Smallholder farmers as well as other stakeholders in the Nigerian agriculture sector have hailed series of intervention schemes by the Central Bank of Nigeria (CBN), to support farmers.
According to them, such interventions have been responsible for the food security being currently enjoyed in the country and saved the country from experiencing famine.
They said that if such financial support valued at N798.09 billion to 3.9 million smallholder farmers had not been made available, food crisis and inflation would have become worse as supply became low and prices rose in the last few months.
Through various schemes, the farmers have cultivated 4.9 million hectares of land across the country under its Anchor Borrowers’ Programme (ABP) of the apex bank.
A smallholder and beneficiary of the recent CBN financial support from Oyo State, Akinbowale Makanjuola, commended the CBN under the leadership its governor, Mr. Godwin Emefiele, for the efforts towards reviving agriculture and enhancing economic growth.
He noted that CBN’s credit facilities had caused a major turnaround in smallholder farmers food production output, while urging the apex bank not to relent so that more smallholder farmers can benefit.
A rice farmer in Ofada, Ogun State, John Olawale, while commending the CBN and describing its Anchor Borrowers’ Programme (ABP) as very good and beneficial to many farmers, said the programme has assisted in stemming illegal importation of food and has given incentive to local farmers to operate optimally while ensuring national food security.
Olawale said the ABP is a good effort by the government to protect local farmers by banning the importation of food items that the local farmers have a comparative advantage in production.
A former president of the All Farmers Association of Nigeria (AFAN), Mr Ibrahim Kabir, explained that ‘‘The CBN intervention has surely helped the food system and without it, the situation would have been more uncomfortable.’’
It would, however, he said, be more impactful if the apex bank could reach more farmers, especially through AFAN, rather than directly through the commodity associations.
A River State based poultry farmer, Tekena Ovuru, has emerged winner of the September 2021 Princewill Trust Help the Hard Worker competition. The monthly competition is put together by a team of the Princewills Trust
Tekena Ovuru beat both Collins Moore and Kingsley Peterside to win the N100,000 cash prize.
A statement from Princewills Trust quoted Prince Tonye Princewill, who presented the cash award on behalf of his Trust, as saying that the aim of the Trust was to encourage hard workers and move away from the mindset of entitlement.
He called on the winner to make judicious use of the money and “give others like him the inspiration to do well, work hard and upgrade their business too.”
Help the Hard worker monthly competition is organised by a non-governmental organisation, The Princewill’s Trust for entrepreneurs, youths and Rivers state residents engaged in micro business ventures and all forms of hard work in Rivers State.
The winner, in his reaction to his victory said: “I got to know about Princewill’s trust on Facebook. I’m a poultry farmer, the name of my farm is Ovuru and sons farms, I’m into broiler chicken. I’m a graduate of Petrochemical Technology from UniPort. I also have a car in which I use for bolt. I saw 100k as the prize on Facebook. I know Prince Tonye Princewill very much.
“I know he’s into movies; his recent movie I think is 76. I’m so happy, I would like to meet him personally to say thank you very much for giving me another boost to my business. With this 100k, I can use it to buy two cartons of chicken and at least 7 bags of Ultima feeds for broilers.”
