ONE WORD

President Bola Ahmed Tinubu has written to the National Assembly seeking an amendment to the 2022 supplementary appropriation Act to allow the Federal Government to source N500 billion for palliative to cushion the effect of subsidy removal.  The letter, which was read on the floor of the House during Wednesday’s plenary by Speaker Tajudeen Abbas, stated that the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion. The letter reads in part: “I write to request the approval of the House of Representatives an amendment of the 2022 appropriation act in accordance with the law. The request has become necessary in other to source for funds to provide necessary palliatives to cushion the effect of the recent removal of fuel subsidy in Nigeria. “The sum of N500 billion only has been extracted from the 2022 appropriation act of N819.536 for the provision of palliatives to Nigerians to cushion the effect of fuel subsidy removal. I expect that the House wil...

From the Central Bank of Nigeria (CBN) yesterday came a directive to International Money Transfer Operators (IMTOs): pay dollars received through Diaspora remittances to domestic beneficiaries in naira. A circular to banks, IMTOs and the public by CBN Director, Trade and Exchange Department, O.S Nnaji, listed 62 approved IMTOs to carry out the directive. In the list are Western Union, World Remit Limited, CashPot Limited, eTransact International Limited, Leadremit Limited, Flutterwave Technology Solutions Limited, and Interswitch Limited. Others are Belyfted Limited, Caperemit UK Limited, Chime In (Sendwave), Colony Capital Limited, Comet Trading Nigeria Limited, CSL Pay Limited, CP Express Limited, among others. The circular titled: Payout Option in Naira Receipt of Proceeds of Diaspora Remittances, said: “Further to the circular referenced TED/FEM/FPC/GEN/01/011 dated November 30, 2020 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout opt...