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FCT Minister Canvasses Sustainable Pension Regime Across LGAs

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FCT Minister Canvasses Sustainable Pension Regime Across LGAs
Ramatu Aliyu, FCT Minister of State

FCT Minister of State Ramatu Aliyu has called for prompt payment of accrued pension benefits and efficient management of group life assurance scheme for retirees.

Aliyu made the call at a two-day retreat on pension management system organized by the FCT Area Council Staff Pension Board in collaboration with the National Pension Commission, on Thursday in Abuja.

The minister used the occasion to called on pension managers in the FCT Administration to eradicate delays in remittance of pension contributions, and also ensure timely compliance reporting and issuance of sanctions, where necessary.

Read Also: Borno Govt. Pays N12bn Pension Arrears To 3,000 Retirees

She called on stakeholders to come up with a workable solution to improve pension remittances and services in general.

While commending the giant strides of the FCT Area Council Staff Pension Board in developing a sustainable Service Charter to guide staff, stakeholders, and the public towards accessing pension services, she noted that provision of a sustainable service was in line with the present administration’s next level agenda anchored on good governance.

Akiyu tasked stakeholders and participants to assess the progress of the Contributory Pension Scheme in the FCT, with a view to making sacrifices towards a sustainable pension regime.

She urged the FCT Area Councils and FCTA agencies, to domesticate performance assessment towards effective service delivery in line with President Buhari’s directive to introduce performance measurement at all levels of administration.

The minister expressed confidence that the caliber of resource persons and participants, at the retreat, would guarantee a sustainable pension service delivery in the FCT.

Earlier, the FCTA Permanent Secretary, Mr. Olusade Adesola, said the retreat would improve efficient service delivery within the area councils, adding that the FCTA had always accorded top priority to pension issues.

Adesola, who called on the six Area Council chairmen in the FCT to take pension matters seriously, stressed the need for prompt remittances of all pension deductions to beneficiaries’ accounts.

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Economy

N-power Batch C Deployment: How Non-graduate Can Check Training Posting

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N-power Batch C Deployment: How Non-graduate Can Check Training Posting

It is no longer news that the Federal Government has announced the deployment of N-Power Batch C non-graduate tech-software beneficiaries.

However, while some of the beneficiaries have already checked their postings, Unmask NG understands that others were struggling to check theirs.

If you are one of the N-power beneficiaries having issues in checking their postings, follow the steps below:

1. Go to https://www.nasims.gov.ng

2. Click on the deployment page to see your training posting status.

NB: If you are posted, your training venue, training track, training main, training life skills, and remuneration details will be displayed.

It would be recalled that a few months after the inauguration of 510,000 Batch C1 graduate and non-graduate volunteers, a training portal had been opened for beneficiaries.

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Economy

Dollar To Naira: World Bank Tackles CBN On Forex Management

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Dollar To Naira: World Bank Tackles CBN On Forex Management

Dollar to naira alarming exchange rate has been a major issue causing setbacks for most businesses in Nigeria, and the World Bank has broken its silence about it.

In an interview published on Punch, Shubham Chaudhuri, World Bank’s Country Director for Nigeria, said the Central Bank of Nigeria (CBN) was deploying policies that don’t have the potency of addressing the lingering forex challenge.

According to Chaudhuri, even though the World Bank aligned with the CBN on the need to achieve price stability as one of its core mandates, it differed on the method and choice of policies in achieving this.

His words: “Nigeria, like many other countries, has gone through a very tough time, especially last year, with the price of oil falling, which had an immediate effect in terms of foreign currency inflows into the country because sales of crude oil are one of the biggest sources of foreign currency inflows into Nigeria.

“So, we recognise that in the middle of the economic crisis, Nigeria was under tremendous pressure, alongside the naira. One of the core mandates of CBN is price stabilisation. However, we differ with the CBN on how best this aim can be achieved.”

World Bank advises CBN on how to manage dollar to naira

For World Bank, it is not a smart thing to do for CBN to have multiple exchange rates, amongst other policies that bottle it up with pressures.

The World Bank director explained that it is pertinent for the apex bank to allow the naira to respond to pressures from market realities on its own.

“In the FX market, the way it works is to let the naira respond to very real pressures but in a way that let the steam off rather than bottle it. Because if you bottle it, the pressure does not get released, and at some points, there has to be a massive adjustment.

“Over the last year, the pressures have been building up. Finding ways to release some of the pressures by letting the naira adjust more gradually would help and keep the naira, in a long run, from depreciating by a very large amount,” he stated.

Chaudhuri also advised the central bank to adopt a more predictable, clear mechanism for the forex, as he expressed optimism that it would help in restoring and enhancing the confidence in the market.

“We haven’t had foreign portfolio investors come back to Nigeria since the COVID crisis, not at the levels that we saw earlier. Some of that has to do with what is happening to interest rates locally but some of that also has to do with their confidence – that if they do come into the market, they will be able to get the FX out again, repatriate their profits.

“What’s more concerning is foreign direct investors. FDI has not recovered. That also has to do partly with the level of confidence in terms of the ability to predictably access foreign exchange. While we understand and see what the CBN’s overall objectives are, we do differ on how those objectives might be obtained,” the World Bank boss added.

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Economy

NNPC: Petrol Subsidy May Hit N3trn

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NNPC: Petrol Subsidy May Hit N3trn

The annual subsidy on Premium Motor Spirit (petrol) will rise to N3 trillion if the current market realities persist. This is according to Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

Making this disclosure at a panel session during the 15th OTL Africa Downstream Week 2021 in Lagos, the Managing Director of PPMC, Isiyaku Abdullahi stated: “At $80 crude oil, 60 million litres daily consumption and N411/$1 forex, PMS under-recovery per litre will be N138/litre. Daily PMS under-recovery will be N8.3bn. Annual PMS under-recovery will escalate to N3 trillion.”

Newsrand understands that the sharp rise in global oil prices to record highs had pushed the subsidy cost being incurred by the Federal Government to N8.28 billion daily.

The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in oil prices.

The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the crash in oil prices.

The NNPC, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced.

Isiyaku said with the rehabilitation of the country’s refineries and the construction of condensate refineries as well as the Dangote refinery, the Nigerian fuels market would transform from import-dependent to a net exporter by 2024.

He said full deregulation of the downstream sector might push an accelerated switching to Compressed Natural Gas and Liquefied Petroleum Gas, subject to global energy prices trend in the near term.

According to him, the Petroleum Industry Act presents a unique opportunity for investments across the value chain.

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