Business
FG approves banks to issue NIN Card to Nigerians
FG approves banks to issue NIN Card to Nigerians
The Federal Government says Nigerians can now request their commercial banks to issue them with a debit card which doubles as their National Identity Card at no extra cost.
Minister of Communications and Digital Economy, Prof Isa Pantami, who disclosed this on Wednesday in Abuja, said the approval was obtained at the meeting of the Federal Executive Council (FEC).
The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
He explained that the approval followed a memo from the National Identity Management Commission (NIMC) allowing banks to print a multipurpose debit cards that double as National identity cards.
He said: ”It is going to be a form of multipurpose card where it will serve as your national identity card on one hand and also your bank card on the other hand, either Mastercard, Visa or any other kind of card.”
According to Pantami, although the NIMC Act 2007 only mandates Nigerians to have a National Identity Number and not necessarily a printout card, demands for cards have swelled nonetheless.
“As in the NIMC Act 2007, section 27, what is mandatory for our citizens and legal residents is the acquiring of the National Identity Number, not the card. However, the card is optional.
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“But many citizens, particularly those living in rural communities, always go to NIMC offices complaining that they need the card at hand, even though it’s optional.
“To make it easier, NIMC last year, we introduced a smart ID card you can download from NIMC app. It is just a smart card. You don’t need to have it physically, but that is becoming difficult for our people living in rural communities.”
To ease the difficulty, Pantami said NIMC had partnered with the Central Bank of Nigeria ”so that citizens who are interested in having a card at hand can easily go to the relevant banks.”
According to him, the bank is permitted to print the card along with either Mastercard or Visa card.
”It is going to be a form of multipurpose card that will serve as your national identity card on one hand and also your bank card on the other. And based on the agreement, it is without any additional costs on our citizens.
“So when you apply for a card at your bank, you can indicate that ‘I want this card to be multiple purpose where it will serve as my bank card and also my national identity card’.
”Both of them are going to be printed on the same card and it is going to serve the same purposes without any additional costs,”
The Minister disclosed that NIMC and the CBN signed a nondisclosure agreement to protect the privacy and confidentiality of card applicants.
“NIMC and the central bank signed a nondisclosure agreement where your privacy and your confidentiality must be respected in the course of providing the card for you.
“When you apply for the card, the bank will apply online to NIMC through their database.
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”When they verify and confirm that your record in the database is in alignment with your record in NIMC database, it will be permitted and the card is going to be printed for you immediately,” the minister added.
The Minister also said that FEC also approved a memo proposing the deployment of an automated system to integrate NINs with individual SIM cards.
The system, he noted, would consolidate the implementation of the NIN-SIM linkage.
He said “As we all know that previous administrations made efforts to verify NIN and SIM starting from 2011 without success.
”In February 2020, President Muhammadu Buhari approved the implementation of the policy and the revised version of the policy was also launched and unveiled by Mr. President on May 6, 2021.
“As it stands today, the NIN and SIM policy registration is being implemented. In order to consolidate the implementation.
“The Nigerian Communications Commission came up with a proposal that will enhance the implementation of the policy and bring many more benefits to it.”
Pantami said the automated system would sanitise the database and ease the process of SIM replacement for Nigerians or legal residents.
platinumpost
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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