Senate passes MTEF, retains $57 per barrel as oil benchmark – Newstrends
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Senate passes MTEF, retains $57 per barrel as oil benchmark

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The senate on Wednesday passed the medium term expenditure framework (MTEF), retaining the oil benchmark for the 2022 budget at $57 per barrel.

The upper legislative chamber also put the daily crude oil production at 1.88 million barrels per day and the exchange rate of N410 to a dollar.

The aforementioned assumptions, which the 2022 budget will be predicated on, were proposed by the federal executive council (FEC).

The upper legislative chamber did not make any adjustments to the assumptions of FEC chaired by President Muhammadu Buhari.

Before the senators passed the document, Solomon Olamilekan, chairman of the finance committee, while presenting a report, said there should be a continuous review of the Fiscal Responsibility Act to ensure that all revenues are remitted to the federation account.

The Lagos west senator said this would curtail “frivolous” deductions and diversion of funds by miniseries, departments and agencies (MDA).

“That the daily crude oil production of 1.88mbpd, 2.23mbpd, and 2.22mbpd for 2022, 2023 and 2024 respectively, be approved, in view of average 1.93mbpd over the past three years and the fact that a very conservative oil output benchmark has been adopted for the medium term in order to ensure greater budget realism,” he said.

“That the benchmark oil price of $57 per barrel should be approved because of the clear evidence of wide consultations with key stakeholders. and the age long fiscal strategy of addressing the oil price shocks by the adoption of a higher than forecast oil price benchmark for fiscal projections over the medium term.

“That the exchange rate of N410.15 to a dollar proposed by the executive for 2022-2024 be approved.”

The senate also approved the projected gross domestic product (GDP) growth rate of 4.20 percent and projected inflation rate of 13 percent.

At the international market, Brent oil price climbed by 1.4 percent to $75.44 a barrel while U.S. West Texas Intermediate (WTI) crude futures rose 1.6 percent to $71.65 a barrel over tight supply as demand improves.

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Supreme Court dismisses 16 govs suit challenging EFCC legality

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Supreme Court dismisses 16 govs suit challenging EFCC legality

The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.

The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).

In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.

The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.

It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.

Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

 

Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.

Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.

No reason was given for the suspension.

Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.

The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.

“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”

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Just in: Rivers, Anambra high court judges suspended for one year

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Just in: Rivers, Anambra high court judges suspended for one year

 

The National Judicial Council (NJC) has suspended two state high court for over acts of professional misconduct.

The NJC named the affected judges as Justice G. C Aguma of the High Court of Rivers State and Justice A.O Nwabunike of the Anambra State High Court.

They were both suspended for the period of one year without pay and thereafter placed on watch list for two years.

The decision was taken at the 107th Meeting of the NJC chaired by the Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun on 13 and 14 November 2024.

A total of five serving judicial officers were sanctioned for various acts of misconduct.

The Council also recommended two Heads of Court for compulsory retirement over falsification of age.

The duo of the Chief Judge of Imo State, Hon. Justice T. E. Chukwuemeka Chikeka and the Grand Kadi of Yobe State, Hon. Kadi Babagana Mahdi, were recommended for compulsory retirement for falsification of their ages.

The Council considered the Report of its Preliminary Complaints Assessment Committee, which considered a total number of 30 petitions, empanelled six committees for further investigation.

Twenty-two cases were dismissed for lacking in merit, two were sub judice.

The Council also empanelled a committee to investigate all complaints and petitions against Hon. Justice O. A. Ojo, Chief Judge, Osun State.

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