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National Assembly Set to Rework Electoral Act Bill

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Lawmakers yesterday took steps to repackage the controversial Electoral Act amendment Bill President Muhammadu Buhari rejected.

Members of Senate and House of Representatives committees on Independent National Electoral Commission (INEC) held a closed session to reconsider contentious clauses of the rejected Bill.

If the Bill is passed by the two chambers, it will be the fourth time the National Assembly has considered and passed the Electoral Act amendment Bill.

President Buhari vetoed the Electoral Act Amendment Bill 2018 earlier this month, citing drafting issues, which he said were likely to affect the interpretation and application of the Principal Act.

In separate memos to Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara, the President said that some of the provisions of the Bill would adversely affect the operations of the Independent National Electoral Commission (INEC) if allowed to pass.

The rejection of the Bill was communicated to the presiding officers of the National Assembly in a September 3, 2018 letter.

Although the use of electronic card readers was not raised by the President in his veto of the Bill, some stakeholders believed that his rejection of the Bill also meant that the card reader will not be used for next year’s general elections.

The Presidency has come up strongly to say that the card reader was not part of what the National Assembly sent to the President for assent.

President Buhari had in March turned down the amendment to the Electoral Law, which altered the sequence of elections.

The amendment placed the National Assembly election first, followed by the presidential election. Governorship and Houses of Assembly elections are to hold last in the order of elections.

Buhari noted that “Section 25 of the principal Act may infringe upon the constitutionally guaranteed discretion of the Independent National Electoral Commission (INEC) to organise, undertake and supervise elections provided in Section 15(A) of the third statue to the Constitution”.

The Chairman, Senate Committee on INEC, Senator Suleiman Nazif, who spoke briefly yesterday before the meeting went into a closed door session said: “I know that this committee is in the eye of the storm and Nigerians are desirous and expecting to hear from us.

“Here we are, again, trying to address the Electoral Act for the fourth time. Nigerians will recall that there was a first Electoral Act (amendment bill), the second and the third one.

“And if we pass this one it will be the fourth one. I believe that what we are doing is in the best interest of this country.

“It will address all the fears and we will ensure that we equip INEC with what is necessary and what will ensure free and fair elections in 2019.

“I will not be in a position right now to address the press and I don’t think any member of this committee is in a position to address the press.

“We will have to look at what transpired (concerning the bill) in an executive session and tomorrow by 11am, we will call all press men and we will tell you in detail what transpired and the position this committee has taken.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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