President Bola Ahmed Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government to source N500 billion for palliative to cushion the effect of subsidy removal.
POLITICS NIGERIA reports that the letter, which was read on the floor of the House during Wednesday’s plenary by Speaker Tajudeen Abbas, stated that the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion.
The letter reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law. The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria.
“The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House will speedily consider the request.”
Responding to the President’s letter, Speaker Abbas assured that the House would deliberate on the matter during Thursday’s plenary session and encouraged members to come prepared to contribute to the discussion.
The request for N500 billion in palliatives comes amid growing public anger over the recent removal of fuel subsidy. The removal of the subsidy has led to an increase in the price of petrol.
However, the government has defended itself, saying removing the subsidy is necessary to save money and attract investment
Just In: Olayemi Cardoso Resumes As Acting CBN Governor
The acting Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso on Friday formally resumed duties at the headquarters of the apex bank in Abuja.
This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),
Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
This development was confirmed in a press statement by the CBN on Friday which was signed by the bank’s Director of Corporate Communications, Isa AbdulMumin.
Naija News recalls President Bola Tinubu on September 15, 2023, appointed Cardoso and the Deputy Governors in acting capacity pending the confirmation by the Nigerian Senate.
Cardoso and the Deputies took the oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday.
The new Deputy Governors are:
(1) Mrs. Emem Nnana Usoro
(2) Mr. Muhammad Sani Abdullahi Dattijo
(3) Mr. Philip Ikeazor
(4) Dr. Bala M. Bello
Cardoso is an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos State. He brings over three decades of managerial experience on board.
The acting CBN Governor is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America
JUST-IN: Tinubu nominates new Ministers for federal ministry of Youth
President Bola Tinubu has approved the nomination of Dr. Jamila Bio Ibrahim to serve as the Minister of Youth, pending her confirmation by the Senate of the Federal Republic of Nigeria.
The President has further approved the nomination of Mr. Ayodele Olawande to serve as the Minister of State for Youth, pending his confirmation by the Senate of the Federal Republic of Nigeria.
Dr. Jamila Bio Ibrahim is a young medical doctor and most recently served as the President of the Progressive Young Women Forum (PYWF). She has also served as the Senior Special Assistant to the Kwara State Governor on Sustainable Development Goals (SDGs).
Mr. Ayodele Olawande is a community development expert and youth leader in the governing All Progressives’ Congress (APC). He most recently served in the Office of the Special Adviser to the President on Innovation from 2019 to 2023.
President Tinubu charges the above-mentioned nominees to ensure that they consistently reflect the dynamism, innovative zeal, and unyielding productivity that are synonymous with the young people of Nigeria as they discharge their duties.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
September 17, 2023
Who is the new CBN Governor? Unveiling Yemi Cardoso: The Citibank Prodigy And Financial Genius Behind Lagos’ Tax Revolution!
In the buzzing financial district of Lagos, Yemi Cardoso’s name is whispered with a mix of respect, admiration, and perhaps a dash of envy. Today, as the entire country turns its eyes towards the Central Bank of Nigeria (CBN), the question on everyone’s lips is, “Who is the new CBN Governor?” We delve into the life and legacy of Yemi Cardoso, the man now at the helm of Nigeria’s financial future.
Born to a modest family, Yemi’s early life gave little indication of the powerhouse he would become. However, a relentless pursuit of education and an intrinsic passion for finance would set him on a meteoric rise. Starting his illustrious banking career with Citibank, Cardoso swiftly climbed the corporate ladder. His innate understanding of banking intricacies and a knack for strategic planning saw him rise to the esteemed position of Vice President. But the ambitious Cardoso didn’t stop there. He took a bold leap, co-founding Citizens International Bank, and for eight defining years, played a pivotal role as an Executive Director.
Yet, banking wasn’t the only domain where Cardoso left an indelible mark. He answered the call of public service, becoming the first Commissioner for Economic Planning and Budget for Lagos State. It was under his visionary leadership that Lagos underwent a pivotal financial reform, developing its own robust independent tax revenues. This wasn’t just a bureaucratic change – it was a revolution that altered the fiscal landscape of Lagos forever.
But who is Yemi Cardoso, the man behind the accolades and achievements? Beyond the corporate meetings and policy discussions, Cardoso has been a vital consultant and policy expert, aligning with major global development giants like the World Bank, UN Habitat, and even the Bill and Melinda Gates foundation. His expertise has shaped policies and development strategies, making him a revered name on global platforms.
Yet, for all his achievements, Cardoso remains grounded. A recipient of several awards, including a coveted honorary Doctorate Degree from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi, he remains deeply connected to his roots. His Masters in Public Administration from the prestigious Harvard Kennedy School, where he was a celebrated Mason Fellow, is a testament to his commitment to public service and excellence.
As Nigeria stands on the cusp of a new financial era, the appointment of Yemi Cardoso as the CBN Governor isn’t just a political move; it’s a statement. A statement that Nigeria is ready to merge global financial strategies with homegrown expertise. With Cardoso steering the ship, the future of Nigeria’s financial landscape certainly seems promising
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