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Vice President Kashim Shettima has said posterity will remember President Bola Tinubu for being a decisive leader.
He said Tinubu has played an important role in guiding the country towards economic prosperity and stability.
The Vice President’s remark was disclosed on the X handle of the Presidency.
According to Shettima, Tinubu does not apportion blame over the current economic situation in the country.
He said: “We have crossed the Rubicon, and the nation is on the path to sustained growth. Some nations have gone through worse cases in the annals of their history than us.
“The President means well for the nation. He has a good heart for the nation and we have the moral imperative to support him in whatever way we can to salvage the ship of the state.
“The President doesn’t subscribe to the idea of apportioning of blame, the buck stops on his desk and he has not shied away from taking those decisive actions.
“Be rest assured that in the fullness of time, posterity will be very kind to him.”
A report by the Central Bank of Nigeria (CBN) has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost and another N418.9 billion remains doubtful.
According to the report, which was last updated in September 2023, detailed the breakdown of the bank’s intervention funds over the years.
A doubtful loan is one for which full repayment is questionable and uncertain. The degree of repayment of loans in question ranges from a complete loss to an uncertain loss unless corrective actions are taken.
According to the report, out of the N10.3 trillion in intervention funds, N4.4 trillion has been repaid, while approximately N5.8 trillion remains outstanding. Some of the loans are tenured, meaning they only fall due when the principal repayments mature.
However, only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8%.
The apex bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard and N418.9 billion is doubtful and N193.9 billion of the loans are lost.
The apex bank governor, Yemi Cardoso, has repeatedly criticised the intervention funds carried out under the leadership of Godwin Emefiele, claiming that the bank could not implement the interventions appropriately.
FBN Holdings Nigeria oldest bank has appointed three new directors for the HoldCo and two more for the Bank marking the beginning of billionaire investor, Femi Otedola’s, tenure as chairman of the holding company.
The directors appointed by the bank all have intimidating resume’s suggesting a new direction for one of Nigeria’s largest financial institution.
- The holding company announced the appointment of Mr. Olusola Adeeyo, and Mr. Viswanathan Shankar as Non-Executive Directors of FBN Holdings Plc respectively.
- The bank (a subsidiary of the HoldCo) also appointed Mrs. Remilekun Adetola Odunlami as Non-Executive Director and Mr. Anil Dua and Mrs Fatima Ibrahim Ali as Independent Non-Executive Directors of FirstBank .
All the appointments are subject to the approval of Central Bank of Nigeria and the shareholders at the next Annual General Meeting of the Company.
Recommended reading: Femi Otedola appointed as new chairman of FBN Holdings
Profile of the elite directors
Until February 2023, Mr. Adeeyo was the Chairman, AXA Mansard Insurance Plc and had previously served on the board of other reputable companies Including, Central Securities and Clearing Company Plc and Viathan Engineering Limited, among others.
- Mr. Adeeyo’s banking career started at the Corporate Banking Department of the Nigerian International Bank (Citibank) and was later moved to the reconstituted Treasury and Foreign Exchange Unlt of the same bank where he had a remarkable stint.
- He capped his banking career as part of the founding management team/owner group that built and nurtured Investment Banking & Trust Company Limited (IBTC), now Stanbic IBTC Bank Pic, as Director/Group Head, Treasury, and he was credited with significant contributions in formulating and Implementing the strategic direction of the bank.
Viswanathan Shankar, a vastly experienced personality is Co-founder and Chief Executive Officer of Gateway Partners, a private equity and alternative investments manager focused on investing in the dynamic growth markets of Africa, Asia and the Middle East.
- He previously served as CEO – Europe, Middle East, Africa and Americas, and member of the global board of Standard Chartered Plc.
- Prior to that, he served as Head of Investment Banking for the Asia Pacific at Bank of America. Mr. Shankar is currently a Non-Executive Director on the board of the following companies; Dangote Industries Limited, Nigeria; Vision Blue Resources, Guernsey; Gateway Real Estate Africa, Mauritius; and, Fund for Export Development in AfrIca, Egypt.
