Business
FG plans direct credit to vulnerable citizens through BVN
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Goverment, through the National Social Safety Nets Coordinating Office, is developing a Rapid Response Register to quickly scale up the enrolment of poor and vulnerable citizens.
She said this at the Open Government Partnership 2020 Virtual Leaders Summit Roundtable.
The event was to advance discourse and innovation around open response and open recovery measures in response to the COVID-19 pandemic.
According to her, data for the register are being sourced through primary and secondary sources, including the Nigeria Inter-bank Settlement System and the National Communication Commission database on mobile phone users.
In order to ensure transparency as well as mitigate corruption risks, the Minister said that payments would be made directly to the accounts of the individuals, using their Bank Verification Numbers.
Speaking on the Federal Government’s response to the COVID-19 pandemic under the leadership of President Muhammadu Buhari, the minister said, “Our response to the COVID-19 pandemic has been proactive, people-oriented and aimed at averting drastic economic decline and protecting our most vulnerable citizens.”
The minister added that the government was currently implementing a multi-sector economic sustainability plan.
According to her, a key priority for government is to deploy funds transparently, and in a targeted and efficent manner that maximises the impact, in keeping with the government’s commitment under the OGP national action plan.
She said, “This is especially important given our limited fiscal space and low domestic revenues.
“To this end, in addition to existing OGP measures around budgeting, citizens’ engagement, open contracting, anti-corruption and others, we have introduced measures to sustainability enhanced fiscal prudence and transparency.”
She explained further that Government had also established a technology-enabled result-based performance management framework to track expenditures under the ESP, including the fiscal stimulus package and other government interventions.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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