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 Governor of the Central Bank of Nigeria, Godwin Emefiele has said that banks in the country will continue to accept the old Naira notes after the stipulated deadline. 


 

Speaking during an interactive session with the house of representatives ad hoc committee on the currency redesign and Naira swap policy on Tuesday, January 31, Emefiele stated that the CBN will also accept the old naira from banks after the February 10 deadline.

 

He also referenced a CBN act which mandates the apex bank to continue to accept old notes after its expiration.

 

Section 20 (3) of the CBN act reads;

 

“Notwithstanding sub-sections (1) and (2) of this section, the bank shall have power, if directed to do so by the president and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this act, shall be redeemed by the bank upon demand”.

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Love in the air. A Nigerian lady who happily said “YES” after her longtime lesbian partner proposed to her in Benin, Edo State has taken to social media to express her joy
Taking to Facebook, the lady identified as Love Nkem Ginika proudly showed off her engagement ring in a post.


She promised to give her girlfriendsher “everlasting devotion, loyalty, respect and unconditional love for a lifetime” in the Facebook post she shared.

She wrote;













I can’t promise you that dark clouds will never hover over our lives or that the future will bring us many rainbows. i can’t promise you that tomorrow will be perfect or that life will be easy but I can promise you my everlastingdevotion,my loyalty,my respect and my unconditional love for a lifetime.

I can promise you that i will always be here for you,to listen and to hold your hand,and I will do my best to make you happy and make you feel loved.i can promise you that i will see you through crisis and pray with you,dream with you,build with you and always cheers you on and encourage you.

I can promise that i will willingly be your protector,your advisor,your counselor,your friend,your family and your everything….

Thanks for loving me my crown

IBOM TV Provides The Latest News In Areas Of Celebrity Gist, Gossip and Rumours, Entertainment News, Nigeria Politics and international politics.

 The Federal Government has proposed to borrow N11.3 trillion to fund the N19.76 trillion proposed 2023 budget.

 


Tribune reports that the Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, disclosed this while presenting the 2023 to 2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) to the House of Representatives’ Committee on Finance chaired by Honourable Abiodun Faleke.

 

According to her, the fiscal parameters for the year showed that oil production volume was pegged at 1.69mbpd, oil benchmark – $70 per barrel, exchange rate – N435.57/$; N8.501 trillion as total oil and gas revenue; N1.105 trillion as derivation; N7.396 trillion as total oil and gas revenue after derivation; deductions – N3.538 trillion while other federally funded upstream projects pegged at N3.432 trillion.


The minister presented two scenarios of budget parameters on fuel subsidy estimated at N6.72 trillion for full year 2023 (business-as-usual scenario) as well as possible provision of N3.36 trillion for mid-year 2023 (reform scenario).

 

The lawmakers, however, expressed grave concerns over the rationale behind the spike in the fiscal deficit pegged at N11.30 trillion for 2023 against N7.35 trillion fiscal deficits for 2022.


While speaking on the overview of the Federal Government’s revenue for 2023 to 2025, the minister said

 

 “In the first scenario, the 2023 Federal Government revenue is projected at N6.34 trillion, out of which only N373.17 billion or 5.9 percent comes from oil-related sources. The balance of N5.97 trillion is to be earned from non-oil sources.

In the second scenario, in addition to subsidy reform, this scenario assumes an aggressive implementation of cost-to-income limits of GOEs. With these, the 2023 Federal Government revenue is projected at N8.46 trillion (15.1 percent or N1.51 trillion less than the 2022 budget) but N2.12 trillion more than scenario one.

Of this N8.46 trillion, N1.99 trillion or 23.6 per cent is projected to come from oil-related sources, while the balance is to be earned from non-oil sources,” she said.

 

Speaking further on the Federal Government’s expenditures for the years under review, she said;

“In this (business-as-usual) scenario, given the severely constrained fiscal space, budget deficit is projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 per cent if total Federal Government revenues or 5.50 per cent of estimated GDP.

