Business & Economy
Ways and Means: Senate blames CBN for frustrating its efforts
The Senate Ad-hoc Committee investigating Ways and Means facility granted to the federal government between 2015 to 2023 has taken a swipe at the Central Bank of Nigeria for frustrating its efforts to uncover how the loans were spent.
Speaking after receiving an interim report from its consultants at meeting on Tuesday, Chairman of the committee, Senator Isah Jibrin said the Central Bank of Nigeria has refused to make relevant documents available to the consultants to enable them complete their assignment.
Although the representative of the CBN, Mallam Hamisu Abdullahi, Director of Banking Services tried vehemently to say the apex bank provided all the documents requested, the chairman said the facts are different.
“None of the documents was submitted to us” adding that “as it is, we will not allow you to attend the next meeting because you have been coming here for the same reason. The least person that will attend the next meeting should be a deputy governor of CBN.
Speaking further, Senator Jibrin said “What you are telling us is not the truth. We have not received the documents. I don’t want to deceive the public here”
The Kogi East senator said the aim of the assignment being entrusted to the committee by the Senate President for them to come up with a report within the shortest possible time was being frustrated by CBN action.
“The information we have here is not different from what we have heard all along. What we did was to hand over the documents to the consultants, and when the consultants made available to us this interim report, our intention was to hold onto the interim report on the final report.
“But we’ve been compelled to make available this interim report to the general public so that they know that we let them know where the problem is, and the problem is that the Central Bank of Nigeria has denied us consistently the documents that we need to complete this assignment. That is the truth.
II was at the CBN sometimes, I met Bala the deputy governor. And they promises but nothing came out of it. The clerk has been there several times. Nothing has come out of it. The consultants themselves even took it upon themselves to go with CBN directly, because we introduced them to CBN and nothing has come out of it.
“So let the Nigerian public know that this assignment has been hindered by the Central Bank of Nigeria. They will deny those documents. After this, you must avail us, or avail the consultants, all the documents that they require to complete this assignment.
“The reason for this meeting is to let everybody know why we have not been able to finish this assignment. Because it looks as if we have compromised. And the answer is that we have not. It looks like we have compromised. I just want to say that we are going to sleep. That is not the case. This is a major assignment that God has for everybody. We want to know how these monies were utilized. Okay? We want to know how these monies were utilized.
“Preliminary reports show that there are major, major infractions, especially on the part of the Central Bank of Nigeria. We want to defend that. We need all the documents without exception. Whatever documents the consultants need to ensure that this job is completed efficiently and as soon as possible, you must provide.
“As it is, we don’t have a choice but to give them a time within which they must provide all the documents to the consultants.
You just have to make sure that the documents are sent to the consultants.
“We provided a schedule showing summary of ways and means taking direct ways and means and indirect ways and means. That folder was sent to an email provided by this committee. There was an email provided, we sent, we replied that email three times. And we can resend that document as we speak here. So we have responded, we are not aware of any document requested that we have not provided.
“If there is any document that is requested we have not provided, let us know. All the documents required are in that folder. So after the consultant reviews what is in that folder, if he needs additional documents, our expectation is that he should say one, two, three documents are not there to provide. We have provided it separately and we can provide that again”.
Business & Economy
Insecurity: CSO urges Govt, Stakeholders to provide needed help to PWDS
By Joshua Kingsley Kenneth
For over two months Nigerians have been awashed with the threat by the United States President, Donald Trump, to send in troops into Nigeria, to identify and eliminate terrorists and so-called bandits killing citizens and sacking communities.
The statistics have dwelt largely on the gruesome killings of unarmed and innocent Nigerians in different parts of the country- from Benue to Taraba, Borno to Kogi States, just to list a few.
Not long ago the country again woke to a stark reminder of the abduction of school with 300 kidnapped from a Catholic school in Niger State, and another 24 taken hostage from Government Girls Comprehensive secondary school in Maga in Kebbi state.
Added to this horrendous list of insecurities and woes are the killings and abductions in Kwara State, and the general air of danger and fear that has gripped the country resulting in unquantifiable economic losses and a credibility crisis on the part of the federal government.
It therefore did not come as a surprise to many, especially victims of these dastardly attacks, when the United States through the activism of some of its lawmakers inspired President Trump to move against Nigeria, especially seeing that the federal government had failed in its primary responsibility of protecting lives and properties of citizens.
Whilst JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES, a non-governmental organization committed to promoting the rights, welfare and wellbeing of Persons With Disabilities (PWDs) in the country joins the millions of well meaning and right thinking Nigerians and the international community in condemning the heinous and barbaric acts of killings, abductions and the insecurity engendered by terrorists, bandits, non-state actors, other criminals, their financiers and supporters whoever and wherever they may be, we call for urgent attention to Persons who may have been disabled by this phenomenon.
We call on the federal government, especially the Ministry of Humanitarian Affairs, National Emergency Management Agency, state governments, the armed forces and other intervention partners to urgently identify victim-PWDs from these crises and provide such interventions that would help them integrate into the economic and political lives of their immediate communities and the country at large.
We are convinced that such quick interventions would prevent a stage two crisis such as depression, low self esteem, poverty, and a host of other debilitating post crisis trauma that would further deteriorate their situations.
We also call on military authorities to provide meaningful economic, social, material and other forms of assistance and interventions to service men who are now members of the PWDs community following their sacrifices on the line of duty.
As an organisation focused on advancing the course of PWDs, JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES uses this opportunity to sensitise relevant authorities, CSOs and other stakeholders that the various violent armed conflicts and attacks in the country has caused physical harms, leading to new disabilities or worsening existing conditions.
It has caused families to flee homes, lose livelihoods and resources, forced many, especially old and PWDs, into begging and extreme hardship.
JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES also calls the attention of stakeholders to the struggle PWDs to escape danger due to inaccessible environments, making them targets for abuse, neglect, and exploitation during crises.
Systems and measures must be put in place to pull PWDs from severe neglect, discrimination, and lack of basic needs like food and healthcare which they face in camps and displaced.
Business & Economy
FG , NSITF , others throw weight behind Social Security Bill …As Senate assures stakeholders of acceptable law
By Our Correspondent
The Federal Government and the Nigeria Social Insurance Trust Fund ( NSITF) Monday threw weights behind bill on Social Security Trust Fund which seeks to harmonize the existing NSITF Act and the Employees’ Compensation Act (ECA) 2010 for better service delivery.
This is as the Senate through its committee on Employment , Labour and Productivity , assured all stakeholders at public hearing organised for their inputs into the proposed legislation , very acceptable law for all .
The bill sponsored by Senator Cyril Fasuyi ( Ekiti North) , primarily seeks to expand the scope of NSITF into social security through harmonization of NSITF Act of 1993 and the Employees Compensation Act 2010 which will transformed NSITF to Nigeria Social Security Trust Fund ( NSSTF).
In his presentation at the public hearing , the Managing Director and Chief Executive Officer of NSITF , Mr Oluwaseun Faleye, commended the Senate for what he termed a “strategic and forward-looking legislative intervention.
The new bill according to him, marks a decisive step towards modernising Nigeria’s social security framework in line with global standards, especially the International Labour Organisation (ILO) Social Security (Minimum Standards) Convention, 1952 (No. 102), and the Tripartite Consultation Convention, 1976 (No. 144).
One of the most significant elements of the Bill, according to him, is the repeal of both the NSITF Act of 1993 and the ECA 2010.
Their co-existence, he explained, had resulted in operational ambiguities, particularly after the Pension Reform Act (PRA) 2014 transferred contributory pension functions from NSITF to the National Pension Commission.
“The consolidation of the two Acts into a single, coherent statute is timely, necessary, and commendable. It eliminates duplication, resolves conflicts, and strengthens the legal framework of the Fund.
“The Bill’s expansion of social security coverage to include informal sector workers and self-employed persons is a historic step towards inclusive protection for all categories of working Nigerians”, he said .
Despite its broad support for the Bill, the NSITF raised concerns about what it described as the “misapplication” of the term Board throughout the document. Faleye warned that using the word to refer simultaneously to governance, oversight, and day-to-day administrative functions could create confusion and weaken accountability.
“The Board meets quarterly, while daily operations are under the Managing Director. The Bill must distinguish clearly between the Governing Board as oversight body, Management as administrators, and the Agency as the implementing institution,” he said.
He recommended that the Bill adopt clearer definitions similar to those used in the Federal Inland Revenue Service (FIRS) Act, where the Board’s role is separated from that of the Executive Chairman, who functions as the Chief Executive and Accounting Officer.
Faleye concluded by reaffirming NSITF’s full support for the passage of the Bill, describing it as “progressive, timely, and aligned with global best practices.”
In his remarks , the Minister of Labour and Employment, Alhaji Muhammadu Maigari Dingyadi described the move by the Senate on the proposed law as very beautiful idea .
He however urged the Senate through its committee on Labour to arrive at safe and acceptable position for all stakeholders by striking the required balance between powers of management team and that of the board .
Though the Nigeria Labour Congress ( NLC) and Nigerian Employers Consultative Association ( NECA ) , kicked against the bill, but NLC led by its National President, Joe Ajaero , later succumbed, saying ” we are not here for we no go gree, we no gree .. ”
” Since many of the other critical stakeholders have supported the bill, NLC is not hellbent in opposing it . But the grey areas we identified during presentation , should be addresed by the committee .
After exhaustive deliberation at the public hearing , the Committee , Chairman , Senator Diket Plang ( Plateau Central ) , assured Nigerians of very acceptable law on social security trust fund very soon .
Business & Economy
Electric Buses To Crash Cost Of Transportation In Abia,says Gov. Otti
By Our Correspondent
Disturbed the increasing cost of livelihoods suffered by Nigerians as a result of subsidy withdrawal by the federal government, Abia State Governor Dr Alex Otti has assured Abians and the residents of Abia that the electric buses which the State Government is bringing into the State will further crash the cost of transportation in the State.
Governor Otti who made the declaration at the November edition of Governor’s Media chat held in Government Umuahia, said electric buses have already started arriving in the State,adding that before the end of the year, the buses would be put on the road for peoples’ use.
He explained that the buses will reduce the cost of transportation,thereby easing means of transportation as well as making life easier for Abians
“Before the end of the year,our electric buses that have started arriving,will be put on the road and that will further crash the cost of transportation in Abia”
The Governor further explained that the Government has also intensified effort on revenue drive, especially those who are owing the government, to ensure that they pay.
” As a government we do not look at faces. As a rule we do not move with touts.As a government sometimes we may intervene and even when we intervene,the defaulters must surely pay”
Governor Otti, expressed appreciation to the people of Abia for their continued support and cooperation,adding that government has continue to pay attention to governance and the government efforts have started yielding positive results.
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