***Agencies not funded by the federal government are also expected to remit 50 per cent of their generated revenues.
President Bola Tinubu’s administration has directed that all ministries, departments, and agencies fully funded by the federal government remit 100 per cent of their revenues into a Sub-Recurrent Account, a sub-component of the Consolidated Revenue Fund (CRF), where the federal government will now receive and consolidate its revenue earnings.
This directive, issued in a December 28 circular by the Finance Ministry and publicised on Tuesday, effectively closes the single treasury account operated under the erstwhile Muhammadu Buhari administration.
It is the latest of the federal cabinet’s move to “improve revenue generation, fiscal discipline, accountability and transparency” in resource management and waste prevention under Bola Tinubu’s nascent presidency.
“All Ministries, Departments and Agencies (MDAS) that are fully funded through the annual federal government budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal
Responsibility Act, 2007 and any addition by the Federal Ministry of Finance should remit one hundred per cent of their Internally Generated Revenue (IGR) to the Sub-Recurrent Account, which is a Sub-component of the Consolidated Revenue Fund (CRF),” the directive read.
“Agencies and departments that are partly funded by the federal government – having budgetary allocations for capital or overhead expenditures – are expected to remit 50 per cent of their gross revenue while statutory revenue like “tender fees, contractor’s registration, sales of government assets, etc should be remitted one 100 per cent to the sub-recurrent account,” it added.
Agencies not funded by the federal government are also expected to remit 50 per cent of their generated revenues.
“For the avoidance of doubt, the Office of the Accountant-General of the Federation shall open new TSA Sub-Accounts for all Federal Government Agencies/Parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted.
“The new account opened for Agencies/Parastatal shall be credited with inflows in the old revenue-collecting accounts based on the new policy implementation of 50 per cent auto deduction in line with Finance Act, 2020 and Finance Circular, 2021, 50per cent cost to revenue ratio,” it added.
While the current approach bears resemblance to the previous administration’s strategy, all revenues in the new processes are consolidated into a unified treasury account, and the Office of the Accountant General calculates deductions according to approved percentages. The remaining funds are then entrusted to the remitting agency. This contrasts with the prior administration, where agencies autonomously determined the remittances they provided to the federal government.
“The Office of the Accountant General of the Federation (0AGF), subject to the categorisation of agencies, shall map and automatically effect direct deduction of 50 per cent on gross revenue of Self/partially funded
Agency/Parastatals and 100 per cent for fully funded agencies/ parastatals as interim remittance of the amount due to the Consolidated Revenue Fund,” the directive read.
The stringent enforcement of this policy is anticipated due to the close collaboration among the Ministry of Finance, the Accountant General, and the Office of the Coordinating Minister of Economy.
The accountant general is tasked with overseeing, monitoring, and conducting a monthly review of both the existing and new accounts of agencies/parastatals. This ensures that only funds approved by the Honourable Minister of Finance and Coordinating Minister of the Economy (HMFCME) and the Accountant-General of the Federation (AGF) are credited to supplementary accounts that the departments and agencies would use to hold internal funds.
All ministries and agencies concerned are expected to fully comply with the directive except when expressly permitted to act differently.
The Federal Government declared on Tuesday that Nigerian students can now apply for scholarships in Mauritius until April 19, 2024. This announcement was made through a statement from the Federal Ministry of Education, signed by the Federal Scholarship Board Management.
The scholarship opportunity is open to both undergraduate and postgraduate students for the academic year 2024. Interested applicants can obtain the application form electronically from the websites http://ministry-education.govmu.org or http://highereducationmauritius.com. The form must be filled online, printed, and signed.
To be eligible, applicants must have applied for at least one full-time on-campus program at a public Higher Education Institution (HEI) of their choice, as listed under Section 8. The application process also requires obtaining a conditional offer (letter of admission) from the chosen Mauritian public HEI, along with an acknowledgment notice confirming the application for the seat and payment of the appropriate fees.
All candidates are instructed to submit the fully completed application form and required documents to the Federal Scholarship Board in Abuja by April 19, 2024.
Eligibility criteria include being a Nigerian citizen, with undergraduate applicants above 18 years old and not having reached their 26th birthday by January 1, 2025. For postgraduate degrees, candidates should not have reached their 40th birthday by January 1, 2025, and health certificates from recognized Government Hospitals are mandatory.
Additionally, candidates are required to have a good WAEC result for undergraduate, Masters, and Ph.D. applications, with a minimum of second class upper (2.1) for postgraduate degrees. The Federal Scholarship Board Management encourages eligible students to seize this opportunity to pursue their academic aspirations in Mauritius.
