Supreme Court Declares Executive Order 10 Unconstitutional, Dismisses Governors’ N66bn Suit

EconomyLaw & JusticeNewsSupreme Court Declares Executive Order 10 Unconstitutional, Dismisses Governors’ N66bn Suit

Bada Yusuf Amoo (Correspondent)February 12, 2022

ABUJA — The Supreme Court has declared Executive Order 10 (EO10) on the funding of the State Judiciary and Legislature as unlawful and unconstitutional. In a split decision on Friday, a majority of the court’s seven-member panel agreed that the President exceeded his constitutional powers in issuing the EO10. Six of the seven members of the panel proceeded to void and set aside the EO10 issued by President Muhammadu Buhari. The apex court also dismissed...

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Delta Seeks Partnership With Communities to Bring Back Middle Class

EconomyLocal GovernmentDelta Seeks Partnership With Communities to Bring Back Middle Class

PilotnewsFebruary 11, 2022

EBU (Delta) — Delta government says it is partnering with its communities to bring back the middle class so as to spread prosperity. Mrs. Bridget Anyafulu, Commissioner for Humanitarian and Community Support Services, made the declaration in Ebu Kingdom, Oshimili North Local Government Area of the state. This was when she visited the Onu of Ebu, Obi Paul Opili, to brief him about the ministry’s mandate of providing community support services. “In line with the...

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IGR: Enugu MDAs Called To Re-Strategize To Meet Targets And Set Up Revenue Monitoring Mechanisms

EconomyMoneyNewsIGR: Enugu MDAs Called To Re-Strategize To Meet Targets And Set Up Revenue Monitoring Mechanisms

Ije Ulasi (Regional Correspondent)February 10, 2022

ENUGU — The Enugu State Government has charged state Ministries, Departments, and Agencies, MDAs, to strategically think outside the box, plan and execute actions to internally generate revenues for a smooth implementation of the year 2022 budget. Speaking to representatives from the state MDAs at a one day summit organized by Enugu State Internally Revenue Service, ESIRS, at Base Event Centre, Independence Layout, Enugu, the Chairman of ESIRS, Prince Emeka Odo stated, Enugu State Internally...

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Nigerian Government Set To Privatize 42 Government Agencies, Companies

BusinessEconomyNational DevelopmentNigerian Government Set To Privatize 42 Government Agencies, Companies

Beloved John (Staff Writer)February 5, 2022

ABUJA — The National Council on Privatisation (NCP), chaired by Vice President Yemi Osinbajo says about 42 government agencies and companies will be privatized this year. The Bureau of Public Enterprises (BPE) in a statement on Friday said the proposed transactions had all been approved by National Council on Privatisation during its maiden meeting at the Presidential Villa in Abuja. The statement read in part: “The transactions are 11 in the energy sector, 10 in...

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Court Stop Federal Government From Deductions In The The Federation Account

EconomyLaw & JusticeNewsCourt Stop Federal Government From Deductions In The The Federation Account

Hassan Umar Shallpella (Regional Correspondent)January 27, 2022

ABUJA — A Federal High Court in Abuja on Wednesday stopped the federal government from further making deductions from the federation account to fund its own agencies not listed for direct allocation in the 1999 constitution (as amended). Rivers State, in the suit marked FHC/ABJ/CS/511/2020 and instituted on its behalf by former president of the Nigerian Bar Association NBA, Joseph Daudu (SAN), had challenged the decision of the federal government to allocate funds directly from...

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Wike Wins FG as Court Stops Illegal Deduction from Federation Account

EconomyNewsWike Wins FG as Court Stops Illegal Deduction from Federation Account

Bada Yusuf Amoo (Correspondent)January 27, 2022

ABUJA — A Federal High Court in Abuja on Wednesday stopped the Federal Government from further making deductions from the Federation Account to fund its own agencies not listed in the 1999 Constitution for direct allocation. The court declared as illegal, unlawful, and unconstitutional the direct allocations made so far by the government from the Federation Account to fund the Nigeria Police Trust Fund. Delivering Judgment in a suit instituted by the Rivers State Government...

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CITN Applauds FCT-IRS For Generating N118bn in 2021

EconomyTaxationCITN Applauds FCT-IRS For Generating N118bn in 2021

PilotnewsJanuary 23, 2022

ABUJA — The Chartered Institute of Taxation of Nigeria (CITN) has commended the Federal Capital Territory Internal Revenue Service (FCT-IRS) for generating N118 billion revenue in 2021. The Head, Corporate Communications FCT-IRS, Malam Mustapha Sumaila made this known in a statement in Abuja on Sunday. The President of the Institute, Mr. Adesina Adedayo commended FCT-IRS when he paid a courtesy visit on the Acting Executive Chairman of Service, Mr. Haruna Abdullahi. Adedayo, who led a...

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NGX Gains N810bn Ahead of First MPC Meeting

EconomyInvestingNGX Gains N810bn Ahead of First MPC Meeting

PilotnewsJanuary 23, 2022

LAGOS — The Nigerian Exchange Ltd. (NGX) has posted a growth of N810 billion ahead of the first 2022 Monetary Policy Committee (MPC) slated for Jan. 24 and 25. The market capitalisation, which opened last week at N23.951 trillion garnered N810 billion or 3.38 per cent to close at N24.761 trillion, Jan. 21. Also, the NGX All-Share Index inched higher by 1,502.68 or 3.38 per cent to close at 45,957.35 from 44,454.67 posted in the...

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Nigeria’s Bond Issuance Oversubscribed by N139 Billion – DMO

EconomyMarketsNigeria’s Bond Issuance Oversubscribed by N139 Billion – DMO

Beloved John (Staff Writer)January 22, 2022

ABUJA — The Debt Management Office (DMO) has indicated that the country’s January bond issuance valued at N214.05 billion ended with an oversubscription of N139 billion. The debt office announced in the FGN bond result released on Wednesday. The agency noted that it offered two tranches of bonds worth N75 billion each. The auction ended on January 19 and has a settlement date of January 22, 2022. The agency offered a reopened 10-year bond at...

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President Buhari Has Not Authorized Anyone To Remove Fuel Subsidy

EconomyOil & GasPresident Buhari Has Not Authorized Anyone To Remove Fuel Subsidy

Hassan Umar Shallpella (Regional Correspondent)January 20, 2022

ABUJA — Senate President Ahmed Lawan has said President Muhammadu Buhari did not direct anyone in his administration to implement the removal of petroleum subsidy. Recall that the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, had announced last October that the federal government made provision for petrol subsidy only for the first six months of 2022 as the government looked towards complete deregulation of the sector. She had said: “In our 2022...

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