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Tag: Senate

  • Rejection of disabled persons: Senate mulls severe sanctions against heads of MDAs

    Rejection of disabled persons: Senate mulls severe sanctions against heads of MDAs

    The Chief Whip of the Senate, Mohammed Ali Ndume, has disclosed the National Assembly‘s intention to amend relevant laws establishing the National Commission for Persons with Disability.

    The proposed amendments aim to impose penalties on heads of Ministries, Departments, and Agencies (MDAs) of the federal government who fail to employ qualified disabled Nigerians.

    Ndume spoke on Wednesday, February 28, when members of the FCT Para-soccer Team honoured him with an award in Abuja.

    The Borno South senator said disabled Nigerians who have the requisite qualifications should be allowed to get gainful employment in MDAs and rise to become senior servants.

    The lawmaker who donated N1 million to support the team said he would use his connections to get more opportunities for disabled soccer players.

    Ndume said: “This is the Para-soccer team of the FCT. They want to honour me. We’ve been supporting people with disabilities. These people have families and they have made us proud. They’ve won laurels for Nigeria. This team was founded over 30 years ago.

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    “I want to donate N1 million to support FCT Para-soccer. I’ll arrange for you to meet the FCT Minister, Nyesom Wike. He will give you all the support.

    “President Bola Ahmed Tinubu believes in his Renewed Hope Agenda. We’ll have the national event in a grandeur manner and all major political leaders will be there. We can arrange that this year. This year will be a year of Renewed Hope for every Nigerian.

    “We’ll make it mandatory for every MDA of government to employ people with disabilities. They’ll be placed in offices and respected, become chief executives of such government agencies, and become permanent secretaries. We’ve had a disabled senator who was the Chief Whip.”

    Misbahu Lawan Didi, the founder of Para-Soccer, who presented the award plaque said Ndume played a critical role in the passage of the Bill that established Disability Commission in Nigeria.

    He also revealed how Ndume reached out to the disabled community during the COVID-19 pandemic and offered financial and material assistance to them.

    He said: “Para-soccer game was founded in Nigeria. There are over 5,000 members across Nigeria. You’ve done more for the disability community than any other politician in Nigeria. You played a role in the establishment of the Disability Commission. During the COVID-19 pandemic, you reached out to many disabled people.

    “You’ve given over 5,000 tricycles to disabled people. You’ve sponsored many of our events. We want other senators to copy what Ndume is doing for disabled people in Nigeria. They need to copy him.”

  • Senate targets six-year single tenure for CBN Govs, limits Ways, Means borrowing

    Senate targets six-year single tenure for CBN Govs, limits Ways, Means borrowing

    The Senate on Tuesday proposed a six-year single term for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN).

    The Red Chamber also sought to limit amount the Federal Government can borrow from the apex bank under the Ways and Means Advances.

    For external Directors appointed on the board of the CBN, the Senate proposed that they should hold office for a non-renewable term of five years (one year less than the six-year tenure of the Governor and Deputies).

    This followed the second reading a Bill which seeks to amend the Central Bank of Nigeria (CBN) Act

    The Bill, among others, also seeks to make the CBN comply with the provisions of the Fiscal Responsibility Act.

    The Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru (APC – Lagos East), and 41 other lawmakers sponsored the Bill, titled: “A bill for an Act to amend the Central Bank of Nigeria, CBN, Act No 7, of 2007.”

    On Ways and Means Advances, the Bill proposed that advances the apex bank can grant the Federal Government should not exceed 10 per cent of average government actual revenues during the preceding three years.

    “For the purpose of determining the government’s actual government revenue, proceeds from asset sales shall be excluded to avoid capturing revenues from exceptional items.

    “Also, such temporary loans should be repaid in full within three months from the date it is made available. In order to minimize default risk, any sum which becomes outstanding at the end of the expiration of the credit period should be held against and recovered from the proportion of the Federal Government’s FAAC Receipts,” he said.

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    Abiru, in his lead debate, noted that the current CBN Act of 2007, which charges the Bank with the overall control and administration of the monetary and financial sector policies of the federal government, “has not been amended for over 16 years despite growing changes to the Bank’s Balance sheet as well as challenges in monetary policy implementation occasioned by fiscal dominance and the rapidly changing financial landscape.”

    The proposed amendments, according to him,

    are aimed at strengthening the bank “to discharge its primary mandate of maintaining monetary and price stability in support government’s economic growth objectives as well as align its governance mechanisms with global best practices.”

    According to him, “Section 8 (2) of the CBN Act currently grants the Governor and Deputy Governor’s tenure of five years and they are eligible for re-appointment for another term not exceeding five years.

    “The Bill proposes to amend this provision to provide a single non-renewal term of 6 years for the Governor and the Deputy Governors.

    “This is the practice adopted by many independent Banks such as the US Federal Reserve and the European Central Bank where their Chief Executive Officers serve only one non-renewable term.

    “Empirical evidence shows that a single term for the members of the Executive and Board members of central banks helps to reduce political influence on monetary policy decisions and the time inconsistency problem associated with non-independent central banks.

    “In addition, the Bill proposes that where a vacancy is created by the death or resignation of a CBN Governor or Deputy Governor, the President can appoint an acting Governor in the interim pending the appointment of a substantive Governor or Deputy Governor.

    “Where a substantive appointment is made, such appointment will be for a fresh term rather than serving the tenure of the previous Governor or Deputy Governor.

    “It can be observed that there is no mention of gender as part of the factors to be considered by the President in the appointment of the five external Directors. In line with inclusivity in the governance of the Bank, the Bill proposes to insert the word ‘gender’ in this provision.”

    He added: “Section 10 (3) of the current Act stipulates that each Director appointed shall hold office for four years (one year less than the tenure of the Governor and Deputies) and shall be eligible for re-appointment for another term of four years.

    “It is therefore proposed that the five external Directors should hold office for a non-renewable term of five years (one year less than the six-year tenure of the Governor and Deputies).”

    For proper alignment of monetary and fiscal policies, Abiru disclosed that the new bill has proposed a Coordinating Committee for Monetary and Fiscal Policies to set internally consistent targets of monetary and fiscal policies that are conducive to controlling inflation and promoting financial conditions for sustainable economic growth;

    “Applying caps to any fiscal deficit at a level that can be financed without having recourse to direct monetary financing from the Bank, that is Ways and Means; amongst other necessary measures,” he said.

    Senators in their contribution supported the Bill and approved that it be read for a second time when it was put to voice vote by Senate President Godswill Akpabio.

    Akpabio thereafter referred the Bill to the Senate Commiserated on Banking, Insurance and other Financial Institutions for further legitimacy action and to report back in four weeks.

  • Senate confirms Cardoso, 11 other CBN’s MPC members

    Senate confirms Cardoso, 11 other CBN’s MPC members

    The Senate yesterday confirmed the nomination of Dr. Olayemi Cardoso as Chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

    Also confirmed for appointment as members of the committee are: Muhammad Sani Abdullahi (CBN Deputy Governor), Bala M. Bello (CBN Deputy Governor), Emem Usoro (CBN Deputy Governor), Philip Ikeazor (CBN Deputy Governor), Lamido Yuguda, (Director General, Securities and Exchange Commission, SEC), Jafiya Lydia Shehu (Permanent Secretary, Ministry of Finance), Murtala Sabo Sagagi (CBN Director) Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A. G. Amoo.

    The resolution of the Senate followed its consideration and approval of the report of its Committee on Finance, Banking, Insurance and other Financial Institutions, led by Senator Tokunbo Abiru (APC, Lagos East), on the screening of the nominees.

    President Bola Tinubu had, on Wednesday, named Cardoso as Chairman and 11 others as members of the MPC.

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    The President had said, in his letter of nomination to the Senate, his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

    Senate President Godswill Akpabio hailed President Tinubu for assembling men and women of great expertise for appointment into the MPC of the CBN.

    He urged the MPC members-designate to use their expertise to redirect CBN’s monetary policy for the good of the country.

  • Senate passes South East Development Commission Bill

    Senate passes South East Development Commission Bill

    The Senate on Thursday, February 22, passed a Bill which seeks to establish the South East Development Commission (SEDC).

    The agency according to the Bill is to be charged with the responsibility to receive and manage funds from the allocation of the Federation Account for the reconstruction and rehabilitation of roads, houses, and other infrastructural damages suffered by the region as a result of the effect of the civil war.

    The Red Chamber decided a clause-by-clause consideration of the bill by the Committee of the Whole, chaired by the Senate President, Senator Godswill Akpabio.

    Recall that the House of Representatives on December 21, 2023, at its Committee of the Whole chaired by the Deputy Speaker, Rt. Hon. Benjamin Kalu, who is also the sponsor of the Bill, unanimously passed it for 3rd reading and sent it to the Senate for concurrence.

    The Senate approved the long title of the Bill as recommended, clause 2 as amended, clause 3 to 5 as recommended, clause 6 as amended, clauses 7 to 29 as recommended, interpretation clause 30 as recommended, short title clause 31 as recommended, schedules 1 and explanatory memorandum as recommended.

