NEWS AGENCY OF NIGERIA
Religious

Kumuyi urges Nigerian youths to stand out among nations

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Second Right:FCT Overseer of Deeper Christian Life Ministry Pst Elijah Adebiyi and other clerics at the World.Press Conference

 

By Bridget Ikyado

The General Superintendent of the Deeper Christian Life Ministry, Pastor William Kumuyi, says if well guided and equipped, Nigerian youths will stand out among nations.

According to him, young people are a critical mass that can make Nigeria stand out, but they must be guided and equipped with the right values to achieve this goal.

He spoke virtually at a news conference in Abuja ahead of the global children and teenagers convocation jointly organised under the auspices of Global Crusade with Kumuyi, GCK.

According to Kumuyi, Nigeria has a bright future, and young people are an essential part of that future.

He, therefore, emphasised the importance of catching young people early and inculcating in them the right values.

“Nobody is born a doctor, an engineer, an achiever, a militant courageous soldier. We’ll all start at the ground level,” Kumuyi added.

The FCT Overseer of DCLM, Pastor Elijah Adebiyi, echoed Kumuyi’s sentiment, stating that the convocation was open to children and teenagers between 5 and 19 years of age.

He said it would provide a platform for young people to interact with one another and learn from experienced teachers.

Adebiyi said, “We believe that young people are the future, and we want to invest in them.”

“This is a critical mass of Nigerians that can make our country stand out if we catch them young by inculcating in them spiritual, academic and moral values,

“The children and teenagers convocation is an opportunity for young people to come together and learn from experienced teachers who are committed to providing them with the right values and skills to succeed in life.”

The global children and teenagers convocation will take place from May 11 to 14 at the Main Bowl of the Moshood Abiola National Stadium, Abuja.(NAN)(www.nannews.ng)BTT/IA

Edited by Idris Abdulrahman

Defence/Security

EFCC arrests self-styled Police officer, 42 others over alleged internet fraud in Ogun

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By Isaac Aregbesola

The  Economic and Financial Crimes Commission (EFCC) has arrested a self-acclaimed police officer, Tijani Oluwaseun, and 42 others for alleged internet fraud activities.

EFCC spokesperson, Wilson Uwujaren, said this in a statement in Abuja.

He said the cybercriminals were arrested at Ijebu-Ode and Awa-Ijebu towns of Ogun,  following actionable intelligence on their alleged fraudulent activities.

”Aside Oluwaseun, who claimed to be an officer serving in Ede, Osun, the other suspects include Dahud Sodiq Temidayo, Emmanuel Chidibe Peter, Alan Joseph Opeyemi, Sodiq Iyanu Babatunde, and Abiodun Olukoya Ibrahim.

”Others are Adebanjo Oluwaseyi Emmanuel, Olokode Ajibola Obaloluwa, Emiade Azeez Ayotunde, Okeowo Oluwadayo Ahmed, Oludare Abdulazeez Ajadi, Emmanuel Sunday John and Wisdom Alloy.

”They also include Yusuf Nurudeen, Kadiri Oluwasegun Sodiq, Daniel Christopher Imlegu, Tijani Babatunde, Abubakar Faruq Oluwapelumi, Oyeneye Jerimiah Abiodun, Clement Temitope, Balogun Olatunji, Akinboyede Idris Olawole, Akinlade Gbemileke and Afeez Lekan, ” he said.

The rest according to him, are Bankole Timilehin, Akande Olanrewaju, Arowolo Ololade, Kelvin Udanyi, Ayanmo Sunday, Olanusi Bolaji, Victor Ogheneremu, Ogunboye Ayodeji, Emmanuel Ayomide and Ojo Odegbele,

Also arrested, were Sotunde Tobi, Ayodele Felix, Festus Akindeji, Jonathan Taiwo Resurrection, Agun Michael Okikiola, Olawale Oluwaseyi Ezekiel, Adeife Adeleke, Taiwo Ayanmo and Aduraja Samuel Olaoluwa.

”’Items recovered include eleven exotic cars, several laptops, numerous iPhones, apple wrist watches, expensive video games and golden teeth worth millions of naira worn by one of the suspects.

”They will be charged to court as soon as the investigations are concluded,” he said.(NAN) (www.nannews.ng)

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Edited by Chioma Ugboma

General News

ECOWAS strengthens fight against gender-based discrimination

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By Temitope Ponle

Economic Community of West African States (ECOWAS) says it is facilitating the empowerment of women and strengthening the fight against gender-based discrimination through policies and programmes.

