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.
Dangote Says N300bn Bond Listing Reflects Nigerian Capital Market Depth
By Aduragbemi Omiyale
The listing of Dangote Industries Limited’s N300 billion series 1 and 2 bonds on the Nigerian Exchange (NGX) Limited has been described as an indicator of the depth of the Nigerian capital market.
The Group Chief Executive Officer of the conglomerates, Mr Olakunle Alake, said this on Wednesday when a closing gong ceremony was held to celebrate the completion of the listing of the corporate debt instrument on the local stock exchange.
Mr Alake, represented by the Group Chief Finance Officer, Mr Mustapha Ibrahim, said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”
According to him, the depth of the market was reflected in the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market so far within the year.
He further noted that the listing of the bond recorded participation from a wide range of investors, including domestic pension funds, asset managers and insurance companies and further demonstrated investors’ confidence in Nigeria’s credit reality.
On his part, the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond, which provides corporates with the opportunity to raise capital.
“The listing of this transaction on our platform not only allows for a more liquid capital market, but it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem,” Mr Chiemeka said.
He further noted that NGX remains committed to fostering similar transactions through its digital gateways such as this and a confident market where corporates and investors can achieve their respective objectives.
Unlisted Securities Market Closes Flat at Midweek
By Adedapo Adesanya
Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business.
As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points.
The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at the primary market, with the stop rate over 14 per cent.
Data from the bourse showed that the volume of securities traded yesterday was abysmally low as it went down by 99.9 per cent to 8,299 units from the 20.1 million units transacted a day earlier.
Likewise, the value of shares traded during the session dropped to N1.2 million, 97.3 per cent lower than the N44.5 million posted in the preceding trading day.
These transactions were carried out yesterday in nine deals, 75 per cent lower than the 36 deals executed on Tuesday.
Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 482.1 million units valued at N544.1 million, UBN Property Plc occupied second place with the sale of 365.8 units worth N309.5 million, while Industrial and General Insurance (IGI) Plc was in third place with the sale of 71.1 million units valued at N5.1 million.
Also, VFD Group Plc ended the session as the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc was in second place with a turnover of 482.1 million units worth N544.1 million, while UBN Property Plc was in third place with the sale of 365.8 million units valued at N309.5 million.
Naira Sells N461.24/$1 at I&E, N764/$1 at P2P, N747/$1 at Black Market
By Adedapo Adesanya
The Nigerian Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market on Wednesday, March 30, but depreciated in the black market.
In the P2P segment, it gained N3 against its American counterpart to quote at N764/$1, in contrast to the N767/$1 it was traded on Tuesday as the demand for cryptos, which most traders in this category use the funds to buy, was relatively mild.
In the I&E window or the spot market, the Naira appreciated against the greenback yesterday by 51 Kobo or 0.11 per cent to settle at N461.24/$1 compared with the previous day’s N461.75/$1, according to data obtained from FMDQ Securities Exchange, with the forex turnover put at $74.31 million.
But in the parallel market, the domestic currency depreciated against the US Dollar in the midweek session by N4 to trade at N747/$1 versus Tuesday’s exchange rate of N743/$1.
Also, in the interbank window, the Naira lost N1.93 against the Pound Sterling to sell at N567.68/£1 versus Tuesday’s N565.52/£1, and against the Euro, it slid by N2.25 to at N499.21/€1 compared with the preceding day’s N496.66/€1.
Meanwhile, the digital currency market swayed to the bulls yesterday as most of the tokens tracked by Business Post ended in the green territory amid better-than-expected consumer confidence figures from the United States.
Data from the US Conference Board showed that its monthly survey rose to a reading of 104.2 basis points, better than the 101 mark expected, lifting Bitcoin (BTC) by 4.2 per cent to $28,519.76, as Ethereum (ETH) rose by 0.5 per cent to $1,788.52.
Solana (SOL) grew by 2.1 per cent to $21.08, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.0751, Litecoin (LTC) increased by 0.6 per cent to $90.14, while Cardano (ADA) chalked up 0.5 per cent to quote at $0.3797.
However, Ripple (XRP) dropped 0.4 per cent to trade at $0.5336, Binance Coin (BNB) lost 0.2 per cent to settle at $313.02, and Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.
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