    The Commission, when established, shall among other functions, “Conceive, plan and implement, in accordance with the set rules and regulations, projects and programmes for the sustainable development of the South East States in the field of transportation including roads, health, education, employment, agriculture, industrialization, housing and urban development, water supply, electricity and telecommunications; cause the South East States to be surveyed in order to ascertain measures which are necessary to promote its physical and socio-economic development.

    “Implement all the measures approved for the development of the South East States by the Federal Government and the member States of the Commission; identify factors inhibiting the development of the South East States and assist the member States in the formulation and implementation of policies to ensure sound and efficient management of the resources of the South East States; assess and report on any project being funded or carried out in the South East States by mineral extracting and mining companies, oil and gas producing companies, and any other company including non-governmental organisations and ensure that funds released for such projects are properly utilized.

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    Other functions include, “Tackling ecological and environmental problems that arise from the extraction and mining of solid mineral, exploration of oil mineral in the South East States and advise the Federal Government and the member States on the prevention and control of oil spillages, gas flaring and environmental pollution; liaise with the various solid mineral extraction and mining companies and oil and gas prospecting and producing companies on all matters of pollution prevention and control; and execute such other works and perform such other functions which in the opinion of the Commission are required for the sustainable development of the South East States and its peoples.”

    In his remarks after the Bill was passed, Senate President Akpabio, noted that once the Bill becomes law, it would bring development and the region’s fears would be addressed.

    Akpabio said: “It’s a very important bill passed by this 10th Senate, this bill addresses all the fears of our brothers and sisters from the South East.

    “I want to say congratulations. I pray this commission will bring a lot of development to the South-east and we will assist you to stop any form of agitation and bring peace to your region. When harmonized, it will address the fears of the south-east.”

    With the passage at both Chambers, a Conference Committee will be set up to harmonize differences before it is transmitted to President Bola Ahmed Tinubu for his assent.

  • UPDATED: Senate confirms Cardoso as chairman, 11 others as members of CBN’s MPC

    UPDATED: Senate confirms Cardoso as chairman, 11 others as members of CBN’s MPC

    The Senate on Thursday, February 22, confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

    Also confirmed for appointment as members of the MPC are: Muhammad Sani Abdullahi, CBN deputy governor), Bala M. Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission), Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance), Murtala Sabo Sagagi (CBN director) Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi and Bamidele A.G. Amoo.”

    The resolution of the Senate followed its consideration and approval of the report of its Committee on Finance, Banking, Insurance and Other Financial Institutions led by Senator Tokunbo Abiru (APC – Lagos East), on the screening of the nominees.

    President Bola Tinubu had on Wednesday named the Governor of the CBN, Cardoso as Chairman, and 11 others as members of the MPC.

    Read Also: Senate urged to stop unbridled importation of goods

    Tinubu had in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

    Senate President Godswill Akpabio in his remarks commended President Tinubu for assembling men and women of great expertise for appointment into the MPC of the CBN.

    He called on the MPC members-designate to use their expertise to redirect the monetary policy of the CBN for the good of the country.

  • BREAKING: Senate confirms Cardoso as chairman, 11 others as members of CBN’s MPC

    BREAKING: Senate confirms Cardoso as chairman, 11 others as members of CBN’s MPC

    The Senate on Thursday, February 22, confirmed the nomination of Olayemi Cardoso as the chairman of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

    Also confirmed for appointment as members of the MPC are: Muhammad Sani Abdullahi, CBN deputy governor), Bala M. Bello (CBN deputy governor), Emem Usoro (CBN deputy governor), Philip Ikeazor (CBN deputy governor), Lamido Yuguda, (DG Securities and Exchange Commission) and Jafiya Lydia Shehu, (Permanent Secretary, Ministry of Finance).

    Others are Murtala Sabo Sagagi (CBN director) Alloycius Uche Ordu, Aku Pullen Odukemelu, Mustapha Akinwunmi, and Bamidele A.G. Amoo.”

    Read Also: Senate urged to stop unbridled importation of goods

    President Bola Tinubu had on Wednesday named Cardoso as the chairman and 11 others as members of the MPC.

    Tinubu in his letter of nomination to the Senate, said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

  • Senate urged to stop unbridled importation of goods

    Senate urged to stop unbridled importation of goods

    The Senate has been advised to stop the importation of goods that can be manufactured in Nigeria.

