Author: Chronicle Editor

The federal government of Nigeria has disbursed the sum of N66.5billion to eligible States on the basis of the Amended COVID-19 Responsive 2020 Budget results achievement. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this in a statement signed by Mr. Hassan Dodo, the Ministry’s Director of Press and Public Relations, in Abuja. She explained that the disbursement followed compliance with the Amended COVID-19 Responsive 2020 Budget by 35 eligible States in the country. The programme is wholly-financed with a loan amount of $750 million from the International Development Association (IDA), a member of the World Bank…

The Federal Executive Council (FEC), yesterday, approved the Finance Bill 2020 aimed at reviewing the country’s tax laws and supporting the 2021 budget. Addressing reporters after the weekly meeting presided over by President Muhammadu Buhari in Abuja, Minister of Finance, Budget and National Planning, Zainab Ahmed, said the piece of legislation would be speedily transmitted to the National Assembly for legislative action. She, however, assured Nigerians that its passage would not lead to increase in taxes nationwide. EFCC, CBN Partner To Tackle ATM, POS Frauds The minister explained that government’s intention was to improve tax laws and review taxation that…

Shareholders, economists and securities expert have reacted angrily to Federal Government’s plan to plough N200 billion unclaimed dividends into its coffers, just as the House of Representatives express the concern that many shareholders have abandoned their dividends. The Federal Government has, in a section of the 2020 Finance Act proposed the establishment of a Trust Fund where unclaimed dividends would be ploughed. But investors, yesterday, urged President Muhammadu Buhari to withhold assent to the bill until the contentious section was expunged. The new provision conflicts with the previous one in Companies and Allied Matters Act (CAMA) that guarantees a 12-year…

*101,567 beneficiaries drawn from 16,250 businesses paid As the implementation of its Economic Sustainability Plan, ESP, continues, and in furtherance of its commitment to support small businesses to cushion the economic effects of the COVID-19 pandemic, the Buhari administration has commenced payment to beneficiaries of the payroll support scheme track under the MSME Survival Fund. The MSME Survival Fund, a component under the ESP, is generally designed to, among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector. So far, 101,567 verified employees drawn from 16,250 businesses have received their first monthly payment…

Nancy Pelosi was reelected to lead Democrats in the House during virtual elections that took place Wednesday. “Congratulations to. @SpeakerPelosi, once again elected by House Democrats to be our fearless leader and nominee for Speaker of the House for the 117th Congress! #DownWithNDP #ForThePeople,” the House Democrats account tweeted. A full House floor vote for the speakership won’t take place until the new Congress is sworn in. The fact that she is expected to remain on as speaker is a sign of how strong her hold is over House Democrats even after they suffered disappointing losses in the 2020 elections. Top House…

Justice Okon Abang of the Federal High Court, Abuja on Wednesday ordered that Senator Ali Ndume be remanded in prison for failing to produce Abdulrasheed Maina, former chairman, Pension Reform Task Team (PRTT) who he stood surety for. The judge also said he should forfeit the N500 million bail bond which was deposited when he stood surety for Maina. The ruling followed an application of the Economic and Financial Crimes Commission, EFCC to the effect that the bail granted Maina, who is facing a 12-count charge of operating fictitious bank accounts, corruption, fraud and money laundering to the tune of N2 billion, …

Justice Okon Abang of the Federal High Court, Abuja on Wednesday, November 18, 2020, revoked the bail he granted to Abdulrasheed Maina, former chairman, Pension Reform Task Team (PRTT) and issued at warrant for his arrest; stating additionally that he would continue his trial in absentia. The ruling followed an application of the Economic and Financial Crimes Commission, EFCC to the effect that the bail granted Maina, who is facing a 12-count charge of operating fictitious bank accounts, corruption, fraud and money laundering to the tune of N2 billion, should be revoked as a consequence for continuously failing to appear…

The Economic and Financial Crimes Commission, EFCC, Kaduna Zonal Office, on Tuesday agreed to work together with the Kaduna Branch of the Central Bank of Nigeria, CBN, to ensure that public funds are kept safe. The Head, EFCC Kaduna Zonal office, Sanusi Abdullahi, who made the declaration while on a courtesy visit to the CBN, Kaduna branch, lamented the increasing incidence of lose of money by members of the public to illegal withdrawals by fraudsters through Point Of Sale (POS), and ATMs platforms. Abdullahi observed that the Commission has in the last few days, witnessed several petitions from the public…

The first Nigerian President of the Commonwealth Medical Association, Dr Osahon Enabulele will chair the London Global Cancer Week in London on Thursday. The former Nigerian Medical Association President was invited by the Commonwealth Office to grace the occasion. “The Commonwealth Office in London has specially invited a Nigerian and current President of the Commonwealth Medical Association, Dr Osahon Enabulele to chair the opening session/panel at the 2020 London Global Cancer Week billed for Thursday, 19th November, 2020. “The Commonwealth Secretary General in charge of the Commonwealth Office in London, Rt. Hon Patricia Scotland QC, disclosed this in a letter…

President Muhammadu Buhari have made it to the top 25 list of the African Energy Chamber’s TOP 25 Movers & Shakers Watch List for 2021, released earlier this week. Published every year, the list identifies the leading African and international figures whose work and decisions have a direct impact on the African energy industry and the way Africans access and consume energy. Buhari is the first listed for his direct involvement in the possible passing and signing of the Petroleum Industry Bill (PIB) in 2021. If the President manages to carry through this substantial wave of reform in the country next…