Business

Financial experts caution Federal Government on new borrowings

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Some financial experts have urged the federal government to explore Public Private Partnership (PPP) option in addressing the country’s infrastructural challenges.

They also urged government to be cautious on new borrowings in order not to incur more debts.They said this in separate interviews on Saturday in Lagos.

The former executive secretary, Chartered Institute of Bankers of Nigeria (CIBN), Uju Ogubunka, said the federal government could be innovative in fixing developmental projects without incurring more debts.

“The government should harness the enormous prospects of the PPP in tackling infrastructural challenges impeding our economic growth.

“This model is one of the solutions in tackling our infrastructural dearth due to our poor fiscal revenue currently,” Mr Ogubunka said.

He noted that the three tiers of government need to reduce the increasing cost of governance in order to free funds for infrastructural purposes.

“Adopting these cost-saving measures is imperative so as government can reallocate the resources to other productive needs of the society.

“This approach will stop wastages in governance and reduce the spate of being in debt from borrowings from international lenders,” Mr Ogubunka said.

Also, the president standard shareholders association of Nigeria, Godwin Anono, said the government should reduce the rate of borrowings because the country’s debt stock was assuming a worrisome dimension.

“The three tiers of government should reduce borrowings and be innovative in improving internally generated revenue.

“As every state in the country has enormous revenue potential that could be harnessed for our common good,” Mr Anono said.

He noted that the federal government could tackle its infrastructural headwinds without more borrowings from international lenders.

“The government could harness the infrastructural company of Nigeria, which is saddled with the appropriate template for private sector funding for public infrastructure.

“This will ultimately catalyse growth and provide the necessary infrastructure that will unlock capacity to appropriate our natural resources to enhance the lives of the people,” Mr Anono said.

Also, the founder of the independent shareholders association of Nigeria, Sunny Nwosu, said the federal government should muster the political will to sell some state-owned assets to enhance revenues.

“They are too many redundant national assets which are increasing government overheads with no economic viability currently.

“The government should have a committee where they will be evaluated and concessioned and others sold outrightly,” Mr Nwosu said.

This, he said, would boost the country’s revenues and ameliorate the urge for more debts.Nigeria’s total public debt rose by fiat to N82 trillion following the unification of the naira.

It was N73 trillion before the unification.The Central Bank of Nigeria issued a press release titled operational changes to the foreign exchange market, signaling a unification of the multiple exchange rates.

However, the implementation of the scheme, which saw the exchange rate first depreciate to N662/$1, attracted several consequences for the economy, one of which included the automatic increase of public debt.

Before now, the nation’s public debt was quoted at N448.50/$1 by the Debt Management Office as the official exchange rate but this has now been depreciated to N662/$1.

This means the total public debt increases from an estimated N79 trillion to N82 trillion.The increase is due to the conversion of the dollar portion of the debt, which is estimated at about $41.6 billion. When adjusted for the most recent exchange rate, it converts to N27.6 trillion.

Business

ICAN advises Federal Government on palliatives for low-income earners

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The Institute of Chartered Accountants of Nigeria has advised the Federal Government to implement palliatives for low-income earners.

The institute said this while reacting to the Federal Government’s $800m World Bank loan.

It advised the government on the need to introduce credible palliatives to cushion the impact on the most vulnerable population beyond the civil service in an 11-point action-plan communiqué.

ICAN said the government should rather use savings from the subsidy removal of palliatives.

It stated that,

“The government needs to introduce credible palliatives to cushion the impact on the most vulnerable population beyond the civil service. In this regard, the government should design and implement palliatives for low-income earners especially in cities and towns where the cost of living will rise much higher.

“It should introduce policies that will bring down the cost of transportation and food. Palliatives should be implemented at both the national and sub-national levels. Care should be taken to measure the cost of palliatives to be introduced to avoid re-introducing another form of subsidy.

“This is where chartered accountants are needed. We do not support the borrowing of $800m for palliatives when the savings from the subsidy removal can be used for this purpose, saving the country from further debt and rising debt service costs.”

The chartered accountants added that, for SMEs, a palliative may be to put on hold the recently introduced tax increases, while granting tax rebates and investing in infrastructure.

World News

Democracy Day- Federal Government declares Monday June 12 public holiday

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The federal government has declared Monday, June 12, a public holiday in commemoration of the 2023 Democracy Day celebration.

This is contained in a statement by the permanent secretary, Ministry of Interior, Dr Oluwatoyin Akinlade, on Thursday in Abuja.

Ms Akinlade who made the declaration on behalf of the federal government, congratulated all Nigerians on the occasion.

She said that Nigeria’s democratic journey had, like in many other climes, encountered both stormy and smooth sails, but the ship of state, its institutions and most importantly, Nigerians had remained steadfast on the tenets of democratic governance.

“On this memorable occasion therefore, Nigerians and friends of Nigeria are invited to appreciate the progress that has been made to celebrate the milestones covered and look forward to a better future for the country’s democracy,” she said.

Ms Akinlade, therefore, wished all Nigerians a happy democracy day celebration.

Politics

Federal Government confers Nigerian citizenship on 385 foreigners

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The federal government has conferred Nigerian citizenship on 385 foreign nationals from different continents across the world.

The minister of interior, Rauf Aregbesola, made this known at the 1st 2023 Conferment ceremony of Nigeria citizenship by naturalisation and registration on Saturday in Abuja.

The minister said one of the objectives of the present administration was to lay a solid socio-economic and political foundation that would elevate Nigeria into one of the 20 great economies of the world.

He said to achieve this vision, the federal government was determined to encourage and attract foreigners, investors, resourceful individuals and people with rare talents and unbounded energy into the country.

“Today’s conferment ceremony will be granted to 385 foreigners who have gone through diligent checks by the relevant agencies of state as stipulated by the constitution and have fulfilled all statutory and administrative requirements.

“I need to state that the acquisition of Nigerian citizenship is a great privilege and not everyone that applies becomes successful.

“However, that we have a high number of foreigners willing to become Nigerians is an indication that the ongoing efforts to make Nigeria a destination for investment and peaceful coexistence is beginning to yield good fruits.

“As we continue to welcome foreigners to do business here who, after interacting with us, are now desirous of becoming one of us.”

The minister said that it was under the present administration that the largest number of foreigners had been naturalised.

“Between 2011 and 2013, a total of 266 foreigners became Nigerians. In 2017, 335 people took up Nigerian citizenship.

“But last year, 286 foreigners and today at this ceremony, 385, making a total of 671 have acquired Nigerian citizenship.

“I am still not pleased with this figure. In Europe and America, thousands of foreigners are inducted into citizenship every year.

“They do this to attract youths and people in their prime who would like to contribute to the development of their countries.

“The bane of the smooth pathway to Nigerian citizenship however is the constitutional requirement of continuous residency in Nigeria for 15 years.”

This, he said, was a huge disincentive, considering that in the U.S. and most European countries, it is five years.

Mr Aregbesola added that some of these countries have made a habit of snatching young and resourceful brains, who after four years of schooling and working for just one year, through easy pathways, to obtain migration to their countries.

He, therefore, urged the relevant institutions of state to reconsider this in the next effort at amendment to the constitution of the Federal Republic of Nigeria.

“We ought to have easier pathways to citizenship for foreigners than currently obtains.

“Also, while the foreign wives of Nigerian men can automatically become citizens through registration, this same privilege is not available to foreign husbands of Nigerian women.

“This discrimination has robbed us of the gains we could have gotten from this category of foreigners, if there is a pathway for them through registration, as obtains for their opposite sex.”

According to him, the Interior Ministry has sought and got the approval of the Federal Executive Council (FEC) to execute new pathways to permanent residency for eligible foreign nationals.

