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Tinubu’s Conditional Cash Transfer Programme Making Immediate Impact – Nigerians

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About sixty days after President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer for 15 million households, beneficiaries of the programme are already expressing the enormous impact of the initiative.

A recent independent investigation carried out to ascertain the efficacy and practicability of the Federal Government’s Conditional Cash Transfer (CCT) programme across the country had attracted encomiums and applause by citizens.

Beneficiaries attested that the impact of the cash transfer programme has been immediate and far reaching in alleviating economic hardship to an extent. They also revealed that the N25,000 credited directly into their banks accounts was used for different purposes, including setting up of small businesses and to support existing ones, feeding, payment of school fees, medical bills, amongst others.
Recall that the Federal Government had emphasized that the Renewed Hope Conditional Cash Transfer programme is targeted at uplifting poor and vulnerable Nigerians, as well as an immediate intervention to cushion the effects of fuel subsidy removal and other economic shocks.

The Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu had hitherto stated that: “61 million Nigerians stand to benefit from the scheme every month in October, November and December; 15 million households will be receiving 75,000 Naira over three months”.

Here are some testimonies of some beneficiaries of President Bola Tinubu’s Renewed Hope Conditional Cash Transfer programme:

Funke Ogungbesun said, “I thank the Federal Government for what the government has done for us. I use the money to open my shop”.

Precious Nwamaka: “Infact, I’m very happy to see such a huge amount of amount of money unexpectedly in my bank account because I did not expect it. I use it to support my business”.

Shedrack Willie: “I did not believe it, I received it in the night and it really helped me and my family. So I thank the Federal Government for this palliative”.

One of the beneficiaries of the Conditional Cash Transfer programme, who didn’t want his name on print had this to say: “I got alert of N25,000, before then I don’t know what to do about my child who was in the hospital, but as soon as the alert came I used it to pay my child’s hospital bill. So, I thank the Federal Government so much, this money really helped me”.

On her part, Sekinat Galadima, a resident of Kuje, FCT-Abuja said, I used the money to support my pure water business and school.

Alhaji Yusuf Baba, a leader of one the communities in the Federal Capital Territory revealed that beneficiaries in his community are using the money from the Renewed Hope Conditional Cash Transfer programme to support their businesses. He however expressed joy over the impact of the initiative.

It is noteworthy that the Renewed Hope Conditional Cash Transfer programme is not the only initiative the Tinubu administration has adopted to lift Nigerians out of poverty.

Recall, the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Edu had announced the Federal Government’s plan for provision of a special grant of N25,000 each under Conditional Cash Transfer Scheme to vulnerable pensioners in the country.

Dr Edu, also revealed that the Federal Government is working on a strategy to pull 50 million people out of poverty in the next 42 months, stressing that President Tinubu is deliberate in different poverty alleviation programmes to help the vulnerable in the country.

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Economy

TCN: Coalition Debunks Corruption Allegation Against Engr. Sule Abdulaziz

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A coalition of over 180 Civil Society Organisations in Nigeria, Civil Society Groups for Good Governance, CSGGG has debunked and exonerated the management of the Transmission Company of Nigeria, TCN of any corruption and underhand dealings.

Addressing newsmen in Abuja on Tuesday, the convener of CSGGG, Comrade Ogakwu Dominic, expressed concern over the accusations circulating against the management of the Transmission Company.

“As CSOs, we are duty-bound to investigate any information we receive and ensure none are unjustly punished without appearing sentimental, self-seeking, or unpatriotic.

“We have engaged the management of TCN, and it is on record that the MD/CEO is a man who has instilled a standing and verifiable tradition of prudent management of scarce resources, leading to notable achievements.

“These accomplishments will soon become visible as part of the Renewed Hope Agenda of the current administration, as the decades of rot in the sector can not be wished away overnight,” he said.

Dominic said the allegations revolve around claims made by an online news outlet, suggesting that TCN’s managing director purchased an exotic car for the Hon. Minister of Power as a bribe.

He, however, said TCN management clarified that the vehicle was procured as part of official responsibilities to support the minister’s office.

He further highlighted the challenges facing TCN, including disruptions caused by bandits, gas supply shortages, and unethical conduct by generation and distribution companies.

“We urge Nigerians to proffer solutions to the problems facing the power sector rather than politicizing them,” he said.

Ogakwu emphasized that the continuous harassment of TCN’s management is taking an unpatriotic turn. He cautioned against unjust intimidation and harassment, advocating for transparency and adherence to due process.

He said, President Bola Ahmed Tinubu’s endorsement of Engr. Sule Abdulaziz’s continuation in the office reflects a commitment to professionalism and diligence in the power sector.

