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Naira redesign: Lagos Assembly commends NASS

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…Says Nigerians are suffering, economy in danger

The Naira redesign policy of the Central Bank of Nigeria (CBN) has brought mass suffering on the citizens of the country while the economy is in danger, the Lagos State House of Assembly has lamented.

The lawmakers further noted that even though the policy was a good one, its timing was wrong as it had further thrown the country into economic chaos which could become difficult to resolve if urgent steps are not taken.

The CBN had announced a 10-day extension of the deadline for currency swap at the weekend, but at a sitting presided over by Speaker Mudashiru Obasa on Tuesday, the lawmakers urged the CBN to extend the deadline for currency swap as the policy had not helped the country.

Dr. Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.

“Economists have said most times you cannot use new currency to control inflation, it doesn’t achieve the purpose most times,” Obasa said adding that the intention of the policy as claimed by CBN had been defeated owing to the various complaints from experts and people across the country.

The Speaker said the CBN should have engaged stakeholders while citizens should have been adequately carried along rather than an ‘over-night’ policy by the CBN.

“There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough.

“The idea is a good one but the way it is being implemented will have an adverse effect on the people.

“We need to commend the National Assembly for showing quality representation and prompt action to intervene for an extension of the deadline.”

The Speaker said that in other countries, old currencies are not discarded in a rush, but allowed to gradually fade out of the system.

Hon. Rotimi Olowo, the lawmaker representing Somolu Constituency 1 who moved the motion, sought for an extension of the deadline till July 2023 in line with the resolution of the National Assembly, while noting the suffering the policy had brought on Nigerians.

Olowo complained about the unavailability of the new notes and the effect on the people, including small business owners and those in rural areas.

Contributing to the motion, Hon. Saka Solaja, chairman of the House committee on public account for state, argued that financial policies are not implemented the way the CBN had gone about the Naira redesign.

“We see videos of people beating themselves mercilessly at ATMs, yet there is no money,” he lamented while supporting the call for an extension of the deadline by the CBN.

On his part, Hon. Richard Kasunmu (Ikeja II) argued that the timing of the policy was not right, especially as the country was still grappling with challenges of effective internet connectivity.

He recalled how he spent five hours a day earlier trying to make an electronic transfer of N55,000 to resolve an emergency situation.

“We should be looking at the larger Nigerian people. If we want to survive the Nigerian economy, this should not be a good time for such policy,” he said.

While Hon. Victor Akande (Ojo 1), argued that Emefiele breached a part of the CBN Act concerning the policy, Hon. Setonji David noted: “All over the world, CBN Governors are economists, not bankers like Emefiele.

“Our people are suffering and the money can’t be found at the ATMs. If you go to the ATMs, you would see how people are struggling,” he lamented.

The motion was passed by the Speaker after a voice vote of all the members at the sitting.

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1,681 vulnerable Lagos residents get N1bn financial assistance 

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By Sodiq Adelakun

The Lagos State Office of Political, Legislative and Civic Engagement has provided financial assistance worth N1 billion to 1,681 vulnerable residents, aimed at alleviating economic hardship.

According to Dr. Tajudeen Afolabi, Special Adviser to the Governor on Office of Political, Legislative and Civic Engagement, this financial support is a demonstration of the state government’s commitment to the welfare of its citizens.

Speaking on Monday during the ongoing ministerial press briefing to mark the second term in office of Governor Babajide Sanwo-Olu, Dr. Afolabi also announced that the Governor plans to revive the school feeding programme for primary school pupils before the end of the year.

He said the move is expected to benefit thousands of pupils across the state, providing them with a nutritious meal during school hours.

According to him, “Sanwo-Olu Listens’ financial assistance to struggling Lagosians is a social welfare programme designed to provide financial assistance to vulnerable citizens in Lagos State has been sustained for five consecutive years.

“It is a fact that Lagos is not immune from the ever-increasing poverty rate in Nigeria, hence the government of Mr Babajide Sanwo-Olu, cognisance of this unpalatable trend has therefore taken necessary steps in providing support to help reduce poverty.

“During the period under review, 1,681 vulnerable residents of Lagos State were assisted in one way or the other.”

He added that 1,074 individuals are still awaiting this benefit, which will be addressed within the next two weeks.

“So far, we have spent N1 billion on financial assistance since the program began. Once we complete the distribution to the remaining beneficiaries, we will provide the total sum expended.”

