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FG Outlines Full Local Government Autonomy Implementation Timeline

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By Kayode Sanni-Arewa

Following the Supreme Court’s interpretation regarding the full autonomy of Local Governments (LGs), it is important to recognize that LG accounts are currently not linked to the Federal Government’s Treasury Single Account (TSA) as mandated.

The Federal Government will, in due course, instruct the 774 Local Government Areas (LGAs) across the federation to open or link their accounts to the Federal Government’s TSA within 90 days of the notice.

This action will effectively separate LGA accounts from their respective state accounts.

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During the transitional period, state governments will continue to oversee the financial affairs and expenditures of the LGA councils until all necessary requirements for full LG autonomy are fulfilled, solidifying the LGAs’ status as the third tier of government.

For the 21 states without elected Council Chairmen, state governments will continue to receive allocations directly into their state accounts. However, these funds will be supervised by the Heads of Local Government Administrations (HLGAs) and Treasurers, under the control of the existing Caretaker Committee Chairmen, for the 90-day period. This measure ensures that LG workers receive their wages while state governments conduct local government elections.

This directive also applies to the Federal Capital Territory (FCT).

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Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants

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By Kayode Sanni-Arewa

In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.

The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.

Full text of the statement reads in part:

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Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.

The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.

As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.

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Before final liquidation, NDIC set to auction Heritage bank properties

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In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

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The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

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“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

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Naira slumps in parallel market

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The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.

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