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December 18, 2024 National Assembly Seeks to Ban Local Transactions in Foreign Currency
IFMUYONEWS

National Assembly Seeks to Ban Local Transactions in Foreign Currency

The bill seeking to prohibit the use of foreign currency in Nigeria has scaled first reading in the House of Senate.

The bill, titled “A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters,” was sponsored by the Chairman of the Senate Committee on Reparations and Repatriation, Senator NED NWOKO.

The proposed legislation is aimed at ensuring all payments including salaries and other transactions are done using the local currency, Naira.

December 18, 2024 Commissioner For Economic Development Says 2025 Budget Will Improve Quality of Life in Akwa Ibom
IFMUYONEWS

Commissioner For Economic Development Says 2025 Budget Will Improve Quality of Life in Akwa Ibom

The Commissioner for Economic Development, Mr. EMEM BOB, says the proposed 2025 budget prioritizes initiatives to stimulate economic growth, create jobs, and improve the quality of life for Akwa Ibom residents.

He stated this at the ongoing Executive Ministerial Briefing and End-of-Year Review in Uyo with the theme “Highlighting Achievements, Signposting the Future.”

The commissioner outlined key achievements and future projections for Akwa Ibom State’s Economic Development.

Mr. BOB also reiterated the Ministry’s commitment to coordinate policy planning and implementation across MDAs, ensuring a unified approach to achieving the objectives of the ARISE Agenda.

The briefing featured presentations from other MDAs, highlighting their progress, achievements, and plans. Participants, including representatives from Civil Society Organizations (CSOs), professional bodies, and the media, engaged in interactive sessions, offering insights and feedback on the government’s efforts.

December 18, 2024 Governor Umo Eno Confirms Akwa Ibom Can Generate 24/7 Power
IFMUYONEWS

Governor Umo Eno Confirms Akwa Ibom Can Generate 24/7 Power

Governor UMO ENO has expressed belief that the state can generate power 24 hours 7 days in a week, insisting that a power infrastructure committee has become necessary to advance Akwa Ibom’s power sector.

The Governor was speaking during day 2 of the Inter- Minister briefing which will continue today, after listening to the submissions of the Commissioner for Power ; CAMILUS UMOH, who spoke about the issues in his ministry.

The Governor who made reference to the sack of the Ibom Power Company Managing Director; Engineer MEYEN ETUKUDO and the criticisms following his decision, maintained that he took the right step to correct anomalies that exist in the sector.

Governor ENO went ahead to note that a master plan for the development of Akwa Ibom’s Power sector, as an offshoot of a summit, is crucial, and that these activities must be held in the first quarter of 2025.

Commissioner for Power, Engineer CAMILUS UMOH, in his briefing expressed concerns about vandalism of power infrastructure in the state while also establishing that the draft electricity laws contains stiff penalties for offenders.

December 17, 2024 Federal Executive Council Gived Nod to President Tinubu on 2025 Budget
IFMUYONEWS

Federal Executive Council Gived Nod to President Tinubu on 2025 Budget

The Federal Executive Council has given final approval to the 2025 budget to be presented by President BOLA TINUBU.

Speaking to State House correspondent shortly after the FEC meeting chaired by President TINUBU at the Presidential Villa on Monday, the Minister of Budget and Economic Planning, ATIKU BAGUDU said the total 2025 expenditure is projected at forty-seven trillion, nine hundred and sixty billion naira which is an increase of 36.8 per cent from the 2024 estimate.

BAGUDU said the 2025 Appropriation Bill is pegged on an Oil price benchmark of 75 dollar per barrel, oil production of 2.06 million barrels per day and exchange rate of N1,400 to a dollar.

He said the total projected revenue for 2025 budget stands at thirty-four trillion, eight hundred and twenty billion naira.

Meanwhile, there are indications that President BOLA TINUBU may not present the 2025 budget to the National Assembly today, December 17, as earlier scheduled.

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