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Senate in disarray over CBN loan of N22.7 trillion to FG

For several hours on Wednesday, lawmakers in the Nigerian Senate were unable to hear themselves out as the plenary session erupted in a total uproar over how to restructure the payment of N23. 7 trillion “Ways and Means” secured from the Central Bank of Nigeria, CBN, in the last 10 years. “Ways and Means” are […]

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3 years ago

December 28, 2022

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“Ways and Means” are loans or advances by the Central Bank to the Federal Government to enable it to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.

President Buhari had last week asked the Senate to restructure the Ways and Means advances to raise the amount to N23.7trn with a tenor of 40 years, three years moratorium on repayment and an interest rate of 9%.

The balance of the “Ways and Means” owed by the Federal Government stood at N22. 7 trillion as of December 19, 2022.

What Buhari sent to the senate for restructuring is however in excess of an additional N1 trillion; bringing the total to 23.7 trillion which is required by Buhari to fund the 2022 supplementary budget.

The Senate immediately referred Buhari’s request to its Committee on Finance with a mandate to report back to it at a later date.

Trouble started on Wednesday even before the report of the Senate Committee on Finance could be read and tabled for consideration by the Chairman, Senator, Solomon Adeola Olamilekan(APC, Lagos West) as Senator Betty Apiafi(PDP, Rivers West) raised a constitutional point of order to the effect that “Ways and Means” are not known anywhere in the Nigerian laws for appropriation and expenditure of funds.

The Rivers State-born lawmaker stated that the only two ways known to the law and available to the Federal Government are through the budget and supplementary budget as she urged the Senate not to be a party to any act of illegality.

The President of the Senate, Ahmad Lawan wasted no time to completely rule Apiafi out of order.

But his action was not enough to quench the opposition to Buhari’s request to restructure the CBN loan. From that moment on, it became difficult for the Senate President to control the noise and grumblings coming from lawmakers who were not particularly pleased with his decision.

It took time for the rowdiness in the chamber to eventually simmer and for the floor to be cleared for Senator George Sekibo(PDP River East)to add his contribution to the matter in dispute.

Quoting copiously from the 1999 Constitution, the CBN Act and the Senate Standing Order, Sekibo was able to establish that the two options available to the government for expenditure are through the budget and supplementary budget.

He said even when the Federal Government can borrow short-term loans from the Central Bank, such monies must still be tabled before the National Assembly for appropriation and paid back to the CBN within the same fiscal year before it(CBN) could grant another request.

Buhari’s request to the senate to restructure the CBN loan, extending the tenor to 40 years will enable him to have access to more borrowings from the CBN.

Sekibo called on the Senate to step down the report, especially as the details of what the N22. 7 trillion borrowed from the CBN were yet to be made available to lawmakers.

With the strong line of arguments put forward by Sekibo on the matter, Senate was immediately forced behind closed doors to reach common ground on the matter.

When the senate reopened its doors almost one hour after, it reached a resolution to step down Buhari’s request to restructure the payment of the N22. 7 trillion borrowed by the Federal Government from the Central Bank of Nigeria in the last 10 years.

The upper legislative chamber then set up an Adhoc Committee chaired by the Senate leader, Ibrahim Gobri to engage with the CBN and other relevant government agencies on the breakdown of how the monies were expended.

The Senate however approved for Buhari to borrow the N819. 7 billion in the supplementary budget for 2022 from CBN provision of “Ways and Means”.

Related Topics:CBN Central Bank of Nigeria Headlines NIGERIA President Muhammadu Buhari Senate

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LG’s 2023 TV Lineup Wows Consumers With Exceptional Picture Quality and Immersive Sound

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3 years ago

October 16, 2023

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LG Electronics (LG) unveiled its new television lineup for 2023, which boasts a range of technological advancements designed to deliver superior picture quality, sound performance, and usability. This lineup is headlined by its most advanced range of OLED TVs yet, the OLED evo C3. With premium self-lit picture quality, powerful image processing technologies, and an enhanced webOS platform offering even more smart features and services, the company’s latest OLED TVs elevate viewing experiences as only LG OLED can.