This is significantly above the three percent threshold stipulated in the Fiscal Responsibility Act, 2007 and there will be no provision for treasury-funded MDAs’ capital projects in 2023.

Federal Government’s 2023 aggregate expenditure is estimated at N19.76 trillion (inclusive of GOEs). In this scenario, the budget deficit is projected to be N11.30 trillion in 2023, up from N7.35 trillion in 2022.

This represents 5.01 percent of the estimated GDP, above the three percent threshold stipulated in the Fiscal Responsibility Act, 2007,” the minister noted.

 

While responding to questions on the low revenue from the oil sector, the minister said;

 

“From what has happened in 2022, what we are spending is not giving us much value because production continues to decline and what this means is whatever we are doing is not working and, therefore, we have to do something different.

My understanding is that security agencies, the National oil company and regulators have been working hard to find solutions and what they tell us is that they are beginning to see improvement; From the performance in April at 1.3 million barrels per day and by July it was 1.4 million.

We do hope that the increase will be very significant because it’s costing us not just N3.2 billion in terms of security cost, but also in the revenue we have earned. At 39 per cent, the oil and gas revenue as at April is at very low performance. We need to move oil and gas revenue threshold.

On the issue of Morocco Nigeria gas pipeline, the Federal Executive Council (FEC), a few weeks ago approved funding for the feasibility study which means that it’s still at the feasibility study phase.

In the MTEF for 2023 to 2025, we had removed the federation spending on that, assuming that transition of Nigerian National Petroleum Corporation (NNPC) to NNPC limited that they will be carrying that cost directly, not the federation. The Petroleum Industry Act has given the NNPC some independence from the federation. Also, as a registered company now under Company and Allied Matters Act (CAMA), they have to perform in line with the laws of CAMA.

A lot of the expenditure the federation used to carry will now be carried by NNPC limited. NNPC will be paying taxes and dividends and we believe in the medium term the federation will end up earning more revenue.

It also means that the NNPC will need to go and borrow money on its own. That will improve efficiency on the company. They have paid dividends and royalties to the federation which they were not doing before.”she said

 

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 HOUZ OF GENERAL STORMS OWERRI "GRATITUDE" 


There is no doubt that the fast-rising and growing gospel record label (Houz Of General) Is currently and gradually making waves in the gospel music entertainment industry.

It would therefore be completely out of place for it not to be given the deserved recognition owing to the fact that the label is dedicated to bringing alive the creativeness of the gospel music community as a whole.

With its base in Owerri, Imo State Nigeria, the sensational record label consisting of gifted music entertainers, continues to warm up the hearts of many through well-planned and organized music concerts.

On that note, Houz of General yet again presents another power-packed concert-themed "Gratitude".

" Gratitude" the concert, aims at encouraging people through music to express their heartfelt gratefulness to God despite the situations surrounding them.

Having notable and seasoned music ministers in attendance, "Gratitude" the concert, promises to be outstanding, giving those in attendance an incredible experience in God's presence.

The concert is scheduled to hold on Sunday, the 24th of July,2022

At IMSU Back Gate, Okwu Uratta, Imo state Nigeria.

Time: 3:00Pm.

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AniJamz, a celebrity singer, and his crew survive a car accident (Photos)

According to eyewitnesses, on the 18th of April 2022, around 1:30pm, popular musician AniJamz was involved in a car accident while he and his team were returning from a gig he had been scheduled for.

The incident occurred on Banking Avenue in Ikot Ekepene, Akwa Ibom State, involving the artiste car and a motorbike driven by two elderly women. Although no lives were lost, a number of persons were seriously injured.




The injured people were taken to a neighboring General Hospital for quick treatment and care.



A surprising story as the musician was coming from a show; a sad incident as the singer was also about to unleash his most anticipated single titled "Bendi" produced by award winning Celebrity producer Major Bangz on the 27th of April 2022.

