News
Buhari signs bill compelling new President to submit ministers list within 60 days
President Muhammadu Buhari on Friday signed a bill compelling president-elect and governors-elect to submit a list of ministers or commissioners nominated to the national and state assemblies within 60 days of being in office.
The law will take effect from the time President-elect, Asiwaju Bola Tinubu, takes oath of office on May 29, 2023.
This is one of the bills the President assented to on Friday.
Other bills signed into law include financial independence for state houses of assemblies and state Judiciary.
There are also bills that seek to remove railway, prison, and electricity from the exclusive legislative list to the concurrent list.
In January, it was reported that 35 constitutional amendment bills were passed and transmitted to Buhari for assent.
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A total number of 44 bills were transmitted to the state house of assemblies by the national assembly but only 35 were approved by 24 states.
Financial and legislative autonomy for local governments were among the bills not approved by the states.
Sections 9(2) and (3) of the 1999 constitution require two-thirds of all the state assemblies — 24 states — to approve constitutional amendment bills.
Wase said four of the constitutional amendment bills signed into law by Buhari deal with “devolution of powers/promoting true federalism and also strengthening of state houses of assembly and judiciary”.
He commended the president and members of the national assembly for “working tirelessly to ensure the passage of this legacy legislations”.
Below are the bills signed into law.
1. Fifth Alteration (No.1), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to change the names of Afikpo North and Afikpo South Local Government Areas; and for related matters.
2. Fifth Alteration (No.2), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to change the name of Kunchi Local Government Area; and for related matters.
3. Fifth Alteration (No.3), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to change the names of Egbado North and Egbado South Local Government Areas; and for related matters.
4. Fifth Alteration (No.4), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to correct the name of Atigbo Local Government Area; and for related matters.
5. Fifth Alteration (No.5), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to correct the name of Obia/Akpor Local Government Area; and for related matters.
6. Fifth Alteration (No.6), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to provide for the financial independence of State Houses of Assembly and State Judiciary; and for related matters.
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7. Fifth Alteration (No.8), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to regulate the first session and inauguration of members-elect of the National and State Houses of Assembly; and for related matters.
8. Fifth Alteration (No.9), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to delete the reference to the provisions of the Criminal Code, Penal Code, Criminal Procedure Act, Criminal Procedure Code or Evidence Act; and for related matters.
9. Fifth Alteration (No.10), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to exclude the period of intervening events in the computation of time for determining pre-election petitions, election petitions and appeals; and for related matters.
10. Fifth Alteration (No.12), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to provide for the post-call qualification of the Secretary of the National Judicial Council; and for related matters.
11. Fifth Alteration (No.15), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to delete the item “prisons” in the Exclusive Legislative List and redesignate it as “Correctional Services” in the Concurrent Legislative List; and for related matters.
12. Fifth Alteration (No.16), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to move the item “railways” from the Exclusive Legislative List to the Concurrent Legislative List; and for related matters.
13. Fifth Alteration (No.17), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to allow States to generate, transmit and distribute electricity in areas covered by the national grid; and for related matters.
14. In Fifth Alteration (No.23), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to require the President and Governors to submit the names of persons nominated as Ministers or Commissioners within sixty days of taking the oath of office for confirmation by the Senate or State House of Assembly; and for related matters.
15. In Fifth Alteration (No.32), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to correct the error in the definition of the boundary of the Federal Capital Territory, Abuja; and for related matters.
16. In Fifth Alteration (No.34), the Bill seeks to alter the Constitution of the Federal Republic of Nigeria, 1999 to require the Government to direct its policy towards ensuring the right to food and food security in Nigeria; and for related matters.
News
Currency in circulation now N4.8tn – CBN report
Currency in circulation now N4.8tn – CBN report
Currency in circulation has reached an all-time high of N4.8 trillion as of November 2024, recording over seven per cent increase from the previous month.
Also, currency outside banks grew significantly in the same month hitting an all-time high of N4.6 trillion from the N4.2 trillion in the month of October.
These figures were contained in the money and credit supply data from the Central Bank of Nigeria (CBN).
The currency in circulation is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses.
It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.
Similarly, currency outside a bank refers to cash held by individuals, businesses and other entities that is not stored in banks.
The currency outside the bank represents about 96 per cent of the currency in circulation.
Nigerians have in recent times been facing acute cash shortage with banks limiting daily withdrawal at Automated Teller Machines (ATMs) to N20,000 irrespective of the number of accounts held by an account owner.
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According to the latest data, the currency in circulation grew by seven per cent to reach 4,878,125.22 from 4,549,217.51 in October.
Currency in circulation has grown steadily in the outgoing year 2024 with over one trillion naira added to cash in circulation after starting the year with N3.65 trillion in January.
In February, the currency in circulation slightly increased to N3.69 trillion representing an increase of N43 billion or 1.18 per cent from the January figure.
March also saw an appreciable increase to N3.87 trillion while it further increased to N3.92 trillion in the following month of April.
The growth trajectory continued in May with the currency in circulation increasing slightly to N3.97 trillion, an increase of N42 billion or 1.07 per cent while it reached an all-time high of 4.04 trillion, an increase of 2.11 per cent from May.
The July figure also rose marginally with the currency in circulation settling for N4.05 trillion before growing to N4.14 trillion in August and N4.43 trillion in September and N4.5 trillion in October.
In the same vein, currency outside banks grew from N4.2 trillion in October to N4.6 trillion in November, showing increasing preference for other means of storing outside bank deposits.
Economist, Dr. Paul Alaje attributed the development to the expanding money supply, adding, “Money supply is expanding but this may not necessarily be in cash. As it is expanding, it will necessarily induce inflation. But you can’t blame the people. People must look for money. How much was bottled water last year, how much is it today? All of this will induce inflation. If you now ask, what is the cause of inflation? Is it money supply itself or a devaluation policy? It is a devaluation policy. Money supply is an offshoot. So the Central Bank is raising interest rates to actually reduce money supply but the more they try the more money supply expands.”
He stated that the floatation policy of the CBN has created inflation, adding, “It is like chasing one’s tail and I don’t know if you are going to catch it.”
Currency in circulation now N4.8tn – CBN report
News
Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
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