The Speaker of the ECOWAS Parliament, Mr Sidie Mohamed Tunis, said this at the ongoing ECOWAS Female Parliamentarians Association (ECOFEPA) Town Hall meeting in Abuja on Friday.

The theme of the meeting is “Rejuvenate Democracy by Giving Voice to the Young People”, organised by the parliament and ECOFEPA.

Tunis said the meeting was strategically aligned with the current ECOWAS Vision 2050, which placed more emphasis on women and youths development in the sub-region.

The speaker said it aimed to address some of the issues that had contributed to gender inequalities.

He also said the regional economic bloc had recognised the special role of women and youths as actors, agents and beneficiaries of development.

Tunis said that was why the ECOWAS had made concrete commitments and taken tangible actions to ensure the integration of the gender dimension in all planned actions and activities of the parliament.

“Significantly, the allocation of a budget line to ECOFEPA and gender programmes in the parliament’s annual budget, has facilitated the empowerment of women and strengthened the fight against gender-based discrimination, all designed to address inequalities between men and women and to promote gender equality.

“We do not take for granted the critical role women and youths play in advancing gender parity, promoting social diversities and inclusion, holding the executive to account, and drawing attention to specific issues such as the plight of street children, rising youth unemployment and illegal migration.”

Tunis noted that the Fifth Legislature, under his leadership, had been working to ensure that the voices, aspirations and inclusion of the women and youths in politics and decision-making received regional attention.

Tunis said he was working with political stakeholders, civil society organisations, developmental partners, women and youths networks and ECOFEPA to achieve this.

The speaker said they were also a mandatory prerequisite needed for the attainment of a peaceful and prosperous future for everyone.

He further acknowledged and commended steps being taken by ECOWAS member states to address gender issues.

The speaker expressed optimism that lessons learned at the end of the meeting would go beyond the region.

Moreso, Tunis expressed gratitude to ECOFEPA for organising the meeting as a way of deepening the integration process and scaling up social inclusion for the citizens in the region. (NAN) (www.nannews.ng)

 

Edited by Benson Iziama/Muhammad Suleiman Tola

Foreign

ECOWAS female parliamentarians ask for implementation of 30% representation nationally 

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Cross section of female parliamentarians in Abuja

By Temitope Ponle

Female parliamentarians have asked ECOWAS Governments for 30 per cent female representation in their various national parliaments to enhance development in the sub-region.

Hon. Woraye Sarr, President, ECOWAS Female Parliamentarians Association (ECOFEPA), said this at ECOFEPA Town Hall meeting in Abuja on Friday.

The meeting, known as Rejuvenate Democracy by Giving Voice to the Young People, has as its theme “Stimulating a Regional Dynamics for Mentoring the Next Generation of Decision Makers”.

Sarr said the meeting was strategically linked to the ECOWAS Vision 2050 which described the desired future and the values of the region and the ambition it nurtured for its peoples.

The ECOFEPA president said the Supplementary Act of the ECOWAS Parliament also recognised the critical role women and youth played in nation building.

She noted the Article 18(c) of the Supplementary Act, stipulated 30 per cent female representation which placed women in the spotlight.

She recalled the ECOFEPA inaugurated the “Think Politics” project in Nov. 2017, in Abuja to provide young political aspirants a platform for mentorship and exchanges.

She, however, said that five years later, the association recorded success stories.

Sarr said the intention was to mentor at least 10 million young people by 2030.

She further called on Civil Society Organisations and development partners to invest in youth-led activities to enable them design programmes and policies targeted to their collective needs to ease internal tensions.

Also, Ann Iyonu, Executive Director, Goodluck Jonathan Foundation, in her goodwill message, urged West African governments to prioritise women and youth representation in governance.

Iyonu said democracy could not thrive and function well if it was not inclusive.

She further said the meeting gave a voice to women and youth, and was timely.

She, however, spoke on the participation of women and youth in other countries, adding that they could play critical roles in leadership and governance.

“The imperative of maintaining women and youth in leadership to make democracy in our sub-region more meaningful cannot be overemphasised.

“Across the sub-region, we have very few women and youth participating as parliamentarians. This is not the case in other climes where the gap has progressively and significantly narrowed.

