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Pay Emergency Relief Funds to Households Through BVN-Tinubu Tells FG

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Pay Emergency Relief Funds to Households Through BVN-Tinubu Tells FG

National Leader of All Progressives Congress (APC), Sen. Bola Tinubu, has urged Federal Government to make cash payments to households through Bank Verification Numbers (BVN) to cushion the effects of COVID-19 pandemic on Nigerians.

Tinubu, a former governor of Lagos State, gave the advice in a statement issued in Lagos on Wednesday.

He said payments could be made quickly by using the BVN of prospective recipients to make direct deposits into individual bank accounts.

The APC leader said the use of BVN would also be safer and not lead to the types of violence and crime that might follow physical cash transfers.

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Tinubu said this would even encourage those without bank accounts to establish such accounts and this process would further bring millions of people into formal banking.

“The money-less family still needs food, water, shelter and, to a lesser degree, utilities. In a compassionate society, they should not be made to do without.

“Most families need relief. If relief is not forthcoming, these families risk hunger and its attendant suffering and woes,” Tinubu said.

He said the palliative measures would blunt hunger, maintain aggregate demand in the domestic economy and help sustain private-sector markets to the extent possible.

Tinubu explained that such payments could be done in either one or in a combination of three ways.

He said: “First, we can designate a stipend for every household. The amount should be enough to pay for the monthly needs of an “average” household for food and other basics.

“While this may somewhat penalise larger families, perfection cannot be had at this time.

“Second, the stipends could be given as a form of emergency unemployment insurance to those who can prove they were relieved of employment due to the crisis.

“This will be more targeted at the actual victims of the crisis but harder to administer. This stipend will also have to be extended to owners of small and medium-sized businesses.

“Third, the government can render some form of payroll support to companies and businesses that seek to retain workers albeit they may not be fully employed.

“The stipend can help companies stay in operation while maintaining workers on their payroll. By maintaining workers, the company can more swiftly return to full operation when normalcy returns.”

Tinubu said payment of these stipends would require hiring additional government workers to augment the existing bureaucracies to implement that programme.

According to him, this administrative requirement will help boost employment and aggregate consumer demand.

He said that activating Trader-moni and other programmes would help many small-scale traders but not the average wage earner who just lost his job.

On agriculture, the APC national leader called for the re-establishment of commodity boards for strategically important crops to maintain adequate supply of food and ensure price stability.

He said that these boards would specify a guaranteed minimum-maximum price range for these crops in order to maintain and stabilize farm incomes as well as consumer prices.

According to Tinubu, the country faces a “trade-off between certain pandemic and possible widespread depravation.

“This situation presents a historic chance to establish more beneficial social contract between government and the governed,” he said.

He also urged government to expand the school feeding programme to many states consistent with applicable public health measures.

“By expanding this programme, we help feed our most vulnerable children while creating extra jobs and bolstering food production and farm incomes,” he said.

On debt relief, Tinubu called on African finance ministers to join a coordinated effort for debt forgiveness, while urging the World Bank and other DFIs to agree to a wholesale debt rollover by reducing the interest rate burden of African nations by at least one half.

He also urged the CBN to lower interest rates to single digits to spur some private sector and lower the charge on government deficit spending.

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Coronavirus

Group partner chamber of commerce for increased access to finance

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Nigerian Youth Compact on COVID-19 (NYCC-19) partners Chamber of Commerce for increased access to finance

Group partner chamber of commerce for increased access to finance

The Nigerian Youth Compact on COVID-19 (NYCC-19) has partnered the Nigerian Youth Chamber of Commerce to boost access to finance from the Central Bank of Nigeria (CBN) for over 10 million youths in the country.

National Chairman of the youth compact, Malam Gambo Haruna, made the disclosure during the signing of a Memorandum of Understanding (MoU) for the training of 10 million youths, on Friday in Abuja.

The News Agency of Nigeria reports that the MoU was signed between the Youth Compact and the Nigerian Youth Chamber of Commerce with a view to facilitate access to the CBN Loan Entrepreneurship Training and Certification.

Haruna expressed optimism that the partnership would boost access to finance for over 10 million Nigerian youths to establish functional enterprises and create over 30 million jobs in the next two years.

According to him, a delegation of the Nigerian youth will be meeting with the Governor of Central Bank of Nigeria within the next seven days, to develop modalities to get the project going.

Haruna explained that the partnership was strategic and timely, considering the urgency for economic recovery created by the COVID-19 pandemic.

He said that the proposed partnership would complement efforts of the government to save the economy.

The youth leader expressed hope that the partnership would stimulate MSMEs growth beyond the CÓVID-19 pandemic, create millions of jobs and contribute to non-oil revenue in the country.

Haruna said that over 50 per cent of the 200 million Nigerian population was made up of young people.

According to him, every year, over 1.8 million young people graduate from tertiary institutions.

He, however, said only 30 per cent would find some kind of employment, thereby leaving over 1.2 million graduates without jobs.

“Compound that in a generation and you have over 10 million youth unemployed, which is bigger than the population of Demark and Finland combined.

“ These are people with creative energies and aspirations to impact humanity positively.

“ It is sad, however,  that these aspirations are often cut short due to a myriad of problems from the cradle to adulthood.

