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Senate rejects bill seeking to regulate forex market in Nigeria

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Senate rejects bill seeking to regulate forex market in Nigeria

The Senate has rejected a bill seeking to monitor and regulate the Forex Exchange and Foreign Exchange.

The bill sponsored by Senator Sani Musa ( APC, Niger East) titled “ Foreign Exchange (Control and Monitoring) Bill, 2024 (SB. 353)” was thrown out after debates by lawmakers who opposed it.

Musa stated that the bill was read for the first time on Tuesday, February 20, 2024.

He noted that the bill sought to repeal the Foreign Exchange (Monitoring and Miscellaneous Provision) Act, Cap. F34, Laws of the Federation of Nigeria, 2004,  and establish a Foreign Exchange Market in Nigeria, to make provisions for the control, monitoring, and supervision of transactions conducted in the Foreign Exchange Market.

The Niger lawmaker stated that the objective of the bill sought to “ To establish a foreign exchange market.

“To provide for the regulation, monitoring, and supervision of the transactions conducted in the market and for related matters.

“To contribute to the sound development of the National Economy by striving to facilitate foreign transactions and to maintain an equilibrium of balance of International payments.”

He added that the bill would also move to stabilise the value of the currency by ensuring the liberalisation of foreign exchange transactions; – To maintain an equilibrium of the balance of International payments, and – To stabilize the value of the currency by ensuring the liberalisation of foreign exchange transactions and other foreign transactions by revitalising market functionality.“

He said that the bill attempts to expand Section (1) of the existing Act to incorporate three new provisions to make for clarity and to empower the Central Bank of Nigeria to administer, control, and manage all dealings and transactions concerning foreign exchange matters.

Musa said, “The newly introduced clauses will enable the CBN to determine the basic exchange rate of purchase and sale of foreign exchange.

“Clause 6 of the Bill introduces New Sub-clauses (2), (4) and (5) which require authorised dealers to: Render returns to the CBN on sources of foreign exchange over $10,000 and utilisation of same, and obtain prior approval of the CBN when seeking to import foreign currency notes.

“Part Ill of the Bill makes elaborate provisions for the grant of a license to carry on business dealings in foreign exchange. In this part, provisions were made for refusal of license, suspension or revocation of license, review and appeal, etc.

“Clause 18 (1) (a) and (b) were added to expand the scope of dealers in the market and where funds are purchased from the Bank. The market rate may be subject to rules and regulations prescribed by the Bank. “

He submitted, “The operation of domiciliary account shall be as prescribed by the bank and the powers of the CBN have been widened to prescribe how foreign exchange may be accepted for the payment for goods and services in Nigeria.

“Mr President the future of any nation is a function of her ability as a nation to manage its economy efficiently and optimally. Intrinsically linked to the wellness of a country’s economy is the state of its Foreign Exchange Market usually regulated by a foreign exchange regime.”

Minimum Wage: Labour leaders table economic hardships faced by Nigerians before Tinubu

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Minimum Wage: Labour leaders table economic hardships faced by Nigerians before Tinubu

The meeting called by President Bola Tinubu to discuss the minimum wage issue ended in an inconclusive note on Thursday.
But it afforded parties to the discussions, notably, the President and the organised Labour, comprising the Nigeria Labour Congress and Trade Union Congress. an opportunity to engage in a heart-to-heart talk.
The meeting which lasted for about one and half hours, mainly centred on xraying the issues that should necessitate an increase in the current minimum wage, highlighting the contemporary economic realities.
The meeting was, however, adjourned till next week to allow for more consultations from the government and labour side.
Emerging from the meeting, the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, described the short meeting as fruitful as it was more or less a family discussion between a father and the children.
She said, “It was a fruitful meeting, father, children meeting. I think we are hopeful that very soon everything will be resolved. Of course, when father and children talk you know what it is. That’s just exactly what has happened. It took us almost an hour. I believe that it’s all for good”.
On his part, President of the NLC, Joe Ajaero revealed that the meeting will reconvene next week, insisting that both parties have not rescinded their previous positions on the amount.
Ajaero said, “in a real sense, it wasn’t a negotiation but a discussion and we have had that discussion. We agreed to look at the real terms and to reconvene in the next one week. So that’s where we are. Because we didn’t go down there to talk naira and kobo. At least there were some basic issues that we agreed on”.
Asked whether they deliberated on the N250,000 being demanded by Labour, the NLC President replied, “I remember mentioning that we didn’t go into Naria and Kobo discussion. Now the status quo in terms of the amount N250,000 and N62,000 remains until we finish this conversation”.
Corroborating Ajaero and Onyejeocha, the TUC President, Festus Osifo said they told the President in plain terms what the economic realities are at the moment.
He said they tried to make the President see reasons why the minimum wage has to be shored up, going by the hardships Nigerians were facing.
His words, “In the meeting we tried to put the issues on the table. Issues that are bothering and biting Nigerians today, are the economic difficulties and the value of naira, how it has also eroded, and how these have affected the prices of commodities and goods in the market.
“We tried to put these before Mr President because he is the President of the country and the bulk stops at his table.
“We have had all the conversations with all his agents, but today we said let us meet with the father of the country and have this conversation and make the argument that Labour always make, we made all the arguments, the economic analysis, macro, micro, fiscal and monetary issues. So we put everything forward and at the end, the president made his remark as the president and we all agreed “Let’s go back, we internalize it, we have some conversation and in one week’s time, we will come back and we will continue the meeting”.
Minimum Wage: Labour leaders table economic hardships faced by Nigerians before Tinubu

