Business
Militants ask N’Delta govs to account for N50tn derivation funds
- Want the funds paid to communities not govs
Reformed Niger Delta Avengers has asked the region’s governors to explain what they did with over N50 trillion received from the 13 per cent derivation funds.
The group faulted the governors on the seven-point demand presented at a consultative meeting with the Federal Government delegation in Port Harcourt, the Rivers State capital.
The RNDA said the demands and restructuring template did not represent the interests of the region.
The group, in a statement by its Coordinator, John Mark Ezonebi, called on the Federal Government to stand firm on the direct payment of derivation funds to oil-producing communities.
The RNDA said it rejected the seven-point demand due to the alleged misuse of development funds accruing to the states.
It said South-South governors should rather account for about N50 trillion that accrued to them from the Federal Government as 13 per cent derivation funds over the years without any meaningful people-oriented projects.
The coalition said, “We, therefore, call on the Federal Government’s delegation headed by the Chief of Staff to the President, Prof Ibrahim Gambari, not to take the seven-point demand seriously.
“The governors of the region have lost the support and sympathy of the people. The demands do not represent the general interest of the long-suffering people of the oil and gas producing communities ravaged by environmental pollution and the hazards of oil exploration and exploitation caused by the multinational oil companies in the creeks of the region.
“The suffering of the people of the oil-producing communities is due to the governors’ failure to properly utilise the 13 per cent derivation funds accruing to the region.
“The oil and gas producing communities demand that the Federal Government should henceforth stop paying the 13 per cent derivation funds to the governors anymore.”
A former Ijaw Youths Council (IYC) Worldwide President, Udengs Eradiri, reacting to the Zamfara gold controversy, knocked the governors for failing to harness the potential and mineral resources within their domains to turn around the fortunes of their states.
The former IYC boss said the usual culture of blaming the Federal Government and President Muhammadu Buhari was an indication that the states’ leaders could not realise that they were sitting on a goldmine.
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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