    Managing Director/Chief Executive Officer (MD/CEO) of Prince Interior Furnishing and Furniture Company Ltd, Abuja, Prince Emeka Egwuekwe hailed the government for trying to boost the country’s economy.

    He noted with concern that continued importation of such products into Nigeria, which according to him would continue to affect the manufacturers and the country’s economy in no small measure.

    Egwuekwe addressed reporters shortly after marking his company’s 24 years of existence in one of his offices in Abuja.

    He observed with dismay that at their visit to the Senate President Godswill Akpabio last week, they found out that all the furniture in use at the Senate were imported.

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    He said: “Nigerian manufacturers produce furniture in Prince Interiors Ltd, and other manufacturing companies, but Nigerians import them and the 10th Senate and the National Assembly as a whole are using those imported furniture in their offices, homes, rooms and other places; not only foreign furniture, but other foreign goods that are produced in their country, including foreign vehicles. I respect legislators in the 10th Senate, but I enjoin them to look into what other nations did and survived.

    “In order to build their economy, 20 years ago, China shut their borders and started to use what they were producing. What we should do now is to close the border to what we can produce and be using them, instead of importing them.

    This country is blessed by God with manpower, natural resources and we have a population of over 200 million and the timber we have for furniture gives us the best timber you can think of all over the world. We can feed ourselves with the food we produce, clothe ourselves with cloths produced in this country, among others.”

    Reiterating that their products can compete favourably with their foreign courtparts, he said: “Our furniture can compete favourably with their foreign counterparts. Although, we need more, but we have the machines to outdo our foreign competitors, but the problems we are encountering are in the area of energy. They export our gas to our neighboring countries, making them expensive and unavailable here. So the best thing to do is to close the border to all those things that will affect our economy negatively. If we can shut our borders, at least for four years to address our economy, I don’t see what is wrong in doing that.

    “Encouraging manufacturers to produce enough for use domestically and also for importation, will go a long way to address our unfavourable balance of trade, at the international trade, that has over the time been affecting our economy in small measure. The former Central Bank Nigeria (CBN) governor, Sanusi (Lamido) condemned in its entirety, the speed at which Nigeria was exporting, even a toothpick, something that could be produced locally in the country. I wonder how a nation that does that would survive.”

    Disclosing how government of China helped a furniture maker by buying him a machine that resulted in producing more furnitures for local use instead of importing from Italy, and training more people, he said he has started to build an institute: Prince Interior Vocational Institute in Abuja, where bricklayers, carpenters, welders, among others.

    He disclosed that UNIDO has indicated interest to partner with him in the project, just as he decried moving out of the country to areas they can get greener pastures, by carpenters trained by his company.

  • Senate urges govt to stop planned removal of electricity subsidy, tariff hike

    Senate urges govt to stop planned removal of electricity subsidy, tariff hike

    The Senate has advised the Federal Government against removing electricity subsidy or allowing a hike in tariffs.

    The resolution followed the consideration and approval of a motion, ‘Planned increase in electricity tariff and arbitrary billing of unmetered customers by Distribution Companies (DisCos)’. The motion was sponsored by Senator Aminu Iya Abbas (Adamawa Central).

    The government last week said it was now ‘very difficult to sustain subsidy on electricity’.

    Minister of Power, Adebayo Adelabu, said Nigeria must begin to move towards a cost-effective tariff model. According to him, the country was currently owes electricity generating companies N1.3 trillion and gas companies $1.3 billion.

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    Abbas, in his lead debate, said the ‘Senate notes with great dismay, plans to increase electricity tariff by the relevant statutory authority in gross disregard of increased economic challenges with attendant widespread poverty and high cost of living.

    “The Senate may note that the Minister of Power was reported saying ‘the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of N1.3 trillion to generating companies (GenCos) and $1.3 billion owed gas companies.

    “According to him, of the over N2 trillion needed for subsidy, only N450 billion was budgeted this year. The same electricity businesses are collecting money from customers for services not rendered. When they have not added anything to the equipment they inherited from PHCN. Communities buy transformers to replace damaged ones in addition to overburden bills and arbitrary estimates for unmetered customers.

    “We note that the issue of arbitrary energy charges on unmetered customers has become worrisome given the February 2024 report of the Nigerian Electricity Regulatory Commission (NERC) on the non-compliance with energy billing caps by DisCos and the N10.5 billion penalty imposed on distribution companies that over-bill unmetered customers.

