Connect with us

Economy

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

One Stop Youth Talk- NYCC-19

Published

on

Spread the love

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.

 

Comments

Spread the love
Advertisement
1 Comment

1 Comment

  1. Pingback: NYCC-19 Sets up Structures in States for Better Results - GistFlash

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Trading on NGX rebounds by N3bn

Published

on

Spread the love

By Gistflash News

Sept 14, 2021

The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.

The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.

Consequently, the market capitalisation inched higher by N3 billion or 0.01 per cent to close at N20.278 trillion from N20.275 trillion achieved on Monday.

Also, the All-Share Index grew by 4.88 points or 0.01 per cent to close at 38,920.50 against 38,915.62 on Monday.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”

However, the market breadth closed negative recording 21 losers as against 14 gainers.

UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.

Academy Press followed with 8.33 per cent to close at 39k, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29k per share.

Vitafoam went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14 per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.

University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.

UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21k per share.

Meanwhile, the total volume rose by 13.6 per cent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.

This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.

Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.

Access Bank followed with 28.24 million shares valued at N263.49 million, while United Bank of Africa sold 17.77 million shares worth N135.08 million.

Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.

NAN

Comments

Spread the love
Continue Reading

Economy

Fidelity Bank grows PBT by 72.4% in 6 months

Published

on

Spread the love

By Gistflash News

Sept 12, 2021

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.

She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.

Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.

The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.

However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.

Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.

Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.

“Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”

She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.

According to her, this is  as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

“We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.

“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,”  Onyeali-Ikpe said.

NAN

Comments

Spread the love
Continue Reading

Economy

Desist from Foreign Exchange malpractices, CBN warns commercial banks

Published

on

Spread the love

By Gistflash News

Sept 11, 2021

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.

The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.

Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.

She said  the directive was necessitated by recent occurrences in the FX market.

“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility , and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

She urged all the DMBs concerned to take note and ensure compliance. (

NAN

Comments

Spread the love
Continue Reading
Enhance your Brand Visibility

LET’S REVAMP YOUR BUSINESS

Let’s keep you updated

Advertisement

HOW TO BUY FOLLOWERS FOR ALL YOUR SOCIAL MEDIA ACCOUNTS

Gorgeous Bride rocking one of Beyonce’s Hit song

Most Viewed Posts

Trending

Enable Notifications    OK No thanks