NEWS
IMF Advocates New Public Payment System
Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) has called for a new public payment system to connect various payment systems. Georgieva added that the new payment system would help counter fragmentation of the international monetary system accelerated by Russia’s invasion of Ukraine.
This is contained in a report obtained from the IMF’s website by the News Agency of Nigeria (NAN) on Saturday.
It said global economic integration had supported growth and lifted more than one billion people out of extreme poverty over the past three decades. “But the forces of geopolitical fragmentation including competing systems for cross-border payments threaten to make the world poorer and more dangerous.“Some countries may develop parallel payment systems to mitigate the risk of potential economic sanctions. “While private digital money providers are promising cheap cross-border payments, but often within a closed network of users. “These ‘payment blocs’ would only worsen the impact of broader ‘economic blocs’, creating new inefficiencies and imposing new costs.
“This would harm productivity and living standards in all countries,” Georgieva told a conference in Zurich hosted by the IMF and Swiss National Bank. The managing director said that a new public payment system, which uses technology to connect various forms of money, could make payments work for all people, in all countries.
She said the various forms of money include commercial bank deposits but potentially also central bank digital currencies and even some stable coins. Georgieva said countries need to work together to build new roads, railways, bridges, and tunnels using public digital platforms to connect payment systems.
“This would make international payments more efficient, safer, and more inclusive. Crucially, it would reduce the risk of fragmentation. “Indeed, we must think like a mountaineer in three ways: use state-of-the-art equipment, adapt to the existing terrain, and rely on our team.
“First, we must use state-of-the-art equipment, especially new technologies. Which brings me to my second point, just like good mountaineers, we must adapt to the terrain. “This means building platforms that allow countries to continue pursuing their policy objectives especially when it comes to capital flows.
“My third point is that mountaineers never climb alone. They rely on their teams and the well-rehearsed reactions and signals to deal with unforeseen situations. “This approach is essential to modernise the international payment system and mitigate fragmentation. It means, above all, getting governance right,” she said.
Georgieva said that questions of governance such as who would oversee these platforms would ultimately be decided by countries. However, she added that international organisations such as the IMF, the Bank of International Settlements, and the Financial Stability Board could play an important role.“
Together, we can put the international payment system on a sounder footing. “To support the digital world of tomorrow, to foster an international monetary system that can bring greater stability and prosperity for all,” she said. (NAN)
NEWS
50% of Maternal Deaths are from 174 LGAs in Nigeria – Pate
By Laide Akinboade, Abuja
The Prof. Muhammad Ali Pate, Coordinating Minister for Health & Social Welfare, on Wednesday, revealed that his Ministry has been able to identified about 174 Local Government Areas, LGAs, in Nigeria, that have about 50% of maternal mortality burdens .According to the World Health Organisation, WHO, in 2020, Nigeria mortality rate was 1047 deaths per 100 000 live births.
Nigeria is ranked third in the world for maternal mortality. He revealed this at the 2024 Joint Annual Health Review, organized by Ministry of Health, in Abuja.He said not only have they been able to identify them, they have put machinery in place to address the challenges, his ministry has already launched Maternal and Newborn Mortality Reduction Investment Initiative.He added that there has been a reduction of 16.7% reduction in under-five mortality between 2018 and 2023.According to the Minister, “Our commitment to improving population health outcomes has shown tangible results. Data from the Demographic and Health Survey (DHS) reveals a 16.7% reduction in under-five mortality between 2018 and 2023. “We have also recorded a 40% reduction in diarrheal diseases, a 24% reduction in tuberculosis, and a 12% reduction in HIV prevalence. These achievements underscore the impact of our collective efforts.”Despite the challenges that persist, Nigeria is moving in the right direction. Seventeen states have shown marked improvement in modern contraceptive usage, with six states doubling their efforts. I am pleased to acknowledge that Imo State, represented here by His Excellency the Governor, is among the highest-performing states in contraceptive use and state health insurance coverage.”Following the Executive Order signed by Mr. President, at least 40 businesses have submitted business cases for investment in local manufacturing. Through our memorandum of understanding with Afreximbank, we have secured one billion dollars to boost healthcare financing. In parallel, we are making steady progress in health security.”Our survey findings show that about half of Nigerians have endorsed the trajectory of the health system under Mr. President’s leadership, with over half expressing confidence in the government’s capacity to manage health emergencies—an increase of 17% compared to 2023”.Pate lamented, “However, there remain areas where we must do better. While we have made strides in healthcare affordability and insurance coverage, more work is required to make quality healthcare accessible and affordable for all Nigerians. The DG of the National Health