The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.

The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

Recall that The PUNCH had indicated that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750m loan.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

However, the latest information suggests that the administration may have nearly guaranteed the loan.

The Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

The package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”

According to programme information documents posted on the international lender website, the two projects aim to enhance Nigeria’s economic stability and resource mobilisation capabilities.

It is expected that the funds will bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilisation, essential for the country’s long-term financial sustainability and economic resilience.

The document stated that the primary aim of the PforR programme is to boost non-oil revenues and safeguard oil and gas revenues from 2024 to 2028 at the federal level, emphasising substantial tax, excise, and administrative reforms.

The programme includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.

The PforR programme includes technical assistance, supporting the Federal Inland Revenue Service and the Nigeria Customs Service to enhance taxpayer and trader compliance.

“The principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues. This result area aims to increase the transparency of NNPCL’s financial and operational performance through audits and regular production of enhanced reports submitted to FAAC, including all relevant information; and increase net oil and gas revenues transferred to the Federation,” the report read.

Also, the proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilization and recovery priorities.

This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8 per cent of Gross Domestic Product in 2022 to 2.7 per cent by 2025, boosting non-oil fiscal revenues from 5.3 per cent to 7.3 per cent over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3m to $54.6mby 2025.

Officers of the Nigeria Customs Service, Western Marine Command, have intercepted 12,500 litres of Premium Motor Spirit known is petrol worth N8,750,000 along the Isalu Creek Badagry Waterway en route to Benin Republic.

According to a statement and pictures shared on X.com by the NCS on Sunday, the Customs Area Controller, Comptroller Paul Bamisaiye, revealed this at the command’s headquarters on Friday.

The statement partly read, “At about 2330hrs on Wednesday, 8 May 2024, while on joint patrol based on credible intelligence, we received the movement of two boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu Creeks Badagry Waterway.

“The Customs Area Controller stated that careful examination of the seizure at the Command Headquarters revealed ‘177 sacks and 61 kegs of 25 Litres Premium Motor Spirit (PMS) containing 12,500 Liters with a total Duty Paid Value standing at N8,750,000.”

Bamisaiye was reported to have warned smugglers to desist from their acts or risk arrest, stating that the action of the smugglers contravenes Sections 245 and 254 of the Nigeria Customs Service Act 2023.

He was quoted as saying, “There’s a strong warning to the economic importance of this kind of seizure at a time of fuel scarcity cannot be over-emphasised.

“People are suffering due to artificial scarcity, but they are busy smuggling these products outside the country to make money. It’s either they stop this act, or we continue to arrest them. We have zero tolerance for this act.”

Similarly, PUNCH Online reported on Saturday that the Adamawa/Taraba Area Command of the NCS said it intercepted 12,435 litres of PMS worth N10.8 million being illegally exported to Cameroon.

The Socio-Economic Rights and Accountability Project (SERAP), BudgIT and 136 concerned Nigerians have filed a lawsuit against the Central Bank of Nigeria (CBN).

Naija News reports that the suit was filed over the CBN’s failure to withdraw the patently unlawful ‘Circular’ directing all banks and other financial institutions to deduct from customers’ account a ‘cybersecurity levy’.

Recall that the apex bank had last week directed banks to implement a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions, and to remit the levy to the ‘national cybersecurity fund.’ The CBN relied on the Cybercrime Act 2015 [as amended]. The directive is to be implemented by Monday, May 20, 2024.

In the suit number FHC/L/CS/822/2024 filed last Friday at the Federal High Court, Lagos, the Plaintiffs are asking the court to determine whether the CBN Circular directing financial institutions to deduct from customers’ accounts a cybersecurity levy is unlawful and therefore ultra vires the CBN.

The Plaintiffs are also asking the court to determine “whether the CBN Circular dated 6th May 2024, directing financial institutions to deduct from customers’ accounts a cybersecurity levy and section 44(2)(a) of the Cybercrimes Act are not in breach of sections 14(2), 44(1) and 162(1) of the Nigerian Constitution 1999 [as amended], and therefore unconstitutional, null, and void.”

The Plaintiffs are asking the court for “a declaration that the CBN Circular dated 6th May 2024 directing all banks and other financial institutions to deduct from customers’ accounts a cybersecurity levy is contrary to the provisions of the Cybercrimes Act and ultra vires the CBN, and therefore is illegal null and void.”

The Plaintiffs are seeking “an order of interim injunction restraining the CBN, its office, agents, privies, assigns, or any other persons acting on its instructions from enforcing the Circular dated 6th May 2024, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.”

The suit filed on behalf of the Plaintiffs by their lawyer Ebun-Olu Adegboruwa, SAN, read in part: “The CBN Circular is unlawful and an outright violation of the provisions of the Nigerian Constitution and the country’s international obligations.

