#New Naira Notes

[kemetic-dreams]

THE UNTOLD STORY OF HOW AND WHY FELA KUTI MARRIED 27 WOMEN ON THE SAME DAY IN 1978 (A must read)

In 1978, the pioneer of Afrobeats, Fela Anikulapo Kuti, married 27 women in one day. This should not be strange to those who know the life and style of the Nigerian music legend nicknamed Abami Eda (strange creature).

Many of Fela’s band members became homeless after the devastating soldier attack on Fela’s commune (Kalakuta Republic) in 1977. In order to keep them together, Fela decided to do the unusual.

He gave a piece of paper to his female band members requesting the names of those that would like to marry him; the entire twenty-seven female band members put down their names.

After getting their consent, Fela Kuti married the 27 women on the 20th of February, 1978, at the Parisona Hotel in Anthony, Lagos, with the blessings of twelve Ifa priests. It was alleged that some parents of the ladies objected the marriage.

Fela married the women to protect and keep them together. The marriage ceremony was attended by Fela’s families, friends and other band members.

During the marriage ceremony, Fela rendered a short speech, pressed naira notes on his new wives’ foreheads and gave them marriage certificates. Fela embraced a rotation system of 12 wives at a time. After the marriage, Fela took his 27 wives to Ghana for honeymoon.

However, in 1986, shortly after his release from prison, Fela Kuti divorced his 27 wives on the claim that marriage brings jealousy. It should be noted that they were not forced to leave his house after the divorce; some lived with him till his death in 1997.

[munamarvel13]

The Heroverse: Episode One

OVERSHADOWED

Dear Wannabe Wonder,  Your rent’s overdue with a whopping #15,000. Please pay up or should I call Golden Boy?

NJ tore the taped note off the door, crumpled it up and kicked it away before entering her apartment. It seemed like she was the only one who received these snarky notes from the landlord. Ever since she was ‘saved’ by her brother, the beloved Hero Golden Star, he would only focus on her when it came to rent. As far as she knew, all the other tenants were practically living here for free.

Her apartment was messy as she had spent the week working odd jobs to pay off the seemingly so-important rent. A pile of dirty laundry sat dumped on the worn leather couch and a stack of books teetered dangerously on the edge of the coffee table. At least the sink was clean, though, she thought, before she realized she hadn't eaten all week too.

Sighing heavily, she collapsed to the floor and sat against the door, kicking off shoes to allow her toes to breathe. With a twist of her NeuroRing, she opened the money app to check the balance. #7000. All that work and she was still thousands of naira short? Surely, she could finish it in about two weeks but she doubted that the landlord would give her that much time. But there was another option…

NJ shook her head violently. No. No. no, no. She was still angry and embarrassed, the scene still replaying in her mind. One lonely Friday evening, she had just come home from work, tired and sweaty, only to see herself on the news, held in the arms of Golden Star and looking like a dead body. The news anchor, a preppy woman with a face caked in makeup, had said: “...And here is the Hero, the mighty Golden Star, saving his only sister from the hands of the nefarious villain Rampage and his, um, rampaging zombies! What on earth was she doing there, anyway?”.

What was she doing? WHAT WAS SHE DOING? She was saving people, that’s what! Using her shadows powers to teleport people out of there as Golden Star was busy fighting the mad scientist known as Rampage. After she used her powers for too long, she had fainted and Golden Star, after defeating Rampage and finishing a quick talk with paparazzi, had flown her home. Except he didn’t know where she lived so he had just left her on a bench unconscious, like a sleeping homeless person.

Family…don’t you just ‘em?

After that incident, NJ had become more of the odd-one-out in her community in the Middle Zone, the area in between the Upper Side where the Highborns thrive and the Underbelly where the Grinders rot. In public, children stared, women whispered and men looked at her like she was an object Golden Star had advertised. Over the course of her being a pariah, NJ had learned to cover up herself, wearing longer skirts and lumpier clothes. She had once been so confident, so determined as her goal was to become the best superhero in the world, despite not having any ‘flashy’ powers or any sponsorships. Nowadays, she felt more and more like a minor character forever in the background of her brother’s story.

