The Senate has granted approval for the appointment of the 12-member Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), as proposed by President Bola Tinubu. The confirmation follows a positive report from the Senate’s committee on Finance, Banking, Insurance, and other Financial Institutions, which found the nominees suitable for the positions. The MPC is…
The Central Bank of Nigeria (CBN) is facing heightened concerns over the potential further weakening of the Naira as the Federation Account Allocation Committee (FAAC) prepares to disburse revenues among the federal, state, and local governments. Sources within the CBN have revealed fears that funds from FAAC allocations are being illegally converted to dollars by…
The Kano State government has officially inaugurated the 2024 Ramadan Feeding Committee, tasked with overseeing the 2024 Ramadan Feeding Programme (RFP). The RFP, as stated by Ibrahim Garba Shuaibu, Press Secretary to the State Deputy Governor, Comrade Aminu Abdulsalam Gwarzo, aims to promote unity and provide support during the fasting period observed by Muslims. During…
The Central Bank of Nigeria has urged Nigerians to remain patient as it strives to strengthen the Naira. Speaking at the 2024 public lecture titled “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward,” organized by the Nigerian Economic Society at the CBN Centre of Excellence Hall, University of Ibadan, Dr…
Former Central Bank of Nigeria (CBN) Governor Godwin Emefiele has threatened legal action against Senate President Godswill Akpabio for defamation of character. Emefiele’s legal team has demanded N25 billion in damages if Akpabio fails to apologize for his alleged false and damaging statements. The issue arose from a video where Akpabio reportedly made statements implying…
The nominees for the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have expressed optimism that the challenges of foreign exchange volatility and food crisis in the country will soon be resolved. President Bola Tinubu recently submitted the nominees’ names to the Senate for confirmation. During their screening by the Senate Committee…
The Senate President, Godswill Akpabio, has disclosed that the federal government, through the Federal Inland Revenue Service (FIRS), has allocated an additional N30 billion to each state governor in a bid to address the escalating cost of living across the country. Akpabio made this announcement during a plenary session in the Senate, highlighting that these…
The Department of State Services (DSS) has been alerted to plans by certain sections of the organized labor to hold protests on the 27th and 28th of February 2024, across the country to highlight various economic issues. While the DSS acknowledges the right of the labor movement to peaceful protests, it appeals to them to…
The Federal Government has pledged to address the concerns of oil transporters and distributors regarding the high cost of operations and maintenance of trucks used in the distribution of petroleum products. This assurance was given by Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), during a meeting with stakeholders in the downstream sector, including…
The Nigerian Senate is currently embroiled in a contentious debate over the N29 trillion Ways and Means funds utilized by the immediate past administration. While the initial discussion proceeded smoothly, tensions arose when Senator Ali Ndume of Borno South Senatorial District raised objections, asserting that the Senate had acted unlawfully by approving funds that had…