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Senate approves 23-25 Medium Term Expenditure Framework(MTEF)

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The Senate on Wednesday approved the 23-25 Medium Term Expenditure Framework (MTEF) and Fiscal Strategic Paper(FSP) ahead of the presentation of the 2023 Budget proposals by the President on Friday.
The Senate gave the approval following the consideration of the report of its Joint Committee on Finance and National Planning on the 2023-25 Medium Term Expenditure Framework (MTEF) And Fiscal Strategy Paper (FSP) which President Muhammadu Buhari recently proposed to the National Assembly.
The report was presented by the chairman of the Committee, Senator Adeola Olamilekan (APC – Lagos West).
After the debate on the report, the Senate approved, for 2023, the oil price benchmark of US$73 per barrel of crude oil and sustained, as contained in the MTEF/FSP documents, the exchange rate of N437.57 to one dollar.
The Senate also approved the sum of N3.6 trillion as subsidy on petroleum products for 2023.
Other parameters approved include; “projected new borrowings of N8.437 trillion, including foreign and domestic borrowings subject to the approval of the provisions of details of the borrowing plan by the National Assembly.
“A retained revenue of N9.352 trillion as a result of increase in the oil bench mark, fiscal deficit of N10.563 trillion, Statutory transfers, totalling N722.11 billion; debt service estimate of N6.31 trillion ; sinking fund at N247.7 billion; pensions, gratuities and Retirees benefits at N827.8 billion.
The Senate further recommended for comprehensive review of waiver policy to ensure that only companies engaged in manufacturing and production are granted such waivers.
It also granted relevant oversight committees of the National Assembly the liberty to remove recycled projects in their budget proposals during the Committees’ budget defence.

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Tax Reform Bills: Senate To Consider Viable Opinions Of Stakeholders

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The chairman, Senate committee on Finance, Senator Sani Musa, says the Senate will consider viable opinions of all stakeholders in the passage of current Tax Reform Bills .

Senator Musa who stated this during an interview with newsmen in Abuja emphasized the need for Nigerians to be patient for a tax regime that would be beneficial to all and sundry.

He explained that the red chamber would evolve a legislation that is workable in line with international best practices.

Senator Musa told newsmen that president TINUBU needs one trillion dollar economy adding that the proposed Tax regime would outlive every individual including the lawmakers.

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Price Hike: FCCPC Summons MultiChoice, Warns Against Exploitation

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The Federal Competition and Consumer Protection Commission (FCCPC) has summoned MultiChoice Nigeria to explain its proposed subscription price increase, set to take effect on March 1, 2025.

Exercising its mandate under Sections 32 and 33 of the FCCPA, the FCCPC directed the Chief Executive Officer of MultiChoice Nigeria to attend an investigative hearing at the Commission’s headquarters on Thursday, February 27, 2025.

In a statement, the Director of Corporate Affairs in FCCPC, Mr Ondaje Ijagwu said the action follows MultiChoice’s formal notification of the price adjustment, which raises concerns about recurrent unilateral price hikes, potential market dominance abuse, and perceived anti-competitive practices in the pay-TV industry.

“The FCCPC is deeply concerned that Nigerian consumers continue to face frequent price increases, amid accusations that MultiChoice applies different pricing strategies in other markets, heightening questions about fairness and market abuse and should MultiChoice fail to provide satisfactory explanations or be found in violation of fair market principles, the FCCPC will be left left with no other option than to impose regulatory penalties, sanctions, or other corrective measures to protect Nigerian consumers” He warned

In his words”Furthermore, the FCCPC is engaging the sector regulator and other relevant agencies to ensure fair competition and consumer protection within Nigeria’s broadcasting and digital subscription landscape”.

 

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Senator Natasha Sues Akpabio For Defamation, Asks ₦100bn Damages

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Senator Godswill Akpabio and Natasha Akpoti-Uduaghan
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Kogi Central Senator, Natasha Akpoti-Uduaghan has filed a lawsuit against Senate President Godswill Akpabio for allegedly defaming her

The suit was filed before the Federal Capital Territory High Court on Tuesday with Akpabio and his senior legislative aide Mfon Patrick listed as second to third defendants.

In the suit, Senator Akpoti-Uduaghan through her lawyer, Victor Giwa, referred to Akpabio’s words published by his aide on his Facebook page with the title, “Is local content committee of the senate Natasha’s birthright?” where he stated that the claimant thought being a lawmaker is all about pancaking her face and wearing transparent outfits to the Chambers.

Giwa alleged that the statement on Akpoti-Uduaghan was defamatory, provocative, and disparaging, and lowered her dignity in the eyes of her colleagues and right-thinking members of the public.

“A declaration that the words ‘it is a bottled anger by the Kogi Lawmaker, who knows nothing about legislative rules. She thinks being a lawmaker is all about pancaking her face and wearing transparent outfits to the Chambers’ used and written by the 3rd defendant at the prompting of the 1st and 2nd defendants is defamatory and intended to cause public opprobrium and disaffection towards the claimant by members of the public,” her reliefs partly read.

Akpoti-Uduaghan urged the court to restrain the defendants or associates from publishing defamatory words against her on any platform.

“An order of perpetual injunction restraining the defendants whether acting by themselves or through their agents, privies, assigns, or associates from further publishing or caused to be published the said defamatory words herein stated or any other similar publications about the claimant on the social media platform or in any other manner, which is capable of defaming the claimant,” she stated.

She, however, urged the court to order the defendants to pay her ₦100bn as damages and ₦300m as litigation costs.

“An order for payment of the sum of ₦100,000,000,000 as general damages. An order for payment of the sum of ₦300,000,000.00 only as cost of action,” she said.

Senator Natasha Akpoti-Uduaghan had recently voiced her concern after her seat was reassigned due to a reshuffle. She resisted the relocation and this led to a clash between her and the senate president.

The Kogi lawmaker has been referred to the Senate Disciplinary Committee in the wake of the seating arrangement dispute.

 

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