Connect with us

News

Migrants sent $605bn home in 2021, more by mobiles – Report

Published

on

Migrant workers sent home an estimated $605 billion to low- and middle-income countries last year, a UN study said Thursday, boosted by an increase in payments sent via mobile phones.

Global remittances rose 8.6 percent compared to 2020 and are projected to grow to $630 billion in 2022, according to the International Fund for Agricultural Development (IFAD).

Such payments are a major source of income for many low-income households, with around 800 million family members expected to benefit in 2022.

Between now and 2030, global remittances will amount to $5.4 trillion, the equivalent of twice the GDP of Africa in 2021, IFAD has estimated.

“Remittances lift people out of poverty, put food on the table, pay for education, cover health expenses, allow housing investments and many other family goals beyond consumption,” IFAD president Gilbert Houngbo said.

However, the report warned that the upward trend would likely slow this year as inflation erodes wages, and as a result of Russia’s invasion of Ukraine.

Many countries in central Asia depend on remittances from Russia, with payments accounting for as much as 30 percent of their GDP, said the report.

But the decline in the value of the ruble and the economic impact of sanctions has triggered a “sharp decline in transfers”, IFAD said.

ALSO READ  2019: How Pastor Iginla’s prophesies on Buhari came to pass

Most of the money sent home by migrant workers is transferred through bricks-and-mortar institutions with clients paying cash, but the coronavirus pandemic saw a important shift towards digital.

With lockdowns and border closures making physical services more difficult to access, mobile phone payments jumped by 48 percent in 2021.

They still only accounted for three percent of the global total, but Pedro De Vasconcelos, manager of the Financing Facility for Remittances at IFAD, said the trend is set.

“Cash is still king, but it’s losing ground,” he told AFP.

This matters because mobile payments are more convenient, particularly for those in rural areas, and are also cheaper.

In Africa — which received $94 billion in remittances in 2021, an increase of 13 percent on 2020 — transfer fees are the highest in the world.

Comments

News

May Day: ASUU urges Tinubu, governors to prioritise Nigerian workers’ welfare

Published

on

By

 

...workers worse hit by worsening economic situation

The Chairman of the Academic Staff Union of Universities (ASUU), University of Ibadan Chapter, Professor Ayoola Akinwole, has implored President Bola Ahmed Tinubu and state governors to make the welfare and working conditions of Nigerian workers a top priority.

Speaking on Tuesday, Professor Akinwole emphasised the dire impact of Nigeria’s socio-economic challenges, particularly exacerbated by the recent fuel subsidy removal backlash and ongoing fuel scarcity, on the working class and their families.

In a statement released to commemorate the 2024 May Day celebration, Akinwole underscored the invaluable contributions of Nigerian workers to the nation’s development, despite enduring undervaluation and inadequate compensation from both government and private sectors.

“Nigerians, particularly the working class, are celebrating 2024 Workers’ day experiencing fuel scarcity,” lamented Professor Akinwole.

“Workers who are poorly paid will still have to pay hiked transportation fare. The inflation in Nigeria is killing, and many are getting malnourished as the cost of food items have skyrocketed.”

He highlighted the disillusionment stemming from unfulfilled promises by federal and state governments to improve wages and working conditions, condemning the stark disparity between government officials’ wealth accumulation and workers’ impoverishment.

Expressing gratitude to Nigerian security forces for their service, Professor Akinwole urged President Tinubu to ensure special welfare provisions for families of those who have lost their lives defending the nation.

ALSO READ  Drugs worth N75bn seized in 3months - NDLEA reveals

He emphasised that just as education is vital, the welfare of security agencies should be of utmost concern to the president.

Also, Professor Akinwole called upon the President to finalise agreements with ASUU and enhance working conditions for intellectuals in Nigeria, warning of a brain drain if lecturers continue to face inadequate compensation and poor working environments.

“If this trend persists, Nigeria will lose the talent needed to develop the education sector, while those lacking skills will secure employment with little to contribute,” cautioned Akinwole.

He urged the president to address this disparity and collaborate with ASUU to establish a living wage and improved conditions for public university lecturers, recognising them as essential patriots deserving of special consideration.

 

Continue Reading

News

Court halts Multichoice Nigeria’s tariff increase on DStv, GOtv

Published

on

By

 

The Competition and Consumer Protection Tribunal (CCPT) in Abuja has issued a restraining order against MultiChoice Nigeria Limited, preventing the company from implementing its planned tariff increase and adjustments to the cost of products and services scheduled to commence on May 1.

Presiding over the three-member tribunal, Saratu Shafii, granted the interim order on Monday, in response to an ex-parte motion presented by Ejiro Awaritoma, legal counsel representing the applicant, Festus Onifade.

In her ruling, Shafii directed MultiChoice to refrain from proceeding with the impending price hike set to take effect from May 1 until the hearing and determination of the motion on notice before the tribunal.

Also, she mandated all involved parties to appear before the tribunal on May 7 at 10 a.m. for further proceedings regarding the motion on notice.

The petitioner, Festus Onifade, filed a lawsuit against MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC), seeking two specific orders.

These orders include an interim injunction restraining MultiChoice from implementing the impending price increase and any actions that could negatively impact the rights of the claimant and other consumers, pending the determination of the motion on notice.

MultiChoice Nigeria Ltd had previously raised the prices of all its packages on April 1, 2022, prompting legal action from concerned parties.

ALSO READ  2019: How Pastor Iginla’s prophesies on Buhari came to pass

 

Continue Reading

News

Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

Published

on

By

In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

ALSO READ  Drugs worth N75bn seized in 3months - NDLEA reveals

He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending