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Home Blog Page 5564

The Nigeria’s Students Industrial Work Experience Scheme (SIWES) And Challenges Thereof

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This page has hitherto been mainly interested in issues pertaining to technology or technical matters. This is the reason it would remain restless till Nigeria, and its likes, desist from misplacing priorities with frivolities.

Today, our focus is on the Students Industrial Work Experience Scheme (SIWES). It is a skill acquisition initiative designed by the Nigerian government to expose and prepare the undergraduates in universities, polytechnics, monotechnics as well as colleges of education for the industrial work situation they are likely to encounter after graduation.

The SIWES has conspicuously been on the decline for decades now that if drastic measures aren’t taken towards addressing the lingering anomaly, the scheme is liable to go into extinction in no distant time.

The Act establishing the Scheme made it to be a planned and supervised training programme based on specific learning and career objectives and geared toward developing the occupational competencies of the participants. It is generic, cutting across over 60 programmes in the universities, over 40 in the polytechnics/monotechnics, and about 10 in the colleges of education.

It isn’t meant for a particular course of study or discipline, though it was introduced mainly for the sake of technically-inclined ones.  Since inception, it has been reckoned to be an innovative phenomenon in human resources development in Nigeria.

While some institutions and disciplines permit SIWES’ duration for only three to six months, others go for up to one year. The programme, which permits the affected students to seek for Industrial Training (IT) or Teaching Practice (TP), as the case may be, in any establishment of their choice, has ab initio been a cause of concern to education and economic planners, particularly with respect to graduate employment and impact on the general societal development.

On the other hand, there are equally mixed feelings among education stakeholders concerning how much of the programme is actually helpful to students’ academic performance and job readiness after graduation.

Whatever positive impact the SIWES has thus far created on the students’ wellbeing and the society at large, the truth is that the primary purpose for which the programme was implemented has recently been relegated to the background.

The prevalence of the inability of SIWES’ participants to secure employment having undergone the Scheme, or even perform adequately if eventually employed, casts doubt on its continuing relevance to the contemporary industrial development drive in Nigerian society. This obvious lapse isn’t unconnected with negligence and/or apathy on the part of the trainees, trainers, concerned institutions, and the government.

It’s noteworthy that most of the undergraduates dodge the Scheme on a regular basis, thereby making mockery of its usefulness. They prefer indulging in activities that would fetch them money, to going for the technical knowledge. To this set of individuals, partaking in the industrial Scheme is simply a waste of time and energy.

In view of this misconception, when the programme is meant to take place, you would see them participating in all sorts of inconsequential menial jobs, or even gambling and what have you, just for the aim of raising some cash. This growing mentality of placing money before knowledge has contributed immensely in endangering the prospect of the laudable Scheme.

Those who bring out time to participate in the SIWES, are prone to one challenge or the other. It’s worth noting that a greater percentage of the trainees are not paid or remunerated by the establishments in which they are serving, not even stipend.

They would end up making use of their personal funds to service their transportation and accommodation fees while undergoing the Scheme. Pathetically, they are expected to be present at the workplace every day whilst the core staff are entitled to take some days off.

It’s more worrisome to realize that most of these trainees are overused by the firms. Rather than teaching the needful, the supposed trainers would engage them in unnecessary activities, hence making them lose interest in the actual training that necessitated their presence at the firm.

Worse still, most of the institutions involved don’t show any concern. They do not cough up time to supervise the students in their respective places of assignment. Ridiculously, in most cases, the schools would remain ignorant of where the students are undergoing the training till the duration of the programme elapses.

This particular loophole has over the years served as an advantage to those who never participated in the Scheme. In this case, during the SIWES defence at their institution, the affected student or anyone who dodged the programme would claim to have undergone the training in any establishment of his or her choice, and the supposed supervisor would never bother to ascertain the truth.

The unserious undergraduates would, in effort to substantiate their claims, make use of the stamp of a firm that does not exist anywhere on earth. Sometimes, the students go the extra mile of forging the stamp or seal of a known established company. The laxity of the concerned authorities would definitely give room for such illegality or malpractice to excel.

Inter alia, funding of the SIWES hasn’t been encouraging in recent times. The Industrial Training Fund (ITF) – the body responsible in the day-to-day funding of the initiative – currently appears incapacitated, probably owing to lack of adequate allocation of funds from the government and other financiers.

Most times, the students would be deprived of the statutory allowance they are entitled to after participating in the Scheme. Those who were lucky to receive theirs had to wait for a long time. This ugly phenomenon has overtime told on those who really participated in the programme.

The SIWES is obviously yearning for resuscitation, to assert the least. The present apparent moribund state experienced by the scheme can only be properly addressed by revisiting the extant Act that bind it with a view to making amends where need be. Such a step would enable every authority involved to start seeing the initiative as the needed tool towards the anticipated, or perhaps ongoing, economic diversification.

The policies surrounding the Scheme ought to categorically specify what is expected of the trainee, trainer, institution, as well as the governments at all levels, as regards the sustenance of the Scheme. Hence, there’s need for an exclusive viable law enforcement agency that would penalize or prosecute any defaulter from any of the concerned four parties as listed above.

It’s indeed high time we revived this technical-oriented initiative whose motive truly means well for nation building. This can only be holistically actualized by changing all the flat tyres that have succeeded in crippling the journey so far.

Nevertheless, for these bad tyres to be duly expunged, we as a people must be prepared and ready to tell ourselves nothing but the gospel truth.

What A Nation As Nigeria Records N2.293 Trillion Budget Deficit!

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Nigeria’s whirlwind of revenue misfortune, compounded by COVID-19-induced economic strains and rising debt profile,  keeps taking toll on its financial status and increasingly downsizing the country’s budget implementation.

For the first quarter of the year, the federal government of Nigeria recorded a budget deficit of N2. 293 trillion, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said in the First Quarter (Q1) Budget Implementation Report (BIR). (source)

What a nation – and yet nothing is expected to change! It is physics, if you keep doing the same thing, expect the same outcome. Nigeria’s biggest problem is that everyone is a certified victim. The boy in Yobe who is denied access to education is a victim. The boy from Umuahia who rarely makes progress in the public sector because of his name is a victim.

The boy in Lagos who because rich men have no space to build more mansions but are filling lagoons with sands, and pushing his family house out of the way, is a victim.  The girl from Uyo who needs to explain that even though she is not part of the Big 3, her family pays the same tax rate and deserves all rights, is a victim. The girl in Kaduna who despite having all military institutions around her is not safe to attend school, is a victim.

So, when everyone is a victim, common sense dies.

People, the clear sign is that we have no money. But go to Abuja, you will be surprised that everyone thinks that we have tons. They are still opening more bureaucracies when in the real sense we should be streamlining things, cutting waste. For me, I do not think anyone believes that any small effort will change anything because everyone is a victim of Nigeria. And that is a big problem.

Now, who can reverse this trajectory – to make Nigerians become believers?

Nigeria Records N2.293 Trillion Budget Deficit, As Debt Servicing Takes Toll

Nigeria Records N2.293 Trillion Budget Deficit, As Debt Servicing Takes Toll

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Presenting the budget proposal

Nigeria’s whirlwind of revenue misfortune, compounded by COVID-19-induced economic strains and rising debt profile,  keeps taking toll on its financial status and increasingly downsizing the country’s budget implementation.

For the first quarter of the year, the federal government of Nigeria recorded a budget deficit of N2. 293 trillion, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said in the First Quarter (Q1) Budget Implementation Report (BIR).

The BIR said: “The revenue and expenditure outturn of the Federal Government resulted in a fiscal deficit of N2.293 trillion during the quarter (6.43 percent of the 2021 quarterly GDP).

“The first quarter deficit was N1.070 trillion (87.51 percent) higher than the projected quarterly fiscal deficit of N1.222 trillion. The 2021 fiscal deficit was also higher than the N1.377 trillion deficit recorded in the first quarter of 2020. The deficit was partly-financed through domestic borrowing of N550.0 billion.”

N1.1 trn revenue

Vanguard highlighted the figures contained in the BIR as follows: The federal government total revenue stood at N1.091 trillion in the period under review.

This comprises N299.33 billion (27.43 percent) oil revenue and N792.09 billion (72.57 percent) non-oil revenue.

The amount received was N905.19 billion (45.34 percent) below the quarterly budget projection but N99.17 billion (9.99 percent) above the N992.25 billion reported in the first quarter of 2020

N3.4 trn expenditure

On the expenditure side,  the government  spent the sum of at N3.384 trillion, representing N502.29 billion (17.43 percent) and N1.014 trillion (42.80 percent) above the N2.882 trillion quarterly projection and N2.370 trillion reported in the corresponding quarter of 2020, respectively.

