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Release $717.4m trapped funds to foreign airlines, Senate Urges CBN
The central Bank of Nigeria on Wednesday has been asked to release trapped $717,478,606 airlines funds in the country.
The Senate made the call to CBN while also allocating the sum of $25 million to airlines operating in Nigeria at its fourth-nightly dollar auction.
These resolutions were reached sequel to the consideration of a motion titled, ‘Current Issues on airlines blocked funds in Nigeria’, sponsored by Sen. Biodun Olujimi (PDP-Ekiti) at the plenary in Abuja and chaired by the Senate Committee on Aviation.
The vice chairman of the committee, Sen. Bala Na’Allah (APC-Kebbi) presented the motion on behalf of Olujimi.
The upper chamber of the National Assembly also called on the Federal Government to urgently reverse the current trend of increasing airlines blocked funds in Nigeria.
It called on President Muhammadu Buhari to direct the CBN Governor, Godwin Emefiele, to pay up the blocked funds to the affected airlines.
The Senate further appealed to the airlines operating in the country not to withdraw their services, saying efforts were ongoing to resolve the issue.
Moving the motion, Na’Allah said since January 2021, Nigeria has been the most challenging country in the world for the airlines to repatriate their funds to support their operation.
In February, Nigeria alone accounted for 44 per cent of total airlines blocked funds in the entire world.
The total airlines blocked funds in Nigeria as of March amounted to $717.4 million comprising matured bids that the CBN was yet to deliver, bids yet to mature, and cash balances in airlines’ accounts for repatriation.
News
Fubara Sacks Commissioners , Special Advisers
In a statement last night, signed by Onwuka Nzeshi, Chief Press Secretary to the Governor of Rivers State, the Governor therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
Sir Siminalayi Fubara, Governor of Rivers State, has dissolved the State’s Executive Council.
In a statement last night, signed by Onwuka Nzeshi, Chief Press Secretary to the Governor of Rivers State, the Governor therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
Fubara further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.
News
El-Rufai speaks on Abuja airport arrest attempts by security operatives
El -Rufai wrote.“Our country must outgrow executive overreach particularly involving opposition figures and former public office holders, and deliberate disregard for the rule of law
A former Kaduna State Governor, Nasir El-Rufai, has condemned what he described as an illegal attempt by security operatives to arrest him at the Nnamdi Azikiwe International Airport, Abuja, following his arrival from Cairo, Egypt.
El-Rufai made this known in a post on his verified X (formerly Twitter) handle on Thursday, where he accused authorities of executive overreach and disregard for the rule of law.
“My lawyers have issued a statement that condemns the illegal attempt to arrest me today at the Abuja airport upon my arrival from Cairo,” El-Rufai wrote.“Our country must outgrow executive overreach particularly involving opposition figures and former public office holders, and deliberate disregard for the rule of law,” he added.
News
INEC needs N873bn for 2027 elections, says Amupitan
The 2027 election budget is structured into five major components: N379.748 billion for operational expenses, N92.317 billion for administrative costs, N209.206 billion for technology, N154.905 billion for capital expenditure, and N42.608 billion for miscellaneous items.
INEC Chairman, Prof. Joash Amupitan has estimated a total of N873.778 billion for the conduct of the 2027 general elections, while requesting N171 billion for its 2026 operational budget.
Amupitan made the projection on Thursday when he presented the Commission’s budget proposals before the National Assembly Joint Committee on Electoral Matters.
He clarified that the nearly N874 billion earmarked for 2027 polls is separate from the 2026 budget, which covers routine operations, by-elections, and off-cycle polls.
The 2027 election budget is structured into five major components: N379.748 billion for operational expenses, N92.317 billion for administrative costs, N209.206 billion for technology, N154.905 billion for capital expenditure, and N42.608 billion for miscellaneous items.
The projection does not include a pending request by the National Youth Service Corps (NYSC) for an upward review of allowances for corps members deployed as ad-hoc election staff.
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