Cloned Nigerian Anchor

Author: Doris Israel Ijeoma

  • CBN to Sack 1,000 Workers, Offers N50bn Incentive Package

    CBN to Sack 1,000 Workers, Offers N50bn Incentive Package

    Even though 17 directors whose appointments were recently terminated are still in court, the Central Bank of Nigeria (CBN) has initiated an Early Exit Package to eliminate 1,000 employees.

    Sources close to the apex bank reveal that targeted staff members were given up to December 31, 2024, to either take the offer or grapple with whatever comes their way.

    The voluntary Early Exit Package (EEP) will cost the bank over N50 billion.  

    A circular released by the CBN announced that the EEP application is open to staff across all levels, except those with less than a year of service.

    READ ALSO: CBN Moves to Replace Sacked Directors

     The exit date is fixed for December 31, 2024. 

    Employees opting for the package will receive financial compensation based on their remaining years in service, with additional benefits such as financial planning support and extended healthcare.  

    As of now, 860 employees have applied for the program, fueling concerns among staff about the impact of the downsizing.

     The initiative follows the disengagement of 17 directors earlier this year, whose positions remain vacant. 

    As of now, the Yemi Cardoso-led bank has not given any clear reason for this purge other than to say that the program presents an opportunity for employees to explore new career paths.  

    This development occurs at a very crunchy time when many Nigerians are grappling with harsh economic realities precipitated by difficult economic reform policies by the Federal Government.

    READ ALSO: Layoffs as CBN Sacks NIRSAL MD, other Executive Directors

  • Bauchi Varsity Workers Begin Indefinite Strike

    Bauchi Varsity Workers Begin Indefinite Strike

    The Academic Staff Union of Universities (ASUU) at Sa’adu Zungur University (SAZU) in Bauchi has launched an indefinite strike to protest the university administration’s failure to fulfill prior agreements. 

    In a press statement following an emergency meeting held at the Yuli Campus on November 29, 2024, ASUU Chairperson Comrade Awwal Hussain Nuhu revealed that repeated attempts to resolve the issues through dialogue had failed. 

    READ ALSO: PDP CRUMBLES FURTHER AS FORMER MINISTER RESIGNS

    Despite efforts to engage both the university management and the government, the union found no willingness to address its grievances.

    As a result, the union decided to initiate a full and indefinite strike, which began at 12:00 PM on November 29. 

    This includes the suspension of all academic activities, including lectures, meetings, and any work related to the university’s academic operations, until further notice.

  • Despite rejection by Neighbours, Nigeria Seals €300m Deal with France

    Despite rejection by Neighbours, Nigeria Seals €300m Deal with France

    Even as former colonies disengage from her choking hold, President Tinubu is in a warm embrace with France, signing, on Thursday in Paris, two agreements worth over €300 million.

    Presidential resources reveal that the deal is aimed at advancing critical infrastructure and food security in Nigeria. 

    The agreements were formalized during President Bola Tinubu’s state visit to France, which included a key economic forum at the Palais des Élysée in Paris.

     The event brought together leaders from both countries, including business executives, governors, and top officials, to discuss the future of their partnership.

    The agreements focus on several key sectors, including agriculture, transportation, healthcare, and renewable energy, with the goal of addressing pressing challenges and fostering sustainable growth across Nigeria.

    Nigeria’s Minister of Finance, Wale Edun, and French Minister of Economy, Finance, and Industry, Antoine Armand, signed a Letter of Intent outlining plans for collaboration in these critical areas.

     The package will be distributed across Nigeria’s geopolitical zones, ensuring that all regions benefit from the financial and technical assistance.

    READ ALSO: Game Up, Yahaya Bello is Abandoned by Beauty Queens and Movie Stars – Shehu Sani

    In addition, the financial cooperation will support Nigeria’s ambitious development projects in urban infrastructure, MSMEs, and food security. 

    As part of the deal, the French Development Agency (AFD) committed to funding agro-logistic hubs and other initiatives to improve energy access, agriculture, and small business support.

