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Senate Passes Bill To Increase CBN Ways And Means Loans To FG

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The Senate on Wednesday passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the Federal Government.

The upper chamber of the Nigerian legislature raised the credit facility obtainable by the Federal Government from the apex bank from 5% to 10%.

Known as the Ways and Means, the apex bank offers short-term financing to the Federal Government to cover its budget shortfalls.

To do this, the Senate amended the CBN Act to increase the total CBN advances (loans) to the Federal Government.

The bill for the amendment of the CBN Act was considered at plenary on Wednesday when it was read for the first time.

The Leader of the Senate, Opeyemi Bamidele said the executive bill read for the first time on Wednesday is to enable the Federal Government to meet its immediate and future obligations owing to the government’s increasing needs for funds to finance the budget deficits and other expenses.

He explained that the loans would enable the provision of immediate funds to address budget shortfalls and finance essential government expenditures as well as help maintain financial market stability by preventing government default on its obligation.

Bamidele said the loans, when injected into the economy, will stimulate economic activity, potentially create jobs and enable the government to support critical sectors like agriculture, healthcare and infrastructural development.

He added that the loans will lower the government’s borrowing cost by providing cheaper funds than the traditional borrowing method.

Opeyemi and his colleagues argued that the margin of increase should be from 5 to 10 per cent.

They asserted that although the increase was necessary for economic development, adequate monitoring of capital projects should be enhanced to ensure that the funds are used for the sole purpose of infrastructure and legacy projects.

After consideration in the Committee of the Whole, the executive bill scaled the third reading and was passed.

President Bola Tinubu is expected to sign the amended bill into law.

Education

Senate Approves Establishment of Federal Universities in Ilaro and Kachia

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The Nigerian Senate, on Tuesday, approved the third reading of two bills aimed at establishing the Federal University of Technology in Ilaro, Ogun State, and the Federal University of Applied Sciences in Kachia, Kaduna State.

The approval followed the presentation of a report by the Senate Committee on Tertiary Education and TETFUND, chaired by Senator Dandutse Mohammed (APC, Katsina South).

The report supported the creation of these two institutions to promote higher education and technological advancements in Nigeria.
According to the committee’s report, the establishment of the Federal University of Technology in Ilaro is based on the upgrading of the existing Federal Polytechnic Ilaro to a full-fledged university.

The bill for this upgrade was sponsored by Senator Solomon Adeola (APC, Ogun West) and was first introduced during the 9th Senate but did not pass at the time.

In a related development, the Senate also passed the bill for the establishment of the Federal University of Applied Sciences in Kaduna State. However, the committee recommended changing the institution’s location from Manchok, as initially proposed by the bill’s sponsor, Senator Sunday Katung (PDP, Kaduna South), to Kachia, Kaduna State.

After a detailed clause-by-clause review of the reports, the Senate passed both bills for the third reading, moving them closer to becoming law and enabling the establishment of the two universities.

 

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Kogi State Approvess ₦72,500 New Minimum Wage for Civil Servants  

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Kogi State Governor, Ahmed Usman Ododo
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 Kogi State Governor, Ahmed Usman Ododo, has unveiled a new minimum wage of ₦72,500 for civil servants in the state, effective immediately.

This development comes after 17 state governors, including Kogi, established committees to implement the new minimum wage.

The unveiling ceremony took place at the Conference Hall of Government House, Lokoja.

Governor Ododo’s administration has been working tirelessly to enhance the welfare of civil servants and promote economic growth in the state.

Gov Ododo who noted that the effective date of the Minimum wage administration is with immediate effect also declared that the tax burden of the Minimum wage on the Civil Servants has been suspended for one year.

In his words “after taking a look at all the indices and to alleviate the financial burdens of the Civil Servants, we have graciously approved the total sum of ₦72,500 an the new minimum wage for the state’s Civil Servants.

Governor Ododo’s commitment to improving the lives of civil servants is evident in his administration’s efforts to provide better working conditions, social security, and fair wages. This move is expected to boost morale and productivity among civil servants

The governor has also demonstrated his dedication to the development of the State, with initiatives such as infrastructure development, agricultural reform programs, and improved healthcare services.

 

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Stakeholders Endorses Establishment Of  Polytechnics Commission

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The House of Representatives has reaffirmed its commitment to improving the quality of education and fostering excellence within Nigeria’s tertiary institutions.

Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, expressed this commitment on Wednesday at the National Assembly Complex in Abuja during a public hearing on a bill proposing the establishment of a National Polytechnic Commission, which is designed to supervise, regulate, and coordinate polytechnic education across Nigeria.

The hearing, organised by the House Committee on Federal Polytechnics and Higher Technical Education, also sought stakeholder input on two additional bills.

The bills aim to establish the Federal Vocational and Entrepreneurship Institute in Lagos State and the Federal Vocational and Skills Acquisition College in Yankaba, Kano State. These initiatives are part of a broader effort to advance vocational and polytechnic education in the country.

Represented by Hon. Jesse Okey-Joe Onuakalusi (LP, Lagos), Speaker Abbas opened the hearing by highlighting the growing recognition of technical and vocational education as crucial to national development.

He emphasised that by establishing these institutions, the House aims to ensure that high-quality education in science, technical skills, arts, and vocational training is accessible to all Nigerians.

“Today’s hearing perfectly aligns with our legislative agenda to improve Nigeria’s educational framework. In a rapidly evolving global landscape, it is crucial that we equip our youth with skills and knowledge that are both globally competitive and locally relevant.

“The proposed agency and institutions will stand as pillars of excellence, delivering high-quality education that adheres to international standards while addressing the specific needs of our communities,” Speaker Abbas stated.

Chairman of the Committee, Hon. Faud Kayode Laguda (APC, Lagos), explained that the public hearing is a procedural step toward the passage of the bills into law.

He noted that each bill is designed to improve Nigeria’s socio-economic development and promote sustainable human capital development necessary for building a self-reliant society.

“As you are aware, the establishment of vocational, entrepreneurship, and skills acquisition institutions in Nigeria aims to train technicians and middle-level personnel who will act as catalysts for rapid industrialisation and the development of our real sector,” Rep. Laguda said.

Stakeholders at the hearing unanimously supported the need for a regulatory body for polytechnics, lamenting the inability of the National Board for Technical Education (NBTE) to oversee over 700 institutions effectively.

Chairman of the Senate Committee on Tertiary Institutions and TETFund, Senator Muntari Dandutse (APC, Katsina South), stressed the importance of developing educational programmes that benefit future generations and assured that the Senate would expedite the relevant bills.

Permanent Secretary of the Federal Ministry of Education, Nasir Sani-Gwarzo, praised the House for the timely introduction of the proposed legislation, expressing full support for the initiative as a means to align Nigerian polytechnics with international standards.

Prof. Idris Bugaje, Executive Secretary of the NBTE, described the proposed Polytechnic Commission as a long-overdue necessity. He noted that other education sectors already have specialised regulatory bodies and expressed optimism that the new commission would provide a robust regulatory framework and curriculum to enhance skills and productivity.

In separate submissions, major polytechnic unions also supported the establishment of the commission.

The Academic Staff Union of Polytechnics (ASUP), represented by Comrade Shammah Kpan

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