“It is instructive that West Africa, with only 15.7 per cent of the average proportion of seats held by women in the national parliaments, lacks behind other regions in Africa.”

She appealed to governments for a conscious deliberate effort in changing the status quo of women and youth through education programmes that would boost their knowledge and skills.

She also said the adoption of technologies in politics would attract women and youths to participate in politics and change the narrative.

Also, in her goodwill message, Beatrice Eyong, Country Representative, United Nations Women, said young women in the sub-region often faced non-inclusion and emphasised low representation of women in politics.

Eyong said West Africa should address the significant structural barriers to women and girls that persist.

“Some of them include political parties that resist inclusion of women and young girls as leaders and candidates.

“Electoral systems and laws that make it tougher for women and men to compete on equal footing.

“Also, lack of access to financial resources to run election campaigns faced by all women, specifically young women.

“There are also harmful gender-based stereotypes and violence against women in political lines.”

She called for training institutions to train women and young girls in politics.

She also said the UN was pushing for more inclusive legal frameworks reviews to ensure no one was left behind. (NAN) (www.nannews.ng)

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Edited by Vincent Obi

General News

PAP seeks partners with NPA, poised in tackling unemployment, restiveness

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PAP Interim Administrator, Retired Maj.-Gen. Barry Ndiomu (R) and the DG of NPA Mohammed Bello-Koko
By Collins Yakubu-Hammer
The Presidential Amnesty Programme (PAP) says it  has been repositioned to tackle unrest and unemployment in the Niger Delta by partnering with the Nigerian Ports Authority (NPA).
It said the PAP was aimed at empowering youths in the area with requisite skills.
Interim Administrator of PAP,  retired Maj.- Gen. Barry Ndiomu, disclosed this during a courtesy call to the Managing Director of Nigerian Ports Authority (NPA), Mohammed Bello-Koko   in Lagos on Friday.
Ndiomu solicited the partnership of the authority for some of its programmes, especially the Deep Sea Diving School in Rivers State.
The interim Administrator  said he had redirected the programme to its primary objective of boosting the capacity of youths in the Niger Delta.
 “When I took over in September 2022, I discovered that the programme had been drifting away from the core objectives of why it was established.
“I have to redirect the vision towards the initial concept, which is essentially to build the capacity of the teeming restive youths in the region.
“Like they say, ‘an idle mind is the devil’s workshop’. When these boys are jobless, what do you expect from them? They engage in criminal activities, including pipeline vandalism, piracy and other activities which affect the economy,” he said.
According to him, PAP has five vocational centres, which were established with different specialisations such as in Agadagba in Ondo state aimed at training youths in oil and gas related activities.
He said the one in Bomadi, Delta had the objectives of building capacity in energy related activities while the one in Rivers is for deep sea diving training.
He said it was regrettable that the centre in Boro town, Bayelsa was vandalised after its completion.
Ndiomu solicited technical support as well as long-term strategic collaboration in utilising one of the jetties of the NPA for the deep sea diving school in Rivers.
 “I want to solicit your support and assistance with a view to using one of your jetties in Rivers which we can develop further together for the purpose of the deep sea diving school and other related marine training.
“This is one area we can get the youths to create sustainable livelihood. These boys are willing to learn. Many of them have been trained but sadly, they are unemployed.
“I don’t think this is in the best interest of the country. We have been managing them by paying them the recommended stipend monthly but it is not the right way to go, because, we are indirectly encouraging the culture of indolence and dependency.
“It is not something we should encourage in our youths, rather we should give them the opportunity to be self-reliant and contribute meaningfully to the economy,” he added.
In his response, Bello-Koko commended Ndiomu for boosting the capacity of youths in the Niger Delta, adding that the programme had helped in addressing unrest in the region.
He assured Ndiomu and his team of the willingness of NPA to provide technical support and other assistance needed for the success of the deep sea diving school.
Bello-Koko said the authority had improved activities in the ports in the region as a way of gainfully engaging the youths through provision of jobs.
“For us in NPA, we have tried to improve activities of our ports in the region as a way of tackling restiveness, because with these activities, jobs are created and the youths are engaged.
“We will work with you to give you all the support you need. We will work with you to see any available jetty for the purpose you want to use it for.
“When it comes to deep sea diving and other marine related training, we have experienced staff here that we can always send to you to offer training and advisories whenever the need arises.
“We have tried as much as possible to have a very good working relationship with the host communities in the Niger Delta Region.
“We have seen a reduction in restiveness, because of what you have been doing as well as our engagement with the host communities.
“We also seek your support when you are engaging with the communities around the port locations; they need to realise that their action and inaction will determine how viable the ports are,” he said. (NAN)(www.nannews.ng)
Edited by Benson Iziama/Idris Abdulrahman
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Defence/Security

Nigerian Navy frowns at proliferation of fake maritime security outfits

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By Sumaila Ogbaje

The Nigerian Navy (NN) has raised concern over the proliferation of fake maritime security outfits using uniforms and accoutrements semblance of the navy in the South-South.

