Economy
How We Selected Beneficiaries of N5000 Monthly Stipends—FG
By Modupe Gbadeyanka
Details are emerging on how the Federal Government determined the beneficiaries of the Conditional Cash Transfer who are now receiving the N5000 monthly stipends across the nine pilot states.
According to the Senior Special Assistant on Media & Publicity in the Office of the Vice President, Mr Laolu Akande, the nine States are Bauchi, Borno, Cross Rivers, Ekiti, Kwara, Kogi, Niger, Osun and Oyo.
Mr Akande clarified that reference to Ogun, instead of Osun-among the pilot states- in his last press statement on the issue was a typo.
In his press update on the progress of the Buhari administration’s Social Investment Programmes, SIP, over the weekend, Mr Akande explained how the Community-Based Targeting, CBT model of the World Bank was used two years ago to identify most of the beneficiaries in the pilot States, as the World Bank is also an active agent in the entire process. But he added that the data collected belongs to Nigeria.
According to Mr Akande, ” there is no way anyone can describe the selection of the beneficiaries of the CCT as partisan as the beneficiaries from eight of the nine pilot States were picked even before this administration came into office.”
“First, the officials at Federal level, working with the State officials, identify the poorest Local Government Areas, using an existing poverty map for the State, then the LG officials identify the poorest communities in the LGAs and we send our teams there.
The first thing our team does after selection of the LGAs is to select members of the NOA, the LGA and community officials to form the CBT team. Then we train the selected officials on how to conduct Focus Group discussions at community level. These focus groups comprise of women, men, youth, as the community determines.
After training them, the CBT teams now go to each of their communities to sensitize the leaders, including traditional rulers, on the CBT process and the necessity for objectivity and openness in the process. At that meeting, they firm up a date to convene a community meeting at a designated location within the community.
On the set date, discussions are held in the local languages, using terminologies that resonate in that community. The CBT team will explain to the community the purpose of the gathering, i.e. to determine the parameters of poverty upon which persons can be described as poor and vulnerable within the context of that community.
The CBT teams will then engage each group (men, women and youth) in the conversation around the criteria and parameters for determining the poorest people. The groups would then be encouraged to identify those households that fall within the criteria that the community itself determines, and told that the information is required for government’s planning purposes.
(Various poverty criteria have been thrown up so far. In some cases, people have said it’s the number of times they eat, it’s the number of times the fumes of firewood go up from the house, the size of farmland or type of crops grown, etc.)
Then the groups resume in plenary and report back the criteria and parameters discussed.
The CBT team would then compile the criteria and parameters and ask each group to return to their break-out sessions and now begin to identify the households in the community that have been identified as fitting the criteria and parameters.
Once that is done at the groups, everybody comes together again with names compiled by each group. Now, when the same name is featured in at least two of the three groups, it is deemed qualified to be listed on the Social Register.
At this stage, we now enumerate the members of the household and open a bank account for each of the caregivers by capturing the biometric data of households identified as among the poorest and vulnerable.”
According to Mr Akande, in 8 of the nine pilot states, this process had taken place at least 2 years ago under a programme supported by the World Bank under an Agreement entered into directly with the state governments, on the YESSO project. The ninth state is Borno, which was added because of the IDP situation, with the list of the beneficiaries that has been verified by SEMA.
“This is an entirely fair and transparent process and short of mischief, there is no way you can describe this process as partisan. The President is President of the entire country and the SIPs are for all Nigerians as the case may be.”
In addition to the nine pilot states, and with the release of funds for the programmes, the CBT model has now commenced in other States.
The states have been updated on the requirements for the engagement by the Federal team and once the lists from States are enumerated, their details are uploaded onto a server at the Nigeria Inter-Bank Settlement System (NIBSS), which hosts the electronic platform that validates all the payments of the FG for the SIPs.
Banks have been informed that payments must be at community level, so those banks engaged for the pilot stage have in turn engaged several payment agents, to ensure cash-out to the beneficiaries in their places of residence which are distant to the bank locations.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn