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FG’s Social Safety Programme Gulps N471bn in Three Years

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Naira - Investors King
  • FG’s Social Safety Programme Gulps N471bn in Three Years

A total of N470.8bn has been released by the Federal Government in the last three years for the implementation of its social safety programme.

The Federal Government had in 2015 designed the programme to improve the lives of all Nigerians irrespective of religion, political affiliation and social class.

The administration of President Muhammadu Buhari had structured the programme to be impact-oriented, specifically catering to the needs of the poor, vulnerable, unemployed and those at the bottom of the pyramid without access to finance.

Under the social safety programme, four broad initiatives are being implemented with each uniquely targeting different subgroups of Nigerians for empowerment.

They are N-Power, Conditional Cash Transfers, National Home-Grown School Feeding and Government Enterprise and Empowerment Programmes.

Figures obtained from the National Social Investment Office revealed that out of the N500bn set aside for the implementation of the programme, about N470.8bn had been disbursed.

A breakdown of the amount showed that the sum of N79.98bn was released in 2016, while N140bn and N250.84bn were released in the 2017 and 2018 fiscal years respectively.

For the implementation of the N-Power programme, about 500,000 people spread across 774 Local Government Areas have been recruited to teach in public schools, act as health workers in primary health centres and as agriculture extension advisors to smallholder farmers in various communities.

The National Home-Grown School Feeding Programme, which was aimed at providing one nutritious, balanced meal for 200 school days in a year, has been able to reach over 9.7 million pupils.

Through the Government Enterprise and Empowerment Programme, about 1,681,491 loans have been made available to successful applicants in all states and the Federal Capital Territory.

Speaking on the implementation of the social safety programme, the Senior Special Adviser to the President on Social Investments, Maryam Uwais, noted that going forward, a five-year road map had been designed for the programme.

She said that for the sustainability of the initiative, a bill that would create a legal entity of the Social Safety Intervention Programme had been drafted.

The bill, according to her, is receiving the required attention.

She said, “We have begun the journey; that is indeed a marathon, bearing in mind the needs and ambitions of this administration.

“A five-year road map has been designed and is being considered by relevant policymakers, while a bill creating a legal entity for the National Social Investment Programme is already drafted and receiving attention for sustainability.

“We need to actively explore the fiscal space for continued funding for the journey ahead. We are optimistic that we can overcome poverty in our lifetime, and improve on our human capital indices.

“It is only with political will, a concerted effort, the funding and the backing of Nigerians that we can enhance the conditions of our citizens.

“We just need to work closely with the states, the LGAs and communities, and provide the incentives for engagement with the standards and incentives offered by the Federal Government.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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