Economy

NDE Community-Based Training Takes off in Ogun

By Web News 572

By Olusegun Folarin

The Director General, National Directorate of Employment, NDE, Mallam Abubakar Fikpo has flagged off the orientation programme for the implementation of the Agency’s Community Based Training Scheme in Ogun State.

The Community Based Training Scheme was aimed at reducing unemployment, boosting wealth and enabling the citizens to overcome poverty, especially at the grassroots.

At the event, held in Abeokuta, Director General of the NDE, Mallam Abubakar Fikpo, who was represented by the Ogun State Coordinator, Mrs Ajoke Osinowo restated the Federal Government’s efforts at helping more youths to become employers of labour.

Mallam Fikpo said adequate measures had been put in place to ensure proper monitoring and supervision of the trainees for effective implementation of the programme.

Addressing the beneficiaries, the Agency’s Director, Vocational Skills Development, Alhaji Isa Abdu who spoke through Baliks Jimada counselled them to make judicious use of the opportunity, pointing out that there were other eligible participants yet to be considered for the scheme.

Alhaji Abdu also encouraged the beneficiaries to justify the federal government’s efforts in youth empowerment and extend vocational training to others in their communities.

In a lecture entitled ” Skills Acquisition, Absence From Drugs” the officer in charge of Narcotics, National Drugs Law Enforcement Agency, NDLEA, Ogun State Command, Mrs Ifeoma Eucharia appealed to the participants to shun acts that could hinder their progress, emphasizing that drugs abuse could put their future plans in jeopardy.

Some of the 60 beneficiaries of the Scheme, drawn from across the three Senatorial Districts of the State are to be trained in different vocations such as Computer training, Bag making and Catering within the next three months, described the intervention as timely and urged the federal government to sustain the efforts to address the high rate of unemployment in the country.

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Economy

Lift ban on fuel supply to our areas – Border Communities Tell FG

By Web News 486

By Olusegun Folarin

Residents of border communities have renewed their call on the need for the Federal Government to lift the ban on the sales of petroleum products around the border areas as part of palliatives to reduce the harsh economic effects of subsidy removal. 

They made the the call at Idi- Iroko, Ogun State, at a forum organized by the Youths of Ipokia Local Government, in collaboration with the Ogun Area – One Command of the Nigeria Customs Service to mark the Country’s Independence Anniversary. 

They also called for a reduction in the statutory customs duties and Tarriff on Imported products and ensuring technology – driven security measures to enhance safety and facilitate legitimate trade across international borders. 

The Guest Speaker and a University lecturer, Mr Kehinde Bamiwole, while making a presentation on the theme, “Smuggling and Hoarding of Petroleum Products: Effects on Border Communities and National Security” said the removal of fuel subsidy had put an end to hoarding and smuggling of petroleum products at the border areas. 

Mr Bamiwole lamented that major business owners in Idi-Iroko and environs were traveling long distances to get fuel at exorbitant rates and pleaded that the ban on the sales of petroleum products within 20 kilometers to the border line should be lifted in the interest of the people who were paying through the nose, for goods and services.

Earlier, the Acting Customs Area Controller, Mr Ahmadu Shuaibu, represented by a Deputy Controller, Mr Charles Ogunesan had solicited more support from the border communities, describing the forum as an avenue to educate residents on the adverse effects of smuggling on national growth.

He expressed sadness that war against smuggling had led to loss of lives among Customs operatives and among the residents, noting that the huge amount of money realized from seizures recorded by the command could also be well utilized for legitimate trade to improve the people’s status and the state’s economy.

Economy

FG, Labour Agree N35000 Provisional Wage Rise (Video: BAT independence speech)

By Web News 716

Federal Government has agreed to pay a provisional wage increase of N35,000 to all treasury-paid employees for a duration of six months.

This was the outcome of consultations between a Federal Government delegation and leadership representatives from the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in Abuja on Sunday,

President Bola Tinubu had, during an independence day broadcast, announced a N25,000 increase.

However, this shows N10,000 added to the initial amount.

NLC had called for an indefinite strike for Tuesday, saying the government revoked the fuel subsidy without providing relief to cushion its effects.

However, during the discussions, the Federal Government reiterated its commitment to expediting the availability of compressed natural gas (CNG) buses to alleviate the hike in transportation and petrol fares.

Furthermore, the government pledged support for micro and small-scale enterprises and announced a six-month waiver on VAT for diesel.

Additionally, the government disclosed its plan to commence monthly payments of N75,000 to 15 million households, disbursed at N25,000 per month, starting from October through December 2023.

In a statement, the government emphasised its desire for industrial harmony, urging labour unions not to embark on strike actions.

It pointed out that the pending issues could only be effectively addressed while workers are actively engaged in their duties.

In response to the labour unions’ request for higher wage increments, a sub-committee will be established to outline the implementation details of all interventions aimed at mitigating the effects of fuel subsidy removal.

Addressing the longstanding matter involving the Road Transport Employees Association of Nigeria (RTEAN) and the National Union of Road Transport Workers (NURTW) in Lagos State was also highlighted as an urgent concern.

The statement, signed by the Minister of Information, Mallam Muhammad Idris, said the unions would review the government’s offer and consider suspending the planned strike action, allowing for further consultations on the implementation of the resolutions reached.

