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331,003 Job Losers Withdraw N116.87bn from Pension Accounts

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331,003 Job Losers Withdraw N116.87bn from Pension Accounts

331,003 workers who lost their jobs have withdrawn N116.87bn from their Retirement Savings Accounts under the Contributory Pension Scheme (CPS) amounting to 25 per cent of the total balance in their RSAs with Pension Fund Administrators as of the end of the third quarter of 2019 as disclosed by The National Pension Commission (PenCom)as prescribed by the Pension Reform Act 2014.

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According to part of the report, approval was granted for payment of N3.67bn to 6,862 RSA holders who were under the age of 50 years and were disengaged from work and unable to secure another job within four months of disengagement.

Following this development, the cumulative total number of RSA holders who were paid benefits for temporary loss of job was 331,003 and were paid a total of N116.88bn,

In the report, PenCom said it sustained its effort at collaborating with social partners to drive compliance with the provisions of the PRA 2014 by the organized private sector further adding that the commission continued its engagement with state governments on the implementation of the CPS.

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Finance

CBN Releases Guidelines for N75 Billion Nigeria Youth Investment Fund

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The Central Bank of Nigeria (CBN) has released guidelines for implementation of the proposed N75 billion Nigeria Youth Investment Fund (NYIF).

CBN, in a statement by its Development Finance Department, stated that the fund was a built-in strategy to effectively respond to the challenge of youth employment in Nigeria.

The Fund, an initiative of the Ministry of Youth and Sports Development, is to be managed by NISRAL Microfinance Bank.

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“The plan targets young people between 18 and 35 years and details the needed actions required to access the funds.

“The fund aims to financially empower youths to generate at least 500,000 jobs between 2020 and 2023,’’the apex bank said.

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Finance

Nigerian Economy Loses N700Bn to EndSARS Protest – LCCI

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Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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Foreign

10,000 Protesters Defy Thai Crackdown After Emergency Decree

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Thai protesters

10,000 Thai protesters gathered Thursday in defiance of a sweeping crackdown after authorities moved to crush months of pro-democracy demonstrations by imposing emergency powers and rounding up leading activists.

Protesters chanted “Prayut get out!” and “free our friends!” as they confronted police at Ratchaprasong, a busy junction in central Bangkok, despite a new decree that bans gatherings of more than four people — aimed at quelling student-led demonstrations.

The Government of Prime minister Prayut Chan-o-Cha, a former army chief who initially took power in a 2014 coup, has been the target of the protesters, but they have also taken aim at Thailand’s unassailable monarchy.

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As night fell, Thai protesters waved their lit-up mobile phones in the air.

Thousands sat on plastic sheets on the road snacking on street food while scores more watched from overhead walkways. Many said they would return Friday evening.

After the emergency measures were announced early Thursday, riot police dispersed hundreds of protesters who camped overnight outside the prime minister’s office.

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PROTECTING YOUR MENTAL HEALTH – A. HASSANAH

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infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

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@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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