    “In 2018, then Minister of Power, Works and Housing, directed the NERC to issue a regulation that facilitates signing of meter agreement between the ministry, Ziglaks company and other meter asset providers, to address the metering gaps in the power supply industry…”

  • JUST IN: Senate confirms 17 for appointment as Commissioners for NPC

    JUST IN: Senate confirms 17 for appointment as Commissioners for NPC

    The Senate on Wednesday, February 21, confirmed the nomination of 17 persons for appointment as National Commissioners of the National Population Commission (NPC).

    The red chamber also approved the appointment of Jalal Arabi as the chairman of the National Hajj Commission (NAHCON) and three other commissioners for the agency including, Aliyu Abdul-Razak (Commissioner – Policy, Personnel and Finance), Prince Anofiu Elegushi (Commissioner-Operations) and Prof. Abubakar A. Yagawal (Commissioner-Planning and Research).

    The Commissioners of NAHCON cleared by the Senate are Hon Emmanuel Trump Eke (Abia), Dr Clifford Zirra (Adamawa), Mr. Chidi Christopher Ezeoke (Anambra), Isa Audu Buratai (Borno), Bishop Alex Ukam (Cross River), Ms Blessing Brume-Ataguba (Delta), Dr. Jeremiah Ogbonna Nwankwegu (Ebonyi), Dr. Tony Aiyejina (Edo), Mr Ejike Eze (Enugu), Mr. Abubakar Damburam (Gombe) and Prof. Uba Nnabue (Imo).

    Others are Ms. Sa’adatu Dogon Bauchi Garba (Kaduna), Dr Aminu Ibrahim Tsanyawa (Kano), Hon Yori Afolabi (Kogi), Ms. Mary Ishaya Afan (Plateau), Mr Saany Sale (Taraba) and Mr. Ogiri Itotemaan Henry (Rivers).

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    The report on the screening of the NPC commissioners was presented by the chairman,

    Senate Committee on National Identity Card and Population, Senator Abdul Ningi (PDP – Bauchi Central) while the report of the NPC was presented by the Chairman, Senate Committee on Foreign Affairs, Senator Sani Bello.

    The Senate also confirmed the nomination of Dr. Kelechi Ohiri for appointment as the director general of the National Health Insurance Authority (NHIA).

    The chairman of Senate Commended on Health (Secondary and Tertiary), Senator Ipalibo Banigo (PDP – Rivers West) presented the report.

  • JUST IN: Senate grills nominees for CBN’s MPC

    JUST IN: Senate grills nominees for CBN’s MPC

    The Senate on Wednesday, February 21, screened nominees for membership of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

    President Bola Tinubu had last week forwarded to the Senate for confirmation, the names of nominees for appointment as MPC members.

    During the session, the Senator Tokunbo Abiru-led Senate Committee on Banking, Insurance, and Other Financial Institutions, grilled six of the nominees by asking them critical questions about the economy and possible solutions to forex volatility and food crisis.

    The meeting of the MPC has been slated for Monday next week.

    First to face the committee was the Director-General of the Securities and Exchange Commission (SEC), Alhaji Lamido Yuguda, who informed the committee that his nomination into MPC, would give the SEC the needed voice in monetary policy.

    He lamented that the value of the Naira as it is today, is not real, having lost its intrinsic value but that the MPC, when inaugurated next Monday, would join other stakeholders, to get it stabilized.

    He said: “The value of any currency is measured by the goods and services that it can buy. The Naira as it is today does not possess that value sufficiently which is being critically looked into.”

    In his own submission, the nominee from Lagos state, Mustapha Akinkunmi, said the way out now is to target the exchange rate and not inflation as being done without much result.

    He stated: “More proactive way of addressing the Naira volatility problem at hand, is for the CBN to target the Exchange Rate itself and not Inflation.

    “The inflation the country is facing now is largely that of food inflation which is beyond CBN but for the entire country.

    “Production and distribution of food commodities across the country would help to reduce the food inflation, while the aggressive target of the exchange rate would help to stabilize the Naira with the required increase in productivity.”

    In a similar submission, the nominee from Imo State, Mrs Aku Odinkemelu, said productivity is the key to arresting the volatility of the Naira and food inflation.

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    Other nominees, grilled at the session by the committee, were Professor Murtala Sagagi from Kano State, Bamidele Amoo from Kwara State, and Alloysius Uche Ordu, who worked with the World Bank and Africa Development Bank for 30 years at different times.

    In his closing remarks, the chairman of the committee, Senator Tokunbo Abiru (APC Lagos East), told the nominees that their screening was done ahead of the MPC meeting slated for Monday next week by the CBN.

    He said what Nigerians expect to come after the meeting are solutions to the rising inflation rate, worsening Naira volatility in the FOREX market, and rejuvenation of the economy generally.