Governor Abdulrazak Abdulrahman of Kwara State and Chairman of the Nigeria Governors Forum (NGF), as well as Governor Dapo Abiodun of Ogun State, participated virtually in the meeting, which was chaired by the Chief of Staff to the President, Dr. Femi Gbajabiamila.

Also present were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Labour and Employment, Simon Lalong; the Minister of State for Labour, Nkeiruka Onyejeocha; the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu; the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu; the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite; the Head of Service of the Federation, Dr. Folasade Yemi-Esan; and the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The labour delegation was led by NLC President Joe Ajaero; Dr. Tommy Etim Okon, Deputy President of TUC; NLC General Secretary Emma Ugboaja; TUC General Secretary Nuhu Toro, among other representatives.

Watch President Tinubu’s 63rd Independence Anniversary speech

Abdallah Bell

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Economy

FG, Labour, need to work towards revitalisation of National Economic Assets – Prof. Gbolagade

By Web News 598

By Dayo Adu

An educationist, Professor Abiodun Gbolagade says revitalisation of national economic assets is the best solution to the current hardship been faced by citizens of this country.

Professor Gbolagade called on President Bola Tinubu and his economic team to resuscitate the four ailing national refineries and also strengthen the purchasing power of naira to enable lower denominations of the currency regain their value in the market.

Speaking with a Radio Nigeria correspondent in Ibadan, on the occasion of Nigeria’s 63rd Independence anniversary, Professor Gbolagade who is the Provost, Adekunle Ajasin University, Ibadan Campus, explained that, raising workers’ salary would further increase the inflation rate in the country, thereby making the cost of living unbearable for the masses.

He stressed the need for trade unions to dialogue with the Federal Government, on ways to stabilise the system saying that, beyond salary increment, the Nigeria Labour Congress, NLC, and other trade unions need to speak with the Federal Government on how to make the economy better.

“I believe there is need for the NLC, Trad Union Congress, TUC, to dialogue, with the Federal Government. They should sit together, and understand the present government under President Bola Tinubu, and look at the prevailing situation in the country. How do we help this country, in terms of the the challenges ahead and the current challenges? It is through dialogue that they can solve the problems collectively”, Prof. Gbolagade said.

“We know what we are currently passing through, especially in the aspect of subsidy removal. We are appealing to Mr. President to act fast and rejig the economy”.

Professor Gbolagade appealed to the president and his cabinet members to bring their wealth of experience to bear on the mandate of galvanising Nigerian economy for speedy realisation of the renewed hope agenda.

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Economy

OSHA Charges OSBC on Improved Revenue Generation

By Web News 661

By Mojisola Oladele

Osun State House of Assembly, OSHA, wants the management of Osun State Broadcasting Corporation, OSBC, to intensify more on revenue generation.

The Chairman House of Assembly Committee on Media and Public Affairs, Prince Adekunle Oladimeji made the call during the visit of the Committee to Ministry of Information and Public Enlightenment and the State Broadcasting Station, Osogbo.

Prince Oladimeji explained that, with the facilities put in place by the State Government, the Station needed to put all mercenaries in motion to boost and sustain its revenue in the best interest of the State.

While emphasizing that one of key roles of the Legislators roles is oversight functions, The Chairman House Committee on Media and Public Affairs said Government Facilities were not Charity Homes hence the need to properly utilize its facilities and Institutions efficiently.

Prince Oladimeji appreciated the workers of the Broadcasting Corporation and the State Ministry of Information and Public Enlightenment supporting the Commissioner, Olumo Kolapo Alimi.

Earlier in his remarks at the Ministry , the Commissioner for Information and Public Enlightenment, Oluomo Kolapo Alimi appreciated the Committee for doing the needful and performing their vital role of oversight functions.

Also in a remark, The Chairman Board ,OSBC, Mr. Mayowa Oloso noted that power outrage had been the problem of the corporation and retierated his Commitments towards giving the Station better facelift as well as to improve on Internal generated revenue.

In her words, the Permanent Secretary Ministry of Information and Public Enlightenment, Mrs Modupe Irelewuyi solicited government intervention on modern day equipments for the ministry.

Also, the Permanent Secretary of OSBC, Mr. Rasheed Folaranmi commended the State Government for the procurement of some equipments and the lawmakers for their kind gesture towards the corporation.

The places visited including; ministry news room, editing suite, photo units, binding room and government printing press, OSBC recording studio, editing suite, transmitter radio and television house, generator /power house amongst others.

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Economy

Women’s Aspiration in Mining Receives Boost from Gov. Adeleke

By Web News 461

By Funmi Ojo

Osun State Governor, Senator Ademola Adeleke has expressed commitment to supporting and empowering women in the mining sector.

The Governor made this known at the Gold and Gemstone Conference and Exhibition (GGCE, 2023) at African Gemstone and Jewellery Conference Centre, Lagos.

Represented by the Special Adviser, Mining and Mineral Matters, Professor Lukman Jimoda, the Governor noted that the inclusion and empowerment of women in the mining industry is not only essential for their own economic emancipation but also for the overall growth and prosperity of the state and nation.

He maintained that the Osun state government under his watch was committed to promoting gender equality and the full participation of women in all sectors of the state’s economy.

He said, Osun State is one of the key states in Mineral Exploration and Mineral Processing with 300 mining titles within the state.

