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Buhari Begs National Assembly To Speedily Pass Money Laundry Bill.

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Buhari Budget

President Muhammadu Buhari has appealed to the National Assembly members to ensure the speedy passage of five Executive bill before it to help his anti-corruption war.

The bills are the Money ‎Laundering and Prevention Bill of 2016‎, Bills for Acts for domestication of agreements for avoidance of double taxation between Nigeria and South Korea, Spain and Sweden respectively, Mutual legal Assistance in Criminal Matters Bill, 2016 the Federal Capital Territory Appropriation Bill, 2016 and Statutory Budget of Niger Delta Development Commission (NDDC)‎, 2016.

He made the appeal while hosting the members of the federal legislature and some chieftains of the All Progressives Congress, APC at the presidential villa, Abuja on Monday night to a dinner to mark the 2016 democracy day and his one year in office.

The president who was particular about the Federal Capital Territory Appropriation Bill, 2016 and Statutory Budget of Niger Delta Development Commission (NDDC)‎, 2016, stated that the bodies would be financially handicapped to execute their project and run the affairs of their offices if their budget was not passed.

While pledging to uphold the principles of separation of powers, President Buhari also expressed gratitude to the lawmakers for passing the 2016 budget.

He said: “This is first, to mark the 2016 Democracy Day and further to appreciate the National Assembly leadership, membership and management for the great work they have done in considering and approving as thought fit several bills and measures submitted by the executive and those bills originated by the legislature which have enabled the government function according to law.

“Let me again appreciate the work of the National Assembly for the painstaking and consensual work they did with the Executive to deliver the 2016 Appropriation Act.

“It is on record that this is one rare occasion where the Appropriation Act was assented to with the schedule i.e the details. This is a good start in our journey of change.

“I seize this opportunity to please draw attention to the under listed bills which have been submitted to the National Assembly and appeal for accelerated consideration and passage.

“The bills include Bills for Acts of domestication of agreements for avoidance of double taxation between Nigeria and South Korea, Spain and Sweden respectively; Federal Capital Territory Appropriation Bill 2016; Money Laundering (Prevention and Prohibition) Bill 2016; Mutual Legal Assistance in Criminal Matters Bill 2016; and the Statutory Budget of the Niger Delta Development Commission 2016.

“I am conscious that on June 9, 2016, the National Assembly will complete one legislative year.

“May I appeal to you to consider and pass these submitted bills, particularly the statutory budget of the FCT, the NDDC Budget and the budget of statutory corporations.

“These bodies cannot execute their statutory mandate nor incur expenditure for the year unless their budgets are approved by the National Assembly.

“I hereby re-state the commitment of this administration to observe the principles of separation of powers which defines and delineates the functions and powers of each arm of government.

“Thus far, we in the executive have restricted ourselves to our constitutional roles. Therefore I, as the President, and we as the Executive arm of government will not interfere in the functions, functioning and process of the Legislature nor the Judiciary.

“In the same vein, I urge other arms of government to please appraise and ensure that each action conceived and taken by it is in strict accord with its constitutionally limited powers.

“I urge you as legislators and the legislature to take out time and communicate with your constituents and other Nigerians the policies of the government which are based on laws approved by the National Assembly.”

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Federal Government To Grant Mining Licenses To Only Companies That Process Locally

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Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

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Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

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Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

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JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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