City Crime
eNaira, BVN, TSA, NIN Should Give Investors Comfort, Buhari Insists
President Muhammadu Buhari, yesterday, in Riyadh, Saudi Arabia, said initiatives to drive the digital economy and fight corruption in the country should give investors “a lot of comforts”.
Among the initiatives mentioned by the president are e-Naira, Treasury Single Account (TSA), Bank Verification Number (BVN), and National Identification Number (NIN).
Speaking at the fifth Edition of Future Investment Initiative Summit holding in Riyadh, Saudi Arabia, Buhari said his regime would keep encouraging public and private initiatives that increase investments in health, education, capacity building, youth empowerment, gender equality, poverty eradication, climate change, and food security.
A statement from the Presidency quoted the Nigerian leader as urging more interest in infrastructure such as healthcare and education, which “present enormous opportunities for investors in a country our size.
“Digital economy in Nigeria has many potential for investment, as it has remained the fastest growing sector in both 2020 and 2021. Nigeria has many opportunities for investment in broadband, ICT hardware, emerging technology and software engineering.
“We have recently approved the national policy on Fifth Generation (5G) network. Our aim is to attract investors in healthcare, smart cities, smart agriculture among others. The benefit of real time communication will support all other sectors of the economy,” he noted.
To further improve and reposition the economy to attract investors, the president said, “e-Naira, the electronic version of our national currency, which puts us on track to become the first African country to introduce a Central Bank Digital Currency” was launched on October 25, 2021.
“We believe this and many other reforms will help us increase the number of people participating in the banking sector, make for a more efficient financial sector and help us tackle illicit flow of funds.
“To further strengthen our anti-corruption drive, increase accountability and transparency, we have centralized government funds through a Treasury Single Account, and ensuring that all Nigerians with a bank account use a unique Bank Verification Number (BVN).
“These initiatives, coupled with our nationwide National Identification Number (NIN) exercise, reinforce our efforts to tackle corruption and fraud. We believe that this should give investors a lot of comforts.”
Buhari attributed growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, admonishing world leaders and global investors to prioritise inclusive and humane policies.
He said, “By so doing, it will go a long way in reenergizing the global economy in a post-COVID-19 era.
“Nigeria is Africa’s largest economy and most populous nation. Our economic reforms which focus on ‘humane’ investments are ideal for investors looking to have profitable returns while positively impacting the citizenry.”
The National Emergency Management Agency (NEMA) has warned against the practice of scooping fuel from accidented tankers, noting it has led to the loss of many lives and property.
The agency’s Head of Operations in Ibadan, Mr Kadiri Olanrewaju, cautioned during a sensitisation programme on tanker fire accidents, held on Wednesday at Akinyele Local Government Area (LGA) of Ibadan.
The News Agency of Nigeria (NAN) reports that the programme was held in collaboration with the Oyo State Emergency Management Agency (OYSEMA) in Akinyele LGA and other stakeholders.
Olanrewaju said Akinyele LGA was selected for the awareness campaign because of its strategic location as a trailer route from the northern to the southern part of the country.
“These agencies felt that it was necessary to bring this important message to critical stakeholders in communities under the Akinyele LGA, where we have major trailer parks.
“The campaign kick-started in Ogun; we will soon move to Osun.
“The focus is to drive strong sensitisation against the scooping of fuel at the grassroots level, especially for local governments along the trailer routes to reduce needless loss of lives and property,” he said.
He charged the Federal Road Safety Corps (FRSC) and other relevant agencies to enforce the laws against underage driving and ensure the proper certification and retraining of drivers.
The Administrative Secretary of OYSEMA, Mrs Ojuolape Busari, said that Community Development Associations (CDAs) were involved in the campaign to reach a larger number of people.
Busari noted that people still scoop fuel from accidented tankers because there had not been any serious punishment attached to the offence.
She, therefore, called for stiff penalties for anyone caught perpetrating the act.
“Apart from the risk of fire outbreak that may occur during the practice, it is stealing, which is a serious offence,” she said.
Earlier, the Executive Chairman of Akinyele LGA, Hon. Akinwole Akinyele, suggested that fuel transportation should be handled through the rail system, while leaving tankers for intra-city fuel transportation.
The chairman called for an urgent review of laws and policies related to fire services and road safety to meet the urgent and modern demands.
He said that the implementation of stricter fuel transportation regulations, vehicle maintenance, drivers’ training and retraining, and safer fuel handling practices remained crucial to the fuel distribution system in Nigeria.
“The attendant costs of tanker fire accidents have been huge, both in terms of the high number of fatalities and the loss or destruction of property, environmental damage, and public infrastructure,” he said.
NAN reports that the event featured technical sessions, lectures, and presentations from the FRSC, Nigeria Security and Civil Defence Corps (NSCDC), Fire Service, traditional and market leaders, among others.
…To Confer National Honours On Select Lawmakers
President Bola Ahmed Tinubu will deliver a presidential address before a joint session of the National Assembly today as part of events marking Nigeria’s Democracy Day celebration.
The event is scheduled to be held in the House of Representatives chamber of the National Assembly Complex, Abuja.
This was confirmed in a statement released on Sunday by the spokesperson of the House of Representatives, Hon. Akin Rotimi.
The statement referenced an internal memorandum issued by the Clerk of the House, Yahaya Danzaria, officially notifying lawmakers of the proceedings.
According to the memorandum, the special joint sitting will begin at 11:00 a.m. with preliminary activities before the arrival of President Tinubu, who is expected at noon.
Democracy Day is observed annually on June 12 in remembrance of the 1993 presidential election, widely regarded as Nigeria’s most credible poll since independence.
The election was won by Chief Moshood Kashimawo Abiola but was annulled by the military government led by General Ibrahim Babangida (retd).
The theme for the 2025 celebration is “26 Years of Democracy: Renewing Our Commitment to National Development.”
President Tinubu is attending the event as the Special Guest of Honour and is expected to use the platform to reflect on the state of Nigeria’s democracy and present his administration’s vision for the future.
The session will also feature goodwill messages from former presiding officers of the National Assembly.
Meanwhile, the President will confer national honours on select legislators in what organisers describe as part of efforts to recognise contributions to democratic governance.
The National Assembly views the event as an important marker of Nigeria’s political evolution.“This joint sitting represents a significant moment in Nigeria’s democratic journey,” the statement read.
“It underscores the pivotal role of the National Assembly in safeguarding democratic values, fostering accountability, and advancing national development over the past 26 years of uninterrupted civil rule.”
Lawmakers also used the occasion to urge Nigerians to reflect on the country’s democratic progress and to renew their commitment to national unity and inclusive governance.
“The House of Representatives calls on all Nigerians to embrace the spirit of Democracy Day as a time for reflection, renewed patriotism, and commitment to building a more inclusive, prosperous, and united nation,” the statement said.
Meanwhile, the Federal Government has declared today as a public holiday, to commemorate this year’s Democracy Day celebration held every June 12.
June 12 was officially designated as Nigeria’s Democracy Day in 2018, to honour the annulled 1993 presidential election, widely considered the freest and fairest in the nation’s history and won by Chief MKO Abiola.
In a statement announcing the holiday, the Minister of Interior, Dr Olubunmi Tunji-Ojo, on behalf of the Federal Government, congratulated citizens on the occasion of 26 years of uninterrupted democratic rule in the country.
“June 12 represents our historic journey to building a nation where truth and justice reign, and peace is sustained and our future assured,” Tunji-Ojo stated.