In Nigeria, countless folks anticipate the weekend since it provides a break from the busy and stressful work or school week and allows them to loosen up, having them spend time with friends and family, and participate in fun activities.

Weekends are an opportunity to recharge and reinvigorate, as well as pursue hobbies or interests that are not feasible on weekdays. However, it is essential to keep things in perspective and avoid putting too much tension on the weekend to meet all of our expectations.

It’s also essential to prioritize self-care and recuperation, especially if the week has been particularly intense or hectic. There are a few tips on enjoying your weekends without spending recklessly:

• Enjoy a movie marathon. At home, you can rent movies or watch them via streaming services. All you need here is just an Internet connection to make it happen.
• Take a picnic at the park or the beach. You can bring some refreshments and food from home and relax while complimenting the scenery. Although, this shouldn’t happen every weekend and this would also depend on your locality.
• Many trails and parks focus on providing free or low-cost outdoor activities.
• You may decide to just do something differently. Visit a farmers’ market. You can buy fresh produce and try some local cuisine.
• Pay a visit to a museum or an art gallery. On weekends, many museums and galleries offer free or discounted admission. Again, this shouldn’t be every weekend. It might just be once a month or twice quarterly.
• If you are a football lover, you may also want to do something different this time. Just walk into a fancy restaurant where they show your favorite match, grab a drink, and a few chops – that’s it.
• Participate in some volunteer work. Volunteer at a local shelter or food bank to give back to your community.
• Participate in a free concert or festival. Check your community’s events calendar for free events.
• Plan a game night with your friends. You can play board games or card games at home while snacking.

The post Enjoying your Weekends Without Spending too much [TIPS] appeared first on Tech | Business | Economy.

The decision was communicated through a letter issued by the Budget Office of the Federation, signed by the Director General, Akabueze Ben, and addressed to the Registrar of the Nigerian Council of Food Science and Technology, an agency under the Federal Ministry of Science, Technology, and Innovation.

According to the letter, the professional bodies and councils affected by this directive will be considered as self-funded organizations. As a result, they will be fully responsible for their personnel, overhead, and capital expenditures.

The letter further mentioned that the decision to discontinue the budgetary allocation to these organizations was based on the recommendations of the Presidential Committee on Salaries.

The article mentions that several ministries will be affected by this decision, including the Ministry of Trade and Investment, the Ministry of Information and Communication, the Ministry of Agriculture and Rural Development, the Ministry of Transport, the Ministry of Mines and Steel, the Ministry of Justice, the Ministry of Works and Housing, and the Ministry of Environment.

Some of the specific professional bodies and councils mentioned in the article include the Teachers Registration Council of Nigeria, the Computer Registration Council, the Librarians Registration Council, the National Education Research and Development Council, the Mass Literacy Council, the National Examination Council, the West African Examination Council (Local and International), the Nursing and Midwifery Council, the Pharmacist Council of Nigeria, the Medical and Dental Council of Nigeria, the Medical Laboratory Science Council of Nigeria, the Environmental Health Council of Nigeria, the Nigeria Press Council, the Council for the Regulation of Freight Forwarding in Nigeria, the Council of Nigerian Mining Engineers and Geosciences, the Veterinary Council of Nigeria, the Council for the Regulation of Engineering in Nigeria, the Survey Council of Nigeria, the Legal Aid Council, the Council of Legal Education, the National Automotive Design and Development Council, the Nigeria Export Promotion Council, the Financial Reporting Council of Nigeria, the Nigeria Investment Promotion Council, and the Nigerian Council of Food Science and Technology.

The post Nigeria Government Discontinues Budgetary Allocations to Professional Bodies appeared first on Tech | Business | Economy.

The CBN gazette said that the licences of the financial institutions were revoked because they “ceased to carry on, in Nigeria, the type of business for which their licences were issued for a continuous period of six months; failed to fulfil or comply with the conditions subject to which their licences were granted; or failed to comply with the obligations imposed upon them by the CBN in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.”

However, according to Mr. Bello Hassan, the Managing Director/Chief Executive of NDIC, the corporation is committed to promptly verifying the eligibility of depositors at the closed banks’ premises and initiating the payment of insured amounts.

He urged depositors to gather the necessary documentation, including proof of account ownership, valid identification, and details of an alternative bank account, to facilitate the verification and disbursement of insured deposits.

