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The Central Bank of Nigeria (CBN) governor Yemi Cardoso says over $26 billion has passed through the crypto app Binance Nigeria in the last one year.
Cardoso said this on Tuesday after the MPC meeting in Abuja.
“In the case of Binance, in the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he told reporters in his first MPC meeting since assuming office as the CBN governor.
The CBN also raised the country’s Monetary Policy Rate(MPR) by four hundred basis points to 22.75 percent from 18.75 percent.
The MPR has been 18.75 percent since the last MPC meeting between 24th and 25th July 2023.
With inflation at 29.90 percent, he said the new MPR is part of moves to tackle the country’s inflation.
Cardoso who chairs the MPC also said the Cash Reserve Ratio(CRR) has been raised to forty-five percent while the liquidity ratio was left unchanged at thirty percent.
CBN Governor Yemi Cardoso briefs the press after the MPC meeting in Abuja on Tuesday, February 27, 2024.
Nigeria has been battling economic woes in recent months, but Cardoso said his team is not responsible for that.
“I laugh at that question but it’s not a laughing matter and I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution,” the former Lagos State Commissioner for Economic Planning and Budget said.
“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.
“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”
The Nigeria Labour Congress (NLC) has said that the ongoing protest aims to compel the Federal Government to halt obnoxious policies that have led to the economic crisis in the country.
The Congress lamented that the government’s draconian policies are killing workers and Nigerians in general.
The Kogi State Chairman of the NLC, Gabriel Amari said this on Tuesday at the national protest rally against economic hardship, hunger, poverty and insecurity in the country held in Lokoja.
Amari particularly mentioned that the protest is not a coup or threat to the Kogi State Government but a way of telling the world that Nigerians are dying.
He lamented that Nigerians have now turned to beggars because they can no longer take care of the basic needs of their families.
“We are here to tell the whole world that Nigerians are dying because of the draconian policies of the Federal Government. The adoption of IMF and World Bank policies that led to the devaluation of Nigeria’s currency has put the entire Nigeria in crisis.
“You can see that there is no food. There is hunger everywhere. People can no longer attend to their health needs or sponsor their Children to School. Nigerians have now turned to beggars because they can’t provide for their immediate family. People are losing their jobs on a daily basis.
“We can’t fold our hands in the same country we call ours for a selected few people to come up with policies that are dangerous and detrimental to the lives of Nigerians.
“That is why the leadership has come up with this protest to tell the whole world that we are hungry and the Federal Government should reverse their policies. The policies are against us” he stated.
The NLC Chairman, however, commended Kogi workers for coming out in large numbers to protest, insisting that the protest will continue tomorrow Wednesday in line with the national directive of the union.
Adding his voice, the immediate past Chairman of the NLC in Kogi State, Onuh Edoka while aligning himself with the positions of his successor, called on the Federal Government to fix the nation’s refinery, invest more in agriculture and fight corruption to the barest minimum.
According to him, “The Federal Government should know that people are dying because of the hardship in our country. We can’t pretend as if all is well with us. All is not well. Some policies of the government are anti-people, which must stop now. It is high time the Government holds the bull by the horns to fix our refineries, invest massively in agriculture and ensure that they kill corruption from our system”.
[NaijaNews]
Barrister Chris Agidy, the Senior Legislative Aide, SLA, to the lawmaker representing Delta North, Senator Ned Nwoko, who was kidnapped by bandits in 2023, has been killed.
The Federal Capital Territory, FCT, Police Public Relations Officer, SP Josephine Adeh, confirmed this to DAILY POST on Tuesday.
Recall that at least 19 persons were in November 2023 kidnapped from their homes in the Galadimawa area of nation’s capital by gunmen.
A report earlier emerged that 12 of the abductees were killed.
However, the identities of the deceased was not clear as the lawmaker and the security operatives continued efforts to rescue the lawyer.
Confirming the killing on Tuesday, the FCT PPRO said the lawmaker’s aide was killed by one of the wanted notorious kidnappers terrorizing the country’s capital city, Samaila Wakili.
