Nigerian senators began last week mourning the death of a member of the House of Representatives, Ekene Adams, who passed away on Tuesday morning.
Both chambers of the National Assembly suspended their sessions that day in honour of the deceased deputy, which was in line with the tradition of the federal legislature.
Mr. Adams represented the Chikun/Kajuru Federal Constituency of Kaduna State and served as Chairman of the House Committee on Sports.
Ndume dismissed as head of parliamentary group
As the plenary session resumed on Wednesday, Senate President Godswill Akpabio read out a letter from Abdullahi Ganduje, National Chairman of the All Progressives Congress (APC) and Basiru Ajibola, Secretary of the party.
In the letter, the APC leaders referred to an interview in which Ali Ndume, the Senate parliamentary group leader, criticised the Bola Tinubu administration and called for him (Ndume) to be relieved of his duties.
The party also recommended that Mr Ndume be replaced by Tahir Monguno (Borno North).
Senator Ali Ndume (PHOTO CREDIT: Official Facebook @Sen. Muhammad Ali Ndume]
After reading the letter, Mr. Akpabio put the APC request to a vote and many senators voted in favour.
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In addition to his removal as head of the parliamentary group, Mr Ndume also lost his position as deputy chair of the Senate Appropriations Committee.
The Senate President then ordered the Sergeant-at-Arms to escort Mr. Mongonu to the Senate Leader's seat in the front row.
Meanwhile, Mr Ndume has since reacted to his dismissal as Senate leader, saying he stands by everything he said in the interview.
Ningi recovers as Akpabio reshuffles committees
Meanwhile, one of the consequences of Mr Ndume's dismissal was a minor reshuffle in the leadership of some standing committees.
Mr. Monguno, who chaired the Senate Committee on Justice, Human Rights and Legal Affairs, replaced Mr. Ndume as vice-chairman of the Appropriations Committee.
Adeniyi Adegbonire (APC, Ondo Central) replaced the new committee chief.
Mr Adegbonire, Nigeria's only senior lawyer in the 10th Senate, will be replaced by Anthony Ane (APC, Ebonyi)
Mr Ndume was reappointed to chair the Senate Committee on Tourism, although he rejected the position in a subsequent media interview.
Ned Nwoko (PDP, Delta North) was announced as Chairman of the Senate Committee on Reparations and Repatriation.
Abdul Ningi (PDP, Bauchi Central), who returned after his suspension last month, was reinstated as Chairman of the Senate Committee on Population. At the same time, Simon Lalong (APC, Plateau South) was appointed Chairman of the Senate Committee on Agricultural Institutions.
Senator Abdul Ningi
Mr Akpabio also announced Musa Mustapha (APC, Yobe East) as Chairman of the Senate Committee on Livestock Development, a new ministry created by the federal government.
Tinubu's request for an increase in the budget for 2024
During the week, President Bola Tinubu requested the National Assembly to amend the 2024 allocation with an increase of N6.2 trillion.
President Bola Tinubu
The President's request was contained in a letter read out by Senate President Godswill Akpabio during plenary on Wednesday.
Mr. Tinubu requested that the capital profile of the budget be increased by N3.2 trillion and recurrent expenditure by N3 trillion. This will increase the total budget to N34.9 trillion.
The President explained that the funds will come from the Consolidated Revenue Fund of the Federation.
Mr. Tinubu also called for amendments to the Finance Act 2023 to levy and collect extraordinary taxes on banks and to regulate tax administration and other related matters.
The Senate referred the President's request to the Appropriations Committee for further legislative action and sent the Finance Bill to the Finance Committee.
No to the South-South Development Commission
On Thursday, the Senate suspended a bill seeking to establish the South-South Development Commission (SSDC).
The bill was sponsored by Asuquo Ekpenyong (APC, Cross River South) and is scheduled for a second reading.
It was introduced by Benson Agadaga (PDP, Bayelsa East) on behalf of Mr. Ekpeyong during the plenary session.
Lawmakers voted against the bill because they felt it would duplicate the functions of the Niger Delta Development Commission (NDDC).
Bill to reform Nigeria's insurance industry passes second reading
The Senate approved for second reading a bill that seeks to reform and regulate insurance sector policies.
The bill was approved during the plenary session on Thursday after many senators supported it when Senate Vice President Barau Jibrin, who was presiding, put it to a vote.
The Senate Vice President then referred it to the Committee on Banking, Insurance and Other Financial Institutions.
Mr Barau ordered the committee to report back to the Senate within a month.
Following Supreme Court ruling, Senate studies gubernatorial elections
A bill seeking to establish an Independent Local Government Electoral Commission has been submitted for first reading in the upper legislative chamber.
The bill, sponsored by Sani Musa (APC, Niger East), was passed during plenary after it was tabled by Senate Leader Opeyemi Bamidele.
The Bill seeks to establish a National Independent Local Government Electoral Commission (NILGEC) responsible for conducting elections for the office of Local Government Chairman and Councillors and any other matters relating to local government as a third tier of government.
This came just days after the Supreme Court issued a landmark ruling granting financial autonomy to local governments in the country.
CBN targets $1 trillion
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso projects that recapitalising banks would help turn Nigeria into a $1 trillion economy by 2030.
Cardoso made these statements on Friday while discussing the bank's performance during the first half of the year before the Senate Committee on Banking, Insurance and Other Financial Institutions.
CBN Governor, Olayemi Cardoso
He said recapitalization would strengthen the financial capacity and stability of banks.
“Current recapitalization efforts in the banking sector are focused on improving financial stability and driving progress toward achieving a $1 trillion economy by 2030,” he said.
Mr. Cardoso reaffirmed the CBN’s commitment to stabilise the economy, restore confidence in financial markets and establish a foundation for sustainable growth.