In a renewed dispute over the removal of petrol subsidy, the Nigerian National Petroleum Company Limited (NNPCL) and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, clashed on Tuesday. This confrontation is set against the backdrop of the Naira’s depreciation against the United States dollar in both official and parallel markets.
The official exchange rate closed at 998 Naira to a dollar, while the parallel market traded at 1,225 Naira to a dollar on Tuesday. Economists and oil marketers argue that the falling Naira has led to an increase in Premium Motor Spirit (PMS) subsidy. However, the NNPC countered these claims, asserting that it is recovering the full cost of importing petrol.
Bismarck Rewane, CEO of Financial Derivatives Company, clarified during a television program that the subsidy on fuel was reduced, not removed. Oil marketers, citing the Naira’s devaluation and crude oil costs, projected that PMS should sell for N1,200/litre in a free market.
Despite the conflict in perspectives, petrol, imported solely by NNPCL, currently sells between N617/litre to N660/litre in Nigeria. The NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, reiterated the government’s stance, emphasizing the cessation of subsidy on petrol.
President Bola Tinubu’s declaration on May 29, 2023, was swiftly implemented by the NNPC the next day, resulting in a surge in petrol prices. The World Bank, in December, insisted that subsidy on petrol persists, estimating the cost should not be below N750/litre without subsidy.
Amid these developments, the Naira closed at N988.46/$ in the Investors and Exporters Window, marking an 8.97% decline. The World Bank noted a 41% depreciation against the US dollar in the official market and a 30% decline in the parallel market. The NNPC reported 112 cases of crude oil theft in the Niger Delta in one week, posing challenges to Nigeria’s oil production quota set by OPEC.
As the dispute unfolds, stakeholders remain divided over the economic, social, and political implications of subsidy removal, with concerns raised about potential further hardships if the subsidy is eliminated entirely. The NNPC remains firm in its commitment to recovering full costs, emphasizing energy security and sustainable growth for Nigeria.
Uju Kennedy, the Minister of Women Affairs, has called for the eradication of harmful traditional practices like breast ironing, particularly in communities like Kpaduma and Pygba in Abuja.
Kennedy emphasized that such practices, including breast ironing, are unacceptable and contradict President Bola Tinubu’s Renewed Hope Agenda, which aims to enhance the welfare of women and the girl child.
Kennedy highlighted the health risks associated with breast ironing, stating that it could lead to cancer and cause challenges in nipple health for affected girls.
She expressed the ministry’s commitment to conducting intensive sensitization campaigns in the affected communities and warned that parents found involved in such practices would face appropriate sanctions through mobile courts.
The minister sought the support of religious and traditional leaders in the communities, emphasizing the need to work collectively to eliminate these harmful practices.
During the crossover night service at Redemption City, Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, provided insights for 2024.
While assuring Nigerians that things will get better, he emphasized that there might be challenges before improvement.
Adeboye stated, “The wind is blowing, include in your prayers that the wind will blow you well. Things will get worse before they get better. Things will get a little hotter before it gets better.” Despite this caution, he encouraged people to be hopeful and prepare for opportunities that will arise in the coming year.
The religious leader predicted that some individuals would begin as nobodies but rise to significance by the middle of the year. Additionally, he foresaw divine interventions globally, particularly in areas facing challenges. Adeboye also prophesied breakthroughs in the treatment of diseases like cancer, diabetes, and hypertension.
While annual prophecies have become a tradition among Nigerian pastors, Adeboye’s messages often encompass a mix of caution, hope, and divine favor. His previous prophecies for 2023 included expectations of a more peaceful world and a year filled with opportunities.
Dr. Dele Alake, the Minister of Solid Minerals Development, has made indications that the mining industry would make significant progress in 2024 towards making a significant contribution to the GDP of the country.
Alake reiterated that President Bola Tinubu’s vision of diversifying the economy through renewed focus on solid minerals is on track in his goodwill message to Nigerians on the new year. Segun Tomori, his Special Assistant on Media, provided the message to newsmen in Abuja. Alake also stated that reforms in the sector will yield tremendous results in the upcoming year.
The message reads: ” I felicitate Nigerians for making it through 2023 into the year 2024. It is pertinent that we collectively look forward to the horizon of the new year, with renewed hope, especially because it signposts the first fiscal year of the Tinubu administration.
