Pay customers with N100, N50, CBN orders commercial banks
The Central Bank Of Nigeria has directed all commercial banks to pay customers over the counter in N100, N50, N20, N10, and N5 notes, regardless of the amount withdrawn.
Bankers Committee issued the directives to all commercial banks in the country on Monday, and announced the discontinuation of old notes payment of N1000, N500 and N200 across the counters.
It also urged people to use their alternative channels for transactions, while those insisting on new naira notes were advised to use Automated Teller Machine (ATMs).
The directives came on Monday, following a meeting of the bankers committee in Lagos.
The CBN Governor, Godwin Emefiele, in a statement on Sunday extended the deadline for old naira notes from January 31 to February 10, 2023.
Emefiele also noted that he obtained permission from President Muhmammadu Buhari to effect the extension.
According to him, the extension, ‘a seven-day grace period’ was as a result of measures put in place to ease the scarcity.
The decision is coming after CBN had previously insisted that it would not extend the deadline.
Nigeria Air will commence operation before May 29 – FG
The Federal Government says the new national carrier, Nigeria Air, will commence operation before the end of the current administration on May 29.
Minister of Aviation, Hadi Sirika, disclosed this in Abuja on Thursday.
He spoke amid worry about a lingering court case instituted against the project by airline operators of Nigeria.
Sirika gave the assurances during the National Aviation Stakeholders Forum 2023.
He said the Federal Government was already taking measures to overcome the hurdles introduced by the indigenous airlines.
According to him, the project is 98 per cent completed.
“All of the road map items except, perhaps the airline, which in my opinion is at 98 per cent completion, and we will fly within the remaining two months by the grace of God,” the minister said.
“We will also finish the concessions. So, all those things we said we would do when we came in, we did them.”
The minister described as unfair the action of the local airlines, adding that the Buhari government had supported local airlines more than all previous governments.
He accused them of constituting a stumbling block to the actualisation of the national carrier expected to generate new jobs and better opportunities in the industry.
He said the Nigerian Aviation industry is the only one in the world where qualified pilots are without jobs.
He said 50 pilots had come to him complaining about their unemployment status, adding that the national carrier should be able to employ more pilots and create other job opportunities.
He said Ethiopian Airlines, the offered bidder for the national carrier, is highly competent and profitable enough to add value to the Nigerian aviation sector.
FAAC shares to FG, states, LGs drop by N27.4bn
The Federation Account Allocation Committee (FAAC) has shared N722.677 billion among the three tiers of government for February 2023.
This is a drop of N27.497 billion compared to January’s allocation of N750.174 billion.
FAAC disclosed this in a communique issued at the end of its meeting for March 2023 in Abuja on Wednesday.
The committee said the N722.677 billion total distributable revenue comprised statutory revenue of N366.800 billion, value-added tax (VAT) revenue of N224.232 billion, electronic money transfer levy (EMTL) of N11.645 billion, and N120 billion augmentation from forex equalisation account.
According to the comminiqué, in February 2023, the total deductions for cost of collection was N27.449 billion, while total deductions for transfers, savings, recoveries and refunds was N109.909 billion.
From the total distributable revenue of N722.677 billion, FAAC said the Federal Government received N269.063 billion, states got N236.464 billion and N173.936 billion went to the local governments.
A total sum of N43.214 billion was also shared with the relevant states as 13 per cent derivation revenue.
FAAC said a statutory revenue of N487.106 billion was received for the month of February 2023.
This, it said, was lower than the N653.704 billion received in the previous month by N166.598 billion.
From the balance of N366.800 billion distributable statutory revenue, the committee noted that the FG received N178.683 billion, states collected N90.630 billion, and local governments got N69.872 billion.
It added that the sum of N27.614 billion was shared as 13 per cent derivation revenue among the concerned states.
According to FAAC, the gross revenue available from the value-added tax (VAT) for February was N240.799 billion, which is lower than the previous month’s.
The committee said from the N224.232 billion value-added tax (VAT), FG was given N33.635 billion, states received N112.116 billion and local governments were paid N78.481 billion.
Lamborghini to unveil new supercar replacing Aventador March 29
Lamborghini has announced a new supercar replacing Aventador will be launched March 29, 2023.
Arriving a little over 12 years after the Aventador (LP700-4), the new plug-in hybrid V12 supercar will be known as LB744.
The announcement on social media is coming only a day after Lamborghini showcased the LB744’s digital instrument cluster and steering wheel.
The new supercar will have an all-wheel-drive electric mode, in which case power will be limited to just 180hp.
To access the full 1,000hp coming from the naturally aspirated 6.5-litre V12 and three electric motors, drivers will have to activate Corsa mode.
Lamborghini introduced the Aventador on February 28, 2011.
The firm says the 12-cylinder engine won’t be carried over from the Aventador as it will be an all-new development. It will weigh 37 pounds (17 kilogrammes) less than the old V12 by tipping the scales at 481 lbs (218kg). The ICE will be good for 813 horsepower at 9,250 rpm and 535 pound-feet (725 Newton-meters) of torque at 6,750 rpm.
It will send its output to the road via a new eight-speed, dual-clutch automatic transmission Lamborghini will also install in the Huracan’s replacement late next year.
Housed within the centre tunnel will be a 3.8-kWh battery that can be replenished by the V12 in six minutes, or via the charging port in 30 minutes at seven kilowatts.
The LB744 also has regenerative braking to send the energy that would otherwise be lost to the battery.
Fully charged, Lamborghini says the supercar can do more than six miles (10 kilometres) without sipping any petrol.
The electrified powertrain will cut CO2 emissions by 30 per cent compared to the Aventador Ultimae.
To offset the added weight commanded by the PHEV setup, the new raging bull has a different carbon fibre monocoque (dubbed “monofuselage”) that weighs 10 per cent less than its predecessor. At the same time, it is 25 per cent stiffer. Lamborghini has not announced details about the curb weight, it is distributed 44 per cent front and 56 per cent rear.
Other known facts about the LB744 include a reduced steering ratio (-10 per cent compared to the Aventador Ultimae), rear-wheel steering, and stiffer anti-roll bars (+11 per cent front and +50 per cent rear).
The DCT sits behind the V12 engine to make room in the transmission tunnel for the lithium-ion battery.
New bespoke Bridgestone Potenza Sport tyres are four per cent wider at the front where Lamborghini will install bigger brakes: 410x38mm discs instead of the Ultimae’s 400x38mm discs, and with ten instead of six pistons.
The rear discs are also bigger, at 390×32 mm vs 380x38mm.
The LB744 will be the first of three PHEVs from Lamborghini as the Urus SUV and Huracan successor will both get a charging port in 2024.
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