Connect with us

News

Kerosene utilisation to be eliminated in Nigeria by 2030 — Buhari

Published

on

…Applauds CBN, NDIC for financial sector stability

The Federal Government plans to eliminate kerosene lighting in the country by 2030, President Muhammadu Buhari, has revealed.

This was contained in a goodwill message read on his behalf by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, at the opening of the Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN), in Abuja yesterday.

According to him, the plan was meant to address the global problem of climate change.

He said, “Long-term Greenhouse emissions have resulted in hotter temperatures, more severe rainstorms, increased drought and food security issues.

“To tackle this issue, the government has set plans in motion to significantly reduce greenhouse emissions from Nigeria. More specifically, by 2030 we aim to eliminate kerosene lighting as well as short-lived pollutants in the oil & gas sector.”

Mr President who commended the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) for the nation’s financial sector stability, urged the industry to reposition itself for the critical roles necessary to enable Nigerians take advantage of the African Continental Free Trade Agreement (AfCFTA).

President Buhari appealed to all Nigerians to support the administration in tackling terrorism and banditry in the country.

His words, “I emphasize that we need a Nigeria of the future that harnesses her strengths, competences, and cultural diversity to tackle the challenges that plague her people, from climate change to pandemics, and insecurity.

Banks should look inwards – Union Bank Chair, Gumel

In his keynote address, the Chairman of Union Bank, Mr. Farouk Gumel, urged Nigerian banks to look inwards, in as much as, they might be players on the global scene.

His words, “To reposition for a global context, we also need to look inwards. It is to our peril to lose the local element of what it means to be local.

“This is a country of contrasts.  In some respects, Lagos may have as much as London as it does with Langtang in Plateau State.But Nigeria is not a single humongous market. It is made up of many markets. We must adapt ourselves to what works for customers, wherever they are. I will challenge the institute to publish the results of the study that shows the fastest growing retail bank in Kastina and compare that to Calabar; or the most trusted bank in Yola and compare that with Yenagoa.

“After we have seen the data, let us understand why that is so. We have often been reminded of the huge number of Nigerians who still don’t have bank accounts.  That is the latest tribe- now called the unbanked tribe.

“The World Bank recently said that there are 64 million unbanked adults in Nigeria.  That is 55 per cent of the adult population in this country.It is nearly the entire population of the United Kingdom. Imagine a country of that size with no bank accounts.Not even mobile bank accounts.That is what we have in Nigeria today.

“A major concern is the disproportional progress recorded.Research shows that rural population, women at least, are the least impacted by financial inclusion programmes. Those unbanked Nigerians are not only potential savers and borrowers but with our help, these are entrepreneurs and founders of businesses in the future.”

Mr. Gumel urged banks to open rural branches and be closer to the rural dwellers, who form the bulk of the Nigerian population.

Fielding questions on how to reach the unbanked in the rural areas, he said, “I think more physical presence. There is a lot of talk about, ‘we need to close down branches; we need to be more efficient’.  I think it is about re-branching.  You don’t need a very big branch.  You just need rural branches that target rural people.

“You have to be honest to somebody to be able to convince him to trust you. That is how the banking sector should look at it.”

The CIBN President, Dr. Ken Opara, in his address said, “As the world continues to evolve, the financial services industry will need to explore innovation and reconfigure its business and operating platforms, in some cases it would require making profound changes to succeed in the future.”

News

JUST IN: Student loan application portal opens May 24

Published

on

The Federal Government, through the Nigerian Education Loan Fund, on Thursday night announced that May 24, 2024, was the official date for “the opening of a portal for student loan applications,” a statement signed by the media lead of the Fund, Nasir Ayantogo said.

Ayantogo, in a statement, said the opening of the application portal marks a significant milestone in the commitment of President Bola Tinubu to” fostering accessible and inclusive education for all Nigerian students.”

On June 12, 2023, Tinubu signed the Access to Higher Education Act, 2023, into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.

The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.

Although the government initially announced that the scheme would be launched in September, it suffered several delays, leading to an indefinite postponement in early March.

