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NSE Boss Chides Nigerians Over Financial Literacy

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The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema has stated the importance of financial literacy and the direct impact it would have in promoting sound economic growth.
Onyema said this would also help in reducing poverty in the country as well as good financial system that can solve a lot of problems in the society.
He said the contemporary society requires everyone to understand the principles of money management, adding the need for all to develop personal financial management skills that would enable them manage their finances effectively for financial freedom.
Speaking during the award ceremony of the 2017 NSE Essay competition for senior secondary school students in Nigeria, last weekend in Lagos, the CEO said, “we have implemented and will continue to support programmes to promote financial literacy among young Nigerians”.
He noted that the competition exposed the students to learn how good financial decision can better their lives now and in the future which will definitely grow the economy.
The CEO in a release made available to The Tide said the exchange had since the inception of the competition inspired over 60,000 young people in more than 7,000 schools across the country to showcase what they have learnt about the financial market.
According to the release, the former minister of Education, Dr Oby Ezekwesili noted that education remained the only tool to eradicate the dynasty of poverty in the country.
Ezekwesili noted the need for the private sector to be interested in what happens in the education system, adding that the Essay competition initiative is aimed at bridging the gap between classroom learning and practical knowledge required for long-term personal financial planning.
Miss Gbenjo Olasubomi of Good Shepherd Comprehensive High School, Lagos State emerged as the winners of the 2017 edition of the NSE Essay competition with N500,000 scholarship fund for university education, N250,000 equity investment and a laptop as a prize.
The first and second runners up include, Olanipekun Opeyeoluwa of Oritamefa Baptist Model School, Ibadan, Oyo State and Chukwuemeka Oluchi of Notre Dame Girls College, Ilorin, Kwara State, respectively.
The two winners also got laptops, equity investment and cash reward, with consolation prizes going to all their schools.

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FG To Recover N614bn Debt From 35 States

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The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, says the Federal Government has resolved to recover N614 billion loan facility from 35 states of the federation.
The minister disclosed this when she briefed State House correspondents on the outcome of the meeting of the National Economic Council (NEC), presided over by Vice-President Yemi Osinbajo, at the State House, Abuja, yesterday.
Ahmed said each of the affected 35 states received N17.5billion as bail out from the Federal Government.
She said that already the Council had agreed to constitute a team to finalise modalities for commencement of repayment of the loan facility.
The team, according to her, would be constituted from the Nigerian Governors Forum to meet with the Central Bank of Nigeria (CBN) and Ministry of Finance.
The Minister of Finance said that she briefed NEC on the progress of the loan facility, detailing how the Federal Government has made a total of over N614 billion available to 35 States being N17.5 billion each.
“Council agreed to constitute a team from the Nigerian Governors Forum to meet with the CBN and Ministry of Finance to finalise modalities for commencement of payment,’’ she said.
The minister further revealed that she updated the Council on the activities of the Ad-Hoc Committee on Excess Crude Account (ECA) and other special accounts of the federation.
She said the committee requested for extension of time to finalise and present its report during the next meeting of the Council.
On the $9billion dollars London Court judgement against Nigeria, the minister said the Attorney General and Minister of Justice, Abubakar Malami had assured that Nigeria would appeal against the judgment.

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I’ll Lift Nigerians Out Of Poverty – Minister

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The new Minister of Mines and Steel Development, Mr Olamilekan Adegbite, has promised to lift Nigerians out of poverty by developing the nation’s endowed natural resources.
He made the promise on Wednesday in Abuja when he assumed office shortly after he and other 42 ministers were sworn in by President Muhammadu Buhari.
The Tide reports that the minister was received by directors in the ministry and some heads of parastatals and agencies under the ministry.
“I intend to learn quickly from all of you. I have been following the progress of Dr Kayode Fayemi, the immediate past minister of this ministry who did a lot of work.
“I also intend to learn the robes quickly with the Minister of State, so that we can contribute our quota to the development of the country, especially with regards to lifting people out of poverty.
“Mr President has promised to lift 100 million people out of poverty in 10 years, at the end of tenure of this administration which is four years, we want to at least achieve 40 per cent of that,’’ he said.
Adegbite expressed optimism that the administration would achieve a lot at delivering the dividends of democracy.
The minister said he would stamp out corruption in the sector in line with the agenda of the Buhari administration.
“Corruption fight begins with all of us, if we can be disciplined in the little things we do in our privacy, it will be easier to fight corruption in the country.
“We will join efforts with the Federal Government in fighting corruption to ensure a corruption free society,’’ he said.
Speaking in the same vein, the Minister of State for the ministry, Dr Ikechukwu Ogor, said he would support the minister to achieve the vision for the sector.
Ogah solicited the support of members of staff of the ministry to achieve the vision.
“We will all work as a team to take this ministry to an enviable position,’’ he said.
The ministry‘s Permanent Secretary, Dr Abdulkadri Mu’azu, welcomed the ministers and gave them the break-down of the departments and operations.
He said the ministry was strategic to the country, especially with regards to diversification of the economy.
Muazu pledged the loyalty and dedication of the management and staff of the ministry to the ministers to enable them succeed the tasks ahead.
Some members of staff of the ministry expressed optimism that the ministers would bring to bear their experiences to take the ministry to greater heights.

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CTA To Assist Farmers Access Drought, Flood Tolerant Seeds

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The Technical Centre for Agricultural and Rural Cooperation (CTA), has revealed that it is working with partners in various countries to ensure that farmers have access to drought and flood-tolerant seeds.
This move became necessary following the rising effects of climate change which has a direct impact on agricultural activities.
The Senior Program Coordinator of CTA, Dr Oluyede Ajayi said agriculture is central to development in Africa, but unfortunately it is subjected to a lot of pressures of climate change, like drought, weather extremes that affect food production.
Dr Ajayi who spoke with newsmen in Abuja at the Regional Workshop on Climate Finance and Support Mechanism for a Resilient Agriculture Sector in West and Central Africa said the point they raised was how to improve investment to help farmers become resilient and promote food security in the face of extreme weather.
“One of the points that we raised is how we improve investment to help farmers become resilient and to promote food security in the face of extreme weather situations, to do that requires more than investment, unfortunately less than 10 per cent of fund that goes to the climate is spent on agriculture, we are expecting so much from agriculture, but the fund that goes into agriculture in terms of investment to address climate issues is very low.
“So, this meeting is being organised to brainstorm the practical ways to leverage funding and improve financing to support climate action in agriculture”, he said.
He further said that they were also working towards exposing farmers to climate technologies which would assist in increasing their yield even in unfriendly weather.

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