Tinubu hails Supreme Court judgment affirming LG autonomy

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Tinubu hails Supreme Court judgment affirming LG autonomy

President Bola Tinubu has lauded the Supreme Court’s judgment affirming the constitutional rights of local governments, emphasizing its critical role in advancing effective governance at the grassroots level.

In a statement released on Thursday, Tinubu highlighted the importance of the judgment, describing it as a reaffirmation of the Constitution.

The statement was signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale.

He noted that ineffective local government administration has been a significant obstacle to national progress, with governance at the grassroots level nearly non-existent.

“The Renewed Hope Agenda is about the people of this country, at all levels, irrespective of faith, tribe, gender, political affiliation, or any other artificial line they say exists between us.

“This country belongs to all of us. By virtue of this judgment, our people – especially the poor – will be able to hold their local leaders to account for their actions and inactions. What is sent to local government accounts will be known, and services must now be provided without excuses,” Tinubu said

He emphasised that the onus is now on local council leaders to deliver people-oriented services, ensuring that Nigerians at the grassroots feel the impact of governance.

He also expressed confidence that the judgment would allow local officials elected by the people to control local resources transparently and effectively.

“My administration instituted this suit because of our unwavering belief that our people must have relief and today’s judgment will ensure that it will be only those local officials elected by the people that will control the resources of the people,

“This judgment stands as a resounding affirmation that we can use legitimate means of redress to restructure our country and restructure our economy to make Nigeria a better place to live in and a fairer society for all of our people,” the President stated

Tinubu pointed out that the provision of essential amenities and public goods has been hampered due to the weakening of local governments.

He commended the Supreme Court for upholding the constitutional rights of local governments, particularly regarding financial autonomy.

He further described the decision as historic and a significant step towards strengthening Nigeria’s federal structure for national development.

Tinubu also praised the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), for his diligent and patriotic efforts in this critical legal battle.

He reiterated his administration’s commitment to protecting the principles of governance and ensuring a performance-driven system that benefits every Nigerian.

 

Nigerian govt, oil producers agree deal on crude supply to local refineries at market prices

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Nigerian govt, oil producers agree deal on crude supply to local refineries at market prices