“It is now crystal clear that our State is one of the strongest states in the mining industry. Our state is presently working toward engaging our women in Cooperative exploration and finally Buying Centres. This will be an attempt to finally empower our women. The inclusion and empowerment of women in this critical industry are not only essential for their own economic emancipation but also for the overall growth and prosperity of our state and nation.

“We firmly believe that empowering women in mining is not just a matter of equity; it is also a strategic imperative for sustainable development. While we acknowledge the challenges that women in mining often face, such as limited access to resources, education, and opportunities, we also recognize the incredible resilience, resourcefulness, and determination that they bring to this industry. It is our responsibility to create an enabling environment that harnesses the talents and potential of our women miners.

“Under my leadership, Osun State has taken significant steps to support women in mining. We have initiated programs to provide training, access to modern technology, and financial assistance to women miners. These efforts are aimed at improving their working conditions, enhancing their safety, and increasing their productivity.

While calling on the private sector, civil society organizations, development partners, and the international community to join hands with state government in supporting women in mining, the Governor noted that investment in the mining sector is not just an investment in women; it is an investment in the sustainable development of Osun State.

Governor Adeleke also expressed commitment to gender equality and women’s empowerment in Osun State adding that his administration is determined to break down barriers and create pathways for women to thrive in the mining industry and beyond.

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Economy

Oyo Solicits Partnership in Tapping Tourism Potential

By Web News 595

By Iyabo Adebisi

As the world marks Tourism Day, Oyo state government says it is poised to make the tourism sector its major revenue source  to avoid relying on Federal allocation to cater for the people. 

The state’s Commissioner for Culture and Tourism, Dr Wasiu Olatunbosun stated this while answering questions from journalists at the World Tourism Day held at Captains Bower’s Tower, Oke-Are, Ibadan. 

The commissioner, who noted that the state has 168 tourism sites, maintained that if they are fully harnessed, the revenue of the state would improve. 

Dr Olatunbosun, therefore, called on investors and well meaning Oyo state indigenes to partner government on tourism for the progress of the state. 

In a remark, CEO Farms and Sports Resort, Chief Dotun Sanusi stated that tourism is a catalyst for economic growth, cultural exchange and community development. 

Chief Sanusi, therefore, called for synergy to tap potential in tourism sector in the state with a view to achieving 2030 Sustainable Development Goals, SDGs, adopted by the United Nations in 2015.

Others, who spoke on the occasion of the World Tourism Day including former first lady in the state, Chief Mutiat Ladoja, Babaloja General of Oyo state, Alhaji Yekini Abass and culture advocate, Nurudeen Akinade, urged the stakeholders in the tourism sector to increase awareness on the state’s tourism sites and resuscitate moribund sites to preserve the state’s cultural heritage. 

The theme for this year’s World Tourism Day 2022 is:”Tourism and Green Investments”. 

Dignitaries at the occasion included the representative of Olubadan, Oba Mahood Balogun, Otunba Seye Famojuro, and the President CCII, Niyi Ajewole

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Economy

Cardoso Pledges Strict Adherence to CBN Act

By Web News 518

The new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term.

He said this on Tuesday during the screening session of members of the Senate.

Cardoso promises to enhance transparency, fix corporate governance, and ensure confidence in the autonomy and integrity of the bank.

“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.

The new CBN governor said he would maintain price stability, revert to evidence-based monetary policies, and discontinue his predecessor’s unorthodox monetary policies to bolster the country’s naira currency.

Cardoso’s screening as the nation grapples with falling economic indices with the naira nearing 1,000/$ at the parallel market.

The official market closed with the naira-to-dollar exchange rate settling at N755.08/$1 on Tuesday, according to the foreign exchange data released by the FMDQ Exchange

According to Cardoso, the immediate plan to stabilise the naira will be for the apex bank to settle existing financial obligations and make “transparent rules.”

Describing how to address what he termed as an ‘operational issue’, he said, “Right now, we have a situation where we are aware that there are unsettled obligations by the CBN. Whether it is $4bn, $5bn or $7bn, I don’t know but definitely the immediate priority will be to verify the authenticity and extent of what is owed.

“Number two, apart from the operational issue, there is one that is system related that involves ensuring that we come up with rules that are open, transparent that any of the players in that area understands. We can’t expect foreign investors and portfolio investors to come; we can’t expect them if there is no open, transparent system that everyone understands.

“In setting up those guidelines one will carry the relevant stakeholders along and the comment was made earlier that one should be ready to engage everybody and hear views. Those two things, though they may seem simple, will go a long way to easing up the restrictions we are having on people (investors) that want to come in.”

Also, the newly confirmed CBN governor said to tackle the country’s inflation, the CBN would roll out evidence-based policies.

He said, “When you look at the dimension of inflation, we will be doing evidence-based monetary policy. We shall not be making decisions based on a whim. We will significantly rebound the infrastructural demand with respect to ensuring that our data gathering capacity is enhanced so we can make decisions based on proper data.”

Cardoso during his screening emphasised the need to restore the apex bank’s independence and credibility by refocusing on its core mandate and ensuring a culture of compliance.

“Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.

“In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”

As of October last year, about N9tn had been released as intervention funds by the apex bank.

The bank had said that about N3.7tn had been repaid by beneficiaries while over N5tn was not yet due for recovery.

For bank unhealthy bank charges, the international banker said that the team would review the situation and come up with the required position.

The newly confirmed governor also promised that he and his team would not be hijacked by politicians as they discharge their duties.

The CBN governor said, “It is important that we, who are considered for this position today, understand that this is a position of trust.

“With that comes a huge responsibility to meet up with that trust. I know that a lot of time and effort has gone into choosing the people who are standing here for nomination today.

“As far as I am concerned, under my leadership, we will not be hijacked by anybody. The idea is to ensure that we do what is right, when it is right, and how it is right. We’ve seen what the effect of not doing right has been, and we do not intend for that to be repeated.”

He added that his team and him would inculcate a culture of compliance into the apex bank by adhering strictly to the CBN Act 2007.

“I believe that the central bank under our watch will have no choice but to embrace a culture of compliance,” he said.

Punch/ Oluwayemisi Owonikoko

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Economy

Stop Being Meddlesome, Osun Govt. Tells Lawyer

By Web News 520

By Funmi Adekoya

Osun State Government has described as meddlesome, misrepresentation and misinterpretation of employment relationship between employees and the employer, the threat of legal action by an Ibadan based legal practitioner, Mutalubi Adebayo.

Mutalubi Adebayo had threatened to sue the state government for non-payment of allowances owed judicial officials by the previous administrations.

A statement by Governor’s Spokesperson, Mallam Olawale Rasheed indicates that the lawyer affirmed that the allowances were owed by Aregbesola and Oyetola administrations.

It, however, notes that the Adeleke administration inherited from the two previous governments of the All Progressive Congress, APC, salary, pension and employment related debt to the tune of 100 billion naira, which is outside another state debt of over 400 billion naira.

The statement points out that the Adeleke administration had commenced payment of salary and pension arrears debt amidst cash crunch and equally competing demands of state expenditure.

“The public is aware that Governor Ademola Adeleke has deployed strategic ingenuity and uncommon resource management options to administer the state, delivering on various sectoral targets and also attending to the welfare of workers.

“It is on record that the Adeleke administration ensures payment of salary as and when due and is also working to pay up inherited employment related debt from the previous administrations. Many would wonder why the Ibadan lawyer did not sue those who created the mess while they were in office. We are even shocked that the barrister in question chooses to attack a Governor who is doing all within his powers to correct fundamental errors of the last 12 years and set the state on the path of sustainable growth.

“We must also put on record that Osun judicial workers have their unions and it is not in doubt that the union leadership is capable and able to advance the interest of their members. The unions are also not unmindful of the inherited rot and ongoing efforts of the government to holistically address their issues.”

The state government therefore urged the lawyer to avoid distractive and interloping activism but adopt other dignifying route rather than usurping labour dispute question which only the unions and their employers can undertake.

“As we assume the lawyer has good intention, he can rework his threat into an appeal to the State Governor to continue his ongoing phased payment of outstanding liabilities inherited from the previous administrations.

He may further commend the Governor for acting for all Osun people by devising strategies to complete abandon projects and gradual payments of outstanding liabilities”, the statement added.

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Economy

Govt. Orders Payment of 1B Naira Pensioners’ Entitlements

By Web News 361

By Olusegun Folarin

Ogun State government has directed the Bureau of State Pensions, to commence immediate payment of gratuity to pensioners in the State.

The Permanent Secretary in the Bureau, said in Abeokuta that The One Billion Naira gratuity was released to ease and bring succour to the senior citizens, who have served the State and the Local Government diligently.

He explained that the gratuity would cater for pensioners who were scheduled for September and part of October 2014, adding that it would also take care of part payments of Basic, Rent, and Transports allowances for January and February 2013 of the pensioners.

Mr. Adewuyi stated that some pensioners with urgent medical needs were also attended to from the gratuity released, and pleaded with those who were yet to receive theirs to be patient with the present administration, assuring that all pensioners would be paid accordingly.

The Permanent Secretary appreciated Prince Abiodun for the payment of a cash palliative of ten thousand naira for pensioners, to enable them to cope with the economic situation occasioned by the removal of the fuel subsidy for the period of three months with effect from July 2023.

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Economy

Oyo Plans Micro Loan for SMEs

By Web News 372

By Iyabo Adebisi

Oyo State Government has concluded plans to empower traders, artisans and other small business owners with N500m as part of efforts to mitigate the effects of subsidy removal on the residents of the State.

This is contained in a letter signed by Chairman, SME Loan Support sub-committee of the SAfER Programme and the Commissioner for Budget and planning, Professor Musbau Babatunde. 

The N500million loan is a component of the Sustainable Actions for Economic Recovery (SAfER) initiated by Governor Seyi Makinde in the wake of fuel subsidy removal and the floating of the exchange rate, which resulted in a steep rise in prices of commodities. This is with a view to stabilizing the people and boost the economy.

The SME loan support which comes at a single-digit interest rate and with a flexible repayment plan is for all categories of micro and small-scale business owners.

The letter indicated that interested small and micro-businesses in the State should pick up the form for free in designated Microfinance banks in each of the seven geo-political zones in the State.

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Economy

Cardoso, Son of the 1st AG of the Federation

By Web News 675

By Olaitan Oye-Adeitan

His may not have been a name that rings a bell in the Nation though he had held and occupied high ranking positions, making indelible impacts.