Mr Aregbesola added that the ministry had been invested with the power to grant permanent residence to foreign nationals who had demonstrated exceptional talents, knowledge and skills in rare fields of Science, Technology and Medicine, among others.

He expressed optimism that such privilege would no doubt attract more people of talent and resources to the nation and give them the confidence and assurance to stay permanently in Nigeria.

The minister, however, congratulated the new Nigerians who have scaled the hurdle to proudly become Nigerians, adding that Nigerians are among the greatest people on the earth and well-revered across the globe.

He assured them that they would not regret the decision they have made to become Nigerians, reminding them, however, that every privilege goes with responsibility.

“You will be required to make the best contribution ever to Nigeria’s development in every area, including the defence of its territorial integrity if need be and promotion of the welfare of the people.”

He, however, welcomed them all to Nigerian citizenship.

However, President Muhammadu Buhari, represented by the Vice President, Prof. Yemi Osinbajo, while conferring citizenship on them, urged them to be good ambassadors of Nigeria.

Lifestyle

FG approves e-platform for birth, death registrations

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The federal government has approved the development of an Electronic Civil Registration and Vital Statistics System (eCRVS), a platform that will effectively keep electronic records of birth and death registrations.

This is contained in a statement issued by Ifeanyi Nwoko, spokesman for the Infrastructure Concession Regulatory Commission (ICRC).

The commission said for the eCRVS, N5.3 billion private sector funds would be injected by the concessionaire Messrs Barnksforte Technologies, while the National Population Commission would be the project grantor.

The ICRC said the project seeks to capture and verify births and deaths in Nigeria and provide attestation and verification of certificates to end users on the platform.

“Prior to this, these registrations have been carried out manually, a process that has been characterised by low coverage and inadequate data,” the ICRC said.

The agency also explained that the federal government approved the establishment of an Aviation Leasing Company (ALC) under a Public Private Partnership (PPP).

He said the approval was to inject private sector funds into infrastructure development and boost the nation’s economic growth.

The commission said both approvals were given following the issuance of Full Business Case (FBC) compliance certificates by ICRC, the agency statutorily established to regulate PPPs.

The ICRC said the ALC, which Messrs AJW Consortium would execute as concessionaires, seeks to provide an opportunity for local aircraft leases to both domestic and international carriers.

Lifestyle

Federal Government concessions Abuja and Kano airports

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The Nnamdi Azikiwe International Airport, NAIA, Abuja, and Mallam Aminu Kano International Airport, MAKIA, Kano, have been successfully concessioned by the federal government.

Special Assistant on Public Affairs to the Minister of Aviation, James Odaudu, said the concessioning came after approval from the Federal Executive Council, FEC.

The Corporation American Airport Consortium emerged as the preferred bidder, which comprises the Corporation American Airports, Mota Engil Africa, and Mota Engil Nigeria.

The company will make upfront payments of $7 million for NAIA and $1.5 million for MAKIA.

During the concession period, total projected nominal revenues accruable from the combined concession of NAIA and MAKIA exceed $4 billion, of which over 70 per cent will be payable to the Federal Airports Authority of Nigeria, FAAN.

Odaudu further stated that the concessioning of Abuja and Kano airports were in alignment with the Aviation Roadmap, approved by Mr. President on 18th October 2016, and signifies the Ministry’s commitment towards revitalizing the nation’s aviation sector.

The partnership arrangement will be effective for 20 years for NAIA and 30 years for MAKIA.

The statement read;

“Following a thorough and comprehensive evaluation process that commenced with the Request for Qualification (RFQ) advertised in local and international media on 16th August 2021, and subsequent rigorous evaluation of technical and financial bids, coupled with due diligence visits conducted from 27th – 29th December 2022 and 9th – 10th January 2023, the Corporacion American Airport Consortium has emerged as the preferred bidder.

“The consortium, composed of The Corporation American Airports, Mota Engil Africa, and Mota Engil Nigeria, is globally recognized for its superior technical expertise in the design, construction, management, and operation of infrastructure.

