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Business

FG announces implementation of increased payment for pensioners from May

This follows the Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the 2019 new minimum wage.

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Protesters trap Finance Minister as Nigerian Airways pensioners take fight to Abuja

The Pension Transitional Arrangement Directorate (PTAD) has announced that the consequential adjustment of the new pension payment will commence from May 2021 payroll with the arrears taking effect from April 2019.

This follows the Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the 2019 new minimum wage.

This disclosure was made by the Executive Secretary of PTAD, Dr Chioma Ejikeme, in a statement at the press conference on the consequential adjustment to pension benefits from the implementation of the new minimum wage.

The Executive Secretary in her statement said that with this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.

The statement partly reads, “It is my immense pleasure to interact with you and brief you this morning. The Presidential approval for the implementation of the consequential adjustment to the pension benefits occasioned by the new minimum wage of 2019 has been granted and the circular released. With this approval, PTAD is now empowered to start the upward adjustment of all pensioners’ benefits according to the approved template.

The consequential adjustment of the new pension payment will start from the May 2021 payroll. The arrears will take effect from April 2019. PTAD will also commence payment of the arrears from May 2021.’’

In case you missed it

It can be recalled that on April 22, 2021, the Executive Secretary of PTAD, issued a press statement to inform the general public of the sincerity of President Muhammadu Buhari to implement the consequential adjustment on the pension benefits.

She emphasized that the Nigeria Union of Pensioners (NUP) have no reason to go on any protest because the matter was at the conclusive stage.

She pointed out that as an agency of government saddled with the mandate of overseeing the payment of pension benefits to pensioners under the Defined Benefit Scheme and taking care of their welfare, they are encouraged to do more for the pensioners and will continue to strive to improve the quality of their lives.

While telling the pensioners not to give their account details to anybody, the Executive Secretary also caution the senior citizens once again, that PTAD will not request any gratification from anybody before the money will be paid into their account.

She asked them to report any scammer or anyone requesting gratification before their benefits would be paid to PTAD.

 

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    Lagos says Lake rice will soon be back in the market

    The Lagos State Commissioner for Agriculture blamed flooding and the COVID-19 pandemic for the disappearance of Lake rice from the market.

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    CBN campaigns for Made-in-Nigeria products Lake rice

    The Lagos State Government has said that Lake rice, which is a collaboration between the Lagos State and Kebbi State Governments, is still in existence and will soon be back in the market on a big scale.

    This follows the sudden disappearance of the Lake rice due to the disruption caused by the Covid-19 pandemic and last year’s devastating flooding, which wreaked havoc on rice plantations in Kebbi and other northern states.

    This disclosure was made by the Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, during a ministerial briefing to commemorate the second year in office of Governor Babajide Sanwo-Olu, admitting that 3 years of seamless record of providing the rice for Lagosians was broken last year, as the brand disappeared from the market.

    What the Lagos State Commissioner for Agriculture is saying

    Olusanya in her statement said, “It is not that Lake rice is missing to the extent that it will not surface again. Lake rice is still in existence. I think we need to go back to a lot of things that happened last year. Lake rice was available last year in January and February, COVID-19 hit us in March and subsequently, we had issues around flooding, particularly in Kebbi.

    The impact of the flooding was grave on rice farms in the state. So, it is not so much about why it is not available, it is a function of why in the producing state there were so much issues of production and supply, for them to process and send to us,” she said.

    The commissioner further stated, “Kebbi is the number one producer of rice in Nigeria, so it only makes sense for Lagos to partner with the state to get processed rice.

    But part of the agreement also is that if Lagos State is setting up its own rice mill, the agreement is going to shift from receiving processed rice to receiving paddy rice for us to process in our mill. So, it’s not that the partnership has been terminated.

    She announced that once the state mill in Imota, Ikorodu is completed, the state would have its own brand adding that the 32 Metric tonnes per hour capacity integrated rice mill under construction is the biggest in Nigeria and in West Africa and at full capacity is capable of producing approximately 2.4 million (50kg) bags of rice for the over 22 million people in the state and for Nigerians as a whole.

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    Olusanya said that the mill will further create employment of approximately 267,580 jobs in the state at different stages of the value chain, reduce the cost of rice locally, enhance food self-sufficiency and revenue generation in the state and the country at large, as well as, ensure a sustainable supply of wholesome rice at an affordable price to the people in Lagos and its environs.

    What you should know

    The Lagos-Kebbi Rice christened Lake rice stemmed from the collaboration between Lagos and Kebbi State Governments and was launched at the Lagos House, Ikeja, Lagos on December 21, 2016, by the former Lagos State Governor, Mr Akinwunmi Ambode and his Kebbi State counterpart, Alhaji Atiku Bagudu.

    The partnership which culminated in the launch was not only designed to ensure food security but also to showcase Nigeria’s ability to become a rice-producing nation. The partnership was also part of initiatives aimed at helping Lagos State succeed in its goal of achieving 40% food security and self-sufficiency status by the year 2023 in addition to being less dependent on other states for food production.

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    Business

    CBN, others move to stop rejection of Nigerian crops by other countries

    CBN, government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

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    MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

    The Central Bank of Nigeria (CBN) in collaboration with the International Institute of Tropical Agriculture (IITA), government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

    This follows the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock which is expected to help achieve zero rejection of commodities exported from Nigeria.

    This disclosure is contained in a communique issued at the end of a one-day workshop organised in Abuja by Harvest Field Industries Limited and IITA, aimed at sharing results of aflatoxin levels in maize sampled nationwide under the CBN Anchor Borrowers Programme 2020 Wet Season Project.

    The workshop’s theme was ‘Scaling Solutions to Control Aflatoxin in Nigeria’s Crop Value Chain: The test results under the CBN Anchor Borrowers Programme 2020 Wet Season Project.’

    What the CBN, IITA, Others are saying

    The communique partly reads, “Also, it (the workshop) is to prompt concerted efforts towards the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock as required by global food quality standards.

    “Reduced aflatoxin prevalence will contribute tremendously towards achieving zero rejection of our export commodities and ensure food safety in Nigeria.”

    Other participants at the workshop apart from CBN, IITA and Harvest Field, included the Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drug Administration and Control, and the Standards Organisation of Nigeria.

    The list of participants in the workshop also includes the Federal Competition and Consumer Protection Commission, the Federal Ministry of Health, Value Seeds Limited, Maize Association of Nigeria, National Groundnut Producers Processors and Marketers Association of Nigeria, among others.

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    During the technical session, participants at the workshop recommended that the inter-ministerial committee on aflatoxin regulation and enforcement of food safety laws in Nigeria should be revived in addition to calls for the enactment of technical policy regulating the testing and enforcement of allowable aflatoxin limits in food and feed processing and distribution industries, among others.

    What you should know

    Aflatoxins are harmful toxins produced by certain fungi that are found on agricultural crops such as maize (corn), peanuts, cottonseed, and tree nuts. Their presence on some grains grown in Nigeria has prompted the rejection of these agro-products in the international market.

    In a bid to diversify the economy and ensure food security in the country, the federal government through the CBN and other government agencies and ministries have introduced various policies and measures to increase productivity in the agricultural sector, which is arguably the largest employer of labour in the country.

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