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Reps Pass Bill to Repeal, Re-enact Ministry of Finance Incorporated for 2nd Reading

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A Bill for an Act to reapeal the ministry of Finance Incorporated Act 1959 and to renact the establishment Act 2023 has passed second reading in the House of RepresentativesThe bill, which was sponsored by Rep. Ademorin Kuye (APC-Lagos), was read for the second time during plenary in Abuja on Tuesday.

Debating on the general principle of the bill, Kuye said the bill was designed to ensure effective ownership and accountability in the use, custodianship, and management of federal government assets.
According to him, the Ministry of Finance Incorporated (MoFI) was established in 1959 by an act of parliament to serve as the sole custodian of federal government assets throughout the Federation.
“However, MoFI, since its establishment, has not operated as it should be given the pillage, brigandage, abandonment, diversion, misappropriation, and abuse of federal assets throughout the country.He said, “the old Act of 1959 contains only six sections without the needed impetus for the corporation to assume its role in modern Nigeria.He added that the new act would introduce a comprehensive framework of 49 sections for the conduct, management, use, and custodianship of federal government assets.He said that the objective of the bill, when passed into law, would reinvigorate MOFI, adding that it would provide the necessary institutional frameworkThis, according to him, is to guide its corporate governance and establish its organisational structure.“It will also ensure strong legal backbone for the emergence of a truly national corporation that will manage, account for and optimize the use of over N300 trillion worth of Federal Government AssetsThis, according to him, is by granting MoFI certain powers and ensuring that the board is properly incentivised.He said that with the proposed corporate governance structure and powers, MoFI would attract the best of investments in assets.This, he said, would ensure the turnaround of redundant federal government assets and the needed footprints in the global business landscape.He said “the Ministry of Finance Incorporated Bill 2024 is an essential legislative framework that will institutionalise and empower the corporation.”This, he said, would provide the needed economic stimulus for growth through the effective and efficient use and management of federal government assets.He said that this was to act as a check against abandonment, redundancy, and misappropriation of these assets.“My distinguished colleagues, I urge you to support this bill for the exponential growth of the nation’s economy.”The speaker, Rep. Tajudeen Abbas, passed the bill for second reading after it was unanimously passed by the lawmakers. (NAN)

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June 12: Tinubu, an Indisputable Beacon of Democracy – Rep. Onuigbo

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Mr Sam Onuigbo,  former House of Representatives member for Ikwuano/Umuahia South/North, says President Bola Tinubu remains  an indisputable beacon of Nigeria’s democracy.

Onuigbo said  this in an interview in Abuja on Tuesday,  ahead of  Nigeria’s   commemoration of Democracy Day, slated for June 12.

He saluted President Tinubu’s bold and patriotic sacrifices during the days of National Democratic Coalition (NADECO), in the fight for democratic governance.

“Tinubu is an indisputable beacon of democracy. He joined NADECO in  making sacrifices for Nigeria to restore democracy.

“In 1999, he was elected governor of Lagos  State and he brought hope and transformation through democratic leadership and positioned the state as a mega city in the whole world,” he said.

The ex-rep, who is also member,  representing South East in  the North East Development Commission (NEDC), lauded Tinubu for sustaining Nigeria’s democracy.

According him, Tinubu sustained efforts in building blocks to build democratic platforms that benefitted other states of the nation.

Onuigbo said that Tinubu’s role in entrenching democratic tenets remained unequaled.

He commended Tinubu for working tirelessly to  enthrone  successive democratic governments not just at the state levels but at the Federal level.

“This is a man who worked for the emergence of President Muhammadu Buhari and some state governors and patiently waited till 2023 to ascend the presidency.”

Onuigbo, therefore,  urged the southeast in particular, and Nigerians at large to ensure continuity by re-electing Tinubu , come 2027.

He expressed satisfaction with Tinubu’s economic reforms, saying  they were hinged on enduring and long term effects.

Onuigbo,  who reiterated the need for Tinubu’s re-election, said it  was necessary for him to continue his good works.

He explained that  removal of fuel subsidy is now yielding results with increased revenue being injected into the economy.

