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2023: INEC ‘ll not Favour any Party or Candidate—Yakubu

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By Jude Opara, Abuja

As activities leading to the conduct of the 2023 general elections draw nearer, the Independent National Electoral Commission (INEC) has reiterated its resolve not to favour any particular political party or candidate over others.

INEC Chairman, Prof. Mahmood Yakubu said this on Wednesday while declaring open the 4th Abubakar Momoh Memorial Lecture with the theme; “Electoral Act 2022: Imperatives for Political Parties and the 2023 General Elections” which he at the Electoral Institute (TEI), Abuja.

 

Yakubu who was represented by the Chairman of the Board of TEI, Abubakar Zuru said the lecture was organized to sensitize political parties on the provisions of the new Electoral Act.

He added that with the modalities already in place for the conduct of the election, votes would count and whoever wins will be declared.

“Once again, I wish to assure you that INEC has no preferred party or candidate. We shall only ensure that all valid votes count and the winners are decided solely by the voters. 

“The Memorial Lecture is focused to enlighten and sensitize political parties on the new provisions in the Act and the derivative subsidiary laws of the Independent National Electoral Commission (INEC). 

“The Prof. Abubakar Momoh memorial lecture is a platform established by the Commission to project the ideals of a social activist and an advocate of citizens involvement in Elections and nation building. It is therefore befitting to ride on this platform for advocacy on the electoral legal framework that will drive the 2023 General Election.”

You may recall that in February, President Muhammadu Buhari signed the 2022 Electoral Act Amendment Bill into law. Therefore, the 2022 Electoral Act replaces the Electoral Act 2010 in bringing innovations to the processes and procedures for the conduct of Elections in line with the mandate of the Commission. 

“As the 2023 general elections draws near, it is imperative for all stakeholders especially the Political parties to note the major features introduced by the new Electoral Act 2022 and the possible implications of these changes on the upcoming elections: the happenings that accompanied the recent party primaries attest to this.

“These new initiatives as contained in the Law served as the bedrock for the reviewed Regulations and Guidelines for the Conduct of Elections 2022 released by the Commission on 24th May 2022. This in turn dictated the review of the Manual for Election Officials, 2022.”

The INEC boss further explained that the introduction of electronic devices like the Bimodal Voter Accreditation System (BVAS) would continue to enhance the credibility of electoral system.

“Let me draw your attention to the fact that the use of electronic devices such as the Bimodal Voters Accreditation System (BVAS), INEC Voter Enrolment Device (IVED), INEC Results Viewing Portal (IRev) and other technological devices, are now legally allowed in the accreditation process for voters, collation of results and in the general conduct of elections, Please be assured that these innovations are intended to deepen the Electoral Process in our Country and their optimal performance in the just concluded gubernatorial election in Ekiti and Osun States is an eloquent testimony to their electoral value. We shall only do more to consolidate their deployment in our election”. 

In his presentation, the guest lecturer, Prof Yemi Akinseye-Geoge, SAN, noted the imperatives of political parties doing things within the confines of the law. 

He said there is every need for parties and their candidates to be diligent in their preparations before elections as well as actions after so as not to jeopardize their chances of winning.

Akinseye-George, a former professor of Law at the Afe Babalola University gave example with the outcome of the 2019 governorship election in Imo state where a candidate that came fourth was declared winner by the Supreme Court.

“While many have expressed surprise at how a candidate who came fourth in the Gubernatorial election can be declared winner by the Supreme Court, a close study of the judgment shows that based on the facts and evidence before the court, the respondent was rightly declared the winner of that election. The appellant failed woefully to adduce evidence to contradict the petition of the Respondent a substantial number of his votes from 366 poling units were neither counted nor added to his scores.  

“The Supreme Court has decided in several cases that political parties must obey their own constitutions as the court will not allow them to act arbitrarily or as they like.

“Politics is not anarchy; it is not disorderliness; it must be punctuated by justice, fairness and orderliness.”

Earlier in his welcome address, the Director General of The Electoral Institute, Dr. Sa’ad Umar Idris said the topic of the lecture was carefully chosen to drive home the importance of political parties avoiding thorny issues that usually lead to litigations.

“This topic is also very apt, to train the Executives (National Chairman and Secretaries) of the 18 Political Parties on the various Sections of the new Act and the critical implications embedded in many of its Sections.

“The unfortunate preponderance of many legal cases arising even from the pre-election period up till after the conduct of the elections, indeed have at many times brought a lot of challenges to the electoral process and our country’s political development at large. It is hoped that with this lecture and training for party executives, due influence can be brought to bear and reduce the swift race to the courts that has characterized our political space in the last 10 years.”

Idris added that as a responsible umpire, INEC will always be conscious of their responsibilities of ensuring conduct of free, fair, credible and inclusive elections, especially with the aid of the Electoral Act 2022.

