The Federal Government of Nigeria launched the COVID-19 Rapid Response Register (RRR), an emergency intervention database, for the urban poor made poorer by the pandemic.
This programme was launched by the Vice President, Yemi Osinbajo on Tuesday.
The scheme would see the FG share N5000 monthly to households as it says 1 million households would benefit from the scheme.
The Vice President’s Senior Special Assistant on Media & Publicity, Laolu Akanda said: “Osinbajo today launched a technology-based Rapid Response Register which identifies urban poor people who in the next 6 months willl receive N5000 monthly. In all 1 million households will benefit from this especially cash transfer being implemented by the Humanitarian Affairs Ministry.”
While inaugurating the COVID-19 Rapid Response Registration (RRR) Cash Transfer Project, the Vice President said:
“As of Dec. 31, 2020, we have identified and registered about 24.3 million poor and vulnerable individuals into the National Social Register; equivalent to about 5.7 million households.
“Through this project, we are currently injecting about N10billion directly into the hands of about two million poor and vulnerable households every month.
“This social protection method of targeting is the first strategy to be developed and tested in the Sub-Saharan Africa region and Nigeria will be the first country for its implementation.
“With the RRR, which uses a wholly technology-based approach, we are primed to achieve an end-to-end digital foot-print in cash transfers for the urban poor.”
The Vice President added that the implementation of the scheme would enable Nigeria to achieve its financial inclusion policy under the Enhancing Financial Innovation and Access programme (EFInA).
What you should know
- Nairametrics reported last week that the Federal Government announced that it would inaugurate a COVID-19 Rapid Response Register (RRR), which would be a health emergency response for the poor living in urban centers that have been affected by the pandemic.
- The register which is being built by NASSCO is an expansion of the existing National Social Safety Nets Project (NASSP). It targets small business owners, street vendors, petty traders, Small and Medium Enterprises (SMEs), and service providers.
Osinbajo reveals what Nigerians in diaspora asked for to make more investments in the country
Osinbajo has disclosed that the Nigerians in diaspora seek an enabling business environment in order to make more investments.
Nigeria’s Vice President, Yemi Osinbajo, has revealed that the Nigerians in diaspora asked for improvement in the enabling business environment in order to make more investments into Nigeria in specific engagements with investment opportunities.
This follows the conduct of a study by the Federal Government with stakeholders, which found out that many Nigerians have a keen interested in investing in the country.
This disclosure was made by Osinbajo while speaking at a webinar organized by Fidelity Bank Plc, entitled, ‘The New FX Policy, Implications and Positive Impact on Diaspora Investments’
Osinbajo, who was represented by the Executive Secretary/Chief Executive Officer of Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, commended the new CBN FX policy, ‘Naira 4 Dollar Scheme,’ an initiative aimed at incentivising senders and recipients of international money transfers, saying it would aid more investment from Nigerians living abroad.
What Nigeria’s Vice President is saying
Osinbajo pointed out that for several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenue, adding that the country is interested in finding out how to translate this potential to investments.
He said, “Nigerians in diaspora represent an indomitable force, they are flag bearers of Nigeria’s image, Nigeria entrepreneurial energy and Nigeria’s incredible can-do attitude. In business, politics, education, sports, entertainment, science, medicine, and arts, Nigerians have demonstrated across the world what Nigerians represent in Nigeria. We realise the role of the diaspora and the potential that they represent.
“For several years, the remittances from Nigerians in diaspora exceeded Nigeria’s oil revenues, which translated sometimes as high as six per cent of GDP. We are interested in understanding exactly how to translate this potential to investments.
“So, the office of the VP working with stakeholders, including NIPC, worked on a study and we found that many Nigerians, particularly first-generation males, have a keen interest in investing in their country.”
Going further, Osinbajo added, “We noticed that 70 per cent of remittances go into family support and only 30 per cent of the inflows go into investments and in that 30 per cent, a bulk of it goes into real-estate.
“But what Nigerians in the diaspora indicated would be useful for them is to undertake more investments into Nigeria in specific engagements that promote investment opportunities led by the private sector. From government, what they asked for was improvement in the enabling business environment.
“The effort of government in recent years has been on improving the business environment and initiatives, such as this, driven by the private sector, to attract investment from the diaspora is one of the key things they asked for,’’ he said.
The Vice President expressed delight with the new CBN policy that makes it easier for Nigerians in diaspora not just to transfer funds to Nigeria but to have greater control over the funds they transfer to Nigeria.
He said that he is confident that when statistics would be released, there would be a material impact on the diaspora remittances from Nigerians to Nigeria.
What you should know
- It can be recalled that the CBN in an earlier circular dated March 5, 2021, stated its new forex policy initiative that all recipients of diaspora remittances through the apex bank’s licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow as an incentive.
- This means for instance if an individual sends you $10,000, you will get an additional special credit alert of N50,000.
- The new policy initiative which is with effect from Monday, March 8 and end on Saturday, May 8, 2021, states that this incentive is to be paid to recipients whether they choose to collect the US dollar as cash across the counter in a bank or transfer same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.”
BUA commences legal action over allegations of involvement in $20 million bribe scandal
BUA has urged stakeholders and the public to disregard malicious, baseless allegations circulating in some news media concerning its OML 110.
The management of BUA Group has commenced legal actions against parties involved in spreading spurious allegations of corruption and involvement in a $20 million bribe scandal.
The leading conglomerate revealed that the corruption allegations which were published by some Nigerian news channels allegedly attributed to a purported statement by Alhaji Ibrahim Mai Deribe and Cavendish Petroleum with respect to BUA’s OML 110 as false, defamatory, malicious and libellous.
According to the statement published by the management of BUA, the Group had been duly contacted by Cavendish Petroleum as well as the alleged writer of the statement, Alhaji Ibrahim Mai Deribe and both parties have told BUA on the record that neither Cavendish, the Mai Deribe Family nor any of its Executives put out such a malicious statement.
The Group noted that the statement was made with the clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Alhaji Abdul Samad Rabiu.
BUA fingers Kainos MD as instigator of false allegations, commences legal action
An inhouse investigation conducted by the Group revealed that the source of the fraudulent news is Mr James Onyejekwe, the MD of Kainos Exploration and Production.
In reaction to this, BUA has therefore instructed its legal team to immediately commence criminal defamation proceedings against the MD of Kainos, the said originator of the malicious letter fraudulently attributed to Alhaji Ibrahim Mai Deribe, with damages.
The legal action will also extend to the online blog, blazenews.com.ng – which first published the unsubstantiated malicious news without a careful fact check in their duty of journalistic care, to confirm and clarify the source of such a weighty allegation.
The Group believes these actions are necessary, in order to protect the name and reputation of the manufacturing conglomerate, noting that there is no reason why Mr. James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.
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