Subsidy: Bala Mohammed Distributes Rice To Citizens

The Bauchi State Government, on Saturday, commenced the distribution of 88,889 25kg bags of rice to the citizenry as post-subsidy removal palliative. The State Government said on September 4 that it had released N2 billion for the purchase of the commodity for distribution to different groups in society. In a speech at the launch of the distribution in Bauchi, Governor Bala Mohammed, said that the civil servants, through the Office of the Head of Service, would get 5000 bags. He also said that 2000 bags would be distributed to the vulnerable groups present at the launch. “Critical stakeholders, which include the traditional institution, religious groups, security and quasi-security will get about 11,000 bags. “At the local government level, civil servants through the union will get 5000 bags,” the governor said. He also said that every polling unit would get 12 bags, amounting to about 65,000 bags in all. The governor further said that N10,000 would be distributed to 3,484 orphans and vulnerable children, 11,000 women, especiallywidows, people living with disabilities, the poor and aged, totalling about N300 million. Mohammed thanked President Bola Tinubu for his timely response to the yearnings of the people. According to him, by this response, the president has demonstrated that he is a listening leader and that the subsidy removal was not meant to punish anybody but a necessary exercise of leadership and responsibility. “I must also warn that the government will not hesitate to deal with anybody at any stage of the implementation process that becomes a cog in the wheel of progress in our efforts to bring succour to the people across board,” Mohammed said. Earlier, the Emir of Bauchi, Alh. Rilwanu Adamu, described the distribution of palliative to the people at this trying time as a demonstration of compassion and solidarity that deserved appreciation. Adamu, who is also the Chairman of the Palliative Distribution Committee, said that for making the palliative available, the governor had addressed the immediate needs of the citizens. He said that the gesture also demonstrated his empathy and care for the well-being of the people. “We are deeply grateful for your leadership and tireless efforts in mitigating the hardship faced by our people,” the emir said. 

Unity Bank Suffers N35bn Loss On FG’s FX Policy

Unity Bank Plc’s profit in the first half of 2023 was impacted by foreign exchange revaluation on the back of Nigeria’s recent FX liberalization policy, resulting in the lender suffering a revaluation loss of N35 billion within the period. In the retail lender’s financials for the period, notwithstanding the FX liberalization policy and its impact on the bottom-line, the bank grew its FX trading income significantly by 17 per cent to N239.8 million from N204.4 million in the corresponding period of 2022, underscoring the Bank’s strategic focus on diversifying and growing its earnings portfolio. According to the bank, deposits grew to N333.38 billion, representing a marginal increase of 2 per cent compared to N327.42 billion recorded in the first half of 2022 in its Half-Year unaudited financial statement submitted to the Nigeria Exchange Group Limited. The net loans portfolio reduced significantly by 31 percent to N198.6 Billion as at 30 June 2023 from N289.4 Billion as at 31st December 2022. The Bank’s NPL Ratio remained moderate at below 3 per cent while liquidity ratio stood strong at over 45 per cent. The Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the significant disruptions which characterized the operating environment has impacted the positions of the Bank to the extent that we have constraints in income generation on the back of revaluation of the bank’s net foreign liabilities occasioned by the Naira devaluation during the period. Mrs. Tomi stated: “In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term. “Be that as it may, the negative shareholders’ fund has improved considerably through the injection of N135 billion which moderated the negative shareholders’ fund from (-ve) N275 Billion in December 2022 financial year-end to (-ve) N178 Billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in the second quarter of 2023. “We are however, focused with clear-cut plans to close out on our recapitalization programme very soon to enable us do business as expected in the fast-growing markets in Nigeria” She further stated that while we remain optimistic that the government’s policy initiatives will lead to cause correction in the market, the Bank has accelerated measures to ramp up asset creation and liability generation in the short and medium term. “The Bank is aggressively driving its retail growth in every segment of the market, expanding strategic partnerships; and growing commercial banking business to develop new and sustainable income lines for the Bank as well as pay sufficient attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and product marketing to enhance value creation in the market.

Subsidy Protest: I share in your pains, Gov AbdulRazaq tells labour unions

Kwara State Governor, AbdulRahman AbdulRazaq has said the state government has rolled out several measures designed to ease the inconveniences of fuel subsidy removal for its workers and the general public. While addressing the labour unions who presented to him a protest letter over the subsidy removal, AbdulRazaq commended labour for its peaceful protest and aspirations as representatives of the Nigerian workers. The governor, who was represented by the Deputy Governor, Kayode Alabi, said the message from Nigeria Labour Congress (NLC) was loud and clear and would be delivered to President Bola Tinubu. “We acknowledge that this is a tough moment for everyone and we share in the temporary pains of our people,” the governor said. He added that his administration empathises with the people and workers and would do more in addition to the moves already made by the state government to ease their pains. AbdulRazaq explained that, as a palliative measure, grains were being purchased from the Federal Government and would soon be distributed to vulnerable households, including labour unions and affiliate organisations. The list of beneficiaries, he said, would be inclusive and the process would involve all key stakeholders in the community. The governor further confirmed the approval of the support for students and security agencies, which was built on what was earlier announced for all categories of workers in the state. He said free transportation had earlier been arranged for tertiary students in the state. “I call on the NLC to further support and work with government to implement key economic reforms for sustainable growth alongside specific palliatives until things stabilise,” the governor said. He urged NLC to bear with the government and continue to hold talks so that everyone involved could pull through the phase in a way which would sustainably benefit the country. “There may not be easy solutions, but Nigeria will come out of this stronger and better if everyone endures and works together,” AbdulRazaq added. The State Chairman of NLC, Comrade Muritala Olayinka, said workers were facing a lot of challenges due to the removal of fuel subsidies. He urged the state government to come quickly to the aid of the people in order to lessen the pains on the people and business concerns.