News
SERAP to Akpabio, Abbas: Cut N344.85bn NASS budget
Socio-Economic Rights and Accountability Project, SERAP, on sunday urged the Senate President, Godswill Akpabio and Speaker of the House of Representatives, Dr Tajudeen Abbas, to reduce the National Assembly budget of N344.85 billion to reflect the current economic realities in the country, and cut the cost of governance.
SERAP urged them “to request President Bola Tinubu to present a fresh supplementary appropriation bill, which reflects the reduced National Assembly budget for the approval of the National Assembly.”
It also urged them to publish details of the National Assembly budget of N344.85 billion including the proposed spending details of the N3 billion for the Senate Car Park and N3 billion budgeted for the House of Representatives Car Park.
SERAP, in a statement by Deputy Director, Kolawole Oluwadare, said: “Passing appropriation bills that are inconsistent with the provisions of the Nigerian Constitution is a fundamental breach of the constitutional oath of office by the lawmakers.
“The arbitrary increase by the lawmakers of their budgetary allocation if not cut would have significant fiscal consequences and exacerbate the country’s debt crisis.”
The statement reads: “The unilateral and self-serving increase by the lawmakers of their allocation also offends the principles of separation of powers and checks and balances and the notion of the rule of law.
“The increase in the National Assembly budget raised serious questions in the minds of the Nigerian people about how the lawmakers are spending their commonwealth.
“The National Assembly ought to be more responsible to the public interest and more responsive to it. The National Assembly has a constitutional responsibility to combat waste and abuse in its spending if it is to effectively exercise its oversight functions and hold the government to account.
“Transparency and accountability in public administration is an essential element of democracy. Transparency in the spending of the National Assembly budget would give the public a tool to hold the lawmakers accountable.
“It would also protect Nigerians from any potential abuses of governmental or legislative power that may exist.
“Cutting the N344.48 billion National Assembly budget would be entirely consistent with your constitutional oath of office, and the letter and spirit of the Nigerian Constitution.
“Cutting your budget would promote efficient, honest, and legal spending of public money. It would serve the public interest and restore public confidence in the National Assembly.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the National Assembly to comply with our request in the public interest.”
SERAP also urged them to clarify the details of the N8.5 billion budgeted for ‘National Assembly liabilities’ and to disclose the nature of any such liabilities and how and why they have been incurred.
“The budget of N344.48 billion by members of the National Assembly is a fundamental breach of the Nigerian Constitution and the country’s international human rights obligations.
“According to our information, the National Assembly increased its allocation in the 2024 budget to N344.48bn. The new budgetary allocation to the National Assembly is over 70% of the N197bn proposed by President Bola Tinubu for the lawmakers in the budget proposal submitted to the National Assembly.
“The N344.48bn National Assembly budget, which is an increase of about N147bn, is reportedly the highest-ever budgetary allocation to the National Assembly” it stated.
Credit: Vanguard
News
ARCON to Regulate Computer-Imagery in Advertising
The Nigerian Advertising Regulatory Council (ARCON) plans to regulate the use of computer-generated imagery in advertising.
Dr Olalekan Fadolapo, director general of the ARCON, disclosed this at a recent Advertising Standard Panel Stakeholders’ Forum in Lagos.
He noted that the move was aimed at promoting local content, maintaining industry integrity, and driving economic development.
According to Fadolapo, the forum discussed ethical standards and compliance with advertising laws within the industry.
He said, “The regulatory body has declared the prohibition of such materials surrounding the proliferation of computer-generated imagery in advertising. It has stressed the need for advertising agencies to provide verifiable information of Nigerian models featured in campaigns.”
He added that the intention was to ensure the protection of local talents and preserve Nigeria’s national interests.
Fadolapo emphasised the importance of stakeholders in the advertising sector acquainting themselves with the Nigerian Code of Advertising.
“This familiarity is crucial to understanding regulatory obligations, ensuring compliance, and following guidelines before submitting their materials for review,” he expounded.
He emphasised the importance of self-regulation and adherence to copyright laws within the advertising industry to foster ARCON’s commitment to creating an enabling environment for promoting ethical advertising standard practices.
He vowed that ARCON would continue to curb advertising violations and enforce regulatory measures on all digital platforms.
In her keynote address, the Chairman of the Advertising Standard Panel, Mrs Omowunmi Owodunni, stated that lack of ethics had made practitioners and stakeholders not comply with the ambits of the law.
“For our advertising industry to meet international standards, practitioners must be decent and legal in our approach,” she maintained.
Owodunni cautioned against the unauthorised proliferation of digital advertisements, emphasising that the regulatory body would take strict action against individuals and organisations engaged in such illegal activities.
“During the vetting process, third-party and independent assessments with verifiable information are necessary to support advertising claims,” she noted.
Owodunni further clarified that although the advertising code undergoes periodic reviews, creative content must adhere to legal standards, be substantiated, and be sensitive to laws.
On her part, the Director of Regulations, ARCON, Mrs Martha Onyebuchi, lamented that a lot of advert materials were full of misinformation that could not be substantiated.
She noted that practitioners would be penalised for such unethical behaviour. According to Onyebuchi, stakeholders should uphold the law and not breach it.
“ARCON is not regulating to strangle the advertising industry but to promote creativity and support local content,” Onyebuchi added.
News
Glo Urges Workers to Reflect on Furthering National Growth on May Day
Telecommunications services provider, Globacom, has admonished Nigerian workers to reflect on more ways of contributing further to the growth of the country.
In a solidarity message on the occasion of the 2024 International Workers’ Day, the company noted that Nigerian workers were resilient in spite of the challenges they encounter in the course of discharging their duties.
The telecommunications giant further noted that the story of Nigeria cannot be adequately chronicled without acknowledging the immense contributions of workers, both in the public and private sectors.
The day is observed on May 1 yearly in recognition of the contributions of workers all over the world and to advance fairer and more sustainable future by advocating for workers’ rights.
“We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation,” Globacom said.
News
CWG Board of Directors Approves 400% Increase in Dividend Payout
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
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