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Nigeria May Slide To Another Recession -CBN …16 Banks Fail To Remit N1.6bn To FG -Reps
The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has expressed fears that Nigeria may slide into another recession, if measures are not taken to tackle the high rate of unemployment and other economic crises.
Emefiele said this, yesterday, at the University of Benin, while delivering a lecture titled “Beyond the Global Financial Crisis: Monetary Policy Under Global Uncertainty”.
According to him, Monetary and Fiscal Policy Authority must rise up to the challenge to begin to think of what can be done to tackle the situation.
The CBN governor said: “From some of my concluding remarks, you may have observed, whether you like it or not, there is global uncertainty that will unfortunately, most certainly, lead to another crisis.
“The question could be; how are we, as Nigerians, particularly our leaders, I am talking of Monetary and Fiscal Policy Authority, how are we preparing our country for the next set of crisis?”
He said, “We have luckily exited recession. We have seen inflation pending downward from about 18.72 per cent in 2017 to about 11. 37 per cent, today. We see reserve moving up, exchange rate stabilizing but unfortunately, we still have issues and those issues border on unemployment rate.”
He assured that CBN would continue to take proactive approach in mitigating the likely adverse effects that may emanate from external headwinds.
Meanwhile, the House of Representatives has asked the Central Bank of Nigeria (CBN) to sanction 16 commercial banks for under-remitting stamp duty revenue to the tune of N1.6 billion.
It also asked the CBN to ensure the banks pay the outstanding revenue with interests.
The House reached the decision after adopting the report of the ad-hoc committee which investigated the non-remittance of the stamp duties yesterday.
Leaks.ng, a collation of media houses, had reported that the agencies refused to disclose details of the stamp duty revenue whose status has been shrouded in secrecy over the years.
Following the report, the House set up an ad-hoc committee to investigate the matter and report its findings.
CBN officials had told the committee the total stamp duty revenue since January 2016 stands at N35.2 billion.
The committee’s report, as presented by its chairman, Abubakar Ahmad, listed the indicted banks with highest under-remitted stamp duty revenues as Diamond Bank, with N545.87 million; Zenith Bank, with N265.63 million, and Stanbic IBTC, with N231 million.
The other banks indicted include Guaranteed Trust Bank (N196.3 million); Standard Chartered Bank (N3.65 million); Citi Bank (N1.86 million); and Providus Bank (N646,650).
Others are Fidelity Bank (N32.88 million), Keystone Bank (N24.47 million), United Bank of Africa (N81 million), and ECOBANK (N78.52 million)
Also indicted are Unity Bank (N40 million), Jaiz Bank (N2.43 million), Access Bank (N66 million), Skye Bank (N11 million), and Polaris Bank (N2.9 million).
The House, however, called for further investigation into four banks which it said failed to honour their invitations. The banks include First Bank of Nigeria, First City Monument Bank, Wema Bank and Suntrust Bank.
Apart from penalising the 16 banks, the lawmakers also asked CBN to strengthen its supervisory role over the stamp duty revenue to ensure they are collected promptly.
It also called for a machinery to allow for the recovery of under -remittances “after further reconciliation is carried out with the banks concerned.”
Other recommendations include:
That all banks that were found not to have made full disclosure on stamp duties collections and remittances should be further investigated.
That financial institutions, especially the deposit money banks (DMBs) should remit all collections with respect to government revenues promptly and correctly, and where remittances are not promptly done, the DMBs should be sanctioned.
That the relevant agencies should give maximum cooperation to the School of Banking Honours (SBH) to enable it realise the goal of the assignment given to it.
That other forms of stamp duty should be explored “to increase the revenue base of various tiers of government in accordance with the provisions of the Stamp Duty Act, 2004
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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