National Assembly Passes N21.83trn 2023 Appropriation Bill Into Law
The National Assembly has passed the 2023 appropriation bill at N21.83 trillion. This shows an increase of N1.32 trillion from the N20.51 trillion budget proposal of President Muhammadu Buhari. A breakdown of the budget indicates an allocation of N967.5 billion for statutory transfers, N6.6 trillion for debt servicing, N8.3 trillion for recurrent expenditure, and N5.9 trillion for capital expenditure. Meanwhile, the Senate...
How CBN Spent N74bn In Naira Redesign, Others In 2022 — Report
It cost the Central Bank of Nigeria and its subsidiary about N74.84bn to produce and roll out currencies, including new naira notes, in 2022. Despite the scarcity of naira that plagued the country in the latter months of 2022, the CBN spent 40.42 per cent more than the N53.29bn it spent in the preceding year, to rollout currencies. According to the...
DSS Intercepts Syndicates Selling New Naira Notes, Bank Officials Implicated
The Department of State Services has detained some members of an organized syndicate selling the new Naira notes in various parts of the country. Although the names and locations of the suspects were withheld by the DSS, the agency claimed in a statement on Monday that several commercial bank employees were complicit in the crime. Dr. Peter Afunanya, the DSS's Public...
Only A Budget Size Of N7trn Can Tackle Lagos Infrastructural Needs — Sanwo-Olu
The governor of Lagos State, Babajide Sanwo-Olu, says the state requires about a N7 trillion budget size to meet up with infrastructural and basic amenities in 2024. Sanwo-Olu spoke at the eighth Lagos Corporate Assembly, a business forum, tagged ‘BOS Meets with Business Community’, at the Lagos House in Alausa, Ikeja. The governor, however, noted that despite the uncertainty in the...
Appeal Court Voids Judgement Stopping Monthly Allocation To Rivers State
The court of appeal in Abuja has set aside the judgment restraining the Central Bank of Nigeria (CBN) from disbursing financial allocations to the Rivers state government. The three-member panel, on Friday, ruled that the subject matter of the state’s appropriation bill is not within the jurisdiction of the federal high court. The Hamman Barka-led appellate court held that the lower...
China Ready To Lend Us More Money, We’re Not Discussing Debt Forgiveness With Them — FG
The Federal Government of Nigeria says it is not discussing debt forgiveness with China, noting that Beijing is willing to lend Nigeria more money and invest more in the economy of Nigeria. The Minister of Foreign Affairs, Yusuf Tuggar, stated this on Channels Television’s Sunday Politics programme. Nigeria has been making proposals for debt forgiveness at the United Nations General Assembly...
CBN Threatens Severe Sanctions Against Banks Hoarding Currency
The Central Bank of Nigeria (CBN) has announced severe penalties for any bank involved in currency hoarding or diversion as part of its commitment to ensuring proper distribution of the nation’s currency. In a circular issued on November 13, 2024, the CBN outlined stringent measures for Deposit Money Banks (DMBs) found to be diverting cash to unauthorised hawkers. Under the new...
Court Declines Binance Executive’s Bail Application, Cites Flight Risk
Federal High Court sitting in Abuja has dismissed a bail application filed by the detained Executive of Binance Holdings Limited, Tigran Gambaryan, saying he could be a flight risk. The court presided over just Justice Emeka Nwite held that Gambaryan is likely to jump bail if bail is granted to him. Another executive, Nadeem Anjarwalla, a British-Kenyan who is a regional...
Tinubu Sacks Tukur As NFIU Boss, Appoints Bakari
President Bola Tinubu has fired Moddibo Tukur as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), naming Ms Hafsat Abubakar Bakari as his replacement. According to Ajuri Ngelale, presidential spokesman, who announced the appointment, it is subject to confirmation by the Senate. “Ms. Bakari is a lawyer and financial intelligence expert with years of experience in anti-money laundering,...
Adamawa Governor, Fintiri Raises NYSC Members’ Pay By N10,000
The governor of Adamawa state, Ahmadu Umaru Fintiri, on Tuesday increased the monthly allowance of National Youth Service Corps (NYSC) members in the state with ₦10,000 (ten thousand naira). Fintiri disclosed this in a statement and said he was excited to welcome the 2023 Batch ‘C’ Stream II Corps members to Adamawa State. “Your dedication to nation-building is recognized, and we’re...
