The Central Bank of Nigeria (CBN) has announced that it would support students in tertiary institutions with grants aimed at promoting entrepreneurship, therefore reducing unemployment. This was disclosed on Wednesday by the CBN in a report titled, ‘Guidelines for the implementation of Tertiary Institutions Entrepreneurship Scheme (TIES).’ CBN said, “The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation.”
The Federal Government says it has officially scrapped the Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA), and the Petroleum Equalization Fund (PEF) as required under the new petroleum law. Following the passage and implementation of the Petroleum Industry Act (PIA), the Upstream Regulatory Commission (NURC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA) are to perform the duties of the three defunct agencies. The FG also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments. The Minister of State for Petroleum Resources, Chief Timipre Silva, made these known on Monday while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja. Responding to a question on what would happen to DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law. “The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.
President Muhammadu Buhari has written to the Senate, seeking an amendment to the Petroleum Industry Act (PIA), 2021. This was contained in a letter read by the Senate President, Ahmad Lawan during the plenary on Tuesday. President Buhari wants an amendment to the PIA which allows for the removal of both the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation (NNPC).
President Muhammadu Buhari approved the appointment of Dr. Ezra Yakusak as the new Executive Director/Chief Executive Officer of the Nigeria Export Promotion Council (NEPC). This was disclosed on Tuesday by the Senior Special Assistant on Media and Publicity to the President, Garba Shehu. According to the presidential aide, the appointment is for an initial term of four years and would take effect from November 27, 2021.
A former Deputy Governor of the Central Bank of Nigeria (CBN) Obadiah Mailafia is dead. Mailafia, 64, reportedly passed away on Sunday morning at the National Hospital Abuja following a brief illness. Dr. Mailafia, who was the Presidential candidate of the African Democratic Congress in the 2019 election, was a known government critic and had advocated for public sector and exchange rate reforms. Born on December 24, 1956, in the Sanga Local Government Area of Kaduna State Dr. Mailafia, served as the deputy governor of the CBN between 2005 and 2007. He attended Ahmadu Bello University, Zaria, and came out top of his class in 1978 with a B.Sc. He also has an M.Sc. from the same institution. He subsequently won a French Government Scholarship to France, where he earned a Certificate in French Language and Civilisation from the University of Clermont-Ferrand in 1985.
The Central Bank of Nigeria (CBN) has on Thursday announced the postponement of the launch of the country's digital currency, eNaira. The postponement comes after ENaira Payment Solutions, an online payment firm filed a lawsuit before the Federal High Court against the apex bank over the name "eNaira".
The naira has suffered another major setback, losing N5 to close at N550 to a dollar at the parallel market on Monday. Naira has been subjected to pressure in the past two weeks, partly due to speculative attitude and quest to make more profit for those who hoard dollars, making demands high to manufacturers who go hunting for the foreign exchange. The exchange of Naira at the official market goes at N410.5 to a dollar and the N139.49 disparity between the official and parallel market has lead to scarcity of the foreign exchange as merchants see this as an opportunity to rip off investors.
The federal government has commenced the process of accessing a World Bank loan of $750 million on behalf of its states to aid in mitigating the effect of the COVID-19 pandemic on the local economy. The Minister of finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed said in a statement this during the inauguration of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) in Abuja.
The Court of Appeal sitting in Abuja has today stopped the states government of Lagos and Rivers from collecting the value Added Tax (VAT), say status-co to be maintained. There has been controversy recently that has rocked the VAT collection between the Federal Inland Revenue Services (FIRS) and some states government.
The Federal Government of Nigeria said it has embarked on massive recovery of assets belonging to the country and is working on recuperating £200 million in the United States. The Attorney-General of the Federation, Abubakar Malami disclosed this while speaking on the sidelines of the United Nations General Assembly in New York. Malami said, “We are looking at the possibility of recovering further 200m pounds among others but then, that does not mean they are not other associated assets being pursued, in terms of other countries of the world inclusive of Ireland. “The government is trying to gather international momentum associated with the processes and procedures, in terms of making things easier for countries to recover assets with ease.”
President Buhari has directed the National Agricultural Land Development Authority (NALDA) to set up farm estates in 108 senatorial districts across the country. This was disclosed on Sunday by the Executive Secretary of NALDA, Paul Ikonne after his meeting with the President at the Presidential Villa, Abuja.