Latest News
Governor Hyacinth Alia of Benue State has instituted two separate judicial commissions of inquiry to probe the management of the state’s resources and assets under his predecessor, Samuel Ortom’s administration.
Alia charged the two commissions of inquiry, which he inaugurated on Monday night, to scrutinize the former administration between 2015 and 2023.
He urged the two panels—the Judicial Commission of Inquiry into the Income and Expenditure of Benue State Government (from May 29, 2015, to May 28, 2023) and the Judicial Commission of Inquiry into the Sale/Lease of Government Assets, Companies and Markets (both state and local government-owned markets), as well as Moribund Companies (from or before May 28, 2015, to May 28, 2023)—to do a thorough job.
The governor explained that the setting up of the two commissions of inquiry to look into the activities of the outgone administration has become necessary in response to the desire of the people of the state, who are the major stakeholders and owners of the resources.
In their separate responses, the Chairman of the Judicial Commission of Inquiry into the Income and Expenditure of the Benue State Government 2015-2023, Justice Taiwo Taiwo (rtd), assured that they would do a thorough job within the space of time available to them in line with their terms of reference.
Also, the Chairman of the Judicial Commission on Sale/Lease of Government Assets, Companies, and Markets, Justice Apollos Paul Idi (rtd), expressed readiness to work in line with the terms of reference given to them and come up with recommendations that would help the government move the state forward.
The Commission of Inquiry on the Income and Expenditure of Government Funds from May 2015 to May 2023 has Chief John Ochoga, Henry Tor, Tom Ujah, Ode Igbade Nick, Iorpenda Tarnguhar, and Terfa Gbande as members, while Barr. Ajinge Sar and Dr. Abraham Gberindyer are to serve as government counsel and secretary, respectively.
The Commission of Inquiry on the Sale of Assets, Companies and Markets from 2015 to 2023 has Clement Nenge Beetse, John Ogah, Dr. Terungwa Adzende, and Hon. Abraham Atotse as members, while Victor Nyamtamen (Esq.) and John Edigbo serve as government council and secretary, respectively.
Meanwhile, Ortom has said he welcomed the inauguration of the two judicial commissions by his successor to probe the activities of his administration between 2015 and 2023.
The former governor, through his media aide, Terver Akase, on Tuesday expressed willingness to cooperate with the probe panels as long as the investigation is carried out in line with the law.
Ortom stressed that his administration was built on transparency, accountability, and good governance as he emphasized his readiness to provide any information or clarification as may be required, urging his former appointees to equally make themselves available whenever called upon to provide clarifications.
The Senate has constituted a nine-man committee to investigate the N30 trillion Ways and Means advances the Central Bank of Nigeria (CBN) extended to the federal government.
Deputy Senate President, Barau Jibrin, who presided over the plenary, announced Senator Jibrin Isah (Kogi East) as chairman of the panel during Tuesday’s sitting.
The Red Chamber had, last week, resolved to probe how the loan was used after adopting the report of its joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture and Appropriations.
The Ways and Means is a loan facility the CBN gives the federal government to fund budget shortfalls.
The loan facility has been a subject of controversy, with experts expressing concern that CBN had exceeded its lending threshold to the federal government, against extant laws.
Barau, in his remark before announcing membership of the committee, said the excessive borrowing caused inflation in the country.
He said: ““The financial obligation to the CBN now stands at N30 trillion. It is therefore imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible.”
Other members of the ad hoc committee are: Ekpeyong Asuquo, Mohammed Tahir Monguno, Victor Umeh, Olamilekan Adeola, Sani Mohammed Musa, Aliyu Wadada, Abdul Ningi and Ipalibo Banigo Harry.
They were given four weeks to turn in their report for further legislative action.
The Senate on Wednesday, February 28, approved President Bola Tinubu’s request for the removal of Babatunde Irukera as Chief Executive/Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC).
Tinubu had on Monday, January 9, sacked both the Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh, and the Executive Vice-Chairman/Chief Executive Officer of Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera with immediate effect.
