Cloned Nigerian Anchor

Author: Doris Israel Ijeoma

  • FAAC Distributes ₦1.411 Trillion for October Revenue  

    FAAC Distributes ₦1.411 Trillion for October Revenue  

    The Federation Accounts Allocation Committee (FAAC) has shared ₦1.411 trillion among the Federal, State, and Local Governments as revenue for October 2024.

     This allocation followed the committee’s November meeting in Bauchi State, which coincided with the 2024 National Council on Finance and Economic Development hosted by the Bauchi State Government.  

    The total distributable sum included revenues from statutory sources, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference income.

     Statutory revenue accounted for ₦206.319 billion, VAT contributed ₦622.312 billion, EMTL added ₦17.111 billion, and Exchange Difference revenue made up ₦566.000 billion.  

    Out of the shared revenue, the Federal Government received ₦433.021 billion, while States got ₦490.696 billion. 

    Local Government Councils were allocated ₦355.621 billion, and ₦132.404 billion went to mineral revenue derivation for oil-producing states.  

    Revenue collections from Oil and Gas Royalty, VAT, Petroleum Profit Tax, and Companies Income Tax improved in October, while EMTL and CET Levies saw declines. 

    Gross revenue for the month stood at ₦2.668 trillion, with deductions for costs and other transfers reducing the distributable amount.  

    READ THIS: TINUBU RESCHUFFLES UNIVERSITY LEADERSHIP OVER ALLEGED IRREGULARITIES

  • Tinubu Reshuffles University Leadership Over Alleged Irregularities

    Tinubu Reshuffles University Leadership Over Alleged Irregularities

    President Bola Tinubu has ordered a leadership overhaul at two federal universities following allegations of irregularities in appointments and governance.  

    At Nnamdi Azikiwe University, Awka, Anambra State, the President removed Vice Chancellor Prof. Bernard Ifeanyi Odoh, Registrar Mrs. Rosemary Ifoema Nwokike, and dissolved the institution’s Governing Council. 

    The council, chaired by Ambassador Greg Ozumba Mbadiwe, was accused of appointing an underqualified vice chancellor without adhering to procedural guidelines. 

    Reports suggest that the council’s actions sparked tensions between the university’s Senate and its management.  

    Similarly, Tinubu dismissed Engr. Ohieku Muhammed Salami, Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.

     Salami faced allegations of misconduct, including the unlawful suspension of the Vice Chancellor and threats directed at officials of the Federal Ministry of Education, despite warnings to reverse his actions.  

    The Federal Government reaffirmed its commitment to maintaining adherence to laws governing educational institutions, urging university councils to focus on fostering stability and upholding standards in their operations.

  • Edo Governor Takes Strong Stance Against Cultism

    Edo Governor Takes Strong Stance Against Cultism

    Edo State Governor, Senator Monday Okpebholo, has directed the heads of security agencies to make the state hostile for criminal groups, particularly those involved in cultism. 

    This directive followed an inaugural security meeting at the Government House in Benin City, where Governor Okpebholo emphasized his administration’s commitment to prioritizing security.

    During the meeting, the Governor expressed his dissatisfaction with the increasing cases of cult-related violence in the state, especially in Benin City. 

    He made it clear that his government would not tolerate such activities and that urgent action would be taken to eradicate these groups. 

    Okpebholo called for cooperation among security agencies to eliminate these criminals and ensure a safer environment for residents.

    He reiterated that security was a central focus of his campaign and remains at the top of his agenda. 

    In his remarks, he stressed that no effort would be spared to make Edo State secure for its law-abiding citizens, while ensuring that criminals have no safe haven.

    The Commissioner of Police, Umoru Peter Ozigi, joined in the briefing, stating that security forces are actively working together to address ongoing concerns.

     He assured the public that the Governor has committed to providing all necessary support to achieve peace and stability in the state.

  • Tinubu Seeks NASS Approval for N1.77tn External Loan

    Tinubu Seeks NASS Approval for N1.77tn External Loan

    Nigeria sinks deeper into the debt trap as President Bola Tinubu submits a request to the National Assembly to approve additional N1.77trillion external borrowing. 

    A communication from the Presidency states the loan shall be used to cover and portion of the N9.7 trillion deficit plan for 2024.

    During Tuesday’s plenary, the Speaker read the president’s request, which also included the MTEF/FSP 2025-2027 and a bill to amend the National Social Investment Programme. 

    The proposed amendment aims to centralize the social register as the primary tool for welfare program implementation.

    Meanwhile, the Central Bank of Nigeria reported that Nigeria’s foreign debt servicing costs climbed by nearly 40% in the first nine months of 2024, amounting to $3.58 billion, up from $2.56 billion in 2023. 

    The country’s rising debt obligations are becoming more expensive, driven partly by fluctuating exchange rates, with January 2024 witnessing a dramatic surge in payments.

    In related developments, the debt of Nigeria’s 36 states and the Federal Capital Territory reached N11.47 trillion by June 2024, a 14.57% increase from December 2023. 

    The devaluation of the naira significantly contributed to the growth of the external debt, which rose to $4.89 billion, up from $4.61 billion. Domestic debt, however, saw a decline.

    The rising debt figures across the country reflect the growing fiscal pressures faced by both the federal and state governments, highlighting the need for sustainable economic management strategies.

  • Minimum Wage: Gov Alia approves N75k

    Minimum Wage: Gov Alia approves N75k

    The Benue State Government has approved a new minimum wage of ₦75,000, surpassing the ₦70,000 benchmark previously set by the Federal Government.

     This adjustment aims to address the financial concerns raised by workers in the state.  

    Governor Hyacinth Alia disclosed this development after a meeting with labour leaders at the State Secretariat. 

    The wage increase will take effect from November 2024, alongside the payment of three months’ salary arrears, as allocated in the 2024 budget.  

    The decision comes as part of ongoing efforts to improve workers’ welfare, following discussions on issues such as wage awards, transportation allowances, and tax relief.

     The government has reiterated its commitment to easing the economic burden on public servants.  

    This move is expected to boost morale and provide much-needed financial relief for the state’s workforce.

  • DSS apprehends alleged vote buyer in Ondo

    DSS apprehends alleged vote buyer in Ondo

    The Department of State Security (DSS) has apprehended an alleged vote buyer in possession of two “Ghana must go bags” believed to contain stacks of cash.

    The unidentified man has been taken into custody by the DSS officers on site.

    This was contained in a video on Channel’s X handle on Saturday, November 16.

    The suspect was apprehended with two bags of cash believed to be intended for bribing voters during the election. 

    He was arrested at Ward 4, Polling Unit 007, near St. Stephen’s Primary School in Akure, Ondo State on election day.

  • MC Shakara Opens Up on Handling Online Critics

    MC Shakara Opens Up on Handling Online Critics

    Comedian Kenneth Agberia, known as MC Shakara, has revealed how he deals with online criticism. 

    In an interview, he shared his approach of focusing on positivity and offering apologies when necessary. He also mentioned that his followers often come to his defense before he even responds.

    Talking about his upcoming show Shakara and the Geng, MC Shakara disclosed that the theme for this year’s edition will be “Tales of a Bachelor,” based on his personal experiences. 

    The show will offer a humorous perspective on both the perks and challenges of bachelorhood. 

    When it comes to selecting talent for the show, MC Shakara emphasized his goal to deliver a top-tier experience. 

    He brings in both new voices and familiar faces, such as Jephthah Bowoto (Akpororo), who is known for his deep, engaging humor. 

    MC Shakara also reflected on his comedy style, which focuses on everyday relatable situations. 

    While social media trends influence his content, he strives to connect with younger audiences like Gen Z and Millennials. 

    Beyond comedy, MC Shakara is branching into acting and skit creation. He expressed openness to pursuing other ventures, such as acting, whenever the opportunity arises.

  • Supreme Court Dismisses Suit Seeking To Scrap EFCC 

    Supreme Court Dismisses Suit Seeking To Scrap EFCC 

    In what some analysts have likened to the ignoble scenario of corruption fighting against the effort of the government to rein in on corrupt agents of the state, the gambit by 16 state Attorneys General was curtailed by Supreme Court, which on Friday in Abuja, threw out their suit seeking to have the EFCC scrapped.

    The suit, which was initially instituted by attorneys general of 16 states, sought the scrapping of the anti-graft agency.

     While some states withdrew from the suit, some others asked to be joined as co-plaintiffs.

    The state governments, in their suit, had argued that the Supreme Court, in Dr. Joseph Nwobike Vs Federal Republic of Nigeria, held that it was a United Nations Convention against corruption that was reduced into the EFCC Establishment Act and that in enacting the law in 2004, the provision of Section 12 of the 1999 Constitution, as amended, was not followed.

    They argued that in bringing a convention into Nigerian law, the provision of Section 12 must be complied with.

  • EFCC Siezes Okowa’s Passport 

    EFCC Siezes Okowa’s Passport 

    The Economic and Financial Crimes Commission (EFCC) has seized the international passport of Ifeanyi Okowa, former Delta State Governor, amid investigations into an alleged misappropriation of N1.3 trillion. 

    The funds, linked to the 13% oil derivation allocation from 2015 to 2023, reportedly lacked proper accounting under his administration.  

    Okowa, who also faces allegations of investing N40 billion in UTM Floating Liquefied Natural Gas and acquiring an 8% equity stake in a major Nigerian bank, was taken into custody on November 4, 2024.

     He has since been granted bail, with a requirement to submit his travel documents to the EFCC as investigations continue.  

    The agency is scrutinizing these transactions for potential mismanagement, as they aim to prevent any attempt to evade justice. 

    Okowa has denied the accusations, attributing them to political motives, and expressed confidence in clearing his name.  

    The EFCC’s probe into Okowa’s administration has reignited public discourse on the financial accountability of former governors.

  • President Tinubu Approves Seplat Energy’s Acquisition Of Mobil

    President Tinubu Approves Seplat Energy’s Acquisition Of Mobil

    President Bola Tinubu has approved the acquisition of shares of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy.

    Seplat Energy disclosed this in a statement, on Wednesday. In the statement, Seplat said it would work with all parties to bring the transaction to completion.

    The oil company thanked President Tinubu for granting and acquisition and his support.

    According to the statement, Tinubu‘s approval was communicated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

    It read, “Seplat Energy Plc, is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (“MPNU”) (“the Transaction”).

    “Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.

    “The Company will now work with all parties to bring the Transaction to completion,” it stated.

    Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.

    “Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.