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The Dangote Refinery in Ibeju-Lekki, Lagos, has started production.

The largest single-train refinery in the world located in Nigeria’s commercial hub began production in the early hours of Friday.

The Dangote Refinery in Ibeju-Lekki, Lagos, has started production.

The largest single-train refinery in the world located in Nigeria’s commercial hub began production in the early hours of Friday.

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The Kano State Government has signed a memorandum of understanding (MoU) with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to offer a N20,000 palliative to all state employees.

The MoU aims to alleviate the economic challenges experienced by civil servants in Kano State following the removal of the fuel subsidy on January 1, 2024.

Yarima added that the financial aid will continue until a comprehensive review of the minimum wage is undertaken within the next six months.

Additionally, pensioners will receive a monthly palliative of N15,000 for three months, along with arrears for the missed December 2023 allowance.

Yarima expressed appreciation to the Kano State Government, especially the governor’s Special Adviser On Labour, Comrade Baffa Sani Gaya, and other committee members for their swift investigation and report submission to the governor.

He stressed the positive impact of this palliative on affected workers, stating, “We believe this will significantly assist many people and enhance workers’ morale.”

Earlier, the labour unions had issued a nationwide strike threat to highlight the challenges encountered by workers after President Bola Tinubu’s fuel subsidy removal.

The successful negotiations and ensuing agreement have averted the impending industrial action. While the federal government had previously announced a salary increase for federal workers, this marks the first increment for state and local government workers.

2024 Budget: Tinubu Directs MDAs To Provide Monthly Performance Reports
Written by Leadership News 4 seconds ago Reading Time: 2 mins read
Tinubu


President Bola Tinubu has signed the 2024 Appropriation Bill into law, aligning with his committed stance to maintain a timely, predictable, and efficient budget cycle.

Tinubu assented to the bill at the State House on Monday, shortly after returning to Abuja from Lagos. The president directed all Ministries, Departments and Agencies (MDA) to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning.


Addressing the signing ceremony, the President assured Nigerians that the budget’s implementation would be efficiently pursued and vigorously monitored.

“All institutional mechanisms shall be held accountable to ensure diligent implementation.

“All MDAs have been directed to take responsibility and provide monthly Budget Performance Reports to the Ministry of Budget and Economic Planning, which, in turn, shall ensure their accuracy,” he stated.

He also mentioned that the Minister of Finance and Coordinating Minister of the Economy would conduct regular reviews with the Economic Management Team. Additionally, periodic Economic Coordination Council meetings would be chaired by the President.

The key priorities of the 2024 budget, totaling N28.7 trillion, include defense and internal security, job creation, macroeconomic stability, an improved investment environment, human capital development, poverty reduction, and social security

The President emphasized his commitment to enhancing investment promotion and creating a rules-based society that favors no individual over the law, beginning with essential reforms in the Nigerian judiciary. Funding for these reforms is included in the 2024 Appropriation Act.

“Funding the judiciary is a significant element in our effort to support a just, rules-based society. The statutory transfer to the Judiciary has been increased from N165 billion to N342 billion,” President Tinubu said.

Key estimates include N10 trillion for capital expenditure, N8.8 trillion for recurrent expenditure, N8.2 trillion for debt servicing, and N1.7 trillion for statutory transfers.

President of the Senate Godswill Akpabio and Speaker of the House of Representatives Tajudeen Abbas were present at the signing.

Other senior government officials attending the brief ceremony included Minister of Finance and Coordinating Minister of the Economy Wale Edun, Chief of Staff to the President Femi Gbajabiamila, Minister of Budget and Economic Planning Sen. Atiku Bagudu, and National Security Adviser Nuhu Ribadu. (NAN)

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The House of Representatives is moving to revive the Bilateral Currency Swap Agreement (BCSA) signed between Nigeria and China.

The lower chamber, on Wednesday, resolved to liaise with the Central Bank of Nigeria (CBN) to speed up the implementation of the currency swap deal.

This resolution followed a motion moved by Jafaru Leko (APC, Bauchi) during plenary.

Three months after the agreement, the CBN commenced the take-off of the scheme through the Special Secondary Market Intervention Sales (SMIS) retail dedicated to the payment of Renminbi denominated Letters of Credit (LCs) for raw materials and machinery and agriculture only.

However, not much has been heard on the financial instrument.

The motion
In his motion, Mr Leko called for the outright adoption of the Yuan as one of the major currencies for Nigeria’s foreign reserve.

He stated that monetary authorities must consider the Chinese Yuan as an alternative trading currency in the face of the decline of the Naira against the US dollar and major currencies.

Mr Leko called for the adoption of the Chinese Yuan (CNY) as an official foreign exchange reserve currency alongside others.

The legislator said the CBN must explore the appropriate mechanisms, policies, and partnerships required for the implementation of the shift to Yuan.

“Global economic landscape is evolving and international trade dynamics are shifting, with China assuming a leading role in global trade.

“People’s Republic of China has a stable and globally recognised currency, the Chinese Yuan (CNY), which is gaining recognition in international trade,” Mr Leko said.

To buttress his point, the lawmaker said “Adopting the Chinese Yuan as an additional foreign exchange reserve currency might mitigate the adverse effects of Naira depreciation.”

He added that “It would enhance Nigeria’s trade and economic ties with China, a crucial trading partner.”

But the Deputy Speaker, Ben Kalu, who presided over the session, said there was no need for the House to call for a new policy, instead, the government should revive the currency swap scheme.

Subsequently, Sada Soli (APC, Katsina) moved an amendment to urge the speeding up of the 2018 current swap agreement.

The motion was passed as amended when Mr Kalu put it to vote.

The Committees on Banking Regulations, Banking and Other Ancillary Institutions were mandated to interface with the CBN on the policy and report to the House within four weeks.

The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs).

This is according to the communique issued by the FAAC at its meeting on Friday.

The communique said that the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion.

According to the communique, total revenue of N1.620 trillion was available in the month of November.

“Total deductions for cost of collection was N60.960 billion; total transfers, interventions and refunds was N470.592 billion.

“Gross statutory revenue of N882.560 billion was received for the month of November. This was higher than the N660.090 billion received in the month of October by N222.470 billion.

“The gross revenue available from VAT in November was N360.455 billion. This was higher than the N347.343 billion available in October by N13.112 billion,” it said.

The communique said that from the N1.088.783 trillion total distributable revenue, the Federal Government received N402.867 trillion, the state governments received N351.697 billion and the LGCs received N258.810 billion.

“A total sum of N75.410 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“From the N376.306 billion distributable statutory revenue, the Federal Government received N174.908 billion, the State governments received N88.716 billion and the LGCs received N68.396 billion.

“The sum of N44.286 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

It said that the federal government received N50.348 billion, the state governments received N167. 828 billion and the LGCs received N117.480 billion from the N335.656 billion distributable VAT revenue.

“The communique further said that from the N11.952 billion EMTL, the Federal Government received N1.793 billion, the State Governments received N5.976 billion and the LGCs received N4.183 billion.”

It added that the federal government received N175.817 billion from the N364.869 billion exchange difference revenue, while the state governments received N89.177 billion, and the LGCs received N68.751 billion.

“The sum of N31.124 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

“In the month of November, companies income tax, excise duty, petroleum profit tax, oil and gas royalties and VAT increased considerably, while CET levies, Import Duty and EMTL recorded decreases,” it said.

It announced that the balance in the Excess Crude Account was 473.754 million dollars.

Nigerian military confirms killing of notorious terrorists, over 40 others
The military authorities also said 159 other terrorists were arrested.

The Defence Headquarters has confirmed the killing of four notorious terrorist commanders in air strikes within the week.

They are Machika, Haro, Dan Muhammadu and Ali Alheri, popularly called Kachalla Ali Kawaje.

The Director, Defence Media Operations, Edward Buba, made this known in a statement on Saturday in Abuja.

Mr Buba, a major general, said that Machika was a top terrorist bomb expert and younger brother of notorious terrorist (Dogo Gide) while Haro and Dan Muhammadu were specialist in kidnapping and assault operations respectively.

He said a synchronised strike between air and ground forces aimed at the same target on 11 December, killed Kachalla Kawaje, a renowned terrorist leader responsible for the abduction of the students of Federal University Gusau, Zamfara State.

He added that Kachalla was killed in Munya Local Government Area of Niger along with many of his foot soldiers.

According to him, the military is fast closing in on others and they will equally suffer the same fate.

Mr Buba said that air assets conducted aggressive air flights on confirmed locations active with the movement of terrorist commanders and their foot soldiers.

He added that the strikes carried out resulted in the killing of over 38 terrorist commanders and their foot soldiers, while 159 others were arrested.

“The armed forces is hunting down prominent terrorist leaders and engaging them wherever they are hiding.

“The military will continue to take the fight to the terrorists and their cohorts until they are destroyed or surrendered.”

In the South-east, Mr Buba said the troops, in conjunction with other security agencies, on Wednesday apprehended a prominent commander of the proscribed Indigenous Peoples of Biafra (IPOB) and its armed affiliate the Eastern Security Network (ESN).

He said the commander, Uchechukwu Akpa, was arrested together with three other sub- commanders, namely Udoka Anthony Ude, Ikechukwu Ulanta, and Ezennaya Udeigewere.

According to him, the trio were arrested after a raid on their hideout at Christ the King Catholic Church, Ameta Mgbowo, in Awgu Local Government Area of Enugu State.

“They gathered to plot to take over the leadership of IPOB/ESN Auto Pilot Command, Enugu State chapter, from the apprehended former commander, known as “Chocho”. They also planned to attack troop locations.

“During the raid, Mr Akpa sustained a gunshot wound while trying to escape.”

He was the second in command to Chocho, a notorious IPOB/ESN leader currently in custody.

“Subsequently, another raid connected with the arrest was conducted on 14 December where troops recovered one AK 47 Rifle, Two AK 47 Magazine, 25 rounds of 7.62mm NATO special ammunition and one Pump action rifle.

“The operations of the week in focus, equally resulted in the arrest of 66 perpetrators of oil theft and the rescued of 89 kidnapped hostages,” he said.

Mr Buba said the troops in the Niger Delta area destroyed 15 dugout pits, 25 boats, 74 storage tanks, 14 vehicles, 115 cooking ovens, 13 reservoirs, 10 cooling systems, 10 receivers, three pumping machines and 64 illegal refining sites during the week.

He added that troops recovered 357,350 litres of stolen crude oil, 185,300 litres of illegally refined AGO and 20,600 litres of PMS.

(NAN)