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Criticism Trails House of Reps’ Approval of N8k Monthly Subsidy Palliative for 60m Nigerians

By
Samuel Nwite
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1

The plan by the federal government of Nigeria to disburse N500 billion to 12 million households as a palliative measure to mitigate the impact of the removal of fuel subsidy on Nigerians, has stirred widespread criticism. 

The federal government got the approval of the House of Representatives on Wednesday to seek out the fund to be shared among the poorest Nigerian households as the cost of living soars, following a letter by President Bola Tinubu to that effect.

The lawmakers swiftly passed the amendment of the N819 billion Supplementary Appropriation Act, which the N500 billion will be drawn from. The lawmakers, who have asked for salary increase to cushion the effects of subsidy hardship, also approved N70 billion to support the “working condition” of new members.

The money is to be shared N8,000 monthly for 60 million people for the period of six months. 

But Civil Society groups have criticized the move, seeking instead a 300% upward review of minimum wage. The Nigerian Labour Congress and the Trade Union Congress had earlier outlined for the government, measures it needs to implement to ameliorate the economic hardship that the subsidy reform has brought. 

The labor unions have called for the implementation of tax holidays for employees in both the public and private sectors who earn less than N200,000 or $500 per month. 

They have also emphasized the necessity of introducing a petrol allowance for individuals earning between N200,000 and N500,000 or $500 and $1,200 annually, whichever amount is higher.

Furthermore, the unions have demanded that the Nigerian government provide mass transit vehicles accessible to all segments of the population. They have also called for an immediate review of the National Health Insurance Scheme to extend coverage to a larger number of Nigerians.

In the medium term, the labor unions have urged the government to fulfill its previous commitment by implementing the nationwide deployment of Compressed Natural Gas (CNG).

The major concern of the labor unions, which most Nigerians share, is that the fund will be looted given the country’s pedigree of corruption. Many believe that the N500 billion will benefit Nigerians more if it is used to pay for petrol subsidy. 

They referenced ex-President Mohammadu Buhari’s humanitarian programs, such as TraderMoni, which involved disbursing money to poor Nigerians but were riddled with corruption, as a basis for their criticism.

“Like the Subsidy script now we have the Tradermoni script.

“1984 used subsidy and Tradermoni to scam Nigerians.

“The Illegal Govt in 2023 is now using the same Subsidy and Tradermoni script to scam Nigerians of Billions right before their eyes.

“Judiciary should wake up,” a Twitter user wrote.

“”Tinubu has been preparing to be President for 20 years, he is a master strategist, and he will change Nigeria for good.” Tunubu gets into office and immediately reactivates Buhari’s Trader Money, the only difference is that it is N8000 for households. Is this your strategist?” Kelvin Odanz asked.

“This is being done to; 1. Perpetuate a racket.

“2. Convince IMF, World Bank, USAID, DFID etc. “development economists” who will use data, no matter how bad, or contrived – to conduct “studies”, that something is being done about “poverty alleviation”,” Onye Nkuzi wrote.

“Why not start with an effective transport system at a subsidized rate? Use Lagos and Abuja as a pilot…. Subsidize fertilizer, and built PHCs, rails, bridges, schools, and roads! Increase salaries of public servants by 100%! These are sustainable developments,” Taha Adam wrote.

“A lazy solution to a difficult problem. The first thing is to audit to see if the National Social Register of 15.7m people is not filled up with ghost people whose identities cannot be verified by NIN. Secondly, using virement to move funds from one line item to another thru a supplementary amendment is good when you fund something that is sustainable. 

“I understand that for the sake of optics, this might be politically expedient. But the President should understand that the $800m from the World Bank he is asking the National Assembly to approve is a loan the former minister of finance negotiated by staking 535m units (17.1%) of Nigeria’s special drawing rights at the International Monetary Fund with the International Development Association of the World Bank as collateral for an $800m loan. It makes sense to invest it,” Kelvin Emmanuel wrote.

Besides criticism that N8,000 per month will do little to ameliorate peoples’ suffering, there is concern that there is no way to ensure that the fund will get to the “poorest Nigerians” due to lack of reliable data.

Socio-Economic, Transparency & Accountability Project (SERAP) said it is “issuing an FoI request to compel the Tinubu administration to publish details of the proposed transfer of N8,000 monthly to 12 million poor households for six months, such as the list of intended beneficiaries, how they will be selected, and the methods of payments.”

The civil rights group also asked the federal government to “immediately withdraw the unlawful allocation of N70 billion to the National Assembly” or face legal action.

