Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso has pledged to look into the high charges on remittances inflow to Nigeria for a robust economy.
The CBN Governor gave the assurance during a strategic meeting, led by the Chairman/CEO and Management of Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, to the CBN headquarters in Abuja.
Cardoso expressed concerns over the staccato status of remittances and assured that investigations would be carried out and necessary actions taken to ensure Nigeria remains the highest receiver of remittances in Sub-Saharan Africa after Egypt.
The World Bank statistics, in 2022 shows diaspora remittances to Nigeria standing at over $22billion dollars.
The CBN Governor commended NiDCOM’s progress and initiatives under four years and called for deepened synergy between the two organisations, promising that “any bottleneck to remittances will be taken out.”
Earlier, Dabiri-Erewa has lamented on the high tax rate on remittances noting that Nigeria has the highest rate.
She said: “I believe Diaspora remittances can be improved if the challenges can be looked into and addressed.”
The NiDCOM Boss called on the leadership of the Bank to partner with NiDCOM in its numerous initiatives like the National Diaspora Policy, which the CBN is a major stakeholder, Diaspora Data Mapping, Nigerian Diaspora Investment Trust Fund, Diaspora Quarterly Lectures, Badagry Door of Return and Nigeria Diaspora Investment Summit to mobilize and increase Diaspora Remittances.
Instagram Unveils Improved Editing Tools For Creators, Users
Instagram has announced new and improved editing tools to help creators and users better express their creativity on the app. The new tools include several improvements to reels and exciting new updates for feed photos, carousels, and stories, that make it easier to create directly within the Instagram app.
For reels, enhanced video editing tools help users express creativity and tell the story they want to, all within the app. In the feed, new filters for photos and carousels will explore different tones and moods for posts. In addition to the editing tools, Instagram has also built new tools to help creators better understand their performance.
The full suite of updates includes:
Reel editing updates: We’re rolling out new fonts to level up text on reels, and updating editing individual clips with the ability to zoom/crop/rotate; undo and redo edits; and 10 new text-to-speech voices.
Audio updates: On reels, we’re launching the ability to add clips with audio from movies, TV shows,s or your own created audio to your reels from our new media clip hub.
New feed photo filters: We’re launching brand-new photo filters for feed posts and carousels.
Performance insights for creators: understand your Reels performance with a new metric, Reels Replays.
Custom Stickers: make your Reels or Stories stand out by turning part of any photo or video.
2024 Budget: Obi Queries N20.5bn Proposal For VP’s House
Peter Obi, the Labour Party Presidential flag bearer in the country’s last general election, has once again yelled at the level of waste in the APC administration of Bola Ahmed Tinubu.
Obi, who had just blasted the government for sending over 1400 delegates to COP28 as wasteful, has now slammed the administration for proposing over N20 billion in refurbishment and construction of a new office space for the Vice President.
The LP standard bearer said he is still studying the N27.5 trillion budget presented to the National Assembly last week, but could not wait to wonder at the level of waste on nonessential things when the people are suffering and dropping into multi-dimensional poverty in droves.
Reacting in his X handle on Monday Obi said “Even as I am still studying the 2024 fiscal budget as presented to the National Assembly last week, I cannot wait as am compelled to ask what is exactly wrong with us as a country.
‘I ask this question because it is hard for me to understand some of the recent happenings in our nation, in these critical times.
‘The recent news about a budget provision of N15 billion for the construction of a new residence for the Vice President is both shocking and disheartening, considering the many important challenges facing our nation.
Obi recalled that “Just recently in the Supplementary Budget, the sum of N2.5 billion was included for the renovation of the Vice President’s residence in Abuja, which means that he already has a residence. Again, during the budget presentation, I heard the sum of N3 billion was allocated for the renovation of the Vice President’s residence in Lagos. If we total all these sums, we would have budgeted the sum of N20.5 billion for the housing of the Vice President at this critical time when we are not just the world’s poverty capital, but more people falling into poverty, with so many Nigerians not knowing where their next meal will come from”
“Our health facilities have collapsed, and unemployment is skyrocketing. I am convinced that 99.9% of Nigerians can only dream of living in the current residence of the Vice President.
The LP standard bearer also noted that ‘ Several people employed in the universities are not being paid. Just to give an example, the salary of a professor in a Nigerian university is about N400,000, which without removing tax is about N5 million a year. What we have budgeted for the housing of the Vice President who is already luxuriously housed is, therefore, the annual salary of about 3000 professors!
“This is the finance needed to develop the much-needed human capital.
“The budget of N5 billion for student loans, which is yet to be disbursed is only a tiny percentage of the cost of the Vice President’s new home.
According to the former Anambra state Governor, “We are projecting to use four times the amount for educating ALL Nigerian indigent students to house the Vice President, and we are being told there is nothing wrong with us”
“I am sure the major teaching hospitals in Nsukka, Lagos, Ibadan, and Zaria did not receive this much capital vote in the budget this year.
“We have had leaders that were exemplary in the past. Most Nigerians may not know that the popular 1004 flats in Lagos, was land allocated for the building of a Presidential Mansion for the then Head of State, General Murtala Mohammed but he “sternly turned down the offer and instructed that the land should be used to build blocks of flats for civil servants. That is the kind of sacrificial leadership worth emulating.
“Our leaders must therefore stop the recklessness and insensitivity to the plight of the masses. We need leaders who show compassion and are willing to sacrifice for common progress and development. Such compassionate and frugal leaders are critical in our journey to the New Nigeria”
DCSL Set To Launch Innovative Boardroom App, Marks 10 Years Of Excellence
DCSL Corporate Services Limited, a leading corporate service firm is set to celebrate a decade of professional excellence and launch an innovative boardroom app – “The DCSL e-Connect App” on Friday 8th December 2023.
Bisi Adeyemi, Managing Director of DCSL, reflected on the significant milestones achieved in the past decade and reiterated the Company’s commitment to delivering unparalleled professional services across its bouquet of offerings to diverse sectors of the economy.
“Our ten-year journey has been propelled by an unwavering commitment to delivering exceptional professional service to a diverse range of corporate and individual clients across various business sectors.
“The introduction of the DCSL eConnect app marks a pivotal moment, as we embark on a new era of transformative possibilities, reinforcing our dedication to innovation and precision in communication and collaboration within the boardroom.
“This celebration marks not only a milestone in our journey but also a testament to our commitment to excellence and innovation in the corporate services landscape”.
The DCSL eConnect App is designed to elevate boardroom communication, and collaboration and redefine efficiency. The innovative App will empower Boards and c-suite executives to efficiently manage meetings, streamline access to and retrieval of documents, facilitate approvals, and conduct polls and performance evaluations, all while ensuring compliance and tracking company plans.
The exclusive event will be graced by key stakeholders, clients, business leaders, and media partners.