General
95.7m Nigerians to Join Extreme Poverty Club
By Adedapo Adesanya
The World Bank has predicted that an estimated 95.7 million Nigerians would be joining the extremely poor class by 2022.
The report, released recently, indicated that without the COVID-19 outbreak, 90 million Nigerians were already predicted to live in extreme poverty of less than a dollar per day but that the dreaded disease will push additional six million people into the number.
The bank said: “With real per capita GDP growth forecast to be negative in all sectors in 2020, poverty will deepen for the current poor, while those households that were just above the poverty line prior to the COVID-19 crisis will fall into poverty.
“Were the crisis not to have hit (the counterfactual scenario), the poverty headcount rate would be forecast to remain virtually unchanged, with the number of poor people set to rise from 82.9 million today to 85.2 million in 2020 and 90.0 million in 2022 due to natural population growth.
“Given the effects of the crisis, however, the national poverty headcount rate is instead forecast to jump from 40.1 percent today to 42.5 percent in 2020 and 42.9 percent in 2022, implying that the number of poor people will be 90.2 million in 2020 and 95.7 million in 2022.
“Thus, taking the difference between these two scenarios, the crisis alone is forecast to drive an additional 4.9 million people into poverty this year, with an additional 5.7 million people living in poverty by 2022.”
The report explained that a number of Nigerians share of those pushed into poverty by the COVID-19 crisis would likely be those living in urban areas and earning income from services.
The bank further predicted that: “More than one-third of the additional people forecast to be pushed into poverty by the COVID-19 crisis are expected to be in urban areas, while just 15.9 percent of the current poor are urban dwellers.
“Only 13.1 percent of the additional poor people in 2022 are predicted to be in households where the head works primarily in agriculture, while, today, 56.0 percent of poor Nigerians live in agricultural households.
“Many Nigerians who are not poor today are vulnerable to falling below the poverty line due to the COVID-19 crisis. People living only just above the poverty line are more susceptible to becoming poor when shocks occur. Those with consumption levels between the poverty line and 1.5 times the poverty line may be defined as ‘vulnerable”.
It added that 40.1 percent of Nigerians (82.9 million people) live below the poverty line, while another 25.4 percent (52.6 million people) are vulnerable.
It pointed out that in rural areas, more than three-quarters of the population were either poor or vulnerable, yet even in urban areas— where the poverty headcount rate was far lower at 18.0 percent—around a quarter of the population would be vulnerable to shocks.
The report noted that most Nigerian workers, especially those in poor households employed in agriculture or non-farm enterprises, which might be more susceptible to the COVID-19 crisis.
The global financial institution stated that just 16.8 percent of working Nigerians (12.9 million workers) were employed primarily in wage jobs, based on the 2018-2019 Nigeria Living Standard Survey (NLSS) while around 42.7 percent work primarily in agriculture (32.7 million workers), and 40.6 percent work primarily in non-farm enterprises (31.1 million workers).
The report observed that social distancing measures posed a serious threat to non-farm enterprises that relied on face-to-face interactions with customers, as well as those agricultural workers that needed to buy inputs and sell produce.
By Dipo Olowookere
Many events happened in 2024 in Nigeria but a few shook the nation because of their impact on residents of the country.
According to a report released by Google, the incessant collapse of the national grip, which plunged the nation into darkness, was among trending searches on its platform.
In the report made available to Business Post on Tuesday, the tech giant said this year’s results show a continued interest in the political and economic landscape, with searches related to the US elections, the new national anthem.
“The 2024 Year in Search offers a unique lens into the questions, interests, and conversations that shaped the lives of Nigerians this year.
“From cultural milestones to pressing concerns, these insights reflect how Search continues to be a valuable tool for users to navigate and better understand their world,” the Communications and Public Affairs Manager for Google West Africa, Taiwo Kola-Ogunlade, stated.
Google’s 2024 Year in Search for Nigeria showcased the most popular searches, notable individuals, actors, musicians, topics, questions, and other subjects that captured Nigerians’ attention in the year.
Google’s Year in Search is an annual analysis that reveals the top trending lists and also spotlights what the world searches to see, learn, and do.
The music scene in 2024 was marked by a surge in popularity for artists like Shallipopi and Khaid, who also featured prominently in the overall personalities list. The top trending song was “”I Don’t Care” by Boy Spyce”, followed closely by “Ozeba” and “Commas” by Ayra”. Nigerians also showed a keen interest in understanding the lyrics of various songs, with “Ogechi lyrics”, “Ozeba lyrics”, and “Omemma by Chandler Moore lyrics” leading the searches in the lyrics category.
This year, Nigerians continued to demonstrate a strong interest in entertainment with movies like “A Tribe Called Judah”, “Treasure In The Sky”, and “Damsel” topping the movie charts. The top TV series that captured the interest of Nigerian netizens included “Supacell”, “My Demon”, and “Queen of Tears”. In the culinary world, Nigerians explored diverse recipes with “Pornstar Martini recipe” leading the searches.