- Hls past appointments in Non-Executive roles include the boards of the Inland Revenue Authority of Singapore; Enterprise Singapore; Majid Al Futtaim Holdings, and Vice-Chair of the Future of Banking Global Agenda Council of the World Economic Forum.
Remi Odunlami has served In various management and board leadership positions such as the Director/Country Risk Manager in CitiBank Nigeria Limited where she managed the credit portfolio and enterprise risk management processes within the bank, and she was the first female in Citibank across Africa to serve as an Independent Risk Senior Credit Officer.
- She also served as the Executive Director, Chief Risk Officer in FirstBank, managing a credit portfolio in excess of N1.5 trillion, and simultaneously, as a Non-Executive Director across other FirstBank affiliated entities and subsidiary such as FirstBank UK, FBN Capital and Kakawa Discount House.
- She currently sits on the Board of Access Pensions Limited as an Independent Non-Executive Director and on the Board of Rand Merchant Bank Limited as a Non-Executive Director.
- She Is a fellow of the Chartered Association of Certified Accountants (FCCA), honorary member of the Chartered Institute of Bankers in Nigeria (CIBN), and member of the Institute of Directors (loD).
Mr. Anil Dua has sat on the boards of Standard Chartered Bank Limited in Ghana, Nigeria, Cameroon, and Cote D’Ivoire.
- He also served on the Board of Dangote GSP Offshore FZE, Seychelles International Mercantile Banking Corporation, Heirs Holdings Oil and Gas Limited, Matador Investment Management Limited and Africa Property Development Managers.
- Anil currently sits on the Board of major institutions Including, African Export-Import Bank (Egypt), Network International Plc (United Kingdom), Geregu Power Plc (Nigeria), Gateway Holdings Limited and its several other operating partners.
Mrs Fatima Ibrahim All founded Santi Food and Beverage Limited In 2015, drove the company’s strategic direction and orchestrated business development efforts that yielded over 300% growth in consumer retail and supply channels within the first five years of establishment.
- Prior to that, she co-founded Adcity Limited, establishing strategic partnerships and spearheading operational processes that expanded the business footprint across multiple regions.
- She also co-founded magnet Limited where she brought to bear her skill in policy formulation to set standards for the company’s operations thus delivering strong performance in the financials.
- She currently sits on the Board of Reconnect Health Development Initiative International, a mental health charity organisation and she also partners with other government and non-government organisations to champion the course of education for less privileged children across Nigeria.
Otedola’s influence
FBN Holdings Plc announced the appointment of Mr. Olufemi Otedola as its new Chairman of the Board of Directors in January succeeding Alhaji Ahmad Abudullahi.
His appointment as sets off a new chapter in the 130 year history of the bank.
- Collectively, these appointments suggest that FBN Holdings is moving towards a governance model that values diverse, cross-sectoral experience.
- The caliber of these professionals points to a strategic thrust for better oversight, risk management, and corporate governance, aiming to enhance the bank’s operational resilience and strategic agility.
- This new era at FBN Holdings, steered by Mr. Otedola and supported by the expertise of the appointed directors, seems set to foster an environment of prudent management and strategic growth, bolstering the bank’s standing in the Nigerian and international banking sectors.
FBN Holding Share Price closed at N39.6/share 10% shy of its year high of N43.95/share. The stock is up 68% YTD and one of the best performing banking stocks.
[Nairametrics]
President Bola Tinubu has banned public funded international trips for ministers, officials and heads of agencies.
Chief of Staff to the President, Femi Gbajabiamila, conveyed the directive in a letter to the Secretary to the Government of the Federation, George Akume.
The letter cited the “current economic challenges and the need for responsible fiscal management” as reasons for the temporary ban on international travel funded by taxpayers.
Tinubu said exemptions would need presidential approvals which must be sought two weeks ahead of the planned trip.
