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<strong>Buhari Set To Sign 2023 Budget On Tuesday – Lawan</strong>

31Dec

By Mary UgwuanyiNo Comments

Finance, Legislature, News, Nigeria

Buhari Set To Sign 2023 Budget On Tuesday – Lawan

The 2023 appropriation bill will on Tuesday, January 3, 2023, be signed into law by President Muhammadu Buhari. This was disclosed by the Senate President, Ahmad Lawan, to state house correspondents after meeting with Buhari on Friday. This follows the passage of a 21.83 trillion budget for the 2023 fiscal year by the house of representatives and senate. Both chambers of the national assembly increased the budget spending by N1.33 trillion from the proposed N20.51 trillion to N2.83 trillion. President Buhari had proposed a $70 per barrel oil benchmark but the legislators while passing the medium-term expenditure framework (MTEF), raised it to $73 per barrel. Other parameters included daily oil production estimate of 1.69 million barrels (inclusive of condensates of 300,...

<strong>CBN Reviews Cash Withdrawal Limit After Criticism</strong>

22Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

CBN Reviews Cash Withdrawal Limit After Criticism

The Central Bank of Nigeria, CBN, has reviewed the maximum weekly cash withdrawal limit across all channels by individuals and corporate oganisations to N500,000 and N5 million, respectively. This is contained in a statement issued by the bank’s Director of banking supervision department, Haruna Mustafa, on Wednesday. This comes two weeks after the apex bank reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000. Recall that the CBN also reduced withdrawals at automated teller machines, ATMs, and point-of-sale terminals to N20,000 per day. The policy elicited criticism from Nigerians from different walks of life. While some believe it portends negative impact on small businesses, others praise i...

<strong>Court Stops DSS From Arresting CBN Governor</strong>

20Dec

By Mary UgwuanyiNo Comments

Economy, Finance, Judiciary, News, Nigeria, Security

Court Stops DSS From Arresting CBN Governor

An Abuja federal high court has turned down an application by the Department of State Services, DSS, seeking to arrest and detain the Central Bank of Nigeria Governor, Godwin Emefiele. The chief judge, Justice JT Tsoho, while declining the motion ex parte – filed in the absence of the respondent, said that the secret police lacked concrete evidence to prove its claims that Emefiele was involved in terrorism financing and economic crimes. According to a source who spoke to TheCable, the judge noted that he should have been taken into confidence if there was any evidence to substantiate the allegations in the application. “The honourable judge also wondered why the name of the respondent was given simply as ‘Godwin Emefiele’ without a material disclosure that he is the same per...

<strong>Naira Redesign To Affect SMEs, Poor Households – W’Bank</strong>

20Dec

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

Naira Redesign To Affect SMEs, Poor Households – W’Bank

The World Bank has cautioned that the newly redesigned naira notes may have a negative impact on economic activity in the country, especially on poor Nigerians and small-scale businesses. The global bank disclosed this in a new report titled, “Nigeria Development Update.” It followed the mixed emotions that have heralded the newly redesigned notes which went into circulation last week. The Washington-based bank warned that the timing and short transition period for the new notes may not help Nigeria achieve the desired result. Recall that the Central Bank of Nigeria, CBN, last month unveiled new M200, N500, and N1000 notes as part of a policy to mop up excess cash in circulation, ransom payment for kidnapping, terrorism financing, counterfeiting, among others. The apex ...

<strong>Dismiss Randy Lecturers, Buhari Tells Universities</strong>

11Dec

By Mary UgwuanyiNo Comments

Education, Finance, News, Nigeria

Dismiss Randy Lecturers, Buhari Tells Universities

President Muhammadu Buhari has asked tertiary institutions to emulate Obafemi Awolowo University, Ife-Ife in the way they deal with lecturers that are involved in the sexual harassment of students. Buhari stated this on Saturday in Ile-Ife at the 46th convocation of the university. The President said that the destiny of promising young girls in tertiary institutions across the country could not be left in the hands of randy people who camouflage themselves as lecturers. He lauded the management of OAU for their handling of sexual and other related offences decisively without minding the individuals involved. Buhari who was represented by Dr. Abiodun Saliu, the Director of Academic Planning, National Universities Commission, NUC, stated that the Federal Government had made ...