Hassan emphasized that insured deposits take precedence when a bank’s license is revoked, with the maximum insured limits set at N200,000.00 for Microfinance Banks and N500,000.00 for Primary Mortgage Banks per depositor per bank.

He also mentioned that the NDIC has begun the process of selling the closed banks’ assets and recovering outstanding debts to enable the payment of liquidation dividends to depositors whose claims exceed the maximum insured sums.

The NDIC’s assurance aims to alleviate concerns and maintain confidence in the banking system’s stability. Regulatory authorities are actively taking measures to ensure the safety of bank deposits, reassuring the public of their commitment to safeguarding the financial sector.

The post NDIC Assures Swift Payment to Depositors of Closed Microfinance Banks appeared first on Tech | Business | Economy.

Analysts say Buhari’s government has been riddled with corruption and incompetence, triggering an emergency in Nigeria’s economy – seemingly, a time bomb waiting to explode disastrously if nothing significant is done to address the fiscal crisis.

Nigeria’s figures in terms of revenue generation and exports have been on the decline while borrowing, public debt, and domestic debt have all ballooned in the last 8 years. 

There have been questions about how the present government spent some of the funds it either borrowed or generated. The huge disparity between Nigeria’s revenue and infrastructural development is noticeable. 

Yet, government officials in Buhari’s political circle have continued to make excuses, maintaining that Nigeria has no cause to worry about the accruing debts, arguing that borrowing remains a tool adopted globally to build economies. 

Nigeria’s Debt 

Nigeria’s debt is worrisome and has attracted lots of global attention, especially from the World Bank and the International Monetary Fund. They have issued a series of statements condemning the impending economic woes that awaits Nigeria if she continues to borrow. 

According to the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, 80.6 percent of Nigeria’s revenue was spent on debt servicing in 2022.  This is in contrast to the World Bank’s statement, which noted that Nigeria spent 96.3 percent of its revenue on debt servicing in 2022.

The Debt Management Office (DMO), in its fourth quarter report of 2022, said Nigeria’s total debt hovers around N46.25 trillion.

Specifically, the total domestic debt stock was N27.55 trillion, while the external debt stock was N18.70 trillion (USD 41.69 billion) as of December 2022.

External debt as of May 2015 stood at $7.3 billion when Buhari took over.

Foreign Reserves 

Nigeria’s sources of foreign exchange remain weak due to sub-optimal oil production induced by oil theft, as well as global monetary tightening and exchange rate rates at the parallel market.

President Buhari inherited a foreign reserve of $28.6 billion, according to official data still present on the website of the Central Bank of Nigeria. The story is the opposite today with recurring declines.

“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollars today,” the CBN Governor said at the 57th annual bankers’ lecture organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

There are also arguments that Nigeria’s fluctuating forex reserves position and currency crisis were directly due to the CBN’s currency management stance.

Nigeria’s foreign exchange reserves over the past four months (January–April 2023) have dropped by $1.82 billion. 

Gross Domestic Product

Jonathan’s administration handed over a $550 billion economy to President Buhari. Today, Nigeria’s GDP is $441 billion and is expected to reach $454.05 billion by the end of 2023, according to Trading Economics global macro models and analysts’ expectations. 

Inflation and Exchange Rate

The past administration left behind an economy with a stable currency, where the Naira exchanged from ₦199 to $1, and Nigeria had a 9 percent inflation rate. However, after almost 8 years of the current administration, the headline inflation rate is 22.04 percent, while the exchange rate today is over N450 to $1. 

Further, inflation is projected to slow gradually in 2023 as pressures ease from the factors that have caused demand to grow more rapidly than supply in recent years.

CBN Ways and Means 

The Federal Government’s debt to the CBN has grown significantly in recent years as a result of the Buhari administration’s borrowing binge, which was partially motivated by the need to pay for an overextended public sector.

According to data from the apex bank, CBN loans to the federal government increased to N22.07 trillion in August from N20.61 trillion in July of last year.

The bank’s loan was N856 billion as of December 2015, N2.2 trillion as of December 2016, and N3.3 trillion as of December 2017.

The amount increased to N5.4 trillion by December 2018 and N8.7 trillion by December 2019. By December 2020 and December 2021, the total would be N13.1 trillion and N17.4 trillion, respectively. Today, it is N23.8 trillion.

