News

Senate passes N288bn FCT supplementary budget for second reading

Published

20 hours ago

September 26, 2024

The Senate on Wednesday, September 25, passed for second reading a N288bn Supplementary budget for the Federal Capital Territory Administration (FCTA).

This fresh supplementary budget comes after the Senate passed the sum of N98.5bn Supplementary budget for the FCT in June.

The Senate Leader, Opeyemi Bamidele in his lead debate said the Supplementary appropriation became necessary to accommodate additional inflows from Internally Generated Revenues and other revenues of the FCTA.

Bamidele said: “A Bill for an Act to issue from the Federal Capital Territory Administration Account the total sum of N288bn only arising from a need to accommodate additional inflows from Internally Generated Revenues (IGR) and other revenues in the sums of N8bn only and N280bn only respectively; and for other related matters, 2024.”

The passage of the budget followed a correspondence from President Bola Tinubu dated September 19, 2024, addressed to the National Assembly.

Tinubu said the supplementary budget for the FCTA was pursuant to the provision of the 1999 Constitution (as amended).

The letter reads in part: “I write in accordance with the provisions of Section 121 of the Constitution of the Federal Republic of Nigeria, to forward herewith an additional supplementary budget proposal for the FCTA for consideration and passage by the Senate.

“This supplementary budget proposal has been prepared on the basis of the FCTA’S reviewed revenue and expenditure forecasts and is aligned with the fiscal and developmental policies of the Federal Government and the Renewed Hope Agenda.

“With it, the FCTA continues to prioritise the improvement of human capital and infrastructure within the Federal Capital Territory.

This fresh supplementary budget comes after the Senate passed the sum of N98.5bn Supplementary budget for the FCT in June.

After the Bill was read for a second time, Deputy Senate President, Barau Jibrin, who presided over plenary referred to the Senate Committee on FCT for further legislative work.

News

Reps Urge NNPCL, Dangote Refinery to Allow Independent Marketers Lift Petrol

Published

8 hours ago

September 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called on the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refinery to allow independent marketers to begin lifting petrol from the new refinery.

This decision followed a motion by Rep. Oboku Oforji, who represents Yenagoa/Opokuma Federal Constituency in Bayelsa State.

During the debate, Rep. Oforji pointed out that although the Dangote Refinery started operations on September 15, 2024, with a capacity of 650,000 barrels per day, only major marketers have been allowed to lift products so far.

He said, “The House is concerned that giving NNPCL and major marketers exclusive rights to lift fuel creates a monopoly, which is unfair. This is the same NNPCL that has mismanaged our crude and refineries for years.”

He added that if this monopoly continues, the fuel scarcity affecting Nigerians will persist, with harmful effects on the economy.

Rep. Oforji also quoted the late MKO Abiola, who had once criticized the lack of transparency and accountability in NNPCL.

“The House is worried that excluding independent marketers from lifting Premium Motor Spirit (PMS) is not beneficial,” Oforji said.

He further mentioned that representatives of the Independent Petroleum Marketers Association of Nigeria (IPMAN) fear they may have to resort to importing fuel to keep their businesses alive.

The lawmaker commended Dangote Group for starting petroleum refining in Nigeria, stating that this could signal the country’s move towards energy self-sufficiency.

“The House recognizes that with this milestone, Nigeria is on the path to saving costs, attracting foreign investment, and boosting its economy through fuel exports and reduced foreign exchange spending,” he added.

Rep. Oforji emphasized that due to the high demand for fuel, it’s crucial that independent marketers are allowed to lift products from the Dangote refinery.

To improve fuel availability, the House urged Dangote Refinery to establish or collaborate to set up depots across the country.

Meanwhile, Speaker Tajudeen Abbas has formed a panel led by House Leader Julius Ihonvbere to work with the Senate in investigating the petroleum sector crisis and finding solutions.

Other members of the committee include Kelechi Nwogu (PDP, Rivers), Patrick Umoh (APC, Akwa Ibom), and Sada Soli (APC, Katsina), among others.

News

FG moves to allow payment in Naira to NIMASA, NPA

Published

9 hours ago

September 26, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The federal government is proposing the collection of charges, fines and others, by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority (NPA), be in naira rather than in foreign currencies.

Bayo Onanuga, special adviser to the president on information and strategy, spoke on Wednesday during a press briefing at the state house in Abuja.

According to Onanuga, the proposal is part of the economic stabilisation bills (ESBs) to be presented by President Bola Tinubu to the national assembly.

On Monday, the federal executive council (FEC) approved the economic stabilisation bills seeking amendment of tax policies.

Onanuga said the plan is part of an effort from the federal government to prioritise the use of naira and reduce pressure on the foreign exchange (FX) market.

“The second one has to do with the operating laws guiding NIMASA and Nigerian Port Authority (NPA). The amendment under that in the economic stabilisation bills is that all their fees, charges, levies, fines and other monies accruing to them and payable to those agencies will now be paid in naira at the applicable exchange rate,” Onanuga said.

“Hitherto, those agencies were charging in dollars but now collect it in naira. This government wants to put a lot of emphasis on our national currency instead of everything being dollarised in our economy.”

Since the unification of the naira on June 14, the country’s currency has significantly deteriorated, depreciating from N471.67 per dollar to N1667.42/$ in the official market as of Wednesday.

As part of its effort to reduce demand for dollars, the federal government said on October 1, it would commence the sale of crude oil in naira to the Dangote refinery and other local refineries.

News

Three arrested in Benin Republic over alleged ‘coup’ conspiracy

Published

10 hours ago

September 26, 2024

Austin Ojomah

By Francesca Hangeior.

Benin prosecutors announced that three notable individuals, including a commander of the presidential guard, have been detained under suspicion of orchestrating a “coup d’etat” in the small West African country.

The other two individuals accused of plotting a coup are a former sports minister and a businessman with close ties to President Patrice Talon.

Elonm Mario Metonou, the special prosecutor at Benin’s court for financial crimes and terrorism, revealed that the alleged coup was scheduled to occur on Friday.

“It seems the Republican Guard commander responsible for the president’s security was recruited by Minister Oswald Homeky and Olivier Boko to carry out a forceful coup on September 27, 2024,” the prosecutor stated.

Homeky was apprehended around 1:00 am on Tuesday while transferring six bags of money amounting to 1.5 billion West African CFA francs ($2.5 million) to the commander, Djimon Dieudonne Tevoedjre.

Boko, a close associate of President Patrice Talon, was arrested separately overnight from Monday to Tuesday in Benin’s economic hub of Cotonou, the court disclosed.

He had recently hinted at his intention to vie for the presidency in 2026, as Talon is barred by the constitution from seeking another term when his second term concludes.