Business
NEC backs finance minister, says no N60bn was printed
The National Economic Council (NEC) has supported the Minister of Finance, Budget and National Planning, Zainab Ahmed, that the Federal Government did not print N60bn to boost allocations to states in March this year.
The government had earlier denied a claim by the Governor of Edo State, Godwin Obaseki, that it printed between N60bn for the states to augment the March allocations.
Obaseki, who is a former investment banker and former finance commissioner in Edo, described the move as “monetary rascality” and urged the government to “stop playing the ostrich”.
But the council said there was no truth in the allegation that the CBN printed N60bn to augment March’s federal allocation.
Rising from its monthly meeting on Thursday, NEC which has all state governors and relevant ministers as members, claimed that the allegation was false.
The council’s resolution was made public in a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, titled ‘OVP Flash: No money was printed to shore up March allocation, NEC affirms’.
The statement read, “Having received presentations from the Minister of Finance, the Central Bank Governor, and the Nigerian Governors’ Forum, the National Economic Council has affirmed that there was no printing of N60bn or any other amount whatsoever to shore up allocation for the month of March as wrongly insinuated recently in the press.
“The governors, having critically reviewed the matter, took the position today (Thursday) at the meeting of NEC chaired by Vice President Yemi Osinbajo.
“Today’s meeting attended by many of the state governors, FCT minister and the Central Bank Governor also had in attendance the finance, transport, information, aviation and water resources ministers.
“The Minister of State for Budget and National Planning also attended.
“The council expressed satisfaction with clarifications made by the NGF represented by its chairman, Governor Kayode Fayemi of Ekiti State, finance minister, Hajiya Zainab Ahmed, and the Central Bank Governor, Mr Godwin Emefiele, on the alleged printing of N60bn by the Federal Government.”
Akande added that both the minister and the CBN governor stated to the council that the allegation of printing of money to augment allocation was outright false.
According to him, the NGF also supported the conclusion and NEC affirmed same as the highest constitutional body tasked with economic affairs in the country.
The presidential aide on the resolution of security concerns in parts of the country, said the council unanimously affirmed the unity of Nigeria and adding that it would adopt the report of the national town hall meeting on national unity and security held recently in Kaduna.
He said, “The council, while welcoming the outcome of the town hall meeting, urged all states to hold wider consultations across the country and report back to NEC the outcome of the meetings.”
After this, a national consensus would be reached on the recommendations which included the adoption of state police among other matters, he added.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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