Connect with us

Education

JAMB Moves To Block Leakages, Introduces eNaira as Payment Mode for UTME Applicants

Published

on

With a view to blocking leakages in its transactions and ensuring elimination of extortion of candidates, the Joint Admissions and Matriculation Board (JAMB) has made eNaira as mode of payment for those who want to register for Unified Tertiary Matriculation Examination (UTME) in this year.
The board is partnering with the Central Bank of Nigeria (CBN) to adopt e-naira as the preferred payment mode chosen for the 2023 UTME registration.
Aside that the new payment pattern would checkmate financial leakages within the JAMB system, the apex bank in Nigeria revealed that eNaira would prevent candidates from being extorted by registration centres.
Disclosing the development during a meeting with JAMB and its financial partners, the Director of Information, Technology, Architecture, and Strategy at CBN, Rakiya Mohammed, said the newly introduced payment mode would also reduce cost of cash transactions.
Mohammed, who was represented by an official of the bank, Abdul Shedrack, while maintaining that the new payment mode would block leakages in JAMB’s transactions, also stated that e-Naira was needed to reduce the overall indirect cost of cash transactions on the broader community.
Aside that the mode would accelerate the digitization of cash and facilitate the development of e-commerce as well as support, the CBN Director added that it would enhance the implementation of government policies.
On the seamless implementation and usage of e-naira seamless, Muhammed explained that the e-naira is the digital version of the naira currency as it has the same value and is backed by law.
Following this revelation, the director said that the mode would function as a safe and efficient alternative means of payment which is seamless and fortified against any form of abuse.
The CBN, therefore, urged JAMB applicants to download and install the eWallet from its website or via Google Play Store or Apple’s IOS Store.
It could be recalled that in 2021, Nigeria became the first African country to introduce a central bank digital currency (CBDC) by launching the eNaira.
However, over a year after, the adoption of digital currency is still very slow, even though the Central Bank of Nigeria believes it has recorded significant success with the currency.
The CBN Governor, Godwin Emefiele, had disclosed that eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on October 25, 2021.
Emefiele’s assertion goes to mean that more Nigerians are gradually embracing the digital version of the nation’s currency.
Investors King findings revealed that adopting eNaira as payment mode for UTME will likely be accepted by young Nigerians who are majority of people applying for JAMB forms.
Sampling opinions of admission seekers who are potential applicants of JAMB, they said the development is welcomed, adding that it was expected since the nation is fastly embracing cashless policy.

Continue Reading
Comments

Education

WAEC: Over 8,000 Candidates Register for First Series of Computer Based-WASSCE in Nigeria

Published

on

WAEC results

Over 8,000 candidates have registered for the inaugural Computer Based-West Africa Senior School Certificate Examination (WASSCE) in Nigeria.

Dr. Amos Dangut, the Head of National Office for the West African Examinations Council (WAEC), made this announcement during a press conference held in Lagos.

Scheduled to commence from January 31 to February 17, 2024, the Computer Based-WASSCE for private candidates represents a significant shift in examination methodology.

WAEC, in November 2023, had revealed its plans to conduct the WASSCE for private candidates using a computer-based model.

Dr. Dangut, while addressing the media, expressed WAEC’s commitment to implementing this innovative approach despite initial resistance.

He noted that the acceptance of the innovation, as evidenced by the substantial number of entries received, bolstered the council’s resolve to move forward with the computer-based examination.

Out of the 8,285 candidates registered, 47.66% are male, while 52.3% are female, indicating a relatively balanced representation across genders.

The examination will cover 19 subjects comprising 26 papers in a hybrid mode, blending objective and multiple-choice questions with essay and practical components.

Dr. Dangut urged candidates to familiarize themselves with the requirements for the CB-WASSCE by accessing WAEC’s e-learning portal.

He underscored WAEC’s collaboration with educational authorities, security agencies, and stakeholders to ensure the seamless conduct of the examination and maintain its credibility.

The advent of the Computer Based-WASSCE heralds a new era in standardized testing in Nigeria, marking a significant stride towards modernization and adaptability in the education sector.

Continue Reading

Education

Canada Raises Cost-of-Living Requirement for Study Permit Applicants

IRCC Announces Adjustments to Financial Guidelines and Student Work Hours Effective January 1, 2024

Published

on

EU-Canada Trade Deal

The Immigration, Refugees and Citizenship Canada (IRCC) has revealed changes to the cost-of-living requirement for study permit applicants, effective January 1, 2024.

The new requirement, set at $20,635 for a single study permit applicant, more than doubles the existing amount of $10,000 established in the early 2000s.

The adjustment aims to align with the rising cost of living in Canada, preventing instances where students’ funds fall short of covering their expenses.

This financial guideline applies to study permit applications received on or after January 1, 2024, and is in addition to the first-year tuition and travel costs.

Furthermore, IRCC states that the cost-of-living requirement will now be annually adjusted based on Statistics Canada’s updates to the low-income cut-off (LICO), reflecting the minimum income necessary in Canada.

In addition to the financial adjustments, IRCC has extended the waiver on the 20-hour-per-week work cap for international students until April 30, 2024.

This extension applies to students currently in Canada and those who submitted a study permit application by December 7, 2023.

The waiver, initially introduced on November 15, 2022, allows students to work more than the standard 20 hours per week during the academic term.

Minister Miller also announced two updates related to the Post Graduation Work Permit (PGWP).

The provision allowing international students to include online study terms toward their future PGWP, as long as it doesn’t exceed half of the total program duration, will be extended until September 1, 2024.

However, there will be no further special extensions for PGWPs beyond this period, emphasizing IRCC’s commitment to maintaining clarity and stability in its policies.

Continue Reading

Education

Nigerian Federal Government Initiates 40% Deduction From Universities’ Internally Generated Revenues, Prompting Concerns

Published

on

University - Investors King

The Nigerian federal government has embarked on the implementation of a controversial policy that imposes a 40 percent automatic deduction from the internally generated revenues (IGR) of federal universities and partially-funded institutions.

This decision, aligned with the Finance Circular dated December 20, 2021, aims to limit the annual budgetary expenditure derived from IGR.

In a letter issued by the Accountant-General of the Federation, Mrs. Oluwatoyin Madein, the policy of a 40 percent auto-deduction was communicated to universities and institutions.

The letter, approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was signed by the Director of Revenue & Investment in the office of the Accountant-General of the Federation, Felix Ore-ofe Ogundairo.

The new directive enforces that agencies and parastatals must remit up to 50 percent of their gross IGR, channeling the remaining 50 percent to the Sub-recurrent Account.

All statutory revenue lines, such as Tender Fees, Contractor’s Registration Fees, and Rent on Quarters, are to be remitted entirely to the Sub-recurrent Account.

While the federal government hinted at granting universities more autonomy to explore financing sources, this move has sparked controversy within the education sector.

Critics argue that the policy will stifle institutional activities, hinder critical projects, and potentially force institutions to increase fees, thereby impacting students and their families.

The National Association of Nigerian Students (NANS) has also voiced concerns, highlighting the potential repercussions for universities.

University authorities, meanwhile, argue that the policy contradicts the government’s perception of universities as revenue-generating entities while providing inadequate funding and inhibiting their development.

The policy raises questions about the government’s approach to education financing and may lead to increased financial strain on students.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending