As the nation continues to grapple with pressing concerns, OrderPaper predicts, in this week’s Legislative Intelligent Forecast Entry (LIFE), issues that will engage the National Assembly this week
Nigeria has experienced pressing issues that require urgent attention in the past week. As the National Assembly reconvenes for this week’s legislative activities, it is expected that investigations into the Dangote, NNPCL and NMDPRA saga will deepen. It is also expected that the ₦70,000 new minimum wage will engage lawmakers just as other issues like incessant flood across the country, and the planned hunger protest, would get the attention of lawmakers.
Regularization of 70k minimum wage
President Bola Tinubu approved N70,000 as new minimum wage for Nigerian workers last week. with a vow to review it every 3 years. A statement by Bayo Onanuga, the Special Adviser to the president on information and strategy, confirmed the approval on Thursday. With this development, it is now expected that a bill will be brought to the National Assembly on the matter.
Report on the bank windfall tax
Last week, President Bola Tinubu sought National Assembly approval to amend specific provisions of the 2023 Finance Act. This is because the federal government plans to collect over N425bn from seven banks as a one-time windfall tax on their foreign currency revaluation gains for the 2023 financial year. Last Wednesday, the lawmakers approved the request to impose a one-time windfall tax on banks’ foreign exchange profits in 2023. According to the president, the tax will help “fund capital infrastructural development, education and healthcare access as well as public welfare initiatives all of which are essential components of the Renewed Hope Agenda.” The bill was given an expeditious treatment passing both the first and second readings respectively in both chambers. Thereafter the bill was referred to the committees on finance and according to the ruling, they are expected to revert to plenary this week.
Investigation into the Dangote inferior fuel/diesel allegations
The dispute between Dangote Industries Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) has continued to boil as experts are worried over the negative impact it might have on Nigeria’s oil and gas sector. Farouk Ahmed, the Chief Executive of NMDPRA had last Thursday remarked that the Dangote $19 billion refinery is producing inferior diesel compared to the one imported into the country. The head of the authority also claimed that diesel from the Dangote Refinery contains a high sulphur content of about 1,000 parts per million (ppm). The issue has triggered a lot of reactions from Nigerians as some are calling for the resignation of the chief executive and the House of Representatives has already commenced a probe
Senate may take pay cut cue from Reps?
The Senate is likely to forfeit its salary for the month of July in solidarity with their colleagues in the green chamber who forfeited 50% salary to abate planned nationwide protests last week. In a bid to quell growing unrest, the House of Representatives announced on Thursday their decision to forfeit 50% of their salaries over the next six months. This move, amounting to ₦648 million, aims to dissuade Nigerians from proceeding with planned mass protests The lawmakers further appealed to Nigerians to give President Tinubu‘s policies time to materialise.
Floods sacks over four communities in sokoto
Over 1,664 persons have been displaced and four communities sacked as flood destroyed farm lands in Gada Local Government Area of Sokoto State. According to a statement signed by the Information Officer, Sokoto Emergency Management Agency, Abdullahi Ghani, and made available to newsmen on Sunday, the flood was a result of a recent downpour in the area. A motion on this matter and other cases of flooding may come up at plenary this week.