See Photos below;




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 A  38-year-old school teacher has been arrested by the police in Jigawa state for allegedly abducting and raping his student.  Zubairu Musa who is a classroom teacher at Government Day Senior Secondary School, Wurno, reportedly carried out the act on January 1. 



The suspect reportedly confessed to the crime while being interrogated. Jigawa police spokesperson, ASP Lawan Shiisu Adam said in a statement; 

On January 3, 2022, at about 1745hrs, one Sabiu Sa’idu of Wurno Village Birnin Kudu LGA, reported that on January 1, 2022, at about 1600hrs one Zubairu Musa abducted his student and raped her.


The suspect, who is a classroom teacher at Government Day Senior Secondary School, Wurno, abducted his female student from Wurno Village to one house in Dutse metropolis, spent the night and had carnal knowledge of her.

Both the victim and suspect were taken to the Sexual Assault Referral Center at Dutse General Hospital for medical examination.

Musa will be charged to court at the conclusion of investigation.

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  •  The Arewa group on Oyo has pledged its undying support for Vice President Yemi Osinbajo in his presidential ambition 
  • The northern body which voiced its decision to stand by Osinbajo spoke on Friday, December 17, in Oyo 
  • Alhaji Yahaya Alli, the group's leader, referred to the vice president as an honest man who is trustworthy and sincere 



University of Ibadan, Oyo - Vice President Yemi Osinbajo was on Friday, December 17, endorsed for president ahead of the 2023 presidential election by the Hausa community in Oyo on the platform of the Arewa group. Members of the northern group pledged their full support for the vice president during a programme in Oyo organised for the late former governor of the state, Abiola Ajimobi, The Nation reports. 

During the occasion, the leader of the group, Alhaji Yahaya Alli, described Professor Osinbajo as a man of honour, integrity, and someone who can be reckoned with. Alli said the number two citizen of the country has worked with President Muhammadu Buhari in unison as if he is a twin brother and can be trusted to consolidate on his principal's achievements.

He stated further: “He is a trustworthy man and he is a man that we can hand over the affairs of our country into his hands. We have seen what he has done for the past seven and half years. He can do it. “If you look at what happened between him and his principal, who is President Muhammadu Buhari, there is a kind of trust between them like twin brothers, to the extent that whenever Baba Buhari is going outside the country for a long time, he always hands over the power to him. 

“So, I believe that Prof Osinbajo is a kind of person that we can easily trust and that we can easily hand over power to, come 2023 by God’s grace. I know God will take over. “On behalf of Hausa Community in Oyo State, and on behalf of Sarkin Sabo of Ibadanland, we are together with Prof Osinbajo.” 

Meanwhile, a group, The Progressives Consolidation Group (PCG), had insisted that Osinbajo was the best-qualified person to succeed President Buhari in 2023. The group made this known via its convener, Aliyu Kurfi, in a letter to the National Caretaker Committee Chairman of the All Progressives Congress (APC) and Yobe state governor, Mai Mala Buni. The PCG is a component member of The Progressive Project 2023 (TPP) with millions of advocates across the country. 

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 President Muhammadu Buhari has given an assurance of a free and fair elections in 2023 general elections, and peaceful transfer of power. The President's Special Adviser on Media and Publicity, Femi Adesina, revealed that he said this at a Virtual Summit for Democracy organised by President Joe Biden of the United States.



Buhari also assurred the international community that Nigeria will continue to actively support the democratization processes in the region, West Africa and the African continent at large.

He said; 

“As we countdown to our next general elections in 2023, we remain committed to putting in place and strengthening all necessary mechanisms to ensure that Nigeria will not only record another peaceful transfer of power to an elected democratic government but will also ensure that the elections are conducted in a free, fair and transparent manner.


“Your Excellencies, Nigeria will continue to actively support the democratization processes in our region West Africa and the African continent at large. But regrettably, our democratic gains of the past decades are under threats of unconstitutional takeover of power.


