Peter Obi, former Vice Presidential candidate of the Peoples Democratic Party PDP has advised the Federal Government of Nigeria on what to do to pull millions of people out of poverty.
The former governor of Anambra State, Peter Obi has said that pulling millions of Nigerians out of poverty is not rocket science, urging that Nigeria has multiple examples to learn from developing countries, instead of a transactional cash transfer.
Peter Obi when interviewed on Arise TV Tuesday Show stated that Nigerians living in poverty are being under-serviced by the government as the N5000 is not enough and does not address their demands for growth.
Obi said, “There are those who are earning $1.9 a day, approximately N800 a day, multiply by 30 days, which is N24 thousand naira, and you are paying them N5000 (GEEP).
“So we are paying them 40% of what they live on daily, worse, it is going to be paid for 6 months.”
He added that there are clear and tried examples to pull people out of poverty, which needs to focus on monetary stimulus and small enterprises.
“If you want to pull people out of poverty, there are clear examples that are universal.
“We need to have a properly, articulated, physical and monetary stimulus to support micro, medium and small enterprises, to be able to pull people out of poverty.
“To pull them out of poverty, they need a job, that will pay at least N25,000 a month, (above $1.90 a day).
Obi added, that in 2008 he went on a tour in Bangladesh to study how they implemented policies that lifted its HDI and per capita income.
“It is not government-driven. When it’s government-led it becomes transactional. Micro Credit Banks were meant to be domiciled in rural communities that can identify the poor. The policy was driven by an organization that was set up by the communities.
“The farming villages in Bangladesh had farming clubs where the government buys what they produce for export. They are given a small cash grant and a school for the kids.
Bangladeshi literacy rate was 58%, today it’s 75%. Today HDI is at medium from low.
He disclosed that within the same period, in 2008, Nigeria’s per capita was $2,240, and today it $2220.
“We lost $20 in 12 years, literacy rate and HDI was low and still low today because no articulated policy that people can measure.
“Pulling people out of poverty is not rocket science, it is done in some countries, he said.
Mr. Obi said that the aid of Microfinance banks would make it more efficient in lending money to the poor because they will lend it to those who need it and have the capacity to pay back.
He adds that even if the FG wants to distribute it away, the MFBs have facilities that are more efficient and would do it better than the way the government is doing it.
We’re not aware of currency printing – Finance ministry CBN
The Central Bank of Nigeria – CBN, has denied knowledge of claim that Nigeria printed billions of naira last month to cushion its financial trouble.
This came, after the Edo State Governor, Godwin Obaseki, alleged that Nigeria printed Sixty Billion Naira, N60bn to augment what the three tiers of government shared in March.
Obaseki reportedly stated on Thursday that Nigeria was in a huge financial trouble, alleging that the Federal Government printed N60bn in March as part of federal allocation last month.
The Edo governor also expressed worry over the country’s increased borrowing, saying it was wrong to continue borrowing without a tangible plan for debt repayment.
When contacted to comment on the development, the spokesperson of CBN, Osita Nwanisobi, told one of our correspondents that he was not aware of any N60bn that was printed.
“I am not aware of that (N60bn printed by government,” he told our correspondent on Saturday.
Similarly, when contacted to speak on the N60bn that was allegedly printed in March 2021, the Federal Ministry of Finance, Budget and National Planning said enquiries on the matter should be directed to the governor who made the allegation.
The media aide to the finance minister, Yunusa Abdullahi, said the Edo State governor or the CBN should be contacted.
“Please direct your questions to the governor who made the claim or the CBN,” he told our correspondent.
NSE resumes from holidays with N78bn loss
The Nigerian stock market resumed after the Easter public holidays on Tuesday with a loss of 0.39 per cent due to persistent bearish trend.
Specifically, the All-Share Index lost 150.13 points or 0.39 per cent to close 38,766.61 compared with 38,916.74 achieved on Thursday.
Also, the market capitalisation lost N78bn to close at N20.28tn from N20.361tn achieved before the break on Thursday.
The market loss was driven by price depreciation in large and medium capitalised stocks, amongst which are Guinness Nigeria, MRS Oil Nigeria, Guaranty Trust Bank, BUA Cement and Aluminium Extrusion Industries.