From the body language of the former Vice President of Nigeria, Atiku Abubakar, he is likely to leave the Peoples Democratic Party (PDP) before the 2023 elections to pursue his Presidential ambition. Atiku, whose immediate reaction to the zoning of chairmanship of the part to the North was that zoning would not stop him from pursuing his ambition, was the party’s candidate that contested the 2019 presidential election with President Muhammadu Buhari. Atiku was quick to make it clear that zoning is not the problem of the country. By zoning the chairmanship of the part to the North, it is clear that, though the party is silent on it, the Presidency will go to the South thereby foreclosing Atiku’s ambition. It is obvious that Governors from the South, led by Nyeson Wike of Rivers State, are trying to make sure Presidential slot goes to the South. Wine in particular appears to be dictating the direction the part is going. The National Executive Committee of the party, at its meeting yesterday, October 7, had approved the zoning of the position of the national chairman to the North. The zoning committee of the party under the chairmanship of Governor Ifeanyi Ugwuanyi of Enugu State had made the recommendation public last week. However, he had said that there was no decision taken on where the presidency will be zoned to. This had generated heated controversy within the party as some stakeholders kicked against zoning of chairmanship. Top shots of the party, including governors, presidential aspirants and others have been lobbying for the council’s decision on zoning to favour them. A sharp crack was created after the zoning of the chairmanship to the North. It was gathered that PDP governors from the South led by Rivers State Governor Nyesom Wike and Seyi Makinde of Oyo State pushed for the zoning of the chairmanship to North. The move is aimed at paving the way for the emergence of a southern candidate as the party’s presidential candidate. The southern governors are demanding that the next president of the country must come from their region. Briefing newsmen at the end of Thursday’s NEC meeting, National Publicity Secretary of the party, Kola Ologbondiyan, confirmed that NEC had ratified the zoning of chairmanship to the north. He said that all positions in the party currently occupied by people from the South will go to the North and vice versa. Ologbondiyan said that NEC also agreed that the October 30 convention date was intact.
President Muhammadu Buhari has presented the 2022 budget proposal of N16.39 trillion before a joint session of the National Assembly.
The budget, tagged: budget of economic growth and sustainability, according to the President who presented it today, October 7, will run on a deficit of N6.23 trillion.
Buhari put the oil benchmark at $57 per barrel while the exchange rate was capped at N410.5 per dollar.
He said that the budget is projected to stimulate GDP growth by 4.2 per cent, with 13 per cent inflation rate.
“Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); Exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2 per cent and 13 per cent inflation rate.
“Based on these fiscal assumptions and parameters, total federally-collectable revenue is estimated at 17.70 trillion Naira in 2022.
“Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira. This includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
“Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion Naira and FGN Independent revenues are projected to be 1.82 trillion Naira.
“A total expenditure of sixteen point three-nine (16.39) trillion Naira is proposed for the Federal Government in 2022.or the economies to survive and thrive.”
Buhari said that defence and internal security will continue to be his administration’s top priority, adding that the 2022 budget is first in the nation’s history where government ministries, departments and agencies were advised on gender-responsive budgeting.
Full text of the budget proposal as presented to the National Assembly is reproduced hereunder:
PROTOCOLS
It is my great pleasure to be here once again to present the 2022 Federal Budget Proposals to this distinguished Joint Session of the National Assembly.
Distinguished and Honourable leaders, and members of the National Assembly, let me start by commending you for the expeditious consideration and passage of the Supplementary Appropriation Bill 2021. This further underscores your commitment to our collective efforts to contain the COVID-19 Pandemic and address the various security challenges facing our country.
I will also take this opportunity to thank you for the quick consideration and approval of the 2022-2024 Medium-term Expenditure Framework and Fiscal Strategy Paper. Our hope is that National Assembly will continue to partner with the Executive by ensuring that deliberations on the 2022 Budget are completed before the end of this year so that the Appropriation Act can come into effect by the first of January 2022.
The 2022 Budget will be the last full year budget to be implemented by this administration. We designed it to build on the achievements of previous budgets and to deliver on our goals and aspirations as will be reflected in our soon-to-be launched National Development Plan of 2021 to 2025.
Distinguished Senators and Honourable Members, in normal times, I make use of this opportunity to provide an overview of global and domestic developments in the current year, a summary of our achievements, and our plans for the next fiscal year.
However, these are exceptional times. The grim realities of COVID-19 and its lethal variants are still upon us. From President to Pauper, the virus does not discriminate.
This is why our country still maintains its COVID -19 guidelines and protocols in place to protect its citizens and stop the spread of this disease.
Over the past few days, we have consulted with the Presidential Steering Committee on COVID-19 and the leadership of the National Assembly on how best to present the 2022 budget proposal keeping in mind the deep-rooted traditions in place and the guidelines for safe mass gatherings.