Unemployment and Poverty

Under President Jonathan, the unemployment rate stood at 7.5 percent. Today, the National Bureau of Statistics, said the figures are 37.7 percent and projected to hit 40.6%, according to KPMG.

At the time, the unemployment rate stood at 7.5 percent. Today, the National Bureau of Statistics, said the figures are 37.7 and projected to hit 40.6%, according to KPMG.

Today, 63 percent of people living in Nigeria (133 million people) are multidimensionally poor. This is largely contrary to what Buhari inherited. Nigeria’s poverty rate was 32 percent as of May 2015.

According to the World Bank, poverty reduction has stagnated since 2015, and it is projected that the number of poor Nigerians will hit 95.1 million in 2022.

Covid-19 

The Nigerian government has always been on the defensive, using COVID-19 as a tool. While the pandemic cannot cover up the high level of incompetence and corruption, it’s critical to know that globally, economies were shut down, triggering a few countries like Nigeria to slip into recession. 

Numerous businesses were impacted by the epidemic, which resulted in their closure and staff layoffs. The nation’s unemployment rate reached an all-time high at 33.3 percent, according to figures from the National Bureau of Statistics (NBS), but KPMG is predicting that the crisis will rise further to 40.6 percent in 2023!

From every indication, a fiscal crisis awaits Nigeria as President Buhari is set to leave us.  Will the incoming administration be able to provide the shock absorber and put the economy on a growth trajectory…only time will tell. 

The post Nigeria Faces Fiscal Crisis as Buhari is Set to Leave Office appeared first on Tech | Business | Economy.

At the 34th seminar for finance correspondents and business editors held by CBN on Tuesday in Calabar, Cross River, Mr. Emefiele made this disclosure.

“Implementing a Robust Payment Architecture: Prospects, Opportunities and Challenges” is the focus of the current conference.

The Governor, who was represented by Mahmud Hassan, Director of the CBN’s Monetary Policy Department, claimed that the continuing development and implementation of several programs by the central bank had fueled innovation.

According to him, it has also met emerging market needs in the payment system landscape.

Mr. Emefiele said the key objective was the use of a payment system as a tool to achieve financial inclusion goals in the country.

He said through these programs, the CBN had successfully repositioned the Nigerian payment system to be highly competitive and acclaimed as one of the most innovative globally.

“Thus, many payment products found in the country are now readily available in some other economies.

“These include the Instant Payment, the QR codes, the Central Bank Digital Currency (eNaira).

“These efforts have culminated in a significant increase in the total volume of transactions and electronic payment channels.

“While the use of cash and cheques continued diminishing, web-based transactions such as PoS, NIP, ATM, and MMO have increased substantially.

“For instance, between 2021 and 2017, the volume of transactions via electronic channels such as ATM, POS, WEB, MMO, and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44 and 836.50 percent, respectively,” he said.

The eNaira, one of the apex bank’s major projects, according to Mr. Emefiele, was responsible for this important development in payment system architecture.

Since the eNaira’s debut, the initiative, according to him, has continued to change its features to make it more usable by a wider range of users.

Emefiele said, “Today, one does not need a smartphone to use the eNaira as it has become compatible with all generations of mobile devices, including future phones.

“Today, over 1.4 million transactions have passed through the eNaira platform.”

The post Emefiele says Transaction Volume via E-channels Increased by 836% appeared first on Tech | Business | Economy.

The apprenticeship program offers companies the chance to build their team with graduate apprentices from the Andela Technical Leadership Program (ATLP). The ATLP is Andela Rwanda’s signature accelerator program, in partnership with the country’s Ministry of ICT and Innovation,  empowering Rwandese nationals with the prerequisite software engineering they need to be future tech leaders. 

The ATLP simulates a real-world technology product setup, where participants learn to work within a team to build web applications with best practices based on Javascript and its associated frameworks. The program has so far successfully trained 380 junior engineers from across ten different African countries, with over 70% of the graduates from the ATLP currently employed. There are currently 150 additional learners in the program. 

Andela’s developer apprentices have undergone intensive training in the PERN (PostgreSQL & MongoDB, Express. React, Node) software stack. They have also completed an immersive, experiential process of learning the soft skills required to thrive as a professional in any distributed engineering team.