Wakili was arrested on February 24 at the Sardauna Forest, in the Toto area of Nasarawa State, by police operatives.
The FCT PPRO said the suspect, upon his arrest, “led police operatives to where the remains of Barr. Chris Agidy is”.
She noted that “the remains was recovered and deposited in Gwagwalada General Hospital”.
[DailyPost]
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has said that the salary of the National Assembly members is not as much as Nigerians think and 50 per cent of it cannot be sacrificed to mitigate the suffering of the masses.
Amidst the ongoing economic crisis, some Nigerians have urged members of the National Assembly to take a significant step in alleviating the suffering.
One of the calls demanded the lawmakers to cut their salaries by half to demonstrate solidarity with the masses grappling with rising inflation, unemployment, and a general decline in living standards.
Responding to the call during an interview on Channels Television, the Deputy Speaker acknowledged the severity of the crisis and emphasized the need for intervention.
He also underscored the importance of sound policies that extend beyond mere pronouncements.
Kalu said that delayed gratification is essential for long-term gains, even as Nigerians endure the current hardships.
He assured the public that the 10th National Assembly was not indifferent to their plight, adding that they were prepared to make adjustments where necessary.
He explained that while salaries are fixed and form part of legislators’ compensation, allowances serve specific purposes related to their duties.
He added that spending allowances is strictly regulated, and any misuse can result in sanctions upon retirement.
He also said that contrary to popular belief, the salary of the National Assembly members fell short of public perception, noting that reducing it by 50 per cent would not significantly impact the public.
He said, “If we found out (just like we did during the COVID 19) that people are suffering and we need to intervene, we will make certain sacrifices to be able to identify with the people.
“I can assure you as well that we are not hoping that this crisis we are going through will linger for a very long time because when you have sound policies, it doesn’t end with just policy pronouncement; we need to give a timeline for the maturation of that policy and Nigerians are passing through a phase now in which delayed gratification for a better gain tomorrow is necessary.
“We don’t intend to make it last for too long. But if there’s the need to make some adjustments, I can assure you that the members of the 10th National Assembly are willing to make adjustments.
“But at the moment, talking about the salary of the members of the National Assembly, it’s not as much as people think. Salary is different from allowances, which are meant to do the jobs that the constituencies have sent us to do.
“Nobody is allowed to touch allowances, it’s your salary that belongs to you. Allowances have subheadings for things which they are meant for. If you use it wrongly, when you are retiring, you would be sanctioned for that.
“So talking about the salary of the members of the National Assembly, it’s far from what it’s supposed to be. And I can assure you that if you reduce it by 50%, it would not really impact the public.
“Based on current economic indices and the inflationary rate at the moment, what the members of the National Assembly are receiving cannot actively take them home to do their jobs in their various constituencies. So how could they cut their salaries by half?”
[DailyTrust]
The Joint Admissions and Matriculation Board (JAMB) has said the sale of Direct Entry (DE) registration nationwide and in selected foreign centres would commence on Wednesday.
The public communications advisor at JAMB, Fabian Benjamin, in a statement on Tuesday, February 27, said the registration process would start on Wednesday, February 28, and close on Thursday, March 28.
Benjamin noted that the sale of DE was open to foreign candidates desirous of tertiary education in Nigeria through the Direct Entry mode.
The JAMB spokesperson assured the public that the board will continue to ensure a level playing field for all candidates irrespective of status.
He, however, warned that the board would not process candidates’ applications from all awarding institutions that have refused to honour several requests for the verification of their A’level certificates presented by some candidates for the 2023 admission.
The statement said: “Candidates who are not awaiting results, must have uploaded their A’ level qualifications, O’level results and DE registration template at the point of registration as no DE candidates would be processed for admission until such claimed results are uploaded and verified by the awarding institutions on the Board’s Central Admissions Processing System (CAPS) mail platform.
“DE candidates, who at the point of registration are awaiting A’level results of IJMB/JUPEB/NABTEB, must have uploaded their Admission Letter and Registration Template at the point of registration. Applicants with Cambridge certificates for the pre-2018 examination year should visit Cambridge directly for verification.