“Unless the reliefs sought are granted, the CBN will enforce its Circular directing banks to deduct from customers’ accounts a cybersecurity levy. Millions of Nigerians with active bank accounts would suffer irreparable damage from the unlawful deduction of cybersecurity levies from their accounts.

“The provisions of the Cybercrimes Act on payment of cybersecurity levy strictly apply only to businesses listed in the Second Schedule to the Act. These provisions make no reference to bank customers, contrary to the CBN Circular to all banks and other financial institutions.

“The Nigerian government has a legal responsibility to ensure the security and welfare of the people, as provided for under section 14(2)(b) of the Nigerian Constitution and human rights treaties to which Nigeria is a state party.

“The CBN Circular is also a blatant violation of Nigerians’ human rights including the right to property guaranteed under section 44 of the Nigerian Constitution and article 14 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.

“We urge the Honourable to grant the reliefs sought in the public interest and the interest of justice as well as to prevent arbitrariness and ensure the rule of law in the country.

“Any deduction of cybersecurity levy from Nigerians’ accounts would be contrary to the provisions of section 44(2)(a) of the Cybercrimes Act 2015 as amended by the Cybercrimes Prohibition, Prevention etc) (Amendment) Act 2024 and ultra vires the CBN, and therefore illegal, null and void.

“Section 162 (1) of the Nigerian Constitution provides that all revenues collected by or on behalf of the Government of the Federation are mandatorily required to be paid into the Federation Account save the revenue excepted by the provisions of the section.

“The National Cybersecurity Fund established by section 44(1) of the Cybercrimes Act 2015 [as amended] into which it is required to be paid the levy of 0.5% chargeable on all electronic transactions instead of the Federation Account is unconstitutional, null, and void.

“The CBN Circular is a breach and misinterpretation of Sections 44(2)(a) and 58 of the Cybercrimes Act [as amended], in that it purports to incorporate customers of the bank (neither defined by the Act nor designated by the CBN as financial institutions) as those to pay the cybersecurity levy.

“The Plaintiffs are customers of commercial banks in Nigeria with accounts domiciled with many commercial banks in Nigeria. The CBN is the statutory agency charged with the overall control and administration of the monetary and financial sector policies of the Federal Government.

“The Plaintiffs are included in the statistics of Nigerians with active bank accounts as the Plaintiffs are owners of accounts in different Banks and other financial institutions.

“As of 30 April 2024, commercial banks in Nigeria already charge exorbitant fees for electronic transactions, including Electronic Transfer Charges at N53.75 on any amount above N10,000, Stamp Duty of N50 on every transaction and Account Maintenance Charge deducted per month.”

Naija News understands that no date has been fixed for the hearing of the suit.

Duchess of Sussex, Meghan Markle, on Saturday opened up on her Nigerian origin, referring to the African giant as “My country”.

Meghan, who came into the country with Prince Harry on Friday, thanked Nigerians for welcoming her and Harry to “my country,” sharing that a DNA test recently revealed that she is “43 per cent Nigerian.”

DAILY POST gathered that Meghan spoke at a programme organised by women in leadership, co-hosted by the Head of the World Trade Organization, Ngozi Okonjo-Iweala, in the Federal Capital Territory, FCT.

According to Daily Mail, Duchess, who arrived at the summit almost an hour late, told the audience: “I want to start by saying thank you very much for just how gracious you’ve all been in welcoming my husband and I to this country … my country.”

She revealed that she discovered her Nigerian heritage via a genealogy test, saying the first thing she did after the result was “call my mum, because I wanted to know if she had any awareness of it.”

She noted that her visit to the country has given her a better understanding of being a Nigerian

She said, “Never in a million years would I understand it as much as I do now. And what has been echoed so much in the past day is, ‘Oh, we are not so surprised when we found out you are Nigerian”.

The Duke of Sussex, Prince Harry, has recounted his observation at the Nigeria Army Reference Hospital in Kaduna State.

Recall that the Duke visited the hospital on Friday as part of his itineraries to engage with the nation’s wounded and injured military personnel and their families.

Naija News reports that Prince Harry, while giving his remarks at a reception organised by the Defence Headquarters in Abuja on Saturday, said the morale of the 50 wounded and injured service personnel was low.

According to him, the injuries of the wounded soldiers are defining their current lives, notwithstanding he met a few service personnel that had smiles on their faces.

He said, “I will tell you a story from yesterday when I visited the Kaduna Hospital. I met with approximately 50 wounded and injured service personnel.

“50 of them were lying down in the hospital on their bed, and I am sure anyone wouldn’t mind me saying that morale was low.

“I can see it in their faces and I can see it in their eyes — That as far as they were concerned, their injuries were now defining their lives.

“Now, there were two that were a little different. They had smiles on their faces. One of them was doing push ups on his bed, and I was intrigued, and I remembered them because I saw them in Germany.

“What it reminded me of is the power of seeing what is possible post-injury. These individuals witnessed it themselves and they came back to have new operations.

“They knew their lives were not going to be defined by the injuries of the past, and that is what this is all about. That is what this new centre that you are building is going to be all about as well.”

Paul Ibe, the spokesperson of the Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubarkar, has accused the Minister of the Federal Capital Territory (FCT), Nyesom Wike, of orchestrating Peter Obi’s move from PDP to the Labour Party (LP).

Naija News recalls that Peter Obi was the vice presidential candidate of the PDP in the 2019 presidential election but dumped the party for the LP ahead of the 2023 presidential election.

The former Governor of Anambra State later became a reckoning force in the last general election, securing over six million votes.

Since the PDP and Labour Party lost to the All Progressives Congress (APC) in the 2023 election, the leading opposition has yet to resolve its internal crisis.

In an interview with Nigerian journalist, Seun Okinbaloye, on the Mic On podcast, Paul Ibe disclosed that Atiku was ready to zone the PDP presidential ticket to the Southeast.

However, Wike frustrated the move, insisting that it must be zoned to the Southern region in general because of his personal interest, which forced Peter Obi to leave the party.

He said: “Wike had promoted the zoning of the presidency to the south. Atiku Abubakar had said that he was prepared to get himself off the ticket if the party zoned the ticket to the Southeast.

“Wike frustrated that effort because he believed that if it was zoned to the south, not the southeast, he would be in the best position to be able to get the ticket.”

The immediate past Governor of Rivers State, Nyesom Wike has shared some fresh details about the political crisis rocking the state.

Wike, who is the current Minister of the Federal Capital Territory (FCT), submitted that he made a mistake in supporting Governor Siminalayi Fubara to emerge as his successor.

Speaking on Saturday at the grand civic reception held at Ogu-Bolo in honour of Chief George Thompson Sekibo, Wike begged for God’s forgiveness as well as the people’s forgiveness for making an error in judgment.

Speaking further, the FCT Minister vowed to correct his mistake at the right time.

Wike said: ”I want to say this clearly, in life we have made a mistake. I have made a mistake. I own it up and I say God forgive me. I have said all of you forgive me. But we will correct it at the appropriate time. I am a human, I am bound to make a mistake. So forgive me for making a wrong judgement. So nobody should kill.”

Speaking further on the current political crisis rocking Rivers State, Wike called out the camp of Governor Fubara, saying no injunctions obtained at 2am or 4am would stop the law and due process from taking its course in the state.

“If they like they can go to anybody by 2am or 4am to get injunction. The law will take its course. We must follow due process,” Wike said.

The Minister of Works, Senator David Umahi, has said he is ready to undergo a probe over the controversy surrounding the Lagos-Calabar Coastal Highway project.

He said there was nothing to hide about the project, stating that due process was followed and the necessary approvals and documentation were obtained for the project to commence.

Recall that the House of Representatives on Thursday resolved to probe the N15 trillion project and said it would set up an ad hoc committee to investigate the project and submit a report within four weeks.

The House’s resolution followed the adoption of a motion of urgent public importance moved during plenary by Austin Achado, the member representing Gwer East/Gwer West Federal Constituency of Benue State.

In a chat with The Punch, the minister said he is ready to face the House of Representatives committee set up to probe the project. Umahi added that he planned to ensure the exercise was televised live for all Nigerians to see.

The former Governor of Ebonyi State also said that former Vice President Atiku Abubakar’s claim that the loan obtained to complete the project did not follow due process was untrue.

Umahi, however, added that the matter was before the National Assembly, noting that he would not want to comment on it.

He said, “I am ready to face the National Assembly to defend the project. I will not want to say anything now until I meet with the senators and House of Reps members. It will be live, so you will also hear it. It will be live so that Nigerians will see it.”

Naija News reports that the highway project, which is a 700-kilometre turnpike infrastructure, has attracted commendation and condemnation since the Bola Tinubu administration approved it in February.

The 10-lane coastal road was designed to connect Lagos to Cross River, passing through Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom states before culminating in Calabar, the Cross River State capital.

Foreign Affairs Minister Yusuf Tuggar has written all the foreign missions in the country to comply with the directive of the Economic and Financial Crimes Commission (EFCC) to charge payment for visa and consular services in naira instead of dollar.

Tuggar has already met with a few envoys who sought more clarifications on the EFCC’s advisory.

It was learnt that the EFCC advisory against dollar-denominated service was necessitated in part after some embassies adopted N1,800-N1,900 exchange rates to a dollar.

