Nation
CBN, SEC, Others To Lift Financial Sector With Fresh N1.54tn Investment
Federal Government Ministries, Departments and Agencies, especially financial services regulators are to invest N1.54tn in five years to boost liquidity in the financial services sector.
According to the Federal Government National Development Plan 2021-2025, the government is planning to raise the liquidity thresholds in each segment of the financial system to the levels that will support the growth and development of the country.
The investment is also expected to strategically optimise all components of the nation’s balance sheet to unlock the liquidity required to support the stability, growth and transformation of the economy.
The Federal Government said it wants the total value of the payments system to be worth 500 per cent of the GDP by 2025, while the total private sector credit as a percentage of the GDP is expected to increase from 13.21 per cent to 25 per cent.
According to the document, the investment of these government institutions will be leveraged to organise and support the private sector to realise the goals of the NDP.
The NDP adds that private operators, such as banks, insurance companies, exchanges, and others in the various segments of the financial sector will be coordinated to invest and achieve their objectives.
Consequently, the Ministry of Finance, Budget and National Planning; Ministry of Industry, Trade and Investment; Infrastructure Concession Regulatory Commission; Central Bank of Nigeria; Securities and Exchange Commission, National Insurance Commission; National Pension Commission, and others have been tasked with raising the amount to raise liquidity thresholds of the financial sector over the five-year period.
The NDP read in part, “Achieving the stated objectives for this sector requires huge investments coming from relevant MDAs and industry players. For instance, core ministries like the Ministry of Finance, Budget and National Planning and the Ministry of Industry, Trade and Investment as well as Infrastructure Concession Regulatory Commission that are directly allocated capital expenditure from the budget will make investments in this sector to achieve the objectives.
“This will occur at the sub-national level. Estimated total public investment to the sector during the plan period is N1.54tn. In addition, the primary regulators of each of the financial sector components will contribute to such investments.
“These agencies include the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, and the National Pension Commission. Operators in the financial sector will also invest to achieve the goal of the Plan for this sector.
“Some of these players that are government-owned are largely the DFIs, including the Bank of Industry, Development Bank of Nigeria, Bank of Agriculture, Nigeria Export-Import Bank, Infrastructure Bank of Nigeria and Nigeria Sovereign Investment Authority.”
The NDP document shows that the nation will continue to leverage the support of its development partners such as the World Bank, International Monetary Funds, African Development Bank, African Finance Corporation and International Finance Corporation.
According to the Federal Government, the post-COVID-19 economic recovery demands aggressive resource mobilisation for private and public sector investments, adding that a robust domestic financial sector and capital market are very critical as external investment inflows have tightened due to the broader uncertainties in the global economy.
Nation
Group Honours DPO
A non- governmental organisation under the aegis of South South Media Association has presented an award to the Divisional Police Officer, Omoku ,CSP John Ladan.
The event which held recently in Omoku in Ogba/ Egbema/Ndoni Local Government Area of Rivers State, saw the attendance of top ranking officers and well wishers who gathered to celebrate an icon.
Presenting the award, the Chairman of the group, Kio Hopeson, said following the DPO’s selfless service to humanity, peace and development of the society, the group found him worthy to receive the award.
Hopeson hinted that the award had long been overdue, as his posting to Omoku had brought about peace, social harmony and drastic reduction of crime, saying, his open door policy and ensuring that every stakeholder is carried along in the fight against crime, was a contributing factor.
He said their investigation revealed that the people were extremely pleased with the reduction of crime under his watch in the area, stressing that his effort to interface with everyone has boosted the cooperation between the police and the residents.
On his part, the recipient, CSP John Ladan thanked the group for the honour done him.
The DPO expressed his gratitude to God and the Commissioner of Police for the support given him to serve.
He urged the people to see the police as friends as their job is protection of lives and property.
Nation
Rivers Begins Screening Of National Health Fellows
As part of efforts towards enrolment into the National Health Fellows programm of the Federal Government, the Rivers State Government in partnership with the World Health Organisation, (WHO) and other development partners has started the process of interviews for the selection of health professionals to be enrolled into the programme.
The National Health Fellows Programme is an interventionist initiative by the Federal and State Governments following the declaration of a state-of-emergency on the health sector by President Bola Ahmed Tinubu in 2023.
The initiative is aimed at reducing the physical and financial burdens on health-seeking Nigerians.
Briefing newsmen in Port Harcourt, the Acting Director, Research and Planning, Rivers State Ministry of Health, Dr Juliane Nwoke, who spoke on behalf of the State Commissioner for Health, Dr Adaeze Oreh said the programme is expected to enrol 774 persons representing each of the local government areas in the country.