“This verification exercise may take up to 28 days (as specified by the awarding body) after which the verification result would be forwarded to the Board. The verification would be reflected on the e-Facility profile of the DE candidate. Statement of results (in lieu of certificate) is accepted for registration only within three years of the date of award.
“The Board has also given a window of opportunity for upgrading from UTME to DE with a proviso for only candidates whose DE results have not been released at the point of UTME registration and who must have indicated at the point of registration that he/she is awaiting A’level results. The particulars of which he/she must have supplied and contained in the uploaded registration template.”
[TheNation]
The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country.
This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market.
The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday.
The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.
It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024.
The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.
“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.”
It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation.
“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added.
The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others.
Details later…
[Punch]
The Canadian Government has effected some changes for international students who want to study in Canada in 2024.
Canadian Minister of Immigration, Refugees and Citizenship, Marc Miller, announced these changes will affect from January 1, 2024.
The Canadian Government implemented a cap on study permits, proof of finances has been increased, and changes in postgraduate work permits for international students in 2024.
This piece aims to provide insights into the latest updates, ensuring that you are well informed about the changes affecting international students in Canada.
1. Temporary cap on study permits
With the bid to manage high application volume, Canada set a temporary cap of 360,000 new study permits for 2024. This signifies that the maximum number of Canadian student visas would be pegged at 360,000 for the 2024 intake.
2. Cost of living and increase in proof of finances
As a foreign student, you will be asked to show proof of finances if you are coming to study in Canada at your own expense. The minimum required financial proof of support has risen from $10,000 to $20,635 for all provinces except Quebec, effective January 1, 2024.
For Quebec, the minimum is now $15,078 (except for students under 18, who require $7,541).
If you are looking for scholarships to study in Canada then please check out the BS MS PhD Scholarships in Canada in 2024.
3. Changes to Post-Graduation Work Permit (PGWP)
Under the new Canadian rules, Master’s degree graduates will now be eligible for a 3-year PGWP, effective September 1, 2024. Graduates of master’s degree programs, even if less than two years in duration, also qualify for a 3-year PGWP.
Students enrolled in programmes under curriculum licensing agreements will no longer be eligible for PGWP after graduation, starting September 1, 2024.
4. Part-time working hours limit extended
The temporary 20-hour work limit exemption during studies has been extended until April 30, 2024.
5. Spouses of open work permit international students
Spouses of international students with a study permit cannot directly apply for an open work permit anymore. They need to apply for a closed work permit tied to their spouse’s employer.
[Vanguard]
The Peoples Democratic Party (PDP) and the Labour Party (LP), two significant opposition groups, have endorsed the ongoing two-day protest of the Nigeria Labour Congress (NLC).
This endorsement comes just as the ruling All Progressives Congress (APC) expressed worries about possible protest hijacking.
Punch Newspaper reports that the opposition parties on Monday argued that the hardships faced by the people on the economic front are sufficient to motivate them to join labor unions in protest of the Federal Government’s insensitivity.
Naija News recalls that NLC president Joe Ajaero had threatened a total economic shutdown if any of the protesting members were attacked at Tuesday’s demonstration.
His threat also comes only a few days after the Department of State Services urged labor to put the protest on hold due to concerns that it would be hijacked by fifth columnists and used to wreak havoc across the nation.
However, the PDP’s Deputy National Publicity Secretary, Abdullahi Ibrahim, told newsmen that the populace is always prepared to oppose any policies that are against the interests of the people.
Ibrahim said, “Labour has always been consistent in terms of expressing their misgivings because they are the ones interfacing with the workers. So it is not going to be the first time. I doubt if there is any government since Independence that has not contended with the protest or expression of agitation by labour.
“So the NLC is justified. The PDP agrees with labour. The reality on the ground defies human comprehension. You cannot expect Nigerians to fold their hands because it is an APC government that is in place. The NLC stormed the streets when it was the PDP. They did the same during the military regime. I don’t see any rationale for anybody to think the NLC is out to frustrate this government.