The letter read in part, “Mr. President has concerns about the rising cost of travel expenses borne by Ministries, Department and Agencies of Government as well as the growing need for Cabinet Members and heads of MDAs to focus on their respective mandates for effective service delivery.
“Considering the current economic challenges and the need for responsible fiscal management, I am writing to communicate Mr President’s directive to place a temporary ban on all public funded international trips for all Federal Government officials at all levels, for an initial period of three (3) months from Is April 2024.
“This temporary measure is aimed at cost reduction in governance and intended as a cost-saving measure without compromising government functions.
“All government officials who intend to go on any public funded international trips must seek and obtain Presidential approval at least two (2) weeks prior to embarking on any such trip, which must be deemed absolutely necessary.”
The development comes after a recent overseas trip by the Office of the Accountant-General of the Federation (OAGF) sparked reactions.
The OAGF held a workshop on Public Financial Management and International Public Sector Accounting Standards in London, UK.
It held at Copthorne Tara Hotel, Kensington London, between March 4 and March 9, 2024.
The workshop, titled “Public Financial Management and IPSAS,” brought together state commissioners of finance and officials from the OAGF.
Nigerians had expressed reservation over the workshop at a time the country is battling forex crisis.
[DailyTrust]
The National Assembly, on Wednesday, passed the Students Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024. This comes after separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and TETFund
DAILY POST recalls that less than one year after President Bola Tinubu signed the Students Loan Bill into law, the legislation was returned to the National Assembly for a complete overhaul.
For eight months, President Tinubu, who campaigned on providing loans to students, struggled to implement the law with several missed deadlines.
The president faced criticism over the several missed deadlines for the implementation of the policy.
However, Mr Tinubu on Thursday forwarded a bill to the National Assembly seeking a repeal and re-enactment of the bill.
According to the president, some of the provisions of the law made it difficult to kickstart the project. He, therefore, urged lawmakers to do a complete overhaul of the legislation.
“The bill seeks to address the challenges relating to the management structure of the Nigerian Education Loan Fund (NELF), applicant eligibility requirements, loan purpose, funding sources and disbursement and repayment procedures,” the president said in a letter addressed to the National Assembly.
In this report, DAILY POST reviews some of the changes President Tinubu is proposing in the law.
Inclusion of all students
One of the major issues the proposed amendment seeks to cure is the exclusion of some of the group of students because of the wording of the law.
The existing Act provides that the loan is for payment of tuition fees and nothing more. President Tinubu, in the letter, said such provision would prevent federal university students from accessing the loan because they don’t pay tuition.
Under the current legislation, students can only apply for loans to pay tuition fees. Federal tertiary institutions don’t charge tuition fees. However, students must pay other institutional charges.
Also, under the current Act, students would not be able to apply to the Fund for loans to cover those other institutional charges or their other upkeep costs, thus defeating the purpose of the loan, which is to ease access to tertiary education for young Nigerians.
The proposed bill says the fund can “provide loans to qualified Nigerians for tuition, fees, charges, and upkeep during their studies in approved tertiary education institutions and vocational and skills acquisition institutions in Nigeria.”
Transfer of operational powers from the CBN governor
In the current Act, the CBN Governor has the responsibility of administering the fund. The administration of the Fund is vested in a Special Committee, with the Governor of the Central Bank of Nigeria (CBN) as the Chairman. The Governor implements the committee’s executive decisions and appoints a Secretary to assist.
If the new bill is passed, the CBN governor will be stripped of the implementation of the fund. The implementation will now be handled by the Managing Director of the Fund.
Mr Tinubu said in his letter: “The Act imposes on the Governor of the CBN management and executive responsibilities outside the core mandate of the CBN, which should be the Governor’s focus.”
Removing Guarantors
The bill by the President is also seeking to remove some of the conditions to qualify students for the loan.
