Federal Government
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Senate: Power ministry smuggles N7 billion into its account without appropriation
The Senate has raised the alarm on how the Ministry of Power smuggled over N7 billion smuggled into the Ministry’s budget without an appropriation from the National Assembly. The Senate has observed that there was no evidence that such money was budgeted for in respect of the Hydropower Transmission Project in either the 2014 or 2015 fiscal year. Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts is raising the alarm of how the Ministry spent such amount of money without getting approval from the National Assembly in line with the law. The Committee is relying on the query raised by the Office of the Auditor General of the Federation in the 2015 report and brought before it for probe and subsequent presentation to the Senate at Plena...
Coronavirus: Nigerian government rolls out measures for UK, South African returnees
The Federal Government has rolled out new containment measures against the importation of COVID-19 particularly from the United Kingdom and South Africa, saying returnees from both countries are required to present two documents before boarding. National Coordinator of the Presidential Taskforce PTF on COVID-19, Dr Sani Aliyu, disclosed this during Thursday’s briefing of the Taskforce. He said; “In particular, international travellers must register with the Nigeria international travel portal. “We are concerned a out the emergence of the new variant of COVID-19 in the UK and an additional mutant in South Africa. Our protocol to ensure the safety of our citizens and prevent the importation of cases into the country is one of the most strict. “Specifically, for the UK and South Africa, the P...
FRSC urges motorists to exercise patience
The Ifo Unit Command of the Federal Road Safety Corps (FRSC) in Ogun has advised motorists to exercise patience and drive with caution to stem road crashes during the Yuletide. The Commander of the unit, Mr Joshua Ibitomi, gave the advice on Thursday in Ota, Ogun. The Federal Government had on Wednesday declared Dec. 25 and Dec. 28, 2020, as well as, Jan. 1, 2021, as public holidays for the citizens to celebrate Christmas and the New Year festivities respectively. Ibitomi said that the advice had become necessary as motorists are always in a hurry during the festive season to arrive at their destinations without being conscious of the safety measures on the roads. “The FRSC implores motorists to exercise patience and adhere strictly to traffic rules and regulations to avoid carnage on the ...
Nigerian government posts 35 firefighters to man new Treasury House substation
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Wednesday commissioned a fire substation built for the Treasury House which houses the Office of the Accountant-General of the Federation. Speaking at the event, the Minister extolled the Accountant-General of the Federation, Mr Idris Ahmed, for building the facility which will help battle fire incidents in the building and its environs. She was also pleased that 35 firemen have been posted to man the facility by the Comptroller-General of the Fire Service. According to her, “the Treasury House is the key driver of the ongoing Public Financial Management Reforms in line with the desire of the Federal Government to bring the nation up to speed with other leading world economies. “In carrying out this enormous task, ...
Lai Mohammed: My only regret as minister
Nigeria’s Minister of Information and Culture, Lai Mohammed, has said his only regret as a minister is that some Nigerians have failed to appreciate that the administration of President Muhammadu Buhari is doing so much with little resources. Mr Mohammed stated this at a Special Forum of the News Agency of Nigeria (NAN) in Abuja. He said with dwindling resources, no government in the history of Nigeria has implemented programmes alleviating poverty among women and vulnerable groups as well as created jobs for the youth as the Buhari administration had done. The minister said his regret was that some Nigerians have failed to appreciate the efforts of the government but keep celebrating negative developments. “My regret in this government is that Nigerians have failed to appreciate that the ...
Ijaw youths block East-West road over NDDC
Pool Photo The ripples over the appointment of a sole administrator for the Niger Delta Development Commission (NDDC) reached a boiling point on Monday as hundreds of Ijaw youths blocked the popular East-West road, causing many travellers to be stranded. The youths under the aegis of the Ijaw Youth Council (IYC) said the protest was for the immediate removal of the Sole Administrator, Mr Effiong Okon Awa, and the inauguration of the substantive board. The protest held travellers stranded for hours and attempts by some armed soldiers backed by an Armoured Personnel Carrier and led by a Major to persuade the protesters to leave the East-West road proved abortive. A plea by a former Secretary to Bayelsa State Government and ex-Nigerian Ambassador to the Scandinavian countries, Dr Godknows Iga...
Coronavirus: Schools to remain close till January 18 – PTF
The Federal Government has said schools in the country would remain shut till January 18, 2021. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at a press briefing in Abuja on Monday. Mustapha, who is also the Secretary to the Government of the Federation, also announced the closure of bars, night clubs, pubs, event centres, and recreational venues for the next five weeks. He further urged religious centres to maintain 50 per cent capacity at all times and as well as ensure strict compliance to Covid-19 protocols at all gatherings. According to him, the measures were important to curb the spread of the coronavirus disease as the country battled the second wave of the pandemic. He said, “All government staff on Grade Level 12 and below are to stay at h...
Nigerian government orders civil servants to ‘stay at home for five weeks’
The Federal Government on Monday ordered all federal civil servants on Grade Level 12 and below to stay at home for the next five weeks from Monday. The chairman of the Presidential Task Force on COVID-19, Boss Mustapha, made this known in a statement on Monday. He also announced that all schools would remain closed till January 18. Mustapha also said restrictions have been placed on social and religious gatherings for five weeks. He said, “Encourage virtual meetings in government offices. The leadership of such offices are to ensure that all offices are well-ventilated offices, and encourage staff to work from home where possible; “All government staff on GL.12 and below are to stay at home for the next 5 weeks; Permanent Secretaries and Chief Executives are to be held accountable for enf...
Nigerian government extends deadline for SIM-NIN update to January 19, February 9
The federal government has extended the deadline for the provision of National Identification Number, NIN, by telecommunication service subscribers to 19th January and 9th February, 2021 respectively. FG disclosed this in a statement titled: ‘Extension of Registration Period and Cancellation of USSD and Verification Fees’, signed by the Executive Vice-Chairman, Nigerian Communications Commission, Umar Danbatta; and Director-General, National Identity Management Commission, Aliyu Aziz. Part of the statement read: “The National Task Force on National Identification Number and SIM Registration met today, 21st December, 2020. “The meeting was chaired by the Honourable Minister of Communications and Digital Economy, Isa Ali Pantami with major stakeholders in the sector including Chairman – NCC,...
Nigerian students threaten government over lecturers strike
File Photo The National Association of Nigerian Students (NANS) has given the Federal Government till January 5, 2021, to resolve its impasse with the Academic Staff Union of Universities (ASUU). Describing the ongoing strike action by ASUU as the longest so far, NANS said in Katsina at the weekend that it would mobilise its members to block all Federal highways indefinitely at the end of the ultimatum until the issue is resolved. The President of NANS Comrade Sunday Asefon, who addressed a press conference after a visit to the rescued Kankara school boys said that, “it is ridiculous that government and ASUU have not found a common ground yet and this is leaving us with no other alternative than to do everything within our power to bring an end to this strike. “If by January 5, 2022, there...