An embassy was found to have set up an account unit where visa applicants were paying cash in dollar for services outside the conventional banking system.

Some embassies are understood to have started implementing the EFCC’s advisory on naira policy for consular services.

It was gathered that the EFCC has entered into an understanding with the Central Bank of Nigeria (CBN) for prompt remittance of the funds generated by the embassies to their home countries at official rate.

In an April 5, 2024 advisory to the Foreign Affairs Minister, the EFCC Executive Chairman, Mr. Ola Olukoyede, had asked government to stop foreign missions in Nigeria from charging visa and other consular services in foreign denominations.

He also advised all embassies to adopt Nigeria’s regulatory regime in fixing the exchange rate of the cost of their services.

He said the commission has observed the violation of Section 20(1) of the Central Bank of Nigeria Act, 2007 which makes currencies issued by the apex bank the only legal tender in Nigeria.

A top source told newwmen that the Minister of Foreign Affairs asked all foreign missions to implement the EFCC advisory.

The source said: “The Federal Government has adopted the advisory of the EFCC which is backed by the CBN Act. In line with this, the Minister, Amb. Yusuf Tuggar, has formally written all embassies to charge and accept payment for visa and consular services in naira.

“In fact, the Ambassador of one of the missions collecting dollars for consular services demanded an audience with the Minister of Foreign Affairs for clarifications on the new policy. Tuggar, who met with the affected envoy, said there is no going back on the naira policy.

“But the EFCC has also reached an understanding with the CBN for the prompt remittance of all consular fees collected at the official exchange rate to the embassies or countries. The Federal Government will not default in remitting funds.”

It was gathered that the EFCC issued the advisory following discovery that some embassies had adopted N1,800 to N1,900 exchange rates for applicants for visa and consular services.

“Some embassies went beyond official and parallel market rates in fixing exchange rate for consular services. They were charging as high as N1,800 to N1,900,” one source said.

“A foreign mission was even collecting dollars in cash from visa applicants. The practice was outside the banking system.

“From feedback, some of the embassies are already charging for consular services, including visa, in naira. We will not relent in ensuring full compliance by all missions.

“There is a desk monitoring compliance with the naira-for-visa policy. Any infraction will be reported to the Federal Government through the Ministry of Foreign Affairs.”

The advisory, signed by the EFCC Executive Chairman, Mr. Ola Olukoyede, reads in part: “…I wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign Missions to invoice consular services to Nigerians and other foreign nationals in the country in United States Dollar ($).

“This practice is an aberration and unlawful as it conflicts ‘with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is therefore illegal.”

The commission added: “The refusal by some Missions to accept the Naira for consular service in Nigeria and also comply with foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront on the country’s sovereignty symbolised by the national currency. It undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

“This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In the light of the above, you may wish to convey the commission’s displeasure to all Missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.

“Please accept, as always, the assurances of my highest consideration and respect.”

Attend to enquiries on money laundering, others within 24 hours, EFCC boss tasks bankers

The EFCC boss has also urged bankers to respond to the commission’s enquiries within 24 hours to aid its investigations.

“I don’t want to be charging banks alongside suspected criminals, because doing so can wreak havoc on the economy. It will even discourage investors from coming to the country,” Olukoyede said during a roundtable with compliance officers of banks in Ilorin, the Kwara State capital.

He added: “Our intention is to use the anti-corruption fight to bolster the economy. So, we must work together to save this country.”

Represented by acting Zonal Director, Ilorin Command Harry Erin, Pastor Olukoyede said: “We need to find a common ground to work together. You have a responsibility to fight corruption.”

The EFCC chair also expressed concerns over the use of fintech (private banking) by criminals to perpetuate crimes.

The anti-graft czar charged bankers to take the issue of “Know Your Customer” (KYC) and “Know Your Customer’s Business” (KYCB) seriously, as the two requirements would help to keep fraudulent customers on the radar.

Edison Ehie, Chief of Staff to Rivers Governor Siminalayi Fubara, has explained the reason behind the political crisis in the State.

According to Ehie, the issue in Rivers State started when a small group of political leaders wanted sole authority over the State’s resources.

He said this during a thanksgiving service on Saturday for the Supreme Court victory of the governor in Ahoada East Local Government Area of the state.

“The problem we have in the state is that 11 persons said they will control the resources of Rivers State. These 11 persons now called 20 others to allocate resources to themselves,” he said.

The jubilant thanksgiving, held at Western County High School Ahoada, began with a choir performance followed by a sermon, with the preacher admonishing Governor Fubara to remain dedicated to serving the people.

Ehie, spoke on behalf of Gov Fubara, warning the Governor should not be underestimated because of his age.

He said: “We are going to teach them a lesson of political arithmetic. What that small boy will do to you you’ll know that khaki no be leather.”