Bank Lending To Economy Hits N17.2tn
Aggregrate banking system credit to the domestic economy rose by 7.1 per cent to N17.2tn in January, the Central Bank of Nigeria’s latest monthly economic report released on Monday indicated.
This was in contrast to the growth of 1.5 per cent recorded at the end of December 2014.
The CBN report, however, stated that the growth in aggregate banking sector credit to the domestic economy as of January 2014 was 7.2 per cent.
The report read in part, “At N17.2tn, aggregate banking system credit to the domestic economy at end-January 2015 rose by 7.1 per cent on month-on-month basis, compared with the growth of 7.2 per cent at the end of the corresponding period of 2014, but was in contrast to the 1.5 per cent decline at end-December 2014. The development reflected, largely, the 55.4 per cent increase in (net) claims on the Federal Government.
CPC To Prosecute Companies For Consumer Rights Abuse
The Director-General, Consumer Protection Council, Mrs. Dupe Atoki, has decried the high rate of consumer rights abuses in the telecommunications, aviation, banking and power sectors of the Nigerian economy.
Electricity Tariff Reduction Not Political – NERC
Against the backdrop of criticisms that the recent removal of distribution losses from electricity tariffs and the subsequent reduction of the amount payable by consumers was a political move, the Nigerian Electricity Regulatory Commission has said the decision is based on its technical work.
NERC had last week announced that collection losses would no longer be automatically passed on to consumers by the electricity distribution companies, adding that the new order had reduced the tariffs to be paid by all classes of consumers.
An energy law and policy expert, Mr. Ayodele Oni, who is also a Senior Associate at Banwo & Ighodalo, told our correspondent that the decision by NERC smacked of politics, adding, “It doesn’t make commercial sense.”
“It (NERC) is really changing the rules mid-way into a game. There is a five-year loss projection for each Disco and this new approach unjustifiably accelerates it without taking investors into consideration. I do not think it is an independent NERC decision,” he added.
According to Oni, with the new order, it appears that the government is not honouring the agreement anymore, a move that does not augur well for trade, commerce and investment.
ICAN, CIPFA Sign MoU On Public Finance
The Institute of Chartered Accountants of Nigeria and the Chartered Institute of Public Finance and Accountancy, United Kingdom, have signed a Memorandum of Understanding to strengthen public financial management in Nigeria.
SME, Key To Economic Development – Aku
The Managing Director, Ecobank Nigeria Plc, Mr. Jibril Aku, says the development and protection of Small and Medium Enterprises is crucial to economic development. As a result, he said it was important to empower the SMEs in order to enhance economic growth.
Amaechi’s Allegation Against Me Laughable – Patience Jonathan
Wife of President Goodluck Jonathan, Patience, on Monday, described an allegation of extortion levelled against her by the Rivers State Governor and Director-General of the All Progressives Congress Presidential Campaign, Mr. Rotimi Amaechi, as laughable.
Amaechi had, on Saturday, claimed that the governorship candidate of the Peoples Democratic Party in the state, Chief Nyesom Wike, had been paying $1m (N199m) monthly to Mrs. Jonathan.
The governor had claimed that Wike was giving the money to the President’s wife in order to gain political favour.
Mrs. Jonathan, who spoke with our correspondent through her media aide, Mr. Ayo Adewuyi, however said there was no truth in the claim.
Adewuyi described Amaechi’s claim as laughable and ridiculous, saying that nothing short of such was expected from Amaechi.
He said, “The allegation that the First Lady is collecting money from Chief Wike monthly is laughable and ridiculous.
Oil Sector Corruption To End In Four Years – Jonathan
President Goodluck Jonathan has promised to eradicate corruption in the nation’s oil sector in the next four years if re-elected during Saturday’s Presidential election. Jonathan made the promise in Lagos Sunday evening at a youth event, tagged, ‘An unimaginable feat in sports’.
Technical Education Will Solve Graduate Unemployment
The Provost of Federal College of Education (Special), Oyo, Dr. Emmanuel Adeniyi, has advocated more attention to technical education as a remedy for graduate unemployment in the country.
INEC Extends PVC Collection In Plateau
The Independent National Electoral Commission has extended the collection of the Permanent Voter Cards in Plateau State by three days or 72 hours. Deputy Director, Voter Education and Publicity, Mr. Osaretin Imahiyereobo, told our correspondent in Jos on Monday that the action was to enable those who have not collected their PVCs to do so.
