NEWS
Tinubu’s Credit Scheme to Address `Loan sharks’ Excesses –FCCPC
The Federal Competition and Consumer Protection Commission (FCCPC), says President Bola Tinubu’s credit scheme will help to close the gap and reduce vulnerability of Nigerians to unethical digital loan companies.
The Acting Executive Vice Chairman of FCCPC, Dr Adamu Abdullahi, said this in an interview in Abuja on Sunday.
Abdullahi who was reacting to unethical practices by some unregistered digital money lenders to their customers, said the scheme would grant Nigerians access to soft loans without collaterals.
He said the scheme would also help to reduce the rate at which Nigerians patronise unregistered loan applications that were prone to maiming and shaming their character.
The acting executive vice chairman said that although the Commission had registered some digital money lenders, most of them who were not registered had continued their unethical practices on their customers.
“What is happening is because the availability of loans is not there in Nigeria but you can see that this government through its `Renewed Hope Agenda’ came up with a credit scheme.
“It has now gone into effect but it is only for government workers for now, it is going to address the gap that the apps were addressing before.
“So once we have that kind of possibility in which a person can get a loan from a recognised institution, banks, it will be a soft-loan without collateral.
“The only collateral you will need is your National Identification Number (NIN) and once you have NIN and Bank Verification Number (BVN).
“That means you are identified and people know that you are the one that has taken this loan and they know how to get their loan back.
“When that gap is now filled, this people (loan companies) will sit up and do the right thing or they fizzle out of existence,’’ he said.
On the Commission’s achievements in the past one year, Abdullahi said t
It had begun investigations into some unfair practices and irregularities in the market.
“We frown against practices that are monopolistic, we frown against abuse of dominant position in the market.
“In the competition aspect, we found out that there are some companies that are doing some anti-competitive practices and this has led to a sanction against a major international company.
“Beyond the sanction, the aspect that is not well reported is the aspect that we have made them to do some advocacy in the field of tobacco smoking for the young and under-aged.
`We have on-going investigations in other major companies which we found are indulging in other anti-competition practices,’’ the acting executive vice chairman said.
Abdullahi said that advocacy was a major hindrance for the Commission, adding that the FCCPC was planning to have presence in all the 774 Local Government Areas (LGAs).
This according to him will be done through a Memorandum of Understanding (MoU) with another government agency to educate people on their rights. (NAN)
Niger Government has established the state Price Control and Monitoring Board, approved by Gov. Umaru Bago to ensure fair pricing and consumer protection.
Alh. Abubakar Usman, Secretary to the Niger Government (SSG), inaugurated members of the board on Thursday in Minna.
The eight-member board has Alh.
Hussaini Ahmed, a former Permanent Secretary as the chairman.Usman noted that the inauguration of the board marked a significant step in the state’s commitment to ensuring fair pricing and consumer protection.
He said that the board was expected to control and stabilise prices of essential commodities and eradicate or reduce to the barest minimum, hoarding of essential commodities across the state.
He said that board would also handle issues that may arise as a result of enforcement and penalty for contravention of guidelines among several others.
“The board will be responsible for the distribution, monitoring and evaluation of essential commodities and keep price under continuous surveillance.
“They will also interpret price movement and relate them to other development in the State’s economy,” Usman said.
He said the board was expected to interface with relevant stakeholders such as local government chairmen, traditional institutions and councilors and well as market organisations to ensure the success of their mandate.
The SSG enjoined members of board to bring their wealth of experience and expertise in economics, consumer affairs and market dynamics to bear in their assignment.
He said that their appointment underscored the government’s dedication to maintaining economic stability and safeguarding the interests of both consumers and businesses in the state.
In his remarks, the board chairman, Ahmed, assured that the board would interface with relevant stakeholders within and outside the state in order to bring succour to the populace.
Other members of the board include Hamza Bello, Permanent Secretary, Investment, Aliyu Abubakar, Permanent Secretary, Local Government and Chieftaincy Affairs and Garba Abdullahi, from Ministry of Basic Education.
Also on the board are Adamu Maikasuwa, Ministry of Agriculture, DCP Aminu Garba, Nigeria Police, Niger Command, Aminu Ladan, Chairman, Chanchaga Local Government Area and Usman Liman, retired Statistician-General as Secretary of the Board. (NAN)
The Federal Accounts Allocation Committee (FAAC), has shared N1.298 trillion among the Federal Government, states, and the Local Government Councils (LGCs) for September.
This is according to a communique issued at the end of FAAC meeting for October held on Thursday in Abuja.
The communiqué was made available to newsmen by Bawa Mokwa, the Director, Press and Public Relations, Office of the Auditor-General of the Federation (OAGF).
According to the communiqué, N1.
298 trillion total distributable revenue comprised distributable statutory revenue of N124.716 billion, and distributable Value Added Tax (VAT) revenue of N543.518 billion.It also comprised Electronic Money Transfer Levy (EMTL) revenue of N18.
445 billion, Exchange Difference revenue of N462.191 billion and Augmentation of N150.000 billion.It said that a total revenue of N2.258 trillion was available in the month of September.
“Total deduction for cost of collection was N80.993 billion, while total transfers, interventions and refunds was N878.946 billion,” it said.
According to the communiqué, gross statutory revenue of N1.043 trillion was received in September 2024, which was lower than the sum of N1.221 trillion received in August by N177.426 billion.
It said that gross revenue of N583.675 billion was available from VAT in September, higher than the N573.341 billion available in the month of August by N10.334 billion.
“From the N1.298 trillion total distributable revenue, the Federal Government received a total sum of N424.867 billion, and the state governments received a total sum of N453.724 billion.
“The LGCs received a total sum of N329.864 billion and a total sum of N90.415 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
On the N124.716 billion statutory revenue, the communiqué said that the Federal Government received N43.037 billion and the state governments received N21.829 billion, while the LGCs received N16.829 billion.
It said that the sum of N43.021 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N543.518 billion VAT revenue, the Federal Government received N81.528 billion, the state governments received N271.759 billion and the LGCs received N190.231 billion,” it said.
It said that in September, Oil and Gas Royalty, Excise Duty, EMTL and CET Levies increased considerably while VAT and Import Duty increased marginally.
It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and others recorded significant decreases. (NAN)
The Lagos State Traffic Management Authority (LASTMA) has reiterated the importance of strict adherence to traffic laws, emphasising the prohibition of commercial motorcycles on highways and other restricted routes.
Mr Olalekan Bakare-Oki, the General Manager, said this in a statement on Thursday, signed by Mr Taofiq Adebayo, Director, Public Affairs and Enlightenment Department, LASTMA.
Bakare-Oki said that non-compliance with the regulations not only jeopardised the safety of the riders but also endangered the lives of other road users.
The statement came following the death of a motorcycle rider going against traffic on Carter Bridge, due to a collision with a fast-moving vehicle.
Bakare-Oki noted that the deceased, reportedly traveling from Ebute Ero, collided head-on with a fast-moving vehicle as it ascended Carter Bridge from Ilubirin.
“The forceful impact of the collision led to the immediate death of the motorcyclist while the vehicle driver ran away.
“Personnel from the LASTMA promptly arrived at the scene of the accident and swiftly alerted officers from the Central Police Station at Adeniji Adele and Shemo.
“Together, they coordinated efforts to retrieve the lifeless body of the rider, while LASTMA officials handed over the motorcycle to security authorities for further investigation,” he said.
The LASTMA boss extended his heartfelt sympathy to the family of the deceased.
“LASTMA remains committed to upholding public safety and is intensifying its efforts to minimise the occurrence of such tragic incidents on Lagos roads,” he said. (NAN)
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