But on Friday, 15th September, 2023, he came into lime light, upon his nomination by President Bola Ahmed-Tinubu as Governor of the  Central Bank of Nigeria, CBN, the nation’s monetary regulator.

He is none other than Olayemi Michael Cardoso. 

Interestingly, his father, Felix Bankole Cardoso made history fifty years ago when he became the Nigeria’s first indigenous Accountant General of the Federation precisely in 1963.

What is Cardoso pedigree?

Olayemi Cardoso earned his Bachelor’s degree (B.Sc.) in Managerial and Administrative Studies from Aston University in 1980.

He furthered his education at the Harvard Kennedy School of Government (HKS) and graduated as a Mason Fellow with a Master’s degree in Public Administration in 2005.

In recognition of his exceptional contributions to both the private and public sectors, Aston University honoured Cardoso with an honorary Doctorate in Business Administration (DBA) in 2017.

He is also distinguished as a Fellow of the Chartered Institute of Stockbrokers.

Prior to his nomination, Dr Cardoso was the former chairman of Citibank Nigeria. 

He is a distinguished leader in the financial and development sectors with over  thirty years’ experience in the private, public and not-for-profit organisations.

With diverse corporate governance experience, Dr Cardoso had also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.

Cardoso equally served in government as the Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenue.

In his capacity as a consultant and policy expert, Dr Cardoso has advised and collaborated with major international development organisations including the World Bank, Ford Foundation, UN Habitat, World Health Organisation and the Swedish Development Foundation.

He is the recipient of several awards including an honorary Doctorate Degree in Business Administration from Aston University, his alma mater, and the Global Distinguished Alumni Award from Citi.

Achievement

His commitment to lifelong learning has been acknowledged by various educational institutions, including:

  • Trustee of the Harvard Club of Nigeria from 2022 to the present.
  • Trustee of the Harvard Kennedy School Nigeria Alumni from 2020 to the present.
  • Board advisor at the Lagos Business School since 2019.
  • Trustee of St. Augustine University since 2018.
  • Global Alumni-elected Board member of Harvard Kennedy School from 2006 to 2010.
Economy

FG will work with states on solid mineral maximisation – Dele Alake

By Web News 547

The Federal Government would work with State governors to maximize the potential of mineral resources for the socioeconomic development of the country.

Minister of Solid Minerals Development, Dele Alake stated this when the governor of Nasarawa state, Alhaji Abdullahi Sule paid him a courtesy visit in Abuja.

According to a statement by the Deputy Director of information, Mr. Alaba Balogun, the ministry is determined and committed to harness the nation’s mineral resources.

He explained that under the renewed hope administration, Nasarawa State and other states with mineral resources will soon experience rapid development that will raise the living standards of the population.

The minister observed that Nasarawa state in Nigeria was endowed with petroleum resources and underlined the need to coordinate and synergize the dynamics surrounding mineral exploration and exploitation in the sector.

The minister  expressed gratitude to the Nasarawa State governor  for the visit stressing that the importance of the collaboration that is expected between the federal and states government to develop the nation’s minerals sector.

Obia Larry

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Economy

Tinubu Approves Cardoso as CBN Gov.

By Web News 509

Changes its 4 Deputy Govs

President President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).

According to a press statement by presidential spokesman, Ajuri Ngelale, on Friday evening, Cardoso will serve for a term of five years at the first instance, pending his confirmation by the Nigerian Senate.

“This directive is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

“Furthermore, President Tinubu has approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending their confirmation by the Nigerian Senate,” he stated.

The new Deputy Governors include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all,” Ngelale stated.

Culled/Oluwayemisi Owonikoko 

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Economy

Tinubu Appoints Adedeji as FIRS Acting Chairman

By Web News 556

President Bola Tinubu has approved the appointment of Zaccheus Adedeji, as the new Acting Executive Chairman of the Federal Inland Revenue Service,FIRS.

This announcement coincides with the impending commencement of terminal leave for the former chairman, Muhammed Nami.

A statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, on Thursday, read, “Honourable Zaccheus Adedeji is hereby appointed in acting capacity for 90 days before his subsequent confirmation as the substantive Executive Chairman of the Federal Inland Revenue Service for a term of four years in the first instance.”

The President has instructed the former FIRS Chairman, Mr Muhammad Nami, who had been in office since December 2019, to promptly begin a three-month pre-retirement leave, as stipulated by Public Service Rule (PSR) 120243. This leave will ultimately result in his retirement from service on December 8, 2023.

Adedeji, previously serving as the Special Adviser to the President on Internal Revenue, has now assumed the role of acting chairman at FIRS.

He is a first-class graduate in accounting from the Obafemi Awolowo University and highly skilled accountant with deep expertise in corporate taxation and the advancement of public finance.

With over 15 years of professional background, he brings a wealth of experience in corporate accounting, public service administration, and advisory services to corporate multinationals, State governments, and the Federal Government of Nigeria.

Adedeji, who once served as Commissioner for Finance in Oyo State, established a Medium-Term Financial (MTF) strategy, involving a team of fewer than 50 personnel, to form the overarching framework for financial and budgetary management in the State.

Punch/ Oluwayemisi Owonikoko

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Economy

Diversification from Oil, Pathway to Sustainable Economic Development – NCDP

By Web News 572

By Adenitan Akinola

The National Council on Development Planning, NCDP, says diversification of Nigeria Economy from oil to Agriculture and Solid Minerals, heavy investment on human capital development, energy revolution for industrialisation as some of the major pathways for the country’s sustainable economic development.

