The Central Bank of Nigeria (CBN) has announced it will maintain the Ways and Means Advances to the federal government at a 5% limit for the fiscal years 2024-2025, despite a recent bill from the National Assembly increasing the limit to 10%.

This decision was outlined in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the 2024-2025 fiscal period, released on Tuesday.

These guidelines emphasize the importance of macroeconomic stability and align with the Medium-Term Fiscal Framework (MTFF), aiming to manage expectations, respond to economic shocks, and sustain the ongoing economic recovery.

The document stated, “Ways and Means Advances shall continue to be available to the Federal Government to finance deficits in its budgetary operations to a maximum of 5.0 per cent of the previous year’s actual collected revenue. Such advances shall be liquidated as soon as possible and shall in any event be repayable at the end of the year in which it was granted.”

Additionally, the advances will now be calculated after accounting for the sub-accounts of various Ministries, Departments, and Agencies (MDAs), which are connected to the Consolidated Revenue Fund to determine the Federal Government’s overall cash position.

Ways and Means Advances are short-term loans from the CBN designed to help the government address temporary budget shortfalls.

Section 38 of the CBN Act of 2007 limits these advances to a percentage of the previous year’s revenue and mandates repayment within the fiscal year.

In recent years, the CBN’s handling of Ways and Means Advances has sparked controversy, particularly in 2023 when former CBN Governor Godwin Emefiele was accused of printing ₦22.7 trillion for the federal government without National Assembly approval.

Critics argue that excessive borrowing through this facility has fueled inflation and increased money supply in the economy.

In February 2024, current CBN Governor Olayemi Cardoso informed the Senate Committee that the CBN would halt further advances to the federal government until outstanding loans were repaid.

This move is part of broader efforts by the bank to address the economic challenges facing the country.

Says purchasing product with dollar illegal

Human Rights Activist and Senior Advocate of Nigeria, Femi Falana has stated that it is ‘illegal” for the National Nigerian Petroleum Corporation (NNPCL) to determine prices of Premium Motor Spirit also known as petrol after deregulation.

Falana in a statement on Tuesday said the action of the NNPC violates Section 205 of the Petroleum Industry Act (PIA).

He said, “On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act (PIA).

“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”

“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of Section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.

“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per liter without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties, etc.

“In fact, by selling the petrol produced by Dangote Refinery at a higher price, the NNPCL has confirmed its resolve to continue to sabotage the national economy through the reckless importation of cheaper petrol from foreign countries at a cost that the nation cannot afford.

“The NNPCL has justified the hike by saying that petrol is sold in dollars by the Dangote Refinery. Why should the NNPCL buy petrol in dollars since the Federal Executive Council (FEC) has directed that crude oil be sold to Dangote Refinery in Naira?

“Are the management staff of NNPCL and Dangote Refinery not aware that it is a criminal offence under Section 20 of the Central Bank Act to refuse to accept the naira as a means of payment for any transaction in the country?

“Furthermore, the exclusive purchase of petrol from Dangote Refinery by the NNPCL is completely at variance with the letter and spirit of section 205 of the PIA. Therefore, other marketers should be at liberty to purchase petrol directly from Dangote Refinery and distribute to outlets in all the states of the Federation.

“Henceforth, the Federal Competition and Consumer Protection Commission should stop the NNPCL from exercising monopolistic control of the petrol produced by Dangote Refinery.”

Falana’s outburst came after the commencement of PMS lifting by the NNPCL from the Dangote Refinery on Sunday.

However, as soon as lifting commenced, NNPCL announced that the product would sell for ₦950 per liter in Lagos State and its environs, and above ₦1,000 per liter in states such as Borno.

Reacting to the development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday, criticised NNPCL, saying it was not right to sell petrol lifted from the Dangote Refinery higher than imported ones.

IPMAN National Welfare Officer, John Kekeocha, stated this on Channels Television, saying, “If NNPC can sell Dangote products higher than the imported products, then, it doesn’t make sense. What is the celebration we are having all these while then?” he queried.

Operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have apprehended Shizzer Joy Nasara Bada, the former Commissioner of Finance and Accountant General under Nasir el-Rufai’s administration in Kaduna State.

Bada was reportedly arrested on Sunday at the Murtala Muhammed Airport in Lagos while attempting to travel abroad.

The arrest comes amid growing suspicions that Bada might be fleeing the country due to ongoing corruption investigations linked to both herself and former Governor el-Rufai.

ICPC officials had reportedly been tracking her movements after receiving intelligence that she might attempt to evade questioning.

This move is part of a broader investigation targeting several high-ranking officials from el-Rufai’s administration.

According to Saharareporters, sources suggest the scrutiny is centered on alleged financial mismanagement during their time in office, with multiple individuals under investigation for their roles.

The Kaduna State House of Assembly recently indicted el-Rufai for allegedly embezzling ₦423 billion from the state treasury.

Though the exact charges against Bada have not yet been disclosed, insiders believe they involve significant financial irregularities and misappropriation of public funds.

Bada’s arrest has sparked widespread speculation, with many questioning whether this marks the start of a larger investigation into the former governor’s administration.

The ICPC is expected to release further details as the investigation progresses, potentially revealing the extent of corruption within the previous leadership.

Former Governor el-Rufai, meanwhile, has launched a legal challenge against the Kaduna State House of Assembly after it accused his administration of mismanaging ₦432 billion during his eight-year tenure.

His attorney, Abdulhakeem Mustapha, filed a fundamental rights lawsuit in June, seeking to contest the claims made against him.

The Governor of Edo State, Godwin Obaseki, has said the Peoples Democratic Party (PDP) and the party’s governorship candidate, Asue Ighodalo, would sign the Peace Accord.

Governor Obaseki stated this in a statement on Tuesday. He explained that the decision was reached by the caucus of the party after a closed-door meeting.

Naija News reported the state’s PDP chairman, Anthony Aziegbemi and Obaseki withdrew their threat to boycott Saturday’s governorship election.

They added that they were convinced by the new commitment of the Independent National Electoral Commission (INEC) and the Inspector General of Police, Kayode Egbetokun.

On his X handle, on Tuesday, Obaseki disclosed, “Arising from a closed-door meeting of the caucus of our great party, the PDP in Edo State, we wish to thank the Police IG and the Chairman of the INEC for their assurances of providing a level playing field for all players in Saturday’s gubernatorial election in the state.

“As a party, we are ready for the election and confident that the people will make the right choice by voting for our candidates, who stand head and shoulders above the others.

“We are hopeful that with the courts resuming today, all our members who have been detained in Abuja will be released or granted bail to reunite with their families. On that ground, we will consider signing the Peace Accord.”

Hours after it was shut on Monday, the Lagos State Government has reopened the De-Angels Donald’s Fast Food, belonging to celebrity barman, Cubana Chief Priest.

The fast food restaurant was shut for violating the state environmental laws.

Donald’s Fast Food was unsealed by the team of Lagos State Environmental Protection Agency  (LASEPA) officials in the early hours of Tuesday.

LEADERSHIP gathered that the decision to unseal the business place followed the signing of an undertaking by the proprietor of the restaurant to adhere to the State’s environmental regulations.

A part of the commitment for reopening the restaurant is ensuring that the facility will operate solely as a fast-food business as initially approved against using it for clubbing or partying, just as it is situated in a residential area of the state.

Recall LEADERSHIP reported that LASEPA had stated that there had been repeated warnings, as a result of complaints from the nearby residents and businesses regarding the high levels of noise emanating from the lounge, which has been disrupting the peace and tranquility of the area.

In a statement during the closure of the facility, Director-General of the Lagos State Environmental and Protection Agency (LASEPA), Dr. Tunde Ajayi, disclosed that the Management of Donald’s Lounge had been advised to take necessary measures to mitigate its noise level and comply with other State’s environmental standards before the lounge would be reopened.

Ajayi restates that the Lagos State government is committed to ensuring a safe environment for all Lagosians.

American music mogul Sean “Diddy” Combs has been indicted on federal charges of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution, following his arrest in Manhattan by federal agents on Monday night.

The indictment, unsealed on Tuesday, marked the latest development in a series of legal challenges for Combs, whose career has recently been marred by multiple lawsuits accusing him of physical and sexual abuse.

According to the 14-page indictment, Combs, 54, allegedly transformed his business empire into a criminal enterprise involved in sex trafficking, forced labour, and other illicit activities.

The indictment outlined claims that Combs coerced and threatened women to “fulfill his sexual desires” and, in some instances dating back to 2009, physically assaulted them by “striking, punching, dragging, throwing objects at, and kicking” his victims.

Prosecutors accused Combs of supplying drugs and financial incentives to women in exchange for their participation in sexual activities with male sex workers.

These encounters were allegedly orchestrated as “highly choreographed performances.” One of the more serious incidents detailed in the indictment describes a 2016 altercation at a hotel, during which Combs allegedly threw a vase at a woman who was attempting to leave. When a security staff member intervened, Combs reportedly attempted to bribe him.

Combs was expected to appear in Manhattan federal court on Tuesday to address the charges. His attorney, Marc Agnifilo, expressed disappointment with the indictment, calling it an “unjust prosecution.”

In a statement, Agnifilo defended his client’s character, stating, “Sean ‘Diddy’ Combs is a music icon, self-made entrepreneur, loving family man, and proven philanthropist who has spent the last 30 years building an empire, adoring his children, and working to uplift the Black community. He is an imperfect person, but he is not a criminal.”

Agnifilo also noted that Combs had voluntarily relocated to New York ahead of the charges, signaling his readiness to face the legal battle.

The indictment is the culmination of a year in which Combs has faced mounting legal pressures. In November 2023, his former girlfriend, R&B singer Casandra Ventura, known as Cassie, sued him for physical abuse, sexual slavery, and rape during their decade-long relationship.

While Combs denied the allegations, the case was settled for an undisclosed amount just one day after the lawsuit was filed.

Combs’ legal troubles have only intensified, with additional civil lawsuits being filed by both women and men alleging sexual assault and other misconduct.

Singer Dawn Richard, formerly of Danity Kane, filed a lawsuit last week accusing Combs of sexual assault, battery, sex trafficking, and gender discrimination.

Additionally, earlier this month, a Michigan judge ordered Combs to pay $100 million to Derrick Lee Smith, who claimed Combs drugged and sexually assaulted him at a party nearly 30 years ago.

Combs did not appear in court to contest the allegations, and his legal team is reportedly seeking to overturn the judgment.

The indictment also followed a February 2024 lawsuit filed by producer Rodney “Lil Rod” Jones, who worked on Combs’ 2023 album, ‘The Love Album: Off the Grid. Jones accused Combs of sex trafficking, a claim the mogul has strongly denied.

This is not Combs’ first encounter with legal troubles. In 2001, he was acquitted of bribery and weapons charges related to a nightclub shooting in New York, which left three people injured.

As Combs faced these latest accusations, his legal team remains steadfast in his defense. “We intend to vigorously fight these charges and expose the truth,” Agnifilo concluded.

Combs, who built his career as a dominant figure in the 1990s and 2000s hip-hop scene, founded Bad Boy Records and was instrumental in launching the careers of stars like Mary J. Blige, Notorious B.I.G., and Usher.

Despite his continued denial of these allegations, the growing number of legal battles poses a significant threat to his legacy.

The Central Bank of Nigeria, CBN, has said that fuel subsidy removal, lower import bills, and increased external debt servicing obligations could pose downside risks for the growth of external reserves by 2024/2025.

CBN disclosed this in its Monetary, Credit, Foreign Trade and Exchange Policy guidelines for fiscal years 2024/2025. 

However, the apex bank in its outlook projected a positive economic output growth in Nigeria by 2024/2025 based on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 Medium-Term National Development Plan (MTNDP).

CBN said, “The outlook for Nigeria’s external sector in 2024/2025 is optimistic, on the expectation of favorable terms of trade, occasioned by sustained rally in crude oil prices and an improvement in domestic crude oil production.

“The positive outlook is supported by the sustenance of crude oil price, propelled by the decision to cut
production, and gains from capital flows and remittances.

“However, lower crude oil earnings, fuel subsidy removal, rising import bills, and increased external debt servicing obligations could pose downside risks for the accretion to external reserves.

“In addition, the sustained monetary policy tightening by central banks across advanced economies increases the risk of capital outflow.”

On Nigeria’s output growth, CBN said: “Nigeria’s output growth is expected to maintain a positive trajectory in 2024/2025.
“The growth prospects are dependent on continued policy support in the agriculture and oil sectors, reforms in the foreign exchange market, and the effective implementation of the Finance Act 2023 and the 2022-2025 MTNDP.

“The risk to the outlook is still tilted to the downside, characterized by significant headwinds such as rising energy prices emanating from lingering effects of the Russia-Ukraine war, and the persisting security and infrastructural challenges, which could undermine the growth outlook in the short
to medium term.

“Domestic prices are expected to remain elevated through 2024/2025,on the back of spillovers from global supply constraints, and exchange rate pass-through. 

“More so, the persisting security and infrastructural challenges could exacerbate inflationary pressures.

“The performance of the fiscal sector is expected to remain on a positive recovery trajectory in 2024/2025. “This outlook is contingent on the effective implementation of the Finance Act 2023 and restructuring of key revenue-generating MDAs to boost non-oil revenue.

“However, low domestic crude oil production, growing public debt, lingering insecurity, global economic slowdown, and the Russia-Ukraine war, could pose significant downside risks to fiscal operations in the short-to-medium-term.

“The financial sector is expected to remain resilient in 2024/2025. “The outlook mirrors the efforts of the CBN in continuously monitoring emerging vulnerabilities and risks in the system, including periodic stress tests, examination exercises, and the provision of risk mitigants.”

The Lagos State Government (LASG) has that there is no going back on the proposed increase in the boarding fees in its model colleges.

Over the weekend, parents of boarding students in the different model colleges in the state staged a protest kicking against the proposed increase in school fees.

In a statement released today, September 17, the Deputy Director, Public Affairs in the Minister of Basic and Secondary Education, Ganiu Lawal, the state government (LASG) said the increase in boarding fees in its model colleges is inevitable as it will ensure that they are well catered for while in school.

Lawal noted that students in the boarding schools were over one percent of the entire basic and secondary school student population in public schools in the state.

According to Lawal, the N35,000 boarding fees being paid since 2021 is not realistic in 2024.

The Lagos State Government recently approved the upward review of boarding fees payable in all public boarding schools in Lagos State. The review of boarding fees in all public secondary schools in Lagos State is with effect from 2024/2025 session.

The newly approved fee is N100,000 only and starts from the ongoing session which commenced on September 15, 2024.

“The Ministry is aware of dissenting views by some parents to the inevitable increase in boarding fees in our model colleges.

This was not an easy decision, but the welfare of the children is a priority for the Ministry of Basic and Secondary Education and the Lagos State Government. Since enrolment of a child into a boarding school is an individual choice for every parent, they are expected to pay boarding fees.

The boarding fee is paid every term and it is used basically for feeding, janitorial and other miscellaneous cost related to keeping them in the hostels per term,” Lawal said.

The ministry official explained that the schools take care of energy cost on fuel and cooking gas, which are essential for preparing the students’ meals.

“The model college students enjoy all other privileges of free education vis a vis provision of education infrastructure, free tuition, technology support (free devices). Also provision of adequate security in schools and payment of terminal examination fees; the state government pays WAEC fees for all public school students. Ideally, none of our parents will testify to the reasonability of feeding a child of 12 to 18 years with N35,000 for 3 months. A comparative analysis of Federal and state public schools with boarding facilities across the country shows Lagos State Ministry of Basic and Secondary Education is still very considerate with the reviewed rate in spite of the incomparable cost of food and other expenses,” he said.

