Valor360 blog

07/06/2024

BREAKING:
Tribunal orders Multichoice to give Nigerians one-month free subscription

02/06/2024

FG Launches Renewed Hope Delivery Portal

With the commitment of the FG to tackle Housing deficit in the country, a brilliant and interesting scheme was designed tagged: RENEWED HOPE HOUSING DELIVERY" which accessibility and application Portal has now been launched.

For details on how to be a beneficiary, kindly check the attached Flyers. Also the link to apply is also on the flyer, or check the comment section

01/06/2024

NNPC to start oil exploration in Ogun

The Ogun State government has announced its readiness to join the ranks of oil-producing states as the Nigerian National Petroleum Corporation (NNPC) Limited is set to commence exploration of oil and gas in the state.

This was disclosed in a statement through the official X handle of the state government after a meeting between the state government and key stakeholders in the oil and gas sector, including the Minister of State for Petroleum Resources, Heineken Lokpobiri.

Other stakeholders include SHELL Managing Director Osagie Okubor, NUPRC Chief Executive, Gbenga Komolafe; and NNPCL Group CEO, Mele Kyari.

visit by the stakeholders to the state was said to discuss federal plans for exploration in the Dahomey Basin, which stretches from the Niger Delta to Ghana and includes Ogun State.

The statement reads, “Minister Lokpobiri emphasized Ogun State’s potential in the Dahomey Basin, highlighting the federal government’s commitment to exploration activities as a means to boost Nigeria’s economic prosperity through oil and gas. NNPCL’s Mele Kyari assured that exploration would commence earnestly, expressing confidence in discovering commercial quantities of oil. NUPRC’s Gbenga Komolafe noted the synergy with NNPCL to leverage the Petroleum Industry Act (PIA) for aggressive exploration efforts, which aim to grow Nigeria’s oil reserves and enhance federation revenue.

“Governor Dapo Abiodun welcomed the initiative, noting that Ogun State’s inclusion in OPLs 302, 303, 306, and 307 offers unique opportunities under the Frontier Exploration Fund. He highlighted the region’s potential for both oil and bitumen extraction, which would reduce import dependency and save foreign exchange. Abiodun pointed out the state’s advantages, including ease of access, low operating costs, and strong government support, positioning Ogun for commercial success and economic benefits from the upcoming exploration activities.”

01/06/2024

EXPLAINER: 14 Reasons Why FG maintained N60,000 minimum wage

The Federal Government and Organised ltabour on Friday, May 31 failed to reach an agreement on a new national minimum wage.

The government added N3, 000 to its initial offer of N57, 000 proposed last week, taking the total figure to N60, 000 while labour lowered its demand by removing N3, 000 from the N497, 000 it proposed last week.

The tripartite committee has been locked in talks over a new minimum wage since the committee was inaugurated in January this year.

To fast track the negotiation process, the NLC and TUC on May Day gave the committee till the end of the month to wrap up talks on a new national minimum wage.

That ultimatum expired on Friday night without an agreement.

Here are 14 reasons the FG gave for a N60,000 minimum wage:

1) N35,000 wage award for all treasury-paid Federal workers.

2) N100 billion for the procurement of CNG-fuelled buses and CNG conversion kits.

3) N125 billion conditional grant and financial inclusion to MSMEs.

4) N25,000 each to be shared to 15 million households for 3 months.

5) N185 billion palliatives (loans to States) to cushion the effects of fuel subsidy removal.

6) N200 billion to support the cultivation of hectares of land to boost food production.

7) N75 billion to strengthen the manufacturing sector.

8) N1 trillion for student loans for higher education.

9) Release of 42,000 metric tons of grains from strategic reserves.

10) Purchase and onward distribution of 60,000 metric tons of Rice from the rice millers association.

11) Recent salary increase of 25-35 per cent on all consolidated Salary structures for federal workers.

12) 90% subsidy on health costs for Federal Civil Servants registered on NHIS.

13) Light rail commissioned in Abuja to relieve transportation cost till the end of the year. Lagos State had already commence same initiative with their Blue and Red lines.

14) In addition to the freedom of Civil Servants to engage in agriculture, Federal Government has approved the inclusion of ICT services for alternate sources of income.

01/06/2024

ASUU Strike: Nigerian university introduces ‘no work, no pay’ policy

31/05/2024

FG Plans 5,000 CNG Tricycles Rollout In Three Months

31/05/2024

Presidential tax committee recommends N800/$ Customs duty rate

The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an exchange rate of N800 per dollar Customs import duty rate for the rest of the year.

This move will be a huge departure from what obtains currently where Customs duty is changed erratically, sometime twice a day with total changes effected so far this year at about 40 times.

Also the value has followed the sharp swings in the exchange rate on the foreign exchange market with a wide range of between N900 and N1,700 to one US Dollar this year alone, a situation that has attracted widespread condemnation across business sectors.

Chairman of the committee, Taiwo Oyedele, disclosed the new direction, yesterday, while speaking on the activities of the tax panel in Lagos.

The tax expert, a former partner at PwC Nigeria, said that the frequent changes in the import duty rate adopted by the Nigeria Customs Service (NCS) due to the volatility of the foreign exchange (FX) market do not allow for adequate planning by businesses.

His words: “When we did the budget, we said naira to dollar will be N800, now it is way more than N1,000. People need to plan.

“So now, we are saying to the government, can you please sign an order that says for the purpose of paying import duty, we shall use N800 for the rest of the year, till December. So, we have proposed N800.”

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

Many analysts have criticized this approach, noting that it is bad for businesses as it puts business planning in disarray.

