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Osinbajo expresses worry over difficulty in getting new Naira notes

Published

1 year ago

February 4, 2023

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Vice President Yemi Osinbajo has expressed worry over the difficulty faced by Nigerians in getting the new naira notes.

Osinbajo met with some players in the FinTech space to explore possible ways of mitigating the hardship.

He urged regulators and the banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.

“You need cash to pay for transport. For instance, in Abuja how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buying recharge cards?” he stated.

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things,” he said.

During the interactive session with a few FinTech investors and ecosystem players, the Vice President said that the Central Bank of Nigeria (CBN) and the commercial banks should work with all FinTechs that have mobile money agents, not just some of them, in order to reach the farthest places in the country.

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He added, “It seems to me that banks must engage their mobile money operators – FinTechs with mobile money licenses and many of them have micro-finance bank licenses now and already have a network of mobile money agents or human banks or human ATMs (as they are sometimes called) who are responsible to them, and they can supervise by themselves. They can do currency swaps and open bank accounts.”

Speaking further about some of the concerns arising from the redesign of the naira notes, the VP stated that “more disturbing is the fact that after depositing your old notes, there are no new notes, so people everywhere in the urban areas and rural areas simply have no money.”

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FG extends FEC meeting to Tuesday, says ‘far-reaching decisions will be made’

Published

8 hours ago

May 13, 2024

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The Federal Government has extended the federal executive council (FEC) meeting to Tuesday.

Mohammed Idris, minister of information and culture, announced the extension of the FEC meeting on Monday while speaking with State House correspondents.

The FEC meeting was held on Monday for the first time since March.

Idris said the FEC meeting will continue on Tuesday at 12pm.

“The council meeting will continue tomorrow, therefore, there will be no press briefing today,” the minister said.

“A lot of far-reaching decisions are being taken and the conclusions will be made available to you tomorrow. FEC will continue at 12 noon tomorrow.”

During the FEC meeting, President Bola Tinubu swore in two additional commissioners of the National Population Commission (NPC).

The two commissioners are Fasuwa Johnson from Ogun state, and Amidu Raheem from Osun state.

Earlier, the cabinet observed a minute’s silence in honour of the late Fabian Osuji, a former minister of education; and Ogbonnaya Onu, a former minister of science and technology.

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Electricity tariff hike: We’ll go back to drawing board, FG tells labour

Published

9 hours ago

May 13, 2024

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The Federal Government has said it will go back to the drawing board with relevant stakeholders to address the issue of the electricity tariff hike.

Mamudah Mamman, permanent secretary at the federal ministry of power, spoke in Abuja on Monday while addressing members of the Nigeria Labour Congress (NLC).

Members of organised labour were out to picket offices of the Nigerian Electricity Regulatory Commission (NERC), ministry of power and the Abuja Electricity Distribution Company (AEDC) in Abuja over the tariff hike.

The NERC on April 3 approved an increase in the electricity tariff for elite customers.

Organised labour is calling for a reversal of the increase and a return to the negotiating table.

Mamman said members of the national assembly have told the ministry to do a wide consultation with relevant stakeholders on the matter.

The permanent secretary assured that the ministry would sit down next week with the leadership of the NLC to see how the issues could be resolved.

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“The national assembly had written the ministry to go and do a wide consultation with all the relevant stakeholders,” he said.

“What the ministry does is give policy directions. We realise that the policy direction given is pushing Nigerians to the corner, and we need to do things differently.

“What we need to do is for all of us to come to the table, look at it, and decide what is the best way. I don’t have the power to reverse the tariff, so we will go back to the drawing board with the regulator and NLC.

“I’m going to take your message to the relevant authority, and we will look at it and inform you.”

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Reverse electricity tariff — we won’t accept band classification, Ajaero tells NERC

Published

12 hours ago

May 13, 2024

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The president of the Nigeria Labour Congress (NLC), Joe Ajaero, says the Nigerian Electricity Regulatory Commission (NERC) should reverse the electricity tariff.

Ajaero spoke on Monday when members of the labour body picketed the headquarters of the NERC in Abuja over the increase in electricity tariff.

The NERC on April 3 approved an increase in the electricity tariff for elite customers.

Ajaero said the protest was due to NERC’s unresponsiveness to the multiple letters sent by the NLC.

He added that the increase in tariff was arbitrary, noting that NERC did not consult relevant stakeholders before taking the decision.

The NLC president argued that Nigeria has 4,000 megawatts of electricity for over 200 million people, as against the global index of 1,000 megawatts for one million citizens.

“We are here on a peaceful protest having written so many letters to NERC that they cannot increase tariff without meeting with Nigerians, that the process of adjusting tariffs in every tariff methodology requires that they meet with all stakeholders, including labour, that we don’t know where this tarrif is coming from,” Ajaero said.

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“And that NERC is not oblivious to the fact that Nigeria is wallowing in power poverty, that while the whole world gave a global index of one million people for 1,000 megawatts, Nigeria has 4,000 megawatts for over 200 million people.

“What Nigeria is generating today is not enough for Lagos, and it is bad enough to say some Nigeria are better than others; some will get 20 hours, some will get two hours; even in South Africa, such has never happened.

“Use the same magic that you are using to give some Nigerians 20 hours to give everybody in Nigeria 20 hours. Nigerians are saying no to discriminatory power allocation.”

He noted that the Manbilla power plant in Plateau state can generate 3,600 megawatts of renewable hydropower but has remained underperforming 30 years after its inauguration.

Ajaero urged the federal government to put an end to all taxes that could further increase the burden on Nigerians.

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