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We’ll achieve 80% financial inclusion target by 2020 –FG

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The Acting-Director General of the Securities Exchange Commission (SEC), Miss Mary Uduk on Thursday, expressed confidence that Nigeria would beat the 2020 target of achieving 80 per cent financial inclusion for the citizens.

Uduk gave the assurance in Abuja yesterday during a programme for the financially excluded populace in Kwali Area Council in Abuja.

The programme was organised by SEC in collaboration with the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, the National Insurance Commission and the National Pension Commission.

Acting SEC boss who was represented at the event by the Head of Market Development of SEC, Mr Francis Uzoma Okafor disclosed that the National Financial Inclusion Strategy was launched on October 23, 2012, and that the overall target was to reduce the percentage of adult Nigerians excluded from access to financial services from 46.3 per cent in 2010 to 20 per cent in 2020.

Uduk said the regulatory agencies were concerned with the level of financial inclusion in the country and we’re meeting quarterly on how to reverse the trend.

She explained that some individuals and households still lacked adequate access to a full range of affordable and convenient formal financial services. The SEC boss lamented it has been challenging bringing many Nigerians, especially those in the rural areas into the financial circle due issues of language barrier and lack of accounts in commercial banks.

These she noted, has robbed many people the access to any investment platform and ultimately stunting the growth potential of the economy.

She said, “The purpose of this financial inclusion program is to get 80 per cent of Nigerians financially included by 2020.

“We are coming down to the grassroots because they are those that are excluded from the formal financial system and every effort is being made to bring them to the financial system.

“We have taking this programme to all the states and we have seen many people who don’t have even bank account and we are educating them on why they should have it.

 

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Nigeria committed to ensure security, peace in West Africa – Akpabio

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The President of the Senate, Sen. Godswill Akpabio, has restated Nigeria’s commitment to ensuring peace and security in West Africa.

Akpabio said this on Thursday in Abuja at the opening of the international roundtable on Parliamentary Security Sector Governance.

The roundtable was organised by National Institute for Legislative and Democratic Studies (NILDS) in collaboration with Konrad Adenauer Stiftung (KAS).

The roundtable drew lawmakers from Nigeria, Sierra Leone, Senegal, Mali, Burkina Faso and Ghana.

Represented by the Chairman, Senate Committee on Navy, Sen. Daniel Gbenga, Akpabio recommend synergy among countries in the sub-region to address insecurity.

“Nigeria is a country that is willing and determined to ensure that the West Africa sub- region enjoys peace, security, shared prosperity in our developmental goals.

“In order to mitigate the challenges already identified, it is important to properly address insecurity in the West African sub region.

“This can be done through deep cooperation and deliberate policies and laws by our parliament, as well as empower the parliament to assume full legislative powers,” he said.

The Speaker of the House of Representatives, Rep. Tajudeen Abbas, said the security sector plays a pivotal role in ensuring peace, stability, and development within any nation.

Represented by the Deputy Speaker, Rep. Benjamin Kalu, Abbas said effective governance and reform of the security sector were essential for upholding the rule of law, protecting human rights, and safeguarding democratic principles.

“In this regard, the role of parliament is indispensable as it serves as a key institution for oversight, legislation, and budgetary control over the security sector.

“I urge all stakeholders present to consider practical strategies for enhancing parliamentary engagement in security sector governance.

“This may involve developing specialised training programs for parliamentarians on security related matters, establishing robust mechanisms for information sharing between security agencies and parliamentary committees.

“Also for fostering a culture of dialogue and cooperation between the executive and legislative branches on security policy formulation,” he said.

The Director-General, NILDS, Prof. Abubakar Sulaiman said that in recent times, West Africa faced a scourge of terrorism, insurgency, and transnational crime.

He said that the menace presented formidable threats to the collective peace and stability of the region.

According to him, security issues, including illicit trafficking and the movement of armed groups, further compound the complexities.

“We must confront these urgently; internal conflicts, driven by various factors, pose additional challenges that require our immediate attention.

“More recently, the series of military coups that have taken place in and around our region which remains a threat to peace, the rule of law and democratic stability within the region.

“As legislators, you stand at the forefront of crafting responses to these challenges.

“The laws and policies you shape must not only address the immediate threats but also lay the foundation for sustainable security sector governance and reform,” he said.

Sulaiman said the roundtable provided an opportunity to pool insights, share best practices, and develop legislative frameworks that are responsive to the unique security dynamics of West Africa.

Peran said that there has been a spread of terrorism and violent extremism with terrorist groups becoming more and more sophisticated.

“Wave to try to understand better why the security situation is so complex and what can be done to improve it in a sustainable fashion said the Resident Rep of KAS, Ms Marija Peran.

According to her, security sector reforms and governance plays a vital role in stabilising the region.

She said they had also been recognised as an essential precondition not only for conflict prevention, post-conflict reconstruction and peace-building but in general for good governance.

“Security sector reforms, repurposing of security institutions and agencies, improved interagency cooperation and effective oversight of the security sector are critical enablers to create the peaceful and secure Africa,” she said.

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Senate threatens to step down NCoS budget over insufficient information

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The Senate has threatened to step down consideration on the 2024 budget of the Nigerian Correctional Services (NCoS) over insufficient information

Sen. Adams Oshiomhole, the Chairman,Senate Committee on Interior, Sen.Adams Oshiomole, said this said this at the 2024 budget defence of the National Assembly Joint Committee on Interior on Thursday in Abuja.

Oshiomole said he was unhappy with the services being rendered to inmates by the NCoS.

“Your organisation has transformed from Nigeria Prison Service to Nigerian Correctional Service but you have yet to change in your attitudes toward inmates.

“It’s not just your fault because the government appropriates little money for you, it is either you don’t feed the inmates or you feed them only once and even at that, very miserable food.

“This is why they have completely emaciated and some can never live a decent life again even when they did not commit an offence.

“You all know the price of food items in the market, so how can you look us eye to eye and tell us that you feed a man in Nigeria with N750 a day, how much is a bottle of water,” he said.

He said that the committee would not be in a haste to approve any budget for the service until it received satisfactory answers.

He requested for a breakdown of the number of inmates and security dogs at the correctional centers and how they were fed daily.

“I would like to see a breakdown of how you feed the inmates. If you say you feed inmates three times a day with N250 each.

“How many dogs do you have and how much does it cost to feed them daily,” he said.

Responding, the NCS Comptroller General, Alhaji Haliru Nababa, said the service had a total of 81,358 inmates nationwide, saying that 53,362 of the inmates were awaiting trial.

“We feed each inmate with N750 daily and they are fed three times daily (N250 for each square meal).

“We have 900 security dogs and to feed a dog each day we spend N800,” he said.

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Army Chief tasks NASS on funding

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Lt.-Gen. Taoreed Lagbaja, the Chief of Army Staff, has appealed to the National Assembly to review the current envelope budgeting system of the Federal Government to ensure adequate funding for the Nigerian Army.

Lagbaja said this when he appeared before the National Assembly Joint Committee on Nigerian Army on Thursday in Abuja.

He said that the envelope system had led to inadequate funding for the Nigerian Army, especially its anti terrorism operation and other operations across the country.
Lagbaja also called on the national assembly to expedite action on the passage of the Armed Forces Support Trust Fund Bill, saying that the passage would enhance the operations of the Armed Forces, through improved funding.
The Chairman, of the Joint Committee, Sen. Abdulaziz Yar’ adua assured of transparency in the handling of the Nigerian Army 2024 budget.

He comended Lagbaja for taking responsibility for the bombing of Kaduna villagers and taking steps to investigate the matter.

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