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Tag: Finance

  • No cause for alarm on eNaira, says CBN

    No cause for alarm on eNaira, says CBN

    The Central Bank of Nigeria (CBN), has assured Nigerians that its digital currency. eNaira posed no threat to financial stability.

    The Director, Corporate Communications Department of CBN, Dr Isa AbdulMumin said this on Monday in Marrakech.

    AbdulMumin was reacting to a recent media report that raised concerns about Nigeria’s Central Bank Digital Currency (CBDC), eNaira, indicating potential risks to financial stability.

    The media report, quoting articles from a book recently released by the CBN indicated that in spite its success in narrowing the country’s financial inclusion gap, the eNaira was a potential threat to financial stability.

    It said that since its inception, bank deposit conversion to eNaira had exhibited an average monthly growth of 78.3 per cent and totaled about N1.66 billion.

    According to Abdulmumin, a review of the report indicates a lack of understanding of some portions of some articles in a book recently released by the CBN titled, “Economics of Digital Currencies’’.

    “A recurring theme in the book is the interest of regulators such as CBN in the role of cryptocurrencies as speculative investments and the potential threat they harbour for financial stability.

    “The articles in the book provide an in-depth understanding of CBDCs generally, and the workings of the Naira,’’ he said.

    The director assured that as the eNaira structure continued to evolve, it was undergoing modifications targeted at improving the user experience “across all interfaces’’.

    “We encourage Nigerians to embrace the technology for among other things, greater financial inclusion,’’ AbdulMumin said.

    The News Agency of Nigeria (NAN) reports that the eNaira was initiated by the former CBN governor, Godwin Emefiele, and inaugurated in October 2021 by former President Muhammadu Buhari.

    Nigeria is the first African country to adopt the CBDC.

  • Wheelchair Basketball Team Nigeria running without wills and funds – IWBF

    Wheelchair Basketball Team Nigeria running without wills and funds – IWBF

    Barely a month to the start of the 2023 International Wheelchair Basketball Federation (IWBF) African Para Games qualifier in Accra, the Ghanaian capital all is not well with Wheelchair Basketball Team Nigeria’s build up to the Championship.
    The challenges associated with Wheelchair Basketball Team Nigeria is in four folds.
    ★ Information management and Communications
    ★ Lack of funds for preparations and participation
    ★ Indebtedness to the continent and international governing bodies of the sport
    ★ Inadequate time and the will to right the wrongs and drive Wheelchair Basketball Team Nigeria to it’s desired HEIGHT and GLORY
    INFORMATION MANAGEMENT AND COMMUNICATIONS
    It was that gathered that the former Technical Director of Nigeria Wheelchair Basketball Federation (NWBF), Tamuno O’Brien Adoki, is at the heart and centre of misinformation and miscommunication that may deny the country the opportunity to compete at the 2023 IWBF African Para Games Qualifier in Ghana next month.
    We reliably gathered that after Tamuno O’Brien Adoki, failed in his bid to get the Presidency of Nigeria Wheelchair Basketball Federation (NWBF), he has been hording as well as with holding useful information and correspondent between the continental body and Nigeria.
    However, the former Technical Director, Tamuno O’Brien Adoki, denied having received any invitation but said, he had received a call from the international body.
    He further stated that because the Federation were already in arrears of two years affiliation fees, he thought it was unnecessary to act on the invitation for the Qualifier in Ghana next month and neglected advising the board.
    LACK OF FUNDS FOR PREPARATIONS AND PARTICIPATION
    Since the Nigeria Wheelchair Basketball Federation (NWBF), got wind of the situation and the date for the Qualifier, the president of the Federation, Mr. Tunde Popoola and his team has been running around the clock to source for funds for the trip.
    “It’s been very challenging and equally difficult for the Nigeria Wheelchair Basketball Federation (NWBF), to raise the much needed funds for the journey to Accra, Ghana next month.” The president said.
    The participation at the 2023 IWBF African Para Games Qualifier in Ghana next month will cost Wheelchair Basketball Team Nigeria about 20,000 dollars. This include the two years arrears of affiliation fees, accommodation, transportation and other logistics.
    To this end, the President of Nigeria Wheelchair Basketball Federation (NWBF), Mr Tunde Popoola is appealing to the Federal Ministry of Sports and Youth Development to come to their aid.
    “We have the best male and female teams in the sub region and these special and gifted athletes have been training for close to four years now, if they miss this trip, it will be a huge blow for them and the country.” Popoola cried.
    INDEBTEDNESS TO THE CONTINENT AND WORLD GOVERNING BODIES OF THE SPORT 
    We understand that the continental and the World Governing Body has graciously giving Nigeria the green light to compete for honours in Accra, Ghana on one condition, that’s for Wheelchair Basketball Team Nigeria to pay it’s arrears on or before the start of the Qualifier on the 12th of May, 2023.
    It took the timely intervention and diplomacy of the new President of Nigeria Wheelchair Basketball Federation NWBF, Tunde Popoola for the team to get a waver to compete at 2023 IWBF African Para Games Qualifier in Ghana between the 12th and 14th of next month.
    The Wheelchair Basketball boss, is therefore appealing not just to the Federal Government but also to the corporate bodies as well as good and kind hearted Nigerians to throw their financial might behind the team.
    “What I’m sure of is, we have a lots of well meaning individuals and a good number of corporate bodies in this country who are willing to help, am using this medium to beg for your support for Wheelchair Basketball Team Nigeria’s all important trip to Ghana next month.” He added.
    INADEQUATE TIME AND THE Will TO RIGHT THE WRONGS
    The Nigeria Wheelchair Basketball Federation (NWBF), stumbled on the information concerning the 2023 IWBF African Para Games Qualifier in Ghana next month on the 22nd of last month, since then, the Federation and the players who are expected to represent the country have been putting in their double shift to shape up for the competition.
    “Both the male and female teams are among the best in the world and conquering the sub region will not be difficult for Nigeria and the teams are ready to engrave the country’s name in gold in the former gold coast, Ghana.” The NWBF boss affirmed.
  • Lagos Assembly begins probe of LGs, LCDAs accounts

