Business
CBN Submits N930bn Budget To National Assembly

L-R: Gov. Adams Oshiomhole; Vice-Chairman, Nigerian Economic Summit Group (nesg), Mrs Sola David-Borha, and Supervisory Minister of National Planning, Amb. Bashir Yuguda, at the close of the 20th Nigerian Economic Summit in Abuja, yesterday.
The Central Bank of Nigeria (CBN) has submitted and defended its 2014 budget proposal before the House of Representatives Committee on Banking and Finance.
The Tide source reports that it is the first time the CBN would be doing so in the apex bank’s history.
The budget was presented to the House last Wednesday by Mr Suleiman Barau, Deputy Governor in charge of Corporate Services, who also defended the bank’s 2013 performance at the session.
Barau said that the CBN had projected N553bn asý expected income with a projected expenditure profile of N377bn for 2014.
Presenting its performance chart for its 2013, Barau said that the CBN overshot its 2013 expenditure by more than N326bn.
He said the bank projected N413bn as its expenditure for 2013 but ended up spending N739bn.
Barau told the committee that the bulk of the 2013 excess expenditure was spent on “liquidity management” of the country’s economy.
He said the bank earmarked N180bn forý liquidity management but ended up spending N536bn.
The Chairman of theý Committee on Banking and Currency, Rep. Jones Onyereriý, then requested for complete details of the bank’s staff nominal roll.
The CBN under its suspended governor, Malam Sanusi Lamido Sanusi, had a running battle with the Senate as he insisted on CBN’s independence based on the Banking and Other Financial Institutions Act and the CBN Act.
Sanusi insisted that the apex bank would not subject itself to the Appropriation Act of the National Assembly.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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