• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics

Governors approve implementation of financial autonomy for state legislature, judiciary

William UkpebyWilliam Ukpe
2 years ago
in Politics
Fuel Deregulation: Governors support deregulation of oil sector to end subsisdy
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Governors’ Forum has agreed to a uniform template for the implementation of the Memorandum of Action on financial autonomy for state legislatures and judiciary.

This was disclosed by the Chairman of the Forum and Ekiti State Governor, Kayode Fayemi, in a statement on Thursday night, in Abuja, after its 32nd teleconference meeting, according to the News Agency of Nigeria.

The NGF stated that the template was endorsed by the Judiciary Staff Union of Nigeria (JUSUN) and the Parliamentary Staff Association of Nigeria (PASUN) to facilitate the implementation of financial autonomy for the State legislatures and judiciary, following a meeting comprising State Attorney Generals and the Commissioners of Finance held on June 25, 2021.

READ: Communique issued by 17 Nigerian Southern Governors in Lagos

However, they had concerns over other policy matters including the proposed amendments to the Principal Stamp Duties Act by the Senate, which they say removes the powers to administer and collect stamp duties from the Federal Inland Revenue Service or their State counterparts, depending on the nature of the transaction, to the Nigeria Postal Service.

“The provisions of Section 163 of the 1999 Constitution requires that Stamp Duties on transactions between a company and an individual should be paid to the FIRS and returned to the state of derivation,” the NGF added.

READ: Open grazing ban: Are Southern Governors chasing shadows?

On the Petroleum Industry Bill

the NGF added that it fully supports the unbundling and commercialization of the Nigeria National Petroleum Corporation (NNPC), but had concerns over the proposed ownership structure of the NNPC, which the FG controls.

“The NGF recommends that given that the corporation is owned by the three tiers of government, NNPC Limited, the newly incorporated entity, should be owned by a vehicle that holds the interest of the three tiers of government.

For now, the institution that is positioned to carry out this mandate is the Nigeria Sovereign Investment Authority (NSIA).

This amendment, as well as the proposed 3% share of oil revenue to host communities and 30% share of profit for the exploration of oil and gas in the basins, will be responded to at relevant channels, including the National Assembly and the National Economic Council (NEC),” NGF said.

READ: Southern Governors reject proposed 30% profit share for oil exploration in the North

In case you missed it

  • Recall Nairametrics reported in April that the Governors’ Forum, Conference of Speakers of State Legislature, and other governance stakeholders announced that they reached a resolution over the implementation of financial autonomy for State Legislature and Judiciary.
  • Members of the Judicial Staff Union of Nigeria (JUSUN), and the Parliamentary Staff Association of Nigeria (PASAN) had gone on strike over the implementation of the judicial financial autonomy in a bid to draw attention to their demands.
Tags: Judiciary Staff Union of Nigeria (JUSUN)Memorandum of ActionNational Economic Council (NEC)Nigerian Governors ForumParliamentary Staff Association of Nigeria (PASUN)Petroleum Industry Bill

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Targets: Unity Bank projects N19.864 billion gross earnings in Q3 2023
  • DSS confirms arrest of suspended CBN Governor, Godwin Emefiele
  • Zylus homes launch Arizon Estate to help over 1000 people attain home ownership

Follow us on social media:

Recent News

Targets: Unity Bank projects N19.864 billion gross earnings in Q3 2023

Targets: Unity Bank projects N19.864 billion gross earnings in Q3 2023

June 10, 2023
Emefiele: ‘Bullion Van Politicians’ after CBN – Atiku Campaign

DSS confirms arrest of suspended CBN Governor, Godwin Emefiele

June 10, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In