The resolution of the red chamber followed its consideration and adoption of a motion to that effect moved by the Senate leader, Opeyemi Bamidele (APC-Ekiti Central) that “the Senate do consider the request of Mr. President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria on the removal of Chief Executive/Vice-Chairman of the Federal Competition and Consumer Protection Commission (FCCPC) in accordance with Section 8(1)(bb) & (2) of the Federal Competition and Consumer Protection Commission Act, 2018.
Senator Osita Ngwu (Enugu West) in his contribution, observed that Irukera had not completed his term of office before he was removed.
However, Senate President Godswill Akpabio in his response reminded him that it was not the duty of the Senate to question the president’s nomination or removal of persons in official positions, but to either approve or reject it.
Senators approved President Tinubu’s removal of Irukera when Akpabio put the matter to voice vote.
[TheNation]
The Nigerian Communications Commission has reiterated its directive to telecom operators to bar telephone subscribers not linked to their National Identification Numbers on or before February 28, 2024.
The Executive Vice Chairman, National Communication Commission, Dr Aminu Maida, spoke at the NCC’s Special Day during the ongoing 45th Kaduna International Trade Fair on Wednesday.
Maida who was represented by Mr Reuben Mouka, NCC’s Director of Public Affairs, insisted that as a matter of critical national security, telecom consumers must link their NIN to their SIM.
He reaffirmed that the February 28th deadline given to telecom operators to bar subscribers who failed to link their NIN to SIM, stands.
“To this end, the National Communication Commission has directed all telecommunication operators to bar phone lines of subscribers whose lines are not linked to their NINs on or before February 28, 2024,” he added.
This, the executive vice chairman said, was apt as the theme resonated with the principles and objectives of the commission in promoting local content development in the telecom industry.
Maida also said the NCC was committed to protecting consumers’ rights while ensuring their satisfaction and noting that the commission has created a universally acceptable environment to access “affordable and equitable service and supports the nation’s economic growth.”
“As a regulator of the telecommunications sector in the country, the Commission carries out its functions to ensure service availability, affordability, and sustainability for all categories of consumers, who are leveraging on ICT/Telecoms to drive personal and business activities,” he said.
For instance, he continued that the Telecom Consumer Assistance, Resolution and Enquiries (TELCARE) Desk at the Nnamdi Azikiwe Internatonal Airport Abuja The TELCARE desk was set up to further provide an additional platform to make enquiries on customer issues, receive and facilitate the resolution of telecom consumer complaints.
He explained that by “working together, we can create a more vibrant telecommunications industry that contributes significantly to the economic recovery and growth.”
According to him, as of 2023, the telecoms industry’s contribution to the nation’s GDP stood at 13.5% (Source – Nigerian Gross Domestic Product Report November 2023-A publication of the National Bureau of Statistics.
“Conversely, as we promote economic growth through the development of local content, we must also address the challenges faced by consumers and NCC is committed to protecting their rights while ensuring their satisfaction.
The NCC boss, therefore urged telecom firms to prioritize customer satisfaction and uphold the highest standards of service delivery, noting that the commission has implemented measures to safeguard the interests of consumers and businesses alike.
One such measure, he said, was the NCC’s directive on May 17, 2023, that all licensed Mobile Network Operators commence implementation of approved Harmonised Short Codes for providing services to Nigerian telecom consumers.
“The new initiative is enabling consumers using the over 224 million active mobile telephone lines in Nigeria to use the same codes to access services across all networks,” he added.
Meanwhile, the NCC boss disclosed that as of 2023, the telecoms industry’s contribution to the nation’s GDP stood at 13.5 per cent, according to the Nigerian Gross Domestic Product Report November 2023 – A publication of the National Bureau of Statistics.
[Punch]
The house of representatives has thrown out a bill that sought to make it compulsory for presidential and governorship candidates to secure more than 50 percent of the total votes cast, to be declared winners.
The bill seeking to change the current simple majority system of electing the president and governors, suffered a setback on the floor of the green chamber on Wednesday.
Sponsored by Awaji–Inombek Abiante, a lawmaker from Rivers, the bill sought to make it mandatory for a presidential candidate to be declared winner only if he or she scores more than half of the total votes cast, where there are more than two candidates in the contest.
