Local News

UN Security Council: Osinbajo Advocates a Permanent Seat For Nigeria

MISSION –The VP said Nigeria deserves a seat because of its contributions to peace keeping.

Vice President Yemi Osinbajo has advocated a permanent membership status for Nigeria in the Security Council of the United Nations, stating that the country deserves it because of its contributions to international peace keeping, the size of its population and economy.

Buhari to Review Number of Nigerian Foreign Missions

DIPLOMACY –A presidential committee to be established to carry out the review.

President Muhammadu Buhari said yesterday in Abuja that his administration will undertake a review of Nigerian foreign missions to determine those that are really essential.

Speaking after being briefed by the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Bulus Lolo, President Buhari said that a Presidential Committee will soon be established to carry out the review.

Buhari Issues State Payments Deadline in Anti-Graft Drive

Nigerian President Muhammadu Buhari has set a deadline for ministries to start using approved government bank accounts to make payments -- part of his drive to stamp out corruption -- after some offcials were slow to comply.

Buhari's spokesman, Femi Adesina, said all receipts due to the government or its agencies must be paid into the Treasury Single Account, which is maintained by the central bank and linked to other government bank accounts, by Sept. 15 or officials would face "sanctions".

Zakari Replaces Jega as Acting INEC Chairman

Prof. Attahiru Jega on Tuesday June 30, 2015 left office as the Chairman of the Independent National Electoral Commission INEC.
Subsequently, Mrs. Amina Bala Zakari, has been appointed as the acting chairman of INEC by President Muhammadu Buhari.
Zakari, the first female to inhabit the position albeit in an acting capacity, was until Tuesday, a National Electoral Commissioner at INEC.

Lagos to Make the List of Oil Producing States in 2015

Indications emerged that Lagos State is set to join the league of oil producing states in the country in 2015. According to sources close to the state government, the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the field. A group led by Yinka Folawiyo Petroleum Company Limited took the FID to develop the first phase of the Aje shallow water oil field for $220m.

External Reserves Plunge by $5bn

According to statistics on the CBN website, the Central Bank of Nigeria’s decision to keep defending the falling naira from the nation’s external reserves has put the reserves in free fall, sinking by a massive sum of $5bn in 11 weeks, The latest CBN data showed that the foreign reserves balance, which was falling at the rate of $1bn every month, was now losing $1bn every week, confirming recent concerns raised about analysts over imminent devaluation of the naira.

Nigeria-France Bilateral Trade Hits €5.7b

The trade volume between Nigeria and France, in the last one year, has soared to €5.7 billion, the French Ambassador to Nigeria, Jacques Champagne de Labriole, has said.

Mr. Labroille, who made the disclosure, recently, at the formal signing of electrical distributorship agreement between Schneider Electric and Mikano, said that the trade relationship between the two countries was the highest so far in the history of Sub-Saharan Africa.

Why FG Plans to Review Laws of Revenue Generating Agencies

The   Federal Government of Nigeria has said that it is considering the review of laws setting up all revenue generating agencies in the country in order to ensure that the agencies’ operations are reconciled in line with current realities.

The Minister of State for Finance, Dr. Yerima Ngama, who made this disclosure, recently, said this will help in prompt remittance of revenue to the Consolidated Revenue Fund Account, as well as lead to an increase in the revenue accruing to the Federal Government.