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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Dangote Maintains Rank As Forbes’ Richest Man in Africa

AfricaBusinessWealth and InheritanceDangote Maintains Rank As Forbes’ Richest Man in Africa

PilotnewsJanuary 25, 2022

Alhaji Aliko Dangote has retained his position as the richest man in Africa, with a net worth of $12.1 billion, according to the 2022 edition of the Forbes’ Top 10 Africa’s Billionaires List. This is contained in a post on their verified Twitter account @Forbes. According to the report, for the 11th year in a row, Aliko Dangote of Nigeria is the continent’s richest person, worth an estimated $13.9 billion, up from $12.1 billion in...

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Fuel Subsidy: Federal Govt Extends Deadline

BusinessOil & GasFuel Subsidy: Federal Govt Extends Deadline

Hassan Umar Shallpella (Regional Correspondent)January 25, 2022

ABUJA — Minister of State for Petroleum Resources, Timipre Sylva said the subsidy of fuel will last for another 18months, pending when an amendment in the Petroleum Industry Act will be forwarded to the National Assembly. He gave this indication on Tuesday while briefing State House Correspondents in Abuja, explaining that the rehabilitation of refineries are ongoing, while Dangote refinery is almost coming on stream. “President Muhammadu Buhari being aware of the negative implications of...

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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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MSME Survival Fund: Beware of fraudsters, FG cautions Nigerians

BusinessCrime & SecurityMSME Survival Fund: Beware of fraudsters, FG cautions Nigerians

PilotnewsJanuary 17, 2022

ABUJA  — The Federal Government has cautioned Nigerians to beware of the activities of fraudsters claiming to be disbursing Micro, Small and Medium Enterprises (MSME) Survival Fund of 80, 000 naira. A statement issued on Monday by Mr. Tola Johnson, Coordinator, Project Delivery Office (PDO) of the Federal Government’s MSME Survival Fund Scheme said the fraudsters try to steal from unsuspecting members of the public. “The fraudsters scam the public under the guise of the...

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Governor Tambuwal Rejects National Bureau of Statistics’ Ranking

BusinessEconomyGovernor Tambuwal Rejects National Bureau of Statistics’ Ranking

Hassan Umar Shallpella (Regional Correspondent)January 17, 2022

SOKOTO — Governor Aminu Waziri Tambuwal has rejected the National Bureau of Statistics’ ranking of Sokoto as the poorest state despite being the largest onion producer in the country. Tambuwal spoke when he received the Chairman of Media Trust Limited (MTL), Malam Kabiru Yusuf, who paid him a courtesy call, commended the management of the MTL for establishing Trust Television, which would help in telling the rest of the world the truth about the North...

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