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Financial inclusion key to economic growth, devt. – Buhari

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President Muhammadu Buhari says the government appreciates the strong impact of financial inclusion on economic growth and development.

Speaking at the maiden edition of the International Financial Inclusion Conference in Abuja on Thursday, Buhari said his government had provided the enabling policy environment for the initiative to yield expected results.

The president’s speech was delivered by Muhammad Bello, Minister of the Federal Capital Territory (FCT).

According to Buhari, various intervention programmes of the Federal Government, through the Central Bank of Nigeria were meant to boost financial inclusion.

“At the onset of my administration, we developed a blueprint for economic growth and development called the Economic Recovery and Growth Plan (ERGP).

“The plan was focused on economic recovery in the short-term and sustained growth and development in the long term.

“It enabled this administration, through the flagship agriculture initiative, the Anchor Borrowers Programme (ABP), to provide access to credit to over four million smallholder farmers in 36 states of Nigeria and the FCT.

“Farmers were required to open bank accounts to access this facility.

“This marked the first time many of them had accounts, and has consequently led to the growth of financial inclusion amongst this underserved segment,” he said.

The president said his government also launched the Micro Pension policy in 2019, aimed at deepening pension penetration amongst Micro, Small and Medium Enterprises (MSMEs) and the informal economy.

“We also initiated policies for Micro-Insurance and Collective Investment, geared toward providing access to a wide range of financial products and services to the underserved in line with our National Financial Inclusion objective,” he said.

He commended the National Financial Inclusion Steering Committee, chaired by the Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), and organisers of the conference for the initiative.

Speaking earlier, Emefiele said the global meltdown of 2008 made financial services regulators focus on improving financial systems stability and mitigating risks that could lead to future recurrence.

“Nigeria implemented a prudential regime to respond to the meltdown.

“While this effort improved financial system stability, it inadvertently undermined access to finance as entry barriers to the financial system became a disincentive for many economically active Nigerians,” he said.

He, however, added that the response to the global event in 2008 was not entirely responsible for the underserved in Nigeria.

“Infrastructure deficit like low broadband penetration, lack of a functional national identity system, and high cost of delivering financial services through bank branches contributed to Nigeria’s financial exclusion situation,” he said.

He added that initiatives by stakeholders had greatly improved financial inclusion in the country.

(NAN)

Financial inclusion key to economic growth, devt. – Buhari
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Aviation

NAF airstrikes destroy terrorist food depot, kill scores in Lake Chad

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This is contained in a statement by the Director, Public Relations and Information, Nigerian Air Force (NAF), Air Commodore Olusola Akinboyewa, on Monday in Abuja.

Akinboyewa said the NAF aircraft carried out the operations in Nov. 23 on the strategic location, identified through meticulous intelligence efforts.

He said the location served as a critical food storage site and a sanctuary for terrorist commanders and fighters.

He added that intelligence had previously linked terrorists in the location to recent attacks, including the assault on troops in Kareto on Nov. 16.

According to him, the NAF fighter jets, in response, launched a robust air interdiction mission, destroying identified structures used as storage facilities and neutralising terrorists on-site.

“Mop-up operations using cannons ensured the complete elimination of fleeing hostile elements.

“The operation’s success was made possible by extensive Intelligence, Surveillance, and Reconnaissance (ISR) missions conducted over several days, confirming the presence of active terrorist structures camouflaged under dense vegetation.

“The destruction of the terrorist enclave, including food storage facilities, severely disrupted their logistical operations, while the neutralisation of a significant number of fighters diminished their capacity to launch future attacks,” he said.

Akinboyewa said the mission had demonstrated the NAF’s unwavering commitment to defending our nation and people, acting singly and supporting surface forces in counterterrorism operations.

He reiterated the NAF’s commitment to sustain robust independent and joint operations until all enemies of Nigeria’s prosperity and wellbeing are brought to justice.

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Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

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Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

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Economy

Customs intercepts N30m worth of PMS in Operation Whirlwind

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The Nigerian Customs Service (NCS) on Friday said that it had intercepted 849 kegs of Premium Motor Spirit (PMS), worth over N30 million in retail price from Operation Whirlwind.

The Comptroller of Customs, Hussein Ejibunu, made this known during a news conference in Ikeja.

“Today, we have another seizure of 849 kegs of PMS containing 25 litres each. This translates to 30,225 litres with duty paid value at N30.225 million only at the NNPCL retail price.

“Today marks yet another success recorded by the operatives of Operation Whirlwind, Zone “A” Lagos/Ogun Axis.

“About five weeks ago, same PMS products were displayed before you here on the parade ground of the college where several seizures were made,” Ejibunu said.

“On this note, we wish to thank the National Security Adviser and the Comptroller-General of Customs for their unwavering support,” Ejibunu said.

The coordinator of the Operation Whirlwind said that two vehicles of means of conveyance were intercepted along with the seizures.

Ejibunu said that they evacuated 80 Jerry Cans each from a vehicle.

He assured the public that Operation Whirlwind remains steadfast in its efforts to clamp down on PMS smugglers, ensuring no room for their illegal activities nationwide.

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