For instance, for any student to qualify for the loan, he must provide two guarantors who shall be a civil servant of level 12 and above, a lawyer with ten years post-call experience, a judicial officer, or a justice of the peace
Also, the current Act allows only applicants with a combined family income of less than N500,000 per annum to apply. Under this provision, the child of a person who earns N45,000 a month is disqualified from applying for this loan.
Children of loan defaulters banned from accessing loan
In addition, the Act contains a provision that bans the children of defaulters from accessing loans.
In the proposed Act, student applicants can no longer be disqualified based on their parent’s loan history.
Payment to commence two years after work
The Act criminalises failure to repay loans obtained from the Fund without consideration for circumstances, including unemployment, death, or disability, that may affect an individual’s ability to pay.
It merely provides that “The Fund shall not initiate loan recovery efforts until two years after the completion of the National Youth Service programme.”
In the letter, the president said beneficiaries of the Fund shall begin repayment as soon as they are employed in any capacity.
Loan forgiveness on event of death
In the proposed bill, the loan ends with the death of a beneficiary.
The president said the bill “makes provision for loan forgiveness in the event of death or acts of God causing inability to repay.”
“A beneficiary may request an extension of enforcement action by the Fund by providing a sworn affidavit indicating that he is not employed in any capacity and is not receiving any income.
“Only a person who provides a false statement to the Fund under this section is guilty of a felony and is liable to imprisonment for three years.”
[DailyPost]
Settlement boosts economic confidence
The Central Bank of Nigeria (CBN) has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso.
In a statement yesterday, Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims.
She explained that the CBN had employed Deloitte Consulting, an independent auditing firm, to meticulously assess the transactions, ensuring that only legitimate claims were honoured.
“Any invalid transactions were referred to the relevant authorities for further investigation,” Sidi Ali said.
Governor Cardoso had emphasised the importance of clearing the backlog to restore credibility in the Nigerian economy.
He stated that, “we made clearing the forex backlog a priority to restore credibility and confidence in the Nigerian economy.”
Cardoso further highlighted the completion of a “credible process” to verify the authenticity of these obligations and expressed his satisfaction in clearing all “genuine, verifiable transactions.”
He underscored the significance of resolving this issue, stating, “This encumbrance to market confidence in the country’s ability to meet its obligations is now totally behind us.”
The CBN’s commitment to tackling the forex backlog appeared to be paying off. External reserves have seen a significant rise. The Nation had reported the reserves rose to its highest point in nine moinths last weekened. This increase was attributed to a notable rise in remittance payments from Nigerians abroad and increased foreign investment in local assets, including government debt securities.
The CBN’s actions are part of a broader strategy outlined during the last Monetary Policy Committee (MPC) meeting.
This strategy aims to stabilise the exchange rate by maintaining a stable exchange rate that helps to curb imported inflation and fosters a more predictable economic environment.
Sidi Ali said clearing the backlog demonstrates the CBN’s commitment to transparency and accountability, potentially enhancing confidence in the financial sector.
Analysts said increased foreign exchange reserves and improved liquidity in the forex market can contribute to economic growth by facilitating international trade and investment.
They noted that Cardoso’s efforts to address the forex backlog and manage foreign reserves strategically demonstrate the CBN’s focus on fostering a more stable and investor-friendly Nigerian economy.
[TheNation]
President Bola Ahmed Tinubu has said that the National Assembly’s constant summons could disturb and distract his appointees from carrying out their primary duties.
The Nigerian leader asked the lawmakers to be accommodating enough and ‘let the poor breathe’.
Naija News reports that President Tinubu stated this during the Ramadan fast-breaking event in Abuja on Wednesday, March 20.
At the religious event, Tinubu acknowledged the importance of oversight in ensuring transparency and accountability in governance. However, he said that excessive summoning of officials can lead to disruptions in operations and affect service delivery to citizens.
Tinubu advised lawmakers to exercise discretion in carrying out their oversight responsibilities.
He said: ”I have been watching various committees summon ministers and agency heads. I have complained to the Speaker to let the poor breathe. Let these people do the job. We are not saying you are not influential. We are not saying you cannot do your oversight.
