Author: Vardiafrica

The Lagos State Government has disclosed that the sum of N3.911bn has been realised since it became an oil-producing state but the production has been hampered due to challenges faced by the company managing its exploration. The state’s Commissioner for Energy and Mineral Resources, Biodun Ogunleye, made this known on Wednesday at the 2024 Ministerial Press Briefing to mark the second-term of Governor Babajide Sanwo-Olu at Alausa, Ikeja. Ogunleye said Lagos State, which joined the league of oil-producing states in the country in 2016, has received a total of N3.911bn as its share of the 13 per cent Derivation Fund.…

The House of Representatives has decried the worrying rate of kidnappings and wanton destruction of lives and properties in schools across the country since 2014. This follows a motion of urgent national importance moved by Honourable Billy Osawaru during plenary in Abuja. Following the adoption of the motion the House mandated its Committees on Army, Airforce, Navy, Police Affairs and Defence to interface with the security Chiefs to identify how best to secure schools and proffer immediate lasting solutions to the security challenges in the country. The House also mandated schools to engage the services of private security outfits to…

Governor Sheriff Oborevwori of Delta State, on Wednesday, announced the complete withdrawal of the military from the Okuama community in the state. The governor disclosed this during a press conference at the Government House, in Asaba, implying that the displaced people of Okuama are now free to return to their homes. He also disclosed that the Internally Displaced Persons (IDP) camp set up by his administration for a smooth and seamless resettlement of the displaced okuama residents is already running. The military had taken over the community after 17 Army personnel were gruesomely killed on the 14th of March, 2024…

The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate. Taiwo Oyedele, chairman of the committee, spoke on Monday while disclosing the VAT revenue-sharing formula would be reviewed. He spoke at a policy exposure and impact assessment session organised by the committee. Nigeria’s VAT rate is currently 7.5 percent. Oyedele also said the committee has proposed reviewing state and local governments’ share of VAT revenue to 90 percent. According to section 40 of the VAT Act, the federal government gets 15 percent of the tax revenue, states share 50 percent, and…

The House of Representatives has stepped down a motion calling for the suspension of the cybersecurity levy which has elicited negative reactions from Nigerians. Honourable Manu Soro, who moved a motion on the floor of the house on Wednesday, had explained that the levy was coming at the wrong time, considering the current living conditions of Nigerians. The lawmaker had argued that the National Security Adviser is a political office, and has no mandate to manage accruals. However, the Speaker, Tajudeen Abbas, urged the lawmaker to step down the motion to allow the leadership of the House to deliberate on…

The Rivers State Chapter of the Association of Local Governments of Nigeria (ALGON), have condemned Governor Siminalayi Fubara for withholding funds meant for the Local Governments. Speaking on behalf of the group during a press parley in Port Harcourt, the Chairman of Port Harcourt LGA, Allwell Ihunda, accused the governor of withholding allocations meant for the LGAs since April, and March in the case of Emohua. He further alleged that the governor was intending to dip his hands into the LGA funds. They called on President Tinubu to call Governor Fubara to order, to forestall a total breakdown of law…

The Rivers State House of Assembly has once more vetoed Governor Siminalayi Fubara, by consolidating the Rivers State Local Government Amendment Law number 5 of 2015, 2023, and number 4 of 2024 After the consolidation, the state lawmakers passed it into a unified law. They said this is to cure all discrepancies in the individual amendments some of which include appointment into the board of the Local Government Commission, and the payment of political office holders at the local government level. Speaking during plenary, the Speaker, Martin Amaewhule, urged members not to be distracted by the Governor’s comments about them…

The Trade Union Congress (TUC) has threatened a massive protest that will shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria The TUC in a statement signed by its President, Festus Osifo, on Wednesday, slammed the directive by the CBN to banks imposing a 0.5 per cent cybersecurity levy on almost all electronic transactions. This is after the Nigeria Labour Congress (NLC) had heavily criticised the levy which it described as another burden on Nigerians. Adding to the deluge of condemnations that have greeted the…

The House of Representatives has denied demanding a bribe from the Binance Group following a recent allegation by the cryptocurrency company. This is as the House has also resolved to launch an investigation into the escape of the Binance Executive, Nadeem Anjarwalla, from the National Security Adviser’s custody in March. Binance had on Tuesday stated that some unknown persons in Nigeria, demanded huge payments in digital currency “to make their problems in the country go away”. The company had pointed out that its representatives were approached after leaving a meeting with the House Committee on Financial Crimes. However, the House…

The Central Bank of Nigeria has released the list of licenced Deposit Money Banks operating in the country Providing insights into the banking landscape in Nigeria, the list was made public on the CBN’s official website on Tuesday. Banks with international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc Commercial banks with national authorisation include Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard…