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Tag: Framework

  • Reps pass Bill seeking framework for bio-fuels into 2nd reading

    Reps pass Bill seeking framework for bio-fuels into 2nd reading

    The House of Representatives has passed for Second reading a Bill for an Act to Provide a Policy Framework for the Development of Bio-Fuels Energy Industry in Nigeria”

    The bill which is sponsored by Hon. Benjamin Okezie Kalu, along with Hon. Khadija Bukar Ibrahim and Hon. Babajimi Benson,aims to establish the Bio-Fuels Energy Regulatory Commission and the Bio-Fuels Research Agency, marking a crucial step in Nigeria’s efforts to combat climate change and diversify its domestic economy.

    In his Lead debate Hon Kalu who is the deputy speaker of the house said the bio-fuel policy was initially introduced by Nigeria in 2007 to address climate change concerns, reduce dependence on fossil fuels, and promote economic diversification.

    He explained that it was designed to incentivize the production of bio-ethanol and bio-diesel for blending with fossil fuels.

    The deputy speaker However expressed concern that after 16 years, progress has been limited, with only a few Memoranda of Understanding (MoUs) in place.

    He noted that according to the International Energy Agency (IEA), global demand for bio-fuels is projected to increase significantly in the coming years.

    Hon Kalu observed that despite Nigeria’s potential in the bio-fuels sector and a target demand of 5.14 billion litres per year, the industry remains nascent.

    He identified one of the primary challenges hindering the development of the bio-fuel industry in Nigeria as the absence of a regulatory framework. Despite the existence of a Bio-fuel Policy, the lack of a legal and institutional foundation has impeded its effectiveness.

    According to him this bill aims to rectify this gap and provide the necessary framework for growth stressing that to encourage investment in the sector, the policy offers incentives such as exemptions on Withholding Tax, waivers on Value Added Tax (VAT), and waivers on Import and Customs Duties.

    Hon. Benjamin Okezie Kalu highlighted the numerous advantages of developing the bio-fuels energy sector to include to Improved Petroleum Product Quality as Bio-fuels are expected to enhance the quality of petroleum products and equally address the current limitations in fossil-based fuels.

    The Deputy Speaker who emphasized that the industry will generate additional tax revenue, create jobs, boost economic development, and empower rural communities said It will also lead to improved farming techniques, increased agricultural research, and higher crop demand.

    He further explained that Bio-fuels can be used for co-generation of electric power as well as reduce tailpipe emissions, ozone pollution, particulate emissions, and replace toxic octane enhancers in gasoline.

    Hon. Benjamin Okezie Kalu therefore implored his colleagues to support the bill’s second reading and it was referred to the relevant committee for further legislative action.

    The Bill which comprises 56 clauses and one schedule is divided into fourteen parts.

  • CBN threatens to block BVN violators from banking services in newly released framework

    CBN threatens to block BVN violators from banking services in newly released framework

    The Central Bank of Nigeria (CBN) has issued a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry.

    In a communique issued on Tuesday, the CBN said the framework enhances the effectiveness of customer due diligence and “know your customer” processes as part of the overall strategy for promoting a safe and efficient banking and payment system.

    According to the circular signed by Musa Jimoh, CBN’s director, payments system department, the Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

    Under the new framework, breaches on the part of the customer could see the individual getting barred from entering a new relationship with any participant (banks).

    Where a financial institution chooses to continue an existing business relationship with holders of an account/wallets on the watch-list, the account holder “shall be prohibited from all electronic channels such as but not limited to ATM, POS, Internet Banking, Mobile Banking, USSD including the issuance of third-party cheques”.

    However, inflows may be allowed, provided these are from legitimate sources.

    The new framework further stipulates that a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities.

    As defined by the framework, breaches on the customer’s part include; use of forged documents; forgery; compromise; complicity and connivance.

    Also included in the list of breaches are; duplicate enrolment, use of fictitious information, receipts of proceeds of deception, deception, receipts of fraudulent proceeds and any infractions on AML/CFT laws, and dishonest acts.

    Others listed are; non-cooperation with efforts (as stipulated in the Regulation on Instant Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous, multiple or duplicated payments or credits; and any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015.

    Those who misuse identity and financial information, indulge in identity theft and breach of confidentiality will be punished in line with the new regulations.
    The CBN will also punish customers for falsification, concealment of relevant information, conspiracy, extortion, false representation and any other fraudulent infraction.

    Banks and other financial institutions involved in BVN operations were mandated by the CBN to ensure all operating accounts/wallets were linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available.

    The instruction also noted that operators must “enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework”.

    “Ensure that BVN details of all signatories, directors and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1). This is also mandatory for Non-resident Non-Nigerian Directors (NRNND) of corporate accounts,” the communique partly read.

    The CBN said it will continue to monitor industry developments and issue further guidance as may be appropriate.

  • CBN releases framework for financing of mass metering

    CBN releases framework for financing of mass metering

    Central Bank of Nigeria (CBN) has released its framework for National Mass Metering Programme (NMMP).

    The framework was released by the Development Financing department of the apex bank through its official website on Monday.

    It stated that introduction of the Service-Based Tariff (SBT) in the Nigeria Electricity Supply Industry (NESI) effective Sept. 1, had put increased emphasis on the need to close the metering gap in the NESI.

    “Closing this gap will enhance efficiency of revenue collection by Distribution Companies (DisCos) and thereby facilitate meeting their obligations to other upstream market participants.

    “According to analysis provided by Nigeria Electricity Regulatory Commission, the current metering gap in the NESI – based on recent customer enumeration data – is over 10 million.

    “This comprises of unmetered customers as well as customers with obsolete meters that need to be replaced,’’ it stated.

    CBN stated that the framework outlines the operational modalities of the CBN financing support to the DisCos (Downstream), and Local Meter Manufacturers (Upstream).

    It added that key objectives of the NMMP included increasing Nigeria’s metering rate, elimination of arbitrary estimated billing, strengthening the local meter value chain by increasing local meter manufacturing, assembly and deployment capacity.

    “It will support Nigeria’s economic recovery by creating jobs in the local meter value chain and reducing collection losses and increasing financial flows to achieve 100 per cent market remittance obligations of the DisCos.

    “ It will also improve network monitoring capability and availability of data for market administration and investment decision making,’’ it stated.

  • Reps move to adopt 40-year long social economic devt framework for Nigeria

    The House of Representatives on Tuesday moved to adopt a 40-year long social economic development framework for Nigeria.

    To this end, the House mandated the committee on Economic Planning to ensure compliance.

    The motion entitled’NEED FOR NIGERIA TO DEVELOP AND ADOPT A LONG TERM SOCIAL-ECONOMIC DEVELOPMENT FRAMEWORK’ was moved by Hon Henry Nwawuba, PDP, Imo.

    Nwawuba in his submission noted that “Strategic Economic Development Frameworks are integral to achieving SMART sustainable and measurable economic growth, as well as quality human capital and infrastructural development.

    Stressing that “the significance of Nigeria’s past development master plan; most recent being the just expiring Economic Recovery Growth Plan (ERGP) and Vision 20:2020 in directing efforts and strategies of government towards targeted developmental objectives.

    He said “the need for Nigeria to consolidate her leadership role in Africa by establishing herself as a significant player in the global economy and Africa’s political arena through sustainable developments and viable economic diversification.

    “That diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty with the unpredictability of international oil prices, decline in the nation’s foreign exchange reserves from $45 billion recorded in June 2019 to $36.2 billion in March 2020 and growing concern of post COVID-19 global economic outlook as businesses close down across the world.

    “That the Sustainable Development Goals (SDGs) were developed by the United Nations (adopted by all Member States in 2015) on the expiry of the initial Millennium Development Goals (MDGs) as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by the year 2030.

    He expressed worry that” Nigeria did not achieve its goal of vision 20:2020 as projected by Chief Olusegun Obasanjo in the year 2000 – that is for Nigeria to be among the first 20 leading economies of the world by this year 2020. This was not unconnected with lack of policy will and concerted effort towards achieving the goal.

    “That crude oil which has dominated Nigeria’s foreign exchange earnings are currently undergoing price fluctuations as a result of changes in global realities and energy efficient innovations which pose a threat to fossil fuel in global market place.

    “Dismayed that today Nigeria is glaringly far from achieving the vision 20:2020 goal but seems to have further gone down among the poverty stricken nations of the world, even though the GDP component was almost achieved.

    ” The current world ravaging novel Corona Virus (COVID-19) has revealed our nation’s unpreparedness to manage pandemics and progressive population despite Nigeria’s oil revenue of over 80 trillion dollars in 40 years.

    “Visions and projections are what inspire first and second world nations (like America, UK, China and UAE) to achieve projected developmental goals by taking proactive steps towards building the requisite institutions which enables massive industrialization, political and economic development in line with evolving viable international policy model.

    He urged “the Federal Government to develop a SMART 40 year Economic Master-plan and Development Strategy and an economic framework to implement the strategy.

    Concluding, Nwawuba urged “all core agencies of government to articulate a long term agenda anchored on the Government’s long term economic development strategy and framework.

  • Blue Economy: NIMASA DG advocates proper framework in Africa

    The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that in order to harness the opportunities derivable from the Blue Economy in Africa there is a need for a proper framework and structure which will enhance the coordination of the sector.

    The NIMASA DG who stated this during a paper presentation to the Management of the Nigerian Shippers’ Council (NSC) in Lagos titled; “Introducing the Blue Economy Concept” said that in realizing a desirable blue sea economy framework, participatory engagement and agenda setting, participatory policy design and implementation and multi sector partnership are key areas that must be considered.

    Speaking further, he said the Blue Economy which stands on three pillars namely; Environmental Sustainability, Economic Sustainability and Social Sustainability has a lot of benefits to the growth and development of the sector in Africa, thereby making it compete favourably with its counterparts in other continents.

    Dr. Peterside also highlighted fair multilateral and bilateral agreements, improved well-being, inclusive job creation, Eco-tourism, debt swaps and green ports amongst others as some of the tools and opportunities that abound in the blue economy sector in Africa. He added that the concepts it will bring to Africa ranges from sustainable business opportunities, circular economy, resource efficiency, and conservation of development. All these he said will help the continent actualize the blue economy sector.

    “About 70% of the earth resources are underneath the sea and has been in most cases left untapped; almost all the cities in the world begin their development from the sea which shows the underlying importance of the sea to economic and social growth. We must therefore work hard and collaboratively to actualize our blue economy sector in Africa”, Dr. Peterside said.

    While identifying, maritime insecurity, criminal activities at sea, climate vulnerability, poor infrastructure among others as factors militating against development of Africa’s blue economy, he assure that NIMASA is doing all it can to curtail the issues relating to criminal activities in the nation’s territorial waterways. We have proposed an Anti-piracy bill which is presently before the National Assembly and would be passed soon. This will enable the Agency prosecute those found in such nefarious activities that is capable of hampering the development of the maritime sector.

    Furthermore, the DG called for a budgetary provision for blue economy management as obtainable in other climes and also the creation of an institutional framework for the blue economy sector.

    The DG also used the opportunity to urge African nations to provide investments needed to support improved governance and initiatives and assured the NSC that the Agency will continue to encourage collaborations amongst Stakeholders in the industry, as it is the only way that can guarantee the growth, development and actualization of the blue economy.

    Earlier in his welcome address, the Executive Secretary of the Nigerian Shippers’ Council, Barrister Hassan Bello, he commended the efforts of the Dr. Dakuku Peterside led Management of NIMASA and stated that within a short time of his appointment, he has been able to transform the sector.

    He also described the Agency as a worthy partner and said that the need for the Council to collaborate with NIMASA to drive the blue economy cannot be over emphasized; this necessitated the invitation of the NIMASA DG to come and give the entire Management team of the NCS firsthand information on the concept of the blue economy.

    The blue economy in the African context covers both aquatic and marine spaces including oceans, seas, coasts, lakes, rivers and underground waters. It also encompasses a range of productive sectors; Fisheries, Aquaculture, Tourism, Transport, Ship building, energy, bio prospecting, under-water mining and related activities.

     

     

     

  • SGDs: UN to begin $4 billion implementation framework in Nigeria by 2018

    The UN on Tuesday said it would commence implementation of over $4 billion dollars UN Sustainable Development Partnership Framework (UNSDPF) in Nigeria in 2018.

    Edward Kallon, the UN Resident Humanitarian Coordinator and UNDP Resident Representative, made this known at the UN Day Celebration in Abuja, noting that the scheme would be from 2018 to 2022.

    Mr. Kallon said the theme of the celebration was “Concrete Action for SDGs”, adding that the scheme was to demonstrate UN’s commitment to the implementation of Sustainable Development Goals (SDGs) in the country.

    The resident representative said the UNSDPF was premised on SDGs principles, with clear mapping and linkages of contribution of each results area to SDGs target.

    According to him, the UNSDPF 2018-2022 is the main strategic document defining the broad areas of support and assistance of the UN system to Nigeria.

    He said it was a joint development and humanitarian framework for the over 20 UN agencies and organisations in Nigeria, focusing on Governance, Human Rights, Peace and Security.

    He explained that it also focused on Equitable Quality Basic Services and Sustainable and Inclusive Economic Growth and Development.

    He added that “the UNSDPF is major imperative for not only a joint-UN partnership but direct re-affirmation of support to government’s development agenda, especially the Economic Recovery and Growth Programme.

    “A total of 193 world leaders recently reaffirmed their commitment to world peace and emphasised the SDGs both as a developmental imperative and operational framework for moving the world to greater prosperity,” Mr. Kallon said.

    “The leaders made the commitment at the recent concluded 72nd session of UN General Assembly in New York.

    “I, therefore, urge policy makers and development partners in Nigeria to go beyond `business as usual’ approach to `business unusual’ approach to SDGs implementation.”

    He also urged them to incorporate both the letter and spirit of Agenda 20139, as well as the AU commission’s Agenda 20163, into policies, plans and legislation at both federal and state levels.

    While noting that government alone could not deliver the SDG promise, Mr. Kallon called for broad coalition with the private sector, development partners, academia, civil society organisations, among others, to achieve the goals.

    The Foreign Affairs Minister, Geoffrey Onyeama, represented by the ministry’s Permanent Secretary, Olakunle Bamgbose, said Nigeria was proud to be a committed member of the UN family.

    According to him, the theme of the anniversary is apt and timely in view of the aspiration to tackle poverty and other challenges in Nigeria.

    He said the country recognised SDGs as clear stimulus for generating coherence.

    “We are convinced that full implementation of SDGs is crucial to the development of Nigeria. And it therefore calls for our collective goals and this will help to transform our world.

    “Let me reassure you of Nigeria’s commitment to engage global communities and most importantly the UN; there is the need to promote effective and transformation of implementation of SDGs at national and sub-national level.

    “These are goals that President Muhammadu Buhari remain personally committed to provide and ensure that no one is left behind,” he said.