Insurance Authority is working tirelessly to enhance quality of care and user experience, and we recognize there is more to be done.”Routine immunization rates and the coverage of zero-dose children also need our urgent attention. The slight increase in immunization coverage between DHS cycles indicates we have to double our efforts.”Malnutrition and stunting rates remain high, which calls for renewed action and investment. These statistics represent real lives—families, communities, and children who rely on us to make these improvements.”In response to these findings, especially regarding high maternal mortality, we have identified 174 high-burden local governments across Nigeria responsible for 50% of maternal deaths. To address this, we have launched the Maternal and Newborn Mortality Reduction Investment Initiative. This initiative reflects our commitment to ending maternal mortality, and with our current momentum, I believe it is achievable”.He said, “The State of Health Report, while highlighting progress, also underscores challenges, particularly in data reliability and execution. We are committed to refining data sources and ensuring we have a single source of truth with high-quality information to guide our investments, both federally and at the state level. We will continue our Joint Annual Reviews and performance dialogues with the states, and I urge my colleagues in the Ministries of Finance and Budget to ensure sustained increases in domestic health sector funding into 2025.”I call upon all of us here to action. The task ahead is enormous, and it demands our collective efforts and genuine partnerships. Let us embrace a whole-of-government and whole-of-society approach, including our development partners, to help us build a healthier Nigeria”.Earlier in his opening remarks, the Minister of State for Health and Social Welfare, Dr. Iziaq Adekunle Salako, said the Joint Annual Review (JAR), is a vital instrument for health sector stakeholders to assess program performance, evaluate resource distribution, and review outcomes or issues that need to be addressed to improve performance. According to the Minister of state, “As a critical accountability tool, we shall be using the JAR to promote multisectoral coordination and sets clear priorities for the upcoming year, ensuring that all stakeholders remain aligned with national health goals”We are gathered here for the next 3-days to design for ourselves context specific a platform for fostering accountability, enhancing collaboration, and driving progress for the implementation of the the Nigeria Health Sector Renewal Initiative (NHSRII) “I say context specific, because we must focus on those critical indicators that are the window through which our health system is assessed such as mortality rates, disease incidences, services utilization rates, life expectancy at birth, health expenditure and so on. Importantly, the qualty of health care we provide and clients experiences when they access service must be a top priority as we work together to put them in the upward swing and deliver on the Renewed Hope Agenda. “We are fortunate to have the preliminary findings of the Nigeria Demographic and Health Survey (NDHS 2023). I will encourage us to have a look at it in developing a baseline for the sector-wide approach. We should explore our current stimulus funding going directly to our primary health facilities such as the Basic Healthcare Provision Fund (BHCPF) and other health financing mechanisms to reduce maternal mortality.”In addition, the Human resource for health crisis and it’s emerging challenges should be given a thoughtful consideration as we agree on the baseline for the SWAP JAR towards attaining Universal Health Coverage (UHC) goals”.He also called for a multi-sectoral collaboration across MDAs, state governments, development partners, private sector in the spirit of health sector alignment and support to secure sustained health investments.NEWS
Tinubu Gives Wike Marching Order to Develop, Grow Arts, Tourism Hubs in Abuja
By Laide Akinboade, Abuja
The Minister of Federal Capital Territory (FCT), Nyesom Wike on Wednesday said President Bola Tinubu has given a marching order to the Federal Capital Territory Administration (FCTA) to harness and develop arts, culture and tourism potentials in Abuja.
This disclosure was made at the opening ceremony of the “2024 Abuja Festival of Arts and Culture (ASOFEST).
ASOFEST is an annual festival which gives both indigenous and other ethnic groups residing in FCT the opportunity to showcase their cultures, as well as promote unity and peaceful coexistence.
Wike who was represented by the Mandate Secretary, Social Development Secretariat (SDS), Ibrahim Aminu said the present administration would give the deserved attention to all the cultural heritage, especially those that will contribute meaningfully to economic growth, while also adding values to people’s lives.
He disclosed that his administration would support programs and initiatives that will help to promote Nigeria’s positive cultural heritage to the global markets.
He said, “This festival creates a viable platform for skill acquisition and transfer as well as an opportunity for the youths and women to be gainfully employed.
“Mr. President, Bola Tinubu has given me specific instructions to develop, grow and nurture the Arts and Culture cum Tourism hubs in the FCT and exactly that we are going to do.
“My Administration will continue to support initiatives and programs in these regards in line with the clear directives of Mr. President; And for the remaining part of the year, a lot of cultural festivities will be on display in the Federal Capital Territory that will enable residents, visitors and those on transit to regale in the best of cultural displays and entertainment in the FCT.
