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CBN Act Amendment Bill, Including Limit On Ways and Means, Advances After Second Reading In Senate
CBN Act Amendment Bill, Including Limit On Ways and Means, Advances After Second Reading In Senate....KINDLY READ THE FULL STORY HERE▶
The bill seeking to amend the Central Bank of Nigeria (CBN) Act 2007 has passed its second reading on the floor of the Nigerian Senate, signaling progress in potential reforms, including the imposition of limits on ways and means……..CONTINUE READING
Spearheaded by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, the bill garnered support from forty-one committee members and aims to enhance the apex bank’s capacity to fulfill its mandates effectively.
In his presentation, Senator Abiru highlighted the necessity of updating the Act to address emerging challenges and align monetary and fiscal policies more effectively. He emphasized the need for a Coordinating Committee for Monetary and Fiscal Policies to ensure internally consistent targets conducive to controlling inflation and promoting sustainable economic growth.
Among the proposed amendments, the bill recommends a six-year single-term tenure for the CBN governor and deputy governors, along with a term limit of five years for external directors. Additionally, it suggests promoting at least one career staff member to the position of Deputy Governor from within the bank.
The bill also seeks to establish the office of a Chief Compliance Officer for the CBN, reporting directly to the board and ensuring regulatory adherence.
Regarding ways and means, the bill proposes limiting advances the CBN can grant to the Federal Government to 10% of average government actual revenues over the preceding three years. It specifies that such temporary loans should be repaid in full within three months and excluded from revenues derived from asset sales.
Furthermore, the bill outlines measures to minimize default risk, stipulating that outstanding sums at the end of the credit period should be recovered from the Federal Government’s Federation Account Allocation Committee (FAAC) receipts.
In addition to legislative deliberations on the amendment bill, the Senate Committee on Banking, Insurance, and Other Financial Institutions screened four directors of the CBN, underscoring a comprehensive approach to regulatory oversight and governance within the banking sector.
The bill’s progression signals a concerted effort by lawmakers to modernize financial regulations and enhance the effectiveness of monetary policy in addressing Nigeria’s evolving economic landscape.
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Davido Defends His Right To Criticize Nigeria Amidst Explosive Political Backlash!.
Nigerian music sensation David Adeleke, widely known as Davido, recently entered a heated social media confrontation after advocating for entertainers to take a stronger stand against the country’s prevailing injustices and economic difficulties. In a candid post, the singer admitted that he and his fellow entertainers have failed to sufficiently address the nation’s worsening situation, stating that the crises in Nigeria have become too dire for influential figures to stay quiet.....KINDLY READ THE FULL STORY HERE▶
“I can’t lie, we entertainers… we dey fk up, I won’t lie, including me. We need to speak up. It’s too much injustice going on. Our country don go,” Davido wrote, sparking a wave of polarized feedback.
While some users appreciated his call for accountability, others were skeptical of his sincerity. One user, Princess Luna, accused the singer of hypocrisy and suggested his activism was merely performative, linking him to the “City Boy” political movement. She retorted, “Na God go punish you and your family. Go and do that performative rubbish in your City Boys group chat and get out of my face with all this pretentious nonsense. Na foolish Nigerians I blame”.
In response, an agitated Davido defended himself by firmly denying any affiliation with the “City Boy” group. He reminded his critics that he has voiced disapproval of the government in the past, including during American media appearances, at which point he claims he was attacked by Nigerians rather than supported. Addressing his relationship with “ST,” Davido clarified that their bond is strictly personal and does not represent a political alliance, adding, “I’ve been friends with ST for years and that’s where it stops, and I call and complain to him all the time, even in person”. The exchange concluded with the singer sharply rebuking his detractor.
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Super Eagles Dynasty: Nigeria Demolishes Jamaica To Retain Unity Cup Crown!.
The Super Eagles of Nigeria have successfully defended their Unity Cup title, securing a convincing 3-0 victory over Jamaica at the Valley Stadium in London. This triumph marks Nigeria’s fourth consecutive title in the tournament, maintaining their perfect record since the competition’s inception. Unlike last year’s final, which required a penalty shootout, the Nigerian B team dominated throughout regulation time.....KINDLY READ THE FULL STORY HERE▶
Alhassan Yusuf spearheaded the win with two goals—his first for the national team—while captain Terem Moffi also contributed to the scoreline. Yusuf opened the scoring in the third minute after capitalizing on a defensive error, and Moffi doubled the lead in the 58th minute following a cross from Femi Azeez. Yusuf finalized his brace with a brilliant solo effort during stoppage time, further highlighting the quality difference between the two sides.
This win extends Nigeria’s unbeaten streak against the Reggae Boyz to six matches. Looking ahead, the Super Eagles plan to use this momentum as they continue their summer schedule, with upcoming friendly matches against Poland in Warsaw on June 3 and Portugal in Leiria on June 10.
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“They Are Unstoppable”: Arteta Crowns PSG World’s Best After Champions League Heartbreak.
Following Arsenal’s heartbreaking penalty shootout defeat to Paris Saint-Germain (PSG) in Saturday’s Champions League final in Budapest, Gunners manager Mikel Arteta has labeled the French champions as the best team in the world. Despite a strong Premier League-winning campaign, Arsenal fell short of securing their first-ever Champions League title, prolonging their 20-year wait for European glory.....KINDLY READ THE FULL STORY HERE▶
Arteta acknowledged PSG’s dominance throughout the match, particularly their possession and relentless pressure. “I want to congratulate PSG, Luis in particular, because in my opinion they are the best in the world,” Arteta stated. He praised their ball control and individual brilliance, noting that PSG forced Arsenal to defend extensively. Despite taking an early lead through Kai Havertz, Arsenal conceded a second-half penalty converted by Ousmane Dembele, leading to the dramatic shootout conclusion. PSG’s victory marks their second consecutive Champions League title, solidifying their European dominance.
Arteta also expressed dissatisfaction with a penalty decision involving Noni Madueke that was not awarded when the score was tied. However, he emphasized that Arsenal still needs to improve to compete with Europe’s elite. “The same progression that we had in the last few years, we’re going to have to do that over again, and the level is increasing every single season,” Arteta said. He urged his team to use the pain of defeat as motivation to elevate their game and eventually overcome top European clubs like PSG.
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