We ultimately decided that the most responsible and respectful approach was to hold a shorter than usual gathering while allowing the Honourable Minister of Finance, Budget and National Planning to provide fuller details of our proposals in a smaller event.
I am sure many of you will be relieved as my last budget speech in October 2020 lasted over fifty minutes.
Still, over the next few minutes, I will provide key highlights of our 2021 performance as well as our proposals for 2022.
PERFORMANCE OF THE 2021 BUDGET
The 2021 ‘Budget of Economic Recovery and Resilience’ is based on a benchmark oil price of 40 US Dollars per barrel, oil production of 1.6m b/d, and exchange rate of 379 Naira to US Dollar. Furthermore, a Supplementary budget of 982.73 billion Naira was recently enacted to address exigent issues in the Security and Health sectors.
Based on the 2021 Fiscal Framework, total revenue of 8.12 trillion Naira was projected to fund aggregate federal expenditure of 14.57 trillion Naira (inclusive of the supplementary budget). The projected fiscal deficit of 6.45 trillion Naira, or 4.52 percent of GDP, is expected to be financed mainly by domestic and external borrowings.
By July 2021, Nigeria’s daily oil production averaged one 1.70million barrels (inclusive of condensates) and the market price of Bonny Light crude averaged 68.53 US Dollars per barrel.
Accordingly, actual revenues were 34 percent below target as of July 2021, mainly due to the underperformance of oil and gas revenue sources. Federal Government’s retained revenues (excluding Government Owned Enterprises) amounted to 2.61 trillion Naira against the proportionate target of 3.95 trillion Naira for the period.
The Federal Government’s share of Oil revenue totalled 570.23 billion Naira as of July 2021, which was 51 percent below target, while non-oil tax revenues totalled 964.13 billion Naira. The poor performance of oil revenue relative to the budget was largely due to the shortfall in production as well as significant cost recovery by NNPC to cover the shortfall between its cost of importing petrol and the pump price.
The National Assembly will recall that in March 2020 the Petroleum Products Pricing Regulatory Agency announced that the price of petrol would henceforth be determined by market forces.
However, as the combination of rising crude oil prices and exchange rate combined to push the price above the hitherto regulated price of 145 Naira per litre, opposition against the policy of price deregulation hardened on the part of Labour Unions in particular.
Government had to suspend further upward price adjustments while engaging Labour on the subject. This petrol subsidy significantly eroded revenues that should have been available to fund the budget.
On a positive note, we surpassed the non-oil taxes target by eleven (11) percent in aggregate. The sustained improvement in non-oil taxes indicates that some of our revenue reforms are yielding positive results. We expect further improvement in revenue collections later in the year as more corporate entities file their tax returns and we accelerate the implementation of our revenue reforms.
Improving Revenue Generation and Administration
We have stepped up implementation of the strengthened framework for performance management of government owned enterprises (GOEs), with a view to improve their operational efficiencies, revenue generation and accountability. The 50% cost-to-income ratio imposed on the GOEs in the Finance Act 2020 has contributed significantly to rationalizing wasteful expenditures by several GOEs and enhanced the level of operating surpluses to be transferred to the Consolidated Revenue Fund (CRF). I solicit the cooperation of the National Assembly in enforcing the cost-to-income ratio and other prudential guidelines during your consideration of the budget proposals of the GOEs, which I am also laying before you today.
On the expenditure side, as at end of July 2021, a total of six point seven-nine (6.79) trillion Naira had been spent as against the pro-rated expenditure of seven point nine-one (7.91) trillion Naira. Accordingly, a deficit of four point one-seven (4.17) trillion Naira was recorded as at end of July 2021. The deficit was financed through domestic borrowing.
Despite our revenue challenges, we have consistently met our debt service commitments. We are also up to date on the payment of staff salaries, statutory transfers, and overhead costs. As at (4th of October 2021, a total of 1.732 trillion Naira had been released for capital expenditure.