“But consider the primary duty of each agency, its personnel, or the responsibilities of the Governor of the Central Bank or the Coordinating Minister of the Economy and Minister of Finance to you and the entire nation.
”If they are distracted or disturbed, maybe we will shift parliamentary sitting all through the night. We must find a way to accommodate one another. This is an appeal to you. See if you can accept representatives in some instances or even documentation.”
President Tinubu expressed his trust in the National Assembly’s capacity to maintain good governance and commended the positive rapport between the executive and legislative branches.
He noted that the collaborative efforts have led to the swift approval of numerous bills aimed at enhancing the well-being of the Nigerian people.
Tinubu encouraged lawmakers to remain connected with their constituents and utilize the holy month of Ramadan as an opportunity to demonstrate kindness and aid to those in need.
”We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel.
”We must have faith, and please do not forget your constituencies and remember what they are going through.
”I cannot thank you enough for what you are doing, but it is for our country. There is nothing personal about this. It is for Nigeria, and we have no other country but Nigeria,” the President was quoted as saying by Daily Trust.
The Federal High Court in Abuja, on Wednesday, declined to halt the impeachment proceedings activated by the Edo State House of Assembly against the Deputy Governor, Philip Shaibu.
Justice James Omotosho declined an oral application by Shaibu’s lawyer, Prof. Olawoyin Awoyale, (SAN), asking the court to order parties in the suit marked FHC/ABJ/CS/321/2024, to maintain the status quo.
In declining the prayer, the judge noted that “The Governor of Edo State and the Edo State House of Assembly, who are the principal actors in the matter, have not been served with the Originating Summons of the suit as required by law.’’
He subsequently granted Shaibu’s prayer to serve the court papers on Obaseki and the state House of Assembly by substituted means.
Justice Omotoso ordered that the court process be pasted at the entrance gate of the Edo State Government House and the gate of the state House of Assembly Complex in Benin.
The Judge also directed that all court papers be served on parties in the matter with the use of a registered courier company.
Justice Omotoso adjourned further proceedings till April 15.
The Edo State House of Assembly had on March 5, 2024, commenced impeachment proceedings against Shaibu over allegations of leaking of government’s secrets.
On Tuesday, the Assembly wrote to the Chief Judge of the state to constitute a seven-man panel to probe the allegations against Shaibu.
To stop the impeachment Shaibu filed the suit marked FHC/ABJ/CS/321/2024 before Justice Omotoso.
He is praying for an order restraining the defendants from proceeding with his impeachment.
However, for the second time on Wednesday, the judge refused to grant Shaibu a temporary relief to halt the impeachment move.
The judge had earlier in a ruling on March 13 turned down Shaibu’s ex parte application seeking an interim order to halt the proceedings pending the final determination of the suit.
“The motion ex parte for interim injunction dated and filed 8th day of March 2024 is hereby refused,” the judge held.
He adjourned till Wednesday for hearing in another motion ex parte brought by Shaibu seeking substituted service on the defendants due to his inability to serve them.
The impeachment move is believed to be the latest development in the rift between Shaibu and his principal, Governor Godwin Obaseki. There had been an uneasy calm between the deputy governor and his principal since last year when Shaibu declared his interest to join this year’s Edo governorship race.
[Punch]
Kaduna State Governor Uba Sani yesterday convened an emergency meeting with heads of security agencies and stakeholders from the frontline communities in Kaduna Central.
The resurgence of banditry and kidnapping dominated talks at the parley, which was attended by stakeholders from seven local governments of Chikun, Birnin Gwari, Kajuru, Igabi, Kachia, and Kagarko local government areas.
The governor, who said efforts were being made to rescue the 287 schoolchildren abducted from Kuriga, Chikun Local Government Area, expressed concerns about the rising number of informants in the communities, pledging efforts to identify and apprehend them.
Also yesterday, the House of Assembly member representing the Kajuru Constituency, Usman Danlami Stingo, told reporters that members of the communities affected by the recent attacks have been traumatized and economically impoverished.
