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Naira Crisis May Further Reduce Life Expectancy –PSN
The Pharmaceutical Society of Nigeria has said the challenges occasioned by the naira redesign may further reduce the life expectancy of Nigerians already pegged at 53.
The president of the body, Professor Cyril Usifo, in a statement on Wednesday said the current state of the economy caused by the scarcity of the new naira notes may also give rise to cases of morbidity and mortality.
According to him, the Federal Government institutions now reject the old naira notes and insist on payment of services through confirmed transfer services or payments with bank tellers into their accounts.
READ ALSO: ‘We’re Dying Of Hunger,’ Ogun Fish Sellers Protest Rejection Of Old Naira Notes [VIDEO]
He also berated the judiciary for failing to align with the masses in the current circumstances, as most of the courts in the land had stopped collecting old naira notes from people gearing to file processes in court registries.
The statement partly read, “The PSN has observed with concern the paralysing and suffocating impasse that has accompanied the CBN driven naira design.
“When this is added to the unduly long week of prevailing fuel scarcity, then it becomes all too obvious that these forces are conspiring to further reduce the unacceptable life expectancy of the Nigerian citizens put at 53.
“As it stands today, the economy appears to be grinding to a halt with the full potentials of a meteoric rise in cases of morbidity and mortality because disease progression remains a major risk factor in a population where the less privileged who relies on out of pocket expenses to access healthcare is denied access to cash.
“This certainly makes a huge quantum of Nigerians vulnerable to death if this unhealthy scenario remains unchecked.
“For a country where a substantial majority relies on subsistence living because they thrive and live on daily earnings as artisans, market men and women, okada riders, bus drivers and so on, it is only a matter of time that the country might reap the consequences of its negligence of the health of the citizenry.”
READ ALSO: Another Protest Rocks Ogun Over Scarcity Of New Naira Notes [VIDEO]
Usifo, however, urged the Central Bank of Nigeria to come up with a specific position to guide the banks in view of the Supreme Court’s declaration on the naira design.
He stated that this would go a long way in diffusing tension as well as restore credibility in the banking system at a time that most banks are no longer opened to the public for day to day banking operations and transactions.
“Government agencies at all levels need to be called to order to desist from complicating the already chaotic situation. In Kano State, the government is already threatening to revoke the C of O of banks that refuse to collect the old naira notes.
“All government hospitals should be compelled to initiate treatments especially in the accident and emergency units and in-patients departments while acceptable payment modalities are being sorted,” he added.
Usifo further reminded the federal and state governments to review the operational modalities of Social Health Insurance in the country, particularly to ensure that all endeavours are inclined on the path of lawful pillars in the plan of action.
He said the National Health Insurance Authority must conform with lawful payment mechanism and delineate facilities that qualify to be gatekeepers or primary providers which were eligible for capitation payments rather than the indiscriminate capitation that is presently extended to secondary and tertiary facilities which remains a misnomer.
While calling on the banking institutions to leverage on modern technology to cushion the effect of the scarcity, Usifo admonished pharmacy practitioners to collect the old naira notes as the apex bank had promised to accept it from its members.
He said, “The PSN in particular, draws the attention of the NHIA secretariat to salient provisions of the PCN Act 2022 which forbids the dispensing, sales and stocking of drugs in premises not registered by the PCN.(Lack of Superintendent Pharmacist).
“The banks should be mandated to upgrade their IT infrastructure leverage modern technology (Cloud and 5G) which are available already in Nigeria.
“The PSN wishes to direct community pharmacies, which are the first points to seek healthcare globally, to work out ways to sustain services within the ambits of existing payment framework.
READ ALSO: [BREAKING] Naira, Fuel Shortage: Protests Rock Benin, 4 Feared Shot
“In instances where the last resort borders on collection of the old naira notes, we enjoin Pharmacy practitioners to collect such since we are assured the Apex bank will accept the old notes and credit our account balances.
“The PSN assures consumers of health that pharmacists shall continue to stand with them as we continue to facilitate the manufacturing of essential drugs in the factories and making them available at accessible pharmacies at affordable prices in line with the tenets of the National Drug Policy.”
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
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Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
READ ALSO:My Beef With Wizkid Is For Life – Seun Kuti
“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
News
Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria
Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.
Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.
He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.
READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians
“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.
He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.
“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.
READ ALSO:South African Ambassador Found Dead Outside Paris Hotel
“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.
DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.
News
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police
The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
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“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
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