    Lagos Assembly begins probe of LGs, LCDAs accounts

    The Lagos State House of Assembly has begun probing the 20 Local Governments and 37 Local Government Development Areas (LCDAs) to justify accountability of public funds in the state.

    The Chairman House Committee on Public Accounts (Local), Mr Mojeed Fatai, said this at the commencement of the first phase of the screening in Lagos on Saturday.

    Fatai noted that the probe by the Joint Committee on Public Account (Local) and Committee on Local Government Administration and Community Affairs had begun oversight functions to ensure acceptability.

    “The exercise was to evaluate the 20 Local Government Councils, LGs and 37 LCDAs in the state.

    ”This is the first phase and it is to run till Thursday, with Kosofe LG, Agboyi-Ketu LCDA, Ikosi-Isheri LCDA, Yaba LG, Lekki LG, Ibeju-Lekki LCDA, Imota LCDA, Epe LG, Isolo LG, Lagos-Island LCDA, Itire-Ikate LCDA amongst others.

    Fatai said the  exercise was aimed at making sure the funds from Joint Accounts Allocation Committee (JAAC) allocated to Local Governments and Local Council Development Areas were expended judiciously.

    ”This is as it is contained in the relevant year budget approval and for the purpose of development in the state,” he said.

    Fatai said that the reports of its findings from the Joint Committee after the exercise would be presented at the plenary of the House for debate and for further scrutiny.

    The members present at the exercise included Mr Olawale AbdulSobur, Chairman Committee on Local Govt. Administration and Community Affairs.

    Others were Mr Rotimi Olowo, Mr Hakeem Sokunle, Mr Saka Solaja, Mr Rauf Age-Sulaiman, Mr Kehinde Joseph, Mr Victor Akande, Mrs Mosunmola Sangodara and Mr Fatai Oluwa.

  • HURIWA predicts more deliberate infernos before handing over to new administration

    HURIWA predicts more deliberate infernos before handing over to new administration

    The Human Rights Writers Association of Nigeria, HURIWA, has predicted that with just few months to expected handing over to another elected federal administration, it is expected that more deliberate infernos may occur so as to hide evidence to trace any financial malfeasance being committed now.

    In a statement by its National Coordinator, Comrade Emmanuel Onwubiko, the group described the fire that gutted parts of the Federal Ministry of Finance as “Government Magic” which may be a sinister attempt to conceal some secrets regarding massive looting of public fund.

