Connect with us

News

Tinubu begins disbursing N20,000 to vulnerable Nigerians

Published

on

As part of President Bola Tinubu’s Renewed Hope Agenda, over ten thousand vulnerable persons have received their credit alert of twenty thousand Naira grants in Kogi state.

Nigeria’s Minister for Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu who performed the flag-off of the exercise in Lokoja, the Kogi State capital, said President Tinubu’s Government is all about reaching out to the poorest of the poor and the vulnerable in the society.

The Minister explained that programs are designed to lift over 50 million Nigerians Out of poverty in 42 Months.

Dr. Edu noted that the premium interest, the President places on women’s inclusion is reflected in the fact that over seventy percent of beneficiaries of the Grant across the twenty-one local government areas of Kogi State are women.

She said fifteen years percent of the total number of beneficiaries was allowed to Persons With Disabilities and Senior Citizens, saying President Tinubu is for all the citizens across party lines.

“The Grants for Vulnerable Groups Scheme is designed to provide a one-off cash grant of twenty thousand Naira(N20,000) to the poorest of the poor and most vulnerable Nigerians in rural communities.

“This one-off grant is a Kickstarter to improve your livelihood and support your small, petty trading and I advise that this opportunity should not be taken for granted or mismanaged, she added.

The Minister warned the beneficiaries of different intervention programs and the general public to beware of Scammers, saying the ministry has never asked anyone to pay money to register before they can access different programs.

Speaking at the Event, the Governor of Kogi State, Dr Yahaya Bello, who described Dr Betta as one of President Tinubu’s Good Products, said “Renewed Hope” is in Kogi State.

The Governor who announced the Creation of Both the Ministry of Humanitarian Affairs and Poverty Alleviation and the Kogi State Social Investment Programme Agency, said all procedures with the state Assembly would be followed to enable the state to benefit directly from the touch of the federal government.

Bello thanked President Tinubu for putting money into the vulnerable people’s pockets in Kogi state, saying the people are proud of the Renewed Hope Programmes of the President. Indeed “Beta don come”

Some of the beneficiaries in a jubilant atmosphere who received their alert both inside and outside the hall echoed hope renewed, promise made promise kept. They described President Tinubu as a beacon of hope for the poorest of the poor in Kogi State and Nigeria.

They said the credit alerts served as a lifeline for many of them, offering not only financial assistance but also a renewed sense of dignity and optimism as Nigerian citizens.

The Minster said the Renewed Hope Grant signifies not just a financial boost but a paradigm shift in governance that prioritizes the well-being of the most vulnerable citizens to reduce the poverty index in Nigeria

Headline

Order CBN to honour Letters of Credit– SINET to Tinubu, NASS

Published

on

Amidst several hardships facing the Nigerian populace, the Social Integrity Network, (SINET) has urged President Ahmed Bola Tinubu and the leadership of national assembly to compel the Governor of Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

The group also urged the Federal Government to make further clarification concerning a statement credited to the CBN Governor on issues regarding the alleged and well-publicized revelations of a $2.4 billion forex trading fraud.

SINET recalled that “On February 5, 2024, the governor of CBN made this declaration in both his interactions with Senate committees and his interview on a national television, following the engagement of Deloitte Management Consultant to conduct a forensic investigation where he claimed that the said amount was uncovered.

A statement issued on Monday by SINET national coordinator, Ibrahim Issah, disclosed that “On the contrary, we wish to unequivocally state that these claims lack merit and do not take into account the consequences they will have on businesses, public perception, or the economy of our cherished nation and its implication on forex both at home and abroad.”

According to him, “Without sentiment, the claim is completely falsehood and unacceptable as he, the CBN governor, failed to consider its economic implications. It is pertinent to state that genuine businessmen and women across the country, borrowed Funds from commercial banks, some with interest rates as high as 30% to secure forex from the CBN through their respective commercial banks since CBN does not sell the dollars to individuals directly.

“The same funds have been deposited with CBN for the past one and half years for forwards allocated for which the Apex Bank is now claiming were fraudulent transactions. May we remind Mr. Governor that while the CBN allocated the forwards after collecting the naira for each forward allocated, the commercial banks used these same forward contracts as a hedge and issued Letters of Credit (LCs) to their various customers against their offshore credit lines and also as a sovereign guarantee to their offshore banks which stand unpaid till today as a result of the failure of CBN to honour the various forward contracts.