She watched as the sun slowly dipped itself into the lagoon, painting the sky a beautiful pink and orange, a stark contrast to the turmoil she felt inside. If only she had one chance, just one chance to prove herself to be a true Hero…

A knock on the door startled her. NJ rolled her eyes. “I saw the note, Frank!” She called out but there was no reply, just another knock.

She quickly stood up, slipping her shoes back on and adjusting her brown sweater. She opened the door to see a young man around her age with messy, slightly shaggy chestnut brown hair and blue eyes that peered inquiringly behind black-rimmed glasses. He wore a heavy backpack over an oversized hoodie. 

“Good evening, Nicole Jane,” he said, his voice young but strangely formal. “Are you ready to be a Hero?”

[akeliciousmedia]

EFCC Arraigns Two Women for Hawking Naira Notes in Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Friday arraigned two women, Folake Adeoti and Modupe Adewuyi, before Justice Yellim Bogoro of the Federal High Court, Ikoyi, Lagos, for illegally selling naira notes. Adeoti, an ex-convict, was arrested on March 21, 2025, at Jobi Fele Way, Ikeja, with N3.85 million in new naira notes. She pleaded guilty to…

[jdgo51]

January 5, 2025

A Faithful Steward

Gideon Idowu (Oyo, Nigeria)

"It is required of stewards that they be found trustworthy." - 1 Corinthians 4:2 (NRSVUE)

"I was serving as a youth usher at our church. One Sunday morning during the service, as part of my duties, I hurried to the back of the church to gather the bags for the collection of the offering. I put my hand into one of the bags to check if it was empty. Lo and behold, I found a brand new one thousand Nigerian naira note. I was tempted to take it and keep it for myself. But by the grace of God I was able to overcome the temptation and prove myself to be a faithful steward.

Jesus told his disciples, “Whoever is faithful in a very little is faithful also in much, and whoever is dishonest in a very little is dishonest also in much.” To be a faithful steward of God’s gifts, one must be honest, God-fearing, and loyal — not given to service for the sake of appearances and self-will. This applies not only to our activities and duties within the church but to our day-to-day lives and activities within our families, neighborhoods, schools, and workplaces. God blesses our faithful stewardship." Whatever God has blessed you with, be faithful in returning it back to Him with your service. Remain honest and do not take anything that is not yours. This example allowed deep faith to help overcome temptation at taking something that was not his.

Today's Prayer

"Dear God, help us to be faithful to you in every aspect of our lives." Amen.

Luke 16:1-15

"'1 Jesus also said to the disciples, “A certain rich man heard that his household manager was wasting his estate. 2 He called the manager in and said to him, ‘What is this I hear about you? Give me a report of your administration because you can no longer serve as my manager.’ 3 “The household manager said to himself, What will I do now that my master is firing me as his manager? I’m not strong enough to dig and too proud to beg. 4 I know what I’ll do so that, when I am removed from my management position, people will welcome me into their houses. 5 “One by one, the manager sent for each person who owed his master money. He said to the first, ‘How much do you owe my master?’ 6 He said, ‘Nine hundred gallons of olive oil.’ The manager said to him, ‘Take your contract, sit down quickly, and write four hundred fifty gallons.’ 7 Then the manager said to another, ‘How much do you owe?’ He said, ‘One thousand bushels of wheat.’ He said, ‘Take your contract and write eight hundred.’ 8 “The master commended the dishonest manager because he acted cleverly. People who belong to this world are more clever in dealing with their peers than are people who belong to the light. 9 I tell you, use worldly wealth to make friends for yourselves so that when it’s gone, you will be welcomed into the eternal homes. 10 “Whoever is faithful with little is also faithful with much, and the one who is dishonest with little is also dishonest with much. 11 If you haven’t been faithful with worldly wealth, who will trust you with true riches? 12 If you haven’t been faithful with someone else’s property, who will give you your own? 13 No household servant can serve two masters. Either you will hate the one and love the other, or you will be loyal to the one and have contempt for the other. You cannot serve God and wealth.” 14 The Pharisees, who were money-lovers, heard all this and sneered at Jesus. 15 He said to them, “You are the ones who justify yourselves before other people, but God knows your hearts. What is highly valued by people is deeply offensive to God."' We cannot serve God and wealth ever. Kind of parallel to some of the super rich who are totally about the money with no regard for the average/common person who is barely getting by. How did they know when this scripture was penned that many would choose money over God? Makes you wonder? Be blessed! Joe

