The Nation Newspaper

Tag: policy

  • Lam Adesina’s son condemns UK Visa Bond Policy

    Dr. Ayo Lam Ade-sina, son of the former governor of Oyo State, the late Alhaji Lamidi Adesina, has condemned the visa regime proposed by the United Kingdom seeking to compel Nigerian visitors to deposit 3,000 pounds bond.

    Urging the government to take a reciprocal action against British citizens once it received a formal notification of the policy from the U.K. immigration authorities, Adesina, who is also a medical expert in the U.K, noted, “I know U.K has an issue with immigration policy and some countries like Greece, Romania, Spain, Georgia and others are rushing to U.K due to the economic recession over there. But if they want to regulate immigrants’ population, they should have spared this country because we have a lot we are benefitting from one another.”

    He appealed to the Senate to deploy necessary legislative action to ensure that Nigerian immigration authorities embark on action that is commensurate with the “obnoxious U.K. policy.”

    He also urged the Federal Government to find out the rationale for the policy, while admonishing Nigerians who planned to travel to the U.K. to seek for alternative destinations.

    “If the policy comes into effect, it is left for Nigerians also to begin to find alternative travel destinations,” he reiterated.

     

  • Policy will strengthen tax administration, says expert

    A tax expert, Mr Agbeluyi Olushola, yesterday said the effective implementation of the cashless policy and the Taxpayers Identification Number (TIN) would strengthen tax administration in the country.

    Olushola, who is the Chairman, Ikeja District Society of the Chartered Institute of Taxation of Nigeria, spoke in Lagos yesterday in an interview with the News Agency of Nigeria (NAN).

    He said that cashless policy would enable banks to easily trace whoever was involved in any monetary transaction.

    The chairman said t every bank account holder was expected to have a TIN, noting that the  “Two things are going on and if we implement those two things, Nigeria will be a great country in the next five years.

    “The CBN has introduced cashless economy; maximum N150,000, you must pass your money through the banking system.

    “The other one is the introduction of TIN number. I will link these two policies of the government and how it will affect revenue generation, particularly from the informal sector.

    “You say people must not carry cash. Now, if essential portion of the money, 90 per cent of the money in circulation goes through the banking sector that means you can trace whoever is transacting what.

    “The moment you give TIN number to everybody as an accountant, the rest is history. By statutory power, the agencies have power to access your account, so the moment they print your account, they know your tax.

    “You can’t tell me that 99 per cent of the amount in your corporate account was given to you by your uncle. So if your uncle is into charity, then we need to know his own source of income too. So, one thing will leads to the other.’’

    Olushola said judicious implementation of the cashless policy and TIN would encourage people to patronise the banks.

     

  • Social protection policy coming in Lagos

    Social protection policy coming in Lagos

    THE Lagos State Government is putting finishing touches to unveil its Social Protection Policy, Commissioner, Ministry of Economic Planning and Budget, Mr. Ben Akubueze, has said.

    He disclosed this while speaking on the need to pilot social protection project in urban slums in the state.

    He said the state has been proactive in designing and implementing programmes and schemes targeting the most vulnerable sectors of the population, especially women and children and also working on policy to make it iron cast.

    He said with the target date for achievement of the Milennium Development Goals (MDGs) fast approaching, it has become necessary for policy makers to search for a more veritable replacement for this global development agenda.

    The tools the commissioner noted would include: “Strengthening our communities and empowering our people to discover and utilise creative, innovative, indigenous and home-grown approaches to solving generic and peculiar problems.”

    He said the government was aware of the need to focus on building internal capacity to evaluate unique challenges and also address same with easily accessible indigenous resources.

    On the need for the policy tool, Akabueze said it has the potential to achieve much as the concept supports long-term programmes to help eliminate the underlying causes of poverty.

    He said: “We are, indeed, conscious of the fact that one of the best ways to stimulate development is to protect and promote the livelihood and welfare of the poor and vulnerable in our state. We recognise the state’s peculiar challenges, the greatest of which remain a burgeoning population, coupled with inadequate finances.”

    In her response UNICEF Nigeria, Representative, Ms. Jean Gough, said though the past two decades have seen aggregate progress towards the achievement of several MDGs and targets, heartening global and national averages have hidden growing disparities in the lives of children.

     

     

     

     

  • Oyo launches mobile advert policy

    THE Oyo State Signage and Advertisement Agency (OYSAA) has launched a new mobile advertisement policy to end an era of jungle justice by previous operators in the state.

    Speaking at the launch of the new policy in Ibadan last week, the agancy’s Director-General, Yinka Adepoju, said the policy was borne out of Governor Abiola Ajimobi’s priority for creating a world-class environment for business, the government and other activities in the state.

    He noted that though it took the agency six months to fashion the policy, the time of planning afforded OYSAA the opportunity to harness interests of all stakeholders before evolving the new strategic policy.

