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FG’s revenue increases to #9.1trn in Q1, no increase in taxes – minister

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7 months ago

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Mr Wale Edun, the Minister for Finance and Coordinating Minister of the Economy, says that Federal Government’s revenue for the first quarter of 2024 has increased to N9.1 trillion.

According to Edun, this is more than double in the same period in 2023.

Edun said this at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

The minister, however, said that the government had not increased taxes.

The minister, represented by Dr Armstrong Takang, the Managing Director, Ministry of Finance, Incorporated, said the increase reflected the success of the government’s revenue collection policies and the effective deployment of technology.

He said the administration was committed to ensuring that revenue generation met or exceeded the set target.

“Such progress will enable us to essentially make social and capital investments that positively impacts both the economy and its citizens.

“In spite of this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation,’’ he said.

The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said the bank was looking forward to actionable solutions from the conference, adding that it would benefit them as they journeyed toward achieving a one trillion-dollar economy.

Cardoso, represented by Dr Blaise Ijabor, the Director, Risk Management Department of CBN, said that bankers were critical stakeholders in the growth and development of the economy.

Mr Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), congratulated the CIBN for the conference, saying that the Corporation would continue to work toward engendering confidence in the banking system.

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In a keynote speech, Mr Tony Elumelu, the Chairman, United Bank for Africa (UBA) Group, said that access to electricity, adequate security and youth entrepreneurship were key to accelerating development in the country.

Speaking on the topic ‘Accelerated Economic Growth and Development: The state of play and the way forward’, Elumelu said the current food insecurity was caused by insecurity in the country.

He commended the past and present governors of the CBN for championing reforms in the banking sector, adding that the reforms had positively transformed the sector.

In an address of welcome, Prof. Pius Olanrewaju, the President of CIBN, said the conference was not just a forum for discussion, but a platform for actionable outcomes.

He said that data from CBN showed that net credit from the banking industry to private sector as at July 2024, was N74.9 trillion compared to N46.3 trillion of July 2023.

”I am pleased to report that critical resolutions were taken.

”The Conference recommended lifting of ban on the prohibited items and in October 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.

”Our sector is at the heart of our economic engine providing much-needed funds for businesses to thrive,” he said.

The president said the country’s economic potential were vast, but realising them required effective policies, investments, and governance.

He said the banking industry was not only a participant in realising the potential but also a driver of the country’s economic growth and development.

”Let us embrace this opportunity with vision and determination by working together- private sector, government, civil society, and individuals to build a prosperous, and resilient economy for Nigeria.

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”Indeed, only when we collectively work together to achieve these goals would we see the success we so desire,” he said.

The News Agency of Nigeria (NAN) reports that the Vice President Kashim Shettima, Vice President , Jeremiah Kpan Koung of the Republic of Liberia attended the conference.

The conference also attracted bankers from across Africa. (NAN)

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National

Tinubu vows severe punishment for Plateau attackers, condoles victims family

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8 hours ago

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April 6, 2025

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President Bola Tinubu has promised that the gunmen who killed many people in communities in Plateau State will be apprehended and face severe punishment under the law.

The President extended his condolences to the families of the victims in Ruwi, Hurti, and Tadai communities in Bokkos Local Government and those from Manguna and Dafo villages, where the gunmen launched brutal attacks, resulting in the loss of lives and the destruction of properties.

President Tinubu in a statement by his spokesman, Bayo Onanuga, also commiserated with the Government of Plateau State and Governor Caleb Mutfwang.

He urged the affected communities to cooperate with the authorities and security agencies by volunteering information to catch the perpetrators and secure their communities.

He assured Governor Mutfwang of his support in ending this spate of wanton bloodletting on the Plateau.

He directed the National Emergency Management Agency to work with state authorities to provide necessary support to the victims and bring immediate relief to the affected communities and those wounded during the attacks. NEMA will work closely with the state to ensure that affected communities rebuild and recover.

The President stated: “The report of another violent attack in communities in Plateau State by mindless gunmen saddens me. The latest attacks on defenceless citizens are unacceptable. I have directed security agencies to hunt down the attackers, and they will face severe punishment when apprehended. These intermittent attacks should have no place in our country at a time when we are working so hard to restore peace and order in all parts of our country. This unfortunate incident will never dampen and slow us down in our duty to protect every Nigerian citizen. Instead, we will work harder to exterminate forces of evil wherever they are lurking in our country.

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“Our thoughts and prayers are with the victims’ families and all those affected by this senseless violence.  No community should have to endure such tragedy. We all must unite to foster peace and stability. I urge all citizens—regardless of ethnic, religious, or political affiliations—to uphold the shared humanity that binds us all, embrace peace and reject retaliation.”

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National

Rising Tensions in Kano as Police Summon Sanusi for Interrogation

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8 hours ago

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April 6, 2025

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Kano is currently experiencing heightened tensions following a formal request from the Inspector General of Police (IG), Kayode Egbetokun, for Muhammadu Sanusi II, the 16th Emir of Kano, to appear at the Force Intelligence Department (FID) headquarters in Abuja on Tuesday, April 8, 2025.

Speculation surrounds this invitation, with many believing it may be linked to an attack on the Emir’s entourage during recent Sallah celebrations. The state police have detained Usman Sagiru in connection with the alleged murder of vigilante member Surajo Rabiu, which occurred during the assault on Emir Sanusi II’s entourage.

Additionally, another vigilante, Aminu Suleman, was injured in the incident and subsequently taken to Murtala Muhammed Specialists Hospital in Kano for treatment. According to SP Abdullahi Haruna, the state police command spokesman, the violence erupted while local guards were escorting the Emir’s entourage from the Kofar Mata Eid prayer ground after the observance of the two rakat eid-el-fitr prayers.

The invitation letter, dated April 2, 2025, and referenced with number CR:3000/FID/FHQ/ABJ/VOL59/697, was issued by Commissioner of Police Olajide Rufus Ibitoye on behalf of the Deputy Inspector-General of Police for the FID in Abuja. The letter states: “I have the directive of the Inspector-General of Police, through the Deputy Inspector-General of Police, Force Intelligence Department (FID), to invite you for an investigative meeting regarding an incident that occurred during the Sallah celebrations within your domain.”

The official summons has ignited apprehension throughout Kano City and surrounding areas, with some locals interpreting it as a potential attempt by the federal government to impose a state of emergency in the region. A resident from the Dorayi quarters, who requested anonymity, remarked, “We perceive this invitation as an affront to our traditional institution and an effort to intimidate our Emir by the police, who failed to ensure our safety on Sallah day.”

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He urged President Bola Tinubu and the federal government to prevent the police from instigating unrest in Kano State. Another anonymous resident expressed worries that the invitation could escalate tensions and possibly lead to a state of emergency. “What transpired on Sallah day was not a Durbar but rather a customary procession of the Emir from his palace to the Mosque, where it is normal for him to ride a horse, rather than walk,” he stated.

He cautioned against disrupting the peace in Kano, asserting, “Summoning Emir Muhammadu Sanusi II over trivial matters constitutes a violation of his fundamental human rights, and it will be met with resistance from the community.”

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National

Ken Nnamani Denies Pleading With Abbo On Judge’s Behalf

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11 hours ago

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April 6, 2025

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Ken Nnamani, a former president of the senate, says he did not beg Elisha Abbo, a former senator representing Adamawa north, on behalf of any judge after the ex-lawmaker lost his election case in court.

In October 2023, the court of appeal sacked Abbo and declared Amos Yohanna, candidate of the Peoples Democratic Party (PDP), as the winner of the Adamawa north senatorial election.

Appearing on Channels Television on Wednesday, Abbo said he was a victim of “miscarriage of justice”.

The former senator said Nnamani pleaded with him on behalf of a judge after he lost his election case in 2023.

Reacting in a statement, the former senate president described Abbo’s claim as “blatant lies”.

“My greatest surprise was to hear him state that Senator Ken Nnamani visited him to plead with him on behalf of a judge for the miscarriage of justice. This statement is a blatant lie. I do not know how Senator Abbo can boldly fabricate an event that never happened to buttress his allegation of judicial miscarriage against him,” he said.

“For the avoidance of doubt, I have never visited Senator Elisha Abbo at his house or anywhere. Up to this moment, I do not know where he lives. I have never discussed with him about his case, or any case pending or decided by any court of law in Nigeria.

“The only time I met with him was when he visited me in my house. It was more of a social visit by him. At this meeting, we never discussed his case or any case. I recall that when the matter of his political career came up, I advised him to avoid controversies as a young politician.

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“The statements Senator Abbo made regarding me and his case are all fabrications. I believe I have had a sterling and distinguished public service career. I am determined to maintain my integrity and commitment to excellence till the end of my life.”

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