ABUJA – MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system.


Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.

The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

The Minister also gave an update on the Excess Crude Account currently standing at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.

Edun equally gave update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.

He said, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.

“The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.

helinues:
I wasn't a supporter, was initially routing for Former VP Osibanjo but when I realized president Tinubu had the ambition, I withdrew sharply.

Before becoming president, the influence he president Tinubu had in some African countries is not a child play most especially in Gambia. The time of Yahaya Jammeh, Adaka Baro and co

The fuel subsidy protest during GEJ, the success behind it is not something you can just underrate, why can't the opposition pull same stunts?

I in particular have seen what president had done in Lagos state, for him having ambition for such long time and kept it close to his heart, trust me he has a very good plan for Nigeria .

The stakeholders are being updated regularly about the new reforms and policies.

Nigeria is in the right direction with president Tinubu

AntiZikist:
Is he that petty ?

Salubata:
Balderdash


Reduce the numbers of developers' influx with their nylon bags into Lagos and see how those areas you're talking about breathe new life


Rubbish

Cxmanluvs:
This opinion i believed is coming from sn Obedient.

CockAndBullStor:
Obinna rest!

A Federal High Court, sitting in Abuja, yesterday, barred the Federal Government from releasing further monthly allocations to Rivers State.

The court, in a judgment by Justice Joyce Abdulmalik, specifically restrained the Central Bank of Nigeria, CBN, from allowing the state to draw funds from the Consolidated Revenue Account.

Meanwhile, the Rivers State government said it saw the judgment of the Abuja court, stopping the release of the local government allocations, as an already planned deal coming the way it did.

This came, as former vice president Atiku Abubakar cautioned Nigeria’s Judiciary against setting Rivers State on fire, in the wake of the judgment of the Federal High Court, Abuja, ordering the CBN to halt all payments to the state.

Also, the Movement for the Survival of the Ogoni People, MOSOP, has said that the criminalisation of Rivers State was not the legitimate duty of Nigeria’s Judicial system.

The judgment followed a suit by the Martins Amaewhule-led faction of the Rivers State House of Assembly.
Recall that Amaewhule and 25 other members of the state Assembly defected from the Peoples Democratic Party, PDP, the party that brought them to power, to the All Progressives Congress, APC.

Defendants in the matter include the CBN, Zenith Bank Plc, Access Bank Plc and the Accountant-General of the Federation, AGF.

Others are Governor Siminalayi Fubara, the Accountant-General of Rivers; Rivers Independent Electoral Commission, RSIEC, Chief Judge of Rivers, Justice S. Amadi; Chairman of RSIEC, Justice Adolphus Enebeli (retd) and the Government of Rivers State.

The plaintiffs had approached the court, praying it to withhold all federal monthly allocations meant for Rivers State.

They predicated their case on the ground that Governor Fubara had yet to comply with the court order that directed him to represent the 2024 Appropriation Bill to the Amaewhule-led faction of the Rivers State House of Assembly.

According to the plaintiffs, the high court had in a judgment by Justice James Omotosho, recognised Amaewhule as the authentic Speaker of the Rivers State House of Assembly.

They noted that the court invalidated the 2024 budget proposal that was presented before the four-member faction of the Assembly, led by Victor Oko-Jumbo.

The Amaewhule-led members of the Rivers State Assembly added that the Court of Appeal upheld the high court decision that was in their favour.

They alleged that Governor Fubara had continued to make unauthorized withdrawals from the consolidated revenue funds of Rivers state, in breach of section 120 of the 1999 Constitution, as amended.


We saw it coming, Rivers govt
State Commissioner for Information, Joe Johnson, while reacting, yesterday, said: “When the trial judge refused 23 council chairmen’s application to join the suit, refused the state to change their lawyer and refused our objection challenging jurisdiction of the Federal High Court,’ what did you expect?

“Meanwhile, the judgment has already been appealed and I believe that the Court of Appeal will upturn the judgment. We are not panicked and there is no cause for alarm,” Johnson said.

Don’t set Rivers State on fire —Atiku cautions judiciary

Atiku in a statement, yesterday, by his Media Adviser, Paul Ibe, wondered why Justice Abdulmalik issued the order when it was public knowledge that Rivers State had already challenged the Court of Appeal’s judgment on the legality of Rivers State’s 2024 budget.

