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February 1, 2024 Senate Summons CBN Chief Cardoso Over Naira Free Fall

Senate Summons CBN Chief Cardoso Over Naira Free Fall

The Senate Committee on Banking, Insurance, and Other Financial Institutions has summoned the Central Bank of Nigeria Governor, Olayemi Cardoso, to appear before the Committee next Tuesday, the 6th of February.

The move comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the foreign exchange market, with the official window reporting that the naira fell to an all-time low of 1,520 naira to a dollar yesterday.

The Senate said it is seeking solutions from the apex bank governor to stabilise the currency and restore economic confidence.

Meanwhile, the CBN said it has fulfilled its pledge to clear the backlog of foreign exchange owed to foreign airlines in the country.

In a statement, CBN said it concluded the payment of all verified claims by airlines with an additional 64.44 million dollars to the concerned airlines.

Earlier, the CBN also said it further released 500 million dollars to various sectors to address the backlog of verified foreign exchange transactions.

February 1, 2024 No Going Back On FAAN Relocation To Lagos, N500m Will Be Saved Annually — Keyamo

No Going Back On FAAN Relocation To Lagos, N500m Will Be Saved Annually — Keyamo

The Minister of Aviation and Aerospace Development, Festus Keyamo, has firmly asserted that the decision to relocate the Federal Airports Authority of Nigeria (FAAN) headquarters from Abuja to Lagos is irreversible.

Keyamo made this declaration during a monitored program on Wednesday, stating, "We are going ahead. The directive has been given."

Despite opposition from figures like Senator Ali Ndume from Borno South and various northern groups, including the Arewa Consultative Forum (ACF) and the Northern Elders Forum (NEF), who perceive the move as an attempt to marginalise the northern region, Keyamo emphasised the necessity of the relocation.

Keyamo, a senior advocate for Nigeria, explained that the decision aligns with current economic and operational realities. He highlighted that shifting the FAAN headquarters to Lagos would annually save the government and the Nigerian people half a billion naira, which is currently spent on air tickets for officials commuting between Lagos and Abuja.

Addressing concerns about President Bola Tinubu's awareness of the decision, Keyamo asserted that the decision falls under the minister's purview. He clarified that only the headquarters of one of the seven aviation agencies in the country is being moved, emphasising that the decision-makers, not the majority of workers, determine the location of the headquarters.

READ ASLO: FAAN Relocates Headquarters From Abuja Back To Lagos

Keyamo shed light on the lack of adequate provisions when his predecessor, Hadi Sirika, relocated all aviation agency headquarters from Lagos to Abuja in 2020. He pointed out that the move resulted in challenges for principal officers, such as directors and their support staff.

The minister underscored the digitalization gap within FAAN and highlighted the financial burden of officials shuttling between Lagos and Abuja. He revealed that in a year, FAAN spends nearly half a billion naira on flight tickets alone for officials travelling for routine tasks like getting a file signed.

January 31, 2024 Most Govs In Review Committee Not Paying Minimum Wage

Most Govs In Review Committee Not Paying Minimum Wage

The President of the Nigeria Labour Congress, NLC, Joe Ajaero, has criticised the committee set up by the federal government to fashion out a new national minimum wage for the country, stating that most governors of the committee are guilty of not complying with the proposed base pay structure.

Vice President Kashim Shettima inaugurated the 37-member committee in Abuja yesterday, saying the decision aimed to ensure a decent living wage and comply with the existing National Minimum Wage Act of 2019, which will expire in a few months.

Speaking on a monitored program, Ajaero said governors who fully comply with the minimum wage are not adequately represented on the committee.

He questioned the motive of the federal government to bring in those who are not compliant to form the bulk of the membership of the minimum wage committee.

The NLC president also criticised the state of the economy, noting that the Labour Congress is helpless in solving the issue.

January 31, 2024 Senate Set To Meet President Bola Tinubu, Security Chiefs, Over Insecurity Across The Country

Senate Set To Meet President Bola Tinubu, Security Chiefs, Over Insecurity Across The Country

The speaker of the House of Representatives, Tajudeen Abbas, has asked President Bola Tinubu to make “tough decisions” to end insecurity in the country.

Speaking at a plenary yesterday, they lamented challenges on the economic front, highlighting that Inflation, unemployment, and infrastructural deficits are issues that touch the core of our people’s daily lives.

The speaker also expressed worry over the recent widespread insecurity in parts of the country, which he said tests the nation's unity.

Abbas said the situation negates the government’s efforts, challenging its resolve to build a “cohesive, peaceful, and prosperous nation.

He called for a non-conventional approach to addressing the insecurity while proposing a security summit to generate experts' ideas on tackling the nation’s insecurity.

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