These are parts of the resolutions of the 22nd meeting of the Joint Planning Board of the council organized by the Federal Ministry of Budget and Economic Planning held at the Center for Black Culture and International Understanding, CBCIU, in Osogbo, the Osun State Capital.

Osun State Governor, Senator Ademola Adeleke (l) with the Minister of Budget and Economic Planning, Senator Atiku Bagudu (r)

In a communiqué, the NCDP noted that given the new Electricity Act that empowers states and individuals to participate in all components of the energy sector, state governments should carry out energy audit to determine their needs and explore areas for collaboration with private sector based on their comparative advantage.

“States should develop small hydro power plants, on or off-grid, and solar for communities and MSMEs. Government should promote the establishment of community foundations as a vehicle for investments in micro power grid projects and other infrastructure; and Tertiary Institutions should pioneer micro renewable energy projects to cater for the institution and nearby communities”.

It resolves further that both national and sub national governments should, “increase investment in afforestation, climate change adaptation and mitigation strategies, restoration of peace and security in affected regions”.

In a remark on the resolutions of the meetings, the chairman of the board and Minister of Budget and Economic Planning, Senator Atiku Bagudu said leadership of President Bola Tinubu was committed to a two digit growth of Nigeria’s economy, a development demonstrated by the full deregulation of fuel and currency.

Senator Bagudu stated that the Federal Government believed that for a more functional federalism, more powers should go to the subnational governments as indicated in the Electricity Act which empowers states to own their energy policies.

The minister appreciated the government and people of Osun State for hosting the 22nd edition of the meeting.

Declaring the meeting closed, Governor Ademola Adeleke of Osun State said government to host the meeting as an indication that the state was open to investors, both locally and internationally.

Governor Adeleke encouraged national and state governments to develop the resolution of meeting into tangible and implementable economic plan in the overall interest of the people.

The Joint Planning Board/National Council on Development Planning comprise of the Federal Ministry of Budget and Economic Planning and the 36 States of the Federation.

The meeting presents a platform for the federating units and the federal government to collaborate in the areas of policies and programmes.

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Economy

We target making Osun economic hub – Govt.

By Web News 502

By Mojisola Oladele 

Osun Government says plans were underway to ensure that the state is transformed from a civil service status to an economic vibrant one. 

The State Commissioner for Commerce and Industry Reverend Bunmi Jenyo gave the assurance during a meeting with the State House Committee on Commerce, Industry, Cooperative and Empowerment held at the Assembly Complex, Osogbo.

Reverend Jenyo explained that the ministry had met with some investors with a view to attracting investments into the state to boost the internally generated revenue, IGR.

He stressed that ministry was planning to appoint one consultant per local government, and that they would be saddled with generating revenue.

Earlier in a remark, the Chairman, Osun State House Committee on Commerce, Industry, Cooperative and Empowerment, Mr. Sanmi Areoye assured the Ministry of unflinching support, urging it to carry the legislators along in all its programmes.

Vice Chairman of the committee, member representing Ola-Oluwa, Mr Afeez Ibrahim urged the ministry to present executive bills that would help boost the economy of the state, noting that it was necessary that the ministry engage the consultant to increase revenue generation.

Other legislators on the Committee included Mr. Olayiwola Taofeek Olalekan, Mr. Adekunle Oladimeji and Mr Olaide Ajibola.

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Economy

Vocational Centres Billed for Resuscitation in Osun

By Web News 651

By Mojisola Oladele

In its bid to reduce youth restiveness, Osun State House of Assembly has expressed its resolve to ensure that the state-owned vocational centres, which are presently under lock and key, become functional. 

The Chairman, House Committee on Innovation, Science and Technology, Prince Adewumi Adeyemi gave the assurance during an oversight visit to some vocational centers in the state. 

Before the visit, the Members of the State Assembly Committee on Innovation, Science and Technology had met with the Commissioner, Ministry of Innovation, Science and Technology, Mr Maruf Ayofe and his team, where they resolved that some abandoned vocational centres of the State would be visited with a view revamp it for the benefits of Residents.

The places visited included Rig Tech Hub in ilesa, Skills Acquisition and Entrepreneur Centre in Dagbolu, Sustainable Development Goals, SDGs vocational center, in Iragbiji and Government Technical College, Osogbo. 

Prince Adeyemi, who described as unfortunate the state of facilities and lock up workshops at Government Technical College, Osogbo, promised that the 8th Assembly under the leadership of the Speaker, Prince Adewale Egbedun would resolve issues surrounding the lockup facilities. 

Prince Adeyemi noted that all hands must be on deck to ensure that the lock – up state – owned Skills Acquisition and Entrepreneur Centre in Dagbolu and Sustainable Development Goals, SDGs vocational center , in Iragbiji, were efficiently utilized. 

In his welcome address, The Chairman/ CEO Rlg Tech Hub Ilesa, Alhaji Rasaq Animashaun who described the visit as an unprecedented one expressed the hope that the visit would lead to positive actions and sustainable partnership, whereby the present administration would adopt technology to drive all the Sectors of the State Economy. 

Alhaji Animashaun explained that with adequate support from the host government, the institute would transform the State to a tech hob amongst States in the South – West. 