“We commend and urge the management of TCN to remain committed to fast-tracking solutions to the challenges bedevilling the power sector,” he said.

The organisation’s stance underscores the need for collaborative efforts to address Nigeria’s power sector challenges and achieve stable electricity supply for all citizens.

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Economy

New CBN Leadership ‘ll Work Towards Achieving Price Stability, Curbing Inflation- Cardoso

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“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that the current bank management will deal mainly and decisively to achieving price stability and curtailing inflation

He stated Thursday, November 2, 2023, when he received Impact Investing Community, led by the 14th Emir of Kano and Khalifa of the Tijaniyyah Sufi order of Nigeria and the neighbouring countries, Muhammadu Sanusi II, who is also a former Governor of the Central Bank of Nigeria in a courtesy visit, that they were determined to change the old story about the Apex Bank and make the institution more impactful in the lives of Nigerians by curtailing inflation and stabilizing Forex market price

“At the end of our tenure, we want to look back and see that our policies have positively impacted people’s lives.”

Speaking further, Cardoso thanked the Impact Investing Community for visiting the CBN, noting that the community represented an excellent future for Nigeria and has the potential to transform the country’s economy by tapping into the investment opportunities available across the country and the world.

While commending the quality of leadership at Impact Investing Community and its effort to create awareness as well as build partnerships, the CBN Governor assured them that the Bank would collaborate with them in the direction of putting in place frameworks that will encourage investments that will positively influence the lives of Nigerians and contribute to economic growth.

In his remarks, Khalifa Sanusi expressed happiness at visiting the new CBN Governor. He noted that the Bank’s activities had a massive impact on the lives of Nigerians, adding that many people often “do not know the impact of a Central Bank’s works until a Central Bank fails.”

While expressing concerns about the inflation rate, he urged the new leadership at the CBN to work persistently at driving down the rate, which he noted had severely impacted the wealth of individuals.

He also acknowledged the importance of long-term planning by the CBN in achieving its goals, just as he emphasised the need for the fiscal authorities to focus on agriculture and education, especially for the girl-child.

Khalifa Sanusi, therefore, pledged his continued support, along with the Impact Investing Community, to the CBN in achieving its goals.

Also speaking, the Chair of Impact Investing, Ibukun Awosika, said they were at the CBN to register their willingness to support what the Bank and the Federal Government were doing in terms of changing Nigeria’s investment climate by redirecting resources to areas where they will make the most positive impact.

According to her, over $200 trillion was available around the globe as investment funds, with $1 trillion of it with impact investing. She further stated that Impact Investing, with a presence in over 41 countries, was willing to blend with traditional investment practitioners to make an impact in the country. While stressing the importance of social investment, she sought the support of the CBN to enable the body to achieve its goal.

Equally speaking at the meeting, Bala Bello, deputy governor in charge of corporate services, underscored the importance of investment, noting that global capital was moving towards social investment. He thanked the team for its support, noting that collaboration and effective communication were vital to successfully navigating the current challenges in the country.

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Economy

CBN Restates Commitment To Boost Liquidity in FOREX Market

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….. Recalls Importers of 43 Restricted Items

The Central Bank of Nigeria
(CBN) has reiterated its commitment to boosting liquidity in the foreign exchange market

The Apex Bank in a statement issued by the Director Corporate Communications, Isa AbdulMumin PhD, said that the CBN will continue to promote orderliness and professional
conduct by all participants in the Nigerian Foreign Exchange Market to ensure market
forces determine exchange rates on a WillingBuyer-WillingSeller principle.

He directed market participants to reference the prevailing Foreign Exchange (FX) rates from CBN Website platforms, the FMDQ and other recognised or appointed trading systems to
promote price discovery ,transparency ,and credibility in the FX rates.

“The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced
from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery ,transparency ,and credibility in the FX rates”,AbdulMumin reemphasized

He explained further that as part of its responsibility to ensure price stability ,the CBN
will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time, pointing that, “As market liquidity improves, these CBN interventions will gradually
decrease.”

As a way to get all critical participants actively involved in the new dispensation, he announced that importers of all the 43 items previously restricted by the
2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to
purchase foreign exchange in the Nigerian Foreign Exchange Market.

According to him, “The CBN is committed to accelerating efforts to clear the FX
backlog with existing participants and will continue dialogue with stakeholders to address
the issue, and has further set as one of its goals, the attainment of a single FX market.

He disclosed that consultations were on going with market participants to achieve this goal, urging Participants and the general public to be guided by the information provided
in this news bulletin

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