I am pleased to inform you that we expect to fund MDAs’ capital budget fully by the end of the fiscal year 2021.
Capital releases thus far have been prioritised in favour of critical ongoing infrastructural projects in the power, roads, rail, agriculture, health and education sectors.
We have made progress on the railway projects connecting different parts of the country. I am glad to report that the Lagos-Ibadan Line is now completed and operational. The Abuja-Kaduna Line is running efficiently. The Itakpe-Ajaokuta rail Line was finally completed and commissioned over thirty (30) years after its initiation.
Arrangements are underway to complete the Ibadan-Kano Line. Also, work will soon commence on the Port Harcourt-Maiduguri Line and Calabar-Lagos Coastal Line, which will connect the Southern and Eastern States to themselves and to the North.
Progress is also being made on several power generation, transmission, and distribution projects, as well as off-grid solutions, all aimed towards achieving the national goal of optimizing power supply by 2025.
I am again happy to report that we continue to make visible progress in our strategic road construction projects like the Lagos – Ibadan expressway, Apapa – Oworonsoki expressway, Abuja – Kano expressway, East-West Road and the second Niger bridge. We hope to commission most of these projects before the end of our tenure in 2023.
The Pandemic revealed the urgent need to strengthen our health system. Towards this end, we constructed 52 Molecular labs, 520 bed intensive care units, 52 Isolation centres and provision of Personal Protective equipment across 52 Federal Medical Centres and Teaching Hospitals.
We continue to push our expenditure rationalization initiatives which we commenced in 2016. For example, on personnel costs, the number of MDAs captured on the Integrated Payroll and Personnel Information System increased from 459 in 2017 to 711 to date.
The recent passage of the Petroleum Industry Act 2021, and consequent incorporation of the Nigeria National Petroleum Corporation should also result in rationalisation of expenditure, as well as increased investments and improved output in the oil and gas industry.
Distinguished Senators and Honourable Members, you will agree with me that a lot has been accomplished over the last year but there is still much to be done. I will now proceed with a review of the 2022 Budget proposal.
THEME AND PRIORITIES OF THE 2022 BUDGET
The allocations to MDAs were guided by the strategic objectives of the National Development Plan of 2021 to 2025, which are:
Diversifying the economy, with robust MSME growth;
Investing in critical infrastructure;
Strengthening security and ensuring good governance;
Enabling a vibrant, educated and healthy populace;
Reducing poverty; and
Minimizing regional, economic and social disparities.
The 2022 Appropriation therefore is a Budget of Economic Growth and Sustainability.
Defence and internal security will continue to be our top priority. We remain firmly committed to the security of life, property and investment nationwide. We will continue to ensure that our gallant men and women in the armed forces, police and paramilitary units are properly equipped, remunerated and well-motivated.
The 2022 budget is also the first in our history, where MDAs were clearly advised on gender responsive budgeting. These are part of critical steps in our efforts to distribute resources fairly and reach vulnerable groups of our society.
PARAMETERS AND FISCAL ASSUMPTIONS
Distinguished Members of the National Assembly, the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper sets out the parameters for the 2022 Budget as follows:
Conservative oil price benchmark of 57 US Dollars per barrel;
Daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);
Exchange rate of four 410.15 per US Dollar; and
Projected GDP growth rate of 4.2 percent and 13 percent inflation rate.
2022 REVENUE ESTIMATES
Based on these fiscal assumptions and parameters, total federally-collectible revenue is estimated at 17.70 trillion Naira in 2022.
Total federally distributable revenue is estimated at 12.72 trillion Naira in 2022 while total revenue available to fund the 2022 Federal Budget is estimated at 10.13 trillion Naira. This includes Grants and Aid of 63.38 billion Naira, as well as the revenues of 63 Government-Owned Enterprises.
Oil revenue is projected at 3.16 trillion, Non-oil taxes are estimated at 2.13 trillion Naira and FGN Independent revenues are projected to be 1.82 trillion Naira.
