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‘No Going Back On 50% Derivation Demand’

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A former Nigerian envoy to Japan and Equatorial Guinea, Amb. Godknows Igali, has said that the people of the Niger Delta region would continue to demand a restructuring of Nigeria’s economy where 50 per cent of the revenue from resources from the region is kept back for development of the area.
He said that the 1960 and the 1963 constitutions which were the foundation constitutions for the country had spelt out that every region should keep back 50 per cent of revenue from its resources.
Igali, also the former Permanent Secretary of the Federal Ministry of Power and former Secretary to the State Government in Bayelsa State who disclosed this in an interaction with newsmen on his arrival at the Port Harcourt International Airport Omagwa at the weekend, noted that the South-West region and the Northern part of Nigeria had benefitted immensely from the 50 percent revenue on the cocoa and the groundnuts, among other resources they produced.
“Based on the 1960 and 1963 constitutions, the West and the North used their resources to develop themselves, they gave scholarships to their people, and they had occupied the leadership class in the Federal Civil Service.
“The South-east then had palm oil and that was not actually moving market, while the South-South had nothing then, and could not develop its people.
“The 1966 military government came and abolished the constitution, and introduced a kind of unitary system and now because a lot of things have gone wrong, we must go back to the basics, which is the 1960 and 1963 foundation constitution.
“We will continue to talk and negotiate with government on this issue. Fifty percent of our resources should be kept for us in the Niger Delta states, so as to develop.
“It is annoying that you see oil flowing in your environment and others are feeding fat on it, without you having anything to show for it.
“We, the elders and opinion leaders in this region, have taken the risk to tell the boys to stop any destruction and to be peaceful, while we still talk with government.
“There is a limit to endurance and we believe that the federal authorities will do the needful to let peace reign in this country,” Igali said.
The former ambassador, however, noted that no country of the world has come to the peak of its development, adding that countries, including the United States, are still negotiating and talking on how to move their nations forward and correct past wrongs.

 

Corlins Walter

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NTVOA Promotes 24hr-Online Operations On Faulty Vehicles

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The National Towing Vehicles Owners Association (NTVOA) has commenced consultation with security agencies and stakeholders in the transport logistics chain system on the best way to respond promptly  to rescue articulated vehicles parked along major roads and highways nationwide through digitalisation .
The Trade Union Congress (TUC) affiliate association said plans are already afoot to introduce an app designed to respond swiftly to brokendown  vehicles in furtherance to ensure free flow of traffic.
NTVOA said it will test-run the app in  Lagos when completed  due to the predominant and peculiar nature of traffic, noting that the technological device would take the form of “Uber”
In a chat with the National Secretary of NTVOA, Comrade Sylvester Afonughe in Ogun State, he noted that the move would be an all inclusive app through which security agencies will also be alerted  in line with the technological innovation .
He said the operation when completed will encourage faster response to vehicles with technical hitches to be evacuated from the roads.
The scribe sad aggressive campaigns and sensitization mechanism would be put in place to enable stakeholders understand how to use the app upon completion.
Afonughe, an engineer and the Business Relationship Manager, Moniepoint, affirmed that: “It looks tasking, no doubt, but that is what we are looking at as a union because we have already commenced consultation for the website which will operate like Uber or O Pay in nature.
He said the union is also resolved to key into the automation system as part of efforts to address human contact and to promote seamless operations in modern day transport technology.
“We are looking at how we can improve on our operations because it is what I single-handedly initiated under the stable of my organization, then the national can take it up from there.
“So many factors are also considered in this project because we are looking at 24 hours online real time operations because we cannot rule out night activities.

“Security is key here so these are the things we are looking at because we need to carry security agencies along because security must not be compromises when we kick start this project.

By; Nkemenyie Mcdominic, Lagos

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NIWA Provides Waterways Ambulance For Search, Rescue

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The National Inland Waterways Authority (NIWA) has introduced a new ambulance boat to serve the Lagos waters.
Disclosing this in a statement made available to our correspondent in lagos, NIWA said “The decision to introduce the new ambulance was in response to critical empowerment of the search and rescue team in Lagos, and as strategic fulfilment to suggestions made by the cream of maritime media at a recent parley with the Managing Director of NIWA, Dr. George Moghalu .
“Dr. Moghalu noted that the new craft fitted with amber lights and two 175 Horse Power engines by Yamaha, with cream colour leather interior, fitted with medical equipment, first aid boxes, communication system and stretchers, will form the fulcrum rapid response to accidents on Lagos waterways.
“Rugged and built to  ferry accident victims and those who require immediate medical attention to the nearest hospital and Medical Hold Bay, the ambulance watercraft can travel at controlled timing without fear or anxieties of being buffeted by high impact waves”, it stated.

By: Nkemenyie Mcdominic, Lagos

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CBN Raises Savings Interest To 4.2%

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Bank customers in the country are now to be paid more interest on their savings after the Central Bank of Nigeria (CBN) reviewed upward minimum interest payable to 30 per cent of the Monetary Policy Rate (MPR).
At its last meeting in July, the Monetary Policy Committee (MPC) of the CBN had raised MPR to 14 per cent due to the persistent rise in inflation rate in the country.
The upward review of interest on savings was stated in a circular signed by the CBN Director, Banking Supervision, Haruna Mustafa, and issued to all banks dated August 15, 2022.
With the new circular, banks are expected to increase interest rate on savings from 10 per cent of MPR to 30 per cent of MPR with effect from August 1, 2022.
Consequently, bank customers can now earn up to 4.2 per cent, which is 30 per cent of the 14 per cent MPR as against 1.4 per cent, which was 10 per cent of the MPR.
According to The Tide’s source, the circular states in part:  “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30 per cent to 10 per cent of the Monetary Policy Rate (MPR).
“This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the pandemic.
“However, following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.
“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30 per cent of MPR. This supersedes our letter dated September 1, 2020, referenced BSD/DIR/GEN/LAB/13/052 on the subject.”

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