The federal government has reached an agreement with oil producers to permit the sale of crude oil to domestic refiners at prevailing market prices.
This deal, brokered on Thursday through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) brings to an end a supply dispute that has strained relations with international oil companies (IOCs).
The producers under the aegis of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce Industry (LCCI) at the instance of the NUPRC agreed to concede to a framework that would be mutually beneficial with a focus on ensuring that the local refineries are not strangulated with off-the-curve prices.
The meeting was part of efforts to effectively implement key sections of the Petroleum Industry Act, especially pricing and crude supply to the domestic refineries.
Komolafe while speaking at the event said President Bola Tinubu is fully committed to providing a level playing ground for producers and refiners to do business in the industry.
He said there was need to have a rule of engagement to ensure that the pricing model from the oil producers is not seen to be strangulating the domestic refineries.
READ ALSO: NNPC declares state of emergency on crude oil production
He directed producers and refiners to henceforth provide the regulator with cargo price quote on crude supply and delivery to effectively monitor and regulate transactions among parties.
“We need to have the price quotes on a monthly basis” he directed.
The Domestic Crude Oil Supply Obligation (DCOSO) has a convergence with the nation’s energy security. The NURPC boss said his administration is re-engineering its regulatory processes.
“We allow all our processes to be transparent. While the Federal Government targets implementation of the regulation, all parties must concede to the rules of engagement as a guide for operation,” he said.
“We need to discuss pricing especially as parties have committed to respecting their domestic crude oil obligation. For us as the regulator, we don’t want the upstream sector to be operated sub-optimally through cost under-recovery.
“So, the regulator is very alive to that. In crude pricing, we will never allow price strangulation to dis-incentivize our domestic refining capacity optimization. The regulator does not support cost under-recovery in the upstream sector, and we will continue to work to ensure that crude supply profiteering as a negative factor that can strangulate our domestic refining capacity optimization is disallowed.”
Komolafe further stated that the NUPRC is truly committed to attraction of needed investments to boost upstream development and optimization of the hydrocarbon resources in the country.
By Babajide Okeowo
The post Nigerian govt, oil producers agree deal on crude supply to local refineries at market prices appeared first on Latest Nigeria News | Top Stories from TVN.

Obaseki begins handover process, sets up transition c’ttee

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Obaseki begins handover process, sets up transition c’ttee

The Edo State Governor, Godwin Obaseki, on Thursday, inaugurated a 20-member transition committee to pilot the smooth transition of power and knowledge to the next administration four months before the end of his administration.

The Committee is chaired by a former Commissioner for Finance in the State, Joseph Eboigbe.

Obaseki inaugurated the committee members, at the EXCO Chambers, in Government House, Benin City, with some members joining virtually.

The governor said, “Today is the 11th of July, 2024 and it will mark exactly four months to the day I will hand over government to the next elected governor of Edo State. As it’s global best practice, I am putting together a transition team that would have the responsibility to document the achievement of this administration in the last eight years.

“The team will look and retrieve all documents and all other materials relating to policy decisions that have been taken by this administration in every area of government and governance over the last seven years and put the same in a structured order in a data room. I believe that most of these materials have almost been digitized.

According to him, a proper digital and regular data room would be created where all documents related to every activity, contract, EXCO decision, presentation, and policy paper in every area will be retrieved, documented, and chronicled as it will serve as institutional memory for the next and subsequent administrations.

He continued: “You will all put together reports on each area and aspect of government we have intervened in and recommendations for the next administration.

“This document and resources should serve to smoothly transfer power and knowledge from this administration to the next. We would have both the physical and digital repository of all the information and decisions taken during the life of this administration as these documents will be relevant both for internal and external consumption and research and possibly policy development.

He noted that the report will also give a detailed account of the strategic vision and outlook of the administrative structure, policy impact, and completed programmes and initiatives as well as uncompleted programmes and initiatives to enable the incoming administration know where to take off from.

“This report should be completed before the 30th of October 2024, as this document will form parts of what will be handed over during the transition period on November 11th, 2024.”

In his response, the Chairman of the Committee, Joseph Eboigbe promised that the committee would diligently discharge their duties, pledging to deliver the report within the timeline given by the governor

NSCDC deploys 1,504 officers for Adamawa council poll

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NSCDC deploys 1,504 officers for Adamawa council poll

The Adamawa State Command of the Nigeria Security and Civil Defence Corps, NSCDC, has deployed 1,504 officers and men to secure the council election scheduled for the state this Saturday, July 13.
A statement from the command headquarters in Yola on Thursday said the officers and men would be ensuring the safety and security of citizens, electoral officers, and election materials across all polling units of the 21 local government areas.
“This deployment is crucial to ensuring the smooth conduct of this important electoral process, enabling citizens to freely cast their voters,” the NSCDC said in the statement signed by the command DPRO, Nyako Amidu Baba.
“The Command has enhanced patrols and intelligence gathering efforts to facilitate proactive responses,” the statement said, asking for timely and reliable information from the public to promptly address any potential threats to peace.
“Additionally, the public is informed of temporary restrictions on movement and the closure of public spaces (such as markets, motor parks, and recreation centres) from 8:00am to 3:00pm of Saturday 13th July, 2024,” the NSCDC stated.
It appealed to all citizens to participate in the electoral process responsibly and to carry out their lawful activities peacefully.
NSCDC deploys 1,504 officers for Adamawa council poll

Revisit school feeding programme, Reps tell FG

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Revisit school feeding programme, Reps tell FG

The House of Representatives, on Thursday, urged the Federal Government to revisit the school feeding programme, suspended over sundry controversies.