    The strategic frame work for the policy was designed with inputs from the Association of Local Governments of Nigeria (ALGON), Mobile Outdoor Advertisement Agency of Nigeria (MOAN), the Nigeria Police Force as well as financial institutions.

     

     

  • UN to African leaders: make malaria, others centre of health policy

    UN to African leaders: make malaria, others centre of health policy

    About 1,000 days to the Millennium Development Goals (MDGs) deadline, the United Nations (UN) Secretary General, Ban Ki-Moon has urged African leaders to place AIDS, tuberculosis and malaria at the centre of public health policy.

    Ban Ki-Moon, who was represented at the Abuja+12 African Union special summit on AIDS, tuberculosis and malaria (ATM) by Prof. Babatunde Osotimehin, the UN Under-Secretary-General and Executive Director of United Nations Population Fund (UNFPA), said the goals were in sight but what was required was effort and strong leadership.

    He said: “Less than 1,000 days remain until the MDGs deadline. The goals are in sight but much still needs to be done. Let us heed the warning of history: failure to maintain a momentum can halt and can even reverse progress. My call at Abuja+12 is for renewed leadership and increased domestic and international funding – new investment in improved tests and drugs, stronger health services to deliver them.

    “This summit can provide a tipping point in Africa’s progression health. Let us place AIDS, tuberculosis and malaria at the centre of public health policy, including in humanitarian aid, peace-building, conflict resolution and development. Let us finish the job begun at the beginning of the century so we bring greater security, opportunity and prosperity to all the people of Africa.

     

     

     

     

  • ‘No premium, no cover policy boosts industry’

    The enforcement of ‘No premium, no cover’ policy by the National Insurance Commission has improved the finances of the insurance industry, the Managing Director of Scib Insurance Brokers, Mr Sola Tinubu, has said.

    Tinubu told The Nation that although it seemed to operators as if preparations by the regulatory body to enforce in January were not detailed, it was a lot more successful and the industry is better for it.

    He said: “A lot of us felt preparations were not detailed in such a way that it would be less painful by operators coming together to anticipate the challenges we had with it before it will start.

    “Across the industry, we all believed it was a good direction to move. The only difference we had was the modalities and timing, but we all realised later that it was the way to go for the industry to make progress.

    “For us brokers, we encountered challenges with the enforcement of the policy and it cost us a lot doing compliance issues.’’

    Tinubu added that it brought additional cost of manpower, but they realised that as an industry and country, they cannot be in isolation.

    “Everywhere in the world, corporate governance and compliance are the challenges of the day. What happened to the global economy was essentially an example of the collapse of corporate governance and compliance.

    “We do not want to invite the same kind of economy collapse on ourselves here and so we need to ensure that we have rules and regulations and guidelines,” he said.

    On his firm, he said the company’s expertise in broking has continued to grow, noting that the pursuit of excellence of risks solution of a global standard using innovation remains their mission.

  • CBN’s cash-less policy begins in six states today

    CBN’s cash-less policy begins in six states today

    The moderated cash-less policy of the Central Bank of Nigeria (CBN) begins today in the Federal Capital Territory (Abuja), Abia, Anambra, Kano, Ogun and Rivers states.

    Ahead of today’s take-off of the policy, several commercial banks have, through emails, text messages and formal letters, been sensitising their customers on the need to embrace the alternative payment options.

    The policy, which was hitherto operational in Lagos State, is aimed at promoting the use of electronic-based transactions instead of cash for the payments for goods, services, transfers, among other services. The implementation of the “Cash-less Lagos”, as it is known, began on January 1, last year. It recorded improvements in the use of Point of Sale (PoS), Automated Teller Machines (ATMs) and other e-payment tools.

    The service charges/fees did not apply until March 30, last year, to give people time to migrate to electronic channels and experience the infrastructure that has been put in place.

    The CBN Deputy Governor, Operations, Mr Tunde Lemo said the policy is expected to drive development and modernise Nigeria’s payment system in these states.

  • Commuters bemoan new transport policy

    The new FCT transport policy which took off on June 3 came with many challenges, but one very common to all, was that many commuters were stranded at various bus stops.

    Residents of Gwagwa-Karmo, Dutse and parts of Kubwa were left stranded and stood for long at their respective bus-stops owing to a shortfall in high capacity buses to move them to their destinations obviously due to the underestimation of the population in these areas.

    Also, many commuters who work in the city but live in the suburbs of the satellite towns such as Masaka, Ado and Maraba Nyanya axis were not left out following the dearth of buses.

    For many, the rates increased as the restricted mini-buses charged higher fare from their bus-stops to the designated points where the high capacity buses are supposed to pick passengers, thereby increasing their cost of transportation.

    Many residents agreed that the new policy, if well implemented, will reduce the usual traffic logjam in town but others doubt its effectiveness.

    According to Miss Blessing Ogbonna, a resident of Mararaba, the buses that the administration claims to be plying most routes are not yet available and residents like herself, paid about N200 coming into town compared to a fare of N70 she used to pay.