In Rivers State, she said 23 persons are expected to emerge from the 69 shortlisted candidates, adding that already, nine persons have been interviewed, adding that the successful candidates would be engaged by the Federal Government for a period of one year to support the provision of healthcare services especially public health at both local, state and national levels.
She explained that core areas of competencies of shortlisted candidates includes public health, proficiency in Information and Communication Technology and data management.
“We have interviewed already, about nine candidates and by the end of today, we’ll be interviewing about 29 candidates.
“The interviews will end officially today for Rivers State because we are expected to interview 69 candidates.
“Specific competencies were considered in the selection process with interest on competencies in public health, ICT and data management, so we received the shortlist of candidates which we expect are based on these competencies.
“As you may know, there is a global and local shortage of manpower, so the 23 who qualifies in this round will add to the skilled manpower that is needed to drive healthcare delivery.
“As per impact, this fellows would be engaged directly by the Federal Government for a period of one year to support healthcare delivery and population health management at the local government, state and perhaps national levels, working directly from their LGAs,” she stated.
Dr. Nwoke assured shortlisted candidates of fairness in the screening process, maintaining that only the best will emerge at the end of the exercise.
John Bibor
Nation
NCSU Rejects Supreme Court Judgments …Says Nigeria Drifting To Banana Republic
The Nigeria Civil Service Union(NCSU) has described as unacceptable, callous, wicked and cruel the judgments and pronouncements of the Supreme Court last Friday, concerning Rivers State political crisis, saying they are nothing to write home about.
This is even as the union has said Nigeria is fast drifting to a Banana Republic, where the rule of law is not upheld but thrown overboard.
The union equally took to the cleaners the Justices, who gave the judgments and pronouncements, for allegedly mortgaging their consciences, and urged Rivers State Governor, Sir Siminalayi Fubara not to obey the judgments until such a time that the case bordering on the defection of the 27 pro-Wike lawmakers, pending at the Court of Appeal is dispensed with.
The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who canvassed this position in an interview in Port Harcourt, particularly described the judgment ordering the Central Bank of Nigeria(CBN) and the Accountant General of the Federation not to release the Federal Allocations of Rivers State as not only callous and wicked but cruel and self-serving.
He said civil servants in the State in particular reject the judgements and pronouncements of the apex court in their totality, and enjoined them to rise up against all plots and machinations to unseat the Governor, as a demonstration of their love, support and solidarity for him, contending that folding their arms and watching the plots to succeed, would amount to giving the enemies of the State a free rein to overrun the State.
He said the workers firmly believe that those fighting Governor Fubara, are not only fighting him but the people of the State, and enjoined them to rally round the Governor, who he noted has put smiles on their faces within the short period he has been in office.
Osumah noted that the Supreme Court judgments and pronouncements are an attempt by enemies of the State to pull the hands of the clock backwards, considering the monumental achievements of the Fubara administration so far.
He said it is unfortunate that the Justices who handed down the judgments and pronouncements, have through their actions and inaction, desecrated the sacred temple of justice, and by so doing making the judiciary a laughing stock in the eyes of the world, instead of elevating it in such a way that it becomes the much-acclaimed last hope of the masses and the common people in the country.
He decried a situation where the country’s judiciary has rather degenerated to a level where the highest bidders have held it hostage, at the expense of the ordinary people, saying it is a strong indication that the country is fast drifting to a Banana Republic, where the rule of law is bastardised and thrown overboard.
According to him, the judgements and pronouncements portend grave danger for the State and the people, as they are a recipe for chaos, confusion and unabated crises.
Osumah further lamented a situation where the case bordering on the defection of the Martin Amaewhule-led lawmakers is relegated to the background while other contending issues are given undue preference and preeminence, saying the defection case is rather the kernel and pivot on which every other matters concerning the political crisis in the State gravitate.
The labour leader, therefore, stressed the need for the execution of the Supreme Court judgments and pronouncements to wait, pending the final determination of the defection suit, describing as hasty and preposterous the issuance of a 48-hour ultimatum to Governor Fubara by the 27 pro-Wike lawmakers, to present before them the 2025 Budget of the State.
Osumah equally reminded civil servants in the State that the time has come for them to boldly rise up and defend one of their own, and never allow the shenanigans of the old order to overwhelm and subject them once more to the throes and pangs of penury, poverty and needless suffering and hardship.
He recalled with glee that Governor Fubara has wiped away their tears, by not only providing a conducive environment for them to operate but also making sure that their welfare needs are given top priority, thereby restoring and providing all that the enemies of the State had denied them in the past.
While reiterating that the entire workforce in the State vehemently reject the judgments and pronouncements of the Supreme Court, Osumah said the apex court has through such judgements and pronouncements, declared war against the State and her people.
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