A breakdown of the expenditure indicated that a total of N1.096 trillion was spent on non-debt recurrent expenditure in the first quarter of 2021. This represents a decrease of N313.99 billion (22.26 percent) and N50.79 billion (4.43 percent) below the quarterly estimate of N1.410 trillion and N1.147 trillion recorded in the first quarter of 2020 respectively. Statutory Transfers was N124.13 billion during the review period.

A total of N384.52 billion was released and cash backed in the first quarter of 2021 for the implementation of 2021 capital projects and programmes of MDAs.

N813b Debt Service

Total Debt Service in the first quarter of 2021 stood at N813.10 billion, indicating an increase of N32.01 billion (4.10 percent) above the N781.10 billion projected for the quarter.

The sum of N581.27 billion was used for domestic debt servicing, while N231.83 billion was used for external debt service during the period under review.

The amount used for domestic debt servicing was N35.40 billion (6.48 percent) above the projection for the quarter.

Oil production

The BIR showed that average oil production and lifting (including Condensates) in the first quarter of 2021 was 1.72mbpd and 1.51mbpd respectively.

It said, “Oil production was 0.14mbpd (7.53 percent) below the 1.86mbpd benchmark for the 2021 Budget. The volume of oil production in the period was also 0.12mbpd (7.69 percent) above the 1.56m bpd reported in the fourth quarter of 2020 and 0.38mbpd (18.45 percent) below the 2.06mbpd recorded in the first quarter of 2020.”

N3.9b trade deficit

Nigeria’s total merchandise trade in the first quarter of 2021 stood at N9.757 trillion, representing 6.99 percent and 14.13 percent increase when compared to the values recorded in fourth and first quarters of 2020 respectively.

The export component of this trade stood at N2.907 trillion, representing 29.79 percent of the total trade, while import was valued at N6.850 trillion, representing 70.21 percent. The higher level of imports over exports resulted in a trade deficit (in goods) of N3.943 trillion.

Oil accounts for 66.38 % export

The value of crude oil export stood at N1.929 trillion (66.38 percent) of the total export while non–crude oil export accounted for 33.62 percent of the total export recorded in the review period.

Paying off Nigeria’s Public Debt Stock of N33.107 trillion has a price that infrastructural projects captured in annual budgets will have to pay. To cap it, the federal government is still making a move for fresh loan of $5.2 billion. Mrs. Ahmed said that the federal government spent 98% (N1.8 trillion) of the total revenue generated in the first five months of 2021 on debt servicing.

Going by this, a fresh loan will mean that Nigeria will need more revenue than it’s generating to service loans – that will guarantee higher deficit in future budgets.

“merchants must accept e-naira as a means of payment” – Central Bank of Nigeria

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“Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.” 

“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,”- Mr. Musa Jimoh, the CBN Director of Payment System Management

  On Oct 1, 2021, Nigeria will launch a digital currency called e-naira.

When Uber CEO, Dara Khosrowshahi, Prefers The Train

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People, that is Uber CEO, Dara Khosrowshahi. He is on a train – and reading a book. Sure, it is possible that the UN General Assembly might have pushed all Uber drivers  out of New York (!) for the crusader of ride hailing to be advertising subways and trains. For me though, there is a message: America has a denominator for all humans.

Otherwise, how do you explain that a man who runs a company which can use just 40% of its value to buy all the stocks in the Nigerian Stock Exchange can touch the train? Nigeria needs to look at its sheer values as a nation!

I see CEOs of insurance companies which generate less than $8 million annual revenue flying first class on international flights, out of Lagos, and could not understand where the conviction came from.

A working society elevates humans. Nigeria certainly needs to work better.

 

Photo Source: Twitter

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Poverty of the mind does so much damage on its host, it makes you see everything from the lens of desperation and unquenchable desires.

Those born into wealth whose ancestors were also wealthy, rarely waste money, because they were trained to understand wealth as fortune bestowed on them, so even when they work hard to maintain the family fortunes, they still see all their possessions as privileges, and they never brag about them.

The challenge is often from the new found riches, where you have concentration of rich fools, they were neither trained in the things of money nor understand its purpose. To this second group of people, it’s always about the fear of not wanting to return to poverty, and in that desperation, they steal, loot, acquire all manner of things they do not even understand their functions; they want to taste every food, drink every wine, visit everywhere, because their better life embodies lack.

It’s a long walk to freedom, because neither poverty nor wealth is defined by size of bank account, rather by richness of one’s mind; an eternal paradox of some sort.