It’s been 10 years since LG first released OLED, and in that time, much has changed. What’s new for 2023’s big TVs, and is it worth getting excited about? It might be difficult to believe, but TVs are celebrating a bit of an anniversary this year as OLED turns ten.

“At LG, we are committed to continuous innovation across our home entertainment products, and our 2023 TV range is no exception. And as our technologies have evolved, so has the role of the TV in Nigerian homes,” said Choongbae Seok, General Manager, TV Division, LG Electronics West African Operations.

“Whether it be the hub where people gather for the latest sporting match, game, or movie, or a statement piece positioned to impress invited guests, this year we are providing a television for every consumer,” he said.

The C3 OLED evo provides higher brightness and color accuracy, as well as amazing clarity and detail, thanks to the precision and performance of LG OLED evo technology and the new α9 AI Processor Gen6. It comes in 83, 77, and 65-inch sizes. The other lineup includes the QNED 81 Series (75’’, 65″); the Nano 77 Series (75”, 65”, 55″); and the UHD UR Series (75’’, 65”, 55”, 50”). LG TVs now feature a slimmer design and minimal bezel that complement your home interior. Upgrade your viewing experience to enjoy vivid colors and breathtaking detail in real 4K.

LG continues to leverage its technological leadership, not just to create products and services for a better life. 2023 LG OLED TVs are designed to be kinder to the environment, from production all the way through to disposal, creating sustainable cycles. LG OLED TVs have no backlighting unit, meaning each TV requires fewer materials to produce than a conventional LED TV. They also employ many components made from recycled plastics and are even shipped in eco-packaging made from recyclable materials and featuring single-color printing. Easier on viewers’ eyes, LG’s 2023 model OLED TV has been certified low-blue-light by TÜV Rheinland and flicker-free by UL Solutions.

Outlets such as CNET highlighted the OLED C3, saying, “It sets the standard for high-end TV picture quality.” (CNET, 06/23)

For TechRadar, the LG OLED C3 arrives with new HDR-improving picture processing, a pleasing look, a smart TV interface overhaul, and a wealth of features that will appeal to both gamers and movie fans. “LG has delivered another winner with the C3 OLED,” the review noted. (TechRadar, 03/2023)

The LG range of 2023 TVs comprises the following:

Faster HDMI switching
The new LG OLED TV models support a wide range of HDMI 2.1a-compatible features, with 4 ports available on the C3 models again. They are also the first TVs to be certified by the HDMI organization for the recently announced Quick Media Switching VRR (QMS-VRR). QMS-VRR eliminates the momentary black screen when switching between content from different sources connected via the TV’s HDMI 2.1a-compatible ports. This is only available when using HDMI 2.1 QMS VRR-certified source devices.

Gaming remains a focus
For the ultimate gaming experience, LG OLED and QNED TVs feature a 0.1 ms response time, low input lag, and up to four HDMI 2.1a-compatible ports. LG OLED TVs are also equipped with Game Optimizer, which allows users to quickly select and switch between game-related features such as game genre display presets. Settings for Nvidia G-Sync, FreeSync Premium, and variable refresh rate (VRR) are also easily accessible through the Game Optimizer.

Improved picture and sound quality
The latest processor in the Alpha series uses LG’s advanced AI-powered deep learning technology to ensure excellent picture and sound quality. AI Picture Pro offers improved upscaling for greater clarity, and improved dynamic tone mapping helps bring out depth and detail in every image. AI Picture Pro also includes image processing technology that recognizes and refines objects or faces to have more lifelike HDR quality. In addition, AI Sound Pro ensures that viewers can immerse themselves even more in what is happening on screen by delivering virtual 9.1.2 surround sound through the TV’s built-in speaker system.