PLANNED 2022 EXPENDITURE
A total expenditure of sixteen point three-nine (16.39) trillion Naira is proposed for the Federal Government in 2022. The proposed expenditure comprises:
Statutory Transfers of 768.28 billion Naira;
Non-debt Recurrent Costs of 6.83 trillion;
Personnel Costs of 4.11 trillion Naira;
Pensions, Gratuities and Retirees’ Benefits 577.0 billion Naira;
Overheads of 792.39 billion Naira;
Capital Expenditure of 5.35 trillion Naira, including the capital component of Statutory Transfers;
Debt Service of 3.61 trillion Naira; and
Sinking Fund of 292.71 billion Naira to retire certain maturing bonds.
Fiscal Balance
We expect the total fiscal operations of the Federal Government to result in a deficit of 6.26 trillion Naira. This represents 3.39 percent of estimated GDP, slightly above the 3 percent threshold set by the Fiscal Responsibility Act 2007. Countries around the world have to of necessity over-shoot their fiscal thresholds for the economies to survive and thrive
We need to exceed this threshold considering our collective desire to continue tackling the existential security challenges facing our country.
We plan to finance the deficit mainly by new borrowings totalling 5.01 trillion Naira, 90.73 billion Naira from Privatization Proceeds and 1.16 trillion Naira drawdowns on loans secured for specific development projects.
Some have expressed concern over our resort to borrowing to finance our fiscal gaps. They are right to be concerned. However, we believe that the debt level of the Federal Government is still within sustainable limits. Borrowings are to specific strategic projects and can be verified publicly.
As you are aware, we have witnessed two economic recessions within the period of this Administration. In both cases, we had to spend our way out of recession, which necessitated a resort to growing the public debt. It is unlikely that our recovery from each of the two recessions would have grown as fast without the sustained government expenditure funded by debt.
Our target over the medium term is to grow our Revenue-to-GDP ratio from about 8 percent currently to 15 percent by 2025. At that level of revenues, the Debt-Service-to-Revenue ratio will cease to be worrying. Put simply, we do not have a debt sustainability problem, but a revenue challenge which we are determined to tackle to ensure our debts remain sustainable.
Very importantly, we have endeavoured to use the loans to finance critical development projects and programmes aimed at improving our economic environment and ensuring effective delivery of public services to our people. We focused on;
the completion of major road and rail projects;
the effective implementation of Power sector projects;
the provision of potable water;
construction of irrigation infrastructure and dams across the country; and
critical health projects such as the strengthening of national emergency medical services and ambulance system, procurement of vaccines, polio eradication and upgrading Primary Health Care Centres across the six geopolitical zones.
Innovations in Infrastructure Financing
In 2022, Government will further strengthen the frameworks for concessions and public private partnerships (PPPs). Capital projects that are good candidates for PPP by their nature will be developed for private sector participation.
We will also explore available opportunities in the existing ecosystem of green finance including the implementation of our Sovereign Green Bond Programme and leveraging debt-for-climate swap mechanisms.
Enhancing Revenue Mobilisation
Our strategies to improve revenue mobilisation will be sustained in 2022 with the goal of achieving the following objectives:
Enhance tax and excise revenues through policy reforms and tax administration measures;
Review the policy effectiveness of tax waivers and concessions;
Boost customs revenue through the e-Customs and Single Window initiatives; and
Safeguard revenues from the oil and gas sector.
Distinguished Senators and Honourable Members, I commend you for the passage of the Petroleum Industry Act 2021. It is my hope that the implementation of the law will boost confidence in our economy and attract substantial investments in the sector.
Finance Bill 2022
In line with our plan to accompany annual budgets with Finance Bills, partly to support the realization of fiscal projections, current tax and fiscal laws are being reviewed to produce a draft Finance Bill 2022.
It is our intention that once ongoing consultations are completed, the Finance Bill would be submitted to the National Assembly to be considered alongside the 2022 Appropriation Bill.
