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President Buhari nominates new Chairman, DG for PENCOM as senators kick

Some members of the Senate kicked against the President’s nominee for the position of the Director-General of PenCom.

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National Assembly approves Federal Government’s plan to borrow $11 billion in 2021, Senate urges FG to diversify from crude oil to natural gas production , Senate seeks textile importation ban , Senate receives six aviation sector bills from Buhari , PenCom: Constitute a board, NASS and pension operators tell FG, Nigeria’s total debt now N33trn —Senate, Senate confirms appointment of board members for NDIC, law reform commission, Senate to confirm reappointment of Danbatta as NCC boss, Senate investigates claims of NELMCO, AEDC over govt asset, Senate Investigate Banks over customers exploitation and high fees, 2021 Budget: Senate sets motion for budget defense, commences 2020 review

President Muhammadu Buhari on Tuesday, September 29, 2020, submitted the names of 6 nominees to the Senate for confirmation as Chairman, Director General and National Executive Commissioners of the National Pension Commission (PENCOM).

In the letter, which was read on the floor of the upper chamber by the President of the Senate, Ahmed Lawan, the President nominated Oyindasola Oni as the Chairman and Aisha Umar as the Director-General.

READ: Former PenCom DG is under investigation for procurement irregularities

Others nominated as Executive Commissioners are Hannatu Musa (North-West), Clement Akintola (South-West), Ayim Nyerere (South-East) and Charles Emukowhale (South-South).

However, the president’s nomination caused a sharp division among senators as it did not go down well with some of them, who kicked against it.

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Some senators opposed the nomination of Umar as the substantive Director-General of the commission as soon as the Senate President, Ahmad Lawan, read President Buhari’s letter.

READ: Former PenCom DG is under investigation for procurement irregularities

While speaking on behalf of the aggrieved senators, the Senate Minority Leader, Enyinnaya Abaribe, said that Umar, from the North-East, should not have replaced, the former DG, Mrs Chinelo Anohu-Amazu, who is from the South-East. He said Buhari’s action was a flagrant breach of the Act that established the PenCom.

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Section 20(1) and section 21(1) and (2) of the National Pension Commission Act 2014, states, “In the event of a vacancy, the President shall appoint a replacement from the geopolitical zone of the immediate past member that vacated office to complete the remaining tenure.”

READ: PFAs boost investment in infrastructure by N17.77 billion in one year 

Abaribe argued that Anohu-Amazu’s successor should come from the South-East.

He said, “I recall that the tenure of the incumbent was truncated. Therefore, the new letter from the president that has now moved the chairman of the commission to another zone may not be correct. It is against the law setting up the National Pension Commission and the Federal Character Commission.

“Before you send it to the appropriate committee tomorrow, I wish to draw the attention of the committee to it.”

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READ: FEC approves $1.96 billion for Kano-Niger Republic railway

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However, the Senate President, Ahmed Lawan, rejected Abaribe’s point of order and observation.

He said, “That is for me to interpret because I interpret the laws here. If there is any petition to that effect it should be sent to the committee.”

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Economy & Politics

Kano State presents N147.9 billion budget for 2021 fiscal year

Governor Ganduje has presented the total sum of N147.9 billion as Kano State’s proposed budget for 2021 fiscal year.

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Dala Inland Dry Port set to take off after N2.3 billion investment - Kano Govt., DB to support 1.26 million farmers with $95 million

Kano State Governor, Abdullahi Ganduje has presented the total sum of N147.9 billion as its proposed budget for 2021 fiscal year before the Kano State House of Assembly today.

Presenting the budget tagged “Budget for Economic Recovery and Sustainable Development,”Governor Ganduje said the budget is in furtherance of his administration’s vision for diversification of the state sources of revenue which will engineer development in the future.

Backstory: Recall that Nairametrics had earlier reported the drive and optimism by Kano State government to boost its Internally Generated Revenue. This might probably explain why IGR increased by almost 10% between 2020 allocations and proposed estimates for 2021.

What you should know: The breakdown of the budget verified by Nairametrics showed the following key highlights:

  • The total budget increased by approximately 7.0% from N138.279 billion in 2020 to N147.935 billion in 2021.
  • Capital expenditure for the periods under view increased by 10.93% from N60.485 billion to N67.095 billion.
  • Recurrent expenditure also increased from N77.79 billion to N80.839 billion, indicating a 3.92%. increase for the periods under view.
  • Internally Generated Revenue (IGR) increased by approximately 10% from N24 billion to N26.395 billion during the period under view.
  • A breakdown of the budget showed that the Education sector has over N37 Billion representing 25% of the total budget while the health care delivery service has over N25 Billion representing 17% of the total budget.

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Economy & Politics

Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.

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Why Okonjo-Iweala should win the WTO DG role- Prof. Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.

The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics

READ: WTO: Okonjo-Iweala invites volunteers, says she has no money for PR firm

Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.

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READ: WTO: Nigeria’s Ngozi Okonjo-Iweala gets European Union support

What you should know

Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.

Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.

(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)

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Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.

“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”

READ: WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt

What this means

If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.

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Economy & Politics

Buhari in crucial meeting with Obasanjo, other former heads of state

President Buhari is presiding over a National Security Council meeting with some former heads of state and some security chiefs.

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Buhari in crucial meeting with Obasanjo, other former heads of state

President Muhammadu Buhari is currently presiding over a National Security Council meeting with some former heads of state and some security chiefs.

READ: Obasanjo opens garment factory, competes with Nike Art Gallery, Sam & Sara 

Although the agenda of the meeting is not made public, issues bothering on the current security situation in the country are believed to top the agenda. This follows the outbreak of violence across the country during the protest against police brutality and extra-judicial killings, which has led to the loss of lives and destruction of public assets and private properties.

READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers

According to media reports, the meeting which is coordinated from the Council Chamber of the Presidential Villa, Abuja, has in virtual attendance General Yakubu Gowon (rtd.), former President Olusegun Obasanjo, Gen Abdulsalami Abubakar (rtd.), former President Goodluck Jonathan and former head of interim national government, Chief Ernest Shonekan.

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READ: #EndSARS: Feminist Coalition raise Cryptos worth $126,000

Others who are physically present at the council chambers are Vice President Yemi Osinbajo;  National Security Adviser, Major General Babagana Monguno (rtd.); Chief of Defence Staff, General Gabriel Olanisakin; Inspector-General of Police, Mohammed Adamu; Director-General, Department of State Services, Yusuf Bichi; and Director-General, National Intelligence Agency, Ahmed Rufai, among others are attending with the President.

READ: #EndSARS: Buhari holds National Security Council meeting with Osinbajo, IGP, others

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This meeting is coming a day after President Buhari’s national broadcast on the security situation in the country calling for an end to the #EndSARS protests as their voices have been loudly heard.

Explore Data on the Nairametrics Research Website

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