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COVID-19 lockdown: Tinubu advises FG to pay relief funds to Citizens through BVN
COVID-19 lockdown: Tinubu advises FG to pay relief funds to Citizens through BVN
As the coronavirus lockdown hits harder on Nigerians, The All Progressives Congress (APC) national leader, Asiwaju Bola Ahmed Tinubu, has urged President Muhammadu Buhari on how to support the economy and save citizens from hunger. The Sun reports that Tinubu advocated an economic relief package in the form of emergency sustenance payments to helpless Nigerians.
The APC leader also urged the Central Bank of Nigeria (CBN) to lower interest rates to single digits in order to assist the private sector and help reduce the charge on deficit spending.
The former Lagos state governor said the goal of the government must be for the people to live neither with the disease nor in hunger.
“This situation presents a historic chance to establish a more beneficial social contract between the government and the governed,” he noted. He also advised the Buhari-led administration to push for diplomatic debt relief.
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He said: “With the fiscal latitude provided by lifting the budgetary limit, the government can render emergency sustenance relief to most Nigerian households, especially the recently unemployed, via cash payments.
This will blunt hunger, maintain aggregate demand in the domestic economy and help sustain private-sector markets to the extent possible. Directed towards needy and modest households, such expenditure must be heavily weighted to local produce, not to imports. This will help mute inflation.
“Second, the stipends could be given as a form of emergency unemployment insurance to those who can prove they were relieved of employment due to the crisis. This would be more targeted at the actual victims of the crisis but harder to administer. This stipend would also have to be extended to owners of small and medium-sized businesses.
“Third, we could render some form of payroll support to companies and businesses that seek to retain workers albeit they may not be fully employed. The stipend could help companies stay in operation while maintaining workers on their payroll. By maintaining workers, the company can more swiftly return to full operation when normalcy returns. Payment of these stipends will require hiring additional government workers to augment the existing bureaucracies to implement this program.”
In a related development, Atiku Abubakar, Nigeria’s former vice-president and presidential candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election, has advised African leaders on how to save the continent’s economy in the face of the coronavirus pandemic.
One of the recommendations given by the experienced politician is that Nigerian and other African leaders must be united in the face of the pandemic and seek debt relief.
Atiku also advised President Muhammadu Buhari and other African leaders to start preparing for how to tackle another economic recession which may happen soon due to COVID-19.
The PDP chieftain said it is time Africa looked inward for solutions, adding that the western leaders are already preoccupied with their own problems.
Atiku also advised President Buhari to engage Saudi Arabia and Russia diplomatically to settle the crisis between the two which is affecting the price of oil.
The former vice president also advised Buhari to be more committed to recovering the funds looted by the former military leader, Sani Abacha. Lastly, he advised Buhari and other African leaders to review their budgets to reflect current realities.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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