Tag Archives: Senate

Senate passes N895.842 billion supplementary budget into law

senate

The upper legislative chamber, the Senate on Wednesday passed a supplementary budget of N895.842 billion into law. The development follows a satisfactory report by Senator Jibrin Barau, Senate Committee Chairman on Appropriation. Barau has said that the supplementary budget would complement the effort of various government agencies to discharge their responsibilities. According to him,  security agencies will be able to ...

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Buhari asks Senate to approve N895billion as Supplementary Budget

President Muhammadu Buhari on Tuesday urged the Senate to consider and approve N895billion as Supplementary Budget. Senate President Ahmad Lawan read Buhari’s letter of request on the floor at plenary. The Federal Executive Council (FEC) had earlier approved the amount. A substantial part of the fund has been earmarked for procurement of military hardware to prosecute the war against insurgency ...

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Senate gives Emefiele 72 hours to appear before it over missing $9.5m

Senate Committee on Public Accounts has given the Central Bank of Nigeria Governor Godwin Emefiele, 72 hours to appear it over the alleged missing of $9.5million interest that accrued from Petroleum Profit Tax (PPT) investment Chairman of the Committee, Senator Matthew Urhoghide, had noted that both the rate of interest were done covertly. According to Urhoghide, there were many issues ...

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Cryptocurrency Ban: Senate summons CBN Governor, SEC DG

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions, ICT and Cybercrimes and Capital Market to invite the Central Bank of Nigeria, Governor, Godwin Emefiele to clarify controversies surrounding the cryptocurrency operations.. The Senate also invited the Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda to appear before it. The upper legislative chamber made ...

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Confirmation: Senate lifts embargo on CBN Deputy Governor, MPC members

The Senate has approved that the nominees for the positions of Deputy Governor of the Central Bank of Nigeria and members of the Monetary Policy Committee be screened for confirmation. Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Rafiu Ibrahim, raises a point of order at the plenary on Tuesday to urge the lawmakers to lift ...

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CBN, MPC nominees may have Senate backing

The Senate  on Tuesdayresolved to confirm the nominees of President Muhammadu Buhari for the Central Bank of Nigeria (CBN) including two Deputy Governors and the Monetary Policy Committee. The confirmation has been pending, since last year, over a remark by Vice-President, Yemi Osinbajo, on the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu. The decision to rescind ...

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Senate probes scarcity of lower Naira denominations

The Senate has commenced investigation into why Nigerian banks no longer dispense lower Naira denominations. The Senate said if the situation was not remedied urgently, it may lead to total collapse of the economy. It has, therefore, mandated its Committee on Banking, Insurance and other Financial Institutions to carry out a holistic investigation into the matter, with a view to ...

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Youths call on Senate to confirm CBN board members

Members of Youth Voice for Good Leadership and Accountability Initiative (YVGLAI), have called on the Senate to confirm appointment of board members for the Central Bank of Nigeria (CBN) in accordance with the Act establishing the apex bank. This was stated by their national coordinator, Nwokolo John, who said running the apex bank without its board members did not position ...

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Senate probes alleged $784.2m scam in Brass LNG

The Senate has directed its Committees on Public Accounts and Gas to clinically probe into the activities of the Brass LNG and the complicity therein, as well as the alleged financial fraud to the tune of  $784, 265, 947.54 in the company. The resolution followed a motion entitled, “Monumental Corruption at the NNPC” moved by Senator Dino Melaye (APC, Kogi ...

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Reps pass Petroleum Industry Bill

The House of Representatives on Thursday passed the Petroleum Industry Governance bill through its third and final reading. The final report of the bill with the long title “A Bill for an Act to Provide for the Governance and Institutional Framework for the Petroleum Industry and for Related Matters (HBs. 477, 878 and 1053)”, which has 143 clauses was presented ...

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