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SEE highlights of FEC sweeping decisions
Here are some of the highlights of the far reaching decisions taken today at the Federal Executive Council meeting, chaired by President Bola Ahmed Tinubu.
FEC approved construction of Lagos-Port Harcourt-Calabar Coastal Superhighway to Messrs Hitech Construction Africa. The First phase made up of 47 kms will begin in Lagos.
Social security payments to the vulnerable households to begin immediately. Recipients will be those with NIN and BVN.
Social security payments to be extended to graduates from NCE and upwards
Consumer Credit to be established very urgently. Chief of Staff to lead a committee that includes Budget Minister, Attorney-General, Coordinating Minister of the Economy and Finance, to make the scheme a reality.
The Council in order to enhance efficiency in the Federal service, and reduce the cost of governance, decided to implement the recommendations of the Steve Oronsaye panel on the restructuring and rationalisation of Federal agencies, parastatals and commissions.
The implementation involves merging, subsuming and scrapping agencies with similar functions.
The Oronsaye report was submitted in 2012 to the Jonathan administration. In 2014, the Jonathan government released a white paper on the report. The Buhari administration after re-examining the white paper also released a second white paper in August 2022, but did not implement the report.
However, the Tinubu administration has decided to confront the monster of high governance cost by implementing elements of the report.
An eight-man committee has a 12-week deadline to ensure that the necessary legislative amendments and administrative restructuring needed to implement the reforms are effected in an efficient manner.
The committee comprises Secretary to the Government of the Federation, Head of the Civil Service, Attorney General and Justice Minister, Budget and Planning Minister, DG Bureau of Public Service Reform, Special Adviser to the President on Policy Coordination, Special assistant to the president on National Assembly. The Cabinet Affairs Office will serve as the secretariat.
Key recommendations for implementation:
National Salaries, Income and wages Commission to be subsumed under Revenue Mobilisation and Fiscal Commission. The National Assembly will need to amend the constitution as RMAFC was established by the constitution.
Infrastructure Concession and Regulatory Commission to be merged with Bureau of Public Enterprise and be rechristened as `Public Enterprises and Infrastructural Concession Commission
National Human Rights Commission to swallow Public Complaints Commission
Pension Transitional Arrangement Directorate(PTAD) to be scrapped and functions to be taken over by Federal Ministry of Finance
NEMA and National Commission for Refugees to be fused to become National Emergency and Refugee Management Commission
Border Communities Development Agency to become a department under National Boundary Commission
NACA and NCDC to be merged
SERVICOM to become a department under the Bureau for Public Service Reform (BPSR)
NALDA to return to the Ministry of Agriculture and Food Security.
Federal Ministry of Science to supervise a new agency that combines NCAM, NASENI and PRODA
National Commission for Museums and Monuments and National Gallery of Arts to become one entity that will be known as National Commission for Museums, Monuments and Gallery of Arts.
National Theatre to be merged with National Troupe.
Directorate of Technical Cooperation in Africa and Directorate of Technical Aid Corp to be merged under the Ministry of Foreign Affairs
Nigerians in Diaspora Commission to become an agency under the Ministry of Foreign Affairs.
Federal Radio Corporation and Voice of Nigeria to be one entity to be known as Federal Broadcasting Corporation of Nigeria
National Biotechnology Development Agency(NABDA) and National Centre for Genetic Resources and Biotechnology to be emerged into an agency to be known as National Biotechnology Research and Development Agency(NBRDA).
National Institute for Leather Science Technology and National Institute for Chemical Technology to become one agency.
Nigeria Natural Medicine Development Agency and National Institute of Pharmaceutical Research and Development to become one agency.
The National Metallurgical Development Centre and National Metallurgical Training Institute will be merged.
National Institute for Trypanosomiasis to be subsumed under Institute of Veterinary Research in Vom, Jos.
The list is not exhaustive.
Bayo Onanuga
Special Adviser Information and Strategy to President Bola Ahmed Tinubu
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IFC, CBN Partner On Private Sector Growth Through Naira Financing
The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.
The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.
A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.
The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.
“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.
“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.
“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.
“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.
“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”
With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.
“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.
The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.
Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
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EU Supports Dialogue On Increased Women’s Participation, Representation In Governance
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BREAKING: APC Suspends Rauf Aregbesola Over Anti-party Activities
By Kayode Sanni-Arewa
The Osun State chapter of the All Progressives Congress (APC) has suspended former Minister of Interior, Ogbeni Rauf Aregbesola, over alleged anti-party activities. According to Vanguard, in a resolution submitted to the APC National Secretariat and directed to National Chairman Dr. Umar Ganduje, Osun APC accused Aregbesola, who previously served as governor, of fostering divisions within the party by creating a rival faction. The APC claims that this act has disrupted party unity, especially during a sensitive time in Osun politics. Party leaders believe Aregbesola’s influence over certain groups has deepened internal rifts, which the state chapter sees as detrimental to the party’s unity. This suspension represents a bold step by the Osun APC to address internal issues and refocus leadership priorities as they prepare for upcoming elections. Responses from Aregbesola’s camp are expected as the situation develops.
Details later…
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