In an interview with newsmen, the State Commissioner for Innovation, Science and Technology, Mr Maruf Ayofe emphasized the need to utilize the established the Government facilities with the use of available local content. 

Other legislators in the team during the tour included Mr.Laide Ajibola, Mr. Adeoti Lawrence,Mr. Rabiu Atanda, Mr.Ogunrinade Adesola and Mr. Oladimeji Adekunle, the Senior Special Assistant to the Governor on Innovation, Science and Technology, Mr Olukunle Bello, Permanent Secretary, Ministry of Innovation science and Technology Mrs Olubukola Jolayemi and other Directors.

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Economy

Ogun Distributes Rice to 300,000 Residents

By Web News 841 Post a comment

By Oluwatoyin Adegoke

Ogun State government has officially commenced the distribution of rice to the residents as palliatives to cushion the effect of subsidy removal.

A ceremony organised in Abeokuta, the state capital to flag off the distribution exercise also featured the official inauguration of a Central Working Committee saddled with the responsibility of ensuring efficient and effective distribution of the items to the grassroots.

The committee announced plans to distribute a total of three hundred thousand pieces of packaged rice, weighing 10 kilogrammes each to residents using the 5,400 polling units across the state as distribution centres. 

In separate remarks, the representatives of Pensioners, People with Special Needs and Community Development Committees appealed to the relevant authorities to strengthen measures that would promote equitable distribution of the palliatives. 

Addressing the gathering, a member of the House of Representatives, Mrs Adewunmi Onanuga, the Deputy Speaker of the State House of Assembly, Mrs Bolanle Ajayi and the Iyaloja General of the state, Alhaja Yemisi Abass appreciated the Federal and State governments for implementing the initiative towards making life more comfortable for the people. 

Responding,the Ogun State Governor, Prince Dapo Abiodun while applauding the Federal Government’s intervention expressed optimism that the residents would feel the impact of the palliatives within the next one week. 

Governor Abiodun restated his confidence in the ability of the Central Working Committee to handle the palliatives distribution effectively and appealed to the people to be patient with the government as the ongoing efforts would help to reposition the country for greatness. 

Economy

Oyo Govt. Fulfills Promise, Clears Non-statutory Deductions Arrears

By Web News 646

By Oluwakayode Banjo

The Oyo State Government has cleared all the non-statutory deductions of civil servants in the state.

This is in fulfillment of Governor Seyi Makinde’s promise that their deduction arrears will be paid along with their August salaries.

In a release issued from the Oyo State Ministry of Information and Orientation and signed by the ministry’s commissioner, Prince Dotun Oyelade, the pledge by Governor Seyi Makinde in a state broadcast in the wake of the week-long protest by the state NLC, the government released over 1.3 billion naira as deductions and salaries for June, July, and August. 

With this development, workers who choose to continue making cooperative contributions will have to work with their unions as the state government will no longer be making any deductions from the source.

The commissioner recalled that to date, many states have not complied with the minimum wage and still owe civil servants many months’ backlog of statutory deductions while Oyo State had complied with minimum wage payment three years ago and has now cleared its deductions. 

The commissioner said Governor Seyi Makinde enjoys the support of the over 71,000 Oyo State civil servants because of his genuine love for their welfare.

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Economy

OSHA Lawmakers Canvass Economic Thrust through Local Content

By Web News 451

By Mojisola Oladele

Chairman House Committee on Innovation, Science and Technology, Prince Adewumi Adeyemi wants Osun State Ministry of Innovation, Science and Technology to utilize local content to boost the economy of the state. 

Prince Adeyemi made the call during a maiden meeting with a team from the Ministry led by the Commissioner, Mr Moruf Ayofe.

The legislator, who urged the team to tap from the young talents across the state in the field of science and technology, emphasized that harmonizing such brains would place Osun on the world map.

Prince Adewumi expressed the resolve of the Governor Ademola Adeleke and the Osun 8th Assembly to collaborate for the wellbeing of the residents while engaging the capable hands within the state. 

He stressed the need for the Commissioner and his team to source local talents that could assist in the production of various technological innovations by organizing a mini-tech summit on a small scale which would involve relevant stakeholders.

Similarly, member representing, Irepodun/Orolu, Mr, Adekunle Oladimeji urged the Commissioner to use his wealth of knowledge to develop and improve the ministry to make Osun a technology driven state. 

In a remark, the State Commissioner for innovation, Science and Technology, Mr Moruf Ayofe said despite the deplorable state of the ministry, his team had been able to create official e-mail for the government and its principal officers, conduct ICT training for students from tertiary institutions across the state and explored opportunities in the state along with British investors.

Mr Ayofe who explained that a lot of work needed to be done, and pleaded for the support of the Osun 8th Assembly in achieving some set goals the ministry wished to achieve.

The Maiden meeting, which held at the Parliamentary building, had in attendance other members of the committee including Mr Rotimi Ogunrinade, Mr. Laide Ajibola and Principal Officers from the State Ministry of Innovation, Science and Technology.

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Economy

Osun Makes Public Names of Palliative Distribution Committee

By Web News 567

By Funmi Adekoya

Osun State Government has released names of its Palliative Distribution Committee as demanded by a coalition of civil society.

The step according to Senior Special Assistant to the Governor on Civil Society, Mr. Oluwaseun Emmanuel, is a testimony of that the state government is responsive, accountable and public spirited.