The National Home-Grown School Feeding Programme was a pilot programme launched in 2004 targeting 12 states to provide a nutritious midday meal to public primary school pupils in the country:

In 2016, the programme was relaunched nationally, targeting public primary school children using locally sourced ingredients to improve health, stimulate agricultural production, and boost smallholder farmers’ income.

Recall that President Bola Tinubu, on January 12, 2024, suspended all programmes of the National Social Investment Programme Agency for six weeks.

The four programmes administered by NSIPA are N- the Power Programme, Conditional Cash Transfer Programme, Government Enterprise and Empowerment Programme, and Home Grown School Feeding Programme.

Following the adoption of the motion, the House mandated its Committees on Special Duties and Finance to invite the Ministers of Special Duties and Inter-Governmental Affairs, Education, and Finance to revisit the program and propose solutions for its future success.”

The House, while adopting a motion on “Urgent call to revisit school feeding policy” moved by the member representing Tarauni Federal Constituency, Kano State, Mr Muktar Zakari, noted that the philosophy behind the NHGSFP is to encourage enrollment into the public primary schools, address childhood hunger pangs, and improve their ability to concentrate, learn, and increase school attendance.

The lawmaker, a member of the New Nigeria People’s Party, lamented that “The suspension of the NHGSFP by the current administration is unsettling for several reasons, namely reduced school enrollment and attendance, compromised health and cognitive development of the children, and disruption of the income of smallholder farmers.”

He also said “Addressing the programme’s challenges is crucial, but a complete suspension may cause more harm,” noting that “It is important to find alternative solutions or efficient implementation of the NHGSFP to ensure Nigerian children continue to benefit from this important initiative.”

In his words, “The cancellation of the programme is causing an upsurge in the number of out-of-school children, posing a threat to the country’s future and leading to a high rate of crimes, insecurity, and unemployment.”

Tinubu inherited hardship, food crisis can end in 2026 – Suleiman Izuagbe

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Tinubu inherited hardship, food crisis can end in 2026 – Suleiman Izuagbe

A senior Consultant and Public Affairs analyst, Abdulsalam Suleiman Izuagbe, on Thursday faulted those blaming President Bola Tinubu for the hardship and food crisis in Nigeria.
Izuagbe said Tinubu inherited a near comatose economy from former President Muhammadu Buhari, adding that the president did not remove fuel subsidy that paved the way for the current economic situation in the country.
He noted that since assuming office, the president has been making efforts to recover the losses Nigeria incurred during the previous administrations.
Speaking with TVN on the state of the nation, Izuagbe said: “People are blaming President Tinubu for the state of affairs of the country, it’s not correct because many people forget that when he assumed office, he inherited an almost comatose economy and people should remember that during the presentation of the 2023 budget by Zainab Ahmed, there was provision for fuel subsidy removal up to June 2023.
“The only thing Nigerians are using to crucify Tinubu is that he came to remove the subsidy which is a lie, he wasn’t the one who removed the subsidy; there was no provision for subsidy in the budget.
“It’s disturbing that Nigerians are blaming Tinubu now that multinational corporations are leaving Nigeria. We must all agree that the issue of insecurity is responsible for most of these cases that made the economy collapse and it’s been there long before Tinubu came in. For instance, how can you explain the suicide bombing in Borno State two weeks ago killing about 30 human beings? This means that our security operatives are not using appropriate equipment and command systems to destroy the enemies of Nigeria. People who have no regard for human life can slaughter people at will and those sponsoring them said they should not be referred to as terrorists but bandits; you don’t treat enemies with kid gloves.
“And when you see all these things, they still blame Tinubu for the failure that was handed over to him, a failed system was handed over to him just like Obasanjo said recently that there is no structure.
“He’s taking good steps to rectify the errors he inherited by trying to create ways to recover the losses we have suffered as a nation. Since he assumed office, Tinubu has been performing well, sending palliatives to the state while some of them have not yet told us what they did with it. I know that with the Economic Coordination Council and the calibre of men in it, some bold will come up.”
The senior consultant also highlighted that Nigeria can produce adequate food to end the shortage by 2026.
This, he said can be done by investing over N800 billion into Agricultural programmes across the local governments in Nigeria.
“The only way out of the economic downturn is to go the Agricultural way, we should be able to encourage the president so that he can come out with a plan for Agriculture, so that by 2026; Nigeria will be able to produce stable crops from the present 135 million metric tons this year to 165 metric tones by 2026 if we do the needful.
“We have a programme: Renewed Hope for Agricultural Advancement where N800 billion can be invested in all the local governments in Nigeria. There will be farm centres in all local governments, there will be an agric taskforce that will monitor them and it will yield better results than the N732 billion spent on empowerment projects.
“Food supply and security is the best policy for every government, if the people are well fed they will be ready to work, not steal, and go to school. We don’t think it will be the same music again for Tinubu in 2026 because then there will be an abundant food supply in the country,” he added.
Tinubu inherited hardship, food crisis can end in 2026 – Suleiman Izuagbe