Improved webOS and software
This year’s models are equipped with the latest webOS version and include the redesigned All New Home user interface, which offers a wealth of personalization options and more comfort for an even better user experience. The new Quick Cards give users easy access to the content and services they use most, grouped into logical categories such as home office, gaming, music, and sports. Based on their TV behavior and viewing habits, the more advanced webOS ensures that consumers easily receive personalized recommendations tailored to their preferences.

LG TVs are available in all Fouani showrooms nationwide. For more information, kindly visit https://www.lg.com/africa/tvs

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Soludo commends Igwe Achebe, Glo on Ofala Festival

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3 years ago

October 16, 2023

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Anambra State Governor, Prof. Chukwuma Soludo, has commended the Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, Onitsha people and the sponsors of the annual Ofala festival, Globacom, for their efforts in promoting the annual festival.

The Governor who was a special guest at the 2023 Ofala festival in Onitsha over the weekend said the huge success of the festival and its tourism potentials would complement his government’s efforts in bringing development to the state.

Also speaking at the ceremony, the Obi of Onitsha, Igwe Nnaemeka Achebe, paid glowing tribute to digital solutions provider, Globacom, and other sponsors for their relentless support for the Ofala Festival of Onitsha Kingdom.

The Obi who thanked the telecommunications company for consistently sponsoring the festival for the past twelve years, explained that Globacom had helped to project it as a tourism destination.

He said, “Globacom as our principal partner has remained steadfast with us even with the present economic challenges. We thank them exceedingly and trust that our mutually beneficial partnership will continue to grow”,

Also at the festival on Sunday, Globacom’s Retail Sales Chief, South East and South South, Augustine-ndu Offor, explained that the sustained support of cultural festivals such as Ofala has added economic value to the surrounding region by leading to the development of tourism. He added that it is in line with the vision of empowerment that MoneyMaster Payment Service Bank (MMPSB), a subsidiary of Globacom, was launched this year. MMPSB, through its G-kala wallet enables the unbanked and underbanked to use their mobile phones to send, save, collect and deposit their money, thereby empowering the financially excluded in the society. The 8% interest rate per annum on the G Kala savings account is a good demonstration of the added value the company provides its customers.

The sponsorship agreement between Globacom and Ofala Festival started in 2011 for an initial period of three years. The partnership is now in its 12^th year with a new Memorandum of Understanding (MOU) signed with the palace in 2022 to extend the deal to 2025.

Award

Nigerian Journalists, Media Houses, Battle For Awards At 17th NMNA, Oct 29th

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3 years ago

October 2, 2023

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The Nigeria Media Nite-Out Award (NMNA) is here again. And up for grabs are professional awards that stands out the worth of a Journalist and the Media Houses they represent.

The Nigeria Media Nite-Out Award since its inception in 2006, has honoured journalists in various categories of the media profession viz a viz Politics, Crime, Aviation, Tourism, Society and others.

Who wins this year? Which newspaper will emerge the best this year 2022-23? Which is the Best TV Station In Nigeria and which is the Radio Station of the Year?

The event will also have in attendance Top government officials, Captains of Industry, and Corporate organisations that are presently making waves. These will be honoured for their different contributions to the growth of the country and for their strong support and identification with the Nigerian Press.

The event is slated for Sunday, October 29th. The D-Day for Nigeria Media Nite-Out Award at The Lagos Airport Hotel, Ikeja, Lagos.

Host is the Honourable Minister for Defence, Bello Matawalle. Co-host, Honourable Speaker, Lagos State House of Assembly, Mudashiru Obasa. Special Guest of Hounour, Oyo State Governor, Mr Seyi Makinde, Governor of Plateau State, Caleb Mutfwang, Honourable Minister for FCT, Nyesom Wike and many other distinguished guests.

Keynote Address will be delivered by the Chairman of Odu’a Group, Otunba Bimbo Ashiru.

This year’s theme is: ‘A Way Out Of Nigeria’s Quagmire In The Next Four Years.’

Nigeria Media Nite-Out Award, a celebration of the fourth estate of government.