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Senate forms panel to investigate CBN’s N30 trillion loan to FG
Senate forms panel to investigate CBN’s N30 trillion loan to FG
The Senate has established a nine-member committee to probe the N30 trillion Ways and Means advances provided by the Central Bank of Nigeria (CBN) to the federal government.
During Tuesday’s session presided over by Deputy Senate President Barau Jibrin, Senator Jibrin Isah (representing Kogi East) was appointed the committee’s chairman.
The Senate’s decision to investigate the utilization of the loan follows its adoption of the report from the Joint Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture, and Appropriations last week.
Ways and Means is a loan facility extended by the CBN to the federal government to address budget shortfalls.
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The loan facility has stirred controversy, with experts raising concerns over the CBN surpassing its lending limits to the federal government, contrary to existing laws.
Barau, in his statement before announcing the committee’s composition, highlighted that excessive borrowing has contributed to inflation in the country.
He remarked, “The financial obligation to the CBN now stands at N30 trillion. It is therefore imperative to scrutinize the N30 trillion Ways and Means loans to recover whatever is feasible.”
The ad hoc committee includes Ekpeyong Asuquo, Mohammed Tahir Monguno, Victor Umeh, Olamilekan Adeola, Sani Mohammed Musa, Aliyu Wadada, Abdul Ningi, and Ipalibo Banigo Harry. They have been granted four weeks to submit their report for further legislative action.
Senate forms panel to investigate CBN’s N30 trillion loan to FG
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New minimum wage coming, to take effect May 1, 2024 – FG
New minimum wage coming, to take effect May 1, 2024 – FG
The federal government has announced that the new minimum wage will take effect from May 1, 2024.
Nkeiruka Onyejeocha, minister of state for labour and employment, announced on Wednesday while addressing Nigerian workers at the celebration in Abuja.
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The decision was made despite the Tripartite Committee On national minimum wage is yet to conclude its negotiations.
She said it is regrettable that the new national minimum wage is not ready before today, but that a wide consultation is ongoing to ensure that the document is out together as soon as possible.
New minimum wage coming, to take effect May 1, 2024 – FG
News
Coastal highway: FG begins N2.75bn compensation payments to affected building owners
Coastal highway: FG begins N2.75bn compensation payments to affected building owners
The Minister of Works, David Umahi, has announced that the federal government plans to pay N2.75 billion as compensation to property owners affected by the demolition required for the construction of the Lagos-Calabar Coastal Highway today, Wednesday, May 1.
Umahi said that the highway is projected to stretch from channel 0 to channel 3.
He announced this during a stakeholders meeting held in Lagos today.
According to him, more compensation is expected to be paid in the coming days.
Meanwhile, Umahi, has alleged that Peter Obi, former presidential candidate of the Labour Party, LP, is inciting people of the southeast, especially those who are not well informed, against the government.
Umahi claimed that Obi would not fight for the people even after getting them into trouble.
The former Ebonyi State Governor alleged that Obi goes around to condemn people, thereby bringing judgment upon himself.
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He said: “It brings to some of the comments made by my brother, his Excellency Mr Peter Obi, I am not supposed to comment about it because some people have already done the work. And I know what Arise Television brought courtesy of Channels Television, they were bringing similar scenarios when His Excellency Peter Obi was the governor. He made a statement saying ”Any infrastructure that stands in the way of the road must go. And there would be no compensation paid.” That’s what he said.
“But look at me, by the human face of the renewed hope agenda administration, we are even paying for people who are illegally staying on the coastal line, and don’t have valid infrastructure and valid documents. That is mercy, that’s mercy… You know some people darken counsel without knowledge. You know there’s the devil in the details.
“When you condemn people, you bring judgment upon yourself. And that is what he (Obi) has done. And I think he’s inciting some of the south east people that are not well informed. He is inciting them. And gets them into trouble. And he doesn’t go to fight for them. Wisdom is a defence. And I want our people to have wisdom because I am involved.
“There’s is no inhumanity meted to Landmark, that matters should be buried because I was there. And so we fought everything possible. Even some people donated property to save his two big infrastructures. That’s appreciation. But some people have taken sides along with him to play politics.
Coastal highway: FG begins N2.75bn compensation payments to affected building owners
News
JAMB, NCC in talks to produce special SIM for students
JAMB, NCC in talks to produce special SIM for students
The Nigerian Communications Commission, NCC, and the Registrar of the Joint Admissions and Matriculation Board JAMB are in talk over the provision of a specialised SIM card for students which would feature limited services.
Professor Ishaq Oloyede, the Registrar of the Joint Admissions and Matriculation Board (JAMB), disclosed this on Monday.
Professor Oloyede, accentuating the mounting importance of candidates’ registered telephone numbers, underscored that these SIM cards have become indispensable for executing sensitive operations.
Addressing the media in Lagos on Monday, the Registrar revealed the novel procedure for admission acceptance.
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He stated, “A candidate may either transmit ACCEPT or REJECT via their dedicated telephone line to 55019/66019, or personally endorse or decline any offer of admission (inclusive of programme alterations) using their fingerprint at an authorised CBT centre or any JAMB office.
“These freshly devised methods for admission decisions are designed to safeguard the candidates’ information and maintain the integrity of the admission process.
“With the introduction of this method, the significance of the candidates’ registered telephone (SIM) has escalated, as it is now pivotal for conducting increasingly sensitive operations. We are currently in negotiations with the NCC to establish dedicated SIMs for students with restricted functionalities.”
Out of the 1,842,464 candidates whose results from the 2024 Unified Tertiary Matriculation Examination were released by JAMB on Monday, seventy-seven percent scored below 200.
JAMB, NCC in talks to produce special SIM for students
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