    HURIWA alleged that the Federal Ministry of Finance lacks transparency and accountability in the handling of public finances, reminding Nigerians that there are lots of questions bordering on “lack of transparency that are yet to be satisfactorily answered by officials of the Finance ministry including the alleged expenditure of over N3 billion without budgetary approval and appropriation”.

    The rights group said it is unimaginable that such a strategic ministry, housing sensitive financial transactional documents, can be so criminally set ablaze and Nigerians are being fed with “nebulous and laughable explanation on the cause of the fire incident.”

    The rights group called for vigilance by Nigerians alleging that the heads of security agencies may have been compromised.

    HURIWA regretted that Nigerians have now got to a stage whereby nobody cares any longer whether public and civil servants burn all federal institutions down because for all of those fire incidents, Nigerians did not manifest any collective sense of indignation.

    It can be recalled that fire had gutted part of a building at the Federal Ministry of Finance located in the Central Business District, Abuja. Black smoke was seen billowing from a part of the building, following the fire outbreak on Wednesday morning.

    While advocating independent forensic investigations of all the recent fires in public institutions, HURIWA said the fire outbreak at the Finance ministry is just the latest of many that have affected government offices in Abuja.

  • N73.7m FRAUD: 2 former Bauchi accounts officers jailed

    N73.7m FRAUD: 2 former Bauchi accounts officers jailed

    The Federal High Court in Bauchi State has convicted and sentenced two former accounts officials of the state’s government to prison for issuing fake revenue receipts to intending pilgrims to Saudi Arabia for Hajj in 2019.

    The two convicts, Kawu Chindo, a former Chief Accountant of Bauchi State Muslims Pilgrims Welfare Board and Ali Baba of the Office of the Accountant-General of the state.

    The duo were dragged before the court by Gombe Zonal Command of the Economic and Financial Crimes Commission (EFCC).

    The Bauchi State Ministry of Finance and Economic Development had alleged that both Chindo and Baba produced and issued fake revenue receipts to intending pilgrims to Saudi Arabia for Hajj in 2019.

    Following a petition by the state government, EFCC investigated and arraigned the two before the court, accusing them of conspiring to appropriate to themselves public funds to the tune of N73.7million by diverting the said amount to personal accounts, thereby committing the offence of fraud.

    The prosecution further accused the convicts of diverting the money to their personal accounts with the intention of defrauding the state government and innocent people who paid the money rather than pay the sum into the accounts of the pilgrims welfare board.

    Delivering judgment in the case, Justice Abubakar found the defendants guilty of the charged filed against them by EFCC.

    He, therefore, sentenced Chindo to seven years imprisonment, while Baba was sentenced to three months imprisonment.

  • Ngozi Okonjo-Iweala, catalyst and innovator for global finance and trade -Chido Nwangwu

    Ngozi Okonjo-Iweala, catalyst and innovator for global finance and trade -Chido Nwangwu

    By Chido Nwangwu

    She is a bold name member of the Nigerian diaspora — here in the United States, and globally.

    She is a catalyst for progressive change and innovation in the financial centers of the world — especially in development economics.

    Ngozi Okonjo-Iweala, PhD., is the quintessential technocrat who also understands the daily grind of life and living, She is both remarkable for her scholastic achievements as much as for her governance experience.

    The certainty of her manner of speaking and fact-wise content of her policy expositions have combined to make her one of the most sought after economists in the world. Evident is the fact, too, that she sits on the boards of several corporations, and offers advisory and management ideas to organizations.

    Nigeria’s former finance minister Ngozi Okonjo-Iweala was appointed to the board of Twitter, in July 2018..

    Why is she in the news, this time?

    All things being equal — as her fellow economists usually say on matters of demand and supply — she will this February 2021 make history, again.

    She is on track to become the first person of African heritage and the first woman to hold the top position of director-general of the World Trade Organization (WTO).

    Okonjo-Iweala has been listed as one of the 50 Greatest World Leaders by Fortune magazine in 2015; and has been featured as one of TIME magazine 100 of the World’s Leaders!

    The position opened with the sudden, early exit of the man who was there; he left since August 2020. Then the notorious Trump Administration blocked her from moving into the position after she was nominated by the Nigerian government.