Atiku said: “Last week, the Court of Appeal declared that the Rivers State budget was illegal because it was passed by an inchoate Assembly. The court ordered Governor Fubara to present the budget afresh.

“The Rivers State Government has already filed a notice of appeal, so that the Supreme Court can hear the matter. However, some elements in the Bola Tinubu administration have procured a judgment intended to undermine the Supreme Court.

“Even before the judgment was delivered, legal luminary, Femi Falana, SAN, had alerted the Chief Justice of the Federal High Court, Justice John Tsoho of possible compromise after house gifts had been presented to judges in Abuja. Sadly, Falana’s warning was ignored,” he said.

He hailed the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, for summoning judges sitting on the Rivers State cases.

According to Atiku, “From the emirship tussle in Kano State to the Rivers imbroglio where courts are going as far as preventing elections from holding, taking Nigeria back to the dark days of June 12, 1993, where polls were annulled.


“Sadly, under the leadership of those who claim to have fought for Nigeria’s democracy, the country is descending into chaos with conflicting orders from courts of coordinate jurisdiction flying all over the place while judges are being induced in the name of empowerment and provision of houses.

“The result is that Nigerians are gradually losing confidence in an institution which prides itself as the last hope of the common man.

“Foreign investors will avoid any place where judgments can be bought by the highest bidder.

“Nigeria should not descend to the Hobessian state of nature where life is short, nasty and brutish, where citizens opt for self-help.

“Rivers State accounts for almost 25 percent of Nigeria’s oil assets. For a country facing an economic crisis worsened by vandalism and banditry, Tinubu should put his 2027 ambition aside and put Nigeria’s interest first,” he added.


MOSOP calls for caution
Reacting to the court judgment, President of MOSOP, Fegalo Nsuke said: “Denying a people, their legitimate source of living is both unjust and genocidal. There cannot be a more destructive and conscienceless action worse than denying people their source of living. It is tantamount to gross injustice and genocidal. MOSOP does not think any arm of government should exist to have such impacts on the people.”

He noted that the court decision raises a lot of questions given pending legal issues in various courts, in respect of the subject matter including appeals to existing judgments which are pending before the Court of Appeal.

Nsuke expressed worries that the people of Rivers State were being pushed to the wall and could be compelled to fight back.

He noted that political differences should not be allowed to degenerate into a source of social crises, adding that denying the people legitimate sources of survival and livelihood could spark an unprecedented resistance from the Niger Delta state of Rivers.

“MOSOP thinks that Rivers State is too fundamental to Nigeria’s stability and economic development and suppressing or attempting to suppress Rivers State could have a far reaching effects on the stability and economic security of the Nigerian society.


“It is, therefore, important to allow ongoing litigation to be respected, more so when matters are before an appellate court. It is questionable to find issues before courts of competent jurisdiction to be enforced while the appeal is pending,” Nsuke added.

Meanwhile, the National Coordinator, South-South Elders Forum, Chief Anabs Sara-Igbe, described the decision of the court as a threat to the nation’s democracy.

Sara-Igbe in Port Harcourt said: “It is not strange to us. We are not surprised that this woman will come out with this kind of decision. From the beginning of this matter, she has been so biased and even when there was a petition for her to recuse herself, she refused to do.

“She refused to attend to all the motions that were filed. And she went ahead to give the judgment. We know it. Our concern is the judiciary.

“The Nigeria judiciary is so rotten that people begin to doubt their capability. Yesterday, the judiciary was the last hope man, but today, the reverse is the case.


“I see no reason the court in Abuja will be so interested in cases from Rivers State, when there are Federal High Courts in Rivers State and state High Courts, as well as Court of Appeal. Yet, they prefer to go to Abuja and the Chief Justice of Federal Hogh Court will allow it.

“We are waiting for the committee set up by the Chief Justice of Nigeria, to see the reforms she will come with. If she cannot reform the judiciary, them the judiciary is gone. But we pray they should not truncate the democracy in Nigeria because where their in no justice, there is room for anarchy. And when anarchy comes, it is destructive. But I pray that reason should apply.

They boasted we won’t last a week in office —Gov Fubara
Meanwhile, Governor Fubara, yesterday, said that those who attempted to end his administration undemocratically, had boasted then to achieve their purpose quickly to boot him out of office within one week but have failed woefully.

The governor said he had not only stayed in office more than one year and counting, his administration was forging on strongly with sterling leadership, focused on delivering social services and quality projects to Rivers people.

