The decision by CBN to raise the Monetary Policy Rate (MPR) marked a substantial adjustment aimed at addressing the persistent inflationary challenges faced by the country. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 per cent from 18.75 per cent. In a pivotal move, the Apex Bank announced a significant shift in its monetary policy during the...
To carry out an effective investigation into the N30trn Ways and Means, the Senate has set up an ad hoc committee to report back in 4 weeks. The Senate is set to commence an investigation into the payment of N30 trillion “Ways and Means” secured from the Central Bank of Nigeria (CBN) by the immediate past government in the last 10 years and has set up an ad hoc committee to carry out a holistic investigation...
This, according to the Senate is intended at working out practicable templates and implementable modalities for the actualisation of the program. The Senate has urged the Federal Government to introduce the Nigerian version of the Food Stamps program as an interventionist measure to cushion the effects of food insecurity/shortage in the country. It therefore mandated the Federal Ministry of Agriculture to liaise with development partners and other relevant stakeholders, especially the Lagos Food Bank Initiative,...
Rep. Kalu emphasized the need for development partners like USAID to offer continuous support to Civil Society Organizations (CSOs) and government agencies. The Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu (APC, Abia), has called on development partners like the United States Agency for International Development (USAID) to offer continuous support in the ongoing capacity building and conversations surrounding fiscal reforms. Speaking at a workshop in Abuja designed for National Assembly members, Rep....
The discrimination against persons with disabilities prohibition Act specifies that persons with disability have the right to access the physical environment and buildings like others. To ensure equality, and fairness and reduce discrimination against persons with disability, the House of Representatives has taken a bold step to investigate discrimination against disabled people. The motion, sponsored by Rep.Lanre Okunlola (APC, Lagos), stated that Sections 3–8 of the Discrimination against persons with disabilities prohibition Act, 2018 specifies...
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...
The revised guidelines for verification of nurses and midwives issued by the Nursing and Midwifery Council of Nigeria was scheduled to take effect from March 1, 2024. The House of Representatives on Tuesday urged the Nursing and Midwifery Council of Nigeria not to implement the Revised Guidelines for verification of certificates for nurses and directed the Committees on Health Institutions and Legislative Compliance to investigate the controversy surrounding the Revised Guidelines and report to the...
The commendation comes as President Tinubu revealed his decision to implement the Orosanye report and tackle one of the major drains on public funds. The Chairman, Public Accounts Committee (PAC) of the House of Representatives, Rep. Bamidele Salam (PDP, Osun) has hailed President Bola Tinubu for his courage in addressing a significant issue plaguing public finance and urged similar action on the 2014 Confab Report. The commendation comes in the wake of President Tinubu’s decisive actions...
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...
People at the protest were seen holding placards lamenting the economic situation in the country as they chanted “Hunger dey,” “Bring back subsidy.” The Nigeria Labour Congress (NLC) on Tuesday stormed the National Assembly in a Nationwide protest scheduled for February 27 and 28 over the high cost of living in the country. The protesters were seen holding placards lamenting the economic situation in the country as they chanted “Hunger dey,” “Bring back subsidy.” The...
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