Business
Nigerian Government Requires NIN for Purchase of Subsidized Rice at ₦40,000
The Nigerian Government has announced that only citizens with a National Identification Number (NIN) will be eligible to purchase 50kg bags of milled rice at a subsidized rate of ₦40,000. This directive, issued by President Bola Tinubu and communicated through the Minister of Agriculture and Food Security, Abubakar Kyari, was revealed during the flag-off ceremony on Thursday.
The rice, available under a strict “one person, one bag” policy, is part of the Federal Government’s broader initiative to mitigate the ongoing food crisis in Nigeria. Each 50kg bag will be sold at a flat rate of ₦40,000, aiming to provide relief to Nigerians struggling with rising food costs.
“This food intervention is both timely and crucial, given the current challenges faced by citizens across our nation,” Kyari stated. He highlighted that this measure is one of several efforts by the current administration to ease the burden of high food prices. Kyari also referenced the recent release of 42,000 metric tonnes of assorted food commodities to vulnerable populations and the 30,000 metric tonnes of milled rice now available for sale.
To ensure transparency and fair distribution, Kyari mentioned that a multi-disciplinary government task force has been deployed to oversee the initiative, verifying buyers through their NIN to maintain the integrity and success of the program.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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