Aso Villa Reads For Tues. 01/12/2020

Every day, we bring you the best stories that the Media is reporting about the Government of Nigeria

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The federal government has raised the number of beneficiaries of National Social Investment Programmes, NSIP, to accommodate more people. Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, who disclosed this Monday, at a ministerial press conference in Abuja, said “In order to double the scope of the National Social Investment Programmes, Mr. President has graciously approved the expansion of all NSIP programmes, such as increase of N-Power beneficiaries from 500,000 to 1,000,000, increase of GEEP beneficiaries by 1,000,000 and increase of beneficiaries of Home-Grown School Feeding by 5,000,000.” [Vanguard]

Alhaji Suleiman Adamu, the Minister of Water Resources says that the Federal Government plans to lift five million Nigerians out of poverty in the next 10 years. Adamu said this at the 2nd edition of the Nigerian Media Water week in Abuja on Monday. He said the Ministry through its water projects would fast track job creation by enhancing food security through irrigation farming. Adamu said that Nigeria now has 13 states that are Open Defecation Free due to its water projects adding that 10 million Nigerians now have access to good water supply. Adamu said that the Ministry was also collaborating with women in irrigation farming to alleviate poverty in the country. [Vanguard]

The Federal Government on Monday emphasised its commitment to mitigating the impact of COVID-19 pandemic on the lives of ordinary citizens through its various intervention initiatives. Mr Kayode Pitan, Chairman, Bank of Industry (BoI) spoke at the inauguration of the transport sector track of the Micro, Small and Medium Enterprises (MSME) Survival Fund in Lagos. Pitan said that the scheme entailed the disbursement of funds targeted at 4500 transporters in each state of the nation. The BoI chairman said that to qualify for the fund, transporters must be Nigerians with a verifiable Bank Verification Number (BVN), self employed and must be registered with a transport association. [Vanguard]

The Federal Government yesterday, said it has waived import duty and Value Added Tax, VAT, valued at about N1.3 trillion in addition to other incentives in nine years to 2019. The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed, disclosed this during a one day sensitization seminar on automation of the Import Duty Exemption Certificate (IDEC) processes organized by the Ministry in collaboration with the Nigeria Customs Service in Kano. The Minister represented by the Kano State Commissioner of Finance, Shehu Na’allah, while giving the breakdown, said within 2011 to 2015 it conceded N1.024 trillion worth of waivers while in 2017 to 2019 it conceded N342 billion. [Vanguard]

In an apparent move to boost dollar supply into the economy, the Central Bank of Nigeria (CBN) yesterday introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency. Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred. Also foreign currency cash withdrawal from domiciliary accounts was restricted to money paid into such accounts by cash lodgements. The removal was also consequent on the improved capabilities of the apex bank to monitor transactions, forestall money laundering and prevent the adverse effect of dollarization in the economy. [Vanguard]

The President, Major General Muhammadu Buhari (retd.), on Tuesday, directed the release of mass transit buses to ease the transportation challenges Nigerians are facing. The president also thanked Nigerians for what he called their patience as the nation continues to witness economic and other challenges. Buhari urged Nigerians to embrace the use of gas as an alternative to fuel. He said with a proven reserve of about 203 Trillion Cubic Feet and the additional upside of 600 TCF ranking Nigeria as the 9th in the world currently, there was the need for domestic gas expansion and utilisation. [Punch]

The President, Major General Muhammadu Buhari (retd.), has transmitted Finance Bill 2021 to the House of Representatives for consideration and passage. The Speaker, Femi Gbajabiamila, read Buhari’s letter at the opening of Tuesday’s plenary. The bill proposes various amendments to existing tax laws and financial regulations in response to the negative impact of the COVID-19 pandemic on the economy and the current recession. [Punch]

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