The major headlines of mainstream Nigerian newspapers of Tuesday, May 7, revolve around the threat to the implementation of the national budget passed by the National Assembly following the destruction of oil pipelines.
The Guardian reports that the vandalisation of pipelines in oil-producing state across the country is posing serious threat to the implementation of the N8.916 trillion budget passed by the National Assembly (NASS).
The newspaper on its front page reveals that this is coming barely two weeks after the budget was passed. This has led to the delay of deliveries over uncertain circumstances by the International Oil Companies (IOCs).
Still on economic issues, Punch reports the Nigeria Financial Intelligence Unit (NFIU) has vowed to punish any commercial bank which carries transactions with local governments without the funds first getting to the LG account.
Added to this, NFIU said that no local government will be allowed to make cash withdrawal more than N500,000 in one day beginning from June, 2019.
The agency pointed out that other transactions must be carried out through cheques or electronic medium.
Added to this, Vanguard reports that the federal government on Monday, May 6, spoke on the financial autonomy for councils in state governments.
The move by the federal government is aimed to stop governors from seizing local government allocations.
READ ALSO: Just in: Kano Emir Sanusi bags new job
Moving over to politics, This Day reports that 75 political parties, excluding the Peoples Democratic Party (PDP) on Monday, May 6, passed a vote of confidence on the national chairman of the Independent National Electoral Commission (INEC) Professor Yakubu Mahmood.
This came after the conduct of the general elections which the parties jointly referred to as satisfactory.
The Nation also reports that some of the sanctions to be faced by financial institutions that disobey NFIU's rules include shutdown, being blacklisted and other punishments by international bodies.
NAIJ.com (naija.ng) -> Legit.ng: Same great journalism, upgraded for better service!
Nigeria News 2018: Nigerians Blow Hot as President Buhari Signs 2018 Budget in June | Legit TV