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Federation Account Garners N7trn Revenue in Six Months – RMAFC

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By Tony Obiechina, Abuja

Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday disclosed that a total sum of N7.31 trillion accrued to the Federation Account between July and Dec. 2023.This was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.

This amount is higher than the sum of N5.
244 trillion realised in the first half of year 2023, according to a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu and made available to the media in Abuja.The chairman disclosed that out of the total gross revenue inflows into the Federation Account, the sum of N1,692 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.
475 billion for distribution.He added that from the amount stated above, the sum of N3.26 trillion was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2 trillion for distribution to the three tiers of government within the period under review.The chairman explained that out of the N3.267 trillion statutory deduction indicated above, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government received from some “reserve accounts.”The statement added that within the period under review, the net sum of N4 trillion was shared with the three tiers of government, an amount higher than the total sum of N3.06 trillion.In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12 percent of the total gross inflow into the Federation Account in the six-month period, which was higher than the first half deductions of 42.31 percent (inclusive of transfer to the Non-Oil Excess Account).”On remittances by Revenue Generating Agencies (RGAs), the RMAFC chairman disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited (NNPCL) remitted N874 64 billion in the second half of the year as against the zero-remittance made in the first half of the year.Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N1.56 trillion while the Federal Inland Revenue Service (FIRS) remitted N3.65 trillion

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PDP NEC Meeting Ends with Damagum as Acting Chairman

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By Johnson Eyiangho, Abuja

Peoples Democratic Party (PDP) 98th National Executive Committee (NEC) meeting yesterday ended without a word on the much talked-about replacement of the party’s Acting National Chairman, Amb. Iliya Damagum, an indication that he will continue to function in that position.

In an interview with newsmen after the meeting, the PDP spokesman, Hon.
Debo Ologunagba said for now, the party is focusing on issues of reconciliation and its stability, adding that the issue of the Acting National Chairmanship had been “deferred to the next NEC meeting, which is tentatively scheduled for August 15, 2024″.
Also speaking, the Governor of Bauchi State and Chairman of the PDP Governors’ Forum, Bala Mohammed said the party is united as there was no dissension and rancour.
In his words, “It was planned that the party would have an implosion. PDP is more than that. We have gone beyond all that. This party is united, guided by experience and constitutionality.”There were a lot of permutations and mischievous thinking outside there. But we looked at all the issues and we worked along our guidelines and constitution.“There is no problem or dissension and problem among members,” Mohammed said.The well attended NEC meeting was held amid tight security as police and personnel of the Department of State Services (DSS) condoned off roads leading to the PDP Secretariat, Abuja and diverted vehicular traffic.It will be recalled that the PDP National Working Committee (NWC) had passed a vote of confidence on Damagum during its meeting on Tuesday.A communique issued at the end of the three hours meeting commended all the organs of the party for their collective resilience, steadfastness and commitment towards the unity, stability and sustenance the party despite daunting challenges.The communique commended the efforts of the NWC in its effort towards rebranding the party and urged all party members to continue to work together for the success of the PDP for the benefit of Nigerians and sustenance of democracy in our country.

The document which was read by the PDP National Publicity Secretary, Ologunagba, however, expressed concern over what it described as the ill-implemented policies of the APC administration, leading to worsening insecurity, harrowing economic hardship, soaring unemployment rate, high cost of food and other necessities of life with pervading misery and despondency across the country.”NEC expresses serious apprehension over the spate of acts of terrorism and violence including the escalated cases of mindless killings, mass abduction of innocent Nigerians and marauding of communities in various parts of the country.”NEC condemns the insensitivity, nonchalance, incompetence and arrogance in failure of the APC administration which continues to conduct itself in a manner that shows that it has no iota of interest or commitment towards the wellbeing of Nigerians.”NEC also condemns the creeping totalitarianism and tendencies towards a One-Party State which is inimical to the peace, stability and corporate existence of our nation as well as the development of Democracy and good governance in the country,” it said.The communique demanded that President Bola Tinubu should urgently convene a special National Security Council meeting to proffer a holistic solution and measures to curb the disturbing insecurity with its attendant negative consequences on the nation.It also called on the president to “immediately rejig his Economic Team to bring in persons of proven integrity and competence without bias and vested interest to assist in repositioning the economy.”NEC further demands that the Federal Government should review all policies and programmes which are stifling the economy with suffocating effect on the lives of citizens; including the increase in price of fuel without cushioning measures, hike in electricity tariff, increased taxation and implementation of adverse fiscal policies,” the communique added.Present at the meeting were FCT Minister Nyesom Wike, former Vice President Atiku Abubakar and many other past and presently elected members of the PDP.

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CBN Reduces Banks’ Lending Rate to 50 Percent

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By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.

LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.

CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.

“Following a shift in the b  ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.

“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.

“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.

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