Card Reader Will Eliminate Rigging – NUJ President
The National President of the Nigeria Union of Journalists, Mr. Mohammed Garba, said in Kaduna on Monday that the use of card reader, being introduced by the Independent National Electoral Commission, will enhance the credibility of the rescheduled March 28 and April 11 elections.
Beware Of Anti-democratic Forces, Falana Warns Nigerian
A human rights lawyer, Mr. Femi Falana (SAN), said Nigerians should get ready to contend with a class of people he described as ‘political and economic predators,’ who might be waiting to sabotage the nation’s democracy.
Don’t Repeat Ekiti Rigging Strategy, APC Warns Jonathan
The All Progressives Congress has warned President Goodluck Jonathan not to use the military and other organs of state to rig Saturdays election like the June 21, 2014 governorship election was rigged in Ekiti.
LG Employees Endorse Ambode
The governorship bid of the Lagos State All Progressives Congress candidate, Mr. Akinwunmi Ambode, received a major boost on Monday after the state chapter of the National Union of Local Government Employees endorsed him. Similarly, the Lagos Waste Management Authority and the Local Government Service Commission endorsed the APC candidate.
Corporate Group Endorses Jonathan
A Non-Governmental Organisation, the Nigerian Corporate Forum, has expressed confidence in President Goodluck Jonathan to do more if re-elected on Saturday. The group, therefore, urged members of the corporate world to vote massively for Jonathan on March 28. The group stated its position during a press conference in Lagos on Monday.
Godfather And Godson Battle In Abia
As Saturdays senatorial election approaches, two-term Governor of Abia State, Orji Uzor Kalu, and his estranged godson, Governor Theodore Orji, are locked in a battle of supremacy in the 24-year-old state.
Osun Governorship: Appeal Court Reserves Judgement
The Court of Appeal sitting in Akure, Ondo State, has reserved judgment in the suit filed by the Peoples Democratic Party’s governorship candidate in the August 9, 2014 governorship election in Osun State, Senator Iyiola Omisore, seeking to upturn the decision of the Election Petitions Tribunal that affirmed the victory of Governor Rauf Aregbesola.
Vote Out Jonathan, Buhari Tells Imo People
The All Progressives Congress presidential candidate, Maj. Gen. Muhammadu Buhari (retd.) has urged Imo people to vote out the Peoples Democratic Party at state and national levels. He said this at the Dan Anyiam Stadium in Owerri, the Imo State capital, on Monday, during a campaign tour.
We Will Soon Bury APC – Patience Jonathan
The wife of the President, Mrs. Patience Jonathan, yesterday in Enugu advised the women of the state against being deceived by the antics of the All Progressives Congress (APC) which she said has nothing good to offer the people.
Attack On Buhari’s Wife: Court Remands 2 In Prison Custody
Ilorin Magistrate court has ordered that Sulaiman Lawal, 27, and Lukuman Isiaka, 20, be remanded in prison custody for allegedly attacking the convoy of the wife of the APC presidential candidate, Mrs. Aisha Buhari.
INEC Begins Distribution Of Sensitive Materials Tomorrow
Independent National Electoral Commission (INEC) will on Wednesday withdraw all the sensitive materials from the vaults of the Central Bank of Nigeria (CBN) for distribution to states, local government areas and wards for this week’s presidential and national assembly elections.
Chief Press Secretary to the INEC chairman, Kayode Idowu, who made the disclosure equally allayed the fears of Nigerians over the stolen smart card readers in Zamfara State, assuring that the commission has enough in its stock to replace any stolen before the election day.
APC, PDP Supporters Clash In Kaduna
Few days to the general elections, All Progressive Congress (APC) supporters yesterday clashed with their Peoples Democratic party (PDP) counterparts in Kaduna, leaving some people injured.
Obama Urge Nigerians To Reject Violence As Nation Goes To Polls
United States President Barack Obama has appealed to Nigerians to reject violence before, during and after the elections.
703, 492 Voters Yet To Stop Collecting PVCs In Oyo – INEC
A total of 703,492 voters are yet to collect their permanent voter cards (PVCs) from the Independent National Electoral Commission (INEC) in Oyo State, the Resident Electoral Commissioner (REC) in the state, Ambassador Rufus Akeju, has said.