The governor told his audience that had assurances from President Bola Ahmed Tinubu and the National Security Adviser (NSA), Nuhu Ribadu, during his meetings with them that the abducted school pupils will all be rescued safely.
He, however, urged local government chairmen and traditional rulers to report any strange face in their community to security agencies to curb infiltration by informants and other people with dastard intentions.
Sani said: “I have series of discussions with President Bola Ahmed Tinubu and the National Security Adviser, Malam Nuhu Ribadu, and the service chiefs, they have done so much. Lots of progress have been made, and I can assure you that our children will return back home safely.
“We will continue to fight until we get our children back. At the end of this meeting, we will have enough information, idea and strategy to work together. We would do everything to assist the security agencies in protecting our citizens. We are working to ensure their safe release.”
“We are here this afternoon to have a meeting which would be interactive between Kaduna state government, local government chairmen, security heads, traditional rulers, and members of the Kaduna State House of Assembly from the seven local governments affected by the incident of insecurity in the last few weeks. We are here to look at the efforts towards intelligence gathering and sharing especially at the grassroots level.
“In the last six months, we have been having meetings which showed that we have enough synergy between state, local government, traditional rulers and security heads.
“This is to support the security agencies in the state towards intelligence gathering and sharing. We have some setbacks in the last few weeks. The Local government chairmen and Kaduna state House of Assembly members, we have to look at other areas especially the incident in Kajuru local government area with series of incidents within 48 hours.
“We have people within the community who should have alerted the security agencies when the first incident happened before the second incident.
“We believe that the traditional rulers have important roles to play in monitoring the community and they should have enough knowledge of their subjects to raise the alarm over anything that is strange. They should fish out strange individuals and report them to security agencies.”
He added: “We realised in this meeting that, there are a lot of complaints about some disgruntling elements that are penetrating some communities.
“The issue of security is pertinent to everyone and we believe traditional rulers have massive responsibility in assisting the security agencies and particularly ensuring that all the strangers that come into the communities are identified.
“We are suspecting that some of them are informants and today I have instructed the traditional rulers and the local government chairmen to fish out most of these strange individuals and report to the security agencies immediately. It will go a long way in enhancing security efforts and also deepening our intelligence gathering and sharing information.
“I have also instructed the Local Government chairmen to go back to their local governments and stay there and also report to us any suspicious movement.
“We also discussed the progress we have made so far and I can say here, most of the children in Kuriga community, we are having a lot of interface with the parents in the community.
“Yesterday, the IG deployed some mobile policeman to Kuriga community, we are making progress and we are also having a lot of support from President Bola Ahmed Tinubu and the service Chiefs are also trying. So it’s only a matter of time.”
A bill proposing a new structure of salaries and allowances for judicial officers in the country has passed the third reading at the House of Representatives.
President Bola Tinubu forwarded a letter along with the executive bill to the House of Representatives on Tuesday, urging swift passage of the proposed legislation.
In the letter, the president said the bill seeks to end the “prolonged stagnation” of the remuneration of judicial officers.
“The judicial office holders salaries and allowances bill seeks to prescribe salaries and allowances and fringe benefits for judicial officials to end the prolonged stagnation in their remuneration and to reflect contemporary socio-economic realities.”
Yesterday, the lower legislative chamber passed the bill after the third reading.
In the breakdown of the bill seen by TheCable, the Chief Justice of Nigeria, CJN, will receive a monthly salary of N5.4 million, amounting to N64.8 million per annum.
The breakdown of the remuneration shows that the CJN will receive a monthly basic salary of N1.1 million and N4.3 million in regular allowances.
The annual pay includes various components such as personal assistant allowance of N3.6 million, hardship allowance of N6.7 million, entertainment allowance of N6 million, utility allowance of N4 million, outfit allowance of N3.3 million, journal subscription allowance of N2 million, medical allowance of N5.3 million, long service allowance of N1.3 million, restricted or forced lifestyle allowance of N6.7 million, dual responsibility allowance of N2.9 million, and legal researchers’ allowance of N6.9 million.
