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I Could Have Had My Share Of Benefit From Petrol Subsidy Payment — Tinubu

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu says he will not partake in the economic destruction of the country by retaining the petrol subsidy.

According to NAN, Tinubu spoke on Thursday at a reception in his honour by the Lagos state government.

The president said the bleeding of the country’s finances through the petrol subsidy should never be allowed to continue under any guise.

“We will be needing the necessary resources to achieve the promise we made to Nigerians during our campaign,” he said.

“We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.

“We have to re-engineer the effectiveness of control and management of our resources in order to meet the obligations owed to Nigerians.

“I could have said yes I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”

The president said Nigerians would continue to see new and better initiatives that would benefit both the young and old.

Tinubu pledged to work with the national assembly and state governors to achieve the renewed hope agenda of his administration.

On his part, Babajide Sanwo-Olu, governor of Lagos, said his colleagues are in full support of the policies and programmes of the current administration.

Sanwo-Olu said the support of the state governors is important for the realisation of the dream of a better Nigeria.

Also speaking, Godswill Akpabio, senate president, promised to work with the executive arm of the government to ensure that Nigerians enjoy the dividends of democracy.

“With what the president has done in Lagos, we are assured that Nigeria is in safe hands,” Akpabio said.

“We didn’t know this was the plan you had for the country, we wouldn’t have contested with you at the party primaries.

“These few decisions you have taken have served as a catalyst for the country’s development.”

Akpabio said Lagos has been a model of development for states in Nigeria, adding that the man that did the framework can also do it for Nigeria.

AbdulRahman AbdulRazaq, governor of Kwara, said the governors are in support of Tinubu’s quest to reposition the economy of the country.

“The removal of the petroleum subsidy and reversal of the arbitrary exchange regime was the right step in repositioning the country,” AbdulRazaq said.

Raji Fashola, a former governor of Lagos who was also at the event, assured the president of their continued support.

“We want you to know that we are only a phone call away. Whenever you need us, any of the classes that you have mentored, we are ready to serve you once again,” he said.

BIG STORY

Reps Summon CDS, Army Chief Over ‘Arrest’ Of Miyetti Allah President

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The House of Representatives has summoned Christopher Musa, Chief of Defence Staff (CDS), and Olufemi Oluyede, Chief of Army Staff (COAS), over the alleged arrest of Bello Bodejo, president of Miyetti Allah Kautal Hore.

During Tuesday’s plenary, the parliament instructed Musa and Olufemi to order the “immediate release” of Bodejo from “unlawful detention and apologise to him for infringing on his constitutionally guaranteed fundamental human rights.”

The resolution was passed following the adoption of a motion of urgent public importance sponsored by Mansur Soro from Bauchi State.

Last week, Bodejo’s family reported that he was arrested and detained by officers of the 117 Battalion of the Nigerian Army in Maliya, Nasarawa State.

Suleiman Waziri, Bodejo’s brother, stated that he was arrested over an incident involving some herders and a retired army general in the Tudun Wada area of Nasarawa.

Moving the motion, Soro alleged Bodejo was “arrested in a commando style with no prior invitation or court injunction.”

He further stated that Bodejo has yet to be arraigned in court, one week after his arrest and committal to prison.

The legislator argued that the continued detention of Bodejo constitutes a breach of his fundamental human rights and a violation of sections 34, 35, and 36 of the 1999 Constitution.

The motion was adopted when it was put to a voice vote by Tajudeen Abbas, Speaker of the House.

The Army Chief, Chief of Defence Staff, and the commanding officer of the 177 Battalion are to appear before the committees on Army, Human Rights, and Justice on Thursday.

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BIG STORY

We Recovered N10.9bn VAT, Blocked N5.8bn Fund Diversion In One Year — ICPC Chairman Musa Aliyu

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Musa Aliyu, chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stated that the anti-graft agency “recovered and remitted the sum of N10.986 billion in value-added tax (VAT)” to the Federal Inland Revenue (FIRS) within one year.

Aliyu made the statement on Tuesday at the commission’s headquarters in Abuja while marking his first year in office.

He highlighted that the commission also recovered N29.700 billion in cash and N10 billion intended for the production of COVID-19 vaccines. Additionally, he noted that the agency secured the final forfeiture of assets worth N2.5 billion and “foreign currency recoveries of $966,900.83.”

“The commission just completed the tracking of 1,500 projects, valued at N610 billion, nationwide under CEPTI Phase 7,” he said.

“The ICPC, under my stewardship, continues to adapt to evolving trends in fulfilling its mandates, including equipping its workforce with digital strategies to combat corruption. The current administration’s anti-corruption agenda and my policy thrust encapsulated in the acronym ‘CARE’ for impact, have further motivated the commission to enhance its tools, approaches, and engagements.”

The ICPC chairman revealed that 851 petitions were processed during the year, with 342 assigned for investigation, 95 fully investigated, 72 cases filed in court, and 16 convictions secured.

“In this regard, we are streamlining our processes to ensure faster and more effective prosecution of cases, leading to the resuscitation of 10-15-year-old cases in courts,” he said.

“As part of its commitment to institutional accountability, the commission assessed 323 ministries, departments, and agencies (MDAs) through its ethics and integrity compliance scorecard (EICS). It also established 80 anti-corruption and transparency units (ACTUs) across MDAs to reinforce its anti-corruption efforts.

“While doing these, the commission stopped the diversion of public funds to the tune of N5.882 billion. The report of the EICS exercise conducted in the middle of this year is ready and will also be released to the media and the public.”

“In the year under my leadership, the ICPC brought together the 36 states’ attorneys-general under one roof to brainstorm and had robust conversations on developing effective strategies that would enhance the commission’s capacity in the fight against corruption at the sub-national level and within the current justice system.”

“This initiative is yielding results as the regional editions of this engagement, aimed at establishing a community of practice and strengthening capacity for corruption prevention, have since started with the north-west conference of attorneys-general.”

Aliyu acknowledged that while the commission has made significant progress, there is still much work to be done. He noted that in the coming year, the anti-graft agency will focus on improving efficiency, enhancing public engagement, strengthening institutional frameworks, and leveraging technology.

Bolaji Owasanoye, former ICPC chairman, encouraged Aliyu to reflect on his first year in office, identify areas for growth, cultivate resilience, and adopt a forward-thinking approach to tackle future challenges.

The ICPC chairman was commended by the anti-corruption agencies of Zambia, Uganda, and Sierra Leone for his efforts in tackling corruption in Nigeria.

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CBN Sets Daily Withdrawal Limit On POS To N100,000 Per Customer

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The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of N100,000 per customer for point-of-sale (PoS) terminals.

In a circular sent to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN stated that the restriction aligns with the apex bank’s ongoing efforts to promote a cash-less economy.

The circular explained that these measures aim to address identified challenges, combat fraud, and establish uniform operational standards across the industry.

“In view of the above, ALL principals of agents are to comply with the following directives immediately:

i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week,” the circular reads.

“ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.

“iii. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.

“iv. Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.

“v. Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.

“vi. Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).

“vii. Ensure that all agent terminals are connected to a PTSA.

“viii. Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a report to the CBN. The template of this report will be sent to principals.”

CBN emphasized that, as outlined in the guidelines for the regulation of agent banking and agent banking relationships in Nigeria, principals would be held fully responsible and liable for all actions and omissions of their agents related to agent banking services.

The apex bank also cautioned that it would carry out oversight activities, including impromptu back-end configuration checks to ensure compliance.

CBN warned that violations of the directives in the circular will result in appropriate penalties, including monetary and/or administrative sanctions.

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