TUESDAY 28TH JUNE 2022

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Emefiele: Nigeria’s FX Policy Targeted at Preserving Naira Value, Others Non- convertibility of currencies pose challenge for FX management, says WAIFEM DG James Emejo in Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the objectives of the country’s exchange rate policy were to preserve the

value of the domestic currency and maintain a favourable external reserves position. Emefiele stressed that the central bank’s foreign exchange (FX) regime further seeks to ensure external balance without compromising

the need for internal balance and the overall goal of macroeconomic stability. The central bank governor also said the overarching goals of the apex bank includes to achieve exchange rate stability that ensures

a viable external sector, anchor inflationary expectations and improve and support economic growth. The CBN governor who spoke at the opening of the Regional Course on Exchange Rate Regimes and

Policies, organised by the West African Institute for Financial and Economic Management (WAIFEM) with participants from Nigeria, The Gambia, Ghana, Liberia and Sierra Leone in attendance, also said the thrust of exchange rate management

by the bank was to allow the market system to determine the exchange rate parity in an efficient manner devoid of the activities of speculators and rent-seekers. Continued on page 10

2023: INEC Chairman Assures United Nations of Credible Polls... Page 12 Tuesday 28 June, 2022 Vol 27. No 9940. Price: N250

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SMBLF Demands Inclusion of State Police in Nigeria’s Internal Security Architecture... Page 6

Ariwoola Emerges Acting CJN After Muhammad is Forced Out Don’t let Nigerians lose confidence in judiciary, Buhari warns Supreme Court justices NBA links resignation to frosty relations with colleagues Atiku commends ex-chief justice, Makinde congratulates successor Deji Elumoye, Chuks Okocha and Alex Enumah in Abuja

Justice Olukayode Ariwoola, yesterday, emerged acting Chief Justice of Nigeria (CJN) after

President Muhammadu Buhari administered the oath of office on him. Ariwoola’s emergence

followed the sudden resignation of Justice Tanko Muhammad, who was allegedly forced out of office in

the wake of allegations bordering on corruption. Buhari warned the Supreme

Court justices against any act Continued on page 10

FIRS to the Rescue as Subsidy Gulps NNPC’s Revenue Revenue generating agency now contributes over 60% to FAAC Cash-strapped Nigeria again loses $650.7m crude to force majeure, equipment failure, others Obinna Chima in Lagos and Emmanuel Addeh in Abuja With a major chunk of the Nigerian National Petroleum Company Limited’s (NNPC) monthly revenue now being channeled to the payment of fuel subsidy, the Federation Account Allocation Committee (FAAC) now relies heavily on the revenue from the Federal Inland Revenue Service (FIRS) for its monthly sharing to the three tiers of government. The 2021 financial records of the FIRS’ contributions to FAAC showed that in the year under review, the federal revenue collecting agency’s contribution was a total of 59.45 per cent, as out of the total of N8.912 trillion to the three tiers of government last year, Continued on page 10

FIRS' CONTRIBUTION TO DISTRIBUTIONS AT THE FEDERATION ACCOUNTS ALLOCATION COMITTEE (FAAC) MONTH

January February March April May June July August September October November December

2021 FAAC Total FIRS Contribution Contribution (N)

591.330 596.427 835.330 675.793 603.063 1021.760 764.783 728.234 878.580 584.310 853.035 779.226 8911.869

388.541 361.265 501.323 403.703 359.767 664.305 397.947 403.852 516.566 333.82 496.195 470.902 5,298.19

FIRS % Contribution

65.71 60.57 60.01 59.74 59.66 65.02 52.03 55.46 58.80 57.13 58.17 60.43 59.45

THE NEW CJN...

The new Chief Justice of Nigeria, Justice Olu Kayode Ariwoola, during the swearing-in ceremony held at the Council Chambers of the Presidential Villa, Abuja…yesterday PHOTO: GODWIN OMOIGUI

See THISDAY Editorial on the Sacked CJN... Page 22


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TUESDAY 28TH JUNE 2022 by THISDAY Newspapers Ltd - Issuu