Onuigbo, particularly, expressed gratitude to Tinubu for creating  the South East Development Commission (SEDC)  aimed at addressing  devastations of the civil war.

He described SEDC as a panacea to age long marginalisation of the southeast since after the civil war.

The lawmaker, however, advised the leadership of SEDC to judiciously manage their resources  to develop the zone.

He said: “There is need to reposition our agriculture, need for integrated railway line for the entire  southeast to boost commercial and entrepreneurial activities.” (NAN) 

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ACCI Reiterates Commitment to Partnering FG, Stakeholders to Support SMEs Partnership

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The Abuja Chamber of Commerce and Industry (ACCI) has reaffirmed its commitment to partnering with government and other relevant stakeholders to refine policies that support Small and Medium Enterprises (SMEs).Mr Agabaidu Jideani, Director-General of the ACCI disclosed this in an interview in Abuja on Monday.

Jideani said that the collaboration would enhance the SMEs by providing financial support through loans or grants, adding that such efforts can help them overcome financial challenges.
He said that the partnership would expand businesses, thereby helping in refining policies that could support economic growth.“Abuja remains a vibrant hub and the ACCI is committed to partnering with the government to refine policies, support SMEs and drive inclusive growth.
“Supporting the SMEs will help them expand into new markets and offer them valuable expertise and guidance to improve their operations.“By partnering with government and other relevant stakeholders, business can help refine policies that support economic growth, innovation and development,”he said.Jideani said that the partnership would also ensure that policies were practical, effective and beneficial to all stakeholders.Jideani said that the ACCI had strengthened its advocacy initiative driven by the chambers’ National Policy and Advocacy Centre (NPAC) through strategic partnership with various local and international organisations.He listed the organisations to include European Union, (EU) United Nations Development Programmes (UNDP), Small and Medium Enterprise Development Agency (SMEDAN), and the Ministry of Industry, Trade and Investments.He said that the partnership had advanced data protection and creative industry growth, thereby, safeguarding sensitive information from unauthorised access, and expanding and developing industries that focus on creative expression, innovation, and intellectual property.The director-general said that the chamber”s focus on SME insurance and gender-inclusive policies underscores it’s commitment to ensuring strong development.He said that the “SME Insurance” was insurance products and services designed specifically SMEs.“These insurance policies help SMEs to manage various risks, such as insurance coverage for losses due to business disruptions and protection against claims for damages or injuries,” he said.While assessing President Bola Tinubu’s two years administration on government policies and their impact on businesses and economic growth, Jideani said that the administration pursued ambitious reforms with positive intentions.He said that the administration, anchored on the “Renewed Hope” agenda, had addressed structural inefficiencies, boost private sector growth, and positioned Nigeria as a competitive economy.According to him, the policies have, however, produced mixed results, with notable achievements tempered by significant implementation challenges.“The administration’s policies have been driven by a commitment to fiscal discipline, market liberalisation, and infrastructure development. The reforms have delivered measurable gains,” he said. (NAN)

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NAF Airstrikes Destroy Terrorists’ Enclaves in Lake Chad, Eliminate Scores

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The Nigerian Air Force (NAF) says the Air Component of Operation Hadin Kai (OPHK), has destroyed major terrorist enclave used as a training ground, in Bukar Meram, on the southern flank of the Lake Chad region, Borno.This is contained in a statement by the Director, Public Relations and Information, NAF, Air Commodore Ehimen Ejodame, on Monday in Abuja.

Ejodame said the operation was conducted on Monday, following credible intelligence on the plan by the terrorists to attack Marte and Monguno communities.
According to him, the airstrikes resulted in the neutralisation of several terrorists as well as the destruction of key logistics infrastructure, including supply vehicles, weapons storage sites, and makeshift shelters.
“Battle Damage Assessment confirmed that the strike effectively disrupted imminent threats posed to the communities of Marte and Monguno, reinforcing NAF’s proactive posture in safeguarding civilian populations and critical territories.“The NAF remains resolute in its mandate to protect the sovereignty of the nation and ensure lasting peace and security across the Northeast and beyond,” he said. (NAN)

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