” On our part in the solid minerals development ministry, we will be consolidating on reforms that commenced with our ambitious 7-point agenda, on assumption of office, four months ago. Nigerians are rest assured that an efficient governance structure that will transform the opaque nature of the mining sector will crystallise in the new year.
” It will be recalled that we had revoked 1,633 mining licenses of those that defaulted in the payment of annual service fees last year. More revocation is in the offing for other categories of defaulters in 2024″
” Our plans to tackle the menace of insecurity in mining areas alongside the activities of illegal miners through a rejigged security architecture is well on course. In a short while, we will see the result of months of engagement with heads of security agencies, as we are poised to rout those plundering Nigeria’s mineral resources. “the Minister affirmed.
On exploration, he said, “Efforts on exploration of critical minerals which started last year with the signing of an MOU with German firm, GeoScan GmbH for the deployment of proprietary technology to explore minerals up to 10,000m under the earth will be ramped up with renewed vigour by the Federal Government. This is crucial for the development of the sector as it will lead to the generation of big geo-data required for global players to make informed decisions about investing in the industry, “
Alake further urged Nigerians to keep faith with the Tinubu administration, emphasising that reforms in the mining sector and other areas will jumpstart the real sector and lead to immense jobs and prosperity for all Nigerians.
” We are prioritizing value addition for prospective investors in the mining sector. The era of just carting away our resources is over. We want to see practical plans to develop these raw materials into finished products or plans to add value to host communities before we even license new operators.
“This is pertinent, so that the mining sector can lead the way in industrialization, create massive jobs for our teeming young population, and contribute substantially to economic development in the new year,” Alake added.
Our ambitious goal is to create over 500,000 jobs within an operational steel industry before the end of President Bola Ahmed Tinubu’s 2nd term in office, Prince Shuaibu Abubakar Audu, Honourable Minister of Steel Development has said.
Progress has already been made, engaging nearly 200 youths in the steel industry nationwide within my first 4 months in office, with more initiatives in the pipeline.
In reflecting on the conclusion of 2023 and welcoming the dawn of 2024, I express gratitude to Almighty Allah and extend felicitations to His Excellency, President Bola Ahmed Tinubu GCFR, as well as fellow Nigerians worldwide.
The year 2023 marked the commencement of a new era—’Renewed Hope’—under President Bola Ahmed Tinubu’s leadership. With an eight-point agenda focusing on economic prosperity, job creation, poverty alleviation, and addressing security challenges, the vision set forth by Mr. President guided our national trajectory.
At the heart of the ‘Renewed Hope Agenda’ is the revitalization of Nigeria’s steel industry, leading to the establishment of the Ministry of Steel Development in August 2023 with a specific mandate.
As we step into 2024, a unique opportunity arises for the industrialization of Nigeria and the revival of our steel industry. Plans are underway to design a roadmap for the resuscitation of the steel industry, encompassing a five-year plan for Nigeria’s steel sector revival and a three-year plan for the Ajaokuta steel plant.
International investors have shown commitment, pledging billions of dollars to develop Nigeria’s steel industry. President Tinubu’s efforts at securing these investments were highlighted at prestigious gatherings of World Political and Business Leaders, including the recent G20 summit in Delhi, India.
The Ministry of Steel Development is diligently working to create a conducive operating environment for both local and foreign investors. Measures such as increased government levies on steel importation are being considered to promote import substitution.
I appreciate President Bola Ahmed Tinubu GCFR for entrusting me with the opportunity to serve our great country. Reviving a challenging and ailing industry requires significant effort, and by the grace of God, we are committed to delivering the President’s vision for the Steel Industry in Nigeria.
As we embark on this new year, I wish you all a happy and prosperous 2024 filled with good health, peace, and progress.
Dear Compatriots, It gives me immense joy to welcome each and everyone of you – young and old- to this brand new year 2024. We must lift up our hands to Almighty God, in gratitude, for his grace and benevolence to our country and our lives in the year 2023 that has just gone by.
Though the past year was a very challenging one, it was eventful in so many ways. For our country, it was a transition year that saw a peaceful, orderly and successful transfer of power from one administration to another, marking yet another remarkable step in our 24 years of unbroken democracy.
It was a year, you the gracious people of this blessed nation, entrusted your faith in me with a clear mandate to make our country better, to revamp our economy, restore security within our borders, revitalise our floundering industrial sector, boost agricultural production, increase national productivity and set our country on an irreversible path towards national greatness that we and future generations will forever be proud of.
The task of building a better nation and making sure we have a Nigeria society that cares for all her citizens is the reason I ran to become your President. It was the core of my Renewed Hope campaign message on the basis of which you voted me as President.