    Then, last Friday, her major opponent for the position dropped out of the running. She got the critical nod of the American government now led by Joe Biden and Kamala Harris. In a sunny signal toward the nomination, an official of the U.S government wrote that “The United States takes note of today’s decision by the Republic of Korea’s Trade Minister Yoo Myung-hee to withdraw her candidacy for Director General of the World Trade Organization (WTO). The Biden-Harris Administration is pleased to express its strong support for the candidacy of Dr. Ngozi Okonjo-Iweala as the next Director General of the WTO”.
    Long before this support, some of the WTO key members/blocs, such as China, the European Union, the African Union, Japan and Australia had indicated their support of Okonjo-Iweala.

    Also, she has a strong network of influential friends — largely amassed during her 25 years at the World Bank.

    Mrs. Okonjo-Iweala whom I met and chatted with, briefly, in Maryland during an event by her alma mater Queens School Enugu (Nigeria), almost 10 years ago — has been a major reference point for inspiration and ra ole model for millions of women. Especially, while she was the Finance minister and the Coordinating Minister of the Economy in Nigeria.

    She was Minister of Finance under President Goodluck Jonathan. From July 2003 – June 21, 2006, she held the same position under President Obasanjo. She was appointed into a new position, Coordinating Minister for the Economy, August 17, 2011 – May 29, 2015.

    January 2016, she was appointed the Chair-elect of the Board of Gavi which is involved in provide coronavirus solutions.

    Bob Zoellick, World Bank’s ex-president, is one of the heavyweight friends of the public finance specialist. He wrote a memo to World Bank employees on July 8, 2011, where he commended her for, among other things, pushing African economies to greater reliance on open free-market positions. He noted that “Along with her oversight of the bank’s work in Africa, South Asia, Europe, and Central Asia, and Human Resources, Ngozi has played a pivotal role in overseeing the Bank’s work to help countries hurt by high and volatile food prices…. with Ngozi’s leadership, we put together a food crisis response fund to allow for fast assistance to countries in need. It has helped more than 40 million people in 44 countries.”

    Two of her most recent books are ‘Fighting Corruption is Dangerous : The story behind the headlines – A frontline account from Nigeria’s former finance minister, Ngozi Okonjo-Iweala, of how to fight corruption and lessons learned for governance and development’ — published by MIT Press, (2018) and ‘Reforming the unreformable : Lessons from Nigeria’ (First MIT Press paperback ed. (2012)

    Hopefully, she will begin work at the WTO next week to help create fairer trade relations between African countries and other parts of the world. At another level, it will be new heights of inspiration for many girls. Remember that one of the most influential women of the 20th century, Hillary Clinton, did say, regarding an entirely different issue: ”To all the little girls who are watching this, never doubt that you are valuable and powerful, and deserving of every chance and opportunity in the world to pursue and achieve your own dreams.”

    Okonjo-Iweala has been listed as one of the 50 Greatest World Leaders by Fortune magazine in 2015; and has been featured as one of TIME magazine 100 of the World’s Leaders!
    —————
    Dr. Chido Nwangwu, the Founder of USAfrica multimedia networks and public policy organization since 1992 in Houston, established the first African-owned, U.S-based newspaper published on the Internet USAfricaonline.com. He served as adviser on Africa business to the ex-Mayor of Houston, Dr. Lee P. Brown. Chido is the first continental African to be admitted to the 100 Black Men of America. He is the author of the February 2021 book, MLK, Mandela & Achebe: Power, Leadership and Identity. In July 2017, he was issued a U.S. Congressional Recognition for USAfrica’s 25 years. Chido has been honored by the Washington-D. C.based National Immigration Forum for utilizing multimedia to fight authoritarianism and foster freedom of expression in parts of the African continent.
    He has been profiled by the CNN International for his pioneering works on multimedia/news/public policy projects for Africans and Americans. Chido247@Gmail.com follow @Chido247

  • Works, Finance Ministries inflated our 2021 budget by N11bn, FERMA boss tells Reps

    Works, Finance Ministries inflated our 2021 budget by N11bn, FERMA boss tells Reps

    The Managing Director of the Federal Roads Maintenance Agency FERMA, Mr. Nurudeen Rafindadi on Thursday shocked members of the House of Representatives Committee on FERMA, headed by Rep. Richard Femi Bamise (APC Ekiti) that the Ministries of Finance and Works and Housing inflated their 2021 budget by over N11 billion.

    A member of the committee, Yusuf Gadgi had asked the FERMA boss why their budget had a sudden increase of over N11 billion.

