Connect with us

COVER

Reps Bill Seeking Return of  Parliamentary System Passess First  Reading

Published

on

Share

By Ubong Ukpong, Abuja

Constitution alteration bill seeking to return the country to parliamentary system of government passed first reading on Wednesday in the House of Representatives.

Briefing the media, sponsors of the bill expressed joy and satisfaction that governance would restore the glory of the nation had begun, as the present presidential system was not working.

“We stand on the cusp of history, as lawmakers across party affiliations and regional backgrounds, come together to present bills proposing Constitutional Alterations that seek a transition to Parliamentary System of Government”, Rep.

Abdussamad Dasuki, Spokesman Parliamentary Bill Sponsors told journalists.

“These bills, seeking to alter the Constitution of the Federal Republic of Nigeria 1999, advocate a transition from the current presidential system to a parliamentary system at all levels – federal, state, and local government.

“The proposed alterations, when passed, would significantly impact the national political landscape.

“Our founders in their wisdom and in a political atmosphere devoid of compulsion, and having considered the interests of their native peoples and their desire to live together in a country where truth and justice reign, where no man is oppressed, and where all citizens live in peace and plenty, adopted the parliamentary System of Government.

“That was the governance system of the First Republic, a period when legislative and executive powers were exercised by the representatives of the people in parliament and in the executive, and by the nature of the system these representatives were accountable to the people.

“For six years while it was in operation, the system worked for the country. The collapse of the First Republic and the long stretch of military rule culminated in the adoption of a new system of government, theoretically fashioned after the Presidential System of the United States but in practice imbibed the uttermost attributes of military rule. No wonder the Nigerian President appears to be one of the most powerful Presidents in the world.

“Over the years, the imperfections of the Presidential System of Government have become glaring to all, despite several alterations to the constitution to address the shortcomings of a system that has denied the nation the opportunity of attaining its full potential.

“Among these imperfections are the high cost of governance, leaving fewer resources for crucial areas like infrastructure, education, and healthcare, and consequently hindering the nation’s development progress, and the excessive powers vested in the members of executive, who are appointees and not directly accountable to the people.

The bills presented today seek a return to the system of government adopted by our founders, which made governance accountable, responsible and responsive, and ultimately less expensive. With the presentation of these bills today, we hope to achieve the following: Ignite, provoke a national conversation about the future of the Nigerian governance system.

“To ensure robust public debates, stakeholder consultations, expert analyses, and a thorough and informed decision-making process; to raise awareness about this significant development and encourage constructive dialogue on the potential implications of these proposed constitutional alterations.

“The future of Nigerian governance rests on informed public engagement, and responsive and responsible leadership, the fundamental changes outlined in the bills include:

“Parliamentary System: Replacing the President with a Prime Minister to serve as the Head of Government and establishing the office of the President as a ceremonial leader.

“These elective offices are to be chosen from the elected members of the legislature; Legislative Elections: Shifting the process of electing Governors and Chairmen of Local Governments from general election to voting within their respective legislative bodies; Streamlined Administration: Potentially reducing bureaucratic hurdles and fostering closer collaboration between the executive and legislative branches.

“Our conviction is that a streamlined Executive Branch, which replaces the President and Vice President with a Prime Minister and Cabinet chosen from the legislature, could lead to a smaller central government, reducing salaries and administrative expenses.

“We also hold strongly that shifting the election of Governors and Local Government Chairmen from general election to votes within their respective legislative bodies could save billions spent on state and nationwide campaigns because ministers, commissioners (at the state level) and supervisors (at the local government level) emerge from parliament, there is a greater coordination between the executive and the legislature, just as there will be increased legislative scrutiny, which would make cabinet members responsive to the yearnings of the people and more accountable.

“The proponents of these alterations to the constitution for a parliamentary system of government have placed the interest of our nation above all other interests. Our hope is that the national conversation that would be ignited by these bills would lead to a system of government that works and our dear nation would attain her full potential,” the lawmakers submitted.

COVER

Federation Account Garners N7trn Revenue in Six Months – RMAFC

Published

on

RMFARC
Share

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

Continue Reading

COVER

PDP NEC Meeting Ends with Damagum as Acting Chairman

Published

on

Share

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.

Continue Reading

COVER

CBN Reduces Banks’ Lending Rate to 50 Percent

Published

on

dailyasset-greetings
Share

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.

Continue Reading

Read Our ePaper

Top Stories

NEWS8 hours ago

FCCPC Summons Owner of Chinese Supermarket for Alleged Discrimination of Citizens

Share The Federal Competition and Consumer Protection Commission (FCCPC), has summoned the owner of a Chinese supermarket located in the...

NEWS9 hours ago

Niger Delta Leaders say NDDC MD has Capacity to Perform

ShareSome leaders in the Niger Delta say they have confidence in the capability of the Managing Director of the Niger...

POLITICS9 hours ago

APC Primary Election: Interior Minister Congratulates Aiyedatiwa

Share The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has congratulated Gov. Lucky Aiyedatiwa of Ondo State over his emergence as...

JUDICIARY9 hours ago

Lagos Prison Controller Summoned for Alleged Refusal to Remand Man

Share An Ikeja High Court on Monday has summoned the Lagos State Controller of Nigeria Correctional Services (NCoS) Alagbon in...

Uncategorized9 hours ago

Stakeholders Task NASS to Complete Electoral Act Amendment in 2025

Share Stakeholders in the electoral process have tasked the National Assembly to complete the amendment of the Electoral Act and...

Court Sentences Applicant to 6 Months in Prison for Stealing Cell Phone Court Sentences Applicant to 6 Months in Prison for Stealing Cell Phone
NEWS11 hours ago

Alleged Defilement: Businessman Docked for Failing to Produce Suspect

Share A businessman, Robert Makolo on Monday appeared before an Ikeja Chief Magistrates’ Court, for failing to produce a suspect...

Education11 hours ago

Minimum Entry age to Tertiary Institutions18 Years – FG

ShareThe Federal Government has directed that admission to tertiary institutions should not be given to candidates less than 18 years....

NEWS12 hours ago

EFCC Arraigns Businessman for Allegedly Tampering with Forfeited Property

ShareThe Economic and Financial Crimes Commission (EFCC) on Monday arraigned a businessman, Ifeanyi Bosah-Reginald, before an Ikeja Special Offences Court for...

NEWS12 hours ago

Raid: Police Arrest 1,802 Suspects in 2 Weeks

Share The Police Command in Lagos State says no fewer than 1,802 suspects have been arrested in raids at different...

NEWS12 hours ago

Nigeria’ll Strengthen Regional Collaboration Against Terrorism- Tinubu

SharePresident Bola Tinubu says Nigeria will continue to strengthen collaboration and lead in taking measures towards countering terrorism in Africa....

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc