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NASS Leaders Meets With Finance Minister, Delibrates Over 2022-2024 MTEF/FSP

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Zainab Ahmed

President of the Senate, Senator Ahmad Lawan, and the Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, on Monday evening met with the Minister of Finance, Hajiya Zainab Ahmed, over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The meeting which started at 5:11 pm lasted till about 7:15 pm, had in attendance the Deputy Senate President, Ovie Omo-Agege, the Deputy Speaker, Ahmed Idris Wase and some other principal officers of both chambers, Senators and Members of the House of Representatives.

According to the Senate President, the meeting was convened at the instance of the leadership of the National Assembly to deliberate on projections in the 2022-2024 MTEF/FSP needed to facilitate the early presentation of the 2022 budget by President Muhammadu Buhari in September this year.

Lawan in his welcome address recalled the commitment of the Ninth National Assembly towards the early passage of the nation’s annual budget.

He explained that the development was responsible for the 100 percent implementation of the 2020 Appropriations Act which should be achieved also in 2021.

The Senate President added that the interaction between the National Assembly and the Ministry of Finance on the 2022-2024 Medium Term Expenditure Framework would facilitate the early presentation of the 2022 Appropriations Bill in September this year.

He said, “We all recall how this Ninth National Assembly committed itself Ab initio to ensuring the passage of the Appropriations before the end of December of every year, to enable the implementation of the Appropriations Act to start January of every year.

“So far, we have achieved that in the 2020 budget and 2021 budget as well. This has significantly improved the implementation of the Appropriations Act, culminating in the 100 percent implementation of the 2020 budget, and we are optimistic that the implementation of the 2021 budget would also achieve 100 percent.

“The 2022 Appropriations Bill would be predicated on the MTEF/FSP 2022-2024. [And] it is very important that this interaction takes place so that the National Assembly is able to consider the MTEF in very good time to allow the Executive arm of government prepare the Appropriations Bill for 2022.

Speaking, the Minister of Finance, Hajiya Zainab Ahmed, recalled that Nigeria was able to make a quick exit from recession in the third quarter of 2020 despite the impact of the COVID-19 pandemic on the global economy.

According to her, this had an attendant “negative growth” on the Nigerian economy as a result of the significant and sudden drop in crude oil price in the international market.

The Finance Minister disclosed that although the Nigerian economy experienced more revenue earnings in 2020 from non-oil sectors, other sectors such as transport still remain in the negative.

“The economy since then has sustained a tepid growth in the first quarter of 2021, with a growth of 0.51 percent consolidating our exit from recession in the fourth quarter.

“The growth of the Nigeria economy, we are pleased to say, is driven largely by the non-oil sector, which has risen to 0.79 percent, masking the deterioration in the oil sector.

“The sectoral growth in the non-oil sector was primarily driven by telecoms and agriculture sectors as well as other sectors of the Nigerian economy.

“Significant concerns still exist in the performance of trade, as well as transport sector which is still in a very strong negative growth”, she said.

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Banking Sector

NDIC Issues Fresh Directives to Unpaid Heritage Bank Customers, List Requirements for Refund

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The Nigeria Deposit Insurance Corporation (NDIC) has issued fresh directives to customers of the defunct Heritage Bank who are yet to receive the refund of their money deposited in the bank.

The managing director of NDIC, Bello Hassan, through the director of communications and public affairs, Nuhu Bashir, issued the fresh directive during the corporation’s ‘special day’ event at the 36th Lagos International Trade Fair.

Urging unpaid customers to come forward, Hassan said that the requirements needed to claim a refund include the customer’s BVN, proof of account ownership, and alternative account details.

He detailed that affected customers can process their claims via the NDIC website, email, and social media platforms.

Highlighting the corporation’s role in liquidating Heritage Bank and facilitating the ongoing recovery and refund of depositors’ funds, Hassan stated, “Depositors who are yet to receive their payment should come forward with their BVN, proof of account ownership, identification, and alternative account details.”

NDIC reaffirmed its commitment to protecting depositors and ensuring financial stability.

“Our mandate is to safeguard depositors and ensure financial stability,” he stated.

Hassan assured customers that banks that are still in operation are safe saying, “All banks with active licenses from the CBN are safe and healthy,” Hassan said.

He pledged the corporation’s commitment to providing a safe and stable financial environment for Nigerians.

According to him, a stable financial environment will boost public confidence in financial institutions and enable businesses to thrive.

He stated, “The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development.”

Gabriel Idahosa, the president of the Lagos Chamber of Commerce and Industry (LCCI) praised the NDIC for its vigilant monitoring of banks and its proactive intervention in distressed institutions.

Idahosa said, “The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector.

“These ensure that banks can continue to serve businesses and individuals even in uncertain economic times.

“Its unwavering commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.”

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Banking Sector

Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

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Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

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Finance

President Tinubu Orders Release of Minors Prosecuted for #BadGovernance Protests

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Following a recent viral video on the X app regarding the prosecution of minors who protested during the #BadGovernance movement, President Bola Ahmed Tinubu has ordered the immediate release of all prosecuted minors.

This was announced by the Minister of Information and National Orientation, Mohammed Idris, in a statement to the State House Correspondents in Abuja.

In a show of concern over the detention of minors, President Tinubu directed the Ministry of Humanitarian Affairs and Poverty Reduction to investigate and ensure that the law is fully applied to law enforcement agents involved in the unlawful act.

It was noted that the arrests violated human rights and the Child Rights Act, as the 32 detainees are under 18 years old.

Activist organizations, including the Arewa Consultative Forum (ACF), National Human Rights Commission (NHRC), Civil Society Legislative Advocacy Centre (CISLAC), Resource Centre for Human Rights and Civic Education (CHRICED), and Concerned Parents and Educators (CPE), condemned the actions and denounced the treason charges filed against the detained minors.

In a call to action, the Socio-Economic Rights and Accountability Project (SERAP) urged the president to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, to immediately and unconditionally release all protesters arrested during the #EndBadGovernance movement.

SERAP stated, “The immediate and unconditional release of all #EndBadGovernance protesters, including 32 hungry and malnourished children, is necessary.”

According to SERAP, for the peaceful exercise of fundamental human rights, including freedom of expression, assembly, and association without fear of persecution or undue restriction, all detained protesters should be released.

In response to the president’s directive, the Attorney General of the Federation (AGF), Lateef Fagbemi, commented that his office “will need to review the matter to enable me to make an informed decision.”

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