Index to Nigerian Newspapers

The Federal Government in Nigeria has announced a mandatory registration of Point-of-Sales operators to reduce kidnapping and assist security agencies in arresting ransom payments. The registration process aligns with legal requirements and Central Bank of Nigeria directives, aiming to safeguard businesses and strengthen the economy. The deadline for registration is 60 days and ends on July 7th. The benefits of registration include access to loans, legality, and compliance with regulatory requirements. However, PoS agents have criticized the move, arguing it would place more burden on operators, especially in rural areas.

The House of Representatives has resolved to probe the ongoing N15tn Lagos-Calabar Coastal Highway project, which has attracted both praise and condemnation since its approval in February. The 10-lane coastal road was designed to connect Lagos to Cross River, passing through various states before culminating in Calabar. The project gained traction under the administrations of Goodluck Jonathan and Muhammadu Buhari but could not commence. The Ministry of Works defended the project, stating it followed due process and that House of Representatives members had pledged support for the project. The Federal Executive Council has approved and released N1.06tn for the contractor for the pilot phase of the construction. The highway was conceived as an Engineering, Procurement and Construction plus Financing project, with part-funding by the Federal Government between 15 to 30%. The approval process went through the Bureau of Public Procurement after consideration by the Federal Executive Council.

The Federal Government has set aside N575.6bn in its special funding budget to boost the fight against insecurity and prosecute the ongoing anti-insurgency war. Under this, a total of N184.25bn was approved for the purchase of military equipment, arms and ammunition. Details of the 2023 supplementary budget obtained by our correspondent on Tuesday indicated that out of this N552.6bn, the Ministry of Defence and the Armed Forces have been allocated over N147.03bn to upscale internal operations against Boko Haram, bandits, kidnappers and other anti-insurgency wars. Of the eight military and defence agencies allocated the total sum, the Nigerian Army, Nigerian Air Force and the Nigerian Navy will get N211.5bn, N112.2bn and N62.8bn, respectively. The three forces got the largest chunk of the military budget. Speaking at the end of this week's Federal Executive Council meeting at the Aso Villa, the Minister of Budget and Economic Planning, Abubakar Bagudu, said the budget is to fund urgent issues including national defence and security.

The Federal Government through the Central Bank of Nigeria, has commenced payment of outstanding matured FX forwards owed to various creditors, The PUNCH reports. A source familiar with the development confirmed the payment on Thursday. Meanwhile, unconfirmed sources said three banks received full payment of debts owed. The banks are Citi Bank, Stanbic IBTC and Standard Chartered Bank. The amount of overdue forward payments is estimated at $6.7 billion, according to the Minister of Finance, Wale Edun. This represents an appreciation of N50 or 4.27 per cent compared to the N1,170 it traded for on Wednesday. Currency traders, also known as Bureaux De Change operators, who spoke to The PUNCH stated the naira was recovering well after making a quick recovery from N1,170/dollar in the morning to close trading at N1,120/dollar. However, there are commercial banks in the system that are not happy with the CBN because they have yet to receive any credit alert. Sources at the CBN who spoke to The PUNCH unofficially said, "The banks who have not received payments are grumbling, alleging that the Apex bank has denied them of their rights."