Business
World Bank lauds Tinubu’s policy reforms, urges speedy palliatives delivery
World Bank Country Director, Nigeria Office, Shubham Chaudhuri, has lauded President Bola Tinubu’s reform policies.
Chaudhuri, who commended the policies at a symposium on Thursday in Ibadan, however, called for speedy roll out of palliatives to cushion their effects on Nigerians.
The symposium was organised by the Department of Agricultural Economics, Faculty of Economics and Management Science, in collaboration with the Nigerian Institute of Social and Economic Research (NISER).
The theme of the symposium is: “Economic Opportunity Pathways to Navigating Post-Reform Challenges in Nigeria.”
Chaudhuri said the symposium was timely as it would provide participants the opportunity to discuss how Nigeria could navigate the current challenges following the removal of fuel subsidy.
According to him, it is really about making the best possible use of the revenue that would now flow to the federation.
“This should be in a way that makes sure that ordinary people can get some relief because it has been hard with the prices increasing.
“We think that complementary packages should be rolled out as quickly as possible in a way that the Nigerian people can actually see and feel that there is hope ahead of them.
“We at the World Bank are ready to help with these and we look forward to working closely with all stakeholders,” he said.
Chaudhuri noted that government had to be very clear, transparent and as detailed as possible about how the funds would be used.
“But it is really up to the Nigerian people, civil societies and the media to follow through and make sure that what has been announced is actually being delivered.”
He said every stakeholder had a role to play in monitoring and assessing the impact of the government policies because it was time for collective actions.
He noted that all policy measures so far taken by President Tinubu, right from his first day in office, were on point.
“And there are lots more to be done immediately in terms of relief packages, the cash transfer and a whole package of palliatives that need to be immediately delivered to the people.
“We have helped the government set up a social assistance programme, we have many social investment programmes, one of such is that we have decided to work to support government to deliver cash transfer digitally to families and individuals whose identities are verified.
“And the second one, which is in all the states of the federation, is called NG-Cares; this is to help communities and farmers through a whole range of measures that are implemented by the state,” Chaudhuri said.
Also, Director General, NISER, Prof. Anthonia Simbine, said the challenges in the country were quite many and could be overwhelming but if they are managed properly then there would be some positive changes that could improve the lives of our people.
“The problem the country is facing today are historical. They have origins in years before now and we will not expect that they will be overcome overnight.
“The government of today is taking steps that should have been taken overtime but nevertheless now that they have taken the steps people need to be a bit more patient and the government should support people with mechanism for managing the situation that they’ve found themselves in,” she said.
The Ministry of Marine and Blue Economy, under the dynamic leadership of the Honourable Minister, Mr. Isiaka Adegboyega Oyetola, has achieved an exceptional milestone by emerging as the overall best performing ministry in the Ease of Doing Business ranking.
This was revealed on Friday, at the town hall meeting, by the Special Adviser to the President on
Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr. Jumoke Oduwole.
According to her, the town hall meeting, chaired by the Vice President, Senator Kashim Shettima, was organised to receive an update of the report on Regulatory Reform Accelerator (RRA) in line with President Bola Ahmed Tinubu’s eight-point agenda and prioritising business climate reforms.
She further said the minister summoned a meeting of the heads of agencies under his watch and charged them that he wants the ministry to come top and today he’s made it. “The minister deserves a special recognition and applause,” Dr. Oduwole added.
This recognition, experts noted, stands as a testament to the strategic vision and tireless efforts dedicated to advancing Nigeria’s marine and blue economy sector by the minister.
With the latest ranking, the ministry’s commitment to sustainable development and innovative policies has set a new benchmark for excellence in governance and public service.
By Esther Agbo
The Federal Government of Nigeria (FGN) has issued an update regarding the ongoing disbursement process for the Presidential Conditional Grant Scheme, aimed at alleviating economic hardship among Nigerian citizens.
The Minister of Industry, Trade, and Investment, FGN, Hon. Dr. Doris Nkiruka Uzika-Anite, made the announcement via her official X (formerly Twitter) handle on June 27, 2024, addressing applicants and the general public.
In her statement, she expressed gratitude to the applicants for their patience, noting that approximately 60 percent of the 1 million available grants have already been allocated.
She mentioned that with nearly 4 million Nigerians applying for the N50,000 palliative grant, the selection process has been competitive. However, she assured that the selection is conducted randomly by computer-generated processes, ensuring equal chances for all applicants regardless of their application timing.