“The people have never been worse off as we are seeing it today. Purchasing power in the country has declined to an all-time worse. The inflation rate is also high. “Everybody should come out for this protest, including labour, civil society organisations and traders. The PDP is absolutely in support of this protest.”
A spokesman for the Labour Party Campaign Organisation, Yunusa Tanko, emphasized that people have the right to express their dissatisfaction with anti-people policies.
Tanko said, “Obviously, some policies of this government are anti-people. We are talking about a government that promised people palliatives and failed to provide them. Is it not this same government that promised civil servant increment of salary? The people are yet to see it.
“The question is how long will this government continue to use the instrumentality of law to stifle the voices of the masses? For us in LP, the protest is justifiable. In fact, the NLC needs to take it further by demanding Constitutional review including that of the Electoral Act reform that is not giving us the right kind of leadership we want.
“Because of this, INEC is still under the whims and caprices of the Federal Government hence they cannot independently conduct elections. The people are tired and definitely have the right to speak up.”
However, the ruling APC voiced fear that the demonstration could derail if it is hijacked.
APC’s spokesperson, Bala Ibrahim stated that President Bola Tinubu directly addressed the suffering of the people in several of his broadcasts, demonstrating his awareness of their plight.
Ibrahim said, “The beauty of democracy is that it allows people to register their dismay or dislike where they feel the government is not doing well. But there is a proviso. In doing that, they must know that the right to protest is theirs. But that right stops where other people’s own begins.
“In a situation like this, the government has been honest enough to admit that indeed there is hardship in the land and people are going through distress. But circumstances necessitate the introduction of certain reforms with a view to getting certain solutions. It is like someone who has a fracture or dislocation. When he comes to fix it, there will be pain everywhere.
“I agree the country is in a state of unease. But the government is not insensitive to the feelings of the people just as the president admitted. Tinubu has made a broadcast where he said he felt the pains of the people from Lagos to Kano and every nook and cranny of the country. We don’t want this protest to be hijacked.
“The NLC should have a rethink. Let’s not do something that will be injurious simply because we want to play to the gallery. This protest is ill-timed. We implore them to give the FG a benefit of doubt and see what is being done. But certainly, things are being done that are in line with the yearning of the people.”
The Nigeria Labour Congress (NLC) has said the two-day nationwide protest by its members is about hunger and the economic hardship in the nation.
The National President of the NLC, Joe Ajaero, made this known while speaking with reporters on Tuesday in Abuja.
He said contrary to the claim made by the Presidency that the ongoing protest is needless and about the minimum wage review, the union is not protesting only about the review of the country’s minimum wage.
Ajaero also accused the Federal Government of failing to meet the demands of the union since the removal of fuel subsidy, which has led to a rise in the cost of living.
He said, “You have to understand it. This protest is about hunger. What of those who are not working? The minimum wage, when will it be completed? When will it be implemented? What will be the minimum wage that will remove hunger?
“The UN said that every the poorest man should be fed on $2 per day. That’s the poorest. And if you have a family of six people, $2 per day by six is $12,” he said while addressing the press in Abuja.
“In a month, you have $360 which translates to about N700,000. Is that the minimum wage you’re talking about? Is that what will feed you? That’s feeding alone. I’m not talking about transportation and accommodation. So what are we saying? What about medical? What are we saying?
“Well, you know, we don’t, we don’t tell them what to do. We will tell them how we feel. There was hunger in the land, but it wasn’t this bad until deregulation. And then after the regulation, we proposed all that we needed to. If they had solved the problem of transportation immediately, they would have solved almost 50% of the problem.
“Because even when you process garri in the village, you need to transport it to town. The expenses you incurred on transportation, you add it to the cost of garri.
“So the moment they touch PMS, you can’t fill your tank with N30,000, N40,000. So the moment they touched it. We said, ‘OK, bring CNG buses. This is 7-8 months, no one bus is on the street.
“So we have provided all those solutions, even the cash transfer. They are still telling us now that they will start the cash transfer and they were playing politics with it that they were diverting it to their accounts. After today, we review our situation.”