The bill also proposes N61.4 million annually for justices of the Supreme Court.
[Vanguard]
More...
A bill proposing a new structure of salaries and allowances for judicial officers in the country has passed the third reading at the House of Representatives.
President Bola Tinubu forwarded a letter along with the executive bill to the House of Representatives on Tuesday, urging swift passage of the proposed legislation.
In the letter, the president said the bill seeks to end the “prolonged stagnation” of the remuneration of judicial officers.
“The judicial office holders salaries and allowances bill seeks to prescribe salaries and allowances and fringe benefits for judicial officials to end the prolonged stagnation in their remuneration and to reflect contemporary socio-economic realities.”
Yesterday, the lower legislative chamber passed the bill after the third reading.
In the breakdown of the bill seen by TheCable, the Chief Justice of Nigeria, CJN, will receive a monthly salary of N5.4 million, amounting to N64.8 million per annum.
The breakdown of the remuneration shows that the CJN will receive a monthly basic salary of N1.1 million and N4.3 million in regular allowances.
The annual pay includes various components such as personal assistant allowance of N3.6 million, hardship allowance of N6.7 million, entertainment allowance of N6 million, utility allowance of N4 million, outfit allowance of N3.3 million, journal subscription allowance of N2 million, medical allowance of N5.3 million, long service allowance of N1.3 million, restricted or forced lifestyle allowance of N6.7 million, dual responsibility allowance of N2.9 million, and legal researchers’ allowance of N6.9 million.
The bill also proposes N61.4 million annually for justices of the Supreme Court.
President Bola Tinubu has appealed to members of the national assembly to exercise restraint in inviting heads of ministries, departments and agencies (MDAs).
The president spoke on Wednesday while breaking the Ramadan fast with Tajudeen Abbas, speaker of the house of representatives, and other members of the leadership cadre of the lower legislative chamber.
Hardly a week passes at the national assembly without lawmakers summoning heads of government agencies.
In instances where government officials fail to appear, they are often threatened with warrants of arrest.
Tinubu said while oversight is essential for maintaining transparency and accountability in governance, the frequent summons of heads of government agencies can affect service delivery to the people.
”I have been watching various committees summoning ministers and heads of agencies,” the president said.
“I have complained to the speaker to let the poor breathe. Let these people do the job. We are not saying that you are not influential. We are not saying you cannot do your oversight.
“But consider the primary duty of each agency, its personnel, or the responsibilities of the governor of the central bank or the coordinating minister of the economy and minister of finance to you and the entire nation.
”If they are distracted or disturbed, maybe we will shift parliamentary sitting all through the night. We must find a way to accommodate one another.
“This is an appeal to you. See if you can accept representatives in some instances or even documentation.”
The president reiterated that he believes in the constitutional powers of the national assembly to uphold good governance through oversight responsibilities on the executive.
Tinubu asked the lawmakers to use the occasion of Ramadan to show compassion and support members of their constituencies.
“We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel,” Tinubu said.
“We must have faith. And please do not forget your constituencies and remember what they are going through.
”I cannot thank you enough for what you are doing — but it is for our country. There is nothing personal about this. It is for Nigeria, and we have no other country but Nigeria.”
[TheCable]
President Bola Tinubu, last night, promised that the sacrifices of the 16 soldiers killed last week in Okuama, Ughelli South Local Government Area of Delta State, would not be in vain.
Speaking during the breaking of Ramadan fast at State House, Abuja, with Speaker of the House of Representatives, Hon. Tajudeen Abbas, and the leadership of the House, Tinubu said the deceased military personnel would be given befitting burial and national honours.
The president’s comments came as Bayelsa State Governor, Senator Douye Diri, yesterday, said the killers of the military men must be smoked out and treated as criminals. Diri called for concerted effort and support for the military and other security agencies to enable them to bring the killers to justice.