[gurutrends]

CBN to Banks: Supply mint naira notes to hawkers, pay N150m fine per branch

According to CBN, any financial institution found to be aiding in the unlawful distribution of these notes faces a fine of N150 million for each branch. This directive was outlined in a circular signed by Solaja Olayemi, acting director of the CBN’s Currency Operations Department. The circular expressed serious concern over the diversion of new naira notes to currency hawkers and other…

[alabs1]

FPRO: Police Officers Stole N43.16m Out Of N74.9m Impounded New Naira Notes 

The Nigeria Police Force has disclosed how forensic intelligence and investigation indicted police officers of stealing N43,160,000 out of the N74,950,000 suspected smuggled new bank notes impounded at the Nnamdi Azikiwe International Airport. Force Public Relations Officer, ACP Muyiwa Adejobi, made the disclosure in a statement on Wednesday, following social media allegations that…

[tjnewsnigeria]

The Nigerian Senate has passed a resolution calling on President Bola Ahmed Tinubu to immediately remove Danladi Umar, Chairman of the Code of Conduct Tribunal (CCT), over allegations of misconduct and negligence. The resolution, supported by a two-thirds majority, was reached during the Senate's plenary session on Wednesday. Read Also:Dollar to Naira Exchange Rate Today, November 20, 2024: Black Market and CBN Rates Senate Cites Constitutional Provision for Removal The motion, titled “Invocation of the Provision of Section 157 (1) of the Constitution of the Federal Republic of Nigeria, 1999, as Amended, for the Removal of the Chairman of the Code of Conduct Tribunal,” was sponsored by Senate Leader Michael Opeyemi Bamidele (APC – Ekiti Central). [caption id="" align="alignnone" width="510"] CCT Chairman, Danladi Umar[/caption] After a closed-door session lasting an hour, the Senate resolved to forward an address to President Tinubu, requesting Umar’s removal to enable Abdullahi Usman Bello, whose appointment had already been confirmed, to assume office as the substantive Chairman of the Tribunal. Allegations Against Danladi Umar The Senate highlighted various allegations against Umar, including: Corruption and misappropriation, which are under investigation by the EFCC, ICPC, and DSS. Absenteeism from office for over a month without permission. A public altercation with a security officer in Abuja. Refusal to honor Senate invitations during an investigation by the Senate Committee on Ethics, Code of Conduct, and Public Petitions. The Senate stated that these actions were tantamount to gross misconduct and negligence, unbecoming of a public officer entrusted with upholding high standards of morality and accountability. Senate Leader Speaks on the Motion In presenting the motion, Senator Bamidele emphasized the critical role of the CCT in maintaining public morality and accountability within government. He noted that the Chairman’s actions had compromised the integrity of the institution, necessitating his removal to restore public confidence. "The conduct of Mr. Yakubu Danladi Umar has fallen short of the requisite standard of a public officer tasked with leading such a critical institution. His negligence and misconduct undermine the tribunal's integrity and reputation," Bamidele remarked. Unanimous Support From Senators Chief Whip Mohammed Tahir Monguno confirmed that the resolution had the support of 72 Senators, meeting the two-thirds majority required by the Constitution. The Senate’s action follows the confirmation of Abdullahi Usman Bello as the new Chairman of the CCT during a plenary session on July 4, 2024. Constitutional Backing for Action The resolution is anchored on Section 157 (1) of the Constitution, which allows for the removal of the Chairman of the CCT on grounds of misconduct or inability to perform duties. Next Steps The Senate has formally forwarded its resolution to President Tinubu, urging him to act swiftly to safeguard the credibility of the tribunal and uphold the rule of law. Stay tuned for updates as this story develops

[saynaija]

Emefiele's CBN New Naira Notes Different from President's Approval, Witness Tells Court

Emefiele’s CBN New Naira Notes Different from President’s Approval, Witness Tells Court The trial of former Central Bank of Nigeria, CBN, Governor Godwin Emefiele continued on Thursday, November 14, 2024, at the Federal Capital Territory, FCT, High Court in Maitama, with a fifth prosecution witness, Kingsley Obiora, former CBN Deputy Governor in charge of policy, disclosing that the new naira…

[tracknews1]

Ritualists Storm Community In Owerri West

The people of Amato Orogwe in Owerri West woke up last Tuesday morning to behold a horrendous sight of scaring ritual items under the staircase of an uncompleted building at the entrance of a site popularly called Ogbuehi avenue The items discovered were three brand new Ghana-must-go bags, an egg, two pieces of one thousand naira notes(old and new currency notes), two burning candle sticks and…

[jayessentialsblog]

FG and state governments fund the procurement of meters with N100 billion naira

Prepaid power meters will be purchased thanks to a successful N100 billion fundraising campaign spearheaded by the federal and state governments. Our correspondent reported on this news made by Minister of Power Adebayo Adelabu during a briefing in Ibadan, Oyo State, under the Presidential Meter Initiative (PMI) program. President Bola Tinubu's administration is working to address Nigeria's meter deficit by promoting adequate metering and promoting greater openness. Adelabu noted that many customers are unwilling to pay bills due to unsatisfactory billing methods by power distribution firms. Currently, over five million of Nigeria's twelve million electricity users are metered, with a shortage of over seven million meters. President Tinubu has established the Presidential Meter Initiative and appointed a Presidential Meeting Council to address the meter gap. The group, chaired by Adelabu and supervised by the President's Senior Advisor on Energy, aims to acquire and install at least two million meters annually over the next five years. With N100 billion available for meter purchases through state and federal resources, the government is committed to addressing this issue. “The World Bank has already issued contracts for meter procurement, with meters set to be imported and assembled locally. We are balancing international and national competitive bidding processes. Meter importation will begin before the end of the year,” he added. Adelabu highlighted the increased availability of meters, allowing Distribution Companies to sell them directly from suppliers, but acknowledged that exchange rate changes have increased meter costs from N80,000 to N120,000, emphasizing the need for continued financing. Read the full article

[onlinecompanynews]

EmbassyCard introduces prepaid digital card for payment without network connection, POS machines  - Notice Global Internet https://www.merchant-business.com/embassycard-introduces-prepaid-digital-card-for-payment-without-network-connection-pos-machines/?feed_id=169274&_unique_id=66c163c6363c8 EmbassyCard revolutionizes digital ... BLOGGER - #GLOBAL EmbassyCard revolutionizes digital payment system with no network connection and POS machineEmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital prepaid card to merchants and residents of Lagos.This is aimed at solving some fundamental challenges faced by the FINTECH industry in the country such as long queue in banks, charge-back fraud, use of expensive POS machines, delayed transactions and poor internet network.In his speech, during the media parley and stakeholders’ forum held at NECA house, Ikeja on Tuesday 30th July 2024, the Chief Executive Officer of EmbassyCard, Sunny Ojuroye said the initiative is a game changer in the financial space.Sunny Ojuroye stated that the organisation started developing EmbassyCard payment solution with its engineers and Providus bank, the official partner bank in 2019 before its launch in 2024.Addressing mobile money agents present at the event, the CEO said, “Let us make history together with EmbassyCard, a new prepaid card for payment. This is a great opportunity to earn commission with us. EmbassyCard offers additional opportunities to make extra income in addition to what you already do. The cards come in LITE, GREEN and GOLD with photo ID for identification purposes, thus enhancing security of customers’ funds.“We have observed charge-back frauds, long queues when payment don’t go through or customers’ alert failed to arrive, issue of no network with the use of POS machines and long distance travels to lodge complaints at banks.“We want merchants to be protected from charge-back fraud which is costing our businesses a lot of money. You can use your phone instead of a bulky and expensive POS machines. We want all our merchants to become personal cash machines for our EmbassyCard customers  so they don’t have to queue at the banks to get cash.”A Co-director of EmbassyCard, Leye Popoola noted that the company’s digital payment solution is different from others with a strong security feature which enables users to either lock or unlock their EMBASSYCARD in the event of any loss.His words, “You have a mobile money inside your card and you have it in your wallet. So, your money can be in the cloud. If you have EmbassyCard with or without connection, you can receive your money.“It is 100% made in Nigeria for Nigerians by Nigerians. There is no ulterior motive behind it. Every transaction is in Naira. In addition, charges are in naira rather than in dollars that is charged by other competitors”Speaking on how the card works without network to take payment OFFLINE, he said ” with technology, many things are possible with the use of AI. It is configured in such a way that network will not be the problem. The Card and the App work together to create a very secure payment system which protects Merchants from Charge back fraud when the Customer pays with their EmbassyCard.“We have seen the future in the present. We are confident that within a short while from now, we will capture the whole country. There won’t be hidden charges on the use of the card.”In an interview with our correspondent, Emmanuel Udeagha, Head of Brand management in Wetherheads Advertising Group Limited, the organizer of the launch event said the newly introduced payment solution will revolutionalize the payment system in Nigeria. He said, “It is able to take payment online and offline. If you’re in a remote community without network, you can still receive payment as a merchant and make payment as a customer to pay for services at restaurants, petrol stations, utility bills etc. As a merchant, your phone serves as your terminal.

With EmbassyCard, the customer will only need to tap the phone of the merchant at the back of his card and receive payment instantly. It has all the security features.“It has the wallet. You can use it to transfer money to your bank account and transfer to other people and make payments. It is linked to a bank account which allows instant settlement which means your payment gets to you instantly, it doesn’t wait till 12 mid night or 24 hours before settlement.”In his remarks, the Chairman of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Mr Oluwagunwa Ibirogba commended EmbassyCard for the initiative, saying it has been a struggle to get cash.He urged members of his association to get registered and become a merchant so as to increase their income without the use of POS machines. Imagine, we can now walk about with a card in form of cash. We are the merchants, the smallest bankers! I am encouraging all of us to work and run with it”, he said.“EmbassyCard revolutionizes digital payment system with no network connection and POS machine EmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital…”Source Link: https://nairametrics.com/2024/08/17/embassycard-introduces-prepaid-digital-card-for-payment-without-network-connection-pos-machines/ http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/pexels-photo-5961027.jpeg #GLOBAL - BLOGGER EmbassyCard revolutionizes digital payment system with no network connection and POS machine EmbassyCard, a Nigerian fintech company with presence in several states of the nation has introduced a new digital prepaid card to merchants and residents of Lagos. This is aimed at solving some fundamental challenges faced by the FINTECH industry in the country such … Read More

[mynewshq]

Look beyond present ‘temporary’ pains, Tinubu begs Nigerians

President Bola Tinubu has pleaded with Nigerians to be patient with his administration, assuring them that the country is transitioning from darkness to dawn. In an official video released by the State House on Wednesday, Tinubu acknowledged the ongoing hardships orchestrated by the removal of the fuel subsidy and the floating of the naira. He noted that Nigerians’ pain was compounded by what he described as an “avoidable lag” between the subsidy removal and his helpful plans for the country. He said, “Fellow Nigerians, this period may be hard on us and there’s no doubt that it is tough, but I urge you all to look beyond the present temporary pains and aim at the larger picture. All our good and helpful plans are in the works. More importantly, I know that they will work. Sadly, there was an avoidable lag between subsidy removal and these plans coming fully online. “I plead with you, please have faith in our ability to deliver and our concern for your well-being. We will get out of this turbulence, and due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her. For example, we shall fulfil our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon higher education due to lack of money. “Our commitment is to promote the greatest good for the greatest number of our people. On principle, we shall never falter. I assure you, my fellow countrymen and women, that we are exiting the darkness to enter a new and glorious dawn. Now, I must get back to work in order to make this vision come true.” The president assured that the measures his government has taken would get the country out of the lingering economic crisis. This address marked the second time Tinubu has addressed Nigerians since the beginning of the #EndBadGovernanceinNigeria protests. The protests turned violent in some states, including Kano, Abuja, and Kaduna, where demonstrators believed to be infiltrators were seen waving Russian flags and calling for a military takeover. Read the full article

[lagmennet]

Bobrisky Is Released From Prison (Video)

Controversial Nigerian crossdresser Idris Okunneye, also known as Bobrisky, has been released from prison. On April 12, 2024, Justice Abimbola Awogboro of the Federal High Court in Lagos sentenced Bobrisky to six months in prison for misusing naira notes. Cable News posted a video of Bobrisky with Nollywood actress Eniola Ajao. Another unidentified lady, spotted alongside Eniola and Bobrisky,…

[technologycompanynews]

Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - BLOGGER https://www.merchant-business.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?feed_id=155275&_unique_id=66b057a436f15 Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024.The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent billions of naira through various interventions with no result.According to records, import duty on the grain was increased from 50 per cent in 2012 to 110 per cent in January 2013 to discourage importation of the grain and encourage local production, which was only three million tonnes as at 2012.However, it was learnt that global rice shortage had worsen exports of premium varieties due to a surge in freight costs, foreign exchange and series of attacks on commercial ships by Iran-backed Houthi militants since the January 2024.Besides freight cost, it was also revealed by the Thai Rice Exporters Association (TREA)that the price of parboiled rice has been increased from $501 per tonne to $593 per tonne in July 31, 2024.Findings revealed that domestic production had slumped by 37.4 per cent or 3.1 million tonnes from 8.3 million tonnes to 5.2 million tonnes within two years because of the activities of bandits in the country.According to rice miller’s, there is no enough paddy rice in Nigeria for the production in commercial quantities as they attributed it to the withdrawal of services at the farms by farmers due to insecurity.As a result of this, Deputy Chairman of All Farmers Association of Nigeria (AFAN), Mr Shakin Agbayewa, noted that local rice production could only meet 57 per cent of the 6.5 million tonnes consumption.He noted that rice sellers were repackaging local rice into foreign bags to sell at a higher price, adding that a situation where home based rice is repacked as foreign was not good for the country.Also, the Lagos State Chairman, Rice Farmers Association of Nigeria (RIFAN), Raphael Hunsa, stressed the need to boost local rice production, saying the country needed more people in rice production.Hunsa said: “We need to encourage more people, especially youths, to be engaged in rice cultivation. Presently, local rice is not available to meet the growing demands.The Lagos State rice mill at Imota, which can produce 33,000 metric tonnes of rice per hour, is set up for the benefit of Lagos residents. “However, as we speak, the mill does not have enough rice paddy to kick off operations.“Whereas the rice farmers in Lagos State need support to cultivate rice without dependence on outside state sources, we need increased support to also attract more rice farmers into the sector and to encourage existing farmers,” he said.The chairman added that the Lagos State Government sourced paddy for rice mills in Kebbi, Kaduna and other northern states. Presently, 50kg of foreign rice, long grains, sells at N76,000 per bag, while short grain, depending on the quality, is sold between N75,000 and N80,000.A bag of 50kg foreign rice was sold for between N45,000 and N60,000 as of November and December 2023. Rice was part of the items previously restricted by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the official window, however, because of the new federal Government’s decision to suspend import duty on the grain, importers, who have ordered for 2.2 million tonnes can now bring the cargo to the country.Meanwhile, the Federal Government had created centres across the country where Nigerians could purchase a 50kg bag of rice for N40,000.According to the Minister of Information and National Orientation, Mohammed Idris, this is one of several initiatives by the President Bola Ahmed Tinubu’s administration to ease living conditions for citizens.The minister added: “For example,

at the last Federal Executive Council meeting, we announced that 20 trucks had been given to each state governor for onward distribution to those who actually needed them to the poorest of the poor in society.“Rice is also being sold at about 50 per cent of its cost. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000.”“Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between…”Source Link: https://newtelegraphng.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?utm_source=rss&utm_medium=rss&utm_campaign=q424-nigerians-to-pay-n1-95trn-on-rice-importation http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/IMG-20240406-WA0028.jpg BLOGGER - #GLOBAL Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024. The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent … Read More

[internetcompanynews]

Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - BLOGGER https://www.merchant-business.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?feed_id=155273&_unique_id=66b05682666ce Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024.The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent billions of naira through various interventions with no result.According to records, import duty on the grain was increased from 50 per cent in 2012 to 110 per cent in January 2013 to discourage importation of the grain and encourage local production, which was only three million tonnes as at 2012.However, it was learnt that global rice shortage had worsen exports of premium varieties due to a surge in freight costs, foreign exchange and series of attacks on commercial ships by Iran-backed Houthi militants since the January 2024.Besides freight cost, it was also revealed by the Thai Rice Exporters Association (TREA)that the price of parboiled rice has been increased from $501 per tonne to $593 per tonne in July 31, 2024.Findings revealed that domestic production had slumped by 37.4 per cent or 3.1 million tonnes from 8.3 million tonnes to 5.2 million tonnes within two years because of the activities of bandits in the country.According to rice miller’s, there is no enough paddy rice in Nigeria for the production in commercial quantities as they attributed it to the withdrawal of services at the farms by farmers due to insecurity.As a result of this, Deputy Chairman of All Farmers Association of Nigeria (AFAN), Mr Shakin Agbayewa, noted that local rice production could only meet 57 per cent of the 6.5 million tonnes consumption.He noted that rice sellers were repackaging local rice into foreign bags to sell at a higher price, adding that a situation where home based rice is repacked as foreign was not good for the country.Also, the Lagos State Chairman, Rice Farmers Association of Nigeria (RIFAN), Raphael Hunsa, stressed the need to boost local rice production, saying the country needed more people in rice production.Hunsa said: “We need to encourage more people, especially youths, to be engaged in rice cultivation. Presently, local rice is not available to meet the growing demands.The Lagos State rice mill at Imota, which can produce 33,000 metric tonnes of rice per hour, is set up for the benefit of Lagos residents. “However, as we speak, the mill does not have enough rice paddy to kick off operations.“Whereas the rice farmers in Lagos State need support to cultivate rice without dependence on outside state sources, we need increased support to also attract more rice farmers into the sector and to encourage existing farmers,” he said.The chairman added that the Lagos State Government sourced paddy for rice mills in Kebbi, Kaduna and other northern states. Presently, 50kg of foreign rice, long grains, sells at N76,000 per bag, while short grain, depending on the quality, is sold between N75,000 and N80,000.A bag of 50kg foreign rice was sold for between N45,000 and N60,000 as of November and December 2023. Rice was part of the items previously restricted by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the official window, however, because of the new federal Government’s decision to suspend import duty on the grain, importers, who have ordered for 2.2 million tonnes can now bring the cargo to the country.Meanwhile, the Federal Government had created centres across the country where Nigerians could purchase a 50kg bag of rice for N40,000.According to the Minister of Information and National Orientation, Mohammed Idris, this is one of several initiatives by the President Bola Ahmed Tinubu’s administration to ease living conditions for citizens.The minister added: “For example,

at the last Federal Executive Council meeting, we announced that 20 trucks had been given to each state governor for onward distribution to those who actually needed them to the poorest of the poor in society.“Rice is also being sold at about 50 per cent of its cost. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000.”“Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between…”Source Link: https://newtelegraphng.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?utm_source=rss&utm_medium=rss&utm_campaign=q424-nigerians-to-pay-n1-95trn-on-rice-importation http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/IMG-20240406-WA0028.jpg Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - #GLOBAL BLOGGER - #GLOBAL