Business
It’s wrong to move bulk money into individual’s account, says AGF
It’s wrong to move bulk money into individual’s account, says AGF
The Accountant-General of the Federation (AGF), Oluwatoyin Madein, has responded to a reported request of the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, to transfer N585 million to a private account.
Madein said it was wrong for bulk money “to be made to an individual’s account in the name of Project Accountant”.
She also said her office did not honour the request to transfer such funds.
The accountant-general said this in her reaction to a memo that surfaced on Friday, wherein Edu asked her to pay the sum of N585 million to Oniyelu Bridget Mojisola, said to be project accountant for the Renewed Hope Grant for vulnerable groups.
The development has generated outrage among social media users.
In a statement on Saturday, Bawa Mokwa, director of press in the AGF’s office, quoted Madein as saying her office does not make payments for projects implemented by ministries, departments, and agencies (MDAs).
“Allocations are released to self-accounting MDAs in line with the budget and such MDAs are responsible for the implementation of their projects and payments for such projects,” she said.
The statement also said, “The AGF explained that although her Office received the said request from the Ministry, it did not carry out the payment.
“The ministry was however advised on the appropriate steps to take in making such payments in line with the established payment procedure.”
Madein said beneficiaries of projects should be paid through their verified bank accounts.
The AGF added that she was determined to uphold the principles of accountability and transparency in the management of public finances.
Aviation
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.
It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.
“Tickets can be booked now on Emirates.com or via travel agents.”
It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.
“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.
Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.
Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.
Business
Dollar crashes against Naira at official market
Dollar crashes against Naira at official market
The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
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Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.
Dollar crashes against Naira at official market
Business
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.
Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.
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