    He said: “Earlier to this moment, we’re privileged to know your budget proposal to the ministry which before getting to National Assembly the proposal changed from twenty something billion, to thirty something billion.

    ” I will respectfully want you to address that aspect. Are you in charge of FERMA, how come before the proposal got to National Assembly, it was increased upwards?

    “If it was increased, confirm to us now, if it was not increased confirm to us. And if it was increased, who is responsible for the increment with what you defended during your inter ministerial defence; and coming to National Assembly, and amount of over N11 billion was increased in the proposal you have earlier submitted. We want that confirmation from you.”

    The FERMA boss, while answering the question said: “Our proposal of budget as it is today is submitted to the federal ministry of works. And the reason is that FERMA is an agency under the supervision of the federal ministry of works. We’re represented at the cabinet by the honourable minister of works.

    “Our budget is in the envelope of the ministry so the ministry is asked to submit their budget within that envelope and it includes budgets of agencies under the ministry of which FERMA is one . So we get instructions to submit our budget through the ministry of works, we submitted to them.

    “And yes it is true, we submit our budget to the ministry, what happens after is between the ministry, then ministry of Finance, budget and National planning until subsequently it reaches the House of Representatives. We only know what was in our budget after submission. We’ve since gotten the budget of FERMA as submitted to National Assembly and we’ve been analyzing the differences between the two budget like you said.”

    Earlier, members of the committee had disallowed the agency from presenting its 2021 budget over lack of execution of the 2020 budget

    The decision of if or not to allow the presentation of the 2021 budget tore members of the committee apart resulting in a prolonged argument amongst members.

    The Managing Director of the Agency, Mr. Nurudeen Rafindadi and his Management team were ordered out of the session as members deliberated amongst themselves on salient issues.

    Members while arguing said the agency has been irresponsible and unresponsive to its core mandate.

    Some of the members said they had called the Managing Director to alert him on the sorry state of some roads and he refused to pick their calls.

    Besides, they said strange items regarding COVID-19 palliatives were seen in the FERMA budget making members to wonder what those have to do with road maintenance.

    Also, the committee members said the relevant budget documents were submitted in the morning, a few hours to the sitting, depriving members of the opportunity to review the budget of the agency.

    Efforts by the Chairman of the committee to prevail on the members on the excuse that time was short and the budget has to be passed in a timely fashion was rebuffed by member, causing the committee to go into a closed door session on the next line of action.

    Eventually the FERMA boss and his team were called in. But the lawmakers agreed that the budget hearing be moved to next week so that a thorough consideration be done.

  • FG releases details of judiciary financial autonomy order

    FG releases details of judiciary financial autonomy order

    The federal government has released details of Executive Order 10, which grants financial autonomy to the legislature and judiciary at the State level.

    The details were released by Umar Gwandu, Special Assistant on Media to Attorney-General of the Federation, Abubakar Malami four days after it was signed into law by President Mohammadu Buhari.

    Read details of the Financial Autonomy for the State Legislature and Judiciary Order of 2020.

    “1. Appropriation, Authorisation, Orders, etc:

    (a) Without prejudice to any other applicable laws, legislations and conventions at the State tier of Government, which also provides for financial autonomy of State Legislature and State Judiciary, allocation of appropriated funds to the State Legislature and State Judiciary in the State appropriation laws in the annual budget of the State, shall be a charge upon the Consolidated Revenue Fund of the State, as a First Line Charge.

    (b) The Accountant-General of the Federation shall by this Order and such any other Orders, Regulations or Guidelines as may be issued by the Attorney-General of the Federation and Minister of Justice, authorise the deduction from source, in the course of Federation Accounts Allocation from the money allocated to any State of the Federation that fails to release allocation meant for the State Legislature and State Judiciary in line with the financial autonomy guaranteed by Section 121(3) of the Constitution of the Federal Republic of Nigeria 1999 (as Amended).

    “2. Determination of the Budget:

    Notwithstanding the provisions of any existing law, convention or regulation, other than the Constitution of the Federal Republic of Nigeria 1999 (as Amended), providing for appropriation or management of funds at the State tier of Government as follows:

    (a) every State Government of the Federation shall set up a Committee from the commencement of this Executive Order comprising the Commissioner of Finance, Accountant-General of the State, representative of the State Budget Office, Chief Registrars of State High Court, Sharia Court of Appeal and Customary Court of Appeal, (where applicable), the Clerk to the State House of Assembly and the Secretary of the State Judicial Service Committee or Commission;

    (b) where applicable, determine and ascertain from the Revenue profile of the State, a workable budget for each Arm of the State Government based on the request and needs of the Accounting Officers; and (c) the Committee shall be given and accorded legal recognition in the various relevant appropriation or Funds Management Laws of the States.

