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Naira appreciates to ₦1,408/$ in parallel FX market

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Tag: Senate

Insurance

NAICOM hails Senate over insurance regulatory commission bill passage

The National Insurance Commission has commended the Senate for the successful passage of the National Insurance Regulatory Commission Bill. In a statement released on Wednesday, NAICOM said the legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. The Commission stated: “This landmark legislation is a major milestone in strengthening the […]

featured Policy and Regulations

Senate passes bill to stop hawkers, preachers in buses, slaps ₦50,000 fine

The Senate on Thursday passed the Federal Road Safety Corps (Amendment) Bill, 2026. The bill proposes a N50,000 fine for anyone convicted of hawking, trading or preaching inside commercial vehicles. The legislation seeks to strengthen road safety enforcement and curb practices considered capable of distracting drivers. It now awaits presidential assent. If signed into law, […]

Business

Senate gives NNPC auditors one week to explain ₦210tn in accounts

The Senate Public Accounts Committee on Wednesday directed the external auditors of the Nigerian National Petroleum Company Limited to submit, within one week, a comprehensive breakdown of more than ₦210tn contained in the company’s audited financial statements, saying the figures remained insufficiently explained. The committee insisted that the auditors must account for the financial records […]

featured Policy and Regulations

Pharmacists urge Akpabio to stop NHFRA bill, cite possible sector crisis

The Association of Community Pharmacists of Nigeria on Sunday urged Senate President Godswill Akpabio to halt the proposed National Health Facility Regulatory Agency Bill, warning that the move could trigger another round of crisis in Nigeria’s fragile health sector. Vanguard reported that, in a petition to the Senate, the pharmacists described the bill as an […]

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Oluwo hails Tinubu over Senate grilling of SEDC boss

The Oluwo of Iwoland, Oba Abdulrosheed Akanbi, has said the recent grilling of the Managing Director of the South East Development Commission, Mark Okoye, by a Senate committee reflects the transparency and accountability being promoted under the administration of President Bola Tinubu. The monarch said probing the agencies will curb corruption in the country, stating […]

Finance

Lawmakers don’t fix their salaries, RMAFC does — Senate leader

Senate Leader, Opeyemi Bamidele, has dismissed claims that federal lawmakers determine their own allowances. Rather, he insisted that salaries and official vehicle entitlements for members of the National Assembly were fixed by Revenue Mobilisation, Allocation and Fiscal Commission. The News Agency of Nigeria reported that Bamidele was reacting to a court ruling that declared national […]

Business

Senate approves new tax framework on sugar-sweetened beverages

The Senate has approved a new excise duty framework for sugar-sweetened beverages, replacing the existing N10-per-litre levy with a retail price-based tax system and establishing a dedicated funding mechanism for public health initiatives. The approval followed the adoption of the report on the Customs, Excise Tariff, etc. (Amendment) Bill, presented by Senator Sani Musa, chairman […]

Electricity featured

Senate confirms Joseph Tegbe as new power minister

The Senate on Wednesday confirmed Mr Joseph Tegbe as Minister of Power after he successfully passed his screening during plenary. According to the News Agency of Nigeria, his confirmation followed an extensive consideration by the Senate Committee of the Whole. During deliberations, lawmakers expressed concern over Nigeria’s persistent electricity challenges, noting that although installed generation […]

Policy and Regulations

Senate holds hearing on bill to establish revenue mgt institute

The Senate has held a public hearing on a bill seeking to establish the Chartered Institute of Revenue and Fiscal Management of Nigeria, marking a major step in the legislative process for the proposed institution. The bill, titled “Chartered Institute of Revenue and Fiscal Management of Nigeria (Establishment) Bill, 2025,” was sponsored by Senator Adamu […]

Senate approves Yuguda, Cardoso, others as MPC members
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Senate okays Yuguda’s appointment as CBN deputy governor

The Nigerian Senate on Wednesday confirmed Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria after a swift screening in Abuja. His confirmation followed consideration of a report by the Senate Committee on Banking, Insurance and Other Financial Institutions, which conducted a brief screening and endorsed his nomination. Chairman of the committee, […]

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Senate approves $6bn external loans for Tinubu

The Senate has approved the request of President Bola Tinubu to go for external loans totalling $6 billion. The approval came barely three and a half hours after the senate president, Godswill Akpabio, read the letter from the president, seeking the approval. The Senate approved the loans following the presentation and consideration of the report […]

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