The Corporation American Airports, a New York Stock Exchange (NYSE) listed airport operator, has presence across three continents, managing 53 airports in six countries and serving approximately 82.4 million passengers in 2019.

“The concession of NAIA and MAKIA will considerably enhance the operational efficiency and profitability of these airports, repositioning them to operate optimally and competitively.

During the concession period, total projected nominal revenues accruable from the combined Concession of NAIA and MAKIA exceed $4 billion United States Dollars.

Over 70% of these projected revenues will be payable to the Federal Airports Authority of Nigeria (FAAN), thereby generating additional revenue sources for the Federal Government.”

Lifestyle

Federal Government inducts eight outstanding women into Nigeria’s hall of fame

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The federal government has inducted eight female achievers into the Nigerian Women Hall of Fame at the National Centre for Women Development (NCWD) for their outstanding performance in their professional fields.

While inducting the individuals, women affairs minister Pauline Tallen commended them for their contribution and exceptional feat.

She urged them to mentor young folks to sustain the tides of women’s development and participation.

Ms Tallen also called on women affairs commissioners to replicate the Nigerian women’s hall of fame structure in their states to recognise and document the contributions of women at the subnational levels.

“As we recognise and pay tribute to women by women, I believe that many more women are out there whose works and contributions have not been documented,” the minister explained.

“I, therefore, call state commissioners of women affairs to duplicate such structures so that the feedback process will be established and activities decentralised.”

According to Asabe Vilita-Bashir, NCWD director-general, the hall of fame features records of pre-colonial and contemporary Nigerian women who played leading roles in different aspects of society.

“The hall of fame also provides role models for younger girls and the society at large on the ultimate potential of women in Nigerian society. The criteria for selection are first women, historic or living to achieve recognition in the field of endeavour or a lifetime of achievement in that field,” stated Ms Vilita-Bashir.

The inductees included the first international president of the Medical Women Association, Eleanor Nwadinobi, the first African woman to invent a wearable technology, Bolarinwa Kemisola, the first female monitor-general in the 44 years of the Nigerians Institute for Policy and Strategic Studies, AIG, Aisha Baju among others.

World News

160 women claiming to be Nigerians in Sudan without passports to fly back – Federal Government

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The Federal Government says 160 women claiming to be Nigerians in Sudan who are without passports, are to fly back to the country.

The Director-General of the National Emergency Management Agency (NEMA), Mustapha Ahmed disclosed this during a chat with newsmen in Abuja on Sunday, May 14, on the evacuation of Nigerians from war-torn Sudan.

Channels TV reports that Ahmed said the women claimed to be Nigerians but do not possess Nigerian passports to verify their claims. He said the agency is being careful not to evacuate persons who are not Nigerians.

It will be recalled that before the commencement of the evacuation exercise, the Nigerian Diaspora Commission had said there were about three million Nigerians in Sudan and a total of 5,000 students.

However, the NEMA boss said apart from the 2,518 Nigerians that have so far been evacuated and 15 flights operated so far, the citizenship of many of those claiming to be Nigerians cannot be verified.

He said some of them claimed their great-grandparents up to the fifth generation were Nigerians while they were born in Sudan but that remains unverified.

Ahmed disclosed how some desperate Sudanese tried to enter the vehicles that were meant to move Nigerians from Sudan to Egypt border.

Asked how much was expended to evacuate Nigerians from Sudan, Ahmed did not give the exact amount but he disclosed that Nigeria paid a total of $22,662 as exit fees at the point of moving the evacuees from Sudan and $62,950 dollars for entry visa into Egypt.

Meanwhile, NEMA said the door of opportunities is opened to any Nigerian with verified documents who is interested in returning to the country.

Among the 2,518 Nigerian returnees is a pregnant woman who was said to have given birth while waiting to be evacuated. Her child was the only infant among the evacuees.