A yet-to-be-ascertained number of persons have been trapped following the collapse of a building under construction in the Ochanja market in Onitsha, Anambra state.
The cause of the collapse, which happened on Monday evening, is yet to be determined.
Chukwuma Soludo, governor of the state, who visited the site on Tuesday, said five casualties have been recorded so far.
Soludo described the incident as tragic and one “that was not supposed to happen”. He disclosed that 26 individuals had been rescued and hospitalised, with rescue efforts ongoing to locate those still trapped under the rubble.
“The contractor at his own cost will come and put down the illegal buildings he erected here,” the governor said.
“They are all going to come down. My government did not approve of this building. We will redesign this area and build it properly.”
He added that other buildings constructed without proper approval will be demolished, including structures currently under construction at other markets.
“A comprehensive inventory of buildings in Anambra markets and public places will be conducted,” Soludo said.
“Markets will undergo integrity tests to identify and remove potentially unsafe structures, and individuals found responsible for illegal construction will face legal consequences.”
The governor also assured that the hospital bills of those receiving treatment will be offset by the government, and expressed condolences to the families of those who lost their lives.
[TheCable]
More...
A yet-to-be-ascertained number of persons have been trapped following the collapse of a building under construction in the Ochanja market in Onitsha, Anambra state.
The cause of the collapse, which happened on Monday evening, is yet to be determined.
Chukwuma Soludo, governor of the state, who visited the site on Tuesday, said five casualties have been recorded so far.
Soludo described the incident as tragic and one “that was not supposed to happen”. He disclosed that 26 individuals had been rescued and hospitalised, with rescue efforts ongoing to locate those still trapped under the rubble.
“The contractor at his own cost will come and put down the illegal buildings he erected here,” the governor said.
“They are all going to come down. My government did not approve of this building. We will redesign this area and build it properly.”
He added that other buildings constructed without proper approval will be demolished, including structures currently under construction at other markets.
“A comprehensive inventory of buildings in Anambra markets and public places will be conducted,” Soludo said.
“Markets will undergo integrity tests to identify and remove potentially unsafe structures, and individuals found responsible for illegal construction will face legal consequences.”
The governor also assured that the hospital bills of those receiving treatment will be offset by the government, and expressed condolences to the families of those who lost their lives.
[TheCable]
A Senior Advocate of Nigeria (SAN), Ebun-olu Adegboruwa, has asked President Bola Tinubu to begin the implementation of the Orosanye report by reducing the size of his cabinet.
Naija News reports that the decision to implement the Oronsaye report was taken on Monday at the Federal Executive Council (FEC) meeting, which was chaired by President Tinubu.
The Orosanya report recommended, among other things, discontinuing government funding of professional bodies and councils to free funds for capital projects.
It established that there are 541 Federal Government parastatals, commissions and agencies (statutory and non-statutory) and recommended that 263 of the statutory agencies should be reduced to 161, while 38 agencies should be abolished and 52 should be merged.
The panel also recommended that 14 of the agencies should revert to departments in ministries to pave the way for a leaner government.
Speaking with TheCable on Monday, Adegboruwa said the cabinet size was too large, calling on the President to begin the full implementation of the report with the presidency.
Adegboruwa said there is too much wastage within the bureaucracy, which requires urgent curtailing, especially in this era of technological advancement.
The senior lawyer, however, hailed the President for directing the full implementation of the Oronsaye report to reduce the cost of governance.
He said: “I must commend him for the courage to implement that report. There is too much wastage within the bureaucracy especially now in the deployment of technology.
“There is a lot that can be achieved through such harmonisation. But the president must start the implementation from his cabinet. Charity should begin at home.
“The size of the present cabinet is unwieldy. For him to embark on the implementation of the Oronsaye report concerning other agencies and leave the presidency in the bloated manner it is will not achieve the desired purpose.
“The president should set a good example by merging all those ministries that have no impact.
“The president should also cut the number of aides that follow him on official trips. That is the right message to send to the people of Nigeria.”
The Peoples Democratic Party (PDP) has announced that it would present a Certificate of Return to its Edo State governorship candidate, Asuerinme Ighodalo, today (Tuesday).