She said, “It’s important to note that almost 4 million Nigerians applied for the Palliative grant of 50k, but only 1 million beneficiaries can be accommodated.
“This means not all applicants will receive the grant. The selection is not based on who applied first; everyone has an equal chance but by random computer generated selection.
“While Mr. President may launch other social intervention programs in the future, there are no immediate plans at this time.”
According to Doris, applicants can monitor the distribution progress through a dedicated portal at https://grant.fedgrantandloan.gov.ng/learn-more/dis… which provides updates on the number of beneficiaries per Local Government Area (LGA).
Doris however stated that the disbursement process has experienced delays due to issues such as incorrect or missing data, and duplicate applications, but despite these challenges, she emphasised that accuracy has been prioritised over speed to ensure a fair and transparent process.
“The teams in my office and BOI have worked tirelessly to ensure this process is fair and accurate. Testimonial videos are already being shared, showcasing how the grant has positively impacted lives and we will share many more. We have prioritised accuracy over speed to ensure every Nigerian who applied has a fair shot.
“We had hoped to complete all 1 million disbursements by now but the process has been delayed due to incorrect or missing data, duplicate and spurious applications, which we have had to meticulously clean up to ensure eligibility and validation,” she said.
She added that, in addition to the grant scheme, the government is nearing the final stages of vetting for the Micro, Small, and Medium Enterprises (MSME) and Manufacturing loans and applications for these loans remain open, with disbursements expected to commence by the end of July.
The Minister concluded by addressing the importance of constructive feedback from citizens, acknowledging the right of the public to hold the government accountable but urged for criticism to remain respectful and free from hate speech.
In her words: “Finally, it is your right as citizens to criticise and hold the government accountable. However, we encourage constructive feedback without resorting to abuse or bigotry. Personal insults and hate speech are not likely to aid your applications and will not be tolerated. Together, we can build a more prosperous Nigeria.”
Vice-President Kashim Shettima the has assured that President Bola Tinubu’s administration was committed to the prosperity of the Micro, Small and Medium Enterprises (MSMEs) in the country.
Shettima, represented by the Deputy Chief of Staff to the President, Sen. Ibrahim Hadejia, gave the assurance at the World MSMEs Day (Joint Nigeria and African Union event), held on Thursday in Abuja.
He said that the recent launch of the N150 billion MSME’s Intervention fund in partnership with the Bank of Industry, which offers single digit loans to MSMEs across Nigeria, among other interventions, was an example of the commitment.
Shettima said that MSMEs were the backbone of not only the Nigerian or the African economy, but of the global economy.
According to him, they account for 90 per cent of all businesses worldwide and employ over 60 per cent of the global workforce.
He said, ” It is no wonder that the United Nations has dedicated today, June 27, to recognise MSMEs and to celebrate them for their immense contributions to the economies of nations all over the world.
” In Nigeria, the stakes are even higher when it comes to MSMEs. MSMEs in Nigeria account for 96 per cent of all businesses.
”They contribute to our economy by over 45 per cent and without them, 80 per cent of the current Nigerian workforce will be without employment.
” These facts provide us with the evidence that if MSMEs prosper, Nigeria prospers, if MSMEs prosper, Africa prospers, if MSMEs prosper, the entire world prospers.”
Shettima, however, said that unfortunately, MSMEs in Africa were fraught with numerous challenges that hinder their growth and by extension, the growth of the African economy.
He added, ” It is for this reason that we have joined hands with the African Union Commission to hear from you all, our distinguished guest speakers and panelists, on devising the appropriate continental solution for this obvious continental problem.
” I want to urge us all not to forget that this gathering is a call to action. This means that we must all ensure that we do our part and put into action all the insights that have been uncovered from today’s occasion.
” Failure to do so would mean that we have gathered here for nothing and wasted another opportunity.”
Shettima appreciated the leadership of the African Union Commission for partnering with the Nigerian government to bring together relevant stakeholders to lend their voice to the important conversation on what could be done to better support MSMEs in Africa.
Earlier, Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, reiterated the determination of the government to put modalities in place to ensure that MSMEs access single digits loan easily.
He thanked WEMA bank for partnering with the Tinubu’s administration to expand opportunities in the MSMES space.
Adekunle-Johnson said, ” The essence of the partnership is to ensure that small businesses are able to get a single digits loan.”
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