poor and low-income households for six months.The president’s request was in a letter read by Godswill Akpabio, senate president, during plenary on Thursday.
Tinubu, in the letter, explained that the loan will be used to scale up the national social safety net programme.He assured that the money would be transferred directly to identified beneficiaries’ accounts.The Central Bank of Nigeria has restricted the acquisition of controlling stakes in financial holding companies .
The apex bank said any investor looking to acquire up to 5 percent of any FHC would need prior approval from it.dated July 13, 2023 and signed by Chibuzo Efobi, director of the financial policy and regulation department. The circular titled ‘Corporate Governance Guidelines’ was addressed to all commercial, merchant, non-interest and payment service banks, and financial holding companies.In the circular, the apex bank also specified that theNIGERIA’S OIL PRODUCTION ROSE IN JUNEThis is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission .
According to the report, the current oil output represents a 5.51 percent increase compared to May 2023 when production was 1,183,691 barrels per day .