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774,000 Jobs: “Anything for the Youth Without the Youths is Against the Youths”- Lukman Salahudeen

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One Stop Youth Talk- NYCC-19

774,000 Jobs: “Anything for the Youth Without the Youths is Against the Youths”- Lukman Salahudeen

The Nigerian Youth Compact on Covid-19 (NYCC-19) held their 5th edition of “One Stop Youth Talk” Live streaming programme on Zoom yesterday, 9th July.

Looking out the issues arising from the Federal Government initiative to recruit 774,000 youths across the 744 Local Government Areas in the 36 States of the federation, the NYCC-19 has used this medium to critically x-ray the ‘774,000 Public Works Recruitment’ which the federal government has designed for the Nigerian Youths.

‘774,000 Public Works Recruitment’ is an initiative mapped out by the government to help cushion the effect of covid-19 on the Nigerian youths.

 

The public works recruitment according to the head of Advisory NYCC-19 ‘Mr. Uzoh Ifeanyi’ is targeting 1000 youths from each of the 774 L.G.A. in the 36 States of the federation and a 20-man committee were selected from each state to supervise this project.

The recruitment will be channeled to the maintenance of Road and Public Infrastructures across these 774 L.G.A. this project is a 3-months programme which will commence from October to December, 2020 with ₦20,000 monthly renumeration for this job.

This initiative has generated a lot of concerns in Nigeria and up till now nothing concrete has been concluded on this project.  Mr. Uzoh Ifeanyi drew the pointer to the ‘Exit plan’ and the ‘Budget’ of this project.

He therefore, suggested that young people should be included in the decision process of any government initiative that concerns the youths.

Uzoh Ifeanyi, Head of Advisory NYCC-19

“A Noble course does not need majority to drive it. NYCC-19 is a global concept. A monitoring and Evaluation Committee will be set up to ensure the concerns of the youth are duely implemented” He added.

Putting into consideration the standard of living of an average Nigerian Youth, he stated that the project shouldn’t be politicized.

Patience Nnedinso, head of Palliatives NYCC-19 suggested that FG should look out for a long-term youth programmes with a sustainability plan.

In her statement, she said; “ 3 months is just too short and the renumeration for the 3 months is still too small (₦20,000)… What happens to the Youths after the 3 months programme?? They will definitely go back to the streets”

The NYCC-19 Imo State coordinator ‘Francisca Ekwonu’ advised FG to invest in Capacity development for the Nigerian Youths that will cut across various economy sectors. “the government should adopt the market system approach which should be a partnership between the public and private sector to employ the youths after each capacity development programme” she stated.

Also Read: 7 Reccomendations to curb Youth Crimality and Social Vices

According to Ijeoma Eze ‘Enugu state Coordinator’, speaking from a human resource experience – she said;

“The problem of this Nation is not lack of Jobs but most Nigerian youths including young graduates are unemployable”. Therefore, suggested FG should consider professional trainings for youths that will make them employable and relevant to the economy of the nation.

In the same light, taking critical look at the FG Initiative for the 774,000 Youths, the Head of Assessment and Economic Impact on NYCC-19 ‘Lukman Salahudeen’ commended the government for this initiative and expressing his concerns he said;

“The ₦20,000 renumeration is very insulting and the timeframe is too short… the youths are trying to help build the nation”.

“Anything for the youths without the youths is against the youths” He added.

Lukman Salahudeen, The Head of Assessment and Economic Impact on NYCC-19

Doing the calculation of the ₦20,000 monthly payment, it implies that each youth earns about ₦700 daily which cannot cater for an average Nigerian daily expense.

However, he suggested that those youths effected by the Covid-19 pandemic should be Considered first in this Initiative.

Innocent Nduanya, Special Assistant on Youth Mobilization, Anambra state has advised the youths to reject the programme because it is not sustainable. He also suggested that the minimum wage of an average Nigerian ought to be ₦200,000.

“This program is for the L.G.A. not for the youths… the program is already dead on arrival because it has been hijacked even before arrival” He said.

 

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Economy

Twitter makes Ghana its headquarters in Africa, Nigerians React

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Twitter makes Ghana its headquarters in Africa, Nigerians React

Twitter announced today that the company is now in Africa, with its headquarters in Ghana.

“Twitter is now present on the continent. Thank you Ghana and @NakufoAddo,” Twitter CEO, Jack Dorsey tweeted today, April 12.

Abubakar Suleiman, the CEO of Sterling Bank, has weighed in on the conversation about Twitter making Ghana its headquarters in African.

Nigerians reacted to the fact that Ghana, and not Nigeria, was chosen to be the headquarters.

Then Suleiman tweeted: “First you tell the world Nigeria is a zoo.. Then you hear @TwitterSF has chosen @GhanaPresidency as their WA headquarters & you are wondering why.

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“If you can’t sell yourself, nobody will buy you. Nigeria remains the heartbeat of Africa, our current struggles notwithstanding.”

Bank CEO, Abubakar Suleiman blames Nigerians who bad-mouth the country for Twitter’s decision to make Ghana its headquarters in Africa

See Nigerians Reactions Below;

A number of his followers took to the comments to disagree with him and he doubled down, writing: “I think everyone sells. And we should showcase the good things in our country even as we critic the shortcomings..”

 

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Economy

CBN crashes liquidity mop-up activities, raises treasury bills

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CBN reduces liquidity mop up activities through Treasury bills

The Central Bank of Nigeria (CBN) drastically reduced its liquidity mop up activities through treasury bills by 81 percent, year-on-year, y/y, to N793 billion in the first quarter of the year (Q1’21).

The apex bank, among other things, controls money supply (liquidity) in the economy by issuing or purchasing secondary market treasury bills, also known as Open Market Operations (OMO) when it wants to reduce money supply, while it injects liquidity by purchasing OMO treasury bills.

The CBN reduced the amounts of OMO bills offered by 80 per cent, y/y, to N858 billion in Q1’21, from N4.26 trillion in Q1’2020.  Similarly, the amount of bills sold fell by 81 per cent, y/y, to N793 billion in Q1’21  from N4.44 trillion in Q1’2020.  In the same vein, the amount of OMO TBs demanded by the banks and FPIs  (public subscription)  fell by 41 per cent, y/y, to N3.13 trillion in Q1’21 from N5.31 trillion in Q1’2020.

Further analysis of OMO TBs sold in Q1’21 showed that the CBN offered N103 billion worth of 91-Days bills but sold N85 billion while the public subscription stood at N248.6 billion.

Meanwhile the apex bank raised yields (interest rate) on the  OMO TBs apparently to increase the attractiveness of the bills to foreign portfolio investors, FPIs, and enhance foreign exchange inflow.  Financial Vanguard analysis showed that average yield (stop rate) for  OMO bills rose  by 4.55 percentage points to 8.53 per cent at the end of March from 3.98 per cent at the end of December last year.

The CBN raised the stop rate for 91-Days OMO bills by 5.3 percentage points to 7.0 per cent in  March from 1.61 per cent in December. It also raised the stop rate for  182-Days OMO bills by 4.05 percentage points to 8.5 per cent in March from 4.45 per cent in December. Similarly, the stop rate for  365-Days bills rose by 4.2 percentage points to 10.1 per cent in March from 5.9 per cent in December.

These were in sharp contrast to the downward trend recorded last year  when average yield on OMO TBs crashed by 8.13 percentage points as the CBN slashed stop rate for  91-Days, 182-Days, 365-Days OMO bills respectively  by 9.87 percentage points, 7.15 percentage points and 7.36 percentage points respectively from 11.48 per cent, 11.6 per cent and 13.26 per cent at the beginning of the year.

While citing this reversal in the yields on OMO TBs and other fixed income instruments as a factor behind the negative performance of the Nigeria Stock Exchange, NSE, in Q1’21, analysts at United Capital Plc,  projected that the upward trend in yields on fixed income instruments will persist in Q2’21. They said:

“Like we noted, the bearish sentiment in the equity market has been stoked by fast-paced reversal in the yield environment. The peak of the reversal appears to be distant even though the pace of increase at recent auctions (Bonds & T-bills) seems to have slowed. We expect upward pressure on yields to garner pace later in Q2-2020 depending on the outcome of the May MPC meeting as well as data from economic recovery.”

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Economy

CBN gets order to freeze 194 accounts in 17 banks

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CBN gets order to freeze 194 accounts in 17 banks

The Central Bank of Nigeria, CBN has secured three separate interim orders from a Federal High Court in Abuja to freeze bank accounts linked to 194 business entities and individuals in 17 banks.

This was contained in a post by the apex bank on its website yesterday pursuant to the court order. The freeze orders were sequel to three exparte applications filed by the apex bank seeking a mandatory order of the court to ask the 17 banks to freeze the account of the business organizations and individual pending the outcome of an ongoing investigation the apex bank had initiated.

In one of the suits against Nuru Abubakar and 24 others, the court granted the request by CBN to freeze the account of the defendants in the banks for 45 days. Justice A.R Muhammed who made the order in his ruling on March 30, 2021, said: “An interim order is hereby made empowering the applicant to direct the head office of the listed banks to freeze forthwith all transactions on the bank account of the defendants for a period of 45 days pending the outcome of investigation and inquiry currently being conducted by CBN.”

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In another suit filed by CBN against Sethwealth Ventures and two others, the court granted an exparte application by the apex bank to freeze 50 accounts linked to the three defendants in 13 banks. A similar order was also made in the suit by CBN against Bluebeam Capital Ltd freezing 60 accounts of the company in 13 banks.

The 17 banks affected are Access Bank, First City Monument Bank, Fidelity Bank, Sterling Bank, Keystone Bank, Providus Bank, United Bank for Africa (UBA), Wema Bank and First Bank. Others are Guaranty Trust Bank, Ecobank Bank, Heritage Bank, Polaris Bank, Zenith Bank, Stanbic IBTC Bank, Standard Chartered Bank and Union Bank.

The companies affected include Bluebeam Capital Limited, Sethwealth Ventures, Seasons Bureau De Change, Lat-Ade Logistics, Sani Polo Global Investment Ltd, Saneo Global Resources Limited and Romvic Ventures Nigeria Limited.

 

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