CONCLUSION
Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, this speech would be incomplete without commending the immense, patriotic, and collaborative support of the National Assembly in the effort to deliver socio-economic development and democracy dividends for our people.
I wish to assure you of the strong commitment of the Executive to strengthen the relationship with the National Assembly.
Nigeria is currently emerging from a very difficult economic challenge. We must continue to cooperate and ensure that our actions are aimed at accelerating the pace of economic recovery so that we can achieve economic prosperity and deliver on our promises to the Nigerian people.
The fiscal year 2022 is very crucial in our efforts to ensure that critical projects are completed, put to use and improve the general living conditions of our people.
It is with great pleasure therefore, that I lay before this distinguished Joint Session of the National Assembly, the 2022 Budget Proposals of the Federal Government of Nigeria.
Publisher of Realnews, Maureen Chigbo was sworn-in today, October 7 at Sheraton Hotel Ikeja Lagos, to formally assume office as President of the Guild of Corporate Online Publishers (GOCOP).
We in Greenbarge Reporters online newspaper and hardcopy magazine wish her and other members of the Executive Council, successful and memorable tenure.
Rotimi Lawrence Oyekanmi, Chief Press Secretary to the chairman of the Independent National Electoral Commission (INEC), Professor Mahmud Yakubu has declared that the Commission is now in the eye of storm. He said that with the Anambra State governorship and elections in other states around the corner, the Commission requires the prayers and support of every good Nigerian. Rotimi, who represented his boss at the 5th Annual Conference of the Guild of Corporate Online Publishers (GOCOP) today, October 7, gave a veiled indication that if it’s possible, INEC would suspend Anambra election because of the potential danger it portends. “It is constitutional matter to hold election. Not holding elections when they are due can create constitutional crisis. “INEC can only postpone election but cannot suspend it. “Casting votes at voting units is not usually the problem: the problem always comes at the collation centres where INEC officials are usually kidnapped and Professors forced to announce wrong results.” He pleaded with members of the Guild of Corporate Online Publishers in particular and median in general to come to the rescue of the Commission by accurately reporting the election processes and pointing out anomalies in the voting processes.
The Federal Government has expressed shock that some Nigerians in one or two States are still doubting the existence of COVID19 and are avoiding vaccination. Speaking today, October 7 as Keynote speaker at the 5th Annual Conference of the Guild of Corporate Online Publishers (GOCOP) in Lagos, the chairman of the Presidential Task Force on COVID19, Boss Mustapha said that such States are endangering the lives of their people. Boss Mustapha, who spoke through the Executive Director/Chief Executive Officer of the National Primary Health Development Agency, Dr. Faisal Shuaib said that as at today, Nigeria had recorded a total of 206,279 cases with 2,724 deaths.
According to Boss Mustapha, who is also the Secretary to the Government of the Federation (SGF), the total number of deaths across the world is currently over four million. He pleaded to Nigerians to submit themselves for vaccination against the infection, adding that it is the way to stay safe from the disease. “The World Health Organization (WHO) has adjudged our vaccination as one of the best.” Speaking on the theme of the Conference “Post COVID-19 Pandemic: Recovery and Reconstruction in Nigeria,” SGF said that the media could also use their Code of Ethics to guide their professionalism to remain the voice of the voiceless and the right voice for the people. Mustapha outlined the post-pandemic recovery and reconstruction measures to include: · Establishment of Sample Collection Centres in all LGAs, ramping up sample collection to at least 500/week and establishing linkages to testing laboratories and clinical care centers; · Intense training of Disease Surveillance and Notification Officers (DSNOs) in order to strengthen the COVID-19 surveillance system at the district level; · Heightening of vigilance at Nigeria’s Points of Entry, particularly the airports, to minimize the risk of importation of new cases into the country, includin health screening, testing negative to COVID-19 at least 72hrs before commencing the journey to Nigeria and a second test on the 7th day of arrival. · Successfully ensuring that Nigerians were not banned from visiting any country of their choice nor were foreign nationals banned