More Politicians, Diplomats and Members of Parliament are Adopting Bitcoin in Switzerland – Head of Lugano

By
Paul Ugbede Godwin
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0

Switzerland is known for its progressive stance on cryptocurrencies, especially Bitcoin. The country has been a pioneer in creating a legal and regulatory framework that fosters innovation and adoption of digital assets. In this blog post, I will explore how more politicians, diplomats and members of parliament are adopting Bitcoin in Switzerland, and what this means for the future of the crypto space.

One of the most prominent examples of political support for Bitcoin in Switzerland is Thomas Heilmann, a member of the Swiss National Council and the co-founder of the Crypto Valley Association. Heilmann has been a vocal advocate for Bitcoin and blockchain technology and has even proposed a motion to amend the Swiss Banking Act to allow banks to offer crypto services. Heilmann believes that Bitcoin is a “game-changer” that can bring more transparency, efficiency and democracy to the financial system.

Another influential figure who has embraced Bitcoin in Switzerland is Johann Schneider-Ammann, the former president of the Swiss Confederation and the current head of the Crypto Valley Association. Schneider-Ammann has been instrumental in promoting Switzerland as a global hub for crypto innovation, and has publicly stated that he owns some Bitcoin himself. He has also praised the potential of Bitcoin to empower people and create new business opportunities.

A third example of political adoption of Bitcoin in Switzerland is Fabian Schär, a member of the Swiss Council of States and a professor of distributed ledger technology at the University of Basel. Schär has been researching and teaching about Bitcoin and blockchain for years and has co-authored several academic papers on the topic. He has also been involved in drafting legislation that aims to provide legal certainty and clarity for crypto businesses and investors in Switzerland.

Switzerland has a long tradition of financial stability, political neutrality, and respect for privacy, which are all values that align with the vision of Bitcoin. Moreover, the Swiss government and regulators have adopted a pragmatic and supportive approach to Bitcoin and other digital assets, recognizing their potential to enhance the efficiency and inclusiveness of the financial system.

Switzerland is home to many Bitcoin-related businesses, such as exchanges, brokers, payment processors, mining companies, and startups. Some of the most prominent examples are Bitstamp, ShapeShift, Xapo, and Crypto Valley. These companies benefit from the access to a highly skilled workforce, a strong infrastructure, and a competitive tax regime. Additionally, Switzerland has a vibrant community of Bitcoin enthusiasts, investors, developers, and advocates, who organize events, meetups, and educational initiatives to promote the awareness and adoption of Bitcoin.

Bitcoin faces in Switzerland is the lack of legal clarity and uniformity regarding its status and treatment across different cantons and municipalities. While some jurisdictions have embraced Bitcoin as a legitimate means of payment and taxation, others have been more cautious or restrictive. This creates uncertainty and complexity for both businesses and consumers who want to use Bitcoin in their daily transactions. Therefore, there is a need for more harmonization and coordination at the national level to ensure that Bitcoin can flourish in Switzerland without unnecessary barriers or risks.

These are just some of the many politicians, diplomats and members of parliament who are adopting Bitcoin in Switzerland. Their support and involvement reflect the growing recognition and acceptance of Bitcoin as a legitimate and valuable asset class in the country. By embracing Bitcoin, they are also sending a positive signal to the rest of the world and encouraging more innovation and adoption of crypto technologies. Switzerland is leading the way in creating a friendly and conducive environment for Bitcoin, and I hope that other countries will follow its example.

Flutterwave Partners with IATA to Facilitate Easy Flight Payment Across Sub-Saharan Africa

By
Samuel Nwite
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0

Flutterwave, the leading payments technology company in Africa, has partnered with the International Air Transport Association (IATA) to enhance travel to sub-Saharan Africa.

By integrating with IATA’s payment orchestration platform, Flutterwave enables airlines worldwide to process payments from customers using various payment methods, including cards, bank transfers, mobile money, and alternative payment modes available on the Flutterwave platform.

The IATA Financial Gateway (IFG) serves as a comprehensive payment orchestration and management platform exclusively designed for the airline industry. It empowers airlines to accept local payments from different markets through their distribution channels.

This partnership opens up new opportunities for IATA’s 290 international airlines to expand their operations in Africa while effortlessly receiving bookings and payments from customers in Africa, utilizing both local and international payment methods.

Through the integration with IFG, airlines, and travel agencies can leverage Flutterwave to accept a wide range of payment options when customers book airline tickets. Instead of navigating complex connections to multiple payment service providers in Africa, IFG provides a single global connection, offering complete control over payment and settlement processes. It seamlessly integrates with ticketing systems and distribution channels, streamlining the payment experience for airlines.

This collaboration proves particularly valuable for global airlines seeking to collect local currencies through cards and indigenous payment methods. It ensures a seamless payment experience for millions of customers in Africa and other markets where Flutterwave operates, making it easier for airlines to conduct business and serve their diverse customer base.

According to Olugbenga “GB” Agboola, the CEO and Founder of Flutterwave:

“Africa is poised to be one of the fastest-growing aviation regions in the next two decades, with an estimated annual expansion rate of nearly 5%, as stated by the International Air Transport Association (IATA). To accelerate this growth further, it is crucial to facilitate the easy establishment of airline operations across the continent and enable seamless payment processes for their customers.

Our partnership with IATA addresses the payment challenges faced by global airlines entering the African market. We believe that this collaboration will encourage more international airlines to expand their presence in Africa.”

Muhammad Albakri, the Senior Vice President of Financial Settlement and Distribution Services at IATA, commented:

“The IATA Financial Gateway plays a vital role in introducing new payment options in various markets. We are pleased to welcome Flutterwave’s involvement in bringing secure and innovative payment methods to airlines, travel resellers, and the traveling public in Africa.”

Paradigm says SEC ‘wrongfully’ charged crypto exchange Bittrex

By
Paul Ugbede Godwin
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0

Paradigm, a leading crypto investment firm, has issued a statement defending its partner Bittrex, a popular crypto exchange, against the charges filed by the U.S. Securities and Exchange Commission (SEC) last week. The SEC accused Bittrex of violating federal securities laws by operating an unregistered securities exchange and facilitating illegal sales of digital asset securities.

In its statement, Paradigm said that the SEC’s allegations are “wrongful, unfounded, and contrary to the facts”. Paradigm argued that Bittrex is not an exchange, but a platform that enables peer-to-peer transactions of various digital assets, including cryptocurrencies, tokens, and stablecoins. Paradigm also claimed that Bittrex has complied with all applicable laws and regulations and has implemented robust anti-money laundering (AML) and know-your-customer (KYC) policies and procedures.

Paradigm further stated that the SEC’s action is “an attempt to stifle innovation and competition in the crypto industry”, and that it will “vigorously defend” Bittrex in court. Paradigm expressed its confidence that Bittrex will prevail in this case, and that it will continue to support Bittrex and its mission to provide a safe and secure platform for crypto users around the world.

In response to the SEC’s allegations against Bittrex, one of its partner exchanges. The SEC accused Bittrex of operating an unregistered securities exchange and facilitating the sale of digital asset securities that are subject to federal securities laws.

In its statement, Paradigm said that it was “surprised and disappointed” by the SEC’s action, which it called “wrongful” and “unwarranted”. Paradigm claimed that Bittrex is a fully compliant and regulated exchange that has been operating in good faith and in accordance with the law. Paradigm also said that it has been cooperating with the SEC and providing information about its business model and operations.

Paradigm argued that the SEC’s allegations are based on a “misunderstanding” of the nature and function of crypto assets and the role of exchanges in facilitating their trade. Paradigm said that crypto assets are not securities, but rather innovative and decentralized forms of value transfer that empower users and foster financial inclusion. Paradigm also said that exchanges are not issuers or intermediaries of securities, but rather platforms that enable peer-to-peer transactions among consenting parties.

Paradigm expressed its confidence that it will be able to demonstrate the validity and legality of its activities and those of Bittrex in court. Paradigm said that it will continue to serve its customers and partners with the highest standards of professionalism and integrity. Paradigm also said that it will continue to advocate for a clear and fair regulatory framework for the crypto industry that respects innovation and protects investors.

The Evolution of Artificial Intelligence And Its Impacts on Employees

By
Ojukwu Emmanuel
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0

Looking at the world today, with the rapid development of AI technologies, it is safe to say that Artificial Intelligence is no longer a technology of the future, the AI era is here.

With advancements in generative AI tools, Computer Vision, machine learning, Virtual agent, and language processing, amongst others, AI is no longer a futuristic dream but a current reality.

Artificial Intelligence has come a long way since its inception, evolving from the realm of science fiction into an increasingly indispensable technology that’s transforming industries and lives worldwide.

Technology has permeated every aspect of our lives, revolutionizing numerous industries which include fields such as finance, national security, transportation, health care, transportation, and several others.

Artificial intelligence is transforming every walk of life, which has seen several companies across the globe integrate the technology into their products, to improve work and enhance user experience.