WHAT THE CONSTITUTION SAYS
According to the constitution, to win the presidential election, a candidate needs to obtain 25 percent of the votes in at least two-thirds of the 36 states and the federal capital territory (FCT), along with an overall simple majority.
If a candidate fails to meet both requirements, a run-off occurs between the candidate with the highest vote count and the candidate with the most votes across most states.
Section 134 (1) of the constitution states that a “candidate for an election to the office of President shall be deemed to have been duly elected, where, there being only two candidates for the election:
“(a) he has the majority of votes cast at the election; and
“(b) he has not less than one-quarter of the votes cast at the election in each of at least two-thirds of all the States in the Federation and the Federal Capital Territory, Abuja.
“(2) A candidate for an election to the office of President shall be deemed to have been duly elected where, there being more than two candidates for the election:
“(a) he has the highest number of votes cast at the election; and
“(b) he has not less than one-quarter of the votes cast at the election each of at least two-thirds of all the States in the Federation and the Federal Capital Territory, Abuja.”
Section 134 also stipulates same for governorship candidates.
THE NAYS HAD IT
But Abiante’s bill proposed that in a presidential race with more than two candidates, a candidate must secure a majority of the total votes — which constitutes over 50 percent.
The bill had not even been debated when lawmakers roundly rejected it.
Tajudeen Abbas, speaker of the house, called for the bill to be seconded after its presentation by Abiante.
However, as soon as the bill was seconded and put to a voice vote, it was rejected — with louder “nays” than “ayes”.
The bill’s rejection process was highly unusual, as bills are typically rejected after the general principle has been debated.
If this system had been deployed during the 2023 election, President Bola Tinubu would not have been declared winner of the election in the first ballot, as he did not secure the majority of total votes cast.
[TheCable]
The Nigeria Labour Congress (NLC), on Tuesday, made a 17-point demand to President Bola Ahmed Tinubu.
Naija News understands that the demands were made to assuage the poverty, hunger and mass suffering inflicted on the citizens by the policies of the federal government.
The demands were placed before President Tinubu-led government after the President of NLC, Joe Ajaero, called off the nationwide protest over hardship.
Here are the 17-point demands
– We suggest a reopening of land borders to allow food, cement and other essentials to come in.
– Emergency measures to ensure food security around the country, including ensuring that farmlands are secured so that farmers can return to the land.
– We propose an immediate removal of the collection of levies, fees, dues and tolls from petty traders across the nation by local and state governments.
– Immediate implementation of the October 2, 2023, agreement reached with your government.
– An immediate purchase and deployment of CNG/ electric buses across all states of the federation to be managed by stakeholders.
– An immediate deployment of large numbers of CNG conversion kits to all states of the federation to grant the citizenry easier access to conversion of their vehicles from PMS to CNG.
– Composition of a team of relevant stakeholders to monitor and supervise all Federal Government’s intervention funds in the interest of Nigerian people. The same arrangement is advocated at all levels to ensure that government interventions reach the poor and the vulnerable.
– Reversal and suspension of further increases in school fees across the nation;
– A drastic reduction and removal of import duties paid on essential drugs and medical consumables to relieve the current hardship being witnessed by the sick.
– Direct all state governments to immediately pay all owed wages, wage awards, allowances, gratuities and pensions.
– Cash Transfers to the vulnerable with verifiable and inclusive social register to begin immediately.
– An immediate tax holiday to all workers earning from N100,000 per month and below including a reduction in PAYE for all workers earning below N500,000/Month.
– A removal of VAT on basic consumer items.
– Direct the purchase and use of Made in Nigeria goods and services to stimulate local production and save jobs.
– Immediate reduction in the cost of governance in Nigeria at all levels to reflect the nation’s tight fiscal position.
– Halt immediately the implementation of all IMF and World Bank policies in Nigeria. They have not only worked anywhere but have brought extreme hardship which imperils our nation’s security and undermines our sovereignty.
– Speedy conclusion of the National Minimum Wage negotiation, ensuring that it approximates a living wage.
Amid the current economic hardship, a Senior Advocate of Nigeria, SAN, Mike Ozekhome, has warned that the naira may exchange for N4000 against the United States, US, dollar before the end of 2024.
Ozekhome explained that there was nothing on ground to show that the naira will improve against the dollar.
He disclosed this while appearing on Channels TV programme, Politics Today on Tuesday.
He said: “Before the end of this year, if we are not careful, the Naira may exchange for N4000 to the dollar because there is nothing in place.
”If we are not careful we will get to the situation in Ghana, where they were carrying cedis in baskets to the market to go and buy things and put in their pockets.
”Why do BDCs sit under the trees and tables to control our economy?”
The Central Bank of Nigeria says the country’s gross external reserves grew by $2.28 billion to $34.51 billion in February 2024.
Olayemi Cardoso, the Governor of CBN, disclosed this on Tuesday in a communique during the 293rd Monetary Policy Committee meeting.
The apex bank boss explained that Nigeria’s external reserves grew to $34.51 billion as of February 20 from $32.23 billion at the end of January 2024.
According to Cardoso, the improvement in the country’s external reserves was driven by reforms in the foreign exchange market and an increase in oil production.
“Gross external reserves stood at US$34.51 billion on February 20, 2024, compared with US$32.23 billion at end-January 2024.
“The improvement was driven by reforms in the foreign exchange market and an increase in oil production
amongst others”, he said.
Recall that the CBN had raised the country’s monetary policy rate by 400 basis points to 22.75 per cent from 18.75 to tackle the country’s rising inflation.
The National Bureau of Statistics said Nigeria’s headline inflation in January 2024 increased to 29.90 per cent.
Former Lagos State governor, Akinwunmi Ambode, has said President Bola Tinubu is not the originator of the current economic challenges in Nigeria.
He said Nigerians need to face the current hardship and economic challenges frontally.
The former governor said this when he addressed attendees at the 2024 Leadership Colloquium and Award hosted by the Akinjide Adeosun Foundation (AAF) at Alliance Francaise in Lagos.
The ex-governor said citizens would continue the blame game if they do not understand the fundamentals of the problems facing the country.
“It has nothing to do with the singular person called Mr President; but if we don’t understand the fundamentals, we will start playing the blame games. We need to face our problems frontally,” he said.
“The major issue is that we are even tired of not fixing our issues. Now, we have found somebody that has decided in person of President Tinubu.
“Until we decide ourselves to say that we should unite for the common cause called Nigeria, the security issues will not go.
“We don’t have to wake up in the morning and talk ill of Nigeria. We get what we profess about Nigeria.”
The long-awaited Central Bank of Nigeria 293rd Monetary Policy Committee meeting was held on February 26 and 27 amid the continued fluctuation of the Naira against the USD and economic hardship in the country.
The MPC is the highest policy-making committee of CBN, with functions including reviewing economic and financial conditions in the economy, determining the appropriate stance of policy in the short to medium term, regularly reviewing the CBN monetary policy framework and adopting changes when necessary.
At the end of the first MPC meeting since the appointment of Olayemi Cardoso as the Governor of CBN, DAILY POST highlights five critical decisions.
Interest rate hike to 22.75 per cent
MPC decided on monetary policy measures by increasing the country’s interest rate by 400 basis points to 22.75 per cent from 18.75 per cent.
The implication is that banks need to pay more when borrowing from the apex bank.
CBN said the move was to moderate inflation in the long and short term.
Adjust the asymmetric corridor around the MPR
The MPC adjusted the asymmetric corridor around the monetary policy rate to +100/-700 from +100/-300 basis points.
This is setting the upper and lower bound around MPR, that is, setting the rate ceiling and floor upon which deposit money banks borrow from CBN in the event of a shortfall in liquidity to meet up with cash reserves requirement and overnight borrowing from each other.
Raise the Cash Reserve Ratio from 32.5 to 45.0%
CBN raised the Cash Reserve Ratio to 45.0 per cent from 32.5 per cent.