Andela apprentices will be tasked to add business value to their ‘adopter’ organization and enhance their team’s performance. Organizations are invited to participate in the scheme to increase their teams’ productivity and contribute to the tech growth and development of technical talent on the African continent. Organizations will provide a stipend directly to their apprentice.

“The Apprenticeship Program offers a unique opportunity for global organizations to tap into the vast potential of Rwandese tech talent, and help shape the future of tech growth in Africa. By collaborating with Andela’s skilled and dedicated apprentices, companies not only enhance their teams’ performance but also contribute to the development of technical talent on the continent. Join us in empowering the next generation of African tech leaders.” – Mike B Ndimurukundo, Managing Director, Andela Rwanda.

Andela Rwanda will support participating organizations throughout the three-month program, including performance management via a strong and tight feedback loop between the Apprentice and an organization’s team lead to ensure the apprentice is fully aware of all expectations and act accordingly.

In addition, there will be monthly technical workshops available, as well as coaching sessions helping to upskill and enhance their apprentice’s knowledge, so they prove more of an asset to teams.

Organizations wanting to participate in this unique program can find more information at https://rwanda.andela.com and register directly here. 

The post Andela Launches Apprenticeship Program to Connect Organizations with Talent appeared first on Tech | Business | Economy.

Financial independence generally requires careful planning, saving, and investing. Setting clear financial goals, creating a budget, living below your means, reducing debt, and building wealth by investing in assets that generate passive income is all part of it.

“When we think about budgets, we think about something that’s super restrictive and makes our lives unfun,” says Vivan Tu, a former J.P. Morgan trader turned TikToker. 

However, being smarter with money doesn’t have to be overwhelming. “Budgeting can be really easy,” said Tu. 

Here are her top three tips for getting better with money in 2023.

The 50/30/20 Rule

According to the rule, you should spend up to 50% of your after-tax income on necessities and obligations that you must have or fulfill. The remaining half should be divided as follows: 20% for savings and debt repayment, and 30% for anything else you desire.

Tu likes the 50/30/20 method for money management because it makes budgeting simple. It only requires you to track three spending categories and can assist you in creating a budget that you can stick to.

Begin by allocating 50% of your income to necessities such as rent and groceries. Tu recommends setting aside 30% of your income for wants, such as dining out with friends. Finally, put the remaining 20% of your money toward savings, investments, and debt reduction.

It’s fine if you’re a few percentage points off when dividing your money. This guideline can help you get started, and then you can adjust the numbers based on your lifestyle, according to Tu.

Paying Debt and Investing

Borrowing can quickly become unmanageable, and it can be tempting to devote all of your resources to paying it off.

Saving for the future is also important. The earlier you begin investing, the longer your money has to earn compound interest and grow.

It may appear that you must choose between the two, but it is possible to do both, according to Tu, who is working with Citi to explain common credit card topics.

Start by chipping away at debts with high-interest rates, she says. Higher interest rates will cost you more in the long run, so it’s smart to pay those debts off first.

Next, you can turn your attention toward paying down debts with lower interest rates. Since low-interest debt tends to be less costly, you can also start putting money toward investments like your 401(k).

“If you’re planning on holding your investments and being a long-term investor for over 40 years, statistically speaking, the chances of you losing money are very low, and you’re going to be able to grow your wealth,” Tu said.

Be Accountable

Whether you’re saving for a vacation or vowing to spend less money in general, sharing your financial goals with others can help you achieve them.

“My best advice is to write it down on a piece of paper. Say it out loud to a friend. Have it be so that it’s not just you who knows about this goal,” Tu says.

It can be easy to dismiss failing to meet a goal that only you know about, but it’s a little more embarrassing when you don’t meet a goal that you’ve told others about.

“We can guilt ourselves into being a little smarter with our finances when we’re doing it with a buddy,” Tu says. If you and a friend are both trying to be more successful with money, it can be more fun to do together too, she adds.

And while it can feel taboo to talk candidly about improving your finances, there can be benefits.

“If we all talk about money, we are all better off,” she says. “Having these conversations more openly means all of us to get to be better.”

The post Finance Guru Outlines Strategies to be Smarter with Money in 2023 appeared first on Tech | Business | Economy.

Data released by the Nigeria interbank settlement system (NIBSS) shows that the volume of transactions performed electronically by Nigerians surged 55 percent in January 2023.

Further, the naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy also pushed Point of Sales transactions to N807.16bn in January 2023.