One of the reasons for the growing role of AI is the tremendous opportunities for economic development that it presents. Governments across the globe are investing heavily in Artificial Intelligence which they believe will drive productivity across the economy.

A project undertaken by PriceWaterhouseCoopers estimated that artificial intelligence technologies could increase global GDP by $15.7 trillion, a full 14%, by 2030.

As several tech experts posit that technological innovations lead to a range of positive and negative consequences, this is true for Artificial Intelligence.

Despite the impressive progress of AI, there are still challenges and ethical concerns that must be addressed as the technology continues to evolve. Issues such as Privacy concerns, security, bias, and the potential misuse of AI are critical issues that require careful consideration and regulation.

Ensuring AI’s transparency and explainability is essential, to minimize the potential for algorithmic bias. Meanwhile, let’s take a look at how Artificial Intelligence will impact employees. 

The Impact of AI on Employees

With several companies across the globe already adopting Artificial Intelligence, this has impacted a lot of employees, leading to mass layoffs of workers.

A report by investment Bank Goldman Sachs says Artificial Intelligence (AI) could displace the equivalent of 300 million full-time jobs. The report also predicts two-thirds of jobs in the U.S. and Europe are exposed to some degree of AI automation, and around a quarter of all jobs could be performed by AI entirely.

Recently, a 31-year-old CEO and founder of Bengaluru-based Duukan, which helps merchants to set up online stores and sell products digitally, laid off 90% of its support team, replacing them with AI Chatbot.

The CEO disclosed that the AI assistant could answer customer queries instantly and precisely, and doesn’t receive any wages or sick leave, unlike humans.  He further added that the Al chatbot took under two minutes to respond to customer queries, whereas human staff took two hours, and that replacing the team has reduced support costs by 85%.

Notably, companies such as IBM, an American multinational technology corporation disclosed that they intend to stop hiring for jobs that could potentially be performed by generative artificial intelligence, which is expected to impact 300 million full-time jobs globally.

Experts predict that AI’s impact will vary across different sectors, which will see 46% of tasks in administrative and 44% in legal professions automated, but only 6% in construction and 4% in maintenance.

 How Employees Can Navigate the Current Artificial Intelligence Evolution

The uncertainty surrounding the future of human employment following the evolution of Artificial Intelligence is already apparent, as AI-controlled chatbots and machines are poised to keep getting better and better at what they do.

A publication on Forbes disclosed that jobs in agriculture, mining, healthcare, and manufacturing are the least exposed to generative AI, while jobs in the information processing industries, like IT, finance, and banking, are the most exposed because jobs that use programming and writing skills are more closely related to GPT’s capabilities.

A report stated that stress and anxiety over job losses caused by Al have led to 80% of tech workers using medications, either under a doctor’s supervision or otherwise, as coping mechanisms.

As AI roles seem poised to continue growing, it is pertinent for employees to seek new ways to make progress in their careers. They must come to see technology not as a menace to their jobs, but as a collaborator capable of improving their work lives.

This comes down to thinking about how to use technology to identify what the next opportunity is for them, and not just to identify it, but to point to the right courses and skills that they are going to need to make that transition.

One notable thing employees must do in the wake of AI evolution is to upskill. Upskilling Is the key to success with AI. While AI might lead to displacements of thousands of jobs, some opinion pieces project that AI will create up to 90 million jobs by 2025.

AI is here to stay, and the faster one can learn to put it to work to boost productivity, the better. This will require digitally savvy workers who can think strategically and adapt to a fast-changing workplace. Al offers employees the chance to grow new skill sets and apply those skills efficiently to

work that is in demand. Therefore, employees are encouraged to prioritize the development of skills that can’t be displaced by AI, and also skills that are beyond the reach of AI and automation technology. 

Conclusion

As we navigate an ever-evolving business landscape and workplace, automation has firmly established itself as a crucial component of contemporary enterprises.

One must bear in mind that automation is only a new chapter that comes with AI evolution. This means that embracing change and focusing on AI skills is crucial as the world drifts towards a more automated future.

Employees can capitalize on the fact that with automation, organizations can streamline their operations, reduce costs, and improve efficiency. Rather than being discouraged and anxious over potential job loss to AI technology, they should be encouraged and empowered to concentrate on high-value skills in line with Artificial Intelligence.

While they can’t control what new technology emerges, they can control how to use it to their advantage. They can guarantee that AI and automation will become positive forces for growth and development by directing their attention toward its more creative applications.

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