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Tinubu Unveils 50% Electricity Subsidy for Hospitals and Schools

Tinubu Unveils 50% Electricity Subsidy for Hospitals and Schools

ThinkBusiness Africa Today - August 30th

Ogho Okiti
August 30, 2024

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Headlines

Tinubu Unveils 50% Electricity Subsidy for Hospitals and Schools - President Bola Tinubu has approved a 50% electricity subsidy for public hospitals and educational institutions to ease their financial burdens. Minister of State for Health, Dr. Tunji Alausa, announced this initiative in Kaduna, emphasizing its role in supporting the health and education sectors. The subsidy aims to significantly reduce energy tariffs, allowing these institutions to allocate more resources towards enhancing services. During the inauguration of new projects at the National Ear Care Centre, which includes a 200-capacity auditorium and an oxygen plant, Alausa highlighted the government’s commitment to improving healthcare and education in Nigeria. Kaduna State Governor, Uba Sani, acknowledged the Centre’s progress under Dr. Abubakar Yaro’s leadership and reassured continued state support for its development. The subsidy is set to be implemented soon by the Minister of Power, marking a significant step in improving healthcare services and educational quality across Nigeria. This initiative reflects the administration's priority on the health and wellness of citizens, aiming for excellence in specialized care and education.

Nigeria Embraces Crypto: Crackdown Ends, Regulation Begins - Nigeria's Securities and Exchange Commission (SEC) has taken a significant step towards legitimizing cryptocurrency in the country by granting operational approvals to several crypto businesses. This marks a shift from the crackdowns seen earlier in 2024, following the lifting of a crypto transaction ban in December 2023. The SEC approved two Digital Asset Exchanges (DAEs) - Busha Digital Limited and Quidax Technologies Limited - to operate under its Accelerated Regulatory Incubation Program (ARIP). Five other firms were also admitted to a separate program to test their models. These approvals are seen as a precursor to full licenses and aim to bring transparency and protection to the crypto space. This move comes amidst plans by the Nigerian government to regulate the crypto industry. The Federal Inland Revenue Service (FIRS) is drafting legislation to address crypto taxation and overall revenue administration. Analysts believe regulation will benefit the country by attracting investment and ensuring consumer safety. Nigeria boasts a thriving peer-to-peer (P2P) crypto market, with transaction volumes exceeding $56.7 billion between July 2022 and June 2023. The SEC emphasizes that only approved entities can legally offer crypto trading services. The commission is actively monitoring the activities of Virtual Asset Service Providers (VASPs) to ensure compliance. Overall, Nigeria's shift from a ban to a regulated approach signifies a pragmatic embrace of cryptocurrency. This paves the way for the safe and legal development of the crypto industry within the country.

Capital Market Town Hall Meeting Set for October 7th - ThinkBusiness Africa and the African Business Convention are hosting a special town hall meeting on 7^th of October, 2024 to discuss the future of Nigeria's capital market. The event will feature a keynote address by Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC). The meeting will bring together a distinguished audience of capital market leaders, practitioners, policymakers, regulators, and blockchain players. Attendees will have the opportunity to network with industry influencers, potential clients, and high-level decision-makers. The event will feature panel discussions on topics such as policy, regulation, banking consolidation, FinTech, cryptocurrencies, and investor education. These discussions will explore the challenges and opportunities facing the Nigerian capital market and discuss potential solutions.

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