Governor of the Central Bank of Nigeria, CBN, Malam Lamido Sanusi, has been asked to explain why the CBN allegedly paid the monthly allocations to the three tiers of government by substituting Dollar with Naira before distributing the funds to the three tiers of government.
The request was made by two Nigerians, Mr Henry Boyo and Adaighofua Ojomaikre, who want the CBN governor to justify the payment of dollar revenues accrued into the Federation Account in Naira and the applicable rate for such substitution in the past five years.
The petitioners hinged their petition on the provision of the Freedom of Information Act, FoIA, arguing that by virtue of Section 162 of the constitution, “there shall be a Federation Account into which all revenues collected by the Government of the Federation shall be paid except the proceeds from the personal income tax of the personnel of the armed forces of the Federation, the Nigeria Police Force, the Ministry or department of government charged with responsibility for Foreign Affairs and the residents of the Federal Capital Territory, Abuja.”
Culled From Vanguard
The Nigeria Union of Journalists (NUJ), Lagos State Council, has presented Bose Iyabo Aina with…
Nollywood actor Joseph Momodu has announced that he has joined the United States Army after…
A Federal High Court in Lokoja has Overturned its previous ruling that directed the Independent…
The Lagos State Government said it will demolish all distressed buildings in the Alakija area…
Oluremi Tinubu, the wife of President Bola Tinubu, has acknowledged the economic hardship facing many…
Media personality Daddy Freeze has defended content creator Peller amid the ongoing debate surrounding “olodo…