The Director of Information, NN, Commodore Adedotun Ayo-Vaughan, in a statement in Abuja, described the outfits as fake and illegal.

Ayo-Vaughan said the impostors and self-acclaimed maritime security outfits made use of naval uniforms and accoutrements to deceive, harass, intimidate and defraud unsuspecting members of the public.

He said that some of the outfits would go as far as selling recruitment forms to the public and even conduct secret recruitment exercises and training.

According to him, the activities of those impostors and miscreants are on the rise, notwithstanding the proscription order of the Federal Government official Gazette No. 58 Vol 100 titled “the Dissolution and Proscription of Certain Associations Order, 2013” banning all such firms/outfits.

“The Order in Paragraph 2 states that ‘As from the commencement of this Order, the dissolved and proscribed associations shall not be formed into any new associations by whatever name or title, within the meaning of this Order.

“Suffice to state that the NN in the past, had arrested and handed over for prosecution, members of some of these outlawed organisations.

“Nevertheless, their illegal activities have continued unabated in some parts of the country, particularly the South-South geopolitical zone.”

Naval spokesperson said some proscribed maritime outfits operating illegally in the nation were Nigerian Merchant Navy, Nigerian Merchant Navy Coastal Defence Force and Nigerian Coast Guard, Merchant Navy Maritime Academy.

Others, according to him, are the Nigerian Merchant Navy Coast Guard Security and Safety Corps, Maritime Security Agency as well as Nigerian Maritime Law Enforcement Agency, amongst others.

He said the proliferation of the illegal outfits was worrisome and might worsen the scourge of insecurity in the country with likely grave impact on national security.

Ayo-Vaughan said it had become necessary to notify the public and appeal for caution, urging public to forward information about the impostors and illegal outfits to the navy to facilitate their arrest.

He said the naval operatives, in conjunction with other maritime law enforcement agencies, would continue to maintain vigilance with a view to locating, apprehending and prosecuting them in accordance with the laws of the land.

“Members of the public are thus enjoined to report any suspected impostor or fake maritime security personnel to the nearest police station and/or naval base.

“In addition, members of the public are advised not to patronise or purchase entry/recruitment forms from these proscribed outfits.

“Report suspicious behaviour of any group of persons or organisations who claim to be personnel of the NN or who are found dressed in or in possession of naval uniforms and accoutrements or similar uniforms and accoutrements, including those conducting fake recruitment and naval training.

“The Nigerian Navy does not sell entry/recruitment forms to the public as is the practice of some of these fraudsters.

“Hence, anyone selling recruitment forms is not a naval personnel but an impostor.

“The perpetrators of these illegalities are warned that the Nigerian Navy as statutorily empowered, will leave no stone unturned in her bid to secure the maritime environment for enhanced security of lives and properties.”

It will also secure the conduct of legitimate maritime commerce as well as related economic activities in the territorial waters. (NAN) (www.nannews.ng)

Edited by Idris Abdulrahman

General News

Why Obi couldn’t beat Tinubu at the presidential election –– Ex-Federal Commissioner

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Prof. Razaq Abubakre

By Abigael Joshua.

Razaq Abubakre, an Emeritus Professor and former Federal Commissioner, says LP Presidential candidate, Mr Peter Obi, couldn’t have defeated the President-elect, Sen. Bola Tinubu, at the last presidential election.

Abubakre, also a former Vice Chancellor of Al-Hikmah University Ilorin
spoke with the News Agency of Nigeria (NAN) in Abuja on Friday.

The technocrat alleged that Obi’s lacklustre performance as former governor of Anambra worked against him.

Abubakre also claimed that Obi’s inability to build leaders, unlike Tinubu, who had inspired several leaders nationally and internationally, was part of his undoing.