The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.

After receiving a briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

Tinubu based his decision on the need for the scheme to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

The portal, according to the statement, provides a user-friendly interface for students to submit their loan applications conveniently.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.

“Students can access the portal on www.nelf.gov.ng to begin application,” the statement said.

Continue Reading

News

Reps threaten cancelation of PPP and concessions in transport ministry

Published

on

The House of Representatives Committee on Public Assets has issued a stern warning to cancel all Public-Private Partnership (PPP) agreements and concessions within the Federal Ministry of Transport.

The announcement came during a session in Abuja where the committee interrogated officials from the ministry, led by Permanent Secretary Pius Oteh.

Chairman of the Committee, Rep. Ademorin Kuye, expressed dissatisfaction with the lack of compliance with existing laws in the PPP and concessions agreements, particularly concerning the Nigeria Railway Corporation (NRC) and the Railway Property Management Company Limited (RPMC).

Kuye stated that non-compliance with extant laws could lead to the cancellation of these agreements.

Oteh also told the committee that the ministry has over 170 leases but was unable to provide the relevant documents as required by the lawmakers to prove whether there were compliance with the extent laws.

One of the required documents is the receipt of payment which the lawmakers said was not attached to the documents submitted by the ministry in disregard to their request.

The committee in its resolution invited the Minister of Transport, Chief Executive Officer of Nigeria Railway Corporation and other relevant organisations to appear on their next sitting.

The chairman warned that the committee will not hesitate to invoke relevant constitutional provisions if any organisation fails to honour their invitation.

“As you may be aware, this committee will not hesitate to invoke the relevant constitutional provisions if any head of ministry, agency or department fails to honour the invitation of this committee.

“We can issue an arrest warrant and direct the relevant security agencies to bring such person here,” he said.

He noted that improper management of government assets through public Private Partnership and Concessions has been one of the major challenges in infrastructure development.

It would be recalled that the House of Reps through its resolution in Feb. mandated the committee on Public Assets and Special Duties to probe Public-Private Partnership initiatives and concession agreements across the country.

The committee noted that in spite of initiating several PPPs and concession programmes, the outcomes have been mixed, with some projects stalled and others failing to yield anticipated results.

Continue Reading

News

Edo election: INEC fixes May 27 to start distribution of PVCs

Published

on

The Independent National Electoral Commission, INEC, in Edo State, will begin the distribution of about 373,030 uncollected Permanent Voter Cards, PVCs on May 27.

The state Resident Electoral Commissioner, REC, Anugbum Onuoha, made this known in Benin on Thursday, during a stakeholders’ meeting on the forthcoming Continuous Voter Registration, CVR, exercise.

Onuoha stated that the PVC collection exercise would be done side-by-side with the CVR exercise, also scheduled for May 27.

INEC Chairman, Mahmood Yakubu, had announced to begin the CVR exercise in Edo and Ondo ahead of the governorship elections in the two states.

Onuoha says while the statistics of registered voters in Edo is 2,501,081, collected PVC is 2,128,288 and uncollected PVCs stand at 373,030.

He said both the CVR and the PVC collection would be a 10-day exercise, starting from May 27 to June 5, from 9.00 a.m. to 3.00 p.m. daily, including weekends.

The REC explained that the exercise would be conducted in the 192 wards and the state headquarters of INEC in Edo.

He also disclosed that each registration centre would be managed by two officials drawn from the commission and the National Youth Service Corps, NYSC.

“In addition to the registration of voters, the commission will also make available the uncollected PVCs for collection during CVR.

“Also note that no PVC will be collected by proxy. Registered voters should come in person to collect their cards.

“There will be no pre-registration option because of time constraints,” he said.

Onuoha, however, appealed for the support of the media, Civil Society Organisations, CSOs, traditional rulers and religious leaders in encouraging voters to locate and pick up their PVCs.

According to him, the commission has published the final list of candidates for the Edo governorship election following the conclusion of primaries of the political parties.

Continue Reading

Trending