Fubara spoke at the Rivers State Day of Thanksgiving, Praise and Worship, held at the Main Bowl of Alfred Diette-Spiff Civic Centre along Moscow Road in Port Harcourt Old Township, yesterday.


The session was a gathering of thousands of enthusiastic residents and indigenes in Rivers State, including reputable worship leaders, clergies and gospel singers, who joined in the commemoration service to thank God over the botched attempt to abruptly end the administration of Governor Fubara on October 30, 2023, by undemocratic elements and haters of the state.

He expressed gratitude to God for His divine rescue by frustrating the schemes of detractors, acknowledging that without the overwhelming but organic support of Rivers people, his winning over his transducers would not have been entirely as sweet as it is now.

He said: “If you were not with us, if you had not stood with us, we wouldn’t be here at this hour. A lot of you might not understand what happened on October 30, 2023. It was an assassination to the people of Rivers State, indirectly and assassination at me directly.”

“Since they can’t kill every one of you, they need to kill one person, so that everybody will be declared dead. But somehow, somewhere, by the special grace of God, they failed. And the God that we are thanking today, what they meant for evil, God turned it to good.”

Governor Fubara mocked his detractors, who had remained determined to derail governance, and insisted that despite their antics, his administration has demonstrated prudence, transparency and accountability in handling the financial resources of the state.

Nigeria Labour Congress (NLC), Comrade Adams Oshiomhole, says current Nigerian workers are poorer than those who worked for country in the past.

Oshiomhole, a former governor of Edo State, also decried the present N70,000 minimum wage, arguing that the celebrated wage when converted to dollars, is equivalent to $42.

The former labour leader stated this at National Institute of Security Studies, Abuja, during a distinguished personality lecture organised for members of the Executive Intelligence Management Course 17.


Comparing the first minimum wage in the country under the administration of Shehu Shagari as President, he noted that the N125 minimum wage at that time was equivalent to $160.


Speaking on the title of the lecture: “National Minimum Wage: Reward system and productivity in Africa”, he said, “When Minimum wage in Nigeria was established under President Shagari, I think around 1981. It was around N125 which was about $160 a month.

“Today, with the fat increase, 100% increase that the labour achieved last year, which is now being implemented this month, according to our current exchange rate is $42.

“So, if you divide N70,000 by N1,650, it gives you $42. So, the working people are much more poorer now than we were so many years ago. So, this opportunity will depreciate, and that affects the quality of life and everything.”


The former NLC president called on the federal government and other states generating high revenues to pay workers more than the agreed N70,000 minimum wage.

Oshiomole also called for the expansion of minimum wage law to domestic staff among others through the amendment of the law.

He said, “But again, if you look at the law in Nigeria, which I hope will be able to amend very soon, although the federal government and the states have agreed on a minimum wage, for example, at 70,000, there are still people who are paying less than that.

“Even under the law, because it says you have to have about 25 to 50 employees minimum for that law to be applicable to a particular enterprise. But with the changing technology, a small ICT company employing 10 people can generate so much turnover. So using the number of employees was appropriate when the economy was more broad-driven not with ICT.”

HitSong:
Mumu man
So what does seeing a minister mean?

Rivers State Governor, Siminalayi Fubara, on Wednesday, revealed that he discovered he was being ambushed by the peace agreement he signed alongside the faction of the state House of Assembly that planned to oust him from office.

Fubara made the revelation during a non-denominational thanksgiving in Port Harcourt on Wednesday to mark a year he survived an impeachment plot on October 30, 2023, by 27 lawmakers loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

Fubara however clarified that it was not the initiator (President Bola Tinubu) of the peace accord that ambushed him, but those he thought were sincere about resolving the emerging crisis were not.

He explained that it was at the point of realising the sinister motives of the other party involved in the peace deal that he decided not to play into their hands.


He lampooned the pro-Wke lawmakers for not keeping to the peace agreement, describing their actions as fraud.

“We went to Abuja and Mr. President knowing the importance of peace for Rivers State, called out some conditions for peace.

“We came back here, in this state, to do everything that has to do with the conditions of the peace. We went to court immediately and withdrew our matters. And you call yourself honourable when you cannot obey simple instructions.


“I acted as an honourable. I discovered that I was being ambushed not by the person who initiated the peace”, Fubara stated.