“His use of religion in contradistinction to Asiwaju’s Muslim-Muslim ticket gave him a transient false national spread,” Abubakre said.

He recalled the simile employed by Rabiu Kwankwaso, NNPP presidential candidate, during his speech at the Chatham House, London, that Obi’s electoral fortune was like the foam of Andrews Liver Salt that comes with power and disappears almost immediately.

“This is quite apposite to describe his eventual performance, especially during the elections of state governors and House of Assemblies. Unfortunately, desperation is not a good manner,” Abubakre said.

He said he could not endorse the permutation that if all the other contestants whose origin was PDP, such as Atiku, Obi and Kwankwaso, joined forces, PDP would have probably won the presidency.

“This is underlying the divine intervention favouring Asiwaju Bola Ahmed Tinubu ab initio.

“The pattern of voting could have changed. For example, the bulk of votes that Obi received from the South-East, parts of South-South and pockets of North-Central could not have gone to Atiku.

“Some of it would have also been cast for Tinubu on his merit and record of performance,” Abubakre asserted.

He said the internal evidence of this claim is the undiminishing successes and superiority of the APC in all the elections, such as National Assembly, gubernatorial elections and state assemblies, in spite of the global economic challenges.

He said Tinubu’s superiority lies in his excellent performance record as governor of Lagos State; his cosmopolitan outlook spread nationally and with global ramifications.

“It is instructive to note that Tinubu’s emergence is divine and critical when the nation needs a true unifier, a performer par excellence and a strategic leader focused on nation-building for sustainable and inclusive growth,” Abubakre said.

Abubakre was a Federal Commissioner for the Public Complaints Commission for Osun State between 2012 and 2018, and the Dean of the Faculty of Arts at the University of Ilorin from 2001 to 2003. (NAN) (www.nannews.ng)

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Edited by Razak Owolabi

General News

WPFD : FAME Foundation warns against bullying women journalists

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FAME Foundation Executive Director, Ms Aderonke Ogunleye-Bello,

By Deji Abdulwahab

The FAME Foundation has warned against threats to life, stigmatisation, discrimination and cyber bullying of women journalists, urging government at all levels to protect them by all means.

Its Executive Director, Ms Aderonke Ogunleye-Bello, gave the advice on Wednesday at a news conference held in commemoration of World Press Freedom Day 2023 (WPFD) in Abuja.

Ogunleye-Bello said the call became necessary as it would enable journalists to enjoy their right to freedom.

She praised women journalists in particular and called for an end to the bullying that some women journalists were facing.

“On this day, I celebrate journalists for their courage, passion, and determination to bring the news to every corner and nook of the earth.

“I particularly celebrate women journalists and ask for a stop to cyber bullying, threats to life, slut-shaming, and discrimination for doing their job.

“They have the right to practice journalism and report the news like any other person. The rights of women journalists are human rights, protect them,” Ogunleye-Bello said.

According to her, press freedom is the foundation of free speech, adding, ”if the press is allowed to speak freely, so would the general public.”

She added that marking the day should serve as a reminder to the government of their commitment to press freedom and media workers.

Ogunleye-Bello urged other media outlets and personnel to be vigilant and truthful in their duties, refrain from bribery, stop publishing false news and always defend their integrity.

Ogunleye-Bello expressed her excitement, love, and respect for the media and the tremendous expansion of media companies in Nigeria.

World Press Freedom Day is celebrated on May 3 every year and the theme 2023 is: “Shaping a Future of Rights: Freedom of expression as a driver for all other human rights”. (NAN) (www.nannews.ng)

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Edited by Bashir Rabe Mani

Economy/Business

TAJBank unveils Osita Iheme, Saratu Daso as Brand Ambassadors

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L-R: TAJBank’s Managing Director, Hamid Joda, Brand Ambassador, Osita Iheme and the bank’s Executive Director, Mr. Sherif Idi; during the unveiling of the Bank’s Ambassadors and Influencers in Abuja

 

By Kadiri Abdulrahman

TAJBank Limited, Nigeria’s foremost non-interest bank, has announced Nollywood acts, Osita Iheme (Pawpaw) and Saratu Daso as brand ambassadors.

According to a statement the bank’s Chief Executive Officer, Hamid Joda in Abuja on Friday, the idea is a marketing strategy to popularise TAJBank’s techno-powered innovative products and services in the grassroots.

Hamid said that it would also deepen financial inclusion in the country.