There was pushback against the directive on IOC’s FX proceeds use – Cardoso

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There was pushback against the directive on IOC’s FX proceeds use – Cardoso

The governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, has said there was pushback from players in the oil & gas industry when the apex bank issued a new directive on the use of foreign exchange proceeds by firms in the sector.

Cardoso revealed this on Thursday at the BusinessDay CEO forum themed ‘Leadership in Tough Economic Times’ held in Lagos.

Asked for an update on the impact of the directive, the CBN governor said, “It is still work in process. To be frank, when this first came out, we got some pushback. But, we dialogued, spoke, looked at the issues that some of the players were uncomfortable with, and gave reassurances which seemed to calm many of them down and it works in process.

“I see that it is gradually getting to a phase where the sort of contributions that one would expect from that sector would be there.”

In a circular dated May 6, 2024, signed by the Director, Trade and Exchange Department, Hassan Mahmud, the apex bank said oil firms can now spend 50 per cent of the repatriated export proceeds on financial obligations.

The CBN said, “Following the recent inquiries by banks and other stakeholders on our circular referenced TED/FEM/PUB/FPC/001/004, in respect of Cash Pooling requests by banks on behalf of IOCs, we provide further clarifications as follows:

“The initial 50 per cent of the repatriated proceeds can be pooled immediately or as when required. Banks may submit the request for cash pooling ahead of the expected date of receipt, supported by the required documentation, for approval by the Central Bank of Nigeria.

“The 50% balance of the repatriated export proceeds could be used to settle financial obligations in Nigeria, whenever required, during the prescribed 90-day period.”

The CBN said petroleum profit tax, royalty, domestic contractor invoices, cash calls, domestic loan principal and interest payment, transaction taxes, education tax, and forex sales at the Nigerian Foreign Exchange Market are eligible for settlement from the balance 50 per cent.

The CBN earlier stopped international oil companies operating in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.

The regulator said that the practice known as ‘cash pooling’ had an impact on liquidity in the domestic forex market.

Govs are major problem to good governance, says Bwala

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Govs are major problem to good governance, says Bwala

A prominent member of the Peoples Democratic Party, Daniel Bwala, has said governors are the main challenge to good governance in Nigeria.

While hailing the Supreme Court judgement on local government autonomy, the lawyer lampooned the governors for not being up and doing.

He alleged that the governors are not addressing hunger and unemployment despite the funds they’ve received from the President Bola Tinubu-led administration.

“Thank God for the Supreme Court verdict on local government autonomy to the effect that “it is unconstitutional for state governments to hold onto LG funds; henceforth FGN pay directly to LGAs,” Bwala wrote in a post on his X.

He added, “One victory down. The next is either a constitutional review or court verdict declaring that INEC to conduct LG elections, otherwise, governors might still use LG chairmen appointed by them to hold the monies in trust for them

“Governors are the problem of good governance, but many people don’t know. Do you know how much they have received since @officialABAT took office? Tell me what they are doing in their states to address hunger and unemployment?

“In my opinion, even media houses hardly stay long on this conversation because their major clients are state governments. This democracy requires all of us to move it forward ohh. There is God ohhhhh.”

The According reports that the apex court earlier on Thursday declared that it is unconstitutional for state governors to hold funds allocated for local government administrations.

The seven-man panel, in the judgment delivered by Justice Emmanuel Agim, declared that the 774 local government councils in the country should manage their funds themselves.

The apex court held that the power of the government is portioned into three arms of government, the federal, the state, and the local government.

The court further declared that a state government has no power to appoint a caretaker committee and a local government council is only recognisable with a democratically elected government.

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