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What Saraki told visiting British envoy, Harriet Thompson

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President of the Senate, Dr. Abubakar Bukola Saraki, on Monday assured Nigerians that legislative duties in the National Assembly would not be relegated to the background in view of the commencement of the 2019 electioneering.

Saraki, according to a statement by his Special Assistant on Print Media, Chuks Okocha, in Abuja, made the assertion while responding to comments by the Acting British High Commissioner to Nigeria, Harriet Thompson, who visited him at the National Assembly.

Saraki said, “It is very important to emphasise that as far as we are concerned, we will follow through on the key Bills. We will continue to work on these Bills, because they are priorities to the 8th National Assembly — these are Bills that were initiated by the legislative arm of government.

“For example, the Petroleum Industry Governance Bill (PIGB) has never gotten this far in its history. However, both Chambers of the National Assembly worked very hard to come up with a unified position and sent it to the Executive. Unfortunately, it came back with some minor issues that we feel should not have affected the progress of the Bill. These were issues that could have been easily addressed.

“The two arms of government must see that the most important thing is for us to get the PIGB going because it has a lot of impact on the industry in terms of transparency, accountability and ensuring that the revenues of the petroleum sector are well managed.

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“As you know, we have also gone far with the fiscal and host community components of the Bill, because it came about as a result of constant engagement with stakeholders in the industry. However, with this setback by the Executive, this has slowed down the process a little,” the Senate President said.

Speaking on the Companies and Allied Matters Act (CAMA) and the Police Reform Bill, Saraki said that the CAMA Bill was only waiting for the Concurrence Committee of both Houses of the National Assembly to finish its work, while the Police Reform Bill would soon be subjected to Public Hearing.

“I am hopeful that the CAMA will soon pass in the House of Representatives too. On the Police Reform Bill, we are hoping to have a public hearing very soon. As you know, this reform Bill came about as an immediate response by parliament to the increased reports of insecurity across the country.

“We took the decision to evaluate the security situation in the country, particularly the police, to see how best we could make the institution more effective and efficient. Unfortunately, as we work towards these reforms of the police, I must be honest, many of the actions of the police are seen to be quite partisan.

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“We are hoping that the new Chairman of the Senate Committee on Police Affairs will set the ball rolling on this immediately. It is important that the Executive too must see the importance of this Bill so that we can work together and improve the efficiency and the level of Police performance,” Saraki said.

On the Discrimination Against persons with Disabilities Bill, the Senate President stated that the Bill would soon be on its way to the President for assent; while emphasising that he was still hopeful that the Gender Bill would be passed before the end of the 8th Assembly.

“On the Electoral Bill, we have passed that and sent it to the Executive. We have addressed all the concerns raised by Mr. President because we believe that that Bill is important to improve the quality of our elections and our electoral process. We want an electoral process that will make our elections more credible. Therefore, I hope that the interest of the country should be the determining factor in the decision to assent to the Electoral Act Amendment Bill.

“Despite the fact that campaigns have started, all these important Bills will still receive the desired attention from us to ensure that governance does not suffer and we can still make the lives of all Nigerians better,” the President of the Senate stated.

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Earlier, the Acting British High Commissioner had advised against relegating legislative duties to the background with the onset of campaigns for the 2019 general elections in the country.

“There are quite a number of Bills in which we have key interests because we firmly believe that these Bills are in the interest of the Nigerian people both in terms of their rights and in terms of their opportunities for economic development,” Thompson said.

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CBN orders banks to suspend deposit charges

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The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fees on deposits until September 30, 2024.

In a circular dated May 6, 2024, the apex bank ordered financial institutions to suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates.

This directive, signed by the CBN’s Acting Director of Banking Supervision, Adetona Adedeji, aims to alleviate financial burdens on depositors.

The recent directive follows previous instructions from the CBN, which mandated deposit money banks to impose a 0.5% cybersecurity levy on transactions, a move that has stirred public outcry.

The circular stated, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.”

It continued, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024. Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.”

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TUC threatens massive protest over cybersecurity levy

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FILES: TUC President Festus Osifo during a labour rally

 

The Trade Union Congress (TUC) has issued a stern warning to the Nigerian government, threatening a large-scale protest that could bring the economy to a standstill if the controversial cybersecurity levy introduced by the Central Bank of Nigeria (CBN) is not revoked.

In a statement released on Wednesday, TUC President, Festus Osifo, criticised the recent directive by the CBN imposing a 0.5 per cent cybersecurity levy on nearly all electronic transactions.

This move comes on the heels of heavy criticism from the Nigeria Labour Congress (NLC), which labeled the levy as an additional burden on Nigerians.

The TUC condemned the timing of the levy, highlighting the economic challenges already faced by Nigerians, including the devaluation of the Naira, high petrol prices, and increased electricity tariffs.

Expressing dismay over government policies under the leadership of President Bola Tinubu, the TUC lamented the burden of multiple taxation endured by Nigerian account holders, both from the government and financial institutions.

The union further accused the National Assembly of colluding with elements in the executive to exploit citizens rather than protect them.

TUC emphasised that Nigerians are currently focused on concluding discussions regarding the minimum wage, urging the Federal Government to prioritise this over what it described as a “vexatious policy.”

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It demanded the immediate withdrawal of the CBN circular to banks and the cancellation of the levy.

Warning of drastic action if their demands are not met, the TUC declared its readiness to mobilise members, stakeholders, and the masses for an immediate protest, potentially leading to the complete shutdown of the Nigerian economy.

According to the TUC, this levy represents one exploitation too many for the Nigerian populace.

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Ndume slams senate chamber renovation as ‘poor job’

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The Senate Chief Whip, Ali Ndume, has voiced his dissatisfaction with the recent renovation work carried out in the Senate Chamber, labeling it as substandard.

Under Order 42 of the Senate Standing Rules, Ndume expressed his concerns, highlighting various issues such as the poor quality of the sound system leading to echoes, inadequate sitting arrangements, and the absence of voting devices.

He remarked, “Since day one, precisely last week Tuesday when we moved into this Chamber that was supposed to have been renovated, there have been complaints here and there.”

In response, the President of the Senate, Godswill Akpabio, clarified that the sitting arrangement complaints among Senators have been largely resolved, noting that the renovation contract was not executed by the 10th National Assembly.

Meanwhile, in legislative proceedings, the Senate passed for the second reading a Bill aimed at repealing the Revenue, Mobilization, Allocation and Fiscal Commission Act of 2004.

The new legislation seeks to grant the Commission enforcement powers for monitoring revenue accruals and disbursement from the federation account, aligning it with the amended 1999 constitution.

Despite the bill’s passage, lawmakers have agreed to subject it to further scrutiny, with plans to revisit its provisions.

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The bill has been referred to the Committee on Finance, Appropriations, and Economic and Financial Planning for review, with a report expected within four weeks.

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