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Reps To NDDC: Clear Debts With Your 2019 Budget

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The House of Representatives has directed the Niger Delta Development Commission to clear its liabilities through the implementation of its 2019 budget .

The House of Representatives Committee on NDDC issued the directive in Abuja on Tuesday when the interim management of the commission , led by the acting Managing Director , Mrs Joy Nunieh , appeared before the lawmakers to defend the budget proposed for 2019 .

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The committee , at the last sitting , had vowed not to consider the 2020 budget proposed by NDDC until the 2019 budget was presented and considered .

Chairman of the committee, Mr Olubunmi Tunji – Ojo , accused the commission of failing to implement its 2019 budget due to widespread infractions and sharp practices by the former management .

Tunji – Ojo stated that as part of the measures towards ensuring implementation of NDDC ’ s 2019 budget , the commission must present the list of all contractors it owed . He also stated that payment of claims would only be made after thorough verification and approval by the committee.

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The lawmaker also stated that the NDDC must recover the over N1 trillion owed it by various entities to offset the commission ’ s liabilities .

Tunji – Ojo noted that when the recommendations by the committee are approved by the House, all ongoing projects in the NNDC ’ s 2019 budget would be rolled over to 2020 , which he said would be considered after the approval.

The committee’ s chairman lamented that the commission was 14 months behind schedule in implementing 2019 budget , describing it as a huge drawback .

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In her presentation, Nunieh said a total sum of N 346 , 513 , 046, 220 was proposed by the NDDC as budget for 2019 based on the assumption of an improved revenue inflow .

She said as of December 2018 , the aggregate revenue inflow was N291 . 47 bn.

(Punch)

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[JUST IN] Fuel Scarcity: DSS Gives NNPC, Oil Marketers 48 Hours To Make Product Available

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The Department of State Services (DSS) has given the Nigerian National Petroleum Company (NNPC) Limited and oil marketers a 48-hour ultimatum to make Premium Motor Spirit, known as petrol, available for Nigerians.

This was disclosed on Thursday by Peter Afunanya, the Spokesman for DSS, while briefing journalists at its office in Abuja after a closed-door meeting with stakeholders in the petroleum sector.

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READ ALSO: NCC Gives Update On Status Of 3.5GHz Spectrum Auction

He stated that NNPC assured during the meeting that it has sufficient product to serve Nigerians during and after the Yuletide season.

He said the DSS would activate its operations across the country if they failed to comply with the directive.

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Afunanya also lamented the challenge of fuel scarcity, noting that it has assumed a dimension that is harmful to the security of the country.

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Group Knocks CBN Over New Withdrawal Limits, Says New Policy Can’t Work

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Human Rights Writers Association of Nigeria (HURIWA), on Wednesday, criticised the Central Bank of Nigeria over its weekly cash withdrawal limits, saying the measure cannot help the worsening depreciation of the naira.

HURIWA’s National Coordinator, Emmanuel Onwubiko, in a statement, said the CBN Governor, Godwin Emefiele is chasing shadows having crippled Nigeria’s economy with poor fiscal policies in his about 10-year regime at the apex bank.

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The group said rather than coming up with experimental and needless policies like the redesigning of the naira, cash withdrawal limits, amongst others, the apex bank and the Federal Government should cut down foreign loans and reduce Nigeria’s worsening external debt burden which has been said by experts to be the dominant cause of naira depreciation against the United States dollar.

HURIWA further said the daily maximum withdrawals via point of sale (PoS) terminal of N20,000 will force thousands of Nigerians who are PoS operators out of jobs, when the policy takes effect nationwide from January 9, 2023.

The group faulted the policy as bad for a country with 21.09% inflation rate, 133 million people in multidimensional poverty, and unemployment rate of over 33% meaning over 23 million employable Nigerians are jobless.

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READ ALSO: Naira Redesign: CBN Issues New Cash Withdrawal Policy

The CBN on Tuesday directed Deposit Money Banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The apex bank also pegged the maximum cash withdrawal per day via PoS terminals and Automatic Teller Machine (ATM) at N20,000, saying that only the N200 denomination will be loaded into the ATMs.

The CBN noted that the new policy is sequel to the launch of the redesigned N200, N500 and N1,000 notes by President Muhammadu Buhari on November 23, 2022.

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Commenting, HURIWA’s Onwubiko said, “The CBN under its current governor, Godwin Emefiele has gone bananas. The apex bank can’t boost the value of the naira, it can’t remit over $550m trapped funds belonging to foreign airlines, forcing many of them to stop flight operations to the country. Manufacturers are also groaning and many dying or relocating from Nigeria because of inaccessibility to forex.

“It banned the supply of forex to Bureau de Change, among others and now, it has introduced limits for withdrawals that makes Nigeria look like a communist economy. Yet, the naira continues to plunge unprecedently against the dollar. Emefiele should be dismissed, he has exhausted his shallow experimental yet resultless policies.

“It is on record that the value of naira to dollar fell from N196.92 in June 2015 to N414.72 in June 2022, worsening Nigeria’s foreign debt burden. Under President Buhari and Emefiele, the naira depreciated by 52.52 per cent against the US dollar, even as the country’s total external debt rose from $10.32bn as of June 30, 2015, to $40.06bn as of June 30, 2022, a whopping increase of 288.18 per cent in seven years!

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READ ALSO: Peter Obi Loses Top Presidential Campaign Council Member To Death

“The next CBN governor after Emefiele’s sack should borrow the wisdom of the World Bank which advised that to achieve price stabilisation of the naira, the local currency should be allowed to respond to real pressures, and not be bottled up by the CBN.

“Emefiele’s successor should also advise the Federal Government to heed experts’ advice to move away from reliance on foreign assistance to finance developmental projects in the region as means to strengthen the naira.”

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Naira Redesign: CBN Issues New Cash Withdrawal Policy

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The Central Bank of Nigeria, CBN, has issued a revised cash withdrawal policy, stating that cash withdrawals above N100,000 and N500,000 will henceforth attract 5 per cent and 10 per cent, respectively, as a measure towards implementing the naira redesign policy.

Also, the apex bank disclosed that Automated Teller Machines, ATM will dispense N200 and below denominations only from now on.

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DAILY POST learnt this in a letter signed by CBN’s director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and microfinance banks on Monday.

According to the letter referenced with the BSD/DIR/PUB/LAB/015/069, a third-party cheque above N50,000 will not be eligible for payment Over the counter, OTC, and maximum ATM withdrawal shall be N20,000 per day.

It added that the maximum cash withdrawal via the point of sale (PoS) terminal should be N20,000.

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“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000, respectively.

“Withdrawals above these limits shall attract processing fees of 5% and 10%, respectively; third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist; the maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day; Only denominations of N200 and below shall be loaded into the ATMs; The maximum cash withdrawal via point of sale (PoS) terminal shall be N20,000 daily and in compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and 10,000,000 for individuals and corporate organizations,” the letter stated.

READ ALSO: Naira Redesign: Buhari, Emefiele Played Nigerians, Only Changed Dye Of Currency – Sowore

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The CBN had on October 26 made known its plan to redesign 200, 500 and 1000 naira denominations. It gave December 15, 2022, as the date to start circulating the new notes, while it plans to stop the usage of old naira notes from January 31, 2023.

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