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President Buhari Signs Petroleum Industry Bill into Law

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President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law.

Working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, the President assented to the Bill Monday August 16, in his determination to fulfill his constitutional duty, said a statement by his Special Adviser on Media and Publicity Femi Adesina.

According to the statement, the ceremonial part of the new legislation will be done on Wednesday, after the days of mandatory isolation would have been completed.

The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The Senate had passed the Bill on July 15, 2021, while the House of Representatives did same on July 16, thus ending a long wait since early 2000s, and notching another high for the Buhari administration.

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Economy

FG Received N318.5bn Revenue in Q1 – Accountant General

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The Federal Government got a total revenue inflow of N318.5bn in the first quarter of 2024, the Accountant General of the Federation, Mrs Oluwatoyin Madein, disclosed on Wednesday in Abuja.

Madein stated this while briefing members of the House of Representatives Committee on Finance, on the revenue performance of the various agencies of government in the first quarter of 2024.

Represented by the Director, Revenue and Investment in the Office of the Accountant General, Felix Ogundaro, AGF noted that the 2024 fiscal year would be exceptional in terms of revenue generation, owing to the policies of the President Bola Tinubu-led government.

She said, “Reconciliation is still being done but the total revenue inflows to the Federal Government for January to March amounts to N318.5bn as against a total budget of 2.691 tn.

“For the budget, the bottom-up cash planning policy is on course and the 2024 budget is going to be implemented via that policy. Officers have been retained and sensitization is ongoing to ensure that Ministries, Departments and Agencies are well equipped on the modalities and conditionalities.”

Also speaking, the Chief Executive Officer, Ministry of Finance Incorporated, Armstrong Takang, who also briefed the lawmakers, disclosed that some agencies under MOFI had declared dividends of N101bn.

Takang said “So far, we have received dividends declared by some companies. But for many others, their reports are either being prepared and have not been completed or have been completed but they have not gone to their boards for approval and subsequently the Annual General Meeting. As such, we cannot use the number of their dividends until that has been done based on the corporate governance rules.

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Economy

FINANCE MINISTER VISITS PTAD, STRESSES NEED FOR DIGITISATION, ENHANCED PENSION MANAGEMENT

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By Sule Musa

Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun on Wednesday  visited the Pension Transitional Arrangement Directorate (PTAD) Headquarters in  Abuja during which he reaffirmed the Federal Government’s unwavering dedication to improving pension management and enhancing the welfare of pensioners.

Edun who was received by PTAD’s Executive Secretary, Dr. Chioma Ejikeme, and the management team,  engaged in discussions focused on the vital backend computation projects aimed at improving the efficiency and transparency of pension administration.

The Minister commended PTAD staff for their dedication in pension administration, recognizing their indispensable role and reiterated President Bola Ahmed Tinubu’s unwavering commitment to pensioners’ welfare even amid essential economic reforms.

He assured of ongoing Ministry of Finance support for the recent pension increment, aligning with the provisions of section 173:3 of the 1999 constitution which,  according to him, marks a historic initiative in Nigerian pension management with deliberate and timely increments as well as commitment to the timely payment of pension arrears and entitlements.

A statement by the Ministry’s Director of Information and National Orientation, Mohammed Manga quotes the Minister as saying that visit underscores the Ministry’s strategy to enhance fiscal management and promote socioeconomic stability through improved governance of public funds and the adoption of digitisation.

“This visit highlights our resolve to ensure that the systems managing our pension funds are not only robust and efficient but also aligned with our broader economic goals of transparency and accountability,” he added.

The Executive Secretary of the organisation,  on behalf of the management and staff,  expressed appreciation for the visit, reaffirming their commitment to maintaining high service standards for pensioners and aligning with the government’s emphasis on enhancing public financial management.

According to the statement, the Minister’s  engagement is integral to the Ministry’s continuous drive to bolster economic resilience and enhance the contribution of all governance sectors to Nigeria’s growth and development.

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Economy

CBN Suspends Charges on Cash Deposits Until September 30, 2024

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