As a result of these, Nigerians should embrace alternative payment channels such as eNaira, USSD, and other internet banking facilities as the country moves toward an alternative payment regime available around the world.

Dr. Abdulmumin Isa, Ag. Director, Corporate Communications Department, stated this yesterday during the CBN Special Day at the 34th Enugu International Trade Fair.

He indicated that Nigeria could not manage to fall behind in the financial ecosystem and that President Muhammadu Buhari’s recent redesign of some naira denominations was in the best interests of the country and economy, as well as in line with international best practices.

Isa, who was represented by an Assistant Director, Esu Imo, stated that the policy had begun to strengthen macroeconomic fundamentals, moderate inflation, and increase the rate of financial inclusion. He also stated that the policy has resulted in relative exchange rate stability and that he supports the country’s efforts to combat banditry and ransom-taking.

He said the apex bank in collaboration with the Nigerian Inter-Bank Settlement System (NIBSS) recently launched the National Domestic Card Scheme – the first in Africa, stressing that the idea was expected to not only lower operating costs for banks but also reduce the huge foreign exchange costs associated with operating foreign card schemes.

He said the bank has continued to encourage various interventions aimed at stimulating production and productivity across the real sector, disclosing that over 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on 6.02 million hectares benefitted from the Anchor Borrowers’ Programme (ABP).

The post Again, CBN Urge Nigerians to Adopt other Payment Channels appeared first on Tech | Business | Economy.

Prior to her appointment, she was the group head of Commercial Banking North, a position she held in 2016 after previously holding other senior management positions at FirstBank, including zonal head of the Public Sector Group and Business Development Manager, Retail Banking Group.

She previously worked for Standard Trust Bank and United Bank for Africa Plc and has over 25 years of industry experience.

In her profile posted on the bank’s website, Mrs. Bubaram brings to the executive management of FirstBank extensive banking experience in various fields spanning Operations, Strategic Business Development, Assets and Portfolio Management, Risk Management, Financial Advisory, and Trade Dealings in Public Sector, Retail, and Commercial Banking.

As the Group Head, Commercial Banking North, Ms. Bubaram strategically led her team to increase business efficiency by creating quality risk assets, reducing non-performing loan portfolios, improving account acquisition, implementing product development, and driving trade transactions that have led to sustained growth, increased profitability, and business stability.

Mrs. Bubaram is a certified accountant of the Association of National Accountants of Nigeria and an honorary senior member, the Chartered Institute of Bankers of Nigeria.

She holds a bachelor’s degree in Accounting from the University of Maiduguri, a Master of Business Administration from the University of Maiduguri, and a Master of Science in International Money, Finance, and Investment from Brunel University, London, United Kingdom.

She has attended Senior and Advanced Management programs at Lagos Business School and IESE Business School Barcelona, Spain, amongst several other senior management training and certifications.

Besides her illustrious banking career, Mrs. Bubaram is the co-chair and founder of the Hearty Hands Humanity Foundation, a foundation dedicated to saving and enriching the lives of women and children, focusing on child education and healthcare. She currently serves as the alternate global chair of the FirstBank Women Network, FWN.

The post FirstBank Appoints Aishatu Bubaram as Group Executive appeared first on Tech | Business | Economy.

This was said by the CBN Governor, Godwin Emefiele on Tuesday when he testified before a House of Representatives ad hoc committee.

Recall the CBN on Sunday had announced the extension of deadlines to deposit old Naira notes after several pleas from Nigerians.

Femi Gbajabiamila, the Speaker of the House, claims that the CBN Act requires commercial banks to accept obsolete currency.

“After the expiration date, such naira notes changed will no longer be legal tender but it also says that even five months, three months, or two months after, even in June, all the old notes presented to the bank shall be redeemed by the bank,” Mr Gbajabiamila had said in a speech on Thursday.

While speaking at the hearing, Emefiele said he is in agreement with the parliament on section 20.

“Section 20 says even after the old currency has lost its legal tender status that we are mandated to collect that money. And I stand with the House of Reps on this,” he said.

He explained further that “if you have your money that you have not been able to send to the bank. We will certainly give you the opportunity to bring them back into the CBN to redeem it.

Either you pay it to your bank account or you want to do an exchange — we give you. You will not lose your money. This is the assurance I give to Nigerians,” he stated.

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