The governor condemned the killings and expressed his deep condolences and that of the Bayelsa State government to the families of the slain military personnel, the armed forces, and the army, in particular. He stressed that no effort should be spared to bring the perpetrators to book.
Delta State Commissioner of Police, Olufemi Abaniwonda, disclosed that the army was yet to grant the police access to Okuama. Abaniwonda said the area was still volatile and deserted.
Commenting on the death of the military men on national duty, Tinubu said, “In responding to distress calls, they met the end of their lives in a savage manner. Let us work to sympathise and symbolise the fact that they are worth the sacrifices they have made for Nigeria.
“We salute all our men and women in uniform, and we sympathise with them. I will soon make further pronouncements, but they must have a befitting burial and national honours.”
Advising members of the National Assembly on the rate of invitations to heads of MDAs, Tinubu said while oversight was essential to ensure transparency and accountability in governance, excessive summoning of officials could disrupt operations and hinder service delivery to citizens.
He urged lawmakers to show discretion in the exercise of their oversight functions.
The president stated, ”I have been watching various committees summoning ministers and heads of agencies. I have complained to the speaker to let the poor breathe. Let these people do the job. We are not saying that you are not influential. We are not saying you cannot do your oversight.
“But consider the primary duty of each agency, its personnel, or the responsibilities of the governor of the central bank or the Coordinating Minister of the Economy and Minister of Finance to you and the entire nation.
“If they are distracted or disturbed, maybe we will shift parliamentary sitting all through the night. We must find a way to accommodate one another. This is an appeal to you. See if you can accept representatives in some instances or even documentations.”
The president, however, expressed confidence in the ability of the National Assembly to uphold good governance, and lauded the existing cordial relationship between the executive and the legislature. He said the harmonious working relationship had resulted in the expeditious passage of several bills to improve the welfare of Nigerians.
Tinubu urged the legislators not to forget their constituencies, saying they should take advantage of the holy month of Ramadan to show compassion and support the less privileged in society.
He told the legislators, “We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel. We must have faith and, please, do not forget your constituencies and remember what they are going through.
The national average price of Premium Motor Spirit, otherwise known as petrol, increased year-on-year, YoY, by 157.57 percent to N679.36 per litre in February 2024, from N263.76 per litre recorded in the corresponding period of 2023.
However, in its latest report – ‘Premium Motor Spirit (Petrol) Price Watch for February 2024’, the National Bureau of Statistics, NBS, indicated that Zamfara State topped the price chart at N750.43 per litre, followed by Kebbi and Taraba States with N746.67 and N710.56 respectively.
The report stated “Kwara, Ogun and Benue States had the lowest average retail price for Premium Motor Spirit, (Petrol) at N650.00, N650.83 and N652.73 respectively. On zonal profile, the North-West zone had the highest average retail price of N701.20, while the South-West zone had the lowest price of N657.20
Similarly, in another report – ‘Automotive Gas Oil (Diesel) Price Watch for February 2024’ by NBS indicated that the average retail price for diesel increased year-on-year, YoY, by 50.20 percent to N1,257.06 per litre in February 2024, from N836.91 per litre recorded in the corresponding period of 2023.
This is even as diesel price continues to increase in many states with price ranging from N1,600 –N1,700
The report stated “On a month-on-month basis, an increase of 9.02% was recorded from N1,153.01 in the preceding month of January 2024 to an average of N1,257.06 in February 2024.
On States variation analysis, Akwa Ibom State topped the price chart with N1,525.00 per litre, while Gombe state followed with N1,500.00 and Kwara State with N1,440.00.
Furthermore, the States with the lowest prices are Adamawa State with N1,037.50, Kano State with N1,111.43 and Katsina State with N1,125.00. The Zonal representation of the average price of Automotive Gas Oil (Diesel) shows that South South Zone has the highest price of N1,343.09 while South West Zone has the lowest price N1,164.05 when compared with other Zones.