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Reps walk out in protest over ways and means | HOUSE GIST

Reps staged a walkout over approval for CBN to lend more money to government as 2024 budget is amended again  Opposition Reps stage walkout over raise of ways and means threshold The emergency session at the House of Representatives called yesterday turned rodwy as some opposition lawmakers staged a walkout from the green chamber over the increment of the controversial Central Bank of Nigeria (CBN) ways and means lending to the Federal Government by 10%....

Ways and Means: NASS increases CBN’s advances to FG to 10%

Despite objection by some lawmakers in the House of Representatives, both the Senate and House okayed a raise to 10% in Ways and Means by the CBN to Federal government  The House of Representatives and Senate has both resolved to increase the Central Bank of Nigeria (CBN)’s advances to the Federal Government from five percent to a maximum of ten percent. This was a major outcome of the emergency plenary session held on Wednesday by...

CBN reiterates commitment to overall economic stability

“Nigeria’s GDP would reach $1 trillion by 2030 at the latest due to the anticipated stability.” Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has reiterated the bank’s dedication to putting policies into place that support long-term financial market expansion while maintaining general economic stability. He stated that Nigeria’s Gross Domestic Product (GDP) would reach $1 trillion by 2030 at the latest due to the anticipated stability. In a presentation to the senate...

Nigeria will be net exporter of petroleum by December – NNPCL   

NNPCL has assured that the economy would be recovered from the woods in no time. The Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN) have disclosed that the ailing economy is getting revitalised based on emerging indicators.  This was revealed on Monday at an interactive session of the national assembly joint committee on finance chaired by Senator Sani Musa (APC, Niger East). Critical stakeholders including the ministers of finance, Wale...

CBN increases MPR from 24.75% to 26.25% to conquer inflation

The MPR is the rate at which commercial banks borrow from the economy and often determines the cost of funds. In an ongoing effort to lower inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) decided on Tuesday to increase both the benchmark interest rate and the MPR by 150 basis points, from 24.75 percent to 26.25 percent The MPR is the rate at which commercial banks borrow from the economy...

BREAKING: CBN makes u-turn, withdraws circular on cybersecurity levy

The CBN directed all commercial banks to forgo the initial circular, in line with the presidential directive. The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to impose a mandatory deduction of 0.05 per cent from each electronic transaction as a cybersecurity levy. The apex bank announced this in a revised circular dated May 17, 2024. The circular which was later accessed...

“I collected dollars in cash for Emefiele”, dispatch testifies in court

Osazuwa narrated how he had helped Emefiele pick up $1m, $850,000, $750,000, $400,000 on different occasions. In the ongoing trial concerning alleged abuse of office, Monday Osazuwa, an employee of the Central Bank of Nigeria (CBN), has testified against Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN). At the high court in Ikeja, Lagos, Emefiele and his co-defendant, Henry Omoile, are presently on trial for a 26-count accusation. Nonetheless, the duo...

Senate set to summon Emefiele over N30trn ‘Ways And Means’  

The Deputy Governor of CBN Corporate Services, Bala Bello expressed remorse for the lack of oversight provided by the CBN’s previous administration and assured lawmakers that the new administration was making every effort to collect unpaid loans. The Senate has announced that should the current leadership of the Central Bank of Nigeria (CBN)  fail to offer necessary explanations, it will invite Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN), to explain...

Urum Kalu Eke rejects Tinubu’s CBN Board appointment

According to Eke, it was as a result of his current job role as a Consultant to the World Bank which was conflicting with the appointment. A nominee for the Central Bank of Nigeria (CBN) Board, Urum Kalu Eke, has rejected the appointment of President Bola Ahmed Tinubu. The nominee’s rejection of the appointment was revealed following the presentation of a report by the Committee on Banking, Insurance and Other Financial Institutions presented by its...

FIRS boss condemns Tax Credit policy on Road Construction 

The Nigerian National Petroleum Company Limited (NNPCL) cleared the air on a $3.3billion loan secured for CBN The Chairman of the Federal Inland Revenue Service (FIRS), Zacheus Adedeji has condemned a three-year-old N2.59 trillion Tax Credit Scheme, which was implemented for nationwide road construction by the administration of former President Muhammadu Buhari.  This is in response to the Nigerian National Petroleum Company Limited (NNPCL), one of the key Tax Credit Scheme executors, clearing the air...

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