He also listed Uzee Usman, Aisha Falke (Northern Hibiscus) and Hauwa Jalilah as brand influencers of the bank.

He said that the emergence of the ambassadors and influencers followed a rigorous selection process by a brand expert team constituted by the management.

According to him, the initiative was based on the customer-oriented business philosophy of TAJBank.

“It is also aimed at leveraging the brand ambassadors and influencers’ selfless services and commitment to poverty alleviation in the grassroots,” he said.

He said it will take the TAJBank customer-focused services story to millions of under-served and unbanked people across the country.

He described the event as epochal in the bank’s efforts to tell Nigerians and the global community that TAJBank was determined to serve them better by bringing joy to as many as are ready to bank with it.

“As you can see, these brand ambassadors and influencers have carved a niche for themselves as highly responsible players in the movie industry over the years.

“By their actions, they are people-oriented and socially responsible, especially through their financial and other supports to the needy in the society.

“This aligns with the corporate philosophy of TAJBank, which is to care for the needy through interest-free innovative products and services.

“So, as our partners in the brand and marketing drive for TAJBank, we are optimistic that millions of customers, who are our only interest, will immeasurably benefit from this partnership,” he said.

In a remarks on behalf of the ambassadors, Iheme said that he was proud to be part of TAJBank”s commitment to poverty alleviation in the country.

“I am taking the TAJBank brand to anywhere I go from now, and I will tell the people that TAJBank is the bank to bank with because it cares for all,” he said.

Also, Aisha Falke, who is one of the newly announced influencers, said that she was proud to have emerged as one TAJBank’s influencers.

“ Let me assure the management that I will do my best to take the bank’s mantra, which is “our only interest is you, the customer” to my followers and admirers both locally and internationally.

“TAJBank is a futuristic and innovative non-interest bank that can stand by its customers through thick and thin and offer them the best services at no interest charged.

“The bank’s message is clear – innovative service at no pains – and I am ready to take this to everywhere I go”, she said.(NAN)(www.nannews.ng)

 

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Edited by Isaac Aregbesola

Economy/Business

Securitisation of CBN’s N22.7trn advances will reduce FG debt service burden – Expert

129 total views today

By Kadiri Abdulrahman

A financial expert, Prof. Uche Uwaleke, says the securitisation of the Central Bank of Nigeria (CBN’s) N22.7 trillion Ways and Means Advances will afford the Federal Government a ‘breather’ in terms of debt service burden.

Uwaleke, a Professor of Capital Market at the Nasarawa State University, Keffi said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

According to him, this is in view of the fact that repayment of the over N22 trillion will now be spread over 40 years with a three year grace period on the principal sum.

“In respect of the securitisation of the Ways and Means, the government debt restructuring arrangement affords it a breather in terms of debt service burden.

“Similarly, the cost of annual debt service will reduce given the concessional rate of nine per cent as against the current 20.5 per cent interest rate charged on CBN’s Ways and Means.

“The cumulative effect of these would be a reduction in government budget deficit and freeing up resources that could be applied to more productive areas,” he said.

Uwaleke said that It was also important to note that since the securities will only be taken up by the CBN and not the public, the fear that it will crowd out the private sector was no longer there.

“There is equally the issue of debt transparency that it engenders.

“Before now, CBN’s Ways and Means did not form part of the public debt stock reported by the Debt Management Office.

“Securitisation would entail including it as part of the country’s public debt which makes for transparency ” he said.

He said that, henceforth, adequate safeguards should be put in place to ensure that CBN’s Ways and Means were curtailed due to its negative impact on the general price level.

“The relevant provisions of the CBN Act should clearly stipulate the conditions under which debt limits can be breached.

“The process should involve approval by the National Assembly as well as stiff sanctions for breach of the limits provided in the Act without following due process.

The News Agency of Nigeria (NAN) reports that the Ways and Means provision allows the federal government to borrow from the apex bank if it needs short-term or emergency finances.

This is to enable the government to fund expected cash receipts of fiscal deficits.

The Nigerian Senate had, on Wednesday, approved the request of President Muhammadu Buhari to restructure the advances through securitisation.

Based on statutory provisions, however, the approval of the Senate and the House of Representatives are required for securitisation.

Implementation can, thus, only be upon concurrent approval of the House of Representatives.(NAN)(www.nannews.ng)u

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edited by Sadiya Hamza

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