As a way out, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), had recommended that the Customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

Meanwhile, Oloyede said the committee has also recommende

31/05/2024

FG, State Governors begin legal fireworks over LG autonomy at Supreme Court today

The Federal Government of Nigeria and governors of the 36 States of the federation have commenced fierce legal fireworks at the Supreme Court over the move by the Federal Government to secure autonomy for the 774 local governments in the country.

Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, is leading the Federal Government’s legal team against the state governors who are being represented by various lawyers.

To do justice to the issues in dispute, a 7-man panel of Justices of the Apex Court, led by Justice Garba Lawal, has kick-started hearing the matter.

Two legal luminaries, Yusuf Olaolu Ali and Sebastien Hon, both Senior Advocates of Nigeria SANs, have volunteered to render free legal services to support the federal government in the hectic legal battle.

In the suit marked SC/CV/343/2024, the AGF is praying the Apex Court for an order prohibiting State Governors from unilateral, arbitrary and unlawful dissolution of democratically elected local government leaders for local governments..

The Chief Law Officer of the Federation in the originating summons he personally signed, is also praying the Supreme Court for an order permitting the funds standing in the credits of local governments to be directly channelled to them from the Federation Account in line with the provisions of the Constitution as against the alleged unlawful joint accounts created by governors.

He also sought order of the Apex Court stopping governors from constituting Caretaker Committees to run the affairs of local governments as against the Constitutionally recognized and guaranteed democratically system.

Besides, the federal government applied for an order of injunction restraining the governors, their agents and privies from receiving, spending or tampering with funds released from the Federation Account for the benefits of local governments when no democratical

31/05/2024

Over 60,000 Apply For Student Loan In 6 Days

The Managing Director of Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr, the Fund has received over 60,000 applications for student loan since the opening of NELFUND portal for students at federal institutions last Friday.

Sawyerr, who stated this on Thursday while addressing the media in Abuja, said that out of the 60,000 applications, 30,000 students had successfully completed the process to access the loan.

He also said the Fund had over 9.5 million hits on the site so far.

He said “the extraordinary surge” in applications was a testament to the critical need for financial assistance amongst the students.

He said, “We are pleased to report that over 90 per cent Federal institutions of Higher Learning have submitted their students’ data to NELFUND. However, we urge the remaining two federal universities and five federal polytechnics to expedite the process to ensure that all eligible students can access the funds’ financial support.”

The managing director also disclosed that the fund would commence accepting applications from students at state-owned tertiary institutions on June 25, 2024.

He, however, urged the state-owned tertiary institutions to submit their students’ data immediately as requested in order to facilitate a smooth and seamless application process.

Sawyerr also disclosed that beyond financial assistance, NELFUND recognised the profound importance of equipping youths with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skill acquisition programme, providing training in various vocational and technical fields,” he said.

According to him, the programme is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among young people.

While commending President Bola Ahmed Tinubu for his unwavering support and vision, Sawyerr acknowledged the dedication of all stakeholders, including th

30/05/2024

N50,000 Grant: 402,283 beneficiaries get N20bn.

According to report, the Federal Government disbursed a total sum of N20.11 billion to 402,283 beneficiaries of the N50,000 Presidential Conditional Grant Scheme. These beneficiaries were selected from the 774 local government areas and received direct payments to their bank accounts via their Bank Verification Number (BVN). The scheme, which commenced on March 9, 2024, provides financial grants without repayment obligations to eligible small business owners operating in various sectors across the country. It targets women, youths, people with disabilities, and senior citizens, with the goal of empowering them and improving livelihoods. 💰🇳🇬

23/05/2024

Federal Gov’t To Convert 1m Petrol Vehicles To CNG By 2027

The Federal Government announced its ambitious goal to convert one million out of approximately 10 million existing petroleum vehicles in Nigeria to Compressed Natural Gas (CNG) by 2027. Engr. Michael Oluwagbemi, the Director/Chief Executive of the Pi-CNG, disclosed this during a stakeholders’ engagement meeting focused on the Presidential Initiative on Compressed Natural Gas (Pi-CNG) in Ilorin, Kwara State. As part of the incentives to encourage vehicle conversion, the government will grant a zero per cent import duty waiver on CNG-equipped vehicles and CNG kits. This move is expected to save Nigeria between approximately $2.5 billion and $3.5 billion annually and reduce our reliance on petrol by nearly 10 million liters. CNG vehicles offer advantages such as cost-effectiveness (40% to 70% cheaper than petrol vehicles), safety (18% safer than petrol/diesel vehicles), and reliability. The Federal Government is actively working on a conversion incentives program, set to be announced on May 29, which aims to gradually convert one million vehicles by 2027.

“This will save Nigeria between about $2.5 bn and $3.5 bn a year and getting us off almost 10 million litres of petrol from what we’re currently using.

“Federal Government in December 2023 circular, approved by Mr. President and issued by the Finance Ministry, through the office of the Special Adviser, Energy, had approved import duty waiver for all CNG auto vehicles as well as kits, including equipment used to manufacture CNG vehicles in Nigeria. It’s the standing order of the Federal Government. It’s for those who are manufacturing CNG

23/05/2024

75,809 Beneficiaries Got N496.72Billion BOI Loans In 2023

23/05/2024

Breaking: FG Ups Minimum Wage Offer To N57, 000

The Federal Government has increased its offer of N54,000 to N57,000 in the ongoing new national minimum wage negotiation with organized Labour and Organised Private Sector, OPS.

17/05/2024

07/12/2023

03/12/2023

Food for thought

09/11/2023

What ever that keep you going in life that is legit please do it