Everything I have done in office, every decision I have taken and every trip I have undertaken outside the shores of our land, since I assumed office on 29 May 2023, have been done in the best interest of our country. Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe.
One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades. Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us.
Without doubt, these two decisions brought some discomfort to individuals, families and businesses. I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.
From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.
I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their h ope. Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation.
Our situation should make us resolve that this new year 2024, each and everyone of us will commit to be better citizens. Silently, we have worked to free captives from abductors. While we can’t beat our chest yet that we had solved all the security problems, we are working hard to ensure that we all have peace of mind in our homes, places of work and on the roads.
Having laid the groundwork of our economic recovery plans within the last seven months of 2023, we are now poised to accelerate the pace of our service delivery across sectors.
Just this past December during COP28 in Dubai, the German Chancellor, Olaf Scholz, and I agreed and committed to a new deal to speed up the delivery of the Siemens Energy power project that will ultimately deliver reliable supply of electricity to our homes and businesses under the Presidential Power Initiative which began in 2018.
Other power installation projects to strengthen the reliability of our transmission lines and optimise the integrity of our National grid are ongoing across the country. My administration recognises that no meaningful economic transformation can happen without steady electricity supply. In 2024, we are moving a step further in our quest to restart local refining of petroleum products with Port Harcourt Refinery, and the Dangote Refinery which shall fully come on stream.
To ensure constant food supply, security and affordability, we will step up our plan to cultivate 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. We launched the dry season farming with 120,000 hectares of land in Jigawa State last November under our National Wheat Development Programme.
In this new year, we will race against time to ensure all the fiscal and tax policies reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. On every foreign trip I have embarked on, my message to investors and other business people has been the same. Nigeria is ready and open for business.
I will fight every obstacle that impedes business competitiveness in Nigeria and I will not hesitate to remove any clog hindering our path to making Nigeria a destination of choice for local and foreign investments. In my 2024 Budget presentation to the National Assembly, I listed my administration’s 8 priority areas to include national defence and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.
Because we take our development agenda very seriously, our 2024 budget reflects the premium we placed on achieving our governance objectives. We will work diligently to make sure every Nigerian feels the impact of their government. The economic aspirations and the material well-being of the poor, the most vulnerable and the working people shall not be neglected. It is in this spirit that we are going to implement a new national living wage for our industrious workers this new year. It is not only good economics to do this, it is also a morally and politically correct thing to do. I took an oath to serve this country and give my best at all times.
Like I said in the past, no excuse for poor performance from any of my appointees will be good enough. It is the reason I put in place a Policy Coordination, Evaluation, Monitoring and Delivery Unit in the Presidency to make sure that governance output improves the living condition of our people. We have set the parameters for evaluation. Within the first quarter of this new year, Ministers and Heads of Agencies with a future in this administration that I lead will continue to show themselves.
Fellow Nigerians, my major ambition in government as a Senator in the aborted Third Republic, as Governor of Lagos State for eight years and now as the President of this blessed country is to build a fair and equitable society and close the widening inequality. While I believe the rich should enjoy their legitimately-earned wealth, our minimum bargain must be that, any Nigerian that works hard and diligent enough will have a chance to get ahead in life.
I must add that because God didn’t create us with equal talents and strengths, I can not guarantee that we will have equal outcomes when we work hard. But my government, in this new year 2024 and beyond, will work to give every Nigerian equal opportunity to strive and to thrive. For the new year to yield all its good benefits to us as individuals and collectively as a people we must be prepared to play our part.
The job of building a prosperous nation is not the job of the President, Governors, Ministers, Lawmakers and government officials alone. Our destinies are connected as members of this household of Nigeria. Our language, creed, ethnicity and religious beliefs even when they are not same should never make us work at cross purposes.
In this new year, let us resolve that as joint-heirs to the Nigerian Commonwealth, we will work for the peace, progress and stability of our country. I extend this call to my political opponents in the last election.
Election is over. It’s time for all of us to work together for the sake of our country. We must let the light each of us carries – men and women, young and old – shine bright and brighter to illuminate our path to a glorious dawn. I wish all of us a happy and prosperous year 2024. May God continue to bless the Federal Republic of Nigeria. Bola Ahmed Tinubu, GCFR 1 January 2024
The Minister, Federal Capital Territory, Barr Nyesom Wike has hinted that, over the past few months, we have made significant strides in various sectors, propelled by a commitment to excellence and innovation.
Our efforts have been directed towards enhancing infrastructure, ensuring effective urban planning, bolstering healthcare facilities, improving education, and creating an enabling environment for businesses to thrive.
