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How FG Tend To Fund N2.4trn Palliative

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How FG Tend To Fund N2.4trn Palliative

The Federal Government may deduct at least N2.4 trillion from the Federation Account to fund the N5,000 cash palliative that will be handed over to 40 million poor Nigerians after the fuel subsidy has been removed next year.

This is just as the list of poor Nigerians on the Federal Government’s National Social Register had surpassed 42 million and may hit 43 million by December 2021. This implies that the figure to be spent on the subsidy palliative may hit N2.58tn in one year.

When contacted on the telephone on how funds for the N5,000 palliative would be sourced, Yunusa Abdullahi, the Media Adviser to the Minister of Finance, Budget and National Planning, Zainab Ahmed, referred journalists to a statement by his principal after the Federal Executive Council meeting on Wednesday, November 23.

In the statement, Ahmed noted that the funding would come from FAAC allocations. FAAC which is headed by the Minister of Finance comprises Commissioners of Finance from the 36 states, representatives of revenue-generating agencies such as the Nigerian National Petroleum Company Limited (NNPC), Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPP), Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS), among others.

These revenue-generating agencies are expected to remit a specified amount of their revenue to the Federation Account which will be distributed among the three tiers of government.

Ahmed, however, noted that negotiation was still ongoing.

So these are things that we are still in negotiation because it’s still money that would have to come from the Federation Account. So everybody that is a member of FAAC will have to agree on the numbers.

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, had on Tuesday announced at a World Bank event in Abuja that the subsidy on petrol was not sustainable.

He said the Federal Government would in 2022 remove the petrol subsidy paving the way for the sale of the product for between N320 and N340 per litre.

Also at the World Bank event, the Minister of Finance, Budget and National Planning said the subsidy was not benefitting the poor.

According to her, to cushion the effect of fuel subsidy removal, the Federal Government will give a transport grant of N5,000 each to between 30 million and 40 million poor Nigerians.

The N5,000 transport palliative planned to be disbursed to 40 million Nigerians means the Federal Government will be spending a total of N200bn every month on the initiative. Since the government has said the initiative may last for 12 months, it follows then that the scheme will gulp N2.4tn in one year.

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Economy

Dollar To Naira Exchange Rate Today (Tue, Jan. 18, 2022)

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Dollar To Naira Exchange Rate Today (Tue, Jan. 18, 2022)

Dollar to naira, on Tuesday, January 18, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose against the United States dollar, as foreign exchange (forex) trading closed at N414.5 per $1 on Monday, January 17.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N567 and sold for N570 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

Dollar To Naira Exchange Rate Today (Monday, Jan. 17, 2022)

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Dollar To Naira Exchange Rate Today (Monday, Jan. 17, 2022)

Dollar to naira, on Monday, January 17, 2022, opened at N414.5 at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency gained against the United States dollar, as foreign exchange (forex) trading closed at N414.283 per $1 on Friday, January 14.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira was bought for N567 and sold for N570 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

IPPIS Loan Application Form Link For Nigerian Civil Servants

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IPPIS Loan Application Form Link For Nigerian Civil Servants

Although the Integrated Payroll and Personnel information system (IPPIS) might have been conceptualised in 2016, the usage continues to gain rise among Nigerian civil servants.

Wondering what the system was designed to do? It’s not that difficult to use, as it is a centralised payroll platform that President Muhammadu Buhari floated to help his administration plan and manage the payments of the government’s workers.

With IPPIS, the government is sure that there is no loophole in the disbursement of pays.

Interestingly, aside from the fact that IPPIS is used for paying workers, civil servants can also take advantage of it to process non-interest loans.

With a number exclusively designed for you, IPPIS Loan can get directly deposited to your bank account in a simple step.

Who is qualified for IPPIS loan?

While the IIPPIS loan is available for any civil servants of any grade/level, Newsrand understands that only employees of government ministries, departments, or agencies, can take advantage of it.

Do you want to take 2022/2023 IPPIS Loan Registration Form? If Yes, you need the following:

  • Applicant must have IPPIS number
  • Applicant must have Civil Servant Salary Payslip
  • Applicant must have Bank statement of account
  • Applicant must have Employment / Confirmation / Deployment Letter (Any of the following)
  • Applicant must provide Bank Verification Number (BVN)
  • Applicant must provide Valid National

What is the maximum IPPIS loan one can get?

The maximum IPPIS loan that one can get is 70% of one’s net salary, which is believed would enable one to maintain a trust flow and ensure that one pays back before the due dates.

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