointly organised by the Nigerian Women Trust Fund, the European Union Support to Democratic Governance in Nigeria (EU-SDGN), and a host of other civil society groups in Abuja.
The theme of the media parley is ‘Women’s Political Participation and Inclusion and 2023 General Elections’.
Oluga identified patriarchy, stigmatisation, illiteracy, odd meeting schedules, financing and lack of economic empowerment, cultural and religious barriers, and political violence as some of the challenges to women’s participation in politics in the country.
However, she said that the lawmakers shall forthwith step up its activities on the need to discourage the factors that discourage women political participation in Nigeria.
The lawmaker added that the intervention will be backed by collaborative efforts between the legislators, development partners, civil society groups, religious and traditional institutions to remove the factors behind women’s low participation in governance.
She lamented, “Despite the advocacy and attempt by women groups and parliamentarians to have increased women participation in politics in Nigeria, not much progress seem to have been made.
“Going by the number of women, who are currently nominated by various Political Parties and are vying for elective offices in the forthcoming 2023 General Election, there are serious issues of concern as it seems that the figure in the current Assembly might worsen if drastic steps are not taken Immediately
“Before the last Primary Elections, Nigeria ranked amongst the lowest number of women participation in governance in Africa, with about 6.2 percent of national Parliamentarians being women.
“For the 2023 Senate Elections, out of the 1,101 candidates contesting for 109 seats, only 92 are women. Amongst the nominated candidates across all political parties for the House of Representatives Elections next year, 288 women are contesting out of 3,122 aspirants, depicting that the number of women participation in politics or contesting elective offices is on a steady decline since 2015.”
She also decried that Kano, Sokoto, Taraba, Yobe, and Zamfara states do not have a single female candidate nominated for federal elections next year.
According to the House of Representatives Committee, “The implication of this is that, even before next year’s elections in the country, it is crystal clear that 13.5 percent States will not have any female member in the National Assembly.
“The above development is a huge setback in attaining 35 percent affirmative action in elective and appointive offices in Nigeria.”
Consequently, she said: “The Committee shall forthwith step up its activities on the need to discourage religious beliefs, cultural practices amongst other things that discourage women political participation in Nigeria.
“Also, efforts shall be directed to accelerate advocacy and funding of women economic and political causes.”
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The House of Representatives Committee on Finance has criticized the use of “papers for accounting” instead of computer system by the Office of Accountant General of the Federation.
The Chairman of the Committee, James Faleke was left fuming as the representatives of the OAGF could not provide the information required by the committee during the hearing on the 2023-2023 Medium Term Expenditure Framework (MTEF).
The Director of Federation Account in OAGF, Muhammed Saleh appeared before the committee with paper documents containing outdated information.
Federal Road Safety Corps (FRSC), one of the agencies that appeared before the committee claimed to have remitted N1.5 billion, however, Mr Saleh claimed that N27 million is the update in their books.
But representatives of the Fiscal Responsibility Commission disputed the figure presented by the OAGF.
Reacting to the use of papers, Mr Faleke said; “ You are using analogue because you issued them the receipts; you gave them the treasury receipt,” he said.
“The problem you even have is that your receipts are handwritten. It should be automatically generated. You as the director of FAAC sitting down here should be with your laptop. If I ask you a question you just point, show me and tell me what it is,” he said.
Sada Soli, a member of the committee, said the use of analogue system is responsible for the revenue leakages in the country.
“My chairman, still at this age, the office of the Accountant-General like you said they are writing handwritten receipts. It is in the same office that IPPIS is compromised. Which is in the court of law today. I think the office of the accountant-general must wake up,” Mr Soli said.
In his ruling, Mr Faleke said the OAGF should automate its accounting system
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The House of Representatives has asked the Medical and Dental Council of Nigeria to accept medical and dental certificates from war-torn Ukraine.
The resolution followed a motion moved by Tajudeen Yusuf from Kogi State on Tuesday during plenary.
Noble Reporters Media reported that MDCN had announced that it will not accept certificates from Ukraine with effect from 2022 until normalcy is restored in the country.
MDCN said the adoption of online classes is not acceptable for medical and dental students.
In his motion, Yusuf accused the MDCN of not considering other pragmatic options before arriving at the decision.
He said the policy will truncate the training of students and lead to waste of the resources of their sponsors.
“The MDCN intends to truncate the academic dreams and professional ambitions of thousands of Nigerian medical students in Ukraine as a result of ongoing development that are not caused by them,” he said.
Therefore, the House resolved as follow;
“That MDCN should allow students in the 6th (and final) year of their programmes, that have completed their final exams, to register for the MDCN in Nigeria and allow them to prove themselves.
“Urged the MDCN to allow students in the 5th year of their medical programmes in Ukraine to be absorbed into Medical Schools in Nigerian Universities to complete their 6th year.
“Urged that Federal Government to through relevant MDAs, to discuss with Ukrainian authorities for universities to release the transcripts of years completed from year 1 to Year 6 (as applicable) for Nigerian students willing to Transfer to medical schools in Nigeria or other nations.”
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