State governors responsible for rising poverty, not FG, says minister – Newstrends
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State governors responsible for rising poverty, not FG, says minister

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2 years ago

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The Federal Government has blamed state governors for the rising rate of poverty in the country.

Minister of State for Budget and National Planning, Clement Agba, gave this position at a press briefing in Abuja on Wednesday after this week’s Federal Executive Council meeting.

He said the governors prioritised the construction of heavy infrastructure such as bridges and airports in cities rather than improving the lives of the rural poor.

According to him, about 72 per cent of Nigeria’s poor live in neglected rural communities.

Agba said the governors had abandoned the critical demography, preferring to spend state resources on the capital cities instead.
He said, “The governors are basically functioning in their state capitals. And democracy that we preach about is delivering the greatest goods to the greatest number of people. And from our demography, it shows that the greatest number of our people live in rural areas, but the governors are not working in the rural areas.

“Right now, 70 per cent of our people live in rural areas. They produce 90 per cent of what we eat. And unfortunately 60 per cent of what they produce is lost due to post harvest loss and it does not get to the market.

“I think from the Federal Government’s side, we are doing our best. But we need to say that rather than governors continuing to compete to take loans to build airports that are not necessary, where they have other airports so close to them, or governors now competing to build flyovers all over the place, we appeal that they should concentrate on building rural roads so that the farmers can at least get their products to the market.”

Citing the findings of a recent survey he conducted across the 109 senatorial districts nationwide, the minister said Sokoto State ranked the highest on the poverty scale, followed by the oil-rich state of Bayelsa.
“The result clearly show that 72 per cent of poverty is in the rural areas. It also showed clearly that Sokoto State is leading in poverty with 91 per cent.

“But the surprising thing is Bayelsa being the second in terms of poverty rating in the country. So, you see the issue is not about availability of money. But it has to do with the application of money,” he said.

Agba lamented that despite the Federal Government’s intervention to alleviate poverty, the results did not reflect the amount of investment made in the area.

He said, “In the course of working on the national development plan, we looked at previous plans and asked why they didn’t do as much as expected. We also looked at the issues of the National Social Investment Programme.

“At the federal level, the government is putting out so much money but not seeing so much reflection in terms of money that has been put into alleviating poverty, which is one of the reasons the government also put in place the national poverty reduction with growth strategy.

“But if the Federal Government puts the entire income that it earns into all of this without some form of complementarity from the state governments in playing their part, it will seem as if we are throwing money in the pond.”

 

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

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10 minutes ago

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March 25, 2025

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Aviation workers threaten nationwide airports shutdown over Customs officer assault

Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).

In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.

The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.

The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.

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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.

“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”

In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.

 

Aviation workers threaten nationwide airports shutdown over Customs officer assault

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Business

SEC announces stricter measures to protect investors

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22 hours ago

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March 24, 2025

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Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy. 

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.” 

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

 

SEC announces stricter measures to protect investors

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Business

Bitcoin rises above $86,000 as crypto market gains momentum

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22 hours ago

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March 24, 2025

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Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus. 

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment 

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.” 

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

 

Bitcoin rises above $86,000 as crypto market gains momentum

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