The cash reserve ratio is the portion of reservable liabilities (deposits from customers) that commercial banks must hold in their vaults rather than lend out.
For instance, for every N100,000 deposit, banks must hold N55,000 in its vault.
Retain the Liquidity Ratio at 30 per cent.
The committee retained the liquidity ratio at 30 per cent.
A bank’s liquidity ratio is its ability to pay off its current obligations without raising debt capital. It represents the percentage of deposits a bank must keep in cash or near-cash securities before making loans to customers. The CBN is thus mandating that banks hold 30 per cent of deposits as cash in the vaults to meet cash requests by banks.
CBN fixed March 25 and 26 for the next MPC meeting
The apex bank fixed March 25 and 26, 2024, as the next Monetary Policy Meeting date.
More...
President Bola Tinubu explained on Tuesday that the decision taken to remove subsidy on petrol was a challenging one but necessary to ensure a transparent and accountable energy sector.
The President, who spoke at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners, assuring that eventually the economy will improve and the benefits will manifest.
Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu said energy security was a priority for his administration.
He said: The petroleum subsidy has, over the years, strained our economic resources, leading to inefficiencies and, most importantly, hindering our ability to invest in critical areas of energy security.
“By removing the subsidy, we are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.
“Furthermore, the removal of the subsidy has encouraged further private sector participation in the energy industry, with the potential to attract more local and international investors and foster innovation and competition that will drive down costs and improve the overall efficiency of our energy sector.”
Acknowledging the hardship caused by the decision, the President said: “I am acutely aware of the immediate impact this decision may have had on our citizens, especially those with lower incomes.
Therefore, in parallel with the subsidy removal, my administration is committed to implementing social intervention programmes to mitigate the short-term effects on vulnerable populations. These programmes will ensure that the burden of subsidy removal is shared equitably and that the most vulnerable among us are protected.
“The decision to remove the petroleum subsidy is not an easy one, but it is a necessary one for the long-term energy security and economic prosperity of our beloved nation. I call upon all stakeholders, including industry experts, policymakers, and the general public, to engage in constructive dialogue and collaboration as we navigate these challenging but transformative times.
“Together, we can build a resilient and sustainable energy future for Nigeria.”
Air-Conditioned Luxury Buses With Free Wi-Fi Hit Abuja Roads As Wike Commences Capital Transport Repositioning
Admin
With the introduction of 15 air-conditioned 60-seater luxury buses fitted with free wi-fi in Abuja yesterday, Minister of the Federal Capital Territory, Chief Nyesom Wike has begun a repositioning process for intra-city transport needs of Abuja residents, the Director of FCT’s ‘Transport For Abuja’ project, Dr. Yakubu Terry has said.
Speaking during the inauguration of the initial batch of 15 buses that will ply various parts of the capital city under a public/private partnership (PPP) programme, Dr. Terry stated that under the FCT Minister, renewed hope is manifesting for urban mass transit.
During a brief ceremony at the Eagles Square, both Terry and the FCT’s Mandate Secretary for Transportation, Mr. Uboku Nyah emphasised that with the ‘Transport For All’ (TFA) project, the FCT has commenced a secure, convenient and affordable transportation that is for all Nigerians across various locations in the city.
“Our vision for transport for Abuja is not just about buses and routes, it’s a commitment to building a connected, sustainable, and efficient transportation system that will elevate the quality of life for every resident. We envision a city where commuting is seamless, where people can rely on a modern and reliable transit system, and where transportation becomes a facilitator of progress.
“To turn this vision into reality, ‘Transport for Abuja’ has devised a strategic plan that focuses on key city areas and their environs and by connecting the dots efficiently. We aim to create a web of convenience that thread through the fabric of Abuja; our strategy is not just about the number of buses on the road, it’s about creating a comprehensive and accessible network that serves the diverse needs of our community.
“We will prioritize lucrative routes and leverage technology to optimize routes, reduce wait times, and enhance the overall commuting experience; as we strive for efficiency. A crucial aspect of our strategy is the introduction of cutting-edge digital payment offerings,” he said.