    “3. Creation of State Judiciary Budget Committee:

    (a) For the purpose of Appropriation to the State Judiciary, each State Judiciary of the federation shall set up a State Judiciary Budget Committee (in this Order referred to as “a Committee”) to serves as an administrative body to prepare, administer and implement the budget of the State Judiciary with such modifications as may be required to meet the needs of the State Judiciary.

    (b) The Committee shall consist of the State Chief Judge as the Chairman with the Grand Kadi, Sharia Court of Appeal, the President, Customary Court of Appeal, where applicable and two members of the Judicial Service Committee or Judicial Service Commission to be appointed by the Chief Judge, in consultation with other Members of the Committee, to serve as Members.

    (c) The Chief Registrar of the State High Court is to serve as Secretary.

    (d) The modalities for budget preparations and implementation shall include but not limited to the following:

    (i) upon the receipt of the Budget Estimates of the Fiscal Year for the State Judiciary, the State Judiciary Budget Committee shall invite all the Accounting Officers of the various Courts/Judicial Bodies to defend their budget estimates;

    (ii) the budget estimates for Courts and Judicial bodies shall be based on expenditure line items given to them by the State Judiciary Budget Committee which shall be defended before the State House of Assembly; and

    (iii) upon the appropriation of Funds, the State Judiciary Budget Committee shall on a monthly basis or as the case may be, request the Budget Office of the State to release the statutory allocation for the quarter or monthly and the Authority to Incur Expenditure (AIE) shall be raised by the Office of the Accountant-General of the State for the release of the Fund to all the Heads of Courts/Judicial Bodies in line with the Appropriation Law.

    “4. Budget Preparation, Templates and Modalities:

    (a) Without prejudice to any existing budget templates in force in any State of the federation, the State Legislature and State Judiciary shall continue to maintain the strata of line consultations, inter Arms and inter-Agency pre-budget consultations and frontloading as is done in some States.

    (b) The budget templates and models in the schedule to this Executive Order shall apply to State Legislature and State Judiciary with modifications, in compliance with Section 121(3) of the 1999 Constitution of the Federal Republic of Nigeria (as Amended) and such other applicable Laws.

    “5. Appropriation and Supplementary Appropriation Law, etc:

    (a) At the commencement of this Order for implementation of financial autonomy for State Legislature and State Judiciary in line with section 121(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), all States of the Federation shall include the allocations of the two Arms of Government in their Appropriation Laws.

    (b) Where Appropriation Law exists in any State of the federation before the commencement and implementation of this Order, such States shall amend their Appropriation Law to encompass financial autonomy of State Legislature and State Judiciary.

    (c) This Order expects States without Appropriation Law on the financial autonomy of State Legislature and State Judiciary to do so.

    “6. Special Allocation for the Judiciary:

    (a) Notwithstanding the provisions of this Executive Order, in the first three years of its implementation, there shall be special extraordinary capital allocations for the Judiciary to undertake capital development of State Judiciary Complexes, High Court Complexes, Sharia Court of Appeal, Customary Court of Appeal and Court Complexes of other Courts befitting the status of a Courts.

    (b) In this section, “Other Courts” includes Magistrate Courts, District Courts, Customary Courts and Area Courts.

    “7. Implementation of this Order:

    (a) Subject to section 8(1) of this Order, implementation of the provisions of this Order shall be carried out by the Presidential Implementation Committee in accordance with its recommendations.

    (b) To the extent as may be permitted by law, the Accountant-General of the Federation shall take appropriate steps to ensure compliance with the provisions of this Order and implementation of the recommendations of the Committee, as may from time to time be made.

    (c) This Order shall be implemented consistently with States applicable laws that guarantee financial autonomy of State Legislature and State Judiciary and subject to the availability of funds.

    “8. Citation: This ORDER may be cited as the Implementation of Financial Autonomy of State Legislature and State Judiciary Order, 2020.

    “9. Commencement: This Executive Order shall take effect from this 20th Day of May 2020.”