     The cooperation will also focus on enhancing educational opportunities, especially in STEM fields, to better prepare Nigeria’s workforce for future challenges.

  • Tinubu Woos French Investors

    Tinubu Woos French Investors

    President Bola Tinubu has called on French investors to explore opportunities in Nigeria, emphasizing the nation’s readiness for foreign business partnerships. 

    Speaking during a joint press briefing with French President Emmanuel Macron at the Elysee Palace in Paris, Tinubu outlined efforts to improve security and diversify the Nigerian economy.  

    He highlighted the country’s young, skilled population as a key asset for economic growth and urged French companies to contribute to training and development initiatives. 

    Tinubu also pointed to Nigeria’s strides in promoting a marine and blue economy, with Lagos serving as a model through its advancements in taming the Atlantic Ocean.  

    Tinubu thanked the French government for its support of Nigerian businesses in Europe and pledged to create a favorable environment for French investments in Nigeria. 

    He identified food security and defense as critical areas for collaboration and reaffirmed Nigeria’s commitment to fostering a secure and business-friendly environment.  

    This marks the first state visit by a Nigerian president to France in over two decades, underscoring efforts to strengthen bilateral ties amid changing global economic and political dynamics.

  • Tax Reform Bills Scale Second Reading at the Senate

    Tax Reform Bills Scale Second Reading at the Senate

    The Senate has moved forward with the four tax reform bills presented by President Bola Tinubu, sending them to a second reading on Thursday. 

    After a lengthy debate, the bills were referred to the Finance Committee for further review, with a deadline of six weeks for a report.

    Among the key proposals are the Nigeria Tax Bill 2024, aimed at restructuring the country’s tax framework, and the Tax Administration Bill, which seeks to resolve disputes and create a clearer legal structure for taxes. 

    Additionally, the Nigeria Revenue Service Establishment Bill intends to replace the Federal Inland Revenue Service Act, while the Joint Revenue Board Establishment Bill would establish a tax tribunal and ombudsman.

    READ ALSO: PRESIDENT TINUBU AND THE YALE MELTDOWN

    Several lawmakers, including Senators Sani Musa and Seriake Dickson, expressed support for the bills, emphasizing the benefits to small businesses and the potential to reduce taxes. 

    In contrast, Senator Ali Ndume raised concerns about the timing of the reforms and issues related to derivation and VAT.

    The bills were further explained to lawmakers by President Tinubu’s economic team during the plenary session.

     Despite some opposition, the Senate voted in favor of advancing the bills to the next stage.

  • Senate Advances FCT Development Commission Bill

    Senate Advances FCT Development Commission Bill

    On Wednesday, the Senate moved forward with the FCT Development Commission bill, passing it through the second reading.

    The proposed law seeks to establish a commission responsible for managing the growth of satellite towns located within 60 kilometers of Abuja’s borders.

     Senator Wadada Aliyu, who introduced the bill, addressed the pressures on neighboring towns due to Abuja’s rapid expansion as Nigeria’s political and economic hub. 

    The bill outlines a framework for the commission’s operations, including local offices and administrative units to ensure efficient management. Additionally, funding will be secured through a first-line charge, adhering to legal requirements.

     During the debate, senators had mixed reactions, with some raising concerns about the availability of funds and the possibility of overlapping functions with other agencies. The bill will now go through the committee stage for further review.

    READ ALSO: VAT, Vassals, States and Restructuring (1)

  • House of Reps Approves 2025-2027 Budget Framework 

    House of Reps Approves 2025-2027 Budget Framework 

    The House of Representatives has approved the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper for the years 2025 to 2027. 

    The approval came with a mandate for several committees to investigate allegations involving the Nigerian National Petroleum Company Limited (NNPCL). 

    Reports from the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission claim that NNPCL has withheld ₦8.48 trillion, citing petrol subsidies.

     Furthermore, the Nigeria Extractive Industries Transparency Initiative’s report suggests that NNPCL failed to remit $2 billion (₦3.6 trillion) in taxes to the federal government.

