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Senate, CBN Set To Clash Over Cash Withdrawal Policy

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Indications emerged on Tuesday that the Senate may have a running battle with the management of the Central Bank of Nigeria, CBN, over the cash withdrawal limit policy of the apex bank.

Although the upper legislative chamber agreed to debate the latest policy on Wednesday, Senator Adamu Bulkachuwa (PDP Bauchi North), warned that the report of the Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Uba Sani (APC Kaduna Central) must not be swept under the carpet.

This caused uneasy calm in the chamber, pointing to the fact that not many senators would agree to the cash withdrawal policy.

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A member of the committee, Senator Olubunmi Adetunmbi (APC Ekiti North) had drew the attention of his colleagues to the absence of the panel chairman, who is the APC governorship candidate in Kaduna State from the chamber due to the North West zonal presidential campaign rally of the party in Kaduna.

Senator Adetunmbi said the chairman was billed to present the report of the screening exercise conducted for the two CBN Deputy Governor-nominees, Mrs Aishat Ahmad, and Mr. Edward Lametek Adamu.

READ ALSO: Cash Withdrawal Limit: Falana, PoS Operators In Lagos Threaten Lawsuit Against CBN

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Both Ahmad and Adamu were recently reappointed by President Muhammadu Buhari who requested the Senate’s screening and confirmation for their second and final tenure at the apex bank

Ahmad, who is the CBN Deputy Governor on Financial System Stability, had explained details of the policy to the panel during the screening last Friday when she and her colleague appeared for screening.

Details of the explanation given by the CBN chief was to be presented for debate, alongside the screening exercise on Tuesday by the senators.

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However, Senator Adetunmbi said the debate could not take place because of the absence of the panel chairman.

He said: “Exactly a week ago the Senate resolved that the committee on banking and financial institutions should come forth today to report on the enquiries that it was mandated to make on the new policy of the Central Bank on the withdrawal limit.

“The committee was specifically mandated to interrogate these issues based on the concern that was expressed in the chamber, with the two deputy governors that were coming for clearance.

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“This took place on Thursday last week. Two candidates came for clearance and the issues were thoroughly looked into, especially in the opening remarks of the chairman.

“He specifically reported that the Senate wanted the two deputy governors to elaborate on the rationale behind this policy in view of the massive public reaction to that policy.

READ ALSO: Withdrawal Limits: Senate Raises Concerns, To Debate New CBN

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“The deputy governors gave elaborate explanations and the committee also requested for further evidence in terms of documented reports that will enable the committee to fully understand the issues behind this policy during the plenary appropriately.

“Unfortunately, the report is not ready today because the chairman of the committee is busy on a political assignment; he is coming tomorrow to present the formal report of the committee.”

This explanation did not go down well with Senator Bulkachuwa, who said the fact that the panel didn’t submit its report should not stop the Senate debate on the CBN Nara withdrawal limit policy.

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“We should not allow this thing to be swept under the carpet, it is a very serious issue and Nigerians are waiting to see what the Senate will do like the House or Representatives.

“The House of Representatives has asked the Governor of the Central Bank to stay action on this; leaving it till tomorrow is giving him another excuse and I urge this Senate to discuss this thing today,” he said.

The Senate President, Dr. Ahmad Lawan, ruled Senator Bulkachuwa out of order and insisted that the matter would be debated tomorrow (Wednesday).

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He said: “I don’t think it is fair to say we are sweeping the matter under the carpet. To sweep something under the carpet in my understanding means to avoid it.

“Nobody here suggests by action or inaction that we are avoiding discussion on this matter.

“I think it is appropriate to give the Chairman of the Committee an opportunity to come and present his report personally and Senator Adetunmbi is a member of the Banking Committee.

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“The Vice of the Committee who is the Chief Whip is here and they are all in attendance.

“They have something to tell us. The chairman wants to present the report himself and when he does that, we will be better informed and we can take appropriate action.

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

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“Tomorrow is less than 24 hours by the grace of God., Please distinguished Senator Adamu Bulkachuwa, I want you to be present so that if there is anything that you want all of us to know even as all of us here feel strong about this.

“If we are going to debate it, let’s do that on the basis of information because that is when we can argue it and say no, stop it because of superior argument. So, let’s not doubt our sincerity here.”

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Afghanistan-Pakistan Border Clashes Escalate After Alleged Air Strikes

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Afghanistan’s Taliban forces launched armed reprisals against Pakistani soldiers along the shared border on Saturday, accusing Islamabad of carrying out air strikes on its soil, senior officials from several provinces said Saturday.

On Thursday, two explosions were heard in the Afghan capital and another in the southeast of the country. The following day, the Taliban-run defence ministry blamed the attacks on Pakistan, accusing its neighbor of violating its sovereignty.

In retaliation for air strikes carried out by the Pakistani army on Kabul,” Taliban forces are engaged “in heavy clashes against Pakistani security forces in various areas” along the border, the Afghan military said in a statement.

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Islamabad did not confirm that it was behind Thursday’s attacks, but called on Kabul “to stop harbouring the Pakistani Taliban (TTP) on its soil.”