“May we also remind our CBN Governor that as a result of their failure to honour these contracts, the outstanding foreign loans continue to accrue interest (post-negotiation charges), which the commercial Banks are passing to their customers: the same customers you say do not have a genuine claim.”

The statement further stressed that, “The public would like to ask Mr. Governor the following questions: What will happen to the foreign bank that is expecting their payment to be paid back? What will happen to the businessmen and women who had borrowed Naira from commercial Banks and paid the same into the CBN account for the purchase of forex for over eighteen months? Who will bear the interest charged on borrowed funds locally? Who will bear the charges running against the offshore lines used in establishing Letters of Credit? What will happen to the businesses? What will happen to the employees that are dependent on the survival of the businesses that CBN is trying to kill?

“We call upon the senate president and, in fact, the president and Commander In-Chief of the Federal Republic of Nigeria to call the CBN governor to order and reconsider honouring the forward contracts that are genuinely backed up with proper compliant documents for utilisation against each Letters of Credit (LCs) opened by the commercial banks using the forwards as a hedge.

“Let us state categorically that the CBN is killing businesses by cancelling the forward contracts that were sold to them about 18 months ago at the rate of N450/dollar and now selling the same funds to the commercial banks and directing the bank to sell the money at the rate of 1,500/dollar to the same businesses who initially had a forward contract at the rate of N450/dollar.

“May we also remind Mr. Governor, that failure to honour these forward contracts is taking commercial banks longer time to clean the offshore lines already used for establishing Letters of Credit against which shipments have been done and payment made to LC beneficiaries by the offshore banks. The delays of the commercial banks to settle their Forex obligations to their offshore banks is making our country risk to be very high.

“Lastly, the public will like to call on the coordinating minister for the economy, Mr. Wale Edun to engage the CBN regarding this issue of undelivered forward contracts because at present in Nigeria, almost 60% of companies in the manufacturing sector have been closed due to the volatility of Forex in Nigeria in order to avoid the other 40% from also closing down.

“This will go a long way to help the few remaining manufacturing companies still in operation in Nigeria and also encourage the new investors that the president and commander in-chief of the federal republic is trying woo to bring their investments to Nigeria.”

Continue Reading

Headline

Senate Passes Sen Ashiru’s Bill To Establish National Road Transport Council

Published

on

The Senate on Tuesday granted first reading to a bill seeking to establish a National Road Transport Council which is to be saddled with the responsibility of regulating the road transport industry and the transport profession in Nigeria.

The bill titled National Road Transportation Council (Establishment) Bill 2024 is sponsored by Deputy Senate Leader Senator Oyelola Ashiru and was introduced to the Senate plenary after the Senators resumed from their 30 day recess.

Further details of the bill fronted by the Kwara South Senator reveals that if signed into law a council board will be established which shall consist of a Board chairman and six members drafted from each geo-political zone of the country.

More insights of the bill sighted by the Sun also states that the board shall be presided by a representative from Ministries of transport, commerce and industry and aviation and they shall not be below the rank of a Director.

As highlighted in the explanatory memorandum of the bill , [b]the functions of the proposed council include; creating an effective regulatory framework on road transport service operators; determining the standard of knowledge and skills required for road transport service operators; encouraging the advancement of education in road transportation; ensuring accessibility of road transport facilities, [/b]channels, and routes; monitoring the performance of the regulated road transport industry; conducting background check on road transport service operators; registering all road transport service providers and determine the fees for such registration; setting guidelines and general policies for road transport service operators; updating the Federal Government on its activities and progress through annual and audited reports; reviewing progress and suggest improvement within the provisions of this Bill and do such other things as are necessary or incidental to the objects of the Council under this Bill or as may be assigned by the Federal Government.

The bill received the nod of the Senators via voice votes presided by the Senate President Godswill Akpabio shortly after it was introduced to the floor of the Red Chambers by the Leader of the Senate, Senator Opeyemi Bamidele.

Continue Reading

Trending