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MTEF/FSP: Senate Threatens CBN, NCC, Others.



MTEF/FSP:Senate threatens CBN, NCC


MTEF/FSP: Senate Threatens CBN, NCC, FIRS Others With Zero Budget Allocation.

The Senate threatens CBN and some revenue generating agencies of the federal government on Friday with zero budgetary allocation if they fail to appear before its Joint Committees on Finance and National Planning to defend their positions as contained in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper, MTEF/FSP.

The chairman of the Senate Committee on Finance, Senator Solomon Adeola (APC, Lagos West) gave the threat at the opening of a five-day public hearing on 2021-2023 MTEF and FSP documents.

“Any head of agency that refuses to appear before the Committee to defend figures it submitted as presented by the President to the Senate risks a zero allocation in the incoming budget among other penalties” the lawmaker said.

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The agencies scheduled to appear before the panel today included: the Central Bank of Nigeria (CBN), Nigeria Communication Commission (NCC), Nigerian Maritime Administration and Safety Agency (NIMASA),Nigerian Ports Authority (NPA), Nigerian Deposite Insurance Corporation (NDIC) and Federal Inland Revenue Services (FIRS).

The committee also said it would carried out a thorough investigation on the contract signed by the Ministry of Interior with Continental Transfert Technique Limited (CONTEC) in 2007 on residence permit for expatriates.

The Comptroller General of the Nigeria Immigration Service (NIS), Mohammed Babandede had, during presentation at the session, said CONTEC, through the contract agreement, cornered a whopping N15 billion out of N20 billion realised in 2018 and N23 billion out of N40 billion realised in 2019.

He, however, said the Ministry of Justice was already looking at the modalities to pull out of the contract agreement. The company had increased the residence permit fee from $1,000 to $2,000.

Babandede also said the NIS was discussing with the Ministry of Justice for necessary advice on the legal implications of the upward review.

Adeola stressed the need for a more elaborate investigation on the issue with a view to tackling it.

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Nigerian Economy Loses N700Bn to EndSARS Protest – LCCI




Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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10,000 Protesters Defy Thai Crackdown After Emergency Decree



Thai protesters

10,000 Thai protesters gathered Thursday in defiance of a sweeping crackdown after authorities moved to crush months of pro-democracy demonstrations by imposing emergency powers and rounding up leading activists.

Protesters chanted “Prayut get out!” and “free our friends!” as they confronted police at Ratchaprasong, a busy junction in central Bangkok, despite a new decree that bans gatherings of more than four people — aimed at quelling student-led demonstrations.

The Government of Prime minister Prayut Chan-o-Cha, a former army chief who initially took power in a 2014 coup, has been the target of the protesters, but they have also taken aim at Thailand’s unassailable monarchy.

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As night fell, Thai protesters waved their lit-up mobile phones in the air.

Thousands sat on plastic sheets on the road snacking on street food while scores more watched from overhead walkways. Many said they would return Friday evening.

After the emergency measures were announced early Thursday, riot police dispersed hundreds of protesters who camped overnight outside the prime minister’s office.

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CBN Invests Over N120bn on Cotton Value Chain



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The Central Bank of Nigeria, CBN says it has invested over N120 billion on the Nigerian Cotton value chain and projected over 300, 000 metric tonnes of seed cotton by end of 2020.

This was made known by the Deputy Governor, Corporate Services, CBN, Edward Adamu, at the Cotton, Textile and Garments, CTG, stakeholders meeting tagged ‘Cotton Harvest 2020 season’.

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According to Adamu, the Apex bank’s intervention is to eradicate smuggling and dumping of textile goods in Nigeria and also to resuscitate and return the lost glory of the cotton textile and garment industry.

He recalls the booming days of the industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry, with over 180 textile Mills in operations, which employed close to over 450,000 people.

Explaining that if nurtured properly, the industry can create millions of jobs for Nigerians.

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infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.


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The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

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@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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