    The committees are also instructed to verify the total unremitted revenue from the sale of petrol between 2020 and 2023.

    READ ALSO: Edo State Names Suleiman Aledeh as New Broadcasting Chief

    The approved framework includes projections for oil benchmarks, domestic oil production, GDP growth, exchange rates, and inflation for the next three years.

     These figures include an oil benchmark of $75 per barrel for 2025, 2026, and 2027, and GDP growth rates of 4.6%, 4.4%, and 5.5% for the respective years.

     The exchange rate is set at ₦1400/USD, subject to review in 2025. Inflation is projected at 15.75% for 2025, decreasing to 14.21% in 2026, and 10.04% by 2027.

  • Tinubu Appoints Jami’u Abiola as Senior Special Assistant  

    Tinubu Appoints Jami’u Abiola as Senior Special Assistant  

    In an unending orgy fresh appointments, President Tinubu’s bloated cabinet bulges further with the naming of Jami’u Abiola as another assistant.

    The son of the late politician and businessman, Chief MKO Abiola, Jami’u steps in as Tinubu’s Senior Special Assistant on Linguistics and Foreign Matters. 

    The appointment, effective from November 14, 2024, was announced by Segun Imohiosen on behalf of the Secretary to the Government of the Federation.  

    READ ALSO: Federal Government to Continue Borrowing Despite Rise in Revenue

    The role aligns with the guidelines of the Certain Political and Judicial Office Holders (Salaries and Allowances, etc) Act 2008, as amended. 

    Before this position, Jami’u served as Special Assistant on Special Duties in the Office of the Vice President.  

    In his new capacity, Jami’u will collaborate with the Federal Ministry of Foreign Affairs to apply his expertise in handling foreign matters and linguistic affairs.

  • National ID: NIMC to Launch New Card with New Opportunities for Nigerians

    National ID: NIMC to Launch New Card with New Opportunities for Nigerians

    The National Identity Management Commission (NIMC) has disclosed that it has completed arrangement to issue new national identity card with capabilities for financial access and job opportunities.

    The new multipurpose identity card will offer Nigerian citizens access to key government services, including social interventions, and provide an easier pathway to secure loans through recognized financial institutions.

    READ ALSO: Nigeria’s GDP Growth Rate Contradicts Harsh Realities – CUPP

    The card’s integration into the financial system will support efforts to bring more Nigerians into the formal banking sector, addressing long-standing gaps in financial inclusion. 

    By linking to a person’s financial history, the card will also help generate reliable credit scores, allowing users to gain access to loans with financial institutions and government programs.

    Additionally, the new ID card will play a critical role in employment. It will be required for individuals applying for both public and private sector jobs, ensuring that job seekers are verified citizens with transparent records.

     Employers will be able to verify applicants more confidently, reducing the risks associated with hiring.

    The NIMC has partnered with banks nationwide, making it possible for Nigerians to easily apply for the card at local branches. 

    READ ALSO: More Drama as Yahaya Bello’s Fraud Trial Resumes

    With the process decentralized, citizens can expect to obtain their cards without hassle, which will soon be available to all eligible Nigerians.

  • Reps Vote to Remove CCT Chairman

    Reps Vote to Remove CCT Chairman

    The House of Representatives voted to remove Danladi Umar as Chairman of the Code of Conduct Tribunal (CCT) during a plenary session on Tuesday. 

    The motion cited specific sections of the 1999 Constitution and the Code of Conduct Bureau and Tribunal Act as grounds for his removal, which include issues such as misconduct or failure to properly perform his duties.

    However, the decision was met with controversy, as reports indicated that fewer than 150 lawmakers were present during the vote, far below the necessary two-thirds majority of the 360-member House required by the Constitution for such actions.

    This raises concerns over the legitimacy of the session.

    In a related development, the Nigerian Senate recently acknowledged an error in its motion to remove Umar. 

    Sponsored by Senate Leader Michael Bamidele Opeyemi, the motion referenced an incorrect section of the Constitution, which pertains to the Code of Conduct Bureau, not the CCT Chairman.