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Speakership: 106 Of 143 N’West, N’Central Members-Elect Back Abbas, Kalu …as Abass’ Group Calls For Unity Among Contenders head Of Inauguration

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By Iyojo Ameh

The Speakership and Deputy Speakership candidates of the All Progressives Congress (APC) for the incoming 10th National Assembly, Rt. Hon. Tajudeem Abbas PhD and Rt. Hon. Benjamin Kalu, may have consolidated their leading status as the candidates to beat in the Speakership race.

This was as the duo have garnered more endorsements in the last 48 hours, following the resolution by 106 out of the 143 combined members-elect from the North West and North Central geopolitical Zones threw their weights behind their candidature on Tuesday.

With the latest development, the Abbas/Kalu ticket appears to be getting closer a landslide victory on Tuesday, June 13, 2023.

This newspaper gathered that during the separate endorsement meetings in Abuja on Tuesday, 72 out of 92 members-elect from the North West zone and 32 out of 51 from North Central lawmakers declared their support for the ticket as part of the ongoing operation ‘Meet-The-Caucuses’ embarked upon by Abass and Kalu.

The meeting which held in the Ladi Kwali Hall of the old Sheraton Hotel Abuja had in attendance, member-elect from the North Wes, while those of the North Central held at the Transcorp Hilton respectively.

Other zones of South-South and North East will followed suit on Wednesday while Southeast and Southwest will be held on Thursday.

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Briefing newsmen on the progress so far, the Communication Adviser to the Tajudeen-Ben Kalu group (TBK) and lawmaker elect for Ideato North and South Federal Constituency, Hon. Ikenga Ugochinyere, described the success recorded so far as a victory for the growing quest to build a stable, strong, united, harmonious and all-inclusive House that will deliver on life-changing people’s legislations that will help to deliver on the renewed hope agenda of the present administration.

According to him, the massive support from all zones and ethnic and religious divides is clear evidence of members’ commitment to seeing Nigeria move forward, and an indication of a significant buy-in into the Abass and Kalu message of unity and competence rooted in inclusiveness and teamwork.

Hon. Ikenga described Abbas and Kalu’s legislative competence and capacity, plus their unrelenting reaching out and door-to-door engagement with members-elect, as “one of the reasons for the across-board acceptance.”

Ikenga said “the commitment of the Abbas/Kalu to a peoples’ 10th NASS leadership is not in doubt, as shown by the readiness of Abbas/Kalu to carry every member along in the quest to deliver on the agenda for a peoples parliament that will help in realizing the renewed hope agenda of President Bola Ahmed Tinubu.”

He said “Abbas and Kalu’s team spirit and unity are the first of their kind in the leadership race, with a Speaker and Deputy running together with a clear agenda for the members and the country.”

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Ugochinyere therefore urged other aspirants to let go their ambitions, and support the duo towards delivering a people’s oriented 10th National Assembly.

He expressed optimism that “Abbas and Kalu’s Commitment with help deliver the renewed hope agenda of President Tinubu and also ensure a working and independent legislature endeared them to the lawmakers elect who agree that the 10th Nass needs a competent leadership with team spirit, unity, and INCLUSIVENESS which Abass and Kalu represent.”

“After Abbas and Kalu presented their road map to the lawmakers-elect from the two regions, they rose in their different zonal engagement with them and resolved to vote for the duo in a landslide. They praised the legislative competence of Abbas and Kalu, which saw them moving over 100 bills that have over 23 already signed into law, and said the 10th Nass couldn’t miss such men with an iroko style legislative capacity rooted in teamwork, inclusiveness, and humility.

“They appreciated Abbas and Kalu’s unrelenting engagement with lawmakers with opposing views that they reached out, and extending hands of fellowship is something worthy of commendation. Odds are in their favour in winning the election come June 13th with the gale of endorsements flying in from all corners. Currently 106 out of 141 lawmakers-elect from Northwest and North Central (72 out of 92 lawmakers elect from the North West zone and 32 out of 51 North Central lawmakers) have declared their support at the ongoing zonal caucuses meeting by Abass and Kalu. In the coming days, we are optimistic that more members-elect will declare their support for the duo.”

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Business and Economy

Nigerian Minister laments low investment in Infrastructure

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By Iyojo Ameh

Minister of Budget and National Planning, Senator Atiku Bagudu on Friday said the country has not invested enough in infrastructural development.

According to him, several problems been encountered recently by Nigerian are as direct results of under- investment in several multi- dimension infrastructure.

The minister spoke at the National Assembly during an interactive session with the Senate committee on Appropriation under the chairmanship of Senator Olamilekan Adeola.

The minister was invited to provide insight into the N6.2 trillion supplementary appropriation approval for the 2024 budget by the National Assembly as requested by President Bola Tinubu.

Bagudu commended President Tinubu for the political will yo confront the infrastructure deficit by seeking the N3.2 trillion to fund the projects which include the Lagos – Calabar coastal highway, the Sokoto – Badagry highway and the Trans- Sahara highway.

He commended the President for his confidence that the projects when completed will increase economic activities and shore up the nation’s revenue base.

He added that the projects will encourage massive transformation apart from strengthening economic realities.

The minister while trying to douse the agitation of members of the committee on the fate of other deplorable roads and uncompleted roads projects in their various constituents said the federal government has not abandoned any of the ongoing projects.

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Bagudu categorically stated that the government is not giving priority attention to the innovative projects at the expense of other road projects.

He assured that the Federal Executive Council will continue to consider and give financial approval to other roads as funds are available.

The minister though did not give a detailed statement of the supplementary approval, gave a sectoral overview of both the N3.2 trillion of the Renewed Hope Infrastructure Projects and the N3 trillion increase in the recurrent component of the budget.