The eight-day infant is currently being treated for jaundice at the University Of Abuja Teaching Hospital, Gwagwalada.

No Nigerian life was lost to the war in Sudan, according to NEMA.

However, a total of 23 sick evacuees were received, out of which 10 were treated on arrival by medics while 13 were referred to the 108 Nigerian Airforce Hospital, Abuja.

Lifestyle

Federal Government disconnects discos from national grid over debt

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The Transmission Company of Nigeria and the Market Operator have begun a massive disconnection of debtor electricity distribution companies from the national grid over debt.

This came after notices of disconnection from the grid served on some of the Discos by the Market Operator. Punch reported that the MO, a division of the Transmission Company of Nigeria had informed some Discos, including generating companies of the disconnection plan, due to failure to make remittances of ancillary services bills.

After a 60 days extension of the grace period following an intervention by the Minister of Power, Abubakar Aliyu, the market defaulters were expected to comply with the provisions of the Market Rules with respect to payment of their outstanding invoices, posting of adequate bank guarantees, and forwarding of their active Power Purchase Agreements as the case may be, to the MO/TCN.

Discos and Gencos listed among defaulters by the Market Operators included;

Abuja Electricity Distribution Company, Benin Electricity Distribution Company, Enugu Electricity Distribution Company, Ibadan Electricity Distribution Company, Ikeja Electric, Jos Electricity Distribution Company, Kaduna Electric, Kano Electricity Distribution Company, Port Harcourt Electricity Distribution Company, APL Electric Company Aba, Ajaokuta Steel Company- a special electricity customer.

The defaulting Gencos are Niger Delta Power Holding Company plants and Paras Energy.

Following the development, IBEDC Managing Director/CEO, Kingsley Achife has already announced that there would be a mass disconnection from the national grid following poor remittances by customers.

The action may result in power outages to customers within the IBEDC franchise areas, especially locations with the highest population of defaulters.

Areas to be affected by the mass disconnection are Oyo, Ogun, Osun, Kwara, and parts of Niger, Ekiti and Kogi states.

World News

Federal Government sues Facebook owner Meta, demands N30 billion

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The Abuja Division of the Federal High Court has granted the Advertising Regulatory Council of Nigeria (ARCON) leave to serve a writ of summons on Meta, the owner of Facebook.

The court gave the nod pursuant to an application by ARCON in a pending N30 billion suit against the social media giant for violation of the extant advertising laws of Nigeria.

The writ is to be served at the Meta corporate headquarters of Meta, which also owns Instagram, Messenger and WhatsApp social media platforms.

While Meta is the first defendant in the suit, AT3 Resources Limited is the second defendant.

ARCON is seeking a declaration that publishing various advertisements and marketing communications materials targeted at Nigeria through Meta’s platforms without prior vetting and approval by its advertising standards panel is illegal.

The regulatory body also claimed that the act disregarded Nigerian culture, constitutional tenets, moral values and religious sensitivity of citizens.

ARCON is, therefore, seeking an order of perpetual injunction restraining the defendants, their privies, agents, servants and associates from publishing any advertising or marketing communications materials without recourse to ARCON in line with the country’s advertising law.

It is also seeking N30 billion in fines and sanctions for the continued violations and infractions of the Advertising Regulatory Council of Nigeria Act No. 23 of 2022.

Lifestyle

13,000 Nigerians benefited from flood relief interventions — Federal Government

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The Federal Government has disclosed that over 13,000 Nigerians benefited from its various flood relief interventions across the affected several states in the country.

The Permanent Secretary, the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, Dr. Nasir Gwarzo, made this known on Tuesday, May 2.

He was speaking during a meeting with relevant stakeholders in the humanitarian services in Abuja.

The stakeholders include the Nigeria Red Cross Society, World Food Programme, and the ECOWAS Commission.

“A total of 13,000 victims benefited from flood relief interventions across 16 states affected by the 2020 flood disaster in the country.