Lawal noted that nutritious food was not just for physical growth but also for mental alertness, adding that the Ministry would not want any boarding student to look gaunt or lack the skill of critical thinking. He stressed that government took responsibility of the health and well being of the students while in school, but added that government would require full cooperation of all stakeholders to do this.

The ministry official, therefore, enjoined parents to see reasons with the state government and show understanding for the sake of the children.

Super Falcons of Nigeria midfielder, Ngozi Okobi, announced the arrival of her first child earlier today, September 17.

Ngozi Okobi took to her Instagram page to announce the arrival of her baby, expressing her gratitude to God and embracing her new role as a mother with the hashtags #godbepraised #iamamother #newmom.

The 30-year-old footballer accompanied her heartfelt message with endearing photos of her baby bump, capturing the precious moments of her pregnancy journey.

Before her announcement, Ngozi had chosen to keep her pregnancy journey private, only occasionally sharing glimpses of her fitness routines and casual moments on social media.

Her husband, Ahmed Okeoghene, whom she married on December 9, 2017, in Delta State, stood by her as she continued to pursue her football career as a midfielder for almost seven years before the arrival of their bundle of joy.

Ngozi Okobi’s remarkable career includes representing Nigeria in several international tournaments.

She showcased her talent in the 2010 Under-17 Women’s World Cup, the 2010 WAFCON, the 2012 FIFA Under-20 World Cup, as well as the 2014, 2016, 2018, and 2022 WAFCON tournaments. Additionally, she made appearances in the 2015 and 2019 FIFA Women’s World Cup.

Despite her impressive track record, Ngozi was notably excluded from the 2023 FIFA Women’s World Cup squad by former coach Randy Waldrum. Since then, she has not made a return to the national team.

Former U.S. President Donald Trump, alongside his sons and key entrepreneurs, unveiled a new cryptocurrency platform late Monday, marking his venture into the digital finance space.

While the two-hour online presentation provided limited specifics, it introduced a system that allows users to purchase digital “tokens” granting voting rights in decision-making on the platform.

Naija News reports that despite an alleged assassination attempt on Trump at his West Palm Beach golf club just days earlier, the launch went ahead as scheduled.

The new platform, dubbed World Liberty Financial, aims to capitalize on decentralized finance (DeFi) technology, which allows transactions to occur without the need for traditional financial intermediaries like banks.

DeFi, powered by blockchain technology, ensures that transaction records are transparent and secure from tampering.

World Liberty Financial’s core service will allow users to lend and borrow cryptocurrencies directly from each other, a service similar to that offered by platforms like Aave, a prominent name in the crypto space.

During the event, Donald Trump Jr. hailed the initiative as “the start of a financial revolution,” during a session streamed on X.com.

Key figures in the project, cryptocurrency entrepreneurs Zachary Folkman and Chase Herro, revealed that the platform would rely heavily on stablecoins—digital currencies backed by traditional fiat, most commonly the U.S. dollar.

This move is intended to shield users from the extreme volatility often associated with cryptocurrencies not tied to real-world assets.

World Liberty Financial aims to make cryptocurrency more accessible to the general public, Folkman stated, focusing on creating an intuitive platform for those unfamiliar with digital finance.

The project’s governance will be partly decentralized, with 63% of the tokens to be made available to the public. These tokens will give holders a voice in platform decisions. The remaining tokens will be allocated to the founding team (20%) and to users as rewards (17%).

While a detailed timeline for the platform’s rollout was not provided, the announcement marks a significant shift in Trump’s stance on cryptocurrencies.

Once a vocal critic, calling them a “scam” during his presidency, Trump has since repositioned himself as a “pro-bitcoin president” in his ongoing 2024 presidential campaign.

This puts him in stark contrast to the Biden administration, which has expressed support for regulating the cryptocurrency sector.

As Trump steps into the digital finance world, his venture is poised to attract attention from supporters and critics alike, given the mix of politics and cryptocurrency involved.