According to Terry, passengers’ convenience is paramount and the introduction of various digital payment methods and user-friendly mobile apps, will ensure that passengers can effortlessly purchase tickets and thereby eliminate the need for physical cash, reduce transaction time and speed up the boarding process with seamless and efficient experience for valued riders.
Aside from the free onboard wi-fi and air-conditioning for passengers, Terry said the buses are equipped with live surveillance features for passenger safety.
According to an official, Mr. Roy Kweku, who conducted government officials, including Zacharia Nyampa and other members of the House of Representatives on a short intra-city tour, the goal of TFA is to use innovative methods and ICT towards transforming urban transportation experience for Nigerians with a vision for more efficient, highly reliable, accessible and secure transportation system that can help towards improving citizens’ lives.
limits Ways, Means borrowing
The Senate on Tuesday proposed a six-year single term for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN).
The Red Chamber also sought to limit amount the Federal Government can borrow from the apex bank under the Ways and Means Advances.
For external Directors appointed on the board of the CBN, the Senate proposed that they should hold office for a non-renewable term of five years (one year less than the six-year tenure of the Governor and Deputies).
This followed the second reading a Bill which seeks to amend the Central Bank of Nigeria (CBN) Act
The Bill, among others, also seeks to make the CBN comply with the provisions of the Fiscal Responsibility Act.
The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru (APC – Lagos East), and 41 other lawmakers sponsored the Bill, titled: “A bill for an Act to amend the Central Bank of Nigeria, CBN, Act No 7, of 2007.”
On Ways and Means Advances, the Bill proposed that advances the apex bank can grant the Federal Government should not exceed 10 per cent of average government actual revenues during the preceding three years.
“For the purpose of determining the government’s actual government revenue, proceeds from asset sales shall be excluded to avoid capturing revenues from exceptional items.
“Also, such temporary loans should be repaid in full within three months from the date it is made available. In order to minimize default risk, any sum which becomes outstanding at the end of the expiration of the credit period should be held against and recovered from the proportion of the Federal Government’s FAAC Receipts,” he said.
Abiru, in his lead debate, noted that the current CBN Act of 2007, which charges the Bank with the overall control and administration of the monetary and financial sector policies of the federal government, “has not been amended for over 16 years despite growing changes to the Bank’s Balance sheet as well as challenges in monetary policy implementation occasioned by fiscal dominance and the rapidly changing financial landscape.”
The proposed amendments, according to him,
are aimed at strengthening the bank “to discharge its primary mandate of maintaining monetary and price stability in support government’s economic growth objectives as well as align its governance mechanisms with global best practices.”
According to him, “Section 8 (2) of the CBN Act currently grants the Governor and Deputy Governor’s tenure of five years and they are eligible for re-appointment for another term not exceeding five years.
“The Bill proposes to amend this provision to provide a single non-renewal term of 6 years for the Governor and the Deputy Governors.
“This is the practice adopted by many independent Banks such as the US Federal Reserve and the European Central Bank where their Chief Executive Officers serve only one non-renewable term.
“Empirical evidence shows that a single term for the members of the Executive and Board members of central banks helps to reduce political influence on monetary policy decisions and the time inconsistency problem associated with non-independent central banks.
“In addition, the Bill proposes that where a vacancy is created by the death or resignation of a CBN Governor or Deputy Governor, the President can appoint an acting Governor in the interim pending the appointment of a substantive Governor or Deputy Governor.
“Where a substantive appointment is made, such appointment will be for a fresh term rather than serving the tenure of the previous Governor or Deputy Governor.
“It can be observed that there is no mention of gender as part of the factors to be considered by the President in the appointment of the five external Directors. In line with inclusivity in the governance of the Bank, the Bill proposes to insert the word ‘gender’ in this provision.”
He added: “Section 10 (3) of the current Act stipulates that each Director appointed shall hold office for four years (one year less than the tenure of the Governor and Deputies) and shall be eligible for re-appointment for another term of four years.
“It is therefore proposed that the five external Directors should hold office for a non-renewable term of five years (one year less than the six-year tenure of the Governor and Deputies).”