READ ALSO:Taliban Attacks Kill 23 In Northwestern Pakistan

The TTP, trained in combat in Afghanistan and claiming to share the same ideology as the Afghan Taliban, is accused by Islamabad of having killed hundreds of its soldiers since 2021.

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Taliban officials from Kunar, Nangarhar, Paktia, Khost, and Helmand provinces — all located on the border between Pakistan and Afghanistan — confirmed that clashes were ongoing.

“This evening, Taliban forces began using weapons. We fired first light and then heavy artillery at four points along the border,” a senior official in Pakistan’s Khyber-Pakhtunkhwa province, bordering Afghanistan, told AFP.

Pakistani forces responded with heavy fire and shot down three Afghan quadcopters suspected of carrying explosives. Intense fighting continues, but so far, no casualties have been reported,” he continued.

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READ ALSO:US Threatens To Sanction Countries That Vote For Shipping Carbon Tax

– Uptick in violence –

In recent months, TTP militants have intensified their campaign of violence against Pakistani security forces in the mountainous areas bordering Afghanistan.

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Islamabad accuses Afghanistan of failing to expel militants who use Afghan territory to launch attacks on Pakistan, an accusation denied by authorities in Kabul.

The TTP and its affiliates are behind most of the violence — largely directed at security forces.

READ ALSO:Afghanistan’s Taliban Release US Citizen

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Earlier this year, a UN report said the TTP “receive substantial logistical and operational support from the de facto authorities”, referring to the Taliban government in Kabul.

Pakistani Defence Minister Khawaja Muhammad Asif told parliament on Thursday that several efforts to convince the Afghan Taliban to stop backing the TTP had failed.

“We will not tolerate this any longer,” Asif said. “United, we must respond to those facilitating them, whether the hideouts are on our soil or Afghan soil.”

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Earlier Saturday, the TTP claimed responsibility for deadly attacks in several districts in northwest Pakistan that killed 20 security officials and three civilians.

AFP

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Taliban Attacks Kill 23 In Northwestern Pakistan

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The Pakistani Taliban on Saturday claimed responsibility for deadly attacks in several northwestern districts that killed 20 security officials and three civilians.

The attacks, which included a suicide bombing on a police training school, were carried out on Friday in several districts of Khyber Pakhtunkhwa province that borders Afghanistan.

Militancy has surged in Khyber Pakhtunkhwa since the withdrawal of US-led troops from neighbouring Afghanistan in 2021 and the return of the Taliban government in Kabul.

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READ ALSO:Taliban Court Publicly Flogs Woman For Illicit Relationship, Running Away From Home

Eleven paramilitary troops were killed in the border Khyber district, while seven policemen were killed after a suicide bomber rammed an explosives-laden car into the gate of a police training school, which was followed by a gun attack.

Five people, including three civilians, were killed in a separate clash in Bajaur district, security officials told AFP on Saturday.

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The Pakistani Taliban, the Tehreek-e-Taliban (TTP), claimed responsibility for the attacks in messages on social media. The group is separate from but closely linked with the Afghan Taliban.

The attacks came hours after Afghanistan’s Taliban government accused Pakistan of “violating Kabul’s sovereign territory”, a day after two explosions were heard in the capital.

READ ALSO:Taliban Order Closure Of Beauty, Hair Salons In Afghanistan

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Pakistan did not say if it was behind the blasts in Kabul, but said it had the right to defend itself against surging border militancy.

Islamabad accuses Afghanistan of failing to expel militants using Afghan territory to launch attacks on Pakistan, an accusation that authorities in Kabul deny.

The TTP and its affiliates are behind most of the violence — largely directed at security forces.

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Including Friday’s attacks, at least 32 Pakistani troops and three civilians have been killed this week alone in the border regions.

AFP

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US Threatens To Sanction Countries That Vote For Shipping Carbon Tax

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The United States on Friday threatened to impose sanctions and take other punitive action against any country that votes in favor of a carbon tax on maritime transportation to be implemented through a UN agency.

We will fight hard to protect our economic interests by imposing costs on countries if they support” the Net Zero Framework, said a joint statement by US Secretary of State Marco Rubio and his counterparts at the departments of energy and transportation.

Members of the London-based International Maritime Organization (IMO) are set to vote next week on the adoption of the Net Zero Framework (NZF) agreement aimed at reducing global carbon emissions from the shipping sector.

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READ ALSO:Woman Wanted Over Mutilation Of Boyfriend’s Genitals In US

Washington, however, described the proposal as imposing “a global carbon tax on the world.”

Since returning to power in January, US President Donald Trump has reversed Washington’s course on climate change, denouncing it as a “scam” and encouraging fossil fuel use by deregulation.

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In the statement, Rubio, Energy Secretary Chris Wright and Transportation Secretary Sean Duffy said the Trump administration “unequivocally rejects” the NZF proposal.

READ ALSO:US To Execute Man Convicted Of Rape, Murder Of Teen

They threatened a range of punishing actions against countries that vote in favor of the framework, including: visa restrictions; blocking vessels registered in those countries from US ports; imposing commercial penalties; and considering sanctions on officials.

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The United States will be moving to levy these remedies against nations that sponsor this European-led neocolonial export of global climate regulations,” the statement said.

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