The Senate has recommended that the Federal Government approve an allocation of N10 billion in the current year’s budget to facilitate literacy development within the capital market.

This recommendation was presented by Osita Izunaso, the Chairman on Capital Market, during the appearance of Dr. Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, and Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), before the panel in Abuja yesterday.

Izunaso noted that this request is aimed at enhancing the capital market’s operations, thereby contributing effectively to the overall economic development.

The committee chairman, who regretted that only 5,000 investors were in the capital market, said a special fund would boost the sector.

“We are asking for an intervention for capital allocation, a special funding to finance literacy development in the capital market because that is where the problem is.

“So, if you do that, we will be happy and the capital market will blossom. You will get our letter in that regard today after this meeting.

“That is the hallmark of what Senator Victor Umeh said, that most of them (investors) lost their money through this capital market system. People lost money; people have not regained confidence and we are pushing them,” Izunaso said.

Senator Victor Umeh (LP, Anambra Central) had described the capital market as an essential indicator of “the health of any economy” and how the capital market operates across the world.

He said: “From the past experience from the capital market, a lot is expected to be done to restore public confidence in the Nigerian Stock Exchange (NSE).

“Being able to restore public confidence is key to the operations in that sector. Why we said this is because what we saw was a shock and traumatic experience where investors in the market lost all their funds.”

The Chairman of the Senate Committee on Finance, Sani Musa, explained that the request for N10 billion for literacy and enlightenment was necessary in the light of the current realities.

“We need to see how we can take money out from the budget for the campaign,” he said.

Edun announced that President Bola Ahmed Tinubu had set up a target of $1 trillion economy, adding: “What matters is the vibrancy of the economy.

“This is in terms of having economic stability at the macro level, in terms of the revenues, budget deficits, and inflation rates such that the coming together of these major variables can create a stable environment which will improve investment, including investment in the capital market through the stock exchange.

“All these are under the purview of the SEC.

We now have a much more stable macro economy for investments as a result of the President’s decisive, timely intervention.”

Also, Senate President Godswill Akpabio yesterday promised that the Red Chamber will pass this year’s N54.2 trillion Appropriations Bill latest by tomorrow.

Akpabio made the promise during plenary, urging relevant committees to take swift actions to make the passage possible.

He said: “We need to finish quickly to brush up the budget for possible presentation tomorrow (Wednesday) or next (Thursday).”

President Bola Ahmed Tinubu had initially presented a ₦49.7 trillion budget to the National Assembly on December 18, last year.

But on February 5, he revised the budget upwards to ₦54.2 trillion, citing additional revenue to be generated by key government agencies.

The President said the increase was backed by ₦1.4 trillion in additional revenue from the Federal Inland Revenue Service (FIRS), ₦1.2 trillion from the Nigeria Customs Service (NCS), and ₦1.8 trillion from other government agencies.

The Nigeria Customs Service (NCS) has announced the suspension of 4 percent Free-on-Board charge on value of imports.

The suspension was the outcome of the ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun and other stakeholders.

The NCS National Public Relations Officer, Assistant Comptroller of Customs, Abdullahi Maiwada disclosed the development in a statement made available on Tuesday.

He said: “The Nigeria Customs Service (NCS) hereby announces the suspension of the implementation of 4% Free-on-Board (FOB) value on imports as provided in Section 18(1)(a) of the Nigeria Customs Service (NCSA) 2023.

This is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun and other Stakeholders.”

According to the statement, the suspension will enable comprehensive stakeholder engagement and consultations regarding the Act’s implementation framework.

NCS said the timing of the suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS).

It added that the development presents an opportunity to review its revenue framework holistically.

The statement said under the previous funding arrangement repealed by the NCSA 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.

The new Act, according to the statement, addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives.

The statement reads in part: “This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better.

“The Act further empowers the Service to modernise its operations through various technological innovations. Specifically, Section 28 of the NCSA 2023 authorises developing and maintaining electronic systems for information exchange between the Service, Other Government Agencies, and traders.

“The Service is already implementing several digital solutions, including the recently deployed B’Odogwu clearance system, which stakeholders are benefiting from through faster clearance times and improved transparency.

“Other innovative solutions authorised by the Act include; Single Window implementation (Section 33), Risk management systems (Section 32), Non-intrusive inspection equipment (Section 59) and Electronic data exchange facilities (Section 33(3).

“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.

“The NCS remains committed to implementing the provisions of the Act in a manner that best serves our stakeholders while fulfilling our revenue generation and trade facilitation mandate.

“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations.”

Bayelsa State Governor, Douye Diri, has opened up over social media rumors alleging that he fathered a child with Big Brother Naija star, Nengi Hampson.

The allegation which recently gained momentuu online, claimed that Nengi had given birth to the governor’s child, with some reports even suggesting he has four wives.

However, Diri has categorically denied the claims, describing them as baseless and unfounded.

Nengi herself had taken to her X handle to debunk the claims, stating, “As much as I believe social media lies aren’t worth my time, I’ve come to accept that we live in a world where people are quick to spread lies without limits so let me be clear, I’m not pregnant for any Governor.

“I’ve chosen to speak coz this isn’t just an attack on me, it involves people I hold in the highest regard, and I won’t allow a beautiful, personal part of my life be turned into something ugly.

While I continue to mind my own business and enjoy my pregnancy in PEACE, I wish y’all Love and a happy Valentine’s weekend”.

The governor’s Director-General on New Media, Samuel Kolawole Oredipe, attributed the rumors to the governor’s political foes, stating that they are “spreading falsehood” to distract from the governor’s accomplishments.

He wrote: “Political enemies of His Excellency Senator Douye Diri, Governor of Bayelsa State, are at work again. What a wicked set of people spreading falsehood on a day the Prosperity Administration commenced activities marking its 5th anniversary.

“Nengi Rebecca Hampson has no personal relationship with the governor. Nengi has come out on social media to debunk the lies. This is a distraction, and some of us are very justified in the many reasons offered to regulate the use of various social media.”