Market sentiment turned negative with 21 laggards, relative to 14 gainers.
MRS Oil led the losers’ chart in percentage terms by 9.92 per cent to close at N10.90 per share.
Aluminium Extrusion Industries followed with a decline of 9.88 per cent to close at N7.30, while Consolidated Hallmark Insurance shed 9.38 per cent to close at 29k per share.
Sterling Bank shed 8.65 per cent to close at N1.69, while Guinness Nigeria depreciated by 8.08 per cent to close at N33 per share.
Conversely, Eterna dominated the gainers chart in percentage terms, gaining 9.91 per cent to close at N5.99 per share.
Linkage Assurance followed with 9.72 per cent to close at 79k and Royal Exchange rose by 9.09 per cent to close at 36k per share.
Japaul Gold and Ventures appreciated by 8.89 per cent to close at 49k, while FCMB Group gained 4.59 per cent to close at N2.96 per share.
Also, the total volume of trades declined by 6.19 per cent with an exchange of 224.59 million valued at N2.14bn in 4,675 deals.
This was against 239.42 million shares worth N2.32bn exchanged in 4,445 deals on Thursday.
Transactions in the shares of UACN topped the activity chart with 34.05 million shares valued at N337.61m.
Access Bank followed with 26.35 million shares worth N214.93m, while FBN Holdings traded 18.93 million shares valued at N137.44m.
Zenith Bank traded 16.59 million shares worth N364.34m, while Fidelity Bank transacted 15.31 million shares valued at N39.15m
PMS: we can’t continue to bear N120bn monthly subsidy – NNPC
The Group Managing Director of Nigeria National Petroleum Corporation NNPC, Mele Kyari, says the corporation can no longer bear the over N120 billion monthly subsidy for Premium Motor Spirit (PMS).
This was disclosed, during the weekly media briefing organized by the Presidential Communication Team at the State House, Abuja, on Thursday.
According to the GMD, the actual cost of importation and handling charges amounts to N234 per litre, while the government is selling at N162 per litre.
He also stated that the NNPC absorbs the cost differential which is recorded in its financial books. Kyari, however, said that since NNPC could no longer bear the cost, sooner or later Nigerians would have to pay the actual cost for the commodity.
According to the GMD, the NNPC pays between N100 billion and N120 billion a month to keep the pump price at the current levels. He said that market forces must be allowed to determine the pump price of petrol in the country.
“Our current consumption (evacuation) from our depots is about 60million litres per day. We are selling at N162 a litre. Current market price is 234, actual market price today.
“The difference between the two, multiply by 60million, times thirty, will give you per month.
“This is a simple calculation you do. If you want exact figures from our book, I do not have it from this moment but it’s between N100billion and N120billion per month.
“We are putting the difference in the books of NNPC and we cannot continue to bear,’’ he said.
The Minister of State for Petroleum Resources, Timipre Sylva, who also spoke at the event, expressed the hope that the Petroleum Industry Bill (PIB) would be passed into law in April.
According to him, efforts are being made by the legislators to complete work on the bill and pass it, in line with the aspirations of critical stakeholders in the petroleum sector.
“The National Assembly has expressed the intent to pass the PIB into law by April 2021, every effort is being made to support the National Assembly to meet this target,” he said.
While enumerating the gains of the PIB to Nigerians, the minister said it would create additional infrastructure across petroleum value chain. He added that it would increase petroleum activities as well as enhance the livelihood of inhabitants of oil producing communities.
He said the bill would create additional infrastructure across the petroleum value chain especially from mid-stream and down-stream. He added that critical infrastructure would also be developed, while utilising the incremental revenue from increased petroleum activities.
Sylva said it would also provide additional infrastructure in the host communities arising from the host community trust. The minister further stated that more businesses would be set up to support increased activities within the petroleum value chain.
“Greater confidence would be engendered with certainty in the petroleum industry, which will lead to increased investments.
“Nigeria will occupy its place among commits of nations who have updated their petroleum industry laws in line with current realities.
“The bill will also enable a structured monetisation of fossil fuel resources before the whole world turns to renewables.
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