“The Nigeria youth unemployment rate is projected to trend around 44 per cent in 2021.

“ The youth situation is worsened by the looming global recession as a result of the Coronavirus pandemic that has infected over 10 million people globally.”

Haruna advised government to put deliberate measures to reverse the ugly trends and cushion the impact of COVID-19 on the Nigerian youth, whose fate already hangs in the balance.

He said the N50 billion Targeted Credit Facility (TCF) set up by CBN to mitigate the impact of COVID-19 was laudable.

“Feedback from the field, however, shows that a critical mass of youth-led enterprises have not been able to access the facility due to set conditions,” he said.

 

The youth leader advised the government to create a special fund that would serve the needs of her burgeoning youth population.

“These needs are unique in all ramifications. There is no questioning the fact that these intervention measures have to be coordinated and driven by the organised private sector to achieve the desired impact.

“ We are at the threshold of history and the situation beckons on us to act. Surely, posterity will judge the actions we take today to build a more economically viable Nigeria,” he said.(NAN)

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Curbing Covid-19 Spread: California Set to Release 8,000 Prisoners from the State’s Prison

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Gavin Newsom

Curbing Covid-19 Spread: California Set to Release 8,000 Prisoners from the State’s Prison

California announces a plan to release about 8,000 people from the state’s prisons as a way of curbing the spread of Covid-19.

According to the Guardians, California is recording one of the worst increased outbreaks on coronavirus- specifically the northern side of the San Francisco bay.

This has created a “humanitarian crisis” at San Quentin state prison, where almost 1,500 people have tested positive for Covid-19 and seven have died.

In order to curb the historic health screw-up in the state’s prison, California has announced a plan to release up to 8,000 prisoners.

 

According to Abené Clayton, a reporter from Guardian, the Officials on Friday, July 10th announced three separate efforts, approved by the governor, Gavin Newsom, that they say will decrease the prison population by 8,ooo by the end of August.

In her tweet, she wrote;

“Today at noon CDCR announced new efforts that will lead to the release of around 8,000 people by the end of August. @GavinNewsom is expected to make a statement later today.”

“Even though this is the largest round of COVID-induced releases, it won’t be enough to bring the prison population to below 100% capacity, which advocates and public health experts insist is the only way to make enough space for social distancing.”

However, these measures mark the largest release efforts the state administration has taken since Covid-19 began to circulate among prison staff and incarcerated people;

The first initiative expands a previous effort to expedite the release of people with 180 or fewer days left on their sentences to include people serving time for serious felonies.

The second measure is an immediate review of cases of people with less than a year left to serve in eight prisons that have large populations at high risk of developing Covid-19 complications.

The state will also launch a one-time program under which those incarcerated in state prisons, including people serving time for violent felonies, will receive a credit shortening their sentences by three months.

But public health experts have told Abene that these measures will not be enough to allow for the social distancing required to bring the outbreak under control.

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NYCC-19 Partners with TradoMed Pharmaceutical Company to Fight COVID-19

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Tradomed Pharmaceutical Company, reliable partner in fighting COVID-19

The Nigerian Youth Compact on COVID-19 has described Tradomed Pharmaceutical company as a reliable partner in the fight against COVID-19.

Mallam Gambo Haruna, National Chairman of the Compact, made the remark during a courtesy visit to the management of Tradomed Pharmaceutical in Abuja on Wednesday.

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Haruna said, the NYCC-19 was an integrated framework and mechanism for Youth Engagement and Peer Intervention Strategy (PIS), meant to sensitize and mobilize the Nigerian Youth to ensure an enhanced response to fight the COVID-19 pandemic in Nigeria.

According to him, it is also set up as a realistic and practicable Action Plan to face the emerging Post COVID-19 Economic and Social realities.

He commended the effort of Tradomed company for the humanitarian interventions it is providing for Nigerians across the country, especially during this pandemic period.

“We seek partnership with your company to be able to engage 10 million Nigerian Youths, as it is our ardent belief that the partnership will help in mitigating the spread of the corona virus in Nigeria” he added.

Contributing, Chibuike Echem, Head of States Affairs, NYCC-19, said that, NYCC-19 had structures in the 774 Local Government Areas across the Federation which according to him is a good network for partnership.

Responding, Alhaji Abbah Goji, Vice chairman of Tradomed who received the NYCC-19 Team on behalf of the chairman of the company, Dr. Abbas Waziri applauded the NYCC-19 Team for coming together to form a synergy.

He expressed optimism that such a relationship would enable the parties involved to carry out the robust idea to ensure the realisation of the aims and objectives behind the formation of the Nigerian Youth Compact on Covid-19.

The vice chairman, therefore, advised the leaders of the Compact to expand their vision beyond COVID-19 and focus more on post COVID-19, Goji encouraged them to be patient and united in carrying out their national assignment while assuring them of maximum support and partnership of the company.

One of the high points at the occasion was the donation of a pack of Tradomal Anti-Malaria Tea to the visiting NYCC team, on behalf of the company,

Tradomal Tea is produced by the Tradomed Pharmaceutical Company, a remedy for Malaria, 100 per cent natural and enjoy the certification and approval of NAFDAC.

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