Regarding the school feeding program for primary school pupils, the Commissioner stated, “Once we finalise all the details, we will provide an update. There are many steps involved, including determining the number of pupils.”

“By the end of the year, we will disclose the total amount spent on the school feeding program.”

He also mentioned that to ensure proper engagement and feedback, the state government launched the Lagos Citizens Gate App in April 2023.

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1.2 million students to benefit from loan fund in initial phase — Official

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By Sodiq Adelakun

The Nigerian Education Loan Fund (NELFUND) has announced that up to 1.2 million students in federal tertiary institutions will be eligible for student loans in the program’s initial phase.

This was revealed on Monday by the Managing Director of NELFUND, Akintunde Sawyerr, ahead of the formal launch of the application portal on Friday.

According to Sawyerr, students from federal institutions that have completed uploading their data will be able to apply for the loan in this first phase, which begins on May 24.

The application process has been streamlined to ensure ease of access for all qualified students in these institutions.

The NELFUND program is a key part of President Bola Tinubu’s administration’s Renewed Hope Agenda, aimed at providing financial support to needy students. The loan will cover obligatory fees and stipends, enabling students to pursue their academic goals without worrying about the financial burden.

 He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.

He stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.

According to him, “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”

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Lagos Govt seals over 840 event centres, social facilities over safety violations

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By Sodiq Adelakun

The Lagos State Government has taken unwavering action against event centres and social facilities that violate safety regulations, sealing over 840 of them in the last one year.

This was disclosed by the Commissioner for Special Duties and Intergovernmental Relations, Gbenga Oyerinde during the ongoing Ministerial Press Briefing at the Bagauda Kaltho Press Center on Monday.

According to him, the Lagos State Safety Commission has carried out enforcement actions at various facilities, including event centres, clubs, lounges, hotels, and construction sites, to ensure compliance with safety standards.

Notable examples of sealed facilities include the Lekki Conservation Centre and Quilox.

In addition, the Commission has inspected over 7,819 facilities to ensure safety, issuing fire safety compliance certificates to 5,220 of them.

It was gathered that the Commission has carried out at least 365 advocacy initiatives to promote environmental safety.

In his words, “Our ministry in working in line with the THEMES Plus developmental Agenda of Mr. Babajide Sanwo-Olu, to mitigate risks and protect life and property of government and citizens of Lagos’ State, have sealed eight hundred and forty event centres and social facilities for safety violations and non-compliance of extant laws.”

The Commissioner also stated that fire safety officers from the States Emergency and Fire Rescue body successfully rescued 376 victims, preserving an estimated property worth of N152.22 billion, albeit with a regrettable loss of 82 casualties and N25.37 billion in property.

He also revealed that additional fire stations were added in Ibeju Lekki, Ifako Ijaiye among other locations across the state.

“In line with efforts to bolster infrastructure, three new fire stations are nearing completion in Ijegun-Egba, Satellite Town, and Ijede, while an ultramodern workshop at the Alausa headquarters is nearly finished to cater to the agency’s fleet maintenance needs.

“Additionally, land spaces have been identified for the development of additional fire stations in Ibeju, Lekki and Ifako Ijaiye,” he reiterated.

He added that Lagos State Fire and Rescue Service had prioritised fire mitigation and Emergency Response Strategies

He also said “the Lagos State Fire and Rescue Service is sustaining its focus on enhancing fire mitigation and emergency response strategies, aligning with the administration’s THEMES Plus Agenda. Under the leadership of Governor Babajide Sanwo-Olu, a collective effort was emphasised to address the challenges posed by fire incidents effectively.

“Key statistics from the year’s emergency calls revealed a total of 2,537 incidents, including 1,627 fire calls, 191 rescue calls, 93 salvage calls, and 4 explosions, alongside 607 false alarms.

“This highlighted the critical need for increased awareness of fire safety measures to combat the impact of negligence and non-compliance with safety codes,” he stated.

The Commissioner also highlighted the collaborative efforts with the Ministry of the Environment to improve the NYSC Temporary Orientation Camp (Youth Hostel) at Iyana-Ipaja.

Furthermore, he also revealed that the Lagos State Emergency Management Agency (LASEMA) responded to a total of 1,906 incidents between January 1, 2023, and March 31, 2024, comprising 1,461 incidents in 2023 and 445 incidents in the first quarter of 2024.

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