Supreme Court Bars Governors from Dissolving Elected Local Government Councils
Posted on Jul 11, 2024 | By Shola Akinyele
Government
1 min read
Supreme Court Prohibits Governors from Dissolving Local Government Councils, Grants Financial AutonomyIn a landmark decision on Thursday, the Supreme Court has ruled that governors cannot dissolve democratically elected Local Government (LG) councils, citing such actions as a violation of the 1999 Constitution. The ruling came in response to a suit filed by the Attorney General of the Federation (AGF), which sought to prevent governors from arbitrarily dissolving elected councils. The AGF's suit was based on 27 grounds. Despite opposition from the 36 state governors named as defendants, the Supreme Court dismissed their objections, stating that their arguments were without merit. Justice Emmanuel Agim, delivering the lead judgement, emphasized the necessity of financial autonomy for the 774 local government councils in Nigeria. He criticized...
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Nigerian Government Spends N5.78 Trillion on Debt Servicing in First Nine Months of 2023
Posted on Jul 09, 2024 | By Shola Akinyele
Government
2 min read
The Budget Office of the Federation has revealed that the Nigerian government spent N5.78 trillion on debt servicing in the first nine months of 2023. This expenditure surpasses the prorated projection of N4.91 trillion in the 2023 budget, representing an increase of N869.38 billion or 17.68 percent.In its 2023 third quarter (Q3) budget implementation report, released on Monday, the office disclosed that interest on ways and means during the period amounted to N1.69 trillion. Additionally, N2.9 trillion was allocated for domestic debt servicing, exceeding the prorated projection by N430.27 billion (17.41 percent), while N1.19 trillion was spent on external debt servicing. The report also highlighted that N1.23 trillion was released and cash-backed to MDAs (Ministries, Departments, and Agencies) for their 2023...
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Federal Government Approves Withholding Tax Exemptions for Small Businesses, Manufacturers, and Farmers
Posted on Jul 02, 2024 | By Shola Akinyele
Government
2 min read
In a significant move to alleviate the tax burden on businesses, the Federal Government has approved the exemption of small businesses, manufacturers, and farmers from paying withholding tax. This initiative, along with other key changes to the tax regime, aims to reduce rates for businesses with low margins and implement measures to curb tax evasion. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced on his official X handle that President Bola Tinubu has approved the new withholding tax regime. The official gazette for this approval is expected to be signed in the coming days. Oyedele explained that the previous withholding tax system, introduced in 1978, faced challenges such as ambiguity due to the increase in transactions...
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Federal Government to Construct 2,000 Housing Units Across Eight Southern and North Central States
Posted on Jun 25, 2024 | By Shola Akinyele
Government
2 min read
The Federal Government is set to commence the construction of an additional 2,000 housing units in eight states within the South and North Central geopolitical zones as part of the Renewed Hope and Estates programme. The new housing projects will be developed in Ebonyi, Abia, Akwa Ibom, Delta, Osun, Oyo, Benue, and Nasarawa States. The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, will officially launch the construction phase between June 26 and July 6, 2024, according to a statement on the Ministry’s official website. This initiative follows closely on the heels of a similar project initiated a month ago, where 1,500 housing units began construction in five northern states: Katsina, Yobe, Gombe, Sokoto, and Kano. The Ministry’s statement detailed the...
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Rivers State Set to Hold Local Government Elections: RSIEC Initiates Process
Posted on Jun 20, 2024 | By Shola Akinyele
Government
2 min read
Port Harcourt, June 20, 2024** – The Rivers State Independent Electoral Commission (RSIEC) has announced the commencement of the process for conducting local government elections in the state. This was revealed in a public notice signed by RSIEC Chairman/Chief Electoral Commissioner, Justice Adolphus Enebeli (retd.), and sent to newsmen on Wednesday night. The announcement comes just 24 hours after Governor Siminalayi Fubara, while swearing in caretaker committee chairmen for the 23 local government councils, assured that their tenure would be short-lived as local government elections would be held soon. Fubara emphasized, “Let me also sound it very clear here that your tenures are not going to be too long because, as a matter of fact, before the end of today (Wednesday)...
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FIRS and NCS to Receive $10 Million for Technical Assistance Under New $750 Million World Bank ARMOR Project
Posted on Jun 18, 2024 | By Shola Akinyele
Government
2 min read
The Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS) are set to receive $10 million in technical assistance as part of the recently approved $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR) project. This initiative is a segment of the broader $2.25 billion funding approved by the World Bank for Nigeria on June 13, 2024, aimed at advancing reforms in the country. The ARMOR project comprises $730 million in results-based financing and $20 million in investment financing. Initially, $20 million will be released, with the remaining $730 million contingent upon Nigeria meeting specific requirements. According to a stakeholder engagement plan document from the World Bank's website, both FIRS and NCS will receive $5 million each in investment...
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₦1bn Loan Available For Businesses At 9% Interest Rate — Wale Edun
Posted on Jun 04, 2024 | By Shola Akinyele
Government
3 min read
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is offering businesses including manufacturers in the country credit facilities up to ₦1bn at a 9% interest rate. The minister, who was a guest on Channels Television’s Sunday Politics programme, said the current administration recognises the challenge of entrepreneurs to access affordable funds for their businesses, hence the initiative.He said small-scale entrepreneurs can get up to ₦1m in credit facility while larger businesses can access up to ₦1bn at 9% interest rate, which is cheaper than the current interest rate of 26.25 % recommended to commercial banks by the Central Bank of Nigeria (CBN),Edun said, “The emphasis is on ramping up food production, the emphasis...
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