For proper alignment of monetary and fiscal policies, Abiru disclosed that the new bill has proposed a Coordinating Committee for Monetary and Fiscal Policies to set internally consistent targets of monetary and fiscal policies that are conducive to controlling inflation and promoting financial conditions for sustainable economic growth;
“Applying caps to any fiscal deficit at a level that can be financed without having recourse to direct monetary financing from the Bank, that is Ways and Means; amongst other necessary measures,” he said.
Senators in their contribution supported the Bill and approved that it be read for a second time when it was put to voice vote by Senate President Godswill Akpabio.
Akpabio thereafter referred the Bill to the Senate Commiserated on Banking, Insurance and other Financial Institutions for further legitimacy action and to report back in four weeks.
The House of Representatives Committee on Public Accounts (PAC) has invited the Central Bank Governor Yemi Cardoso to appear before it on Tuesday, March 5 unfailingly over issues with leakages on the REMITA platform.
The Committee’s Chairman, Hon. Bamidele Salam, conveyed the invite in a letter to the CBN Governor titled RE: INVESTIGATION OF REVENUE LEAKAGES THROUGH REMITA PLATFORM AND NON-COMPLIANCE SUBSTANTIVELY WITH STANDARD OPERATING PROCEDURE AND OTHER ALLIED SERVICE LEVEL AGREEMENT 2023 (HR.373/11/2023).
The PAC Chairman stated that the CBN Governor’s failure to appear before the Committee and address the issues has significantly hindered the investigative process on revenue leakages through the REMITA platform.
According to him: “You are strongly advised to take advantage of this invitation and appear before the Committee on Tuesday, March 5, 2024, at 10:00 am in Meeting Room 446, House of Representatives’ New Building, to respond to the issues that will arise during the hearing session.
“You are also advised to bring along all relevant officers familiar with the issues at stake who may assist you in providing answers to any questions that could arise during the session.”
“Please refer to your representation before the Public Accounts Committee on Tuesday, February 27, 2024, by an Assistant Director without a written letter to that effect. Be advised that the Committee does not allow representation; all Chief Accounting Officers are to appear in person to defend their office.
“You will also recall that the Committee has sent several correspondences to your office on the same subject with Ref. Nos: HR/PAC/SCO5/10NASS/HR.373/11/2023/1/2, dated December 8, 2023; HR/PAC/SCO5/10NASS/HR.373/11/2023/1/31, dated January 19, 2024; HR/PAC/SCO5/10NASS/HR.373/11/2023/1/60, dated January 25, 2024, and HR/PAC/SCO5/10NASS/HR.373/11/2023/2/84, dated February 19, 2024. We observed your absolute disregard for its Constitutional mandate. Please find copies of the letters attached.
“Your failure to appear before the Committee and respond to the issues has significantly stalled this Committee’s investigative process on revenue leakages through the REMITA platform.
“Consequently, the Committee wishes to draw your attention to previous letters on various subject matters, to which you are yet to respond. Please find references below:
“HR/PAC/SCO5/10NASS/QUE.2/29 dated January 23, 2024; HR/PAC/SCO5/10NASS/FA/1 dated January 23, 2024; HR/PAC/SCO5/10NASS/SE.3/34 dated January 30, 2024, and HR/PAC/SCO5/10NASS/SE.3/35 dated February 22, 2024. Please also find copies of the letters attached.
“The Committee frowns at this and wishes to remind you of the relevant constitutional provisions in Sections 62 and 89(1) (a, b, c & d) & (2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended). The Public Accounts Committee has the power to summon any person in Nigeria to give evidence, produce any document in his possession and under his control.
“It may also interest you to note that under Sections 89 (1) (d), the Committee has the power to issue a warrant to compel the attendance of any person who, after being summoned, fails, refuses, or neglects to do so.
“Failure to comply with this civil invitation may leave the Committee with no choice but to issue a warrant of arrest against you in line with Legislative Houses (Powers & Privileges Act 2017) (Sections 2 & 3) and the 1999 CFRN (as amended) in line with House Procedures.
“Consequently, the Committee resolved to grant you one last opportunity to appear.”