The party’s National Publicity Secretary, Debo Ologunagba, disclosed this in a statement on Monday in Abuja.
The statement said the party also commended all leaders, critical stakeholders, and members in Edo State for the peaceful and successful conduct of the governorship primary election.
The statement read, “Following the successful completion of the Edo State governorship primary election and the ratification of the exercise by the appeal panel, the National Working Committee of our great party, the Peoples Democratic Party, hereby announces the presentation of the Certificate of Return to Dr Asuerinme Ighodalo, the elected candidate of our party for the September 21, 2024 governorship election in Edo State.
“The Certificate Presentation ceremony is scheduled as follows: Date: Tuesday, February 27, 2024; Venue: National Executive Committee (NEC) Hall, Wadata Plaza, PDP National Secretariat, Abuja; Time: 12 noon.
“The national leadership of the PDP commends all leaders, critical stakeholders, and members of our party in Edo State for the peaceful and successful conduct of our governorship primary election in the state.
“The NWC charges all members to be guided by the above-stated date and time and continue to work together to ensure victory for our party and candidate in the forthcoming election.”
The party was, however, silent about the fate of the state deputy governor, Philip Shaibu, who emerged as the candidate in a parallel primary held on the same day.
The Federal Government on Monday said it would extend its social security payments net to graduates with qualifications from NCE and upwards.
Addressing journalists after the Federal Executive Council meeting on Monday, the minister of finance and coordinating minister of the economy, Wale Edun, disclosed that the programme would see unemployed Nigerian youths being paid stipends.
“At this period of heightened food prices, Mr. President has committed to doing all that can be done to assist in giving purchasing power to the poorest and in that line.
“He has committed and instructed that the Social Security unemployment programme be devised, particularly to cater for the youth, for the unemployed graduates, as well as the society as a whole.
“So, we have coming, in the nearest future, an unemployment benefit for the young unemployed, in particular,” the Minister announced.
Similarly, Edun said the FG will urgently establish a consumer credit scheme to alleviate the pains of economic adjustment.
He explained that the Chief of Staff to the President, Femi Gbajabiamila, will lead a committee that includes the Minister of Budget and Economic Planning, the Attorney-General of the Federation and himself, the Coordinating Minister of the Economy.
“There is coming a social consumer credit programme. By making consumer credit available, goods become more affordable, the economy even gets a chance to revive faster, because people have purchasing power that allows them to order goods, products,” he stated.
Edun also spoke on the review implemented by the Special Presidential panel on the National Social Investment Programme, which has submitted a preliminary report to the president.
He noted that the president gave the highlights to the Council meeting noting that what was done was “a review of the existing mechanisms, a review of the existing programmes, and where there have been successes, such as the 400,000 beneficiaries of the GEEP programme.”
He added, “So, the direct payments to 12 million households comprising 60 million Nigerians is to resume immediately with the important proviso that every beneficiary will be identified by their national identity number and the bank verification number.
“Therefore, payments will be made into bank accounts or mobile money wallets. So, that whether it is before or after, there is verification of the identity of beneficiaries.
“Each person that receives 25,000 Naira for a total of three months will be identifiable, even after they have received the money, it will be clear who it went to and when it went to them. And that is the big change that has allowed Mr. president to approve the restart of that direct payments to beneficiaries programme.”
On his part, the Minister of Communications and Digital Economy, Dr Bosun Tijjani, explained that beneficiaries would be vetted through their Bank Verification Number and National Identity Numbers to avoid multiple payouts to one individual.
He said, “One of the initial moves that we’re making is leveraging the existing dataset that we have on our people. As you know, the BVN is well known to be extremely credible. NIN on the other side, which is now the most popular data identity system for Nigeriansm, is also to a largest and credible, and it covers quite a significant number of people as well.
“And what we’re looking to do here is the triangulation of this data set to ensure that not only are we using the register that has been properly populated, but that we also do proper verification of every individual that will benefit from that social investment programme, which means we will get commitment to ensuring that no one is paid twice, because you have to be properly IDed before you can benefit from that programme.”