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October 18, 2023 Federal Government Begins 25,000 Conditional Cash Transfer
IFMUYONEWS

Federal Government Begins 25,000 Conditional Cash Transfer

The Federal Government has officially unveiled the President’s Renewed Hope Conditional Cash Transfer Programme designed to cushion effects of fuel subsidy removal and other economic shocks for vulnerable groups in Nigeria.

During the flag off, which coincided with International Day for Eradication of Poverty, at the Presidential Villa, Abuja, yesterday, Tinubu said the scheme will cater for 15 million households and is specifically aimed at uplifting the poor and vulnerable.

The programme, expected to cost around N1.125 trillion, will assist 62 million beneficiaries in the next three months, each receiving N75,000.

At the symbolic ceremony for the initial five beneficiaries, Tinubu, who was represented by Secretary to the Government of the Federation (SGF), George Akume, said his administration is determined to lead from the front and ensure all Nigerians enjoy sustained social protection.

He disclosed that the government is working to develop and deploy more interventions to help Nigerians. He said these include: investment of N100 billion to purchase 3,000 units of 20-seater Compressed Natural Gas (CNG) powered buses for cheaper transportation; investment of N200 billion to cultivate 500,000 hectares of farmland to boost food security; and release of 2,000 metric tons of grains from strategic reserves to households across the 36 states and the Federal Capital Territory;

The President also announced planned distribution of 225,000 metric tons of fertiliser and seedlings to farmers; release of N75 billion to support 100,000 SMEs and start-ups; Renewed Hope shelter programme for the poor, refugees, and internally displaced persons; Renewed Hope business grants and loans for vulnerable market women, farmers, and traders; and Renewed Hope support to MSME covering one million MSMEs.

October 17, 2023 Federal Government to Pay N-Power Arrears in November
IFMUYONEWS

Federal Government to Pay N-Power Arrears in November

The Federal Government has announced it will commence the payment of 9 months backlogs to N-Power beneficiaries who are on the programme beginning from November.

This was made known on Monday through the N-Power National Programme Manager, Mr. Akindele Egbuwalo, while meeting with some N-Power beneficiaries at his office in Abuja.

Egbuwalo in a statement issued by the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, stated that the main purpose for the temporary suspension of the programme was to address all matters directly affecting beneficiaries.

He was quoted in the statement to have stated that as a result of the temporary suspension of the programme for thorough restructuring and forensic audit, funds had been recovered from the existing payment service providers.

“Plans have been put in place by the programme to commence disbursement of the nine months outstanding stipends to beneficiaries from November 2023. Payments will be carried out in installment,” Egbuwalo stated.

He said the N-Power programme would be continued as the Renewed Hope Job Creation Programme under the supervision of the humanitarian minister.

Egbuwalo said the scheme would be expanded to target five million beneficiaries in five years, where one million youths would be absorbed each year under the graduate and non-graduate stream.

Sani Garba, a beneficiary from Yobe State, who was present at the meeting, said the concerns of beneficiaries were mainly regarding the delayed nine months stipends.

He said a national protest had initially been planned by different clusters of N-Power beneficiaries due to inadequate information.

October 16, 2023 Nigeria’s Inflation Increases by 0.92% Hits 26.72%
IFMUYONEWS

Nigeria’s Inflation Increases by 0.92% Hits 26.72%

The Consumer Price Index (CPI), which measures the change in prices of goods and commodities, increased to 26.72 per cent in September compared to 25.80 per cent in the preceding month, the National Bureau of Statistics (NBS) said Monday.

The upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices.

It said, “September 2023, the headline inflation rate increased to 26.72 per cent relative to the August 2023 headline inflation rate which was 25.80 per cent.

“ Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92 percentage points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94 per cent points higher compared to the rate recorded in September 2022, which was 20.77 per cent.

” This shows that the headline inflation rate (year-on-year basis) increased in September 2023 when compared to the same month in the preceding year (i.e., September 2022).”

Year on year, food inflation rose to 30.64 per cent, or 7.30 per cent rise compared to 23.34 per cent in September 2022. Core inflation, which excludes the prices of volatile agricultural produces and energy, stood at 21.84 per cent year on year, up by 4.35 per cent when compared to the 17.49 per cent recorded in September 2022.

October 16, 2023 Security Operatives Seal PDP Secretariat in Ondo State
IFMUYONEWS

Security Operatives Seal PDP Secretariat in Ondo State

The secretariat of the People’s Democratic Party (PDP) was in the early hours of Monday barricaded by security operatives in the state over the move by members of the party to protest the continued absence of Governor Oluwarotimi Akeredolu from the state.

The security agencies comprising the Nigeria Police Force (NPF), the Department of State Services (DSS), and the Nigeria Security and Civil Defence Corps (NSCDC) arrived at the party secretariat as early as 6:00 am.

The secretariat was cordoned off with barricades of no fewer than 13 patrol vans and one armoured personnel carrier (APC) with stern-looking security operatives mounting the entrance of the secretariat.

The youth wing of the party had vowed to protest the prolonged absence of the governor from the state.

According to the youths who were prevented from accessing the secretariat, there has been a vacuum of leadership in the state without anyone seen piloting its affairs

According to one of the leaders of the youth wing of the party, Tayo Oluyi, the protest was aimed at drawing attention to what they perceived as the governor’s negligence and the resultant negative impact on the state.

Meanwhile, the forceful intervention by the security agencies has sparked outrage among residents of the city, who claim that democratic rights to peaceful assembly and freedom of expression have been violated.

However, the party alleged Akeredolu and the ruling All Progressives Congress (APC) of orchestrating the security forces’ intervention to suppress dissent and prevent their members from airing their grievances.

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