CBN has decided to tackle FX transaction abuses in clearing liabilities backlog as it vowed to continue settlement of verified FX backlog. The Central Bank of Nigeria (CBN), in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately USD 2.0 billion across various sectors, including manufacturing, aviation, and petroleum. The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines. The CBN Acting...
Lagos Speaker Obasa has sent congratulatory messages to the Governor of the state, Sanwo-Olu, on his victory at the Supreme Court which affirmed his election as Governor. Hon. Mudashiru Obasa, the speaker of the Lagos state House of Assembly, has congratulated Governor Babajide Sanwo-Olu over Friday’s judgement of the Supreme Court which affirmed his victory at the 2023 Governorship Election polls. In his congratulatory message, issued by his chief press secretary, Eromosele Ebhomele, the Speaker...
CBN has announced the dissolution of the boards of Union Bank, Keystone Bank, and Polaris Bank due to infractions. The Central Bank of Nigeria (CBN) has announced the dissolution of the boards and managements of Union Bank of Nigeria, Keystone Bank, and Polaris Bank over alleged corporate governance infractions and non-compliance with regulatory requirements. The announcement comes barely three weeks after the Special Investigator on the CBN and Related Entities, Jim Obazee, submitted its final...
OrderPaper has released the latest version of its Quarterly Policy Review with a focus on the Tenth National Assembly. OrderPaper, Nigeria’s foremost independent parliamentary monitoring organisation, and policy think tank that bridges the gap between people and parliament, is thrilled to announce the release of its highly anticipated Quarterly Policy Review (QPR) for Quarter 4, 2023, titled “A Peep into Nigeria’s Tenth National Assembly.” This comprehensive resource delves into the key legislative developments, policy decisions,...
President Tinubu in the 2024 appropriation bill signed into law followed the tradition of his predecessor with a budget deficit of N9.178tn A Budget typically comprises 2 main items. The revenue (income) and the expenditure (how the income is to be disbursed and spent majorly as a capital project or a recurrent project). A budget deficit occurs when one’s expenditure is more than the revenue. That is, you plan to spend more than the earnings....
The President makes history as he not only signs 2024 budget but also endorses the extension of the 2023 supplementary appropriation earlier passed by the parliament President Bola Tinubu has signed into law the 2024 budget of N28.7 trillion. The president also signed the N2.2tn supplementary appropriation for 2023 which will now run alongside the 2024 budget until March 31, 2024. He appended his signature to the bills on Monday, January 1, 2024. OrderPaper recalls...
The final act of WRC 2023 comprises both the new and revised provisions of the radio regulations, which, put together, benefits Nigeria Nigeria has joined the rest of the world in endorsing the revised provisions of the radio regulations, which contain the outcome of agreements on agendas put forward by signatories to the international treaty governing the use of the radio-frequency spectrum and satellite orbits This happened at the just concluded World Radiocommunications Conference...
The apex bank encourages members of the public to report hoarding through a specially created online channel as it moves to arrest naira scarcity The Central Bank of Nigeria (CBN) has warned commercial banks and Point-Of-Sale (PoS) operators against collusion in creating artifical scarcity of the naira. This comes on same day the House of Representatives called on the CBN to disrupt the activities of POS operators who charge exorbitant fees to provide naira notes...
The robust participation of the Nigerian delegation to the world radio conference has excited the NCC boss who also praised the minister for showing leadership Nigeria’s performance at the just concluded International Telecommunications Union (ITU)’s World Radio Communications (WRC) Conference 2023, has been described as exciting and impressive. Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, said the election of two Nigerians into leadership positions and other delegates from the commission...
The leadership of the NCC under Dr. Maida has stressed the importance of transparency in the discharge of its responsibilities The Nigerian Communications Commission (NCC) has said it would prioritize improving the transparency of its operations for the benefit of all stakeholders. Executive Vice Chairman of the Commission, Dr. Aminu Maida, stated this during a courtesy visit to the Hon. Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani in Abuja recently. Briefing the...
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