Politics |

November 9, 2023

November 9, 2023November 9, 2023 IFMNEWS

Court Grants Emefiele Bail, Orders FG To Release Him

The High Court of the Federal Capital Territory has granted former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele bail.

Justice Olukayode Adeniyi ordered that Emefiele be released immediately to his lawyers, who were charged with the responsibility of producing him in court for his arraignment next week or any other day.

According to the judge, the former bank chief must also deposit his travel documents before the chief registrar of the court, pending his arraignment.

The judge also pointed out that there must be an end to detention without trial.

The substantive motion on notice and the preliminary objection was adjourned to November 17, 2023 for hearing.

The Counsel to Emefiele reacted to the ruling after the court hearing.

November 9, 2023

November 9, 2023November 9, 2023 IFMNEWS

Old Banknote Remains Legal Tender Says CBN

The Central Bank of Nigeria (CBN) has directed all its branches nationwide to continue issuing various denominations of old and redesigned banknotes in ample quantities to deposit money.

The apex bank disclosed this in a statement signed by its Director of Corporate Communications, Isa Abdulmumin, and posted on its X handle.

This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN about sufficient cash availability nationwide.

The apex bank also maintained that every banknote it has issued remains legal tender and should not be rejected by anyone.

The statement cautioned against panic withdrawals and advised members of the public to continue to embrace alternative modes of payment to reduce the pressure on using physical cash.

November 9, 2023

November 9, 2023November 9, 2023 IFMNEWS

Obi Faults Tinubu’s N2.17tn Supplementary Budget

The presidential candidate of the Labour Party, Peter Obi, has faulted the signing into law of the N2.17 trillion supplementary budget by President Bola Tinubu.

President Bola Tinubu signed the 2023 Supplementary Budget of 2.17 trillion naira into law yesterday after the National Assembly passed the Appropriation Bill after a third reading.

Reacting in a statement, Obi claimed that the president failed to consider certain emergencies and pressing needs of the country.

He noted that, going by the manner in which the budgetary allocations were done, it was obvious the president was unaware of the dire crisis in the country.

Some allocations in the supplementary budget sparked public outrage.

Notable among them were the N5 billion for a presidential yacht, the N4 billion request for the renovation of the president’s Abuja residence, and the N2.5 billion allocation for the vice president's quarters.

November 9, 2023

November 9, 2023November 9, 2023 IFMNEWS

Senate Passes N2.17 Trillion 2023 Supplementary Budget

The national assembly has raised the student loan appropriation to ten billion naira after harmonizing the N2.17 trillion 2023 Supplementary Budget.

The Senate and the House of Representatives had dropped the controversial presidential yacht, for which N5 billion was budgeted.

The House had transferred the N5 billion-for-yacht to the student loan item before passage, while the Senate retained the items as presented.

The Deputy Chairman of the Senate Committee on Appropriation, Ali Ndume, said the Senate had decided to probe the circumstances surrounding the yacht acquisition, which he insisted was done before the President Bola Tinubu Administration.

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