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Senate Gives Minister Ultimatum to Submit N23.7trn Ways, Means Details

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The Senate, yesterday, directed the Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, to liaise with the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and submit details of President Muhammadu Buhari’s N23.7trillion Ways and Means request, within three days, for scrutiny.
Buhari had last December urged the Senate to approve the N23.7trillion Ways and Means Restructuring.
The red chamber, upon receiving the presidential request, set up an ad hoc committee chaired by the Senate Leader, Ibrahim Gobir, to carry out necessary legislative actions on it.
The panel then sent out invitations to the finance minister, the CBN governor and other heads of federal ministries, departments and agencies that had direct connection with the fiscal document.
However, at the resumption of plenary after the New Year recess, yesterday, Gobir informed his colleagues that the ad-hoc panel had not been able to sit because details of the Ways and Means Advances had not been provided by the executive arm of government.
The chamber, therefore, ordered the minister of finance and the CBN governor, to within three days, supply the required information on the request to the ad-hoc panel.
The red chamber warned that in view of presidential and National Assembly elections coming up next month, it would adjourn plenary this week or latest by Tuesday, next week, for practical participation in campaigns.
Senate’s warning followed the request made by Gobir for additional three days.
Gobir, who rose through Order 40 of the Senate Standing Rules under personal explanation, told the Senate that series of attempts made by the committee from December 28, 2022 to Tuesday, January 17, 2023, to meet the finance minister and CBN governor for the required details proved abortive.
He said: “As a special committee for urgent and thorough assignment, we hit the ground running immediately after composition on 28th of December last year.
“For required details on the N22.7trillion Ways and Means Restructuring, six vital questions were raised, five for the CBN governor and one for the Finance Minister, but their trips abroad, prevented us from asking them the questions.
“Now that they are around, we request the Senate to give us additional three days for thorough work on the assignment and submission of report.”
Obviously angry with Gobir’s submissions, the President of the Senate, Dr Ahmad Lawan, in his response, said the Ways and Means request from the president was a very serious issue that must not be taken with levity by all those concerned.
He said the Senate was ready to approve the request after thorough scrutiny which could only be done if required details were provided by relevant officials from the executive arm of government.
Lawan said: “We must have necessary information for passage of the N22.7trillion request and time is not on our side in the Senate now in view of coming general election.
“If there is need for the Senate to sit up to Friday this week for thorough consideration and passage of the request, it will be done.
“However, the affected officials from the executive must also expedite action on provision of required information as regards documents authorising approval and disbursement of the monies totalling N22.7trillion.”
Buhari had in separate letters to both chambers of the National Assembly on December 21, 2022, sought for approval of restructuring of N23.7trillion Ways and Means.
The president, in the letter said: “The Ways and Means advances by the Central Bank of Nigeria, to the Federal Government had been a funding option to the Federal Government to cater for short term or emergency finance to fund delayed government expected cash receipt of physical deficit.
“The ways and means, balances as at 19th December 2022 is N22.7trillion.
“I have approved the securitisation of the ways and means balances along the following terms ÷ Amount. N23.7trillion
“Tenure is 40 years, moratorium on principal repayment, three years; pricing interest rate is 9percent.
“Your concurrence and approval is sought to allow for the implementation of same.”
Attempts made by the Senate to approve the request during the passage of the N21.83trillion 2023 budget on 28th of December last year failed.
The development forced it to set up the Gobir-led special committee to liaise with the executive for necessary information.
Meanwhile, the Senate has said it would adjourn plenary next week to enable lawmakers embark on rigorous campaigns in their various constituencies in preparation for the forthcoming National Assembly elections.
The Senate President stated this during plenary in Abuja.
He said the break would enable lawmakers contesting for various offices during the 2023 general election to interact with their constituents and canvass for their votes.
He, however, said the Senate may possibly close this week if it was able to deal with urgent issues requiring its attention so that it would not have to sit next week.
He said: “We are prepared to sit up to Friday this week to attend to all urgent issues requiring our attention, so, we don’t have to sit next week in view of the forthcoming elections.”

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FG Targets Production Of Locally Made Vehicles By Dec