NRC Increases Fares On Lagos-Ibadan Train Service Over Diesel Cost

8Dec

By Mary UgwuanyiNo Comments

Finance, News, Nigeria, Transportation

NRC Increases Fares On Lagos-Ibadan Train Service Over Diesel Cost

The Nigeria Railway Corporation, NRC, has disclosed that the fares for Lagos-Ibadan and Lagos-Abeokuta train have been reviewed upwards. Recall that the NRC had in August announced a reduction in the number of trips on the Lagos-Ibadan route due to an increase in the cost of diesel. In a memo issued by the NRC, the train services for the Lagos-Ibadan route were hiked. The memo read, “The new fare on Lagos – Ibadan Train Service (LITS), “Lagos – Ibadan, and Ibadan – Lagos; First class (9,000), Business, (6500), Standard, adult (3600), minor (3000). See Also: IGP Deploys Armed Officers As Abuja-Kaduna Train Service Restarts Monday “Lagos – Abeokuta, and Abeokuta – Lagos; First class (6,000); Business (4,500), Standard, adult (3,000), minor (2,000). “Abeokuta – Ibada...

<strong>507 Lagos Doctors Migrate To UK In Two Years – NMA</strong>

5Dec

By Mary UgwuanyiNo Comments

Finance, Labour, News, Nigeria

507 Lagos Doctors Migrate To UK In Two Years – NMA

The Lagos chapter of the Nigerian Medical Association, NMA, has disclosed that 507 medical doctors practicing in the state relocated to the United Kingdom in less than two years due to poor working conditions in Nigeria. Dr. Benjamin Olowojebutu, the association’s Chairman stated this while interacting with Punch Health Wise. He urged the Federal and State governments to tackle the menace of brain drain in the country’s health sector. The NMA Chairman said that brain drain has become a serious threat in Nigeria noting that medicine may go into extinction in the country if the menace is not promptly addressed as an emergency. He said, “There is a very big challenge about brain drain. I have said several times that we have to be very deliberate about how we tackle this. ...

<strong>How State Governors Contribute To Increased Poverty Rate – FG</strong>

1Dec

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

How State Governors Contribute To Increased Poverty Rate – FG

The Federal Government has accused state governors of being responsible for the increased poverty in Nigeria. The Minister of State for budget and national planning, Clem Agba, blamed the state governors for prioritizing flyovers and airports to improving the living conditions in rural areas. Agba stated this while interacting with state house correspondents after a meeting of the Federal Executive Council, FEC, presided over by President Muhammadu Buhari. According to the minister, about 72 percent of the country’s poor citizens reside in the rural areas which have been overlooked by the governors. He said the governors focus more on state capitals rather than constructing roads that will help farmers to transport their farm produce from rural areas to urban areas. The min...

<strong>FG Pays ASUU Full Salaries For November, Withholds Arrears</strong>

30Nov

By Mary UgwuanyiNo Comments

Education, Finance, Labour, News, Nigeria

FG Pays ASUU Full Salaries For November, Withholds Arrears

Members of the Academic Staff Union of Universities, ASUU, have been paid their full salaries for the month of November 2022. It was also confirmed that the eight-month arrears owed to the university teachers were not paid. This was disclosed by a senior member of the union at Bayero University in an interview with Punch in Abuja on Wednesday. The source said, “Some of our members have started receiving salaries and I can confirm to you that we received our full salaries for the month of November. However, the arrears are still withheld.” Recall that the Federal Government had withheld the salaries of the lecturers during their strike that lasted for eight months. See Also: ASUU Warns of Fresh Crisis Over ‘No Work No Pay’, Seeks Intervention The members of the union ...

<strong>CBN Sets Countdown Clock On Its Website To Mark Circulation Of New Notes</strong>

21Nov

By Mary UgwuanyiNo Comments

Economy, Finance, News, Nigeria

CBN Sets Countdown Clock On Its Website To Mark Circulation Of New Notes

The Central Bank of Nigeria, CBN, has updated a ticking clock on its website displaying the deadline for the redesigned naira notes. Recall that the apex bank had announced plans to resign N200, N500 and N1000 notes. Justifying the action, CBN governor, Godwin Emefiele, had said that the action was informed by persisting concerns with the management of the current series of banknotes and currency in circulation, - especially those outside the banking system. See Also: How Naira Redesign May Crash Dollar To N200 – EFCC Boss Emefiele explained that one of the challenges faced include significant hoarding of banknotes by members of the public, with data suggesting that more than 80 percent of the currency in circulation is outside the vaults of commercial banks. How...