Chairman of the Senate Appropriation Committee, Senator Adeola the government has full capacity to finance the 2024 budget.

He , however implore the minister to make available to the committee a full detail and breakdown of the N6.2 trillion approval as soon as possible.

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Business and Economy

Economy : CBN announces indices on growth and stability …As Senate interfaces with the CBN Gov

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By Iyojo Ameh

The Central Bank of Nigeria on Friday in Abuja , rolled out indices , signaling improved growth and stability of the Nation’s economy.

This is as the apex bank through its Governor , Olayemi Cardoso , assured Nigerians of better days ahead .

Rolling out the growth and economic stability indices during statutory engagement with the Senate Committee on Banking , Insurance and other Financial Institutions , the CBN Governor said : ” The
spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June 2024, indicating successful price discovery, increased market efficiency, and reduced arbitrage opportunities.

“The stock of external reserves increased to US$36.89 billion as of July 16, 2024, compared with US$33.22 billion at end-December 2023, driven largely by receipts from crude oil related taxes and third-party receipts.

” In Q1 2024, we maintained a current account surplus and saw improvements in our trade balance.

“Our external reserves level as at end-June 2024 can finance over 11 months of import of goods and services, or 14 months of goods only. This is significantly higher than the prescribed international benchmark of 3.0 months, indicating a strong buffer against external shocks.

“The banking sector remains robust and diverse, comprising twenty-six commercial banks, six merchant banks, and four non-interest banks. Key indicators such as capital adequacy, liquidity, and non-performing loan ratios all showed impressive improvements, underscoring the sector’s growing stability and resilience.

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“The equity market has shown impressive performance, with the All-Share Index rising by 33.81 per cent and market capitalization expanding by 38.33 per cent from December 2023 to June 2024, reflecting growing investors’ confidence.

“While we are encouraged by these positive trends, the CBN remains vigilant and committed to implementing policies that support sustainable growth in our financial markets, while maintaining overall economic stability”

He added by assuring the committee members , that required measures and strategies , have been mapped out to confront emerging challenges .

“To combat inflation, we have implemented a comprehensive set of monetary policy measures. These include raising the policy rate by 750 basis points to 26.25 percent, increasing Cash Reserve Ratios, normalizing Open Market Operations as our primary liquidity management tool, and adopting Inflation Targeting as our new monetary policy framework.

“In the area of banking supervision, the CBN has taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

” Key measures include intervention in three banks, revocation of Heritage Bank’s license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

” We also introduced new frameworks for Cash Reserve Requirements and cybersecurity and prohibited the use of foreign currency collaterals for local currency loans.

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“We are in the process of reviewing the Bank’s micro and macroprudential guidelines to reinforce the resilience of financial institutions in Nigeria to withstand tightened conditions, thus creating a secure and attractive investment climate.

“We have signaled our plans to re-capitalize deposit money banks in Nigeria to improve capital inadequacy and their capacity to grow the economy.

“Our ultimate goal is to create a more stable, resilient, and efficient financial system that can better serve the Nigerian economy, while adhering to international best practices”, he said .

Earlier in his opening remarks , the Chairman of the Committee, Senator Adetokunbo Abiru said the overall purpose of the interaction , ” is to update the commiittee on efforts, activities, objectives and plans of the Bank with respect to monetary policy”

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General News

I’m not a power manipulator —senator Bamidele

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The Senator leader senator Opeyemi Bamidele has dispelled the campaign of calumny against him in some social media not the Citypost and office of the Leader of the Senate,

Senator Michael Opeyemi Bamidele in a statement from his media directorate says some individuals, either misconstrued the statutory role of the Majority Leader in a democracy or willfully distorted established legislative rules that charged the Majority Leader with the duty of leading the business of the Parliament, including government bills.

The statement reads in parts:

“Senator Bamidele is never a power manipulator, enemy of the people and an obstacle to national peace, as some reactionaries or agents of regressive forces have been peddling in the social media. As a political actor who enjoys vast public trust, he will never or can never act against the core and strategic interests of Nigeria and Nigerians at any level”

“Under Rule 23, the Senate Standing Orders, 2023 (as amended) specifically provides for the Office of the Leader of the Senate, who shall be a Senator duly nominated from the political party with the highest number of seats in the Senate. This is the global best practice, which is not peculiar to the Federal Republic of Nigeria, but also to all democracies worldwide”

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“The rule further establishes that the Leader of the Senate shall (a) lead all government bills; (b) lead the business of the Senate; (c) manage the legislative schedule of the Senate; (d) liaise with Committee Chairmen and other functionaries of the Senate and (e) perform such duties as the President may assign to him.

Consistent with the Senate Standing Orders, 2023 (as amended), therefore, Senator Bamidele is under obligation to lead all government bills, a role he has been playing creditably. By implication, he is responsible for sponsoring and promoting government bills originating from the Executive Arm or its ministries, departments and agencies”

“In this light, Senator Bamidele has been able to manage the floor debate on government bills successfully; build consensus across political divides; mobilise support for government bills within the Senate and lead negotiations to gain broader support. Since his assumption of office on July 4, 2023, Senator Bamidele has equally deployed strategies in navigating the complex legislative procedures to advance government bills and coordinated closely with the Executive Arm to ensure that government bills reflect the administration’s policies and priorities”

“Like other principal officers of the Senate, the role of the Leader of the Senate is provided for in the Senate Standing Orders, 2023 (as amended). In Nigeria, particularly, this role has been pivotal in advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR through the National Assembly. And he has played the role well through a combination of strategic planning, negotiation and leadership skills”

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