from visiting Nigeria. · Repositioning the Nigeria Centre for Disease Control (NCDC) to command national operations, with the Nigeria field Epidemiology and Laboratory Training Program (NFELTP) of the federal ministry of Health serving as the backbone of our national epidemic preparedness and response. · Harnessing existing capacities in emergency management for public health to handle public security, logistics movement as well as provide mass-care to millions of vulnerable populations. · Coordination of epidemic and pandemic response systems by developing a COVID-19 Pandemic Risk Alert-Levels System for the country, which both States and the Federal governments can use to effectively monitor and respond to COVID-19 and similar bio-security threats. · Galvanizing private sector support for public health action by engaging the private sector in efforts at fully recovering from COVID-19 pandemic and the rebuilding of our country from the disruptions unleashed by the COVID-19 pandemic. · Building back better health systems, such as National oxygen plan with the construction of 42 new oxygen plants and the repair of at least 18 such plants; National ambulance and emergency service plan to enhance Nigeria’s ability to effectively respond to healthcare emergencies now and in the future and; investment in research and vaccine development aimed at manufacturing vaccines in Nigeria without depend on foreign countries for the meeting of the country’s vaccines needs to respond to current and future epidemics and pandemics. · Economic stimulus measures/fiscal policies, with the Central Bank of Nigeria (CBN) introducing new measures on loans, moratorium and debt repayment, including 1 year extension of a moratorium on principal repayments for CBN intervention facilities; reduction of the interest rate on intervention loans from 9% to 5% and; strengthening of the Loan to Deposit ratio policy, in addition to a N50 billion target credit facility floated for household and small and medium enterprises to help re-grow the economy. · Other economic stimulus measures/fiscal policies include additional N100 billion intervention fund on healthcare loans to pharmaceutical companies and healthcare practitioners intending to expand/build capacity; N1 trillion in loans to boost local manufacturing and production across critical sectors; reduction of the crude oil benchmark price from a USD 57 to USD 30; pumping of N1.1 trillion into critical sectors of the economy by the CBN pledged to pump; commencement of a 5-month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans; and Provision of credit assistance for the health industry to meet the potential increase in demand in health services and products. According to the SGF, “these economic measures and fiscal policies that our government adopted facilitated our exit from COVID-19 induced recession earlier than predicted by world-class Economists- which was another big feather on the cap of our managerial sagacity in holistically responding to the pandemic.” He further assured that on the part of the Federal Government, “we have enough vaccines, and we are expecting more. The vaccination efforts led by the National Primary Healthcare Development Agency has been hailed as one of the best globally by the World Health Organization. We believe that, just as we combated the virus, the vaccination program will ensure that every Nigerian gets access to life saving commodities. Let me restate this here and now that COVID-19 is not a death sentence. There is light at the end of the tunnel. Let us all put our hands to the pump as we begin the Recovery and Reconstruction. While commiserating with the families and friends of those who have paid the supreme price in the fight against this virus, the Government thanked God for the lives of survivors and pleaded with Nigerians not to let their guards down “because the pandemic is yet to be halted. “We must continue to observe the non-pharmaceutical intervention measures and be our brother’s keepers. I also urge every eligible person 18 years and above to come out and get vaccinated as this is the only sure way we can achieve herd immunity and recover fully.”
The Nigerian Communications Commission (NCC) has said that while it is not planning to disqualify Nigerians below 18 years of age from getting Subscriber Identity Module (SIM), it is however asking parents of such children to acquire the SIMs on their behalf.
In a statement today clarifying the news about the Commission’s move to bar such category of Nigerians from possessing the SIMs, the Public Affairs Director of the Commission, Dr. Ikechukwu Adinde said: “the age of 18 years for SIM acquisition proposed in the draft regulation is contingent on the constitutional provision, which makes 18 years the age of consent in Nigeria.