In a statement, Mr. Oluwaseun Emmanuel said the committee represented all shades of society opinion, submitting that any group that was interested in being part of the committee could show interest instead of resorting to blackmail and character assassination.

The SSA to Governor Adeleke on civil society explained that the state government had records of extensive consultation with the leadership of the civil society coalition including those accusing the administration of excluding them, before the composition of the palliative committee list.

The statement reads, “We are of the view that only fifth columnists and agents of the opposition will describe a performing government and popularly rated administration headed by Governor Ademola Adeleke as directionless and organised. We are also convinced that a government that is delivering on infrastructure, digital economy, health care, workers’ welfare and education reform has a better sterling records than the paymasters of some pseudo activists.

“As much as the administration is working to release its own palliative after concluding that of the Federal Government, we must put on records that Osun state is a specially challenged state servicing a state debt of N450 billion and  a salary and debt pension of almost N70 billion even as the administration unfailingly meet monthly salary obligations and delivers  dividends of democracy in critical sectors”.

The state government listed the names of members of the palliative committee to include, Chairman, Osun state Muslims community, Alhaji Mustafa Olawuyi, Chairman Osun Christian Association of Nigeria, OSCAN, Reverend John Adeleke, the Iyaloja General, Chief Mary Oyebode, Representative of people with special needs, Osun Chairman JNC, IPAC Chairman, Representative of Nigeria Union of Pensioners, NUP, and Representative of Student body.

The statement adds that, for the distribution by Local Governments, interested members of the public should collect the same from the State Ministry of Special Duties and Regional Integration.

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Economy

200,000 Receive Palliatives in Oyo

By Web News 529

By Iyabo Adebisi

Governor Seyi Makinde of Oyo state has kicked off the distribution of food palliatives to 200,000 households in the state as part of effort to provide succour to the people in the face of harsh economic realities due to fuel subsidy removal.  

Flagging off the distribution at the Oba Lamidi Adeyemi mini stadium Oyo to some households, Governor Makinde explained that all food items for distribution are locally procured at the various zones of the state to support farmers and stimulate the economy. 

He said the aim of the state government is to address both symptoms and cure unlike mere palliatives that would only address symptoms, hence its sustainable action plan through its Sustainable Action for Economic Recovery (SAFER).

Governor Makinde noted that to allow for meaningful food distribution, the state government procures 37,000 bags of rice in addition to the 3,000 bags from the federal government, adding that each of the 200,000 beneficiary households would get a package containing 10kg rice, 5kg beans, 5kg garri, 5kg cassava flour and a bottle of groundnut oil.

The Governor assured that the 5 billion naira palliative financial support from the federal government fund would be judiciously put to use in the interest of the people.

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Economy

We process, not pay workers’ salaries- IPPIS

By Web News 717

The Director in Charge of the Integrated Personnel Payroll and Information System, IPPIS, Mr Emma Deko says they are not responsible for the payment of salaries or workers.

Mr Deko said the system is only responsible for the process of payment.

Mr Deko who spoke at the resumed hearing of the House of Representatives adhoc committee investigating non-remittance of deductions from workers’ salaries for the National House Fund, explained that in most cases, deductions from workers are not remitted because of a shortage of cash backing for approvals for wages.

According to him, while IPPIS prepares the salaries for only federal workers, the government appointed four gateways that are responsible for the payment of the salaries to workers.

He gave the names of the gateways which he said are not situated within the IPPIS as Nigeria Interbank Payment System, NIPS, E-Transact, Remita and GIFMIS.

Mr Deko explained that since the money is in the Central Bank of Nigeria CBN, when the remittances are done, the CBN was supposed to give IPPIS statements, after which they ask for the breakdown to do reconciliation as accountants.

According to him, it is becoming difficult not only in IPPIS but the entire accounting cadre, because the apex bank only gives them bulk figures.

Responding, the committee summoned the CBN and the Accountant General of the Federation to appear before the committee on Thursday to explain the delays in remitting deductions from workers’ salaries to the Federal Mortgage Bank.

FRCN Abuja/Adetutu Adetule

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Economy

Makinde Kicks off Palliatives Distribution

By Web News 456

By Iyabo Adebisi

Governor Seyi Makinde of Oyo state will Wednesday flag-off the distribution of palliatives to 200 thousand households in Oyo zone area of the state

The state commissioner of Budget and Planning, Professor Musbau Babatunde and Secretary of the 15-man Palliative Committee on Sustainable Action for Economic Recovery disclosed this while briefing newsmen in Ibadan after the state’s executive meeting. 

He disclosed that households categorized as the poorest of the poor within the state would receive 10kg of rice each and 5kg of beans in a phased distribution process beginning from Thursday.

The total cost budgeted for the state palliatives is N8.63 billion and of the total cost, the state government shoulders N5.9 billion cost while the local government shoulders N2.6 billion.

According to Professor Musibaudeen, the palliative budgetary framework comprise various segments including food, food security (agropreneurs), security apparatus among others.

On his part, the commissioner for Information, Prince Forum Oyelade assured the residents of the state that the distribution would be handled with utmost sincerity and not be based on political. 

The Commissioner for Women Affairs and Social Inclusion, Mrs Toyin Balogun also added that the pallatives which would come in batches is subject to feedback for transparency and accountability. 

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