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FG orders compulsory health insurance for corps members

President Buhari has ordered NYSC members to be enrolled in the National Health Insurance Scheme (NHIS).

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NYSC's orientation suspension only a precautionary measure- DG, NYSC, 2 Corps members in Kano NYSC orientation camp test positive

President Muhammadu Buhari has directed the National Youth Service Corps (NYSC) to ensure the enrollment of corps members in the National Health Insurance Scheme (NHIS).

This was made known via a Twitter tweet by the Personal Assistant to the President on New Media, Mr. Bashir Ahmad.

READ: Fintechs to Drive CBN’s Financial Inclusion Target

Why it matters

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The recent directive became imperative given the fear of a second wave of the dreaded coronavirus. It is also in line with the Federal government of Nigeria’s goal of prioritizing the health and welfare of all its citizens as enshrined in the 1999 constitution.

READ: Meet Bukky George, The CEO of HealthPlus who just raised $18 million

What they are saying

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Commenting on the recent development, Mr. Ahmad said, “President @MBuhari directs the National Youth Service Corps (NYSC) to ensure the enrolment of corps members in the National Health Insurance Scheme. The DG NYSC, Brig-Gen. Shuaibu Ibrahim disclosed the directive, today.’’

Corroborating the earlier statement, the Director-General of the National Youth Service Corps (NYSC), Brigadier-General Shuaibu Ibrahim said,

READ: CBN offers corps members loans for a 7-year tenor

I wish to use this opportunity to again express our gratitude to the security agencies and other relevant stakeholders for their support. Furthermore, the scheme has concluded arrangement with the NHIS for the enrolment of Corps members into the NHIS in line with a presidential directive. We have also expended huge resources on critical health needs of corps members including footing of medical bills.’’

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Business

FG gives N1.02 trillion concessions to businesses in 4 years

The FG has disclosed giving import duty waivers, concessions, and grants of about N1.024 trillion in the past 4 years.

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The Federal Government disclosed on Monday that it has conceded about N1.024 trillion import duty waivers, concessions, and grants to drive economic growth in the country in the past 4 years.

This disclosure was made by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at a one-day sensitization seminar on the Automated Import Duty Exemption Certificate, held at the Nigeria Customs Training College, Kano.

According to a report from News Agency of Nigeria, the Minister, represented by the Kano State Commissioner of Finance, Alhaji Shehu Na-Allah Kura, said between 2011 and 2015, the FG had conceded about N1.024tn through the grant of four types of incentives including import duty waivers, VAT waivers, pioneer status non-oil companies, and pioneer status PPT on oil companies.

Ahmed said, “For the records, between 2011 and 2015, the government conceded about N1.024 trillion through the grant of only four types of incentives namely import duty waivers, concessions; grants, N503.587billion, Value Added Tax (VAT) waiver, N227.789billion, Pioneer status on non-oil companies, N73.511billion; and Pioneer status on oil companies, N219.545billion.”

While pointing out that the government also granted approximately N341.94 billion waivers between August 2017 and August 2019, the Finance Minister said the basis for providing these incentives was to stimulate growth and overall development.

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She disclosed that the granting of the incentives was not discretionary but was targeted at sectors with kinetic capacity for high impact multiplier outcomes on the overall economy. These sectors include agriculture, power, cement, solid minerals, utilization of Nigerian gas, Liquefied Natural Gas (LNG), modular refineries and so on.

She also said that with the scope of the requests for waivers and concessions, expanding has brought about the need to have in place modern technology to drive its administration.

She said, “Up till March 2020, we processed the grant of the IDEC incentives annually. The process was quite cumbersome, tedious, time consuming and it was beset with undue human interface with its attendant challenges. The automated IDEC portal will deliver benefits online with the ministry’s Strategic Revenue Growth Initiative (SRGI).”

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According to her, the FG created the new platform for administering and easing the process of acquiring import duty exemption certificate (IDEC) in the country, as part of efforts to provide incentives to stimulate industrialization and economic growth and promote the ease of doing business in the country.

What you should know

  • The granting of import duty waivers, concessions and grants by the Federal Government to investors are part of measures attract investments into the economy and stimulate economic growth.
  • IDEC is a tool used by the FG in achieving some of its fiscal policies of increasing economic activities and employmentS in certain target sectors.
  • However, part of the problem of this policy is that it has allegedly been a subject of abuse by some top government officials. The automated IDEC is expected to guarantee ease of doing business and ensure effective tracking of fiscal incentives that have been granted and ensure accountability.

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Business

President Buhari sends Finance Bill 2020 to Reps

2020 Finance Bill has been sent to the House of Representatives by President Buhari, for consideration and passage.

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House of Reps determined to resolve ASUU issues and empower youths - Gbajabiamila , #EndSars: House of Reps to draft new Police legislation in 30 days, Speaker Gbajabiamila asks NLC to suspend strike, offers palliatives, #EndSARS: House of Representatives will do everything to deliver a policing system that works - Gbajabiamila

President Muhammadu Buhari has sent the 2020 Finance Bill to the House of Representatives for consideration and passage.

This was disclosed by the Speaker, Femi Gbajabiamila, when he was reading out Buhari’s letter at the opening of Tuesday’s plenary.

The bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession.

Details later …

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Create enabling environment to boost investment in critical sectors, Ultimus Holding to FG

Investment in critical sectors of the economy would not only create jobs for the youths but also help to improve economic prosperity.

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Ultimus Holding, a Pan-African investment firm, has urged the Federal, State Governments to create an enabling environment to attract more investments across the critical sectors of the Nigerian economy.

Chief Executive Officer, Ultimus Holding, Dr. Ifeanyi Odii, explained to Nairametrics that investment in critical sectors of the economy would not only create jobs for the youths but also help to improve the economic prosperity of Nigeria and the continent as a whole.

He called on the government in different economies within the continent to continue to support the expansion plans of private sector by creating an enabling environment for businesses to thrive.

He said, “We are quite confident that Africa holds great potential for economic growth and as such would continue to play a leading role in harnessing the opportunities that could make the continent an economic superpower.

“We are quite optimistic about Nigerian economy given the abundance of available opportunities. As a business, we would continue to explore different areas in the rapidly evolving growing economies, not only to make a statement as a brand, but to contribute to further expansion. Moving forward, we would be making massive investments in sub-Saharan Africa that are targeted at addressing the peculiar needs of the African market.”

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He further noted that the company is strategically seeking opportunities for new businesses in strategic sectors, which would guarantee huge returns on investment while also acquiring businesses that visibly deliver solid value for its esteemed customers.

“Currently, Africa remains a strategic market for our business. We cannot afford to relax because we are aware of the impact significant investments would have on business growth and socio-economic development in Africa as a whole. We believe investment in critical sectors of the economy would not only create jobs for the youths but also help to improve the economic prosperity of the continent as a whole,” he added.

On its investments in the healthcare sector (Viarmor Healthcare), Vice President, Ultimus Holdings, Mr. David Ewemie explained that its fully integrated medical support company has signed a strategic partnership with renowned global brands to give it an innovative edge “in our quest to making lives better by providing innovative medical equipment and efficient healthcare services for everyone. Some of our devices – include: Air purifiers & Emergency mobile ventilators.”

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