“Also, SIM acquisition is a contract between service providers and their subscribers, which requires the subscriber to have proper legal status, be of matured mind and rational enough to bear certain responsibilities, obligations, and liabilities imposed by a contract.
“The proposal is, therefore, to protect minors. Parents and guardians can acquire SIMs in their names on behalf of their children and wards in which case they assume whatever responsibilities or liabilities that arise from the usage of such SIMs, a measure expected to also strengthen national security.”
Dr. Adinde said that while the Commission is progressively pursuing digital inclusion for all, the draft proposal is intended to guarantee increased monitoring of children and shield the minors from undue liabilities in line with NCC’s Child Online Protection drive.
He said that the consultative engagement process is still ongoing, as the Commission is reviewing all input from relevant stakeholders in this regard and will consider and deliberate on all comments before issuing a final regulatory instrument. He described the report in the media, of the ban on 18 years possessing SIM as misleading and inaccurate ss well as a misinformation and “mischaracterisation of the proceedings of the Public Inquiry on the Reviewed/Draft Registration of Telephone Subscribers Regulations, which took place on Tuesday, October 6, 2021. “The Commission considers it necessary to set the record straight for the purpose of serving existing and potential telecom subscribers, investors and other stakeholders in the industry accurate information for making informed decisions.
“We appeal to our media stakeholders to always fact-check their stories pertaining to telecoms regulatory issues and seek necessary clarifications for informed and accurate reporting as the Commission runs an open-house system.”
The Guild of Corporate Online Publishers (GOCOP) has elected Maureen Chigbo, publisher of the Realnews group of Online newspapers and magazine as its first female President.
Maureen Chigbo was returned unopposed today, October 6, at the Guild’s Annual General Meeting, held at Sheraton Hotel Ikeja, Lagos, ahead of its National Conference coming up at the same venue tomorrow, October 7.
She succeeds Otumba Dotun Oladipo who exits after serving the constitutionally allowed two-term of four years.
The election, which was conducted by a five-man electoral committee headed by the publisher of Greenbarge Reporters online newspaper, Yusuf Ozi Usman, also produced Danlami Nmodu, mni as Deputy President, Ken Ugbechie as Vice President South and Tom Chiahemen as Vice President North.
Others are Collins Edomaruse as Secretary General, Olumide Iyanda as Deputy Secretary General, Yemisi Izuora as Treasure, Azuh Arinze as Financial Secretary and Remi Nweke as Publicity Secretary.
Six Coordinators were elected for the six Geographical zones of the country. They are Max Amuchie for the North Central, James Umeh for the North West, Horatius Egwah for the North East, Tony Edike for South East, Raymond Ukaegbu for South South and Akeem Oyetunji for South West
The Congress had earlier amended the Constitution to accommodate the expanded executive council in line with the growing membership of the Guild.
A high court in Ibadan, the Oyo State capital has given the Nigeria Union of Journalists (NUJ) the greenlight to go ahead with its scheduled 7th Triennial Delegates Conference in Umuahia.
The President of the Union, Chris Isiguzo, who made this known today, October 6, in a BREAKING NEWS, said that the court vacated by the court in Ibadan today.
“With this, all encumbrances have been cleared. I, therefore, use this opportunity to welcome our teeming delegates from across the country to Umuahia, Abia State. In all, the Union is the winner as collective interest surpasses individual’s interest.”
Some Union members in Ogun State Council had obtained an Ex-parte Order from the Ibadan Division of the National Industrial Court of Nigeria suspending the Conference.
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President Muhammadu Buhari has presented the 2022 budget proposal of N16.39 trillion before a joint session of the National Assembly.
The Nigerian Communications Commission (NCC) has said that while it is not planning to disqualify Nigerians below 18 years of age from getting Subscriber Identity Module (SIM), it is however asking parents of such children to acquire the SIMs on their behalf.
A high court in Ibadan, the Oyo State capital has given the Nigeria Union of Journalists (NUJ) the greenlight to go ahead with its scheduled 7th Triennial Delegates Conference in Umuahia.
