Senate President, Dr. Bukola Saraki has ordered the Central Bank of Nigeria (CBN) to recover the sum of N30billion which was the cost of waivers illegally granted to some category of importers.
Saraki said this while receiving the Governor of CBN, Mr. Godwin Emefiele and other members of the management team of the apex bank who came to brief the Senate on the state of the economy and measures the bank is taking to ensure financial stability in the country.
“I believe the recent policies you initiated on some selected items are good steps that will help our economy. But one of the observations you also made was that CBN alone cannot make the policies to work. We, in the Senate, are ready to give the right signals that will help the success of these policies. For example, you brought to our notice some of the waivers and taxes, waivers on import duties especially on rice close to N30 billion that was given to some companies which must be repaid back to the Federal Government.
“It is our intention also, after we have resumed, to get the Customs to come and brief us but before that, we cannot be taking some of these tough decisions while some people will get away by not paying what they should return to the government.
“We need to also tell you, CBN Governor that you and your team must go and collaborate with Customs to ensure that this N30billion comes back to government coffers so that we will know that you are serious in making these policies successful.”
According to Saraki, the policies of the CBN towards resuscitating the economy which Emefiele presented to the Senate can only succeed if smuggling is eradicated.
“There is also the issue of smuggling because no matter how good these policies on import substitution are, if smuggling can still be going on the way it is going on now, these policies will not be successful. The authorities must take tough stand against smuggling, especially by moving against the big smugglers that are well known. It is time to take actions to stop them,” he said.
He added that the CBN must put measures in place to ensure fiscal discipline especially in income generating agencies. “The key issue also is fiscal discipline. The CBN must know the agencies of government that in the past have been used to not sending their revenues straight to the consolidated revenue and you must play a key role in ensuring that this is done.
“You must play a role to ensure that these agencies bring this money back and we have seen that in the slight increase in the reserves due to recent regime of fiscal discipline and that must be sustained.”
“By and large, the key issue is that we must diversify our economy. That is the policy of President Muhammadu Buhari because that is key. The policies you have initiated are geared towards that direction and more importantly also, we must renew the confidence our partners, investors that want to come and invest in this country, have in us. We must start looking at how we can start encourage local production, particularly, in the area of agriculture and mining”.
Speaking earlier, Emefiele told the Senate that the CBN has continued to initiate measures to strengthen the economy and reposition the country for the next phase of growth and development.
“Let me reiterate that with inflation at single digit, exchange rate relatively stable and our reserves gradually rising from blocked leakages, our economic fundamentals remain strong. Going forward, the CBN will continue to be vigilant in the market to ensure that there is zero tolerance for speculators and rent seekers.
“Nigeria’s foreign reserves remain our common wealth and we must all strive to work together to protect it and prevent speculators and rent seekers from plunging it. We will continue to find ways to rebuild our reserves and where possible accelerate efforts aimed at improving aggregate supply potentials of the economy.
“In this effort, I strongly crave the support of the leadership of the Senate as we march towards achieving a more prosperous and self-sufficient Nigeria,” he said.
Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff
Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.
According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.
The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.
This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.
TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities
The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.
The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.
Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.
The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.
The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.
BREAKING: Court Jails Rep Member For Lying
A member of the House of Representatives, Victor Mela has been sentenced to one-month imprisonment by a Magistrate Court in Wuse, Zone 6.
The lawmaker who represents Billiri/Balanga federal constituency was, however, given an option of fine.
Recall that on November 10 that a magistrate court found the lawmaker guilty of lying under oath while filling the CD001 INEC form prior to the 2019 elections.
The magistrate had, however, set a different date for sentencing of the lawmaker after his lawyer pleaded for leniency.
Mr Mela swore to an affidavit thrice, denying citizenship of another country whereas he has a British passport.
- Entertainment21 hours ago
South African Rapper, Cassper Nyovest Lauds Wizkid’s ‘Made In Lagos’ Album
- Entertainment16 hours ago
‘How Can You Be Angry That Someone Is Happy’ – Singer Davido Blows Hot
- Entertainment18 hours ago
Wizkid Calls Out British Rapper, Tinie Tempah And His Manager Over Unpaid Debts
- Entertainment21 hours ago
Singer Jennifer Lopez Goes Nude On New Cover Art
- Entertainment21 hours ago
Davido’s ‘The Best’ Featuring Mayorkun Hits 10M Streams In Its First Week
- National News20 hours ago
We Deliberately Shut Down Refineries – NNPC GMD
- Entertainment21 hours ago
‘I’m Rooting For Burna Boy To Win The Grammys’, Says Tiwa Savage
- Metro News21 hours ago
Vendor’s Widow Disowns Family Over N500m Lawsuit Against Gbajabiamila