Wike gave this hint in his 2024 New Year Message to the residents of the nation’s capital on Monday in Abuja.
In the year ahead, we will commit to implementing robust policies and initiatives that will bolster the development of the FCT and ensure that it continues to thrive as a model of excellence in all ramifications.
In line with the Renewed Hope Agenda, our development plans for the Federal Capital Territory for 2024 encompass several key areas including the following: Infrastructure Development: We aim to continue on our current course of accelerated infrastructural development including road construction, public transportation with re-opening of the Abuja Metro System and the expansion of essential amenities such as water supply and electricity to meet the demands of the ever increasing FCT population.
Economic Empowerment: we remain committed to fostering economic growth involving the creation of an enabling environment for businesses to thrive, promoting entrepreneurship, and initiating programs that provide employment opportunities for our youth. We intend especially to focus attention on the tourism sector which hitherto had remained largely untapped and which has the potential of being a major revenue earner for the FCT.
Social Welfare: We are dedicated to advancing social welfare programs that prioritize healthcare, education, and housing, ensuring that every resident has access to essential services and quality living conditions. We will intensify efforts to enhance educational institutions, equip our youth with the necessary skills, and create opportunities for their holistic development.
Sustainable Development: we are also determined to promote sustainability practices that preserve the environment, such as green initiatives, waste management, and renewable energy projects. We are also dedicated to implementing robust urban planning and renewal strategies and initiatives which includes the removal of shanties and slums and a renewed commitment to adherence to the dictates of the Abuja Master Plan.
Community Engagement and Inclusivity: We also recognize the importance of engaging with our diverse communities and fostering inclusivity. Hence, we will continue to prioritize dialogue, participation, and collaboration with residents to address their needs effectively.
Security: I wish to reaffirm the Administration’s unwavering commitment to ensuring the security and well-being of all residents. Security remains a top priority, and we will continue to support the efforts of the security agencies in keeping the FCT safe. While we will remain vigilant and responsive by adapting to evolving threats, I equally call on residents to play their roles by cooperating with security agencies by providing much needed information should the need arise.
As we embark on this journey into the New Year together, I urge all residents of the FCT all to join hands with the Administration in our efforts to build a stronger, more prosperous, and harmonious capital territory
Your support and cooperation, especially in the prompt payment of taxes, and active participation in the overall development of the FCT are invaluable.
Finally, I wish also to enjoin all residents of the FCT to rally behind and support the Renewed Hope Agenda of President Bola Ahmed Tinubu. This transformative vision is poised to bring about positive change and elevate our nation to new heights.
President Tinubu’s commitment to good governance, economic prosperity, and social development aligns seamlessly with our collective aspirations for a better Nigeria and a Federal Capital Territory which will be the pride of all of us.
I once more wish you and your loved ones a joyful, peaceful, and prosperous New Year!
**Appoints Hon. Chike Amadichi as Country Director
The Nigeria Diaspora Forum (NDF) proudly announces the official opening of its first home office in Nigeria, recognizing the necessity of providing support to over 20 million Nigerians living in the Diaspora.
This initiative aims to establish a global diaspora support network, with the home office strategically located in the capital city, Abuja.
The newly established home office is situated at the Kano House Complex, Plot 72 Ralph Shodeinde Street, Central Business District, Abuja.
The NDF intends to centralize its activities by collaborating with foreign embassies, high commissions, and ambassadors to advocate for the rights and welfare of Nigerians in the Diaspora.
This approach will also involve cooperation with Nigerian embassies abroad to ensure an effective and proactive response to the challenges faced by Nigerians living outside Nigeria.
The Nigeria Diaspora Forum (NDF) operates as a non-governmental organization founded by Nigerians in the Diaspora.
Its primary mission is to explore opportunities that enhance the living conditions of Nigerians abroad and harness the vast resources within the Diaspora for the development of Nigeria.
The NDF maintains an inclusive stance, welcoming all Nigerians in the Diaspora to join its ranks.
With country offices established in major nations globally, the NDF looks forward to fostering partnerships with the Federal Government, state governments, and other governmental agencies.
These collaborations aim to facilitate much-needed infrastructural development and human capital enhancement in Nigeria.
For those interested in joining the Nigeria Diaspora Forum, registration is open through the official website [www.nigeriadiaspora-forum.org](https://www.nigeriadiaspora-forum.org). The NDF encourages Nigerians in the Diaspora to actively participate in this collective effort towards the betterment of Nigeria.
