ABUJA — The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has announced the decision to end the sale of foreign exchange to banks by the end of the year. He indicated this on Thursday at a press conference in Abuja after consultation with the Bankers’ Committee. According to him, the introduction of the bank’s RT200 FX programme boosts the country’s foreign exchange inflow through non-oil exports. “The era is coming to an...
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...
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...
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...
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...
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...
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...
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...
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...
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...