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The Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has affirmed that Nigeria now has the capacity and materials to manufacture Made-In-Nigeria cars for local use and export.
With the enabling environment being provided by the government, she said manufacturers should be held responsible if the cars are not rolling out by December 2024.
Currently, Nigeria produces less than 10 per cent of the vehicles used in the country.
Last year, Nigeria’s vehicle assembling industry, estimated to be worth around N302billion, tanked to a new low due to increasing production costs and weakened demand for locally assembled automobiles.
According to the Manufacturers CEOs Confidence Index, activities of motor vehicles and miscellaneous assembly deteriorated further below the benchmark (50 points) from 48.6 to 46.7 points.
But speaking at the Automotive Component Manufacturers meeting in Abuja, she noted that the automobile industry is faced with both challenges and opportunities.
A statement issued last Friday by the Director of Information and Public Relations, Adebayo Thomas, said, “In a significant move aimed at fostering sustainable growth and development in Nigeria’s automobile industry, the Federal Government has issued a clarion call to all stakeholders, including manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem.
“The call comes as part of a broader strategy to enhance the sector’s contribution to the nation’s economy.”
Encouraging the stakeholders to key into the Nigerian Automotive Development Policy, the Minister said, “As far as we are concerned, the auto industry is now set to go.
“We are counting on all stakeholders to make that happen. If we do not produce made-in-Nigeria cars before the end of this year (December), it will be your fault, because I am sitting down here giving you all the assurances that this administration has created the enabling environment to make sure that the auto policy kicks off.”
Anite emphasised the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem, saying by working together, they can address challenges, streamline processes, and drive innovation.
She also urged stakeholders to maintain high-quality standards across the board, including vehicle manufacturing, safety features, emissions control, and after-sales services.
Stringent adherence to quality, she said, will boost consumer confidence and attract investment.
The minister assured all that the government would continue to encourage increased investment in research and development, adding that, innovations in electric vehicles, fuel efficiency, and alternative energy sources are critical for long-term sustainability.
On local content, she also emphasised the importance of promoting local content by sourcing materials and components locally.
By doing this, she said, the sector can create jobs, reduce import dependency, and contribute to economic diversification
In his introductory comments, the ministry’s Permanent Secretary, Nura Rimi, emphasised the significance of team action and shared vision as outlined in the Nigerian Automotive Development Policy.
He also urged stakeholders that the country “will overcome obstacles and unleash the full potential of Nigeria’s automotive component sector.”
He encouraged NADDC and other stakeholders to use the chance to form alliances, explore new areas of collaboration, and devise ways to catapult the automotive components manufacturing industry to new heights of success.
The statement added, “The government’s charge underscores the pivotal role stakeholders play in shaping its trajectory. Their commitment to sustainable practices will drive Nigeria’s automotive sector towards a brighter and more prosperous future.
“Environmental Responsibility: Stakeholders are reminded of their environmental responsibilities. Sustainable practices, recycling, and eco-friendly manufacturing processes are essential for a greener future.”

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Waive Tax On Electronic Imports, Women Engineers Appeal To Tinubu

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The Association of Professional Women Engineers of Nigeria (APWEN), Lagos Chapter, has called on President Bola Tinubu to exempt the importation of electronic components from taxation for inventive engineers.
Chairman of APWEN, Ms Atinuke Owolabi, said this a in statement yesterday in Lagos, in commenration of the 2024 World Creativity and Innovation Day, with the theme: “Step Out and Innovate”.
The Tide source reports that World Creativity and Innovation Day is a global UN Day, celebrated on April 21, to raise awareness about the importance of creativity and innovation in problem solving.
This is with respect to advancing the United Nations’ sustainable development goals, also known as the global goal.
Owolabi explained that such a measure would significantly enhance technological progress, support local innovators, and elevate Nigeria as a leading hub for innovation globally.
She stated that in a world marked by dynamic challenges and unprecedented opportunities, creativity and innovation stand as the driving forces behind progress and transformation.
According to her, women engineers recognise the critical role that innovation plays in shaping our societies and driving sustainable development.
”On this occasion, we affirm our commitment to fostering a culture of creativity and innovation within our organisation and the broader engineering community.
”Together, let us step out, innovate, and inspire the next generation of women engineers to reach even greater heights of achievement and impact.
”We believe that by stepping out of our comfort zones and embracing new ideas, technologies, and approaches, we can unlock innovative solutions to the complex challenges facing our world today,” she said.
According to her, the theme: ‘step out and innovate’, serves as a call to action for women engineers everywhere to break barriers, challenge conventions.
She noted that it would also pioneer groundbreaking solutions that would propel them toward a brighter and more sustainable future.
Owolabi disclosed that in celebration of the World Creativity Day, APWEN Lagos had inaugurated an artificial intelligence club tailored for female engineering students and young engineers.
She said that the proactive initiative aimed to inspire and equip young engineers with cutting-edge technological insights.
Th chairman said, “Additionally, we already have a 200-capacity hall to set up a resource, technology, and innovation hub to empower women and girls in engineering.
”This endeavour serves as a catalyst for encouraging aspiring female engineers to embrace innovation and stay abreast of emerging trends in the field.
”APWEN Lagos stands united in its dedication to promoting diversity, inclusivity, and excellence in engineering.
“We encourage all female engineers to seize this opportunity to unleash their creativity, explore new frontiers, and make an indelible mark on the world.”

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Pan-Igbo Group Hails Dangote Group For Reducing Diesel Price

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A pan-Igbo group, Ndigbo Unity Forum (NUF), has commended the Chairman of the Dangote Group, Alhaji Aliko Dangote, and his management for reducing the price of diesel from N1,600 to N,1000 per litre.
The Tide’s source reports that diesel is the major fuel used by heavy duty vehicles and generating sets to transport goods as well as run industries across the country.
The President of NUF, Mr Augustine Chukwudum, told The Tide’s source in Enugu, yesterday, that Dangote’s timely response to suffering masses of Nigerians, going through hell to get a meal a day, “is highly commendable”.
According to Chukwudum, Nigerians need to appreciate the patriotism of Dangote since what he has done will go a long way in reducing prices of goods, especially food stuff which has gone out of the reach of the poor.
He called on Nigerians, who wish and pray always for the betterment of the country, to appreciate and thank God for answering their prayer through Dangote’s move.
“It is clear that if Dangote Refinery starts fully and gets all the crude oil needed from Nigeria, the prices of petrol, kerosene and diesel will further reduce.
“We commend President Bola Tinubu for being a listening President and supporting the Dangote Group on our crude oil needs.
“We appeal to Tinubu to encourage Dangote by providing the company with crude oil at a reduced rate as we have been demanding,” he said.
Chukwudum said that this move and subsequent further reduction, would bring industries in comatose back to life, jobs created for unemployed youths and reduction in crime as well.
“We call on governors of oil-producing Anambra, Imo and Abia States to bring investors, who shall build refineries in each of the states to refine thousands of barrels of crude in commercial quantities,” he said.

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