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Economic Hardship: Irregularities Plague FG’s N40,000 Rice Palliative

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Several Nigerians are decrying difficulty in accessing the N40,000 per bag rice promised by the federal government, citing civil servants’ irregularities and deliberate lack of clarity in the process.

The rice distribution, part of the government’s initiative to mitigate the country’s ongoing food crisis, was launched by the Federal Ministry of Agriculture and Food Security on September 5, with 30,000 metric tons of milled rice allocated for sale.

Haruna Sule Abutu, Director of Food and Strategic Reserves at the Ministry of Agriculture and Food Security, had assured that the rice would be sold across multiple locations in the Federal Capital Territory (FCT) and later extended to other states.

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He emphasized that the rice would not be limited to civil servants and that sales points would be spread across the country, with Abuja hosting five to six sales locations.

However, by the second week of the program, it was revealed that the original five sales points in Abuja—located at the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Head of Service headquarters, Federal Capital Development Authority (FCDA), and the Federal Capital Territory Administration (FCTA) Secretariat—had been reduced to just one: the National Agricultural Insurance Corporation (NAIC).

Worse, the rice has yet to be distributed to other states, despite promises from the Ministry.

It was also revealed that some ministries, departments, and agencies (MDAs) had already distributed rice among themselves, though the exact quantities shared remain unclear.

Recall that on Monday, September 9, 2024, some Nigerians successfully purchased 50kg bags of rice for N40,000 at the National Agricultural Insurance Corporation (NAIC).

However, by Tuesday, September 10, a large crowd had gathered at the center, overwhelming the fewer than ten staff members responsible for confirming the National Identification Numbers (NIN) of buyers.

Vincess Okushi, an Abuja-based online journalist, raised concerns about the lack of clarity and transparency in the process.

“I was at NAIC today, where we stood in line from morning until evening, only to leave empty-handed and without any rice,” he said.

Afterward, the group went to the Office of the Head of Service (HoS) and discovered that the rice was being sold within various ministries.

This revelation sparked frustration among many, who felt that non-staff were being excluded from the sales process.

Further investigation revealed that coordinators at the Ministry of Science and Technology indicated that each ministry, agency, and department had designated slots for the rice, asserting that selling to non-staff would deprive employees of their share.

Okushi expressed his concern, stating, “The only public access point for this rice, NAIC, seems to have been closed down, leaving citizens to deal with long lines and poorly managed distribution processes that jeopardize their safety. Many of us, including journalists, have had to abandon our work just to secure this essential commodity, only to be disappointed.”

Chioma (surname withheld for safety reasons), a civil servant, expressed her frustration at being unable to purchase the rice.

She said, “We want to buy, but until the agencies handling the sales finish selling to their staff, we cannot have access. In fact, as of yesterday (September 10), I learnt they had exhausted the supply given to them. We will get it when it gets to us.”

 

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Nigeria Can Achieve 5.5% GDP Growth – NESG

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The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.

This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.

Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.

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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.

 

 

 

 

 

 

More to follow………. 

 

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CBN Approves Release Of Nigerian FX Code

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CBN Prohibits Foreign Banks' Rep Offices From Banking Operations

The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.

In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.

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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.

The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.

The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.

 

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How Trump Plans To Grow American Economy By $1 Trillion Daily

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The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.

This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.

Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.

ALSO READ: WHO Expresses Regret Over US’ Withdrawal

President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.

“And probably, that’s going to be six or seven by the end of the week.”

In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.

He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.

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