NEWS
Reps To Probe CBN’s Planned Retirement Of 1,000 Staff, N50bn Payoff
The House of Representatives has launched an inquiry into the Central Bank of Nigeria’s (CBN) decision to retire over 1,000 staff, including top executives, as part of an alleged restructuring process.
The probe will also examine the N50 billion payoff scheme tied to the move.
The resolution followed a motion of urgent public importance sponsored by Rep. Kama Nkemkama (LP-Ebonyi) during Tuesday’s plenary session.
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The motion, titled “Need to Investigate the Retirement of Over 1,000 Staff of the Central Bank of Nigeria (CBN) and the Associated N50 Billion Payoff Scheme,” was unanimously adopted by the lawmakers.
A national media report on December 2 claimed the CBN was planning the mass retirement under the directive of its Governor.
The report suggested the payoff scheme was part of the restructuring process to compensate affected staff.
Presenting the motion, Nkemkama raised critical concerns about the plan.
He said, “The sudden mass retirement of over 1,000 staff, including directors and senior management, raises critical questions, including the criteria for selection, transparency, and adherence to due process in line with public service guidelines and labour laws.”
He added that the decision could lead to increased unemployment and public dissatisfaction.
“Such a significant decision has socio-economic implications for the affected individuals, their dependants, and the broader economy,” he said.
The lawmaker also criticized the N50 billion payoff scheme, warning that it might lack proper oversight.
“The reported payoff scheme amounting to N50 billion might lack sufficient accountability and oversight mechanisms, posing risks of mismanagement and abuse of public funds in a sector vital to Nigeria’s financial stability,” he noted.
Following deliberations, the House set up an ad hoc committee to investigate the planned retirements.
The committee will evaluate the legality, selection criteria, and processes involved in the exercise. It will also examine the payoff scheme to ensure transparency and proper utilization of funds.
The lawmakers resolved to engage with the CBN leadership to assess the economic and institutional impact of the retirements on Nigeria’s financial sector.
They also urged the CBN to suspend the exercise and the payoff scheme until the committee concludes its investigation.
The House further called on the Federal Ministry of Labour and Employment to ensure that the rights of the affected staff are protected.
The committee has been given four weeks to present its findings for further legislative action.
NEWS
Reps Demand N100m Boost For Tobacco Control Fund
The House of Representatives has called on the Federal Government to allocate ₦100 million to Nigeria’s Tobacco Control Fund, enhancing its capacity to enforce the National Tobacco Control Act.
During Wednesday’s plenary, Bassey Akiba, representing Calabar Municipal/Odukpani Federal Constituency, emphasised the need for increased funding.
He highlighted that the current allocation of ₦10 million in the 2024 budget falls short of what is required to combat tobacco-related health issues effectively.
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“Tobacco control is crucial due to its impact on preventable deaths, including cancer,” Akiba stated. He warned that inadequate funding could worsen health risks, noting tobacco consumption’s link to cardiovascular diseases, stroke, and cancer.
The House urged the Federal Ministry of Health to provide a detailed report on the Tobacco Control Fund, including its balance, funding sources, and previous expenditures.
Speaker Tajudeen Abbas backed the motion, stressing the importance of sustainable funding to reduce dependence on international donors.
The House resolved to advocate for a ₦100 million allocation in the 2025 budget to bolster the fund’s effectiveness.
NEWS
Experts Urge Action To Boost Family Planning For FP2030 Targets
At the eighth Nigeria Family Planning Conference held in Abuja, medical experts stressed the urgent need to address high fertility rates and low family planning uptake to improve maternal and child health outcomes.
The event, themed “Sustaining Commitments for Family Planning within the Nigeria Health Sector Renewal Investment Initiative,” was organised by the Association for the Advancement of Family Planning (AAFP) in collaboration with the Federal Ministry of Health and Social Welfare.
Dr Ejike Oji, Chairman of the AAFP Management Committee, underscored the transformative potential of family planning as a tool for sustainable development. He highlighted its multifaceted benefits, including saving lives, promoting gender equity, and fostering economic growth. According to Oji, “$1 invested in contraceptive services saves $3 in maternal and newborn health costs by reducing unintended pregnancies.”
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Despite some progress, Nigeria’s Contraceptive Prevalence Rate (CPR) remains at 15 per cent, with an unmet need of 21 per cent. Dr Oji called for increased collaboration and innovation to meet the FP2030 targets.
Funmilola OlaOlorun, Co-Principal Investigator at Performance Monitoring for Action/Nigeria, emphasised the need for strict adherence to the national family planning blueprint to achieve a two per cent annual CPR increase. “We cannot do business as usual,” she stated, urging for more funding, dedication, and resource mobilisation.
Samuel Oyeniyi, Director at the Reproductive Health Department, acknowledged the slow but steady progress towards FP2030. He emphasised the importance of integrating family planning into broader health initiatives to bridge existing gaps.
The conference highlighted Nigeria’s renewed commitment, including a $4 million government investment in family planning and the integration of family planning services into the healthcare provision fund, ensuring access for marginalised groups.
NEWS
NITDA Reports N2.55trn Tax Payment From Google, Meta, X, Others In H1 2024
In a significant boost to Nigeria’s economy, major global tech companies, including Google, Meta, X (formerly Twitter), TikTok, and Microsoft, have contributed a combined N2.55 trillion ($1.5 billion) in taxes to the Nigerian government during the first half of 2024.
The news, revealed by the National Information Technology Development Agency (NITDA) on Wednesday, highlights the positive impact of foreign digital companies adhering to tax regulations in Nigeria.
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Data from the Federal Inland Revenue Service (FIRS) and the National Bureau of Statistics (NBS) revealed that these tech giants, including interactive computer service platforms and internet intermediaries, have contributed substantially to government revenue by adhering to Nigeria’s tax regulations.
“This significant increase in revenue underscores the role of regulatory frameworks in shaping compliance and driving revenue growth in the digital economy,” said Hadiza Umar, NITDA’s Head of Public Affairs, in a statement.
Beyond financial contributions, the report also highlighted the actions taken by social media platforms to enforce their policies in Nigeria.
In 2023, platforms deactivated 12.1 million Nigerian accounts for various violations, while 65.8 million pieces of Nigerian content were removed for breaching platform guidelines.
Additionally, 4.126 million complaints from Nigerian users were filed, and 379,433 pieces of content were reinstated after appeals.
NITDA also lauded Google, X, Microsoft, and TikTok for their adherence to the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries, a set of guidelines developed by the Nigerian Communications Commission (NCC), the National Broadcasting Commission (NBC), and NITDA. The Code aims to enhance online safety and manage harmful content.
“The Code of Practice outlines clear guidelines for promoting online safety and managing harmful content,” NITDA’s statement read.
While acknowledging the progress made by these platforms in ensuring user safety, NITDA stressed the importance of continued collaboration and innovation.
“We remain committed to working with stakeholders to strengthen and enhance user safety measures, digital literacy, trust, and transparency,” the agency concluded.