The Senate proposed a 6-year single term for CBN governors and a one-year notice for the replacement of existing banknotes. The Senate has passed for second reading a bill seeking some amendments to the Central Bank of Nigeria (CBN) Act, including a proposal to increase the Bank’s authorised capital to N1 trillion. The bill also seeks to ensure that the Apex Bank gives a notice of at least one year to replace the existing legal...
Natasha said the investigation should uncover the circumstances that led to the re-concession of NIOMCO, as the initial concession agreement was validly terminated by the Yar’adua administration. The Senate has set up an Ad-hoc Committee to investigate the affairs of Ajaokuta Steel Company Limited and the National Iron Ore Mining Company (NIOMCO) in Kogi State between 2008 to date and to find out the circumstances that led to the re- concession of NIOMCO. This is...
From constitution amendment bills to the inclusion of Anambra state as an oil-producing state, lawmakers are poised to have robust discussions and dissenting views. In the bustling corridors of the National Assembly, this week promises to be a pivotal one as several crucial bills vie for attention. From constitutional amendment bills to the inclusion of Anambra state as an oil-producing state, lawmakers are poised to have robust discussions and dissenting views. As the nation grapples...
OrderPaper in its recent LIFE article predicted that the State Police Bill, expanding the powers of the FCT Area courts and protests in major cities due to rising food costs and a return of fuel queues due to strikes by unions would be core issues before the National Assembly this past week. Find out how accurate the predictions were. In a striking validation of predictive analysis, OrderPaper’s Legislative Intelligence Forecast Entry (LIFE) has once again...
The Northern Senators Forum urges the government of Niger Republic and its people to seize this opportunity to hasten the process of returning to democratic governance. The Northern Senators Forum has expressed its heartfelt appreciation and commendation to the exceptional leaders of the Economic Community of West African States (ECOWAS) for their decisive action in lifting sanctions imposed on Niger Republic as a result of the military takeover on 26th July 2023. The forum said...
Senator Sani Musa noted that a fresh implementation of the policy outside the N2.7 trillion should be halted for now. The Senate through its committee on Finance, dumped the stay-of-action position proposed to it by the Federal Inland Revenue Service (FIRS) on the N2.7 trillion Tax Credit Fund required for specific road construction by the Federal Ministry of Works. In an interaction with the Committee the previous week, Zacch Adedeji, the Chairman of FIRS, blasted...
The commission will be in charge of acknowledging and overseeing funds from the Federation Account for the repair and maintenance of houses, roads, and other infrastructure damages suffered by the region as a result of the civil war’s aftermath. The Senate has passed a Bill seeking the establishment of the South East Development Commission. This decision was sequel to the consideration of the bill’s clauses at its Committee of the Whole, chaired by the Senate...
Senator Abiru said that all of the CBN MPC nominees had received clearance from security agencies and that the panel had not received any petitions objecting to their nominations. The Senate, on Thursday, confirmed the nominations of 12 members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) following the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions. CBN governor, Olayemi Cardoso, was confirmed as MPC chairman. Those confirmed as members are: Muhammad...
The majority of Senators heavily opposed the bill, arguing that it would stop the career progression of junior staff and halt the employment of young Nigerians. The Senate has stepped down a controversial bill seeking to extend the retirement age for civil servants in Parliament and across the 36 State Houses of Assembly. The bill, if scaled through, would extend the service years of over 200 workers who are due to retire between 2024 and...
The Senate urged the federal government to permit the importation of Cement as a temporary fix. The Senate has decided to investigate the country’s rising prices for cement and other building supplies. To determine whether monopolistic or market manipulation tactics are to blame for the price increase, the Red Chamber instructed its Committee on Industries, led by Senator Francis Fadahunsi (APC, Osun East), to look into the operations of the nation’s cement manufacturing industries. Additionally,...
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