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Unemployment: Atiku Suggests Payment of N5000 Stipend

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atiku abubakar resigns from APC

By Dipo Olowookere

Former Vice President Atiku Abubakar has advised the federal government led by President Muhammadu Buhari to consider paying a N5000 stipend to every family in Nigeria.

However, he emphasised that the beneficiary family must be the one with at least one school-age child and earning less than $800 (N328,000 at I&E rate of N410/$1) per annum.

In a statement issued by the media team of Mr Atiku over the weekend, it was suggested that the N5,000 stipend should be paid by the government to the families “via their BVN and NIN on the condition that they verifiably keep their children in school.”

The former Vice President noted that if this is done, as he earlier advised last year, the country would be solving the twin issue of youth unemployment and a high rate of out of school children, which currently stands at 13.5 million.

“If we do not do this, then the floodgates of unemployment will be further opened next year, and in the years to come,” he warned.

Mr Atiku further stressed that the unemployment rate, which the National Bureau of Statistics (NBS) recently put at 33 per cent, is the root cause of the “unprecedented insecurity Nigeria is facing.”

“Idleness is the worst feature of unemployment because it channels the energy of our youth away from production, and towards destruction, and that is why Nigeria is now the third most terrorized nation on earth,” he noted.

But he said “the fastest way to bring down a world record unemployment rate is via incentivised education. An educated citizenry is more employable and more self-employable.”

“Increased education has been scientifically linked with lower rates of crime and insecurity, along with lower infant and maternal mortality, and a higher lifetime income.

“We must then incorporate those youth who are above school age into a massive public works programme.

“There was talk of 774,000 Special Public Works jobs for the youth, which was to have started in January of 2021. This is a commendable step, but it must be done with proper agenda, rather than propaganda,” he submitted.

Policy already exists

Business Post recalled that in the build-up to the 2015 general elections in Nigeria, the ruling All Progressives Congress (APC), then an opposition party, promised to pay N5,000 monthly to poor Nigerians. This was hailed by many and caused the party to be massively voted for by the electorates.

A year after it gained power, the administration of Mr Buhari announced that N65 billion has been approved for the payment of N5,000 monthly stipend to Nigerians under the Conditional Cash Transfer scheme of the National Social Investment Programme of the government.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who was then the Minister of State for Budget and National Planning, had said after a Federal Executive Council (FEC) meeting that the N65 billion was part of the N150 billion approved by the steering committee of the programme.

“Focus has been given to the extremely poor and vulnerable in our society and special emphasis is being placed to providing as many as possible in the North-Eastern part of the country where a lot of Internally Displaced Persons (IDPs),” she had informed reporters then.

Refinery rehabilitation

While commenting on the proposed plans by the central government to rehabilitate the Port Harcourt refinery with $1.5 billion, the candidate of the opposition Peoples Democratic Party (PDP) in the 2019 presidential election described it as unnecessary and “ill-advised” because the facility has “failed to turn a profit for years” despite the huge funds sunk into it for turnaround maintenance.

He maintained that, “As a nation, we are better off privatising our refineries and the NNPC (Nigerian National Petroleum Corporation) through the time-tested LNG model in which the FG owns 49 per cent equity and the private sector 51 per cent.”

“Recall that in 20 years ending 2020, the NLNG had delivered $18.3 billion dividends to government irrespective of taxes and other benefit accruals to the country.

“This will not only free the government of needless spending but also clean up the infrastructure mess in the petroleum downstream sector,” he said.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Dangote Cement Ibese Commissions Cassava Processing Plant in Ogun

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Cassava Processing Plant in Ogun

By Aduragbemi Omiyale

In order to aid alternative and sustainable means of livelihood amid rising food prices and growing concerns over food security in Nigeria, the Ibese Plant of Dangote Cement Plc has handed over a state-of-the-art garri and fufu processing plant to the Kajola host community in Ewekoro Local Government Area of Ogun State.

The facility is expected to support cassava farmers and processors by improving efficiency and expanding income-generating opportunities.

According to the organisation, the project, delivered under the Community Development Agreement (CDA) with its host communities signed in 2022, is a strategic intervention aimed at boosting agricultural value addition, reducing post-harvest losses and strengthening livelihoods for rural farmers and women.

The Ibese Plant Director, Mr Ayyagari Subbaraidu, at the commissioning, said, “This project is aimed at improving cassava processing, reducing losses and creating sustainable employment for women and farmers in the community.”

He disclosed that the facility features separate garri and fufu processing units equipped with modern machinery, including a five-tonne-per-day peeling machine, hydraulic presses, frying systems, fermentation basins, solar-powered boreholes and sanitation infrastructure, adding that it will serve as a catalyst for local economic growth by enhancing productivity and supporting small-scale agribusinesses across Kajola and neighbouring communities.

The Plant Director also urged the community and the Project Governance Committee to maintain transparency in the management of the facility to ensure long-term sustainability.

The Ogun State Commissioner for Agriculture and Food Security, Mr Bolu Owotomo, who was at the unveiling of the project, said it aligns with Governor Dapo Abiodun’s vision of making agriculture a key driver of economic growth through value addition and enterprise development.

The Commissioner disclosed that “over 166,000 farmers, including more than 90,000 cassava farmers, have been registered under the Ogun State Farmers Information Management System (OGFIMS) to benefit from government interventions.”

He urged the community to safeguard the facility and assured residents of the continued support of the state government towards agricultural development and food security.

“This processing plant will strengthen the cassava value chain, improve product quality, create jobs and enhance food security while boosting farmers’ incomes,” the Commissioner stated.

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FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing

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By Adedapo Adesanya

The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.

“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).

“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.

It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.

The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.

The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.

It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.

The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.

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Lagos Seals Radio Station, Others for Noise Pollution

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Wise FM Lagos

By Aduragbemi Omiyale

A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).

The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.

In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.

As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.

Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.

Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.

He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.

The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.

Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.

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