“Let me assure you that in a week or two, the FCT will be hosting the 2024 Edition of the National Festival of Arts & Culture (NAFEST), another major cultural event in Nigeria that seeks to bring together stakeholders in the arts and culture industry to interact, showcase talents, and project the image of Nigeria’s heritage. The FCT Administration is already in collaboration with the National Council of Arts and Culture (NCAC) to ensure an unforgettable hosting of the festival in the Nation’s Capital.
“We want to use this medium to assure you that the FCT Administration through the department of Arts and Culture will continue to churn out programme and activities that will bring smile and succor to the amazing people of the FCT as a way to relieve off the stress associated with realistic and seemingly tough economic policies being undertaken by the current Administration meant to better the lives of the majority of the citizen on the long run”, he stressed.
Earlier in her remarks, the Permanent Secretary, SDS, Olubumi Olowookere noted that the festival provides an opportunity for Nigerians residing in FCT to see and appreciate other people’s cultural elements.
Olowookere added that the festival is not just a medium for cultural upliftments, but also a platform for values transmission and exposition.
NEWS
Stakeholders Call for More Women Inclusion in Politics in Nigeria
By Laide Akinboade, Abuja
Stakeholders on Wednesday have identified that for Nigeria to achieve 35% Affirmative Action, it was imperative for Political parties to take concrete steps toward gender equity.
This was revealed at the National Annual General meeting of League of Women Voters of Nigeria, NILOWV, in Abuja.
Among those who spoke at the meeting was Andrew Mamedu, Country Director, ActionAid Nigeria, in his keynote address said though women inclusion have increased but it is still short of expectations.
The theme of this year’s AGM: ‘Electoral Integrity, Accountability, and Women’s Inclusion’.
According to the ActionAid boss, “In Nigeria’s journey toward a truly inclusive democracy, our shared commitment to electoral integrity and accountability is essential.
Our country’s elections are a defining measure of our democracy’s health, and they are a critical arena for ensuring that every citizen—especially every woman—has a voice and a stake in governance.The 2023 Elections: A Reflection on Progress and Gaps
“The 2023 elections in Nigeria marked both progress and challenges. According to the Independent National Electoral Commission (INEC), over 93 million voters registered for the elections, with women constituting nearly half of the registered voters. This strong turnout underscores the commitment of Nigerian women to shape their nation’s future. However, despite this, we still saw a stark gender imbalance in candidacy, with only about 9% of candidates in the 2023 elections being women
“The recently amended Electoral Act aimed to bring transparency and greater accountability into our electoral process. The provision for electronic transmission of results was a significant development in ensuring that votes were accurately counted and transparently managed. Yet, challenges persisted. Reports from civil society organizations revealed logistical issues, non compliance with the electoral act, delays in result transmissions, and instances where electoral officials faced intimidation—issues that directly undermined trust in the process.
Electoral Integrity as a Foundation for Women’s Inclusion Electoral integrity cannot be divorced from women’s inclusion. When electoral processes are compromised, it is often women, marginalized communities, and first-time voters who bear the brunt of disenfranchisement. In a country where over half of the population are women, our elections must be a space where they are not only safe but empowered to make their voices heard. For many women, insecurity and violence around polling units discourage participation. According to a study conducted after the 2023 elections, 39% of women reported fear of violence as a major deterrent to voting.
Speaking on challenges of women voters, he said, “Challenges to Address for Sustainable Inclusion. While there is much to celebrate, significant challenges remain. Political parties need to take concrete steps toward gender equity. Although we are seeing more rhetoric around women’s inclusion, the actual support for female candidates often falls short. Additionally, financial barriers, cultural expectations, and the pervasive threat of gender-based violence in politics continue to stifle women’s ambitions. The statistics are sobering: only 4% of Nigeria’s National Assembly members are women, which is one of the lowest rates globally.
In her address, the President of NILOW, Irene Awunah-Ikyegh said that the organisation was now in 36 states and Abuja, but despite the progress made women in Nigeria still face barriers to political participation.
She lamented, “The statistics in the recent 2023 elections are extremely disturbing, it is this time to interrogate our electoral integrity and accountability as a nation”.
She therefore hoped that all stakeholders would see the golden opportunity to salvage Nigeria from shackles of a mono representation leadership system that is operating not only in Nigeria but Africa as a whole.
She therefore urged Stakeholders to support the ‘Special Seat Bill’ , a critical legislation that aims to reserve seats for women in the government. This bill has the potential to transform the landscape of Nigerian politics and ensure women’s voices”.
The founder and Board of Trustees Chairperson of NILOWV, Dame Esther Uduehi, in her address said her organisation will continue to fight for the credible election in Nigeria because if elections are not credible it would be impossible for women to participate in politics.