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Tag: Senate

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Senate pledges legislative support for $1bn Chinese investment

The Senate Committee on Solid Minerals has pledged to provide legislative support to protect Chinese companies intending to invest $1 billion in Nigeria’s solid minerals sector. The acting Chairman of the Committee, Senator Onawo Mohammed Ogoshi, assured a Chinese delegation during an interactive session that the Senate will provide enabling legislation to protect their investments […]

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Senate urges NCC, telcos to review data price hike

The Senate has urged the Federal Ministry of Communications, Innovation, and Digital Economy to engage telecom operators in reviewing data and internet service costs. This follows a motion by Senator Asuquo Ekpenyong (Cross River South) on the urgent need to address rising data prices. Lawmakers largely supported the motion, highlighting concerns over affordability and digital […]

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Grid collapses: Senate blames failed power sector privatization

The Senate declared on Thursday that the 11-year-old privatisation of the power sector has failed, citing the continued lack of stable electricity supply nationwide. It warned that legislative measures to repeal the policy could be proposed. The Senate’s condemnation of the power sector’s alleged failure emerged during the consideration of a report by its Committee […]

Senate passes amended finance act, increases bank windfall levy
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Senate investigates NNPCL over ₦8.4tn subsidy claims

The Senate has approved the 2025–2027 Medium Term Expenditure Framework and Fiscal Strategy Paper on Tuesday, paving the way for President Bola Tinubu to present the 2025 national budget to the National Assembly. The approval follows the adoption of a report submitted during plenary by the Senate’s joint Committees on Finance and National Planning & […]

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Senate passes bill to raise CBN loans to FG

The national assembly on Wednesday passed a bill to raise the percentage of Ways and Means loans the Central Bank of Nigeria can give to the Federal Government. The senate increased the amount of credit the federal government may get from the apex bank from 5% to 10% of its annual revenue. Senate Leader Opeyemi […]

Senate passes amended finance act, increases bank windfall levy
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Senate passes amended finance act, increases bank windfall levy

The Nigerian Senate has passed amendments to the 2023 Finance Act, notably increasing the windfall levy on banks’ foreign exchange revaluation gains from 50% to 70%. The decision follows deliberations led by Sen. Sani Musa, Chairman of the Senate Committee on Finance, who presented the committee’s findings before the bill was approved. A pivotal amendment […]

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Senate approves N70,000 minimum wage bill for workers

The Nigeria Senate has approved the bill to increase the national minimum wage from N30,000 to N70,000 on Tuesday. This was disclosed by the Senate President, Godswill Akpabio, following the third reading of the bill during a plenary session in Abuja, according to Nairametrics. The minimum wage review period was shortened from five to three […]

Senate passes amended finance act, increases bank windfall levy
News

Senate receives more documents as N30tn loan probe continues

The Senate panel investigating the Federal Government’s N30 trillion Ways and Means loans procured from Godwin Emefiele’s Central Bank of Nigeria has received further documents from the Office of the Accountant General. Hence, the panel is scheduled to continue physical sitting after reviewing the materials, according to the PUNCH. The panel had written to the […]

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Controversial water bill delays release of $700m World Bank loan

Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program-for-Results, underpinned by a $700 million loan from the World Bank, faces significant delays due to legislative gridlock. The stalled passage of the controversial Water Act, which is needed to unlock additional funding from the loan to improve water, sanitation, and hygiene services across the […]

Senate increases FCT’s budget to N1.282trn
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Senate increases FCT’s budget to N1.282trn

The Senate has given its approval for the 2024 Statutory Budget of the Federal Capital Territory (FCT), totaling N1.282 trillion, marking an increase of N135 billion from the initial proposal put forward by the Ministry of FCT. This endorsement came following the assessment of the joint report from the Senate and House of Representatives Committees […]