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Tag: Senate

News

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 […]

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
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 […]

News

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
News

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 […]

CBN clears $64.44m forex backlog for airlines
News

Senate discovers new infractions on N30tn loans, summons CBN gov

The Senate Ad-hoc Committee probing how the N30tn Ways and Means loans were obtained from the Central Bank of Nigeria, and spent by the former President Muhammadu Buhari-led administration, says it has uncovered some infractions in the process of obtaining the overdraft. As a result, the Committee has decided to summon the Governor of the […]

Senate approves Yuguda, Cardoso, others as MPC members
News

Senate questions MPC nominees on inflation, forex crisis

The Senate questioned the nominees for the Central Bank of Nigeria’s Monetary Policy Committee on Wednesday, screening them and asking them about the ongoing food and foreign exchange issues. According to The Punch, the names of nominees to the CBN’s MPC were sent by President Bola Tinubu to the Senate last week for confirmation. Six […]

Tinubu signs seven bilateral agreements with Qatar
Appointments

Tinubu writes Senate for approval of five CBN directors

President Bola Tinubu sent a list of names to the Senate on Tuesday for the screening and confirmation of five nominees for Central Bank of Nigeria directors. Tinubu made a formal request in a letter to Senate President Godswill Akpabio, which was read aloud on Tuesday during the plenary session. The Senate President, Godswill Akpabio, […]

News

Naira decline: Senate begins interactive session with Cardoso

Juliet Buna The Joint Senate Committee on Finance, Banking, Insurance and Financial institutions has started interactive session with the Economic Management Team including officials of the Central Bank of Nigeria led the Governor, Yemi Cardoso. This comes amid pressing concerns about the state of the economy and the sharp decline of the naira in the […]

Senate moves to increase Custom's 2024 revenue target
News

Senate moves to increase Custom’s 2024 revenue target

In order to avoid more borrowing for the nation, the Nigerian Senate has notified the Nigeria Customs Service that the agency’s N5.079 trillion income target for 2024 will be reevaluated upward in the latter half of the year. If approval is given, Adeniyi clarified, people who own cars that were illegally imported or that have […]

Economy featured

Senate summons CBN governor over naira decline

The Senate, through its Committee on Banking, Insurance, and other Financial Institutions, called upon Central Bank of Nigeria Governor Olayemi Cardoso before it next Tuesday. The summons pertains to queries regarding the economy’s status and the drastic fall of the naira in the forex market. Chaired by Senator Adetokunbo Abiru (APC Lagos East), the committee […]

Senate screens Yemi Cardoso as CBN gov
News

Senate screens Yemi Cardoso as CBN gov

    The Nigerian Senate is currently conducting a screening process for the acting Governor of the Central Bank of Nigeria, Olayemi Cardoso and four others nominated by President Bola Tinubu as deputy governors. Recall that AM Business reported that Olayemi Cardoso assumed office as the acting CBN governor last Friday following the departure of […]

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