“These states include Anambra, Bayelsa, Katsina, Kogi, Benue, Nasarawa, Kwara, Niger, Kebbi, Sokoto, Jigawa, Bauchi, Delta, Rivers, Adamawa and Yobe.

“This is in addition to the implementation of stabilisation fund project in six local government areas in North-East and North-West where 27, 432 persons benefited.”

He expressed the commitment of the federal government towards providing the needed support to the vulnerable persons in Nigeria.

“Food, shelter, households, water sanitation as well as cash was provided across the 16 flood-affected states,” he said.

Gwarzo said that the impact of the flood disaster necessitated collaboration with relevant humanitarian agencies to support government response towards providing succour to the victims.

According to him, the 2020 flood disaster has resulted in the loss of lives and livelihoods of Nigerians across the country.

“The socio-economic impact of the 2020 flood was very devastating. It resulted in the loss of lives and livelihoods in communities across the six geo-political zones in Nigeria.”

The persistent conflict concomitant with the frequent insurgents’ attacks also resulted in the displacement of hundreds of people,” he said.

He, therefore, commended the various national and international NGOs as well as other government agencies for their support in providing succour to Nigerians in times of need.

Politics

Supreme Court approves FG’s request to file more grounds in appeal against Nnamdi Kanu

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The Supreme Court has granted leave to the Federal Government to bring nine new grounds of appeal against the release of pro-Biafra agitator, Nnamdi Kanu.

The ruling was given on Thursday, April 27, by a five-member panel led by Justice John Okoro, following a motion by the counsel to the Federal Government, Mister Tijani Gadzali.

The Federal Government is also allowed to include these nine new grounds as part of its amended notice of appeal dated 28th October 2022.

During the resumed hearing today, counsel to Nnamdi Kanu, Mike Ozekhome, informed the court of his motions seeking for bail of his client and another seeking for his transfer to the Kuje Correctional Facility to get proper medical attention citing his failing health at the custody of the Department of State Services (DSS).

He stated that Kanu is seriously ill and needs medical attention he can’t get at Kuje prison.

Further hearing on the case has been adjourned till May 11.

World News

Nigeria records 55 million malaria cases annually – Federal Government

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The Federal Government has disclosed that an estimated 55 million cases of malaria and nearly 90,000 malaria deaths occur each year in Nigeria.

The Minister of Health, Dr Osagie Ehanire disclosed this at a press briefing to commemorate the World Malaria Day, themed ‘Time to deliver zero malaria: invest, innovate, implement,’ with the slogan ‘Act now.’

Dr. Ehanire, who was represented by the Permanent Secretary of the ministry, Mamman Mamuda, said despite efforts by the government and its partners to combat the effects of malaria in the country, the country still accounts for 27 percent of global malaria cases and 32 percent of global malaria deaths.

“It is estimated that approximately 55 million cases of malaria and nearly 90,000 malaria deaths occur each year in our country.

“Malaria also has an adverse effect on the economy of our nation as it is the major cause of absenteeism in schools, offices, businesses, markets and thereby reducing the income of families, including the hardship of out-of-pocket expenses borne by Nigerians yearly for diagnosis and treatment.

The out-of-pocket expenditure for malaria is estimated to be 70 per cent and Nigerians pay as much as N2,280 on each malaria.

“The economic burden of malaria in Nigeria was estimated at $1.6b (N687bn) in 2022 and may increase to about $2.8bn (N2tn) in 2030.

Consequently, we must continue to fight to achieve zero malaria by 2030, in line with the World Health Organisation’s global technical strategy,” he said.

The government, however, calls for investment to defeat malaria and step up innovative strategies and impactful interventions.

Lifestyle

FG sends luxurious buses to evacuate stranded Nigerians in crisis-ridden Sudan

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The Federal government has sent out luxurious buses to carry Nigerian students stranded in Sudan to nearby borders in Egypt where they are expected to be flown back home.

There have been concerns about their safety since the Sudanese conflict broke out.