Concerns about personal well-being and global events were also reflected in search trends. Questions like “How much is dollar to naira today?”, “How to get perfectly defined curls for African hair?”, and “Who won the US presidential election?” topped the list of queries. Nigerians were curious about the meaning of words like “demure,” “steeze,” and “pet peeves,” turning to Search for answers.
By Adedapo Adesanya
The Fiscal Responsibility Commission (FRC) has expressed strong support for the controversial Tax Reform Bills currently before the National Assembly.
The bills, developed by the Presidential Fiscal Policy and Tax Reforms Committee on instruction by President Bola Tinubu, aim to improve fiscal governance, transform public revenue architecture boost economic growth.
The Chairman of the commission, Mr Victor Muruako, expressed the support of the organisation at an interaction with academics and journalists on the sidelines of the Fellowship Lecture and Investiture Ceremony of the Capital Market Academics of Nigeria (CMAN) on Monday in Abuja.
According to a statement by FRC’s Head of Strategic Communications Officer, Mr Bede Anyanwu on Tuesday, the agency revealed that a critical analysis of the bills showed that it does not contain any issue or item that could be said to be skewed to favour any region or section of the country.
“The bills rather create a more equitable distribution of resources amongst Nigeria’s federating states,” Mr Muruako added, noting that the analysis also confirmed that the proposed reforms are designed to benefit all Nigerians, particularly low-income earners and Micro Small and Medium Businesses (MSMBs).
Mr Muruako outlined some of the key benefits of the reforms, including tax relief for low-income earners: individuals earning less than N1.7 million annually will pay less income tax, exemption of tax on small businesses with turnovers below N50 million, and exemption of over 90 per cent of small businesses from profit tax payment.
It was stated that the new bills intend to simplify tax administration in the country and make it more transparent.
Increasing revenue for subnational governments as states and local governments will receive a larger share of VAT revenue, empowering them to provide better public services, and improving ease of doing business, noting that reforms will reduce the administrative burden on businesses and make it easier to comply with tax regulations.
The FRC explained that it is upbeat that the tax relief for low-income earners will enhance savings and capital formation at household levels.
The commission also expressed confidence that given the positive correlation between savings and investment, explaining that the increase in small household investments across the board would lead to improvements in the sustainable growth of the nation’s economy.
He also opined that the reduced tax burden on small businesses would give Micro-Small Medium Enterprises breathing space, and enable them to grow organically, hence contributing to a sustained increase in the nation’s GDP in the near future.
On the recent controversies over the bills, Mr Muruako praised President Tinubu for allowing room for further dialogue, appealing to all stakeholders across geopolitical zones to support the bills because their transformative potentials stand to benefit every Nigerian.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc has been awarded the ISO/IEC 27001:2022 and ISO 22301:2019 certifications by the globally renowned Management System Certification Body (MSECB).
According to a statement from the firm, the Managing Director of CSCS, Mr Haruna Jalo-Waziri, said the ISO 27001 is an internationally recognised benchmark for managing information security, ensuring robust protection against data breaches and IT disruptions.
The ISO 22301 standard is an international standard that establishes the requirements for business continuity management systems.
Mr Jalo-Waziri said this recognition underscores CSCS’s steadfast commitment to international best practices in information security management and business continuity.
He noted that the ISO/IEC 27001:2022 certification highlights CSCS’s adherence to stringent information security measures, ensuring robust protection against data breaches and IT disruptions.
Mr Jalo-Waziri said that the ISO 22301:2019 certification also confirms CSCS’s business continuity and readiness to respond to unexpected incidents, minimising disruptions and safeguarding stakeholders’ interests.
“Achieving these certifications is a testament to our deliberate and strategic focus on embedding a culture of excellence, resilience, and trustworthiness in our operations.
“It underscores our commitment to maintaining the highest standards of information security and business continuity in delivering value to our stakeholders.
“These certifications position CSCS alongside leading global organisations that prioritise the confidentiality, integrity, and availability of information systems.
“They further validate the organisation’s dedication to securing its clients’ trust and ensuring operational resilience,” he said.
The CSCS MD added these certifications not only reinforce the trust of its clients, stakeholders, and regulators but also to validate the hard work and dedication of its team.
He said, that as Nigeria’s premier financial market infrastructure, the firm remains resolute in its mission to enable market confidence through best-in-class services and practices.
According to him, receiving these certifications from MSECB strengthens CSCS’s reputation as a reliable partner and a leader in the financial market ecosystem.
He said that the certifications assure stakeholders that CSCS’s processes are periodically monitored to meet and exceed compliance requirements.
This achievement, Mr Jalo-Waziri said, was a significant milestone in CSCS’s journey to consistently deliver secure, resilient, and innovative solutions to the Nigerian capital market and beyond.
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