  • Why I forwarded Finance Bill to NASS – Buhari

    Why I forwarded Finance Bill to NASS – Buhari

    President Muhammadu Buhari says the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to raise the country’s Value Added Tax (VAT) from 5 to 7.5 per cent.

    The Nigerian leader disclosed this when he presented the 2020 Appropriation Bill to the joint session of the National Assembly in Abuja on Tuesday.

    He said: “The draft Finance Bill proposes an increase of the VAT rate from five per cent to 7.5 per cent As such, the 2020 Appropriation Bill is based on this new VAT rate.

    ”The additional revenues will be used to fund health, education and infrastructure programmes.

    ”As the States and Local Governments are allocated 85 per cent of all VAT revenues, we expect to see greater quality and efficiency in their spending in these areas as well.”

    According to him, the VAT Act already exempts pharmaceuticals, educational items, and basic commodities, saying the exemptions are being expanded under the Finance Bill, 2019.

    President Buhari listed specific items that would be exempted from the proposed VAT to brown and white bread; Cereals including maize, rice, wheat, millet, barley and sorghum; Fish of all kinds; Flour and starch meals.

    Other items, according to him, are fruits, nuts, pulses and vegetables of various kinds; Roots such as yam, cocoyam, sweet and Irish potatoes; Meat and poultry products including eggs; Milk; Salt and herbs of various kinds; and Natural water and table water.

    According to the President, the bill has five strategic objectives of promoting fiscal equity, reforming domestic tax laws and raising revenue.

    He said: “Accompanying the 2020 Budget Proposal is a Finance Bill for your kind consideration and passage into law.

    ”This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws.

    ”These objectives are; Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices and Introducing tax incentives for investments in infrastructure and capital markets.”

    Other objectives of the bill are: ”Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.

    “Additionally, our proposals also raise the threshold for VAT registration to N25 million in turnover per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for our Micro, Small and Medium-sized businesses.”

    President Buhari further maintained that, “it is absolutely essential to intensify our revenue generation efforts.

    ”That said, this Administration remains committed to ensuring that the inconvenience associated with any fiscal policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt of these reforms.”

  • FG plans issuance of N10.6bn bond to finance renewable energy – DMO

    FG plans issuance of N10.6bn bond to finance renewable energy – DMO

    The Director-General, Debt Management Office, DMO, Patience Oniha, has said the federal government is planning to issue N10.6 billion green bonds to finance renewable energy projects to protect the environment.

    Mrs. Oniha said this in Abuja on Thursday at the Nigeria Green Bond Investors Forum organised by the federal ministries of environment and finance, in collaboration with Green Bond Advisory Group.

    She said that the forum was to educate prospective investors in the Green Bond programme to know the benefits of investing in green bond projects.

    The director-general said the federal government acted to borrow the N10.6 billion, in line with its borrowing agenda contained in the 2017 budget.

    According to her, more funds will be allocated to finance green bond projects in the subsequent budgets.

    Mrs. Oniha said that the bonds would be used to finance three renewable energy projects, which were Renewable Energy Micro-Utilities Programme, Re-energising Education Programme and Afforestation Programme.

    Also speaking, Halimat Bwari, the Deputy Director, Department of Climate Change, Federal Ministry of Environment, said that N142 billion would be required to finance renewable energy projects in the country.

    Ms. Bwari said that the ministry decided to issue the Green Bond as alternative source of funding because of the huge capital outlay required to finance the nation’s renewable energy projects.

    She noted that the bond would boost the nation’s economy and protect the environment.

    Besides, Ms. Bwari said, the ministry had inaugurated five low-carbon growth projects.

    She listed the projects as the Rural Energy Access, the Great Green Wall Programme, the National Clean Stoves Scheme, the Clean Energy Transportation Scheme and the Nigerian Erosion and Watershed Management Project.

    She said that the projects would go a long way to reduce carbon emissions in Nigeria, while facilitating the country’s efforts to meet its commitments in the Paris Agreement on Climate Change.

    The News Agency of Nigeria reports that stakeholders that participated in the forum include Pension Funds Administrators (PFAs), Federal Ministry of Finance, Inter-ministerial Committee on Climate Change and Nigerian Stock Exchange.

    Others are DMO, Central Bank of Nigeria, Securities and Exchange Commission, the World Bank and Chapel Hill Denham as well as representatives of private sector organisations.
    (NAN)