Abike Dabiri-Erewa who is the Chairman of the Nigerians in Diaspora Commission NIDCOM shared photos of the students on Twitter and stated that they were undergoing registrations and will be evacuated in no distant time.

‘’As our students in Sudan queued up orderly to board their buses to Egypt enroute to Nigeria, supervised by Nigerian mission officials in Sudan. Let’s remember them in our prayers as they journey home. War is a terrible thing !!” she said

Lifestyle

Federal Government declares Friday, Monday Sallah holidays, FRSC promises safety

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The Federal Government has declared Friday, April 21, and Monday, April 24, as public holidays to mark this year’s Eid el-Fitr celebration.

The Minister of Interior, Rauf Aregbesola, made the declaration in a statement on Wednesday signed by the Permanent Secretary in the ministry, Shuaib Belgore.

Aregbesola congratulated all Muslims for the successful completion of the holy month of Ramadan.

Meanwhile, the Federal Road Safety Corps has mobilised logistics and personnel for the Eid-el-Fitri celebration to enhance visibility and guarantee safe travels for all road users before, during and after the celebration in Nigeria.

This was contained in a statement signed by the corps spokesperson, Bisi Kazeem, on Wednesday.

The mobilisation has been scheduled to commence from April 20 and terminate on April 25, 2023.The Corps Marshal, FRSC, Dauda Biu, mandated “reduction in road traffic crashes, road traffic fatalities and road traffic injuries.”

He tasked his men to ensure “prompt response to road traffic crash victims and engagement of robust public education and enlightenment across all media platforms.”

“Speedy removal of obstructions from the highways, intensified enforcement on critical offences; and adequate supervision, surveillance and monitoring of all commands amongst others must be achieved in the special operations,” he added.

Lifestyle

Federal Government directs Immigration Comptroller General to proceed on retirement

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The Comptroller General of the Nigeria Immigration Service (NIS), Isah Jere, has been directed by the federal government to proceed on retirement.

This was conveyed in a letter from the Civil Defence, Correctional, Fire and Immigration Services Board, dated 17th of April, 2023.

Daily Trust reported that Jere was directed to hand over “to the most senior Officer Deputy Comptroller General on or before Monday 24th April 2023, pending Mr. President’s appointment of a substantive Comptroller General of the Service.”

This is coming after his tenure was extended for a year, from last year April to April 24, 2023.

Some officers of the Service had already threatened to embark on a protest should the Federal Government extend his tenure again.

Lifestyle

Federal Government has yet to meet most of our demands – ASUU

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The Academic Staff Union of Universities (ASUU) has said that the Federal Government is yet to address most of the demands it made during the strike it embarked upon in 2022.

ASUU had in October 2022, called off an eight-month strike after a series of negotiations with the Federal Government.

Part of the lecturers’ demands is the release of revitalization funds for universities, renegotiation of the 2009 FGN/ASUU agreement, release of earned allowances for university lecturers, and deployment of the University Transparency and Accountability Solution (UTAS).

In an interview with Channels TV on Thursday, April 6, ASUU president, Emmanuel Osodeke, said the government is yet to address most of its demands including the payment of salary backlogs.

“As far as this present government is concerned, once the strike is over, the issue is resolved unknown to them that a strike is a symptom of a problem. They have abandoned the problem. Since we called off the strike based on a court directive, not a single meeting has been called. Not a kobo has been paid,” he said

According to him, the union members are battling to meet up with the academic calendar in spite of the government’s posture.

“It is so unfortunate that they don’t have any regard for the Nigerian education system,” Osodeke added.

The ASUU chief also spoke about the recently approved N320.3 billion 2023 intervention for public tertiary institutions. He commended the government for the fund release and asked for redistribution of the fund to ensure 90% goes to the tertiary institutions.

“It (N320bn fund) is a good development, this is part of what we struggle for in 1994, it is our struggle, but there are issues we need to sort out,” Osodeke said.

When you check the allocation of about N1.2 billion to universities and others, you find out that the total for all the universities, polytechnics, and colleges of education come to just about N186 billion allocated out of about N320, leaving a balance of N132 billion that has not been accounted for. What are we using that N132 billion which is 41% of the total amount of money? Is it for bureaucracy or for what?

“This is what has been happening in TETFund and I think there is a need to examine what exactly is happening at TETFund. The idea of this TETFund when it was negotiated by ASUU was that this money will come and be distributed to the universities, not keeping 41% for whatever purpose.

“I think we need a redistribution of this fund to ensure that it accounts for 90% of what has been approved to go to universities, polytechnic and not kept as bureaucracy or whatever. You need to tell the public what TETFund is doing with the balance of N132 billion,” the ASUU chairman said.

World News

Federal Government to build three resettlement camps for 20,000 Nigerian refugees

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The federal government is to build three integrated villages to resettle 20,000 Nigerian refugees from neighbouring countries of Chad, Cameroon, and Niger.

Governor Babagana Zulum of Borno State disclosed this while chairing a technical committee meeting in Abuja on Tuesday.

Mr Zulum, who is also the vice-chairman, Presidential Committee on Repatriation, Return and Resettlement of Refugees and Management of Repentant Boko Haram Members, said at least 20,000 persons took refuge in neighbouring countries.

He said President Muhammadu Buhari had approved the release of N15 billion to the committee, with the Borno government handling the construction of the villages.

The governor said the aim was the resettlement of the returnees from the neighboring countries.

Mr Zulum explained that the National Emergency Management Agency (NEMA) would provide food and non-food relief materials.

According to him, the National Refugees Commission will coordinate the repatriation process of the refugees living in Chad, Cameroon, and Niger, while the Defence Headquarters will provide adequate security for the exercise.

The governor also said the construction of the villages and the repatriation process would be conducted in phases, and only those willing to return would be considered.

The meeting was attended by the Attorney General of the Federation, Abubakar Malami, representatives of all the relevant agencies, security operatives, and humanitarian organisations, among others.

Lifestyle

Federal Government arraigns former terrorist negotiator, Tukur Mamu

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Former terrorist negotiator, Tukur Mamu will be arraigned today, March 21, by the federal government on a 10-count charge bordering on terrorism financing among others.

Mamu will be arraigned before Justice Inyang Ekwo of a Federal High Court, Abuja, by the office of the Attorney-General of the Federation (AGF) on behalf of the FG.

This is coming after it was reported that Justice Nkeonye Maha of a sister court gave the Department of State Services (DSS) a go-ahead to detain the former terrorists’ negotiator for 60 days to enable it to conclude its investigation on the suspect who led the negotiation with the terrorists for the release of the Abuja-Kaduna train passengers kidnapped in March 2022.

Business

Federal Government lists N360 billion bonds for auction

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The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), listed four FGN bonds valued at N360 billion for auction.

Announcing the bond auction, the DMO listed the first offer as a February 2028 FGN bond, valued at N90 billion at interest rate of 13.98 per cent per annum (10-year re-opening).

The second is an April 2032 FGN bond, valued at N90 billion at 12.50 per cent interest rate per annum (10-year re-opening).

There is also an April 2037 FGN bond, valued at N90 billion, at 16.24 per cent interest rate per annum (20-year re-opening).

The fourth offer is an April 2049 FGN bond, also valued at N90 billion, at an interest rate of 14.80 per cent per annum (30- year re-opening).

It announced that the auction date is February 13, while settlement date is February 15.

According to the DMO, for re-opening of previously issued bonds, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned plus any accrued interest on the instrument.

“Interest is payable semi-annually, while bullet repayment (principal sum) is on the maturity date.

“FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They also qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for funds among other investors.

“They are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange,’’ the DMO said.

It said that all FGN bonds qualify as liquid assets for liquidity ratio calculation for banks.

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