The governor thanked all the prominent Rivers people and others who had supported his government in the last year for their belief and resilience to scuttle the plots of enemies of his government.

“I am standing here because of all of you. A lot of people may not understand what happened on the 30th of October, 2023,” he said with nostalgia.

He reiterated his commitment to enthrone peace, acknowledging that his supporters had taken a very difficult part in that last year.

He further said, “We are still complete. Let me tell you, we are still intact. They said we’re not going to last for one week. We are here one year plus.

“They said we would not have local government chairmen. Today, we have local government chairmen.”

“They said commissioners should resign immediately. Today, we have more than 23 commissioners.


“They said they are not going to do anything; they are going to frustrate them, they are not going to succeed. By the grace of God, there are lots of projects that are touching the lives of the people.”

The governor added that his government has demonstrated prudence and transparency in the use of resources of the state, saying that recently, Rivers was commended for showing transparency and accountability by an external body.

To his opponents, he said, “I now ask the question, who is the winner? We are here to appreciate God for the way He did it one year ago, He will do it again.”

Fubara said he would pay contractors, and workers’ salaries and also release local government council funds.

He added, “I ask you again, who is the loser? Who is the loser? You see why you need to be happy? Do you see why you need to celebrate the righteousness of God?

According to the governor, success is when you are succeeding against the expectation of your detractors that you should fail.

He reiterated his resolve to ensure peace reigns in the state against all odds, thanking those supporting his government for the sacrifice they have paid.

Kewtt:
Wike is working. Atiku ruined the chance to have Wike as president.

TemplarLandry:
You ipôb agents are so annoying.

Throwback:
Great appointment.

No coup for the coup plotters.

A rabid enemy of democracy and the constitutional government will not be allowed near any critical structure of power.

AntiZikist:


Trust me, no one in Delta South or central can openly claim another tribe.

Tribal identity is a very serious issue amongst the Itsekiri, Urhobos, Isokos and ijaws. You claim who you are not and you get exposed for it.

Reno is Itsekiri and not Urhobo. Why should he claim Itsekiri when he's not one ?

AntiZikist:


He's Itsekiri and that's why he also reps Ijebu people and culture because Itsekiris are originally Ijebu.

AntiZikist:


Reno is Itsekiri and he has been boasting of both his tribe and his own ancestors' pedigree. His great great grandfather was one of the very few Africans to secure a Western education in Lisbon, Portugal alongside Princes of the Bini Kingdom.

BudgIT, a civic tech organisation, has said that only Lagos and Rivers states can take care of their operating costs without relying on revenue from the Federation Account Allocation Committee.

BudgIT disclosed this in its 2024 State of States Report launched in Abuja on Tuesday.

The report stated that Ogun, Anambra, Cross River, Kwara, Kaduna, and Edo states can generate Internally Generated Revenue, IGR sufficient to cover at least 50 percent of their operating costs.

This comes as the BudgIT’s report revealed that 34 states depend on FAAC receipts for 62 percent of their recurrent expenditures.

Additionally, the report noted that 32 states in Nigeria relied on FAAC receipts for at least 55 percent of their revenue, while 14 states relied on FAAC for 70 percent revenue.

“Rivers and Lagos were the only two states that generated more than enough internally generated revenue (IGR) to cover their operating expenses, with lGR to operating expense ratios of 121.26 percent and 118.39 percent, respectively.

“Several other states, including Ogun, Anambra, Cross River, Kwara, Kaduna, and Edo, managed to generate IGR sufficient to cover at least 50 percent of their operating costs, with the rest relying on federal transfers.

“32 states relied on FAAC receipts for at least 55 percent of their total revenue, while 14 states relied on FAAC receipts for at least 70 percent of their total revenue.

“Furthermore, transfers to states from the federation account comprised at least 62 percent of the recurrent revenue of 34 states, except Lagos and Ogun, while 21 states relied on federal transfers for at least 80 percent of their recurrent revenue,” the report stated.

The report added that in the 2023 fiscal year, the combined revenue of all 36 states in Nigeria increased significantly by 31.2 percent from N6.6 trillion in 2022 to N8.66t trillion.

chrisxxx:

This is not the same. The court never gave power to Obj to do that.
Wike never did this it is the court. Fubara can't be running Rivers State with no House of Assembly Members. This is what the court has said.

Ttalk:


Tell me how can normal person be wearing winter cap when temperature is 40degree and to even formalised it as traditional dress is height of madness