Connect with us

News

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

Published

on

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.”

Continue Reading

News

Independence Anniversary:  Nigeria Is A Failed Grandfather – Monarch 

Published

on

A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.

The monarch  stated this in an interview at his palace in Ikuru Town, yesterday.

According to him, Nigeria would have been a  developed country to set the pace in the whole of Africa, considering its numerous resources.

“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.

“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.

“If we’re able to harness all the things we have, even America by now would have respected us”, he  said.

While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.

King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so  far.

He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.

 

“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.

“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.

The monarch used the opportunity to wish Nigeria happy independence anniversary.

By: Enoch Epelle 

Continue Reading

News

FG begins payment of N32,000 pension increment to retirees – PTAD

Published

on

The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.

In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.

Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.

The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.

The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.

In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.

The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.

“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.

“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”

The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.

It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.

The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.

“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.

The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.

Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.

Continue Reading

News

Nigeria At 65: NOA urges citizens to foster unity, progress

Published

on

The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the  nation  as it celebrates 65th independence anniversary.

Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom,  gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.

Mkpoutom said it was essential to recognise that the strength of Nigeria lay  in its diversity

“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.

“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.

“As Akwa Ibom embarks on another year,  it is crucial for all citizens to foster a sense of unity and shared purpose.

“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving  way for a brighter future for all.”

The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.

“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.

He urged everyone to contribute positively to the development of a better society.

Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.

Continue Reading

Trending