    Despite the challenges, the Federal Capital Territory Administration, (FCTA) has enjoined residents to embrace the new policy aimed at improving the transport operations in the Federal Capital City, (FCC).

    This was made known by the Minister of the Federal Capital Territory Administration, Senator Bala Mohammed through his Senior Special Assistant on Political Matters and National Assembly, Sen. Usman Jibril Wowo.

    Wowo said the new transport policy was part of the welfare package by the administration for the residents and it would improve on the man-hour of the workers and business men alike as the city centre would be plied by the certified high capacity buses running scheduled services.

    He pointed out that when new policies take off, there are some minor challenges which are fine-tuned over time, assuring the residents that the new policy will meet public aspiration in the shortest possible time.

    “This policy will make people move from the satellite towns to the city with ease and at a cheaper rate as the highest fare is N150 for people from Gwagwalada, Kuje and Zuba and as low as N50 for movements within the business district.

    “Besides, the vehicles are to take off at an interval of between three and 10 minutes whether they are filled or not because they are subsidised and would help to build a culture of timeliness to catch in the long run” wowo stated.

    He noted that even though the policy had attracted a lot of criticisms initially from the public leading to delay in its implementation such vent of public view reflected the right of the citizens to seek clarification on any issue that they do not understand from the administration.

    The Special Assistant added that given the respect the administration has for the FCT resident’s implementation of the policy was shifted twice to accommodate useful public views which have helped to sharpen the policy for general acceptability.

    He said “I recall that the FCT chapter of National Union of Road Transport Workers, (NURTW) Self Employed Commercial Drivers Association, (SECDA) Road Transport Employers Association of Nigeria, (RTEAN) and Painted Abuja Taxi, (PAT) were amongst those who took it upon themselves to educate their membership for a successful implementation of the policy when they were convinced it is a good policy for their business and the commuters.

    According to him the various groups represented by their leaders in the series of meetings endorsed the new policy and pledge support for the programme which would reduce the heavy

    traffic often witnessed in the city centre while man-hour for businesses is gained for higher productivity both in the public and private sector for the overall benefit of the FCT and the country.

    He charged the various groups to contain erring members of their associations especially the touts who carry out illegal arrest on the roads in the guise of representing the union to desist from the action as security men will not hesitate to enforce the relevant laws.

     

  • Visa backs cash-less policy

    Visa backs cash-less policy

    Visa, a global electronic payments company, has called for an improved use of e-payment productsby entrepreneurs within and outside the country.

    Speaking at the BT Africa West Africa Expo and Conference in Lagos, Country Manager for Visa West Africa, Ade Ashaye, said the firm was committed to helping the country achieve its cash-less banking initiative. “Visa is committed to helping move Nigeria to a cash-less economy and share some of the benefits of secure electronic payments within the industry.”

    The conference was hosted in association with Future Group’s Business Traveller Africa.

    He said Nigeria is growing as a destination for both leisure and business travel, adding that rise in spending is a credit to the efforts of those promoting Nigeria as a tourist destination.

    According to VisaVue Travel data, Nigeria’s top three source markets of spend on Visa cards were the United Kingdom, United States and South Africa. Visa cardholders from these three markets account for 60.1 per cent of total spending by international Visa cardholders in Nigeria.

    ”What was great to see was the various players in West African business travel coming together under one roof, debating the issues, looking for solutions and engaging with existing and potential clients,” said Dylan Rogers, of Business Traveler Africa.

     

  • LCCI urges CBN to review monetary policy

    The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to review its Monetary Policy Ratio (MPR) to grow the real sector.

    Speaking at a stakeholders’ forum organised by the Financial Services Group of LCCI in Lagos, the Chamber’s Director-General, Mr Muda Yusuf, said the CBN’s reforms had stabilised the economy.

    He said there was need to relax the MPR to aid the growth and contribution of the real sector to the economy.

    He urged the CBN to reconsider its decision on the MPR to boost real sector.

    He said: “We expect the CBN to continue to maintain the MPR at 12 per cent considering the inflationary pressure that still persists but may ease the MPR mid way 2013.”

    He said the inability of most firms to meet NSE’s post-listing requirements is a major hurdle in accessing funds on the Nigeria Stock Exchange (NSE) through listing.

    He said: “We have provided different products to address different needs of different markets. For our $1 trillion target, we are working to ensure that the market is not over-hit. We are watching closely to ensure that the fundamentals are right.”

    Muda urged the Federal Government to involve local meter manufacturers in the Transformation Agenda in the power sector to boost the country’s Gross Domestic Products (GDP).

    He said the government should renew its commitment to patronage of local manufacturers of prepaid meters.

    Muda said though the Federal Government has announced its intention to patronise locally manufactured goods, this has not been done.

    “Local manufacturers, including meter manufacturers, have been groaning in loss due to very low patronage they have been experiencing. We want the Federal Government to renew its commitment to start patronising local meter manufacturers to boost their production,’ he said.

    He also said the low patronage of local products often accounted for poor quality and packaging of their goods, which many had complained about.