19 Nov

Daily Watch – Buhari seeks approval for supplementary budget, Power firms owe NERC N3 billion

President Muhammadu Buhari, has sent a letter to the senate seeking approval for the 2015 supplementary budget of N465 billion from the Consolidated Revenue Fund. Buhari said the supplementary budget became imperative as a result of shortage of funds to carry out important projects in the country. Of the amount, N460 billion is for additional recurrent expenditure

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18 Nov

Daily Watch – Analysts surprised as economy grows in Q3, Dasuki probe reveals stunning figures

The Minister of State for Petroleum Resources, Ibe Kachikwu has directed the Department of Petroleum Resources to seal off fuel stations found to be hoarding petroleum products and dispense the petroleum free to the public. The Minister gave the directive after a working visit to some retail outlets in Abuja. Kachina also said that Nigeria would have to find a long-term solution to the frequent scarcity of petrol in the country, and that he was working with President

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17 Nov

Daily Watch – FG to focus on raising non-oil revenue, IPPs more profitable than DISCOs

New Minister of Finance, Kemi Adeosun, has said the Federal Government will henceforth focus on raising non-oil revenues. She told the Financial Times that stricter enforcement of earnings collection from federal agencies and more diligent bookkeeping were the types of “micro” issues her ministry would focus on to mitigate the effects of crude prices that have remained below $50 a barrel. Aliko Dangote, Africa’s richest

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16 Nov

Daily Watch – Remita details emerge, Petrol scarcity bites harder

Contrary to claims made last week in the Senate, Remita, a software that facilitates the payment of government revenue from financial institutions to a TSA in the CBN, is not a revenue collection agent. Also, the entire 1 per cent commission does not go to SystemSpecs, the company behind the software, but is shared between the CBN, commercial banks and SystemSpecs. “A tariff of 1% of the funds collected shall be charged for the government revenue collections

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13 Nov

Buhari’s ministers, an assessment

After a five month wait, Nigerians finally learned the make up of the team President Buhari wants to use to drive the promised change in Nigeria. Many of the names had been long speculated but there were plenty of surprises, especially with regards to the shake-up of the ministries.

First, from the reorganisation of ministries (and in some cases mandates), it appears Buhari has created 7 super ministries to drive his agenda. These are Budget-National Planning; Defence

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13 Nov

The week ahead – Nigeria’s unity will be under the microscope

Finally, the President has inaugurated his cabinet and allocated portfolios to 36 confirmed ministerial nominees, he pruned the number of ministries from 29 to 25, and made a landmark statement of intent by merging three ministries, Power, Housing and Works, and handing the new ministry to Babatunde Fashola, a former Governor of Lagos, whom many see as someone capable of anchoring the infrastructural development of the present government. Some observers have however

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13 Nov

Daily Watch – Complaints pour into Ikeja DISCO, Guiness joins fine game

The Ikeja Electricity Distribution Company recorded the highest number of consumer complaints between January and March this year, figures contained in the third quarter report of the Nigerian Electricity Regulatory Commission have shown. Specifically, 30,084 customers tabled various complaints about the power distributor, accounting for 43.3 per cent of the total complaints recorded from the 11 electricity distribution companies captured in the report. According

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12 Nov

Daily Watch – Buhari unveils his cabinet, Senate probes TSA

President Muhammadu Buhari has finally sworn in his cabinet, and announced portfolios for the ministers. Buhari named himself Minister of Petroleum, while Ibe Kachikwu, who also doubles up as the NNPC GMD will support him as Minister of State. Some key portfolios are Abubakar Malami – Justice; Brig-Gen Muhammad Dan Ali – Defence; Adamu Adamu – Education; Kemi Adeosun – Finance; Okechukwu Enelama – Industry, Trade and Investment; Senator Chris Ngige

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11 Nov

Positions for Buhari’s incoming cabinet

Over the last 5 months of the Buhari administration, the most consistent criticism has been one of a lack of a sense of urgency in tackling the business of governance. No other measure displays this more that the fact that the cabinet has taken over five months to form. As we have now crossed the hurdle of ministerial nomination and confirmation and are finally at the stage where a cabinet will be constituted, no two things will show the direction of this government

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11 Nov

Daily Watch – Buhari cuts ministries, Wike bans Biafra protests

President Muhammadu Buhari has ordered the mass retirement of permanent secretaries. The decision came a day before cabinet ministers are inaugurated by the President. Buhari made the decision known to the permanent secretaries during a meeting in his office at the presidential villa. Eighteen new permanent secretaries were named immediately to replace the departed officials, and the deployments announced thereafter indicates that the number of federal ministries

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