“This unwholesome trend, sometimes in reaction to unilateral amendments of constitutions by some leaders, must not be tolerated by the international community. Nigeria fully supports the efforts by ECOWAS to address this growing challenge and appreciates the support of both the African Union and the United Nations."

Admitting that Nigeria is facing security challenges that pose a threat to democracy, Buhari asked the country's “global partners to support efforts in tackling insurgency and terrorism.’’

He added; 

“I am proud to state that Nigeria has had over two decades of uninterrupted democratic governance and has unequivocally remained committed to upholding the core values and principles of democracy.


“Since assuming office in 2015, we have been able to introduce mechanisms to ensure free, fair and credible elections. We have strengthened our key anti-corruption agencies in collaboration with international partners and have undertaken several anti-corruption measures and initiatives."

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 Chief of Defence Staff, Lucky Irabor has commented on the attack which was carried out at the Nigerian Defence Academy months ago.  



Speaking during the Urgent Conversations programme of RadioNow on Friday November 5, the CDS stated that the NDA is just like other schools and they saw no need to fortify it to "such a level that the liberty that is required to be able to emplace the level of leadership, learning and skills are lost."

Admitting that he is embarassed that they did not forsee the attack, Irabor further described it as an " armed robbery attack of any unsuspecting individual." He also averred that it does not in any way dampen the preparedness of the armed forces to do defend the nation. 

 

He said; 

 

“Have we not been under attack? That an attack happened at the NDA does not imply that we are not under attack on a daily basis. Do you know how many of the attacks that we have had to ward off?

“The troops in the frontline, the terrorist elements, who are they attacking? Even in the south-east, who have they attacked? –police and military. The attack on the NDA is what I would likely describe as an armed robbery attack of any unsuspecting individual.

“In any case, that is a training institution. That it is called Nigeria Defence Academy or military academy does not mean that it is not the same as any other school.

“Of course, I was embarrassed that we did not foresee such a threat. NDA is not a place we think that we should fortify to such a level that the liberty that is required to be able to emplace the level of leadership, learning and skills are lost. That is a lesson that we have factored but that does not in any way dampen the preparedness of the armed forces to do defend the nation.”


On military presence in the South-East region, he said; 

 

“The situation in the south-east is not exactly what the narrative out there is. Of course, the military is present like in every other part of the country even before the escalation of violence. We’ve always had different formations and establishments of the military in the region.

“When you hear that military has increased in the south-east, we say no, you’re wrong, we’ve always been there. We even have less number in the sense that the number of armed personnel whom we have had to move to reinforce the north-east and some part of north-west.” 

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 Secretary to the Government of the Federation, Boss Mustapha has said that Buhari-led administration approved 878 contracts in 6 years. 

 


Mustapha disclosed this at the mid-term ministerial performance retreat on Monday October 11. The SGF stated that most of the contracts are targeted at the country’s infrastructure, to boost economic growth and development.

 

Mustapha also revealed that the Buhari administration approved 319 policies and 206 briefs/notes within the last six years, adding that analysis of the approved policies show that the administration is committed to addressing the myriads of needs and challenges of citizens.

 

He added that the last two years have been the most productive as the federal executive council approved 381 contracts, 110 policies and 88 briefs/notes.

 

The SGF said; 

 

“In terms of the performance of the federal executive council, let me acknowledge that the last two years have been most productive.

“During this 2nd term of Mr. President from May 29, 2019 to August 31, 2021, the federal executive council held 52 meetings and granted 579 approvals comprising 381 contracts, 110 policies and 88 briefs/notes.

“Overall, the total number of contracts, policies and briefs/notes approved by the federal executive council between November 2015 and August 2021 stand at 1,403 comprising 878 contracts, 319 policies and 206 briefs/notes.

“From the above, the 878 contracts approved by FEC have mostly targeted the provision of infrastructure, geared towards enabling faster economic growth and development.

“In the same vein, the analysis also shows that